Document:

<PAGE>
                                  Exhibit 10.8

                           COLLATERAL AGENT AGREEMENT

        This Collateral Agent Agreement (the "Collateral Agreement") is executed
on May 8, 2001, entered into and effective as of the 1st day of January, 2001
(the "Effective Date") by and between Princeton BioMeditech Corporation, a New
Jersey corporation ("PBM"), and Worldwide Medical Corporation, a Delaware
corporation ("Worldwide"). PBM and Worldwide are sometimes collectively referred
to herein as "Parties" and individually as "Party". Capitalized terms not
otherwise defined in this Agreement shall have the meanings ascribed to them in
the Promissory Note (as hereinafter defined).

                                    RECITALS

        A.      Worldwide has executed a Convertible Secured Promissory Note
                dated as of the Effective Date in favor of PBM (the "Promissory
                Note"), pursuant to which Worldwide has agreed to pay PBM the
                principal amount of $631,513.37.

        B.      The Promissory Note provides, among other things, that, the
                Obligations of Worldwide thereunder shall be secured by, in
                part, an aggregate of 1,515,000 shares of Worldwide's Common
                Stock (the "Collateral Shares"), to be released to PBM under the
                terms of the Promissory Note and the Security Agreement of even
                date herewith that is being executed in connection with the
                execution of this Collateral Agreement (the "Security
                Agreement").

        NOW, THEREFORE, in consideration of the premises and mutual covenants
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, PBM and Worldwide, intending to be
legally bound hereby, agree as follows:

        1.      Appointment of Collateral Agent; Commencement and Termination.

                (a)     Worldwide and PBM hereby nominate, constitute and
                        appoint Randolf W. Katz, Esq. as Collateral Agent (the
                        "Collateral Agent") upon the terms and conditions set
                        forth in this Agreement, the Promissory Note and the
                        Security Agreement. It is intended by the Parties and
                        the Collateral Agent that, to the extent required in
                        order to perfect PBM's first lien position in the
                        Collateral Shares, the Collateral Agent shall be deemed
                        an agent of PBM.

                (b)     Worldwide shall deliver to the Collateral Agent by no
                        later than June 8, 2001 a certificate or certificates
                        representing the Collateral Shares as provided for under
                        the terms of the Security Agreement. The Collateral
                        Shares shall not be registered under the Securities Act
                        of 1933 or any state blue sky law, and shall bear a
                        restrictive legend so indicating. The number of
                        Collateral Shares shall be subject to adjustment on the
                        same terms and conditions as provided for in Section 7
                        of any of the Warrants issued by Worldwide to PBM in
                        connection with the issuance of the Promissory Note,
                        such that whenever there shall be an adjustment in the
                        securities or number of

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                        securities that are issuable upon exercise of any such
                        Warrant, there shall be an adjustment in the number of
                        Collateral Shares, on the same basis as any adjustment
                        in the securities issuable upon exercise of any such
                        Warrant.

                (c)     The Collateral Agent agrees to act in accordance with
                        the provisions of the Security Agreement, the Promissory
                        Note, and this Collateral Agreement. The Collateral
                        Agent shall be reimbursed by Worldwide promptly upon
                        submission of an invoice or invoices on a monthly basis
                        for all of the Collateral Agent's fees at his standard
                        hourly rates and out-of-pocket expenses incurred in
                        connection with this Collateral Agreement.

        2. General Instructions. Unless and until any of the events or
contingencies specified in this Collateral Agreement shall occur, the Collateral
Agent shall hold and retain in his possession at all times all of the Collateral
Shares.

        3. Disposition of the Collateral Shares. The disposition of the
Collateral Shares shall be governed by the Security Agreement.

        4. Receipts. Any of the Parties or the Collateral Agent may, at its
option, demand a receipt as a condition of the delivery of any payments, stock
certificates, securities or documents under this Collateral Agreement

        5. Liability of the Collateral Agent. The Collateral Agent (which term
for purposes of this Section 5 shall refer to any and all affiliates of the
Collateral Agent) shall not be liable for any error of judgment or for any act
done or omitted by him in good faith, or for anything he may in good faith do or
refrain from doing in connection with this Agreement; nor for any negligence
other than his gross negligence; nor shall the Collateral Agent be answerable
for the default or misconduct of his agents, attorneys or employees, if they be
selected with reasonable care; nor will any liability be incurred by the
Collateral Agent, if, in the event of any dispute or question as to his duties
or obligations under this Agreement, he acts in accordance with advice of his
legal counsel. The Collateral Agent is authorized to act upon any document
believed by him to be genuine and to be signed by one or more of the Parties,
and will incur no liability in so acting.

