Document:

<PAGE>

                                                                     EXHIBIT 4.4

         THE SECURITY REPRESENTED HEREBY, AND THE SECURITIES ISSUABLE UPON
         CONVERSION OR REDEMPTION HEREOF, HAVE NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND NEITHER SUCH
         SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED,
         PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
         REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM
         REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF
         COUNSEL FOR THE HOLDER, WHICH COUNSEL AND OPINION ARE REASONABLY
         SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

        ADM TRONICS UNLIMITED, INC./AA NORTHVALE MEDICAL ASSOCIATES, INC.

           UNSECURED 6% JOINT AND SEVERAL CONVERTIBLE PROMISSORY NOTE

No.  _____________

US$________________                                           August _____, 2004

         THIS NOTE is one of a duly authorized issue of unsecured Notes (a
"NOTE" or the "NOTES") of the joint and several obligors ADM Tronics Unlimited,
Inc., a Delaware corporation duly organized and validly existing under the laws
of the State of Delaware ("ADMT") and AA Northvale Medical Associates, Inc., a
New Jersey corporation duly organized and validly existing under the laws of the
State of New Jersey ("AAN") (ADMT and AAN may hereafter be collectively referred
to as the "JOINT OBLIGORS" or the "COMPANY") The Notes are designated as the
2004 UNSECURED 6% JOINT AND SEVERAL CONVERTIBLE PROMISSORY NOTES, in an
aggregate maximum principal face value for all Notes of this series of Three
Million Five Hundred Thousand and no/100 United States Dollars
(US$3,500,000.00).

         FOR VALUE RECEIVED, each of ADMT and AAN jointly and severally promises
to pay to the registered holder hereof and its successors and assigns (the
"HOLDER"), the principal sum of ________________________ Dollars
($_____________.00) in accordance with the terms hereof, and to pay interest on
the principal sum outstanding, at the rate of six percent (6%) per annum.
Accrual of interest on the outstanding principal amount shall commence on the
date hereof and shall continue until payment in full of the outstanding
principal amount has been made or duly provided for, or until the entire
outstanding principal amount of the Note has been converted.

         Each of ADMT and AAN are jointly and severally liable for the repayment
of the Note which is an unsecured obligation of each of ADMT and AAN.

<PAGE>

         Pursuant to a private placement memorandum dated May 20, 2004, as
amended or supplemented (the "PPM"), the Joint Obligors are offering ("PRIVATE
OFFERING") a maximum of $3,500,000 of units, consisting of: (i) the Notes; (ii)
warrants to purchase shares of common stock of ADMT (the "ADMT WARRANTS"); and
(iii) warrants to purchase shares of common stock of AAN (the "AAN WARRANTS").

         The following is a statement of the rights of the Holder of this Note
and the terms and conditions to which this Note is subject, and to which the
Holder, by acceptance of this Note, agrees:

         1. Principal Repayment. The outstanding principal amount of this Note
shall be payable by August 15, 2009 (the "MATURITY DATE"), unless this Note has
been converted or redeemed as described below.

         2. Interest. The holders of the Notes are entitled to receive interest
at an annual cumulative rate of six percent (6%) of the principal face dollar
value of the Notes held, payable quarterly (on January 1, April 1, July 1 and
October 1, with the first interest payment due on January 1, 2005) in, at the
election of the Joint OBLIGORS (except as set forth below) either: (i) cash, out
of funds legally available therefore, or (ii) prior to December 31, 2004, shares
of AAN common stock, no par value per share ("AAN COMMON STOCK"), based on a
value of $8.30 per share of AAN Common Stock (the "AAN CONVERSION PRICE").

         Notwithstanding the foregoing, from and after March 1, 2005, in the
event that: (i) the shares of AAN Common Stock issuable upon conversion or
exercise, as the case may be, of the Notes, the ADMT Warrants and the AAN
Warrants are not registered with the Securities and Exchange Commission (the
"SEC"), and (ii) the shares of AAN Common Stock are not publicly-traded on an
Approved Market, as defined below, (the foregoing, as applied to the shares of
AAN Common Stock, being referred to herein as the "NOT REGISTERED"), then the
Holder may elect to receive interest payments in either: (A) cash, out of funds
legally available therefore, or (B) at the election of each holder of Notes, in
(i) a number of shares of AAN Common Stock based upon the AAN Conversion Price
or (ii) a number of shares of ADMT Common Stock, $.0005 par value per share
("ADMT COMMON STOCK") based on a value of $0.29 (the "ADMT CONVERSION PRICE").

