Document:

Exhibit 10.101

                               EXCHANGE AGREEMENT

        This Exchange Agreement dated as of May 27, 2004, by and between
Ultrastrip Systems, Inc. (the "Company"), a Florida corporation having its
executive offices at 3515 S.E. Lionel Terrace, Stuart, Florida, 33997, and Mr.
Ronald A. Johnson, TTEE ELIZABETH CASE JOHNSON, FLINT TRUST (SS# ###-##-####),
whose address is 12311 Moor Creek Drive, Houston, TX 77070 (the "Debt Holder").

         WHEREAS, as part of its recapitalization plan, the Company proposes,
pursuant to its offer letter dated May 26, 2004 and subject to the terms and
conditions stated therein and herein, to issue shares of its Common Stock, $0.10
par value ("Common Stock") in exchange for the principal amount of the Company's
debt obligations identified in Appendix A hereto (the "Debt Obligations").

      NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, and intending to be legally bound hereby, the parties
agree as follows:

         1. Exchange of Shares for Debt Obligations. Subject to the terms and
conditions set forth in this Agreement, the Debt Holder agrees to deliver the
Debt Obligations held by the undersigned at the Time of Delivery (as defined in
paragraph 3) and the Company agrees to issue to the Debt Holder at the Time of
Delivery in exchange therefor the number of Shares (rounded to the nearest
share) equal to the quotient of (A) the Value (as hereinafter defined) of the
Debt Obligations divided by (B) the Exchange Value (as hereinafter defined) of
the shares of Common Stock.

         2. Pricing. The pricing of one share of Common Stock for the purposes
of this exchange has been arbitrarily established by the Board of Directors of
the Company at $1.00 per share.

                  (a) The Debt Holder and the Company shall select a date and
time that is not earlier than May 27, 2004 or later than July 30, 2004 (the date
and time selected being herein collectively referred to as the "Time of
Pricing"). At the Time of Pricing the Value of the Debt Obligations shall be
determined by agreement of Debt Holder and the Company as provided in
subparagraph (b)(i) of this Section.

                  (b) For the purposes of this agreement, the terms "Value",
"Exchange Value" and "Debt Obligations" shall have the respective meanings set
forth below:

                           (i) The "Value" of the Debt Obligations to be
exchanged shall be $104,500.00, including all interest earned.

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                           (ii) The "Exchange Value" of one share of Common
Stock shall be $1.00 per share, an amount determined in good faith by the Board
of Directors1 of the Company, in the absence of an established public trading
market for the Common Stock.

                           (iii) The term "Debt Obligations" shall mean all of
the outstanding obligations of the Company owed to the Debt Holder described in
Appendix A hereto.

         3. Delivery of Shares. Stock certificates in definitive form, and in
such denominations and registered in such names as the Debt Holder may request
upon at least five business days prior notice to the Company, for shares of
Common Stock to be delivered in exchange for the Debt Obligations hereunder
shall be delivered by or on behalf of the Company to the Debt Holder, against
delivery by or on behalf of the Debt Holder to the Company of such Debt
Obligations at the executive offices of the Company, 3515 S.E. Lionel Terrace,
Stuart, Florida, 34997, on June 30, 2004, or at such time and date as the
Company and the Debt Holder may agree (but not more than five business days
after the Time of Pricing).

         4. Representation and Warranties of the Company. The Company represents
and warrants to the Debt Holder that the Company has the right, power and
authority to enter into this Agreement and at the Time of Delivery will have the
right, power and authority to issue the shares of Common Stock to the Debt
Holder, and upon delivery of the shares of Common Stock in the exchange
contemplated by this Agreement the Debt Holder will acquire valid and
unencumbered title to the shares of Common Stock.

         5. Representations and Warranties of the Debt Holder. The Debt Holder
represents and warrants as follows:

                  (a) The Debt Holder and its advisors have had a reasonable
opportunity to ask questions of and receive answers from the Company concerning
the terms of the exchange, the indebtedness and capitalization of the Company,
and the shares of Common Stock to be issued in the exchange.