        6. Resignation or Removal of Collateral Agent. The Collateral Agent may
resign at any time, upon thirty (30) days' prior written notice to PBM and
Worldwide, and may be removed by the mutual consent of PBM and Worldwide, upon
at least thirty (30) days' prior notice to the Collateral Agent. Prior to the
effective date of the resignation or removal of the Collateral Agent, or any
successor Collateral Agent, PBM and Worldwide shall appoint a successor
collateral agent to hold the Collateral Shares then held by the Collateral
Agent, and any such successor collateral agent shall execute and deliver to the
predecessor collateral agent and to PBM and Worldwide an instrument accepting
such appointment, and thereupon such successor collateral agent shall, without
further act, become vested with all the rights and powers of the predecessor
collateral agent as if originally named in this Collateral Agreement, and shall
thereafter become subject to the duties of the predecessor collateral agent. If
PBM and Worldwide are unable to agree on a successor collateral agent by the
effective date of the resignation or removal of the Collateral Agent, or any
successor collateral agent, the Collateral Shares then held by the Collateral
Agent or such successor collateral agent shall be deposited

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with a party that shall be selected by Worldwide provided that Worldwide shall
provide a written opinion of its legal counsel (who shall be reasonably
acceptable to PBM) that the holding of the Collateral Shares by such party shall
permit PBM to obtain and maintain a valid perfected first lien position in the
Collateral Shares.

        7. Governing Document. In the event that any terms, provisions, rights,
duties, or obligations set forth in this Collateral Agreement should be in
conflict with any terms, provisions, rights, duties, or obligations set forth in
the Promissory Note, the Security Agreement or any agreements collateral
thereto, the terms, provisions, rights, duties, or obligations set forth in the
Security Agreement shall control and the conduct of the Collateral Agent shall
be governed accordingly.

        8. Notices. Any notice required to be given under this Collateral
Agreement or which may be given under this Collateral Agreement to any party or
the Collateral Agent shall be in writing and shall be deemed given: (a) upon
receipt if delivered or sent by identified telecopier; or (b) one (1) business
day after being sent via reputable overnight courier, prepaid; (c) or three (3)
business days after being sent by registered or certified mail, postage prepaid,
return receipt requested; or (d) personally delivered to the Parties or the
Collateral Agent at their respective addresses or telecopy numbers set forth
below their respective names on the signature page hereof. Any of the Parties to
this Collateral Agreement and the Collateral Agent may, by notice delivered to
the Collateral Agent or the other Parties, as the case may be, change its
address for purposes of this Agreement.

        9. Miscellaneous.

                (a)     Entire Agreement and Modification. Except as expressly
                        reserved or otherwise provided herein, this Collateral
                        Agreement constitutes the entire agreement between the
                        Parties with regard to its subject matter. The
                        Collateral Agent shall not be bound by any modification
                        of this Collateral Agreement unless there is delivered
                        to the Collateral Agent a written modification signed by
                        the Parties. No such modification shall, without the
                        prior written consent of the Collateral Agent, modify
                        the provisions of this Collateral Agreement relating to
                        the duties, obligations or rights of the Collateral
                        Agent.

                (b)     Words and Phrases. Words and phrases such as "to this
                        Agreement," "herein," "hereinafter," "hereto," "hereof,"
                        "hereby," "hereinbelow," and "hereunder" when used with
                        reference to this Collateral Agreement, refer to this
                        Collateral Agreement as a whole, unless the context
                        otherwise requires.

                (c)     Severability. If any provision of this Collateral
                        Agreement is determined by a court of competent
                        jurisdiction to be invalid, void or unenforceable, the
                        provisions that have not been held invalid or
                        unenforceable shall remain in full force and effect and
                        shall in no way be affected, impaired or invalidated.

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                (d)     No Waiver. No failure or delay on the part of either the
                        Parties of the Collateral Agent, or any of them, in
                        exercising any right, power or privilege under this
                        Agreement shall constitute a waiver thereof or of any
                        other right, power or privilege under this Collateral
                        Agreement.

