Document:

Exhibit 10.8

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

     This Investment Management Trust Agreement (this "AGREEMENT") is made as of
__________, 2007, by and between Churchill Ventures Ltd., a Delaware corporation
(the "COMPANY"), and JPMorgan Chase Bank, NA (the "TRUSTEE").

     WHEREAS, the Company's Registration Statement on Form S-1, File No.
333-135741 (as amended, the "REGISTRATION STATEMENT"), for its initial public
offering of securities (the "IPO") has been declared effective as of the date
hereof by the Securities and Exchange Commission ("EFFECTIVE DATE");

     WHEREAS, Banc of America Securities LLC is acting as the underwriter (the
"UNDERWRITER") in the IPO;

     WHEREAS, the Company has completed a private placement of warrants to
purchase 5,000,000 shares of the common stock of the Company for an aggregate
purchase price of $5 million (the "PRIVATE PLACEMENT")

     WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property
equal to $3.5 million ($3.85 million if the underwriter's over-allotment option
is exercised in full)(or the amount specified in a notice pursuant to Paragraph
2(f) hereof) is attributable to deferred underwriting commissions that will
become payable by the Company to the Underwriter upon the consummation of a
Business Combination (as defined in the Registration Statement) (the "DEFERRED
DISCOUNT");

     WHEREAS, as described in the Company's Registration Statement, and in
accordance with the Company's Amended and Restated Certificate of Incorporation,
$100 million of the net proceeds (inclusive of the Deferred Discount) of the IPO
and Private Placement ($109.65 million if the underwriters over-allotment option
is exercised in full) will be delivered to the Trustee to be deposited and held
in a trust account for the benefit of the Company and the public holders of the
Company's common stock, par value $0.001 per share issued in the IPO, as
hereinafter provided (the amount to be delivered to the Trustee will be referred
to herein as the "PROPERTY;" the stockholders for whose benefit the Trustee
shall hold the Property will be referred to as the "PUBLIC STOCKHOLDERS," and
the Public Stockholders and the Company will be referred to together as the
"BENEFICIARIES"); and

     WHEREAS, the Company and the Trustee desire to enter into this Agreement to
set forth the terms and conditions pursuant to which the Trustee shall hold the
Property.

     IT IS AGREED:

     1. AGREEMENTS AND COVENANTS OF TRUSTEE. The Trustee hereby agrees and
covenants to:

          (a) Hold the Property in trust for the Beneficiaries in accordance
with the terms of this Agreement, in a segregated trust account (the "TRUST
ACCOUNT") established and maintained by the Trustee at a branch of JPMorgan
Chase NY Bank selected by the Trustee;

<PAGE>

     (b) Manage, supervise and administer the Trust Account subject to the terms
and conditions set forth herein;

     (c) In a timely manner, upon the instruction of the Company, to invest and
reinvest the Property in the JPMorgan Chase Trust Account, any other money
market funds or accounts meeting the conditions of the Investment Company Act of
1940 or in any "Government Security". As used herein, Government Security means
any security issued or guaranteed by the United States. See EXHIBIT D;

     (d) Collect and receive, when due, all principal and income arising from
the Property, which shall become part of the "Property," as such term is used
herein;

     (e) Notify the Company and the Underwriter of all communications received
by it with respect to the Property requiring action by the Company;

     (f) Supply any necessary information or documents as may be requested by
the Company in connection with the Company's preparation of the tax returns, for
itself or the Trust Account;

     (g) Participate in any plan or proceeding for protecting or enforcing any
right or interest arising from the Property if, as and when instructed by the
Company to do so;

     (h) Render to the Company, to the Underwriter and to such other person as
the Company may instruct in writing, monthly statements of the activities of and
amounts in the Trust Account reflecting all receipts and disbursements of the
Trust Account;

     (i) If there is any income tax obligation relating to the income of the
Property in the Trust Account as determined by the Company, then, from time to
time, at the written instruction of the Company, the Trustee shall promptly to
the extent there is not sufficient cash in the Trust Account to pay such tax
obligation, liquidate such assets held in the Trust Account as shall be
designated by the Company in writing, and disburse to the Company by wire
transfer, out of the Property in the Trust Account, the amount indicated by the
Company as owing in respect of such income tax obligation;

     (j) Upon written request from the Company, the Trustee shall distribute
from the Trust Account to the Company such amount as may be requested by the
Company; provided, however, that the amount distributed by the Trustee to the
Company pursuant to this Section 1(j) at any one time shall not exceed
$1,350,000 (the "NET INCOME");

     (k)Commence liquidation of the Trust Account promptly after receipt of and
only in accordance with the terms of a letter ("TERMINATION LETTER"), in a form
substantially similar to that attached hereto as either EXHIBIT A or EXHIBIT B,
signed on behalf of the Company by its Chief Executive Officer and Secretary and
affirmed by its entire Board of Directors, and complete the liquidation of the
Trust Account and disburse the Property in the Trust Account

<PAGE>

(which disbursement shall include, in the event of a Business Combination,
payment of the Deferred Discount to the Underwriter) only as directed in the
Termination Letter and the other documents referred to therein; and

     (l) Permit or effect no distribution from the Trust Account except in
accordance with Paragraphs 1(i), 1(j); 1(k) and 4(a).

     2. AGREEMENTS AND COVENANTS OF THE COMPANY. The Company hereby agrees and
covenants to:

        (a) Give all instructions to the Trustee hereunder in writing, signed by
the Company's Chief Executive Officer or Chief Financial Officer. In addition,
except with respect to its duties under Paragraphs 1(j) and 1(k) above, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any
verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing;

        (b) Hold the Trustee harmless and indemnify the Trustee from and
against, any and all expenses, including reasonable counsel fees and
disbursements, or loss suffered by the Trustee in connection with any action,
suit or other proceeding brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement, the services of the Trustee hereunder, or the Property or any
income earned from investment of the Property, except for expenses and losses
resulting from the Trustee's gross negligence or willful misconduct. Promptly
after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this paragraph, it shall notify the
Company in writing of such claim (hereinafter referred to as the "INDEMNIFIED
CLAIM"). The Trustee shall have the right to conduct and manage the defense
against such Indemnified Claim, provided, that the Trustee shall obtain the
consent of the Company with respect to the selection of counsel, which consent
shall not be unreasonably withheld. The Company may participate in such action
with its own counsel. The Company hereto acknowledges that the foregoing
indemnities shall survive the resignation or removal of the Trustee or the
termination of this Agreement;

        (c) There shall be no annual fee. The Company shall not be responsible
for any other fees or charges of the Trustee except as may be provided in
Section 2(b) hereof (it being expressly understood that the Property shall not
be used to make any payments to the Trustee under such Sections);

        (d) Provide to the Trustee any letter of intent, agreement in principle
or definitive agreement that is executed prior to [________________ , 2008] in
connection with a Business Combination, together with a certified copy of a
unanimous resolution of the Board of Directors of the Company affirming that
such letter of intent, agreement in principle or definitive agreement is in
effect;

        (e) In connection with any vote of the Company's stockholders regarding
a Business Combination, provide to the Trustee an affidavit or certificate of a
firm regularly engaged in the

<PAGE>

business of soliciting proxies and tabulating stockholder votes (which firm may
be the Trustee) verifying the vote of the Company's stockholders regarding such
Business Combination; and

     (f) Within five business days after the Underwriter's over-allotment option
(or any unexercised portion thereof) expires or is exercised in full, provide
the Trustee written notice (with a copy to the Underwriter) of the total amount
of the Deferred Discount, which shall in no event be less than $_____________.

     3. LIMITATIONS OF LIABILITY. The Trustee shall have no responsibility or
liability to:

     (a) Take any action with respect to the Property, other than as directed in
Paragraph 1 hereof and the Trustee shall have no liability to any party except
for liability arising out of its own gross negligence or willful misconduct;

     (b) Institute any proceeding for the collection of any principal and income
arising from, or institute, appear in or defend any proceeding of any kind with
respect to, any of the Property unless and until it shall have received
instructions from the Company given as provided herein to do so and the Company
shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto;

     (c) Change the investment of any Property, other than in compliance with
Paragraph 1(c);

     (d) Refund any depreciation in principal of any Property;

     (e) Assume that the authority of any person designated by the Company to
give instructions hereunder shall not be continuing unless provided otherwise in
such designation, or unless the Company shall have delivered a written
revocation of such authority to the Trustee;

     (f) The other parties hereto or to anyone else for any action taken or
omitted by it, or any action suffered by it to be taken or omitted, in good
faith and in the exercise of its own best judgment, except for its gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected in acting upon any order, judgment, instruction, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the
Trustee), statement, instrument, report or other paper or document (not only as
to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by
any notice or demand, or any waiver, modification, termination or rescission of
this agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee signed by the proper party or parties and,
if the duties or rights of the Trustee are affected, unless it shall give its
prior written consent thereto;

     (g) Verify the correctness of the information set forth in the Registration
Statement or to confirm or assure that any acquisition made by the Company or
any other action taken by it is as contemplated by the Registration Statement;

<PAGE>

     (h) File information returns with the United States Internal Revenue
Service and payee statements with the Company, documenting the taxes payable by
the Company, if any, relating to interest earned on the Property;

     (i) Pay any taxes on behalf of the Trust Account except as set forth in
Paragraph 1(i); or

     (j) Verify calculations, qualify or otherwise approve Company requests for
distributions pursuant to Paragraphs 1(i) or 1(j) above.