                  (b) The Debt Holder has been supplied with or has sufficient
access to all reports of the Company filed with the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended, and all other
information, including financial statements and other financial information of
the Company, and has been afforded an opportunity to ask questions of and
receive answers from officers of the Company concerning information to which a
reasonable investor would attach significance in making investment decisions.

                  (c) The Debt Holder is not purchasing the shares of Common
Stock in this exchange as a result of or subsequent to any advertisement,
articles, notice or other communication published in any newspaper, television
or radio or presented at any seminar or meeting, or any solicitation of a

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subscription by a person not previously known to the Debt Holder in connection
with investments in securities generally.

                  (d) The Debt Holder has adequate means of providing for its
current financial needs and contingencies, is able to bear the substantial
economic risks of an investment in the shares of Common Stock for an indefinite
period of time, has no need for liquidity in such investment, has made
commitments to investments that are not readily marketable which are reasonable
in relation to the Debt Holder's net worth and can afford a complete loss of
such investment.

                  (e) The Debt Holder has such knowledge and experience in
financial, tax and business matters so as to enable it to utilize the
information made available to it in connection with the offering of the shares
of Common Stock to evaluate the merits and risks of an investment in the shares
of Common Stock and to make an informed decision with respect to the exchange of
existing Debt Obligations for shares of Common Stock on the terms set forth
herein.

                  (f) The Debt Holder is not relying on the Company with respect
to the tax and other economic considerations of the exchange and an investment
in the shares of Common Stock to be issued in the exchange, and the Debt Holder
has relied on the advice of, or has consulted with, only the Debt Holder's own
advisors.

                  (g) The Debt Holder has full right and power to perform
pursuant to this Agreement and purchase shares of Common Stock of the Company
issued in the exchange and, if the Debt Holder is an entity, is authorized and
otherwise duly qualified to purchase and hold the shares of Common Stock and to
enter into this Agreement.

                  (h) The Debt Holder fully understands that the shares of
Common Stock have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or under the securities laws of certain states
and, therefore, cannot be resold, pledged, assigned or otherwise disposed of
unless the securities are subsequently registered under the Securities Act and
under the applicable securities laws of such states or unless an exemption from
such registration is available in the opinion of counsel reasonably satisfactory
to counsel for the Company. The Debt Holder is purchasing the shares of Common
Stock in the exchange for the Debt Holder's own account, for investment and not
with a view to resale or distribution except in compliance with the Securities
Act and applicable state securities laws. The Debt Holder further acknowledges
that there is presently no market for the purchase and sale of the shares of
Common Stock and that no such market may ever exist.

                  (i) The Debt Holder agrees to the placement of a legend on any
certificate or other document evidencing the shares of Common Stock, stating
that they have not been registered under the Securities Act.

                  (j) The representations, warranties and agreements contained
herein and in the related Investor Qualification Questionnaire are true and
correct as of the date hereof and may be relied upon by the Company, and the
Debt Holder will notify the Company immediately of any adverse change in any
such representations and warranties which may occur prior to the acceptance of

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<PAGE>

this Agreement by the Company and will promptly send the Company written
confirmation thereof. The representations, warranties and agreements of the Debt
Holder contained herein shall survive the execution and delivery of this
Agreement and the purchase of the shares of Common Stock in this exchange.

         6. Covenants of the Company. The Company covenants and agrees with you
that the Company will furnish you with copies of the Company's annual report (on
Form 10-KSB/A) for the year ended December 31, 2003, the proxy statement dated
November 17, 2003, and any other periodic filings made with the Securities and
Exchange Commission prior to the date of this Agreement.

         7. Status of Debt Holder. The Debt Holder further represents and
warrants that the Debt Holder is an "accredited investor" within the meaning of
the Securities Act and regulations promulgated thereunder.