                (e)     Gender and Number. Wherever from the context of this
                        Collateral Agreement it appears appropriate, each term
                        stated in either the singular or the plural, and
                        pronouns stated in either the masculine, feminine or
                        neuter gender, shall include the masculine, feminine and
                        neuter.

                (f)     Consent to Jurisdiction; Choice of Law. Any and all
                        claims by or against any of the Parties and/or the
                        Collateral Agent shall be decided under the laws of the
                        State of California, with venue in Orange County,
                        California and each of the Parties and the Collateral
                        Agent hereby consent to the exclusive jurisdiction of,
                        and agrees not to commence any action in a court other
                        than, the state and/or federal courts of the State of
                        California for the purpose of making claims under this
                        Collateral Agreement. Each Party and the Collateral
                        Agent irrevocably and unconditionally waives any
                        objection to the laying of venue in Orange County,
                        California, in connection with any action that may be
                        brought hereunder in the state and/or federal courts of
                        the State of California, and hereby further irrevocably
                        and unconditionally waives and agrees not to plead or
                        claim in any such court that any such action brought in
                        any such court has been brought in an inconvenient form.

                (g)     Benefit. This Collateral Agreement shall be binding upon
                        and inure to the benefit of the Parties, the Collateral
                        Agent, their respective, successors and assigns.

                (h)     Counterparts. This Collateral Agreement may be executed
                        by the Parties and the Collateral Agent in separate
                        counterparts, each of which when so executed and
                        delivered shall be an original, but all such
                        counterparts shall together constitute one and the same
                        instrument. Each counterpart may consist of a number of
                        copies hereof each signed by less than all, but
                        altogether signed by the Collateral Agent and all of the
                        Parties hereto.

IN WITNESS WHEREOF, the Parties and Collateral Agent have hereunto set their
hands and seals as of the date first above written.

WITNESS                                WORLDWIDE MEDICAL CORPORATION

                                       13 Spectrum Pointe Drive
                                       Lake Forest, CA 92630
                                       Attention:  Daniel G. McGuire, President
                                       (Fax Number:  949-598-8757

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                                       By
----------------------------------        --------------------------------------
                                          Daniel McGuire, President

WITH A COPY TO:                        BRYAN CAVE LLP
(which shall not                       2020 Main Street, Suite 600
constitute notice)                     Irvine, California 92614
                                       Attention:  Randolf W. Katz, Esquire
                                       (Fax Number:  949-223-7100)

WITNESS                                PRINCETON BIOMEDITECH CORPORATION
                                       4242 U.S. Route 1
                                       Monmouth Junction, New
                                       Jersey 08852-1905
                                       Attention: Mr. Jemo Kang
                                       (Fax Number: 732-274-1010)

                                       By
----------------------------------        --------------------------------------
                                          Jemo Kang, President

WITH A COPY TO:                        FOX, ROTHSCHILD, O'BRIEN & FRANKEL
(which shall not                       997 Lenox Drive
constitute notice)                     Lawrenceville, New Jersey 08648
                                       Attention:  Jeffrey H. Nicholas, Esquire
                                       (Fax Number: 609-896-1469)

        The undersigned, intending to be legally bound, hereby agrees to act as
Collateral Agent under and pursuant to the terms and conditions of this
Agreement.

WITNESS                                 COLLATERAL AGENT

----------------------------------      ----------------------------------------
                                        Randolf W. Katz, Esq.

                                        Address: 2020 Main  Street, Suite 600
                                                 Irvine, California 92614
                                                 (Fax Number: 949-223-7100)

                                       95<PAGE>
                                  Exhibit 10.9

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE
UPON AN EXEMPTION FROM THE REQUIREMENTS FOR SUCH REGISTRATION FOR NONPUBLIC
OFFERINGS. ACCORDINGLY, THE SALE, TRANSFER, PLEDGE, HYPOTHECATION, OR OTHER
DISPOSITION OF THE SECURITIES EVIDENCED HEREBY OR ANY PORTION THEREOF OR
INTEREST THEREIN MAY NOT BE ACCOMPLISHED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY IN
FORM AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT
REQUIRED.

             VOID AFTER 5:00 P.M., PACIFIC TIME, DECEMBER 31, 2001.