     (k) Anything in this Agreement to the contrary notwithstanding, in no event
shall the Trustee be liable for special, indirect or consequential damage of any
kind whatsoever (including but not limited to lost profits), even if the Trustee
has been advised of the likelihood for such loss or damage and regardless of the
form of action.

     (l) In the event that the Trustee shall be uncertain as to its duties or
rights hereunder or shall receive instructions, claims or demands from any party
hereto which, in its opinion, conflict with any of the provisions of this
Agreement, it shall be entitled to refrain from taking any action and its sole
obligation shall be to keep safely all property held under the terms of this
Agreement until it shall be directed otherwise in writing by all of the other
parties hereto or by a final order or judgment of a court of competent
jurisdiction.

     4. TERMINATION. This Agreement shall terminate as follows:

     (a) If the Trustee gives written notice to the Company that it desires to
resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company and has agreed to
become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not
limited to the transfer of copies of the reports and statements relating to the
Trust Account, whereupon this Agreement shall terminate; provided, however,
that, in the event that the Company does not locate a successor trustee within
ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with the United States
District Court for the Southern District of New York and upon such deposit, the
Trustee shall be immune from any liability whatsoever;

     (b) At such time that the Trustee has completed the liquidation of the
Trust Account in accordance with the provisions of Paragraph 1(k) hereof, and
disbursed the Property in accordance with the provisions of the Termination
Letter, this Agreement shall terminate except with respect to Paragraph 2(b).

     5. MISCELLANEOUS.

     (a) The Company and the Trustee each acknowledge that the Trustee will
follow the security procedures set forth below with respect to funds transferred
from the Trust Account. Upon receipt of written instructions, the Trustee will
confirm such instructions with an Authorized Individual at an Authorized
Telephone Number listed on the attached EXHIBIT C.

<PAGE>

Each instruction shall be executed by an authorized signatory, a list of such
authorized signatories is set forth on EXHIBIT C. The undersigned is authorized
to certify that the signatories on EXHIBIT C are authorized signatories. The
Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons. Each party must
notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such information, or of any change in its
authorized personnel. In executing funds transfers, the Trustee will rely upon
account numbers or other identifying numbers of a beneficiary, beneficiary's
bank or intermediary bank, rather than names. The Trustee shall not be liable
for any loss, liability or expense resulting from any error in an account number
or other identifying number, provided it has accurately transmitted the numbers
provided.

     (b) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving effect to
conflict of laws. It may be executed in several counterparts, each one of which
shall constitute an original, and together shall constitute one instrument.

     (c) This Agreement contains the entire agreement and understanding of the
parties hereto with respect to the subject matter hereof.

     (d) This Agreement or any provision hereof may only be amended or modified
by a writing signed by each of the parties hereto, PROVIDED, HOWEVER, that no
such amendment or modification (other than to correct a typographical or similar
technical error) may be made to Paragraphs 1(i), 1(j), 1(k), 1(l) 2(d) and 2(e)
and Exhibits A and B hereof without the consent of the Public Stockholders, it
being the specific intention of the parties hereto that each Public Stockholder
is and shall be a third-party beneficiary of this Paragraph 6(d) with the same
right and power to enforce this Paragraph 6(d) as either of the parties hereto.
For purposes of this Paragraph 6(d), the "consent of the Public Stockholders"
shall mean receipt by the Trustee of a certificate from an entity certifying
that (i) such entity regularly engages in the business of serving as inspector
of elections for companies whose securities are publicly traded, and (ii) either
(a) 70% of the Public Stockholders of record as of a record date established in
accordance with Section 213(a) of the Delaware General Corporation Law, as
amended (the "DGCL"), have voted in favor of such amendment or modification or
(b) 70% of the Public Stockholders of record as of a record date established in
accordance with Section 213(b) of the DGCL has delivered to such entity a signed
writing approving such amendment or modification.

     (e) The parties hereto consent to the jurisdiction and venue of any state
or federal court located in the City of New York for purposes of resolving any
disputes hereunder. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury.

     (f) Any notice, consent or request to be given in connection with any of
the terms or provisions of this Agreement shall be in writing and shall be sent
by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery or by facsimile transmission:

<PAGE>

        if to the Trustee, to:            JPMorgan Chase Bank, NA
                                          4 New York Plaza - 21st Floor
                                          New York, New York 10004
                                          Fax No.: (212) 623-6168
                                          Attn: Simone Lyken

        if to the Company, to:            Churchill Ventures Ltd.
                                          50 Revolutionary Road
                                          Scarborough, New York 10510
                                          Fax No. (914) 762-1128
                                          Attn: Chief Executive Officer

        in either case with a copy to:    Banc of America Securities LLC
                                          9 West 57th Street
                                          New York, NY  10019
                                          Fax No: (212) ___ - _____
                                          Attn: General Counsel

         and:                             Bingham McCutchen LLP
                                          399 Park Avenue
                                          New York, New York 10022
                                          Attn: Ann Chamberlain, Esq.
                                          Fax No.: (212) 752-5378

         and:                             Reitler Brown & Rosenblatt LLC
                                          800 Third Avenue, 21st Floor
                                          New York, New York 10022
                                          Attn: Robert S. Brown, Esq.
                                          Fax No.: (212) 371-5500

     (g) This Agreement may not be assigned by the Trustee without the prior
consent of the Company.

     (h) Each of the Trustee and the Company hereby represents that it has the
full right and power and has been duly authorized to enter into this Agreement
and to perform its respective obligations as contemplated hereunder. The Trustee
acknowledges and agrees that it shall not make any claims or proceed against the
Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

     (i) The Trustee hereby waives any and all right, title, interest or claim
of any kind ("CLAIM") in or to any distribution of the Trust Account, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the Trust Account for any reason whatsoever.

     (j) In the event that the Trust Account shall be attached, garnished or
levied upon by any court order, or the delivery thereof shall be stayed or
enjoined by an order of a court, or any

<PAGE>

order, judgment or decree shall be made or entered by any court order affecting
the property deposited under this Agreement, the Trustee is hereby expressly
authorized, in its sole discretion, to obey and comply with all writs, orders or
decrees so entered or issued, which it is advised by legal counsel of its own
choosing is binding upon it, whether with or without jurisdiction, and in the
event that the Trustee obeys or complies with any such writ, order or decree it
shall not be liable to any of the parties hereto or to any other person, firm or
corporation, by reason of such compliance notwithstanding such writ, order or
decree be subsequently reversed, modified, annulled, set aside or vacated.

     (k) In the event that any party or the Trustee is unable to perform its
obligations under the terms of this Agreement because of acts of God, strikes,
equipment or transmission failure or damage reasonably beyond its control, or
other cause reasonably beyond its control, the Trustee shall not be liable for
damages to the other parties for any damages resulting from such failure to
perform otherwise from such causes. Performance under this Agreement shall
resume when the Trustee is able to perform substantially.

     (l) Any corporation into which the Trustee in its individual capacity may
be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee in
its individual capacity shall be a party, or any corporation to which
substantially all the escrow business of the Trustee in its individual capacity
may be transferred, shall be the Trustee under this Agreement without further
act.

     (m) Upon execution of this agreement, the Company shall provide the Trustee
with a fully executed W-8 or W-9 Internal Revenue Service form, which shall
include their Tax Identification Number (TIN) as assigned by the Internal
Revenue Service. All interest or other income earned under the Escrow Agreement
shall be allocated and paid as provided herein and reported by the recipient to
the Internal Revenue Service as having been so allocated and paid.

     (n) The duties and responsibilities of the Trustee hereunder shall be
determined solely by the express provisions of this Agreement and no other or
further duties or responsibilities shall be implied. The Trustee shall not have
any liability under, nor duty to inquire into the terms and provisions of any
agreement or instructions, other than outlined in the Agreement

     (o) The Trustee hereby consents to the inclusion of JPMorgan Chase Bank, NA
in the Registration Statement and other materials relating to the IPO.

     (p) To help the government fight the funding of terrorism and money
laundering activities, Federal law requires all financial institutions to
obtain, verify, and record information that identifies each person who opens an
account. When an account it opened, the Trustee will ask for information that
will allow it to identify relevant parties.

                            [Signature page follows]

<PAGE>

     IN WITNESS WHEREOF, the parties have duly executed this Investment
Management Trust Agreement as of the date first written above.