         8. Florida Securities Law Matters.

                  THE COMMON STOCK HAS NOT BEEN REGISTERED UNDER THE FLORIDA
SECURITIES AND INVESTOR PROTECTION ACT (THE "FLORIDA ACT") IN RELIANCE UPON
EXEMPTION PROVISIONS CONTAINED THEREIN. SECTION 517.061 (11) (A) (5) OF THE
FLORIDA ACT PROVIDES THAT ANY DEBT HOLDER OF SECURITIES IN FLORIDA WHICH ARE
EXEMPT FROM REGISTRATION UNDER SECTION 517.061 (11) OF THE FLORIDA ACT MAY
WITHDRAW HIS [OR ITS] AGREEMENT TO EXCHANGE HIS [OR ITS] EXISTING DEBT
OBLIGATIONS FOR SHARES OF COMMON STOCK WITHIN THREE BUSINESS DAYS AFTER HE [OR
IT] TENDERS HIS [OR ITS] EXISTING DEBT OBLIGATIONS FOR SUCH SECURITIES.
THEREFORE, ANY FLORIDA RESIDENT WHO PURCHASES SECURITIES IS ENTITLED TO EXERCISE
THE FOREGOING STATUTORY RESCISSION RIGHT WITHIN THREE BUSINESS DAYS AFTER
TENDERING HIS [OR ITS] DEBT OBLIGATIONS FOR SECURITIES BY TELEPHONE, TELEGRAM OR
LETTER NOTICE TO THE CORPORATION. ANY TELEGRAM OR LETTER SHOULD BE SENT OR
POSTMARKED PRIOR TO THE END OF THE THIRD BUSINESS DAY. A LETTER SHOULD BE MAILED
BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO ENSURE ITS RECEIPT AND TO
EVIDENCE THE TIME OF MAILING. ANY ORAL REQUESTS SHOULD BE CONFIRMED IN WRITING.

         9. Miscellaneous.

                  (a) This Agreement has been duly and validly authorized,
executed and delivered by the Debt Holder and constitutes the valid, binding and
enforceable agreement of the Debt Holder. If this Agreement is being completed
on behalf of an entity, it has been completed and executed by an authorized
party.

                  (b) This Agreement and any documents referred to herein
constitute the entire agreement between the parties hereto with respect to the
subject matter hereof and together supersede all prior discussions or agreements
in respect hereof.

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<PAGE>

         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the day first written above.

                                           Ultrastrip Systems, Inc.

                                           By:
                                                -------------------------------
                                                Stephen R. Johnson, President

                                           By:
                                                ------------------------
                                                Ronald A. Johnson, TTEE
                                                ELIZABETH CASE JOHNSON
                                                FLINT TRUST

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<PAGE>

                                                                      APPENDIX A

                             DEBT HOLDER OBLIGATIONS

Promissory Note from UltraStrip Systems, Inc. to Mr. Ronald A. Johnson dated
December 30, 2003 that totals $104,500.00 including interest as of June 30,
2004. Noted: Mr. Johnson previously received in cash an interest payment of
$4,500.00 due March 31, 2004 per loan document

                                       6Exhibit 10.102

                                 PROMISSORY NOTE

$50,000.00                                                           MAY 5, 2004

ULTRASTRIP SYSTEMS, INC., a Florida corporation ("Maker") (Maker and each
endorser, surety or guarantor, are collectively herein called "Obligor"),
promises to pay to the order of DENNIS AND JACQUELINE MCGUIRE, ("Lender";
Lenders and each and all subsequent holders of this note are included in the
terms "Holder"), at 3231 SE St. Lucie Blvd., Stuart, FL 34996 (or at such other
place as the Holder hereof may designate), the sum of FIFTY THOUSAND AND 00/00
DOLLARS ($50,000.00) with interest at the Applicable Interest Rate, as defined
below. Interest on principal will accrue at the Applicable Interest Rate from
May 5, 2004 at the rate of 1/360th of annual interest for each day that
principal is outstanding; provided, however, in no event shall interest be due
at a rate in excess of the maximum permissible legal rate.