                                     WARRANT

                           For the Purchase of 164,000
                             Shares of Common Stock
                                       of
                          WORLDWIDE MEDICAL CORPORATION
                             A Delaware corporation

        THIS CERTIFIES THAT, for value received, Jemo Kang (the "Holder"), as
registered owner of this Warrant ("Warrant"), is entitled to at any time or from
time to time after the date of this Warrant, and before 5:00 P.M., Pacific Time,
December 31, 2001, but not thereafter, to subscribe for, purchase and receive up
to one hundred sixty four thousand (164,000) fully paid and non-assessable
shares of the common stock of WORLDWIDE MEDICAL CORPORATION, a Delaware
corporation (the "Company"), at an exercise price of Twenty Cents ($0.20) per
share (the "Exercise Price"), upon presentation and surrender of this Warrant
and upon payment of the Exercise Price for such shares to the Company at the
principal office of the Company, subject to the conditions set forth in the
Statement of Rights of Warrant Holder, a copy of which is attached hereto as
Annex I hereto and by this reference made a part hereof. The term "Common Stock"
means the shares of Common Stock, $0.001 par value, of the Company as
constituted on January 1, 2001 (the "Base Date"). Payment of the Exercise Price
may be made in cash, by cashier's check or wire transfer. Upon exercise of this
Warrant, the form of election hereinafter provided for must be duly executed and
the instructions for registration of the Common Stock acquired by such exercise
must be completed. If the subscription rights represented hereby shall not be
exercised at or before 5:00 P.M., Pacific Time, one (1) year after the date of
this Warrant, this Warrant shall become and be void without further force or
effect, and all rights represented hereby shall cease and expire.

        This Warrant may be exercised in accordance with its terms in whole or
in part. In the event of the exercise or assignment hereof in part only, the
Company shall cause to be delivered to the Holder a new Warrant of like tenor to
this Warrant in the name of the Holder representing the number of shares with
respect to which this Warrant shall not then have been exercised.

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        The Holder may not transfer or assign this Warrant or the shares of the
Common Stock issuable upon full or partial exercise hereof except to a family
member or affiliate or to an employee or agent of an affiliate of the Holder.

        IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer as of the 1st day of January, 2001.

                                         WORLDWIDE MEDICAL CORPORATION
                                         a Delaware corporation

                                         By:
                                             -----------------------------------
                                             Daniel McGuire, President

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                      Form to be used to exercise Warrant:

TO:     WORLDWIDE MEDICAL CORPORATION

DATE:

        The Undersigned hereby elects irrevocably to exercise the within Warrant
and to purchase _____________ shares of the Common Stock of the Company called
for thereby, and hereby makes payment by cash, cashier's check or wire transfer
of $___________ (at the rate of $.20 per share of Common Stock) in payment of
the Exercise Price pursuant thereto. Please issue the shares of Common Stock as
to which this Warrant is exercised in the name of:

                                       -----------------------------------------
                                                         (Name)

                                       -----------------------------------------

                                       -----------------------------------------
                                                        (Address)

                                       -----------------------------------------
                                            (Taxpayer Identification Number)

and if said number of Warrants shall not be all the Warrants evidenced by the
within Warrant Certificate, issue a new Warrant Certificate for the balance
remaining of such Warrants to the undersigned at the address stated below.

                                       Name of Holder:

                                       -----------------------------------------
                                                   (Please Print)

                                       Signature:

                                       -----------------------------------------

                                       -----------------------------------------

                                       -----------------------------------------
                                                        (Address)

                                       Signature Guaranteed:

                                       -----------------------------------------

        NOTICE: The signature to the form to exercise must correspond with the
name as written upon the face of the within Warrant in every particular without
alteration or enlargement

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or any change whatsoever, and must be guaranteed by a bank, other than a savings
bank, or by a trust company or by a firm having membership on a registered
national securities exchange.