                                           JPMORGAN CHASE BANK, NA, as Trustee

                                           By:__________________________________
                                                 Name:  Rola Tseng
                                                 Title: Vice President

                                           CHURCHILL VENTURES LTD.

                                           By:__________________________________
                                                 Name:  Christopher Bogart
                                                 Title: Chief Executive Officer

<PAGE>

                                                                       EXHIBIT A

                     [LETTERHEAD OF CHURCHILL VENTURES LTD.]

                                  [INSERT DATE]

JPMorgan Chase Bank, NA
4 New York Plaza - 21st Floor
New York, New York 10004
Attn: Simone Lyken

         Re: TRUST ACCOUNT NO. ---- TERMINATION LETTER

Gentlemen:

     Pursuant to paragraph 1(k) of the Investment Management Trust Agreement
between Churchill Ventures Ltd. (the "Company") and JPMorgan Chase Bank, NA (the
"Trustee"), dated as of _______________ (the "Trust Agreement"), this is to
advise you that the Company has entered into an agreement with _____________
(the "Target Business") to consummate a business combination with the Target
Business (the "Business Combination") on or about [insert date]. The Company
shall notify you at least two business days in advance of the actual date of the
consummation of the Business Combination (the "Consummation Date").

     Pursuant to paragraph 2(e) of the Trust Agreement, we are providing you
with [AN AFFIDAVIT][A CERTIFICATE] of ______________, which verifies the vote of
the Company's stockholders in connection with the Business Combination. In
accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of the funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date.

     On the Consummation Date (i) counsel for the Company shall deliver to you
written notification that the Business Combination has been consummated, and
(ii) the Company shall deliver to you written instructions with respect to the
transfer of the funds held in the Trust Account (the "Instruction Letter"). You
are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of counsel's letter and the Instruction
Letter, (a) as directed in writing by the Underwriter, in an amount equal to the
Deferred Discount; (b) to Public Stockholders who exercised their conversion
option in connection with the Business Combination, in an amount equal to their
pro rata share of the amounts in the Trust Account as of two business days prior
to the Consummation Date (including the Deferred Discount and any income
actually received on amounts in the Trust Account but less an amount equal to
estimated taxes that are or will be due on such income at the relevant rate to
be provided by the Company at the relevant time and less the amount of Net
Income released to the Company pursuant to paragraph 1(j) of the Trust
Agreement); and (c) the remainder in accordance with the terms of the
Instruction Letter. In the event that certain deposits held in the Trust Account
may

<PAGE>

not be liquidated by the Consummation Date without penalty, you will notify the
Company of the same and the Company shall direct you as to whether such funds
should remain in the Trust Account and be disbursed after the Consummation Date
to the Company or be liquidated and distributed promptly. Upon the disbursement
of all the funds in the Trust Account pursuant to the terms hereof, the Trust
Agreement shall be terminated and the Trust Account closed.

     In the event that the Business Combination is not consummated on the
Consummation Date described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust Account shall be reinvested as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice, subject to subsequent instructions from the Company with
respect to the disposition of the Trust Account, and the funds contained
therein, in accordance with the Trust Agreement.

<PAGE>

     Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Trust Agreement.

                                     Very truly yours,

                                     Churchill Ventures Ltd.

                                     By: ____________________________
                                         Christopher Bogart
                                         Chief Executive Officer and Director

                                     Affirmed:

                                              -------------------------
                                              Elizabeth O'Connell
                                              Chief Financial Officer, Secretary
                                              and Director

                                              ------------------------
                                              Itzhak Fisher
                                              Chairman and Director

                                              ------------------------
                                              Nir Tarlovsky
                                              Executive Vice President, Business
                                              Development and Director

                                              ------------------------
                                              Shraga Brosh
                                              Director

                                              ------------------------
                                              Gerhard Weisschadel
                                              Director

<PAGE>

                                                                       EXHIBIT B

                     [LETTERHEAD OF CHURCHILL VENTURES LTD.]

                                  [INSERT DATE]

JPMorgan Chase Bank, NA
4 New York Plaza - 21st Floor
New York, New York 10004
Attn: Simone Lyken

        Re: TRUST ACCOUNT NO. ---- TERMINATION LETTER

Gentlemen:

     Pursuant to paragraph 1(k) of the Investment Management Trust Agreement
between Churchill Ventures Ltd. (the "Company") and JPMorgan Chase Bank, NA (the
"Trustee"), dated as of ______________ (the "Trust Agreement"), this is to
advise you that the Board of Directors of the Company has voted to dissolve the
Company and the Company's stockholders have approved such dissolution. Attached
hereto is a copy of the Company's Certificate of Dissolution, as field with the
Secretary of State of the State of Delaware, certified by the Secretary of the
Company as true and correct. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account (including the Deferred
Discount and any income actually received on amounts in the Trust Account). In
connection with this liquidation, you are hereby authorized to establish a
record date for the purposes of determining the stockholders of record entitled
to receive their per share portion of the Trust Account. The record date shall
be within ten (10) days of the liquidation date, or as soon thereafter as is
practicable. You will notify the Company in writing as to when all of the funds
in the Trust Account will be available for immediate transfer (the "Transfer
Date") in accordance with the terms of the Trust Agreement and the Amended and
Restated Certificate of Incorporation of the Company. You shall commence and
oversee the disbursement of such funds in accordance with the terms of the Trust
Agreement and the Amended and Restated Certificate of Incorporation of the
Company; provided that an amount equal to 40% of any income earned on the
Property shall remain in the Trust Account for the purpose of paying any income
tax obligation related thereto. When all income tax obligations related to the
income of the Property have been satisfied, you shall disburse the remaining
funds, if any, in accordance with the terms of the Trust Agreement and the
Amended and Restated Certificate of Incorporation. Upon payment of all the funds
in the Trust Account, the Trust Agreement shall be terminated.

<PAGE>

                                     Very truly yours,

                                     Churchill Ventures Ltd.

                                     By: ____________________________
                                            Christopher Bogart
                                            Chief Executive Officer and Director

                                     Affirmed:

                                              -------------------------
                                              Elizabeth O'Connell
                                              Chief Financial Officer, Secretary
                                              and Director

                                              ------------------------
                                              Itzhak Fisher
                                              Chairman and Director

                                              ------------------------
                                              Nir Tarlovsky
                                              Executive Vice President, Business
                                              Development and Director

                                              ------------------------
                                              Shraga Brosh
                                              Director

                                              ------------------------
                                              Gerhard Weisschadel
                                              Director

<PAGE>

                                    EXHIBIT C

<TABLE>
<CAPTION>
AUTHORIZED INDIVIDUAL(S)       AUTHORIZED TELEPHONE NUMBER(S)   Signature Speciments
FOR TELEPHONE CALL BACK
-----------------------        -----------------------------------------------------
<S>                            <C>                              <C>
COMPANY:

1.
2.
</TABLE>

<PAGE>

                                    EXHIBIT D

Funds will be deposited in a JPMorgan Chase Trust Account at libor minus 40
basis points. Should investments change from a JPMorgan deposit instrument fees'
for the escrow will be assessed at seven basis points of principal amount of
securities held.

<PAGE>

                                    EXHIBIT E

Company's Wire instructions:Exhibit 10.11

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is entered into as of
the ____ day of ______, 2007, by and among,  Churchill Ventures Ltd., a Delaware
corporation (the "COMPANY");  and the undersigned  parties listed under Investor
on the  signature  page  hereto  (each,  an  "INVESTOR"  and  collectively,  the
"INVESTORS").

     WHEREAS,  the Investors  currently  hold all of the issued and  outstanding
securities of the Company;

     WHEREAS,  the Investors and the Company desire to enter into this Agreement
to provide the Investors with certain  rights  relating to the  registration  of
shares of Common Stock, Warrants and Warrant Shares held by them;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth  herein,  and for other good and valuable  consideration,  the receipt and
sufficiency  of which are  hereby  acknowledged,  the  parties  hereto  agree as
follows:

     1.  DEFINITIONS.  The  following  capitalized  terms used  herein  have the
following meanings:

     "AGREEMENT" means this Agreement, as amended,  restated,  supplemented,  or
otherwise modified from time to time.

     "COMMISSION"  means the  Securities and Exchange  Commission,  or any other
federal agency then administering the Securities Act or the Exchange Act.

     "COMMON STOCK" means the common stock,  par value $0.001 per share,  of the
Company.

     "COMPANY" is defined in the preamble to this Agreement.

     "DEMAND REGISTRATION" is defined in Section 2.1.1.

     "DEMANDING HOLDER" is defined in Section 2.1.1.

     "EXCHANGE ACT" means the Securities  Exchange Act of 1934, as amended,  and
the rules and regulations of the Commission promulgated  thereunder,  all as the
same shall be in effect at the time.

     "FORM S-3" is defined in Section 2.3.

     "INDEMNIFIED PARTY" is defined in Section 4.3.

     "INDEMNIFYING PARTY" is defined in Section 4.3.

     "INVESTOR" is defined in the preamble to this Agreement.