Principal and interest shall be payable as follows:

         a.       The entire outstanding principal balance of the note and
                  interest shall be due and payable in full on or before
                  November 5, 2004 (the "Maturity Date").

         b.       The "Applicable Interest Rate" shall be six percent (6%) per
                  annum.

         c.       This note may be prepaid at any time in whole or in part,
                  without premium or penalty.

As used in this instrument, the term "Obligations" shall refer to the
indebtedness represented by this note and all modifications, renewals and
substitutions hereof.

The happening of any of the following events shall constitute a default
hereunder: (1) failure of Obligor to pay in full when due any indebtedness,
obligation, or liability to the Holder whatsoever, or any installment thereof or
interest thereon; (2) failure of Obligor to perform any agreement hereunder; (3)
the Holder learns that any warranty, representation, certificate or statement of
Obligor (whether contained in this note or not) pertaining to or in connection
with this note or the loan or credit evidenced by this note, is not true; (4)
Obligor becomes insolvent or any insolvency proceedings (as said terms
"insolvent" and "insolvency proceedings" are defined in the Uniform Commercial
Code of Florida) are instituted or made by or against Obligor, or application is
made for the appointment of a receiver for Obligor or for any of the assets of
Obligor; (5) the entry of a judgment against Obligor; (6) the issuing of any
levy, attachment or garnishment, or the filing of any lien against any property
of Obligor; or (7) the dissolution, merger, consolidation, or reorganization of
Obligor.

Upon the happening of any default as defined herein the entire amount of this
note remaining unpaid, shall, at the option of the Holder and without notice or
demand, become due and payable forthwith or thereafter. In the event of any
default hereunder, after deducting any paid and unaccrued or paid and unearned
interest from the principal balance then due, the then unpaid principal balance
hereof and any accrued and unpaid interest shall bear interest from the time of
such default at the maximum legal rate permissible (the "Default Rate"), and,
regardless of the payment terms of the note, and all unpaid interest from the
time of such default may be compounded on a monthly basis, the first such
compounding to be made 30 days after the default and, thereafter, on the same
date of each subsequent month until all Obligations have been paid in full. In
no event and under no circumstances shall there be due hereunder, nor shall the
Holder be entitled hereunder to receive at any time, any charges not allowed or

<PAGE>

permitted by law or any interest or interest rate in excess of the maximum
allowed by law. In the event that the amount of any charge or payment due
hereunder shall create or shall be deemed to create an interest charge in excess
of the maximum permissible legal rate, then the charge of any such excess amount
shall be deemed unenforceable and void and its collection shall be waived,
without affecting the remainder of the Obligations evidenced hereby, and any
such excess amount which may have been paid to the Holder shall be refunded.

In the event the Holder shall be required at any time to pay documentary stamp
tax, intangible tax, or other taxation with respect to all or part of the Loan
or any other transaction contemplated or evidenced by this note, the Obligor
shall reimburse the Holder immediately for all such costs, including any
interest and penalties with respect thereto.

With respect to any and all Obligations, the Obligor waives the following: (1)
demand, presentment, protest, notice of dishonor, suit against any party and all
other requirements necessary to charge or hold Obligor liable on any Obligation;
(2) any further receipt for or acknowledgment of the Collateral now or hereafter
deposited or statement of indebtedness; (3) the right to interpose any set-off
or counterclaim of any nature or description in any litigation in which the
Holder and Obligor shall be adverse parties. The Obligor agrees that any
Obligations of Obligor may, from time to time, in whole or in part, be renewed,
extended, modified, accelerated, compromised, discharged or released by the
Holder, all without notice to or further reservations of rights against Obligor
and all without in any way affecting or releasing the liability of Obligor. The
Obligor agrees to pay all taxes and assessments levied on or with respect to the
Obligations, this note, including but not limited to intangible and documentary
stamp taxes, and all filing fees and taxes and all costs of collecting or
securing or attempting to collect or secure any Obligations, including
attorneys' fees, whether or not involving litigation and/or appellate
proceedings.