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                    ANNEX I TO WORLDWIDE MEDICAL CORPORATION

               COMMON STOCK PURCHASE WARRANT DATED JANUARY 1, 2001

                      STATEMENT OF RIGHTS OF WARRANT HOLDER

        1. Exercise of Warrant. This Warrant may be exercised in whole or in
part at any time or from time to time after the date of this Warrant (the "Issue
Date") and before 5:00 p.m., Pacific Time, December 31, 2001 (the "Warrant
Exercise Term"), by presentation and surrender hereof to the Company, with the
Exercise Form annexed hereto duly executed and accompanied by payment by cash,
cashier's check or wire transfer of the Exercise Price for the number of shares
specified in such form, together with all federal and state taxes applicable
upon such exercise. If this Warrant should be exercised in part only, the
Company shall, upon surrender of this Warrant for cancellation, execute and
deliver a new Warrant evidencing the right of the Holder to purchase the balance
of the shares purchasable hereunder. Upon receipt by the Company of this Warrant
and the Exercise Price at the office or agency of the Company, in proper form
for exercise, the Holder shall be deemed to be the holder of record of the
shares of Common Stock issuable upon such exercise, notwithstanding that the
stock transfer books of the Company shall then be closed or that certificates
representing such shares of Common Stock shall not then be actually delivered to
the Holder.

        2. Rights of the Holder. The Holder shall not, by virtue hereof, be
entitled to any rights of a stockholder in the Company, either at law or equity,
and the rights of the Holder are limited to those expressed in the Warrant and
are not enforceable against the Company except to the extent set forth herein.

        3. Restrictions on Transfer. The Holder of this Warrant, by acceptance
thereof, agrees that the Holder shall not sell, transfer, or assign any of
his/its right, title, and interest in and to the Warrant except to a family
member or an affiliate or to an employee or agent of an affiliate of the Holder.
The Holder further agrees that the certificates evidencing the Warrant and
Common Stock which will be delivered to such Holder by the Company shall bear
substantially the following legend:

        THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE "ACT") AND HAVE BEEN
        ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REQUIREMENTS FOR SUCH
        REGISTRATION FOR NONPUBLIC OFFERINGS. ACCORDINGLY, THE SALE, TRANSFER,
        PLEDGE, HYPOTHECATION, OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED
        HEREBY OR ANY PORTION THEREOF OR INTEREST THEREIN MAY NOT BE
        ACCOMPLISHED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
        THE ACT OR AN OPINION OF COUNSEL SATISFACTORY IN FORM AND SUBSTANCE TO
        THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

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        The Holder, at the time all or a portion of such Warrant is exercised,
agrees to make such written representations to the Company as counsel for the
Company may reasonably request in order that the Company may be reasonably
satisfied that such exercise of the Warrant and consequent issuance of Common
Stock will not violate the registration and prospectus delivery requirements of
the Act, or other applicable state securities laws.

        4. Loss or Mutilation. Upon receipt by the Company of evidence
satisfactory to it (in the exercise of reasonable discretion) of the ownership
of and the loss, theft, destruction or mutilation of any Warrant and (in the
case of loss, theft or destruction) of indemnity satisfactory to it (in the
exercise of reasonable discretion), and (in the case of mutilation) upon
surrender and cancellation thereof, the Company will execute and deliver in lieu
thereof a new Warrant of like tenor.

        5. Reservation of Common Stock. The Company shall at all times reserve
and keep available for issue upon the exercise of Warrants such number of its
authorized but unissued shares of Common Stock as will be sufficient to permit
the exercise in full of all outstanding Warrants.

        6. Redemption. This Warrant is not redeemable by the Company.

        7. Protective Provisions.

               7.1 Adjustment for Dividends in Other Securities, Property, Etc.;
Reclassifications, Etc. In case at any time or from time to time after the Base
Date, the holders of Common Stock of the Company (or any other securities at the
time receivable upon the exercise of this Warrant) shall have received, on or
after the record date fixed for the determination of eligible stockholders,
shall have become entitled to receive without payment therefor (a) other or
additional securities or property (other than cash) by way of dividend, (b) any
cash paid or payable except out of earned surplus of the Company at the Base
Date as increased (decreased) by subsequent credits (charges) thereto (other
than credits in respect of any capital or paid-in surplus or surplus created as
a result of a revaluation of property) or (c) other or additional (or less)
securities or property (including cash) by way of stock-split, spin-off,
split-up, reclassification, recapitalization, share exchange, separation,
combination of shares or similar corporate rearrangement, then, and in each such
case, the Holder of this Warrant, upon the exercise thereof as provided in
Section 1, shall be entitled to receive the amount of securities and property
(including cash in the cases referred to in clauses (b) and (c) above) which
such Holder would hold on the date of such exercise if on the Base Date it had
been the holder of record of the number of shares of Common Stock (as
constituted on the Base Date) subscribed for upon such exercise as provided in
Section 1 and had thereafter, during the period from the Base Date to and
including the date of such exercise, retained such shares and/or all other
additional (or less) securities and property (including cash in the cases
referred to in clauses (b) and (c) above) receivable by it as aforesaid during
such period, giving effect to all adjustments called for during such period by
Section 7.2.