<PAGE>

     "INVESTOR INDEMNIFIED PARTY" is defined in Section 4.1.

     "MAXIMUM NUMBER OF SHARES" is defined in Section 2.1.4.

     "NOTICES" is defined in Section 6.3.

     "PIGGY-BACK REGISTRATION" is defined in Section 2.2.1.

     "REGISTER," "REGISTERED" and "REGISTRATION" mean a registration effected by
preparing and filing a registration  statement or similar document in compliance
with the  requirements  of the  Securities  Act,  and the  applicable  rules and
regulations  promulgated  thereunder,  and such registration  statement becoming
effective.

     "REGISTRABLE  SECURITIES" mean all of the shares of Common Stock,  Warrants
and Warrant Shares owned or held by Investors.  Registrable  Securities  include
any warrants,  shares of capital stock or other securities of the Company issued
as a dividend or other  distribution  with  respect to or in exchange  for or in
replacement  of such shares of Common Stock.  As to any  particular  Registrable
Securities, such securities shall cease to be Registrable Securities when: (a) a
Registration  Statement with respect to the sale of such  securities  shall have
become  effective under the Securities Act and such  securities  shall have been
sold, transferred, disposed of or exchanged in accordance with such Registration
Statement;  (b) such  securities  shall  have been  otherwise  transferred,  new
certificates  for them not bearing a legend  restricting  further transfer shall
have been delivered by the Company and subsequent  public  distribution  of them
shall not require  registration  under the Securities  Act; (c) such  securities
shall have ceased to be  outstanding,  or (d) the Commission  makes a definitive
determination  to the Company that the Registrable  Securities are salable under
Rule 144(k).

     "REGISTRATION  STATEMENT"  means  a  registration  statement  filed  by the
Company with the Commission in compliance  with the Securities Act and the rules
and regulations  promulgated thereunder for a public offering and sale of Common
Stock  (other than a  registration  statement  on Form S-4 or Form S-8, or their
successors,  or any registration  statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

     "SECURITIES  ACT" means the  Securities  Act of 1933,  as amended,  and the
rules and regulations of the Commission promulgated thereunder,  all as the same
shall be in effect at the time.

     "WARRANTS"  means the  5,000,000  warrants,  each to purchase  one share of
Common Stock issued to Churchill Capital Partners LLC by the Company.

     "WARRANT SHARES" means the shares issuable upon exercise of the Warrants.

     "UNDERWRITER"  means a  securities  dealer who  purchases  any  Registrable
Securities  as  principal  in an  underwritten  offering and not as part of such
dealer's market-making activities.

<PAGE>

     2. REGISTRATION RIGHTS.

        2.1 DEMAND REGISTRATION.

            2.1.1  REQUEST FOR  REGISTRATION.  At any time and from time to time
after the consummation of a Business Combination (as such term is defined in the
Registration   Statement),   the  holders  of  a  majority-in-interest   of  the
Registrable Securities held by the Investors or the permitted transferees of the
Investors,  may make a written demand for registration  under the Securities Act
of all or part of their Registrable  Securities (a "DEMAND  REGISTRATION").  Any
demand  for a  Demand  Registration  shall  specify  the  number  of  shares  of
Registrable  Securities  proposed  to be sold  and  the  intended  method(s)  of
distribution  thereof.  The  Company  will  notify all  holders  of  Registrable
Securities of the demand,  and each holder of Registrable  Securities who wishes
to  include  all or a portion of such  holder's  Registrable  Securities  in the
Demand Registration (each such holder including shares of Registrable Securities
in such registration,  a "DEMANDING  HOLDER") shall so notify the Company within
fifteen  (15) days  after the  receipt  by the  holder  of the  notice  from the
Company.  Upon any such request, the Demanding Holders shall be entitled to have
their Registrable  Securities  included in the Demand  Registration,  subject to
Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not
be obligated  to effect more than an  aggregate of two (2) Demand  Registrations
under this Section 2.1.1 in respect of Registrable Securities.

            2.1.2  EFFECTIVE  REGISTRATION.  A registration  will not count as a
Demand  Registration until the Registration  Statement filed with the Commission
with respect to such Demand  Registration  has been  declared  effective and the
Company has  complied  with all of its  obligations  under this  Agreement  with
respect thereto;  provided,  however, that if, after such Registration Statement
has been declared effective,  the offering of Registrable Securities pursuant to
a Demand  Registration is interfered with by any stop order or injunction of the
Commission or any other governmental agency or court, the Registration Statement
with  respect  to such  Demand  Registration  will be  deemed  not to have  been
declared  effective,  unless and until,  (i) such stop  order or  injunction  is
removed,  rescinded or otherwise terminated,  and (ii) a majority-in-interest of
the  Demanding  Holders  thereafter  elect to continue the  offering;  provided,
further,  that the Company shall not be obligated to file a second  Registration
Statement  until a  Registration  Statement  that has been filed is counted as a
Demand Registration or is terminated.

            2.1.3  UNDERWRITTEN  OFFERING.  If  a  majority-in-interest  of  the
Demanding  Holders so elect and such  holders  so advise the  Company as part of
their written demand for a Demand Registration, the offering of such Registrable
Securities  pursuant  to such  Demand  Registration  shall  be in the form of an
underwritten  offering.  In such  event,  the right of any holder to include its
Registrable  Securities  in such  registration  shall be  conditioned  upon such
holder's  participation in such  underwriting and the inclusion of such holder's
Registrable  Securities in the underwriting to the extent provided  herein.  All
Demanding  Holders  proposing  to  distribute  their  securities   through  such
underwriting  shall enter into an underwriting  agreement in customary form with
the   Underwriter  or   Underwriters   selected  for  such   underwriting  by  a
majority-in-interest of the holders initiating the Demand Registration.

<PAGE>

            2.1.4  REDUCTION  OF  OFFERING.   If  the  managing  Underwriter  or
Underwriters for a Demand  Registration  that is to be an underwritten  offering
advises the Company and the Demanding  Holders in writing that the dollar amount
or number of shares of Registrable Securities which the Demanding Holders desire
to  sell,  taken  together  with  all  other  shares  of  Common  Stock or other
securities  which the Company desires to sell and the shares of Common Stock, if
any, as to which registration has been requested pursuant to written contractual
piggy-back  registration  rights held by other  shareholders  of the Company who
desire to sell,  exceeds the maximum  dollar amount or maximum  number of shares
that can be sold in such  offering  without  adversely  affecting  the  proposed
offering  price,  the timing,  the  distribution  method,  or the probability of
success of such  offering  (such  maximum  dollar  amount or  maximum  number of
shares, as applicable,  the "MAXIMUM NUMBER OF SHARES"),  then the Company shall
include in such registration:  (i) first, the Registrable Securities as to which
Demand  Registration  has been  requested by the Demanding  Holders (PRO RATA in
accordance  with the  number of  shares of  Registrable  Securities  which  such
Demanding Holder has requested be included in such  registration,  regardless of
the number of shares of Registrable  Securities  held by each Demanding  Holder)
that can be sold without exceeding the Maximum Number of Shares; (ii) second, to
the extent  that the  Maximum  Number of Shares has not been  reached  under the
foregoing  clause (i), the shares of Common Stock or other  securities  that the
Company desires to sell that can be sold without exceeding the Maximum Number of
Shares;  (iii)  third,  to the extent that the Maximum  Number of Shares has not
been  reached  under the  foregoing  clauses (i) and (ii),  the shares of Common
Stock for the account of other persons that the Company is obligated to register
pursuant to written  contractual  arrangements with such persons and that can be
sold without  exceeding the Maximum  Number of Shares;  and (iv) fourth,  to the
extent  that the  Maximum  Number  of  Shares  have not been  reached  under the
foregoing  clauses (i), (ii),  and (iii),  the shares of Common Stock that other
shareholders  desire  to sell that can be sold  without  exceeding  the  Maximum
Number of Shares.

            2.1.5 WITHDRAWAL. If a majority-in-interest of the Demanding Holders
disapprove of the terms of any  underwriting  or are not entitled to include all
of their Registrable Securities in any offering,  such  majority-in-interest  of
the Demanding Holders may elect to withdraw from such offering by giving written
notice to the Company and the  Underwriter or  underwriters  of their request to
withdraw prior to the effectiveness of the Registration Statement filed with the
Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand
Registration,  then such registration  shall not count as a Demand  Registration
provided for in Section 2.1.1.