         An "APPROVED MARKET" shall mean any public market in the United States
on which the AAN Common Stock is trading (it being understood that the Pink
Sheets Quotation Service shall not qualify as an Approved Market for these
purposes).

         In addition, and notwithstanding the foregoing, the Joint Obligors
shall be prohibited from making the above described interest payments in shares
of AAN Common Stock or shares of ADMT Common Stock unless the shares so
distributed are registered with the SEC pursuant to an effective registration
statement, without the prior written consent of the Holder. The Holder, at its
sole election, may defer payments of interest in cash when payable, and elect to
accrue such interest payments in such number of shares of AAN Common Stock based
upon the AAN Conversion Price or in such number of shares of ADMT Common Stock
based upon the ADMT Conversion Price.

                                       2
<PAGE>

         Interest payments for the period between the applicable closing of the
Private Offering and the next interest payment date shall be pro rated based
upon the actual number of days elapsed, assuming a 360 day year. The first
interest payment to be made on the Notes will be due on January 1, 2005. No
interest payments for such period may be made in either ADMT Common Stock or AAN
Common Stock unless such interest is paid in either ADMT Common Stock or AAN
Common Stock which has been registered for resale pursuant to a registration
statement under the Securities Act of 1933, as amended (the "ACT"), and declared
effective by the SEC.

         3. Conversion.

                  (a) Through March 1, 2005, each $100,000 face value of Notes
shall initially be convertible at the AAN Conversion Price into 12,048 shares of
AAN Common Stock, provided AAN's Common Stock is listed on an Approved Market,
and the shares of AAN Common Stock issuable upon conversion of the Note have
been registered for resale with the SEC. The AAN Conversion Price is subject to
the anti-dilution provisions described below.

                  (b) From and after March 1, 2005, in the event that the shares
of AAN Common Stock are Not Registered, then each $100,000 face value of Notes
shall be convertible, at the option of the holder thereof, into either: (A)
12,048 shares of AAN Common Stock (based on the AAN Conversion Price) or (B) a
number of shares of ADMT Common Stock (determined at the applicable Closing)
determined by the ADMT Conversion Price, subject to the anti-dilution provisions
described below.

                  (c) Mandatory Conversion. Notwithstanding the foregoing, the
Notes and any accrued interest will automatically convert into shares of AAN
Common Stock, at the AAN Conversion Price, on such date as: (i) a registration
statement covering the shares of AAN Common Stock underlying the Notes and
Warrants is ordered effective by the SEC; and (ii) the AAN Common Stock
commences trading on an Approved Market.

                  (d) Mechanics of Conversion. Upon any conversion of this Note,
(i) such principal amount converted and all accrued but unpaid interest thereon
shall be converted and such converted portion of this Note shall become fully
paid and satisfied, (ii) the Holder shall surrender and deliver this Note, duly
endorsed, to ADMT and AAN's joint office or such other address which either ADMT
or AAN shall jointly designate against delivery of the certificates representing
the new securities of either ADMT or AAN, (iii) ADMT or AAN, as applicable,
shall promptly deliver a duly executed Note to the Holder in the principal
amount, if any, that remains outstanding after any such conversion; and (iv) in
exchange for all or any portion of the surrendered Note described in the
preceding clause 4(d)(ii), ADMT or AAN, as applicable, shall provide the Holder
with irrevocable instructions addressed to ADMT or AAN's transfer and exchange
agent, as applicable, to issue such number of unrestricted, freely tradable
shares of either ADMT Common Stock or AAN Common Stock, as the case may be.

                  (e) Issue Taxes. The Holder shall pay any and all issue and
other taxes that may be payable with respect to any issue or delivery of shares
of either ADMT Common Stock or AAN Common Stock on conversion of this Note
pursuant hereto; provided, however, that the Holder shall not be obligated to
pay any transfer taxes resulting from any transfer requested by any holder in
connection with any such conversion.

                                       3
<PAGE>

                  (f) Elimination of Fractional Interests. No fractional shares
of either ADMT Common Stock or AAN Common Stock shall be issued upon conversion
of this Note, nor shall either ADMT or AAN be required to pay cash in lieu of
fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated and that all issuances of either ADMT Common Stock
or AAN Common Stock shall be rounded up to the nearest whole share.