               7.2 Adjustment for Reorganization, Consolidation, Merger, Etc. In
case of any reorganization of the Company (or any other corporation, the
securities of which are at the time

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receivable on the exercise of this Warrant) after the Base Date or in case after
such date the Company (or any such other corporation) shall consolidate with or
merge into another corporation or convey all or substantially all of its assets
to another corporation, then, and in each such case, and, as a condition of such
transaction, the Company will cause adequate provision to be made whereby the
Holder of this Warrant upon the exercise hereof as provided in Section 1 at any
time after the consummation of such reorganization, consolidation, merger or
conveyance, shall be entitled to receive, in lieu of the securities and property
receivable upon the exercise of this Warrant prior to such consummation, the
securities or property to which such Holder would have been entitled upon such
consummation if such Holder had exercised this Warrant immediately prior
thereto, all subject to further adjustment as provided in Section 7.1; in each
such case, the terms of this Warrant shall be applicable to the securities or
property receivable upon the exercise of this Warrant after such consummation.

               7.3 Adjustment for Forward and Reverse Splits. In case at any
time or from time to time after the Base Date, the Company shall cause its
Common Stock, or that class of its equity securities into which the Common Stock
may, as of that date been converted or exchanged, to be the subject of a forward
or reverse split, then the number of shares of the Company's capital stock into
which this Warrant may be exercised and the Exercise Price shall be
correspondingly equitably adjusted.

               7.4 Certificate as to Adjustments. In each case of an adjustment
in the number of shares of Common Stock (or other securities or property)
receivable on the exercise of the Warrant, the Company at its expense will
promptly compute such adjustment in accordance with the terms of the Warrant and
prepare a certificate setting forth such adjustment and showing in detail the
facts upon which such adjustment is based, including a statement of (a) such
factors set forth in Sections 7.1, 7.2 or 7.3 above as may be relevant to such
adjustment and (b) the Pro Forma Adjusted Exercise Price. The Company will
forthwith mail a copy of each such certificate to each holder of the Warrant.

               7.5 In connection with the preparation of any notice required
pursuant to Section 7, the Company shall take a record of the holders of its
Common Stock (or other securities at the time receivable upon the exercise of
the Warrant) for the purpose of entitling them to receive any dividend (other
than a cash dividend) or other distribution, or any right to subscribe for,
purchase or otherwise acquire any shares of stock of any class or any other
securities, or to receive any other right; or of any capital reorganization of
the Company, any reclassification of the capital stock of the Company, any
consolidation or merger of the Company with or into another corporation, or any
conveyance of all or substantially all of the assets of the Company to another
corporation.

Further, in the case of any voluntary or involuntary dissolution, liquidation or
winding-up of the Company, then, and in each such case, the Company shall mail
or cause to be mailed to each holder of the Warrant at the time outstanding a
notice specifying, as the case may be, (i) the date on which a record is to be
taken for the purpose of such dividend, distribution or right, and stating the
amount and character of such dividend, distribution or right, or (ii) the date
on which such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation, or winding-up is to take place, and the
time, if any, is to be fixed, as to which the holders of record of Common Stock
(or such other securities) for securities or other property deliverable

                                      102
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upon such reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding-up. Such notice shall be mailed at least
twenty (20) days prior to the date therein specified and the Warrant may be
exercised prior to said date during the term of the Warrant no later than five
days prior to said date.

        8. Notices. All notices and other communications from the Company to the
Holder of this Warrant shall be mailed by first class registered or certified
mail, postage prepaid, return receipt requested, to the address furnished to the
Company in writing by the last Holder of this Warrant who shall have furnished
an address to the Company in writing.

        9. Change; Waiver. Neither this Warrant nor any term hereof may be
changed, waived, discharged or terminated orally but only by an instrument in
writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought.

        10. Law Governing. This Warrant shall be construed and enforced in
accordance with and governed by the laws of California.

DATED AS OF: January 1, 2001

                                       WORLDWIDE MEDICAL CORPORATION
                                       a Delaware corporation

                                       By:
                                            ------------------------------------
                                            Daniel McGuire, President

                                      103

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