        2.2 PIGGY-BACK REGISTRATION.

            2.2.1 PIGGY-BACK RIGHTS. If at any time the Company proposes to file
a Registration Statement under the Securities Act with respect to an offering of
equity   securities,   or  securities  or  other   obligations   exercisable  or
exchangeable for, or convertible into, equity securities, by the Company for its
own account or for  shareholders  of the  Company  for their  account (or by the
Company  and by  shareholders  of the  Company  including,  without  limitation,
pursuant  to Section  2.1),  other than a  Registration  Statement  (i) filed in
connection  with any employee  stock option or other benefit  plan,  (ii) for an
exchange  offer or  offering  of  securities  solely to the  Company's  existing
shareholders,  (iii) for an  offering  of debt that is  convertible  into equity
securities  of the

<PAGE>

Company or (iv) for a dividend  reinvestment  plan,  then the Company  shall (x)
give  written  notice of such  proposed  filing to the  holders  of  Registrable
Securities as soon as practicable but in no event less than ten (10) days before
the anticipated  filing date, which notice shall describe the amount and type of
securities  to  be  included  in  such  offering,   the  intended  method(s)  of
distribution, and the name of the proposed managing Underwriter or Underwriters,
if any, of the offering,  and (y) offer to the holders of Registrable Securities
in such notice the  opportunity to register the sale of such number of shares of
Registrable  Securities  as such holders may request in writing  within five (5)
days  following  receipt  of such  notice (a "  PIGGY-BACK  REGISTRATION").  The
Company  shall  cause  such  Registrable  Securities  to  be  included  in  such
registration and shall use its best efforts to cause the managing Underwriter or
Underwriters  of a proposed  underwritten  offering  to permit  the  Registrable
Securities requested to be included in a Piggy-Back  Registration to be included
on the same terms and conditions as any similar securities of the Company and to
permit  the  sale  or  other  disposition  of  such  Registrable  Securities  in
accordance with the intended method(s) of distribution  thereof.  All holders of
Registrable  Securities  proposing  to  distribute  their  securities  through a
Piggy-Back Registration that involves an Underwriter or Underwriters shall enter
into an  underwriting  agreement  in  customary  form  with the  Underwriter  or
Underwriters selected for such Piggy-Back Registration.

            2.2.2  REDUCTION  OF  OFFERING.   If  the  managing  Underwriter  or
Underwriters  for a  Piggy-Back  Registration  that  is  to  be an  underwritten
offering  advises  the  Company and the  holders of  Registrable  Securities  in
writing  that the dollar  amount or number of shares of Common  Stock  which the
Company desires to sell,  taken together with shares of Common Stock, if any, as
to  which  registration  has  been  demanded  pursuant  to  written  contractual
arrangements  with  persons  other than the  holders of  Registrable  Securities
hereunder,  the  Registrable  Securities  as  to  which  registration  has  been
requested  under this Section 2.2, and the shares of Common Stock, if any, as to
which  registration  has been  requested  pursuant  to the  written  contractual
piggy-back registration rights of other shareholders of the Company, exceeds the
Maximum  Number  of  Shares,   then  the  Company  shall  include  in  any  such
registration:

                   (i) If the  registration  is  undertaken  for  the  Company's
account:  (A) first,  the shares of Common  Stock or other  securities  that the
Company desires to sell that can be sold without exceeding the Maximum Number of
Shares; (B) second, to the extent that the Maximum Number of Shares has not been
reached  under the  foregoing  clause (A), the shares of Common  Stock,  if any,
including  the  Registrable  Securities,  as  to  which  registration  has  been
requested  pursuant to written  contractual  piggy-back  registration  rights of
security  holders  (pro rata in  accordance  with the number of shares of Common
Stock  which each such  person has  actually  requested  to be  included in such
registration, regardless of the number of shares of Common Stock with respect to
which such persons have the right to request  such  inclusion)  that can be sold
without exceeding the Maximum Number of Shares; and

                   (ii)  If  the   registration   is  a  "demand"   registration
undertaken  at the demand of  persons  other  than the  holders  of  Registrable
Securities pursuant to written contractual  arrangements with such persons,  (A)
first, the shares of Common Stock for the account of the demanding  persons that
can be sold without  exceeding the Maximum Number of Shares;  (B) second, to the
extent  that the  Maximum  Number  of  Shares  has not been  reached  under  the
foregoing  clause (A), the shares of Common Stock or other  securities  that the
Company desires

<PAGE>

to sell that can be sold without exceeding the Maximum Number of Shares; and (C)
third,  to the extent  that the  Maximum  Number of Shares has not been  reached
under the foregoing clauses (A) and (B), the Registrable  Securities as to which
registration  has been requested  under this Section 2.2 (PRO RATA in accordance
with the number of shares of Registrable  Securities  held by each such holder);
and (D) fourth,  to the extent  that the  Maximum  Number of Shares has not been
reached  under the  foregoing  clauses  (A),  (B) and (C),  the shares of Common
Stock, if any, as to which  registration has been requested  pursuant to written
contractual  piggy-back  registration  rights which other shareholders desire to
sell that can be sold without exceeding the Maximum Number of Shares.

            2.2.3 WITHDRAWAL.  Any holder of Registrable Securities may elect to
withdraw such holder's  request for inclusion of  Registrable  Securities in any
Piggy-Back  Registration by giving written notice to the Company of such request
to  withdraw  prior to the  effectiveness  of the  Registration  Statement.  The
Company may also elect to withdraw a registration statement at any time prior to
the  effectiveness  of the  Registration  Statement.  Notwithstanding  any  such
withdrawal,  the  Company  shall pay all  expenses  incurred  by the  holders of
Registrable  Securities  in  connection  with such  Piggy-Back  Registration  as
provided in Section 3.3.

        2.3 REGISTRATION ON FORM S-3. The holders of Registrable  Securities may
at any time and from time to time,  request in writing that the Company register
the  resale  of any or all of such  Registrable  Securities  on Form  S-3 or any
similar  short-form  registration  which may be  available  at such time  ("FORM
S-3"); provided, however, that the Company shall not be obligated to effect such
request through an underwritten offering.  Upon receipt of such written request,
the Company will promptly give written  notice of the proposed  registration  to
all  other  holders  of  Registrable  Securities,  and,  as soon as  practicable
thereafter,  effect the  registration of all or such portion of such holder's or
holders' Registrable Securities as are specified in such request,  together with
all or such portion of the Registrable Securities of any other holder or holders
joining in such  request as are  specified  in a written  request  given  within
fifteen  (15) days  after  receipt  of such  written  notice  from the  Company;
provided,  however,  that the Company  shall not be obligated to effect any such
registration  pursuant to this Section 2.3: (i) if Form S-3 is not available for
such offering;  or (ii) if the holders of the Registrable  Securities,  together
with the holders of any other securities of the Company entitled to inclusion in
such  registration,  propose  to sell  Registrable  Securities  and  such  other
securities (if any) at any aggregate  price to the public of less than $500,000.
Registrations  effected  pursuant  to this  Section  2.3 shall not be counted as
Demand Registrations effected pursuant to Section 2.1.

     3. REGISTRATION PROCEDURES.

        3.1 FILINGS; INFORMATION. Whenever the Company is required to effect the
registration  of any Registrable  Securities  pursuant to Section 2, the Company
shall  use  its  best  efforts  to  effect  the  registration  and  sale of such
Registrable Securities in accordance with the intended method(s) of distribution
thereof  as  expeditiously  as  practicable,  and in  connection  with  any such
request:

            3.1.1  FILING   REGISTRATION   STATEMENT.   The  Company  shall,  as
expeditiously  as possible and in any event within sixty (60) days after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file
with the Commission a  Registration  Statement on any

<PAGE>

form for which the Company then qualifies or which counsel for the Company shall
deem  appropriate  and  which  form  shall  be  available  for  the  sale of all
Registrable  Securities  to be  registered  thereunder  in  accordance  with the
intended  method(s) of distribution  thereof,  and shall use its best efforts to
cause such Registration  Statement to become and remain effective for the period
required by Section 3.1.3;  provided,  however,  that the Company shall have the
right to defer any  Demand  Registration  for up to thirty  (30)  days,  and any
Piggy-Back Registration for such period as may be applicable to deferment of any
demand registration to which such Piggy-Back  Registration relates, in each case
if the Company shall  furnish to the holders a  certificate  signed by the Chief
Executive Officer of the Company stating that, in the good faith judgment of the
Board of Directors of the Company,  it would be  materially  detrimental  to the
Company and its shareholders for such  Registration  Statement to be effected at
such time; provided,  further however, that the Company shall not have the right
to exercise the right set forth in the immediately  preceding  proviso more than
once in any 365-day period in respect of a Demand Registration hereunder.

            3.1.2  COPIES.  The Company  shall,  prior to filing a  Registration
Statement or prospectus, or any amendment or supplement thereto, furnish without
charge to the holders of Registrable  Securities  included in such registration,
and such  holders'  legal  counsel,  copies of such  Registration  Statement  as
proposed  to be  filed,  each  amendment  and  supplement  to such  Registration
Statement  (in  each  case   including   all  exhibits   thereto  and  documents
incorporated by reference therein), the prospectus included in such Registration
Statement (including each preliminary  prospectus),  and such other documents as
the holders of Registrable  Securities  included in such  registration  or legal
counsel for any such holders may request in order to facilitate the  disposition
of the Registrable Securities owned by such holders.