The Holder shall not by any act, delay, omission or otherwise be deemed to have
waived any of its rights or remedies, and no waiver of any kind shall be valid,
unless in writing and signed by the Holder. All rights and remedies of the
Holder under the terms of this note and under any statutes or rules of law shall
be cumulative and may be exercised successively or concurrently. The Obligor
agrees that the Holder shall be entitled to all the rights of a holder in due
course of a negotiable instrument. This note shall be governed by and construed
in accordance with the laws of the State of Florida. Any provision of this note,
which may be unenforceable or invalid under any law, shall be ineffective to the
extent of such unenforceability or invalidity without affecting the
enforceability or validity of any other provision hereof. Any notice required to
be given to any person shall be deemed sufficient if mailed, postage prepaid, to
such person's address as it appears on this note, or, if none appears, to any
address in the Holder's files. The Holder shall have the right unilaterally to
correct patent errors in this note and to fill in any blank spaces herein so as
to conform to the terms upon which the loan evidenced hereby is made.

The Obligor shall be liable for all indebtedness represented by this note and
have subscribed their names hereto without condition that anyone else should
sign or become bound hereon and without any other condition whatever being made.
The provisions of this note are binding on the heirs, executors, administrators,
assigns and successors of Obligor and shall inure to the benefit of the Holder,
its successors and assigns. This note is executed under the seal of the Obligor.

This promissory note constitutes and evidences the complete understanding
between the Holder and the Obligor. All prior and contemporaneous discussions
between the Holder and the Obligor, including all representations and promises
by the Holder, whether oral or written, concerning the Obligations, are included
in and merged in this note. Any modification thereof hereafter which is not in
writing and signed by the Holder and the Obligor shall be void, except that the
Holder may in its sole discretion extend the maturity of the loan evidenced by

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this note for a term specified in a written notification mailed to the Obligor
at its address shown on the Holder's records. The Holder may rely on the
information, instructions, or other communications (including requests for and
directions concerning loan advances) given to the Holder by the Obligor.

Notwithstanding anything herein to the contrary, Holder agrees, by acceptance of
this note, to forbear acceleration of the unpaid principal balance hereof (a)
for a period of 10days for the failure of the Obligor to make a payment when due
hereunder. Such forbearance shall not deny or in any way mitigate the occurrence
of a default, unless the Obligor, within the applicable forbearance period,
cures such default to Holder's satisfaction, in which event the Loan shall
thereupon be reinstated and restored to good standing in all respects, including
the interest rate hereon, effective as of the date of the default.

No invalid provision of this note shall affect or impair any other provision.
Maker and Obligor acknowledge receipt of a completed copy of this Note.

THE OBLIGOR AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER, EACH HEREBY WAIVES (1)
ALL RIGHTS TO RELY ON OR ENFORCE ANY ORAL STATEMENTS MADE PRIOR TO,
CONTEMPORANEOUSLY WITH OR SUBSEQUENT TO THE SIGNING OF THIS PROMISSORY NOTE; AND
(2) THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS PROMISSORY NOTE, OR WITH
RESPECT TO DEALINGS BETWEEN THE HOLDER AND THE OBLIGOR CONCERNING ANY COURSE OF
CONDUCT, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE HOLDER TO PROVIDE CREDIT TO THE
OBLIGOR.

Lender                                         UltraStrip Systems, Inc.

                                               By:
------------------------                           -----------------------------
Dennis McGuire                                     Stephen R. Johnson, President

------------------------
Jacqueline McGuire

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