         4. Rights upon Liquidation, Dissolution or Winding Up. In the event of
any liquidation, dissolution or winding up of ADMT or AAN, either voluntary or
involuntary, the holders of the Notes shall be entitled to receive, prior and in
preference to any distribution of any of the assets of ADMT or AAN to the
holders of any equity security of either ADMT or AAN, an amount equal to the
unpaid and unconverted principal face amount of their Notes and any accrued and
unpaid interest thereon. The Holders shall share ratably with the other
unsecured creditors of AAN and ADMT if the available assets are not sufficient
to repay the Notes.

         5. Adjustments and Penalties for Non-Registration.

                  (a) In the event that either ADMT or AAN should at any time or
from time to time, after the date of this Note, fix a record date for the
effectuation of a split or subdivision of the outstanding shares of either the
ADMT Common Stock or AAN Common Stock, as applicable, or the determination of
holders of either the ADMT Common Stock or AAN Common Stock, as applicable,
entitled to receive a dividend or other distribution payable in additional
shares of either the ADMT Common Stock or AAN Common Stock, as applicable, or
other securities or rights convertible into, or entitling the holder thereof to
receive directly or indirectly additional shares of either the ADMT Common Stock
or AAN Common Stock, as applicable, (hereinafter referred to as "COMMON STOCK
EQUIVALENTS") without payment of any consideration by such holder for the
additional shares of either the ADMT Common Stock or AAN Common Stock, as
applicable, or the Common Stock Equivalents (including the additional shares of
either the ADMT Common Stock or AAN Common Stock, as applicable, issuable upon
conversion or exercise thereof), then, as of such record date (or the date of
such dividend, distribution, split or subdivision if no record date is fixed),
then unless the AAN Conversion Price or ADMT Conversion Price, as applicable, is
otherwise automatically adjusted in accordance with the terms of this Note, the
AAN Conversion Price or ADMT Conversion Price, as applicable, shall be
appropriately decreased so that the number of shares of either the ADMT Common
Stock or AAN Common Stock, as applicable, issuable on conversion of this Note
shall be increased in proportion to such increase in the aggregate number of
shares of either the ADMT Common Stock or AAN Common Stock, as applicable,
outstanding and those issuable with respect to such Common Stock Equivalents
(see Section 5(c) below).

                  (b) If the number of shares of either the ADMT Common Stock or
AAN Common Stock, as applicable, outstanding at any time after the date of this
Note is decreased by a combination of the outstanding shares of either the ADMT
Common Stock or AAN Common Stock, as applicable, then, following the record date
of such combination, the AAN Conversion Price or ADMT Conversion Price, as
applicable, shall be appropriately increased so that the number of shares of
either the ADMT Common Stock or AAN Common Stock, as applicable, issuable upon
conversion of this Note shall be decreased in proportion to such decrease in
outstanding shares.

                                       4
<PAGE>

                  (c) In addition, the applicable AAN Conversion Price or ADMT
Conversion Price, will be subject to the following adjustment on a weighted
average basis for subsequent issuances of ADMT Common Stock or AAN Common Stock,
as applicable, or Common Stock Equivalents, at less than the AAN Conversion
Price or ADMT Conversion Price, as applicable, excluding issuances pursuant to
stock option or restricted stock purchase plans approved by the Board of
Directors of the Company (a "NEW OFFERING"):

                  (A x B) + (C x D) / E = F

         A:       Number of shares of ADMT Common Stock or AAN Common Stock, as
                  applicable, or Common Stock Equivalents outstanding, including
                  the shares of Common Stock issuable or exercisable to all the
                  holders of the Notes and the Warrants
         B:       Conversion Price
         C:       Number of new shares of ADMT Common Stock or AAN Common Stock,
                  as applicable, or Common Stock Equivalents
         D:       Share price offered in New Offering
         E:       Total number of new shares of ADMT Common Stock or AAN Common
                  Stock, as applicable, or Common Stock Equivalents outstanding
                  after the New Offering
         F:       The adjusted Conversion Price, ADMT Conversion Price or ADMT
                  Conversion Price, as applicable, for the holders of the Notes
                  and the Warrants

                  (d) A merger, consolidation or other corporate reorganization
in which ADMT's stockholders shall receive cash or securities of another entity,
or any transaction in which all or substantially all of the assets of AAN or
ADMT are sold shall be treated as a liquidation for purposes of the liquidation
preference. The Holder shall receive prior notice of any of the foregoing
transactions and shall have an opportunity to convert, at their sole election,
the Note prior to the consummation of any such transaction.

                  (e) Pursuant to the terms of the Private Offering, the Company
has granted certain registration rights to the Holder, as more fully described
in the Subscription Agreement dated as of the date hereof entered into between
the Company and Holder. In the event that the Company does not timely register
either the ADMT Common