            3.1.3 AMENDMENTS AND SUPPLEMENTS. The Company shall prepare and file
with the Commission such amendments,  including post-effective  amendments,  and
supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration  Statement effective and
in compliance  with the provisions of the  Securities Act until all  Registrable
Securities and other securities covered by such Registration Statement have been
disposed of in accordance with the intended  method(s) of distribution set forth
in such  Registration  Statement  (which  period shall not exceed the sum of one
hundred  eighty (180) days plus any period during which any such  disposition is
interfered  with by any  stop  order  or  injunction  of the  Commission  or any
governmental agency or court) or such securities have been withdrawn.

            3.1.4  NOTIFICATION.  After the filing of a Registration  Statement,
the Company  shall  promptly,  and in no event more than two (2)  business  days
after such filing, notify the holders of Registrable Securities included in such
Registration  Statement of such filing,  and shall  further  notify such holders
promptly  and  confirm  such  advice in  writing  in all  events  within two (2)
business  days  of  the  occurrence  of  any of the  following:  (i)  when  such
Registration Statement becomes effective; (ii) when any post-effective amendment
to  such  Registration  Statement  becomes  effective;  (iii)  the  issuance  or
threatened  issuance by the  Commission of any stop order (and the Company shall
take all  actions  required to prevent the entry of such stop order or to remove
it if  entered);  and (iv) any request by the  Commission  for any  amendment or
supplement to such Registration  Statement or any prospectus relating thereto or
for additional information or

<PAGE>

of the  occurrence  of an event  requiring  the  preparation  of a supplement or
amendment to such prospectus so that, as thereafter  delivered to the purchasers
of the securities covered by such Registration  Statement,  such prospectus will
not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the  statements  therein
not  misleading,  and  promptly  make  available  to the holders of  Registrable
Securities  included  in such  Registration  Statement  any such  supplement  or
amendment;  except  that  before  filing  with  the  Commission  a  Registration
Statement or  prospectus  or any  amendment  or  supplement  thereto,  including
documents incorporated by reference, the Company shall furnish to the holders of
Registrable  Securities included in such Registration Statement and to the legal
counsel for any such holders,  copies of all such documents proposed to be filed
sufficiently in advance of filing to provide such holders and legal counsel with
a reasonable  opportunity to review such documents and comment thereon,  and the
Company shall not file any Registration  Statement or prospectus or amendment or
supplement thereto, including documents incorporated by reference, to which such
holders or their legal counsel shall object.

            3.1.5 STATE  SECURITIES  LAW  COMPLIANCE.  The Company shall use its
best efforts to (i) register or qualify the  Registrable  Securities  covered by
the  Registration  Statement  under such  securities  or "blue sky" laws of such
jurisdictions  in the United  States as the  holders of  Registrable  Securities
included in such  Registration  Statement  (in light of their  intended  plan of
distribution)  may  request and (ii) take such  action  necessary  to cause such
Registrable  Securities  covered by the Registration  Statement to be registered
with or approved by such other  Governmental  Authorities as may be necessary by
virtue of the  business and  operations  of the Company and do any and all other
acts and things  that may be  necessary  or  advisable  to enable the holders of
Registrable Securities included in such Registration Statement to consummate the
disposition  of such  Registrable  Securities in such  jurisdictions;  provided,
however,  that the  Company  shall not be required  to qualify  generally  to do
business in any jurisdiction where it would not otherwise be required to qualify
but  for  this  Section  3.1.5  or  subject  itself  to  taxation  in  any  such
jurisdiction.

            3.1.6  AGREEMENTS  FOR  DISPOSITION.  The  Company  shall enter into
customary agreements  (including,  if applicable,  an underwriting  agreement in
customary form) and take such other actions as are reasonably  required in order
to expedite or facilitate the disposition of such  Registrable  Securities.  The
representations,  warranties  and  covenants of the Company in any  underwriting
agreement  which  are made to or for the  benefit  of any  Underwriters,  to the
extent  applicable,  shall also be made to and for the benefit of the holders of
Registrable  Securities  included in such registration  statement.  No holder of
Registrable Securities included in such registration statement shall be required
to make any representations or warranties in the underwriting  agreement except,
if  applicable,  with  respect to such  holder's  organization,  good  standing,
authority,  title to Registrable Securities,  lack of conflict of such sale with
such holder's material agreements and organizational documents, and with respect
to written information relating to such holder that such holder has furnished in
writing expressly for inclusion in such Registration Statement.

            3.1.7 COOPERATION.  The principal  executive officer of the Company,
the principal financial officer of the Company, the principal accounting officer
of the  Company and all other  officers  and  members of the  management  of the
Company shall cooperate fully in any offering of

<PAGE>

Registrable  Securities  hereunder,  which  cooperation  shall include,  without
limitation,  the preparation of the Registration  Statement with respect to such
offering  and  all  other  offering   materials  and  related   documents,   and
participation  in  meetings  with  Underwriters,   attorneys,   accountants  and
potential investors.

            3.1.8  RECORDS.  The Company shall make  available for inspection by
the holders of Registrable  Securities included in such Registration  Statement,
any Underwriter  participating in any disposition  pursuant to such registration
statement and any attorney,  accountant  or other  professional  retained by any
holder of Registrable  Securities included in such Registration Statement or any
Underwriter,  all financial and other records, pertinent corporate documents and
properties  of the  Company,  as shall be  necessary  to enable them to exercise
their due diligence responsibility,  and cause the Company's officers, directors
and employees to supply all  information  requested by any of them in connection
with such Registration Statement.

            3.1.9  OPINIONS AND COMFORT  LETTERS.  The Company  shall furnish to
each holder of Registrable  Securities included in any Registration  Statement a
signed  counterpart,  addressed to such holder, of (i) any opinion of counsel to
the Company  delivered to any  Underwriter  and (ii) any comfort letter from the
Company's  independent public accountants  delivered to any underwriter.  In the
event no legal  opinion is  delivered  to any  Underwriter,  the  Company  shall
furnish to each holder of Registrable  Securities  included in such Registration
Statement,  at any time that such holder elects to use a prospectus,  an opinion
of  counsel  to the  Company  to the  effect  that  the  Registration  Statement
containing such prospectus has been declared effective and that no stop order is
in effect.

            3.1.10  EARNINGS  STATEMENT.  The  Company  shall  comply  with  all
applicable  rules and  regulations of the Commission and the Securities Act, and
make  available  to its  shareholders,  as  soon  as  practicable,  an  earnings
statement  covering a period of twelve (12) months,  beginning  within three (3)
months after the effective date of the  registration  statement,  which earnings
statement  shall satisfy the  provisions of Section 11(a) of the  Securities Act
and Rule 158 thereunder.

            3.1.11 LISTING.  The Company shall use its best efforts to cause all
Registrable  Securities  included  in any  registration  to be  listed  on  such
exchanges  or  otherwise  designated  for  trading in the same manner as similar
securities  issued by the Company are then listed or  designated  or, if no such
similar  securities are then listed or designated,  in a manner  satisfactory to
the  holders  of a  majority  of the  Registrable  Securities  included  in such
registration.

        3.2 OBLIGATION TO SUSPEND DISTRIBUTION.  Upon receipt of any notice from
the  Company  of the  happening  of any event of the kind  described  in Section
3.1.4(iv),  or, in the case of a resale  registration  on Form S-3  pursuant  to
Section 2.3 hereof,  upon any  suspension by the Company,  pursuant to a written
insider trading  compliance program adopted by the Company's Board of Directors,
of the  ability of all  "insiders"  covered by such  program to  transact in the
Company's   securities   because  of  the   existence  of  material   non-public
information,  each holder of Registrable Securities included in any registration
shall  immediately   discontinue  disposition  of  such  Registrable  Securities
pursuant to the  Registration  Statement  covering such  Registrable  Securities
until such holder receives the supplemented or amended  prospectus  contemplated
by

<PAGE>

Section 3.1.4(iv) or the restriction on the ability of "insiders" to transact in
the Company's  securities is removed, as applicable,  and, if so directed by the
Company,  each such  holder will  deliver to the Company all copies,  other than
permanent  file  copies  then in such  holder's  possession,  of the most recent
prospectus  covering such Registrable  Securities at the time of receipt of such
notice.

        3.3 REGISTRATION EXPENSES. The Company shall bear all costs and expenses
incurred in connection with any Demand Registration pursuant to Section 2.1, any
Piggy-Back  Registration  pursuant to Section 2.2, and any  registration on Form
S-3 effected pursuant to Section 2.3, and all expenses incurred in performing or
complying with its other  obligations  under this Agreement,  whether or not the
Registration Statement becomes effective, including, without limitation: (i) all
registration  and  filing  fees;  (ii)  fees and  expenses  of  compliance  with
securities or "blue sky" laws  (including fees and  disbursements  of counsel in
connection with blue sky  qualifications of the Registrable  Securities);  (iii)
printing  expenses;  (iv) the Company's  internal expenses  (including,  without
limitation,  all salaries and expenses of its officers and  employees);  (v) the
fees and expenses  incurred in  connection  with the listing of the  Registrable
Securities  as  required  by  Section  3.1.11;  (vi)  National   Association  of
Securities  Dealers,  Inc. fees; (vii) fees and disbursements of counsel for the
Company and fees and  expenses  for  independent  certified  public  accountants
retained by the Company  (including  the expenses or costs  associated  with the
delivery  of any  opinions  or comfort  letters  requested  pursuant  to Section
3.1.9);  (viii) the fees and  expenses  of any special  experts  retained by the
Company in connection with such  registration  and (ix) the fees and expenses of
one legal  counsel  selected  by the  holders of a  majority-in-interest  of the
Registrable Securities included in such registration.  The Company shall have no
obligation to pay any underwriting discounts or selling commissions attributable
to  the  Registrable  Securities  being  sold  by  the  holders  thereof,  which
underwriting  discounts or selling  commissions  shall be borne by such holders.
Additionally,  in an underwritten  offering,  all selling  shareholders  and the
Company shall bear the expenses of the underwriter pro rata in proportion to the
respective amount of shares each is selling in such offering.

        3.4  INFORMATION.  The holders of Registrable  Securities  shall provide
such information as may reasonably be requested by the Company,  or the managing
Underwriter,  if any, in connection  with the  preparation  of any  Registration
Statement,  including amendments and supplements thereto, in order to effect the
registration of any Registrable  Securities under the Securities Act pursuant to
Section 2 and in connection with the Company's obligation to comply with federal
and applicable state securities laws.

    4. INDEMNIFICATION AND CONTRIBUTION.

        4.1 INDEMNIFICATION BY THE COMPANY.  The Company agrees to indemnify and
hold harmless each Investor and each other holder of Registrable Securities, and
each of their respective officers, employees,  affiliates,  directors, partners,
members, attorneys and agents, and each person, if any, who controls an Investor
and each other holder of Registrable  Securities  (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) (each,  an "INVESTOR
INDEMNIFIED PARTY"), from and against any expenses,  losses, judgments,  claims,
damages or liabilities,  whether joint or several,  arising out of or based upon
any  untrue  statement  (or  allegedly  untrue  statement)  of a  material  fact
contained in any Registration

<PAGE>

Statement  under which the sale of such  Registrable  Securities  was registered
under the  Securities  Act, any  preliminary  prospectus,  final  prospectus  or
summary prospectus contained in the Registration  Statement, or any amendment or
supplement to such Registration  Statement,  or arising out of or based upon any
omission (or alleged  omission) to state a material  fact  required to be stated
therein or  necessary  to make the  statements  therein not  misleading,  or any
violation  by the  Company  of the  Securities  Act or any  rule  or  regulation
promulgated  thereunder  applicable  to the  Company  and  relating to action or
inaction required of the Company in connection with any such  registration;  and
the Company  shall  promptly  reimburse the Investor  Indemnified  Party for any
legal and any other expenses  reasonably  incurred by such Investor  Indemnified
Party in connection  with  investigating  and defending any such expense,  loss,
judgment,  claim,  damage,  liability  or action;  provided,  however,  that the
Company will not be liable in any such case to the extent that any such expense,
loss,  claim,  damage or  liability  arises  out of or is based  upon any untrue
statement or allegedly  untrue statement or omission or alleged omission made in
such  Registration  Statement,  preliminary  prospectus,  final  prospectus,  or
summary prospectus, or any such amendment or supplement, in reliance upon and in
conformity  with  information  furnished  to the  Company,  in writing,  by such
selling holder  expressly for use therein.  The Company also shall indemnify any
Underwriter  of  the  Registrable   Securities,   their  officers,   affiliates,
directors,  partners,  members  and agents and each  person  who  controls  such
Underwriter  on  substantially  the same  basis  as that of the  indemnification
provided above in this Section 4.1.

        4.2 INDEMNIFICATION BY HOLDERS OF REGISTRABLE  SECURITIES.  Each selling
holder of Registrable  Securities  will, in the event that any  registration  is
being  effected  under the  Securities  Act  pursuant to this  Agreement  of any
Registrable Securities held by such selling holder,  indemnify and hold harmless
the Company,  each of its directors and officers and each  underwriter (if any),
and each  other  person,  if any,  who  controls  such  selling  holder  or such
underwriter  within the  meaning of the  Securities  Act,  against  any  losses,
claims, judgments, damages or liabilities,  whether joint or several, insofar as
such losses,  claims,  judgments,  damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act,
any preliminary prospectus,  final prospectus or summary prospectus contained in
the Registration  Statement,  or any amendment or supplement to the Registration
Statement,  or arise  out of or are  based  upon  any  omission  or the  alleged
omission to state a material fact required to be stated  therein or necessary to
make the statement therein not misleading, if the statement or omission was made
in reliance upon and in conformity with information  furnished in writing to the
Company by such selling holder  expressly for use therein,  and shall  reimburse
the Company,  its directors and officers,  and each such controlling  person for
any legal or other  expenses  reasonably  incurred by any of them in  connection
with  investigation  or defending  any such loss,  claim,  damage,  liability or
action.  Each selling holder's  indemnification  obligations  hereunder shall be
several  and not joint and shall be limited  to the  amount of any net  proceeds
actually received by such selling holder.

        4.3 CONDUCT OF  INDEMNIFICATION  PROCEEDINGS.  Promptly after receipt by
any person of any notice of any loss,  claim,  damage or liability or any action
in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such
person (the  "INDEMNIFIED  PARTY") shall, if a claim in

<PAGE>

respect  thereof is to be made  against  any other  person  for  indemnification
hereunder, notify such other person (the "INDEMNIFYING PARTY") in writing of the
loss, claim, judgment, damage, liability or action; provided,  however, that the
failure by the  Indemnified  Party to notify the  Indemnifying  Party  shall not
relieve the Indemnifying  Party from any liability which the Indemnifying  Party
may have to such Indemnified  Party  hereunder,  except and solely to the extent
the  Indemnifying  Party  is  actually   prejudiced  by  such  failure.  If  the
Indemnified Party is seeking indemnification with respect to any claim or action
brought  against the Indemnified  Party,  then the  Indemnifying  Party shall be
entitled  to  participate  in such claim or action,  and,  to the extent that it
wishes,  jointly with all other Indemnifying  Parties,  to assume control of the
defense thereof with counsel satisfactory to the Indemnified Party. After notice
from the Indemnifying  Party to the Indemnified  Party of its election to assume
control of the defense of such claim or action, the Indemnifying Party shall not
be liable to the Indemnified Party for any legal or other expenses  subsequently
incurred by the  Indemnified  Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action in
which  both the  Indemnified  Party  and the  Indemnifying  Party  are  named as
defendants,  the  Indemnified  Party  shall  have the right to  employ  separate
counsel  (but  no  more  than  one  such  separate  counsel)  to  represent  the
Indemnified  Party and its  controlling  persons who may be subject to liability
arising  out of any claim in  respect  of which  indemnity  may be sought by the
Indemnified Party against the Indemnifying  Party, with the fees and expenses of
such  counsel to be paid by such  Indemnifying  Party if, based upon the written
opinion of counsel of such Indemnified Party,  representation of both parties by
the same counsel  would be  inappropriate  due to actual or potential  differing
interests between them. No Indemnifying  Party shall,  without the prior written
consent of the  Indemnified  Party,  consent to entry of  judgment or effect any
settlement of any claim or pending or threatened  proceeding in respect of which
the  Indemnified  Party is or could have been a party and  indemnity  could have
been  sought  hereunder  by such  Indemnified  Party,  unless  such  judgment or
settlement includes an unconditional  release of such Indemnified Party from all
liability arising out of such claim or proceeding.

        4.4 CONTRIBUTION.

            4.4.1 If the indemnification  provided for in the foregoing Sections
4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss,
claim,  damage,   liability  or  action  referred  to  herein,  then  each  such
Indemnifying  Party,  in lieu of  indemnifying  such  Indemnified  Party,  shall
contribute to the amount paid or payable by such  Indemnified  Party as a result
of such  loss,  claim,  damage,  liability  or action in such  proportion  as is
appropriate  to reflect the relative  fault of the  Indemnified  Parties and the
Indemnifying  Parties in connection with the actions or omissions which resulted
in such loss, claim, damage,  liability or action, as well as any other relevant
equitable  considerations.  The relative fault of any Indemnified  Party and any
Indemnifying  Party shall be  determined  by reference  to, among other  things,
whether  the  untrue or  alleged  untrue  statement  of a  material  fact or the
omission or alleged  omission to state a material  fact  relates to  information
supplied by such Indemnified Party or such  Indemnifying  Party and the parties'
relative intent, knowledge,  access to information and opportunity to correct or
prevent such statement or omission.

            4.4.2  The  parties  hereto  agree  that it  would  not be just  and
equitable if  contribution  pursuant to this Section 4.4 were  determined by PRO
RATA allocation or by any other method of

<PAGE>

allocation which does not take account of the equitable  considerations referred
to in the immediately  preceding Section 4.4.1. The amount paid or payable by an
Indemnified  Party as a result of any loss, claim,  damage,  liability or action
referred to in the immediately  preceding  paragraph shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Party in connection with investigating or defending any such
action or claim.  Notwithstanding  the provisions of this Section 4.4, no holder
of Registrable  Securities  shall be required to contribute any amount in excess
of the dollar  amount of the net  proceeds  (after  payment of any  underwriting
fees, discounts, commissions or taxes) actually received by such holder from the
sale of Registrable Securities which gave rise to such contribution  obligation.
No person guilty of fraudulent  misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to  contribution  from any person
who was not guilty of such fraudulent misrepresentation.

     5. UNDERWRITING AND DISTRIBUTION.

        5.1 RULE 144.  The  Company  covenants  that it shall  file any  reports
required to be filed by it under the  Securities  Act and the  Exchange  Act and
shall take such  further  action as the holders of  Registrable  Securities  may
reasonably request,  all to the extent required from time to time to enable such
holders to sell Registrable Securities without registration under the Securities
Act within  the  limitation  of the  exemptions  provided  by Rule 144 under the
Securities  Act, as such Rules may be amended from time to time,  or any similar
Rule or regulation hereafter adopted by the Commission.

     6. MISCELLANEOUS.

        6.1 OTHER REGISTRATION  RIGHTS. The Company represents and warrants that
no person, other than a holder of the Registrable  Securities,  has any right to
require the Company to register any shares of the  Company's  capital  stock for
sale or to include  shares of the Company's  capital  stock in any  registration
filed by the Company for the sale of shares of capital stock for its own account
or for the account of any other person.

        6.2  ASSIGNMENT;  NO THIRD PARTY  BENEFICIARIES.  This Agreement and the
rights,  duties and obligations of the Company  hereunder may not be assigned or
delegated  by the Company in whole or in part.  This  Agreement  and the rights,
duties and obligations of the holders of Registrable Securities hereunder may be
freely  assigned  or  delegated  by such  holder of  Registrable  Securities  in
conjunction with and to the extent of any transfer of Registrable  Securities by
any such holder.  This Agreement and the provisions hereof shall be binding upon
and shall  inure to the  benefit  of each of the  parties  and their  respective
successors  and the permitted  assigns of the Investor or holder of  Registrable
Securities  or of  any  assignee  of  the  Investor  or  holder  of  Registrable
Securities.  This  Agreement is not intended to confer any rights or benefits on
any  persons  that are not party  hereto  other than as  expressly  set forth in
Article 4 and this Section 6.2.

        6.3 NOTICES.  All notices,  demands,  requests,  consents,  approvals or
other communications (collectively, "NOTICEs") required or permitted to be given
hereunder or which are given with respect to this Agreement  shall be in writing
and shall be personally served,  delivered by

<PAGE>

reputable  air courier  service with charges  prepaid,  or  transmitted  by hand
delivery, telegram, telex or facsimile, addressed as set forth below, or to such
other  address  as such party  shall have  specified  most  recently  by written
notice.  Notice shall be deemed given on the date of service or  transmission if
personally served or transmitted by telegram, telex or facsimile; provided, that
if such  service or  transmission  is not on a business  day or is after  normal
business hours, then such notice shall be deemed given on the next business day.
Notice  otherwise  sent as  provided  herein  shall be deemed  given on the next
business day following timely delivery of such notice to a reputable air courier
service with an order for next-day  delivery.  Notices to an Investor  should be
sent to the address under such Investor's name on the signature page.

         To the Company:      Churchill Ventures Ltd.
                              50 Revolutionary Road
                              Scarborough, New York 10510
                              Fax No. ___________________
                              Attn: Chief Executive Officer

         with a copy to:      Reitler Brown & Rosenblatt LLC
                              800 Third Avenue, 21st Floor
                              New York, New York 10022
                              Attn: Robert S. Brown, Esq.
                              Fax No.: (212) 371-5500

        6.4  SEVERABILITY.  This Agreement  shall be deemed  severable,  and the
invalidity or  unenforceability of any term or provision hereof shall not affect
the  validity  or  enforceability  of this  Agreement  or of any  other  term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision,  the parties  hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or  unenforceable
provision as may be possible and be valid and enforceable.

        6.5   COUNTERPARTS.   This   Agreement   may  be  executed  in  multiple
counterparts,  each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

        6.6 ENTIRE AGREEMENT.  This Agreement  (including all agreements entered
into pursuant hereto and all  certificates  and instruments  delivered  pursuant
hereto and thereto)  constitute the entire agreement of the parties with respect
to the  subject  matter  hereof  and  supersede  all prior  and  contemporaneous
agreements,  representations,   understandings,   negotiations  and  discussions
between the parties, whether oral or written.

        6.7  MODIFICATIONS  AND  AMENDMENTS.   No  amendment,   modification  or
termination of this Agreement shall be binding upon any party unless executed in
writing by such party.

        6.8 TITLES  AND  HEADINGS.  Titles  and  headings  of  sections  of this
Agreement are for convenience  only and shall not affect the construction of any
provision of this Agreement.

<PAGE>

        6.9 WAIVERS AND  EXTENSIONS.  Any party to this  Agreement may waive any
right, breach or default which such party has the right to waive,  provided that
such waiver will not be  effective  against  the waiving  party  unless it is in
writing,  is signed by such party,  and  specifically  refers to this Agreement.
Waivers  may be made in  advance  or after the right  waived  has  arisen or the
breach or default waived has occurred. Any waiver may be conditional.  No waiver
of any breach of any agreement or provision  herein  contained shall be deemed a
waiver of any preceding or succeeding  breach thereof nor of any other agreement
or provision herein contained. No waiver or extension of time for performance of
any  obligations  or acts shall be deemed a waiver or  extension of the time for
performance of any other obligations or acts.

        6.10  REMEDIES,  CUMULATIVE.  In the  event  that the  Company  fails to
observe or perform any covenant or  agreement to be observed or performed  under
this Agreement,  the Investor or any other holder of Registrable  Securities may
proceed to protect  and  enforce  its rights by suit in equity or action at law,
whether for specific  performance of any term contained in this Agreement or for
an  injunction  against the breach of any such term or in aid of the exercise of
any power  granted in this  Agreement or to enforce any other legal or equitable
right,  or to take any one or more of such actions,  without  being  required to
post a bond.  None of the  rights,  powers  or  remedies  conferred  under  this
Agreement  shall be mutually  exclusive,  and each such  right,  power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter  available at law, in equity, by
statute or otherwise.

        6.11  GOVERNING LAW. This  Agreement  shall be governed by,  interpreted
under,  and construed in  accordance  with the internal laws of the State of New
York applicable to agreements  made and to be performed  within the State of New
York,  without giving effect to any choice-of-law  provisions thereof that would
compel the application of the substantive laws of any other jurisdiction.

        6.12  WAIVER  OF  TRIAL BY  JURY.  Each  party  hereby  irrevocably  and
unconditionally  waives  the  right  to a trial  by jury  in any  action,  suit,
counterclaim or other proceeding (whether based on contract,  tort or otherwise)
arising out of,  connected with or relating to this Agreement,  the transactions
contemplated  hereby,  or the  actions  of  the  Investor  in  the  negotiation,
administration, performance or enforcement hereof.

        6.13. WAIVER OF MONETARY DAMAGES. Notwithstanding anything herein to the
contrary,  the  Company  shall not be liable to any party for  monetary  damages
arising from the failure of the Company to comply with its obligations  pursuant
to this  Agreement,  and each Investor hereby waives any right to make any claim
for monetary  damages,  it being understood that the sole remedy hereunder shall
be to seek equitable relief.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

     IN WITNESS  WHEREOF,  the  parties  have caused  this  Registration  Rights
Agreement to be executed and delivered by their duly authorized  representatives
as of the date first written above.

                             CHURCHILL VENTURES LTD.
                             a Delaware corporation

                             By: _______________________________________
                                 Name: Christopher Bogart
                                 Title: Chief Executive Officer

                             INVESTORS:

                             CHURCHILL CAPITAL PARTNERS LLC,
                             a Delaware LLC

                             By: _______________________________________
                                 Name: Elizabeth O'Connell
                                 Title: Chief Financial Officer
                                 Address: 50 Revolutionary Road
                                             Scarborough, New York 10510
                                             Fax No. ___________________
                                             Attn: Manager

                             -------------------------------------------
                             Thomas Baxter
                             Address: 4 Bumble Bee Lane
                             Westport, CT 06880

                             -------------------------------------------
                             Shraga Brosh
                             Address: 39 Mazada St.
                                      Ramat-Gan, Israel
                                      Fax No. __________________

                             -------------------------------------------
                             Gerhard Weisschadel
                             Address: Dolderstrasse 87A, CH-Zurich
                                      Fax No. _________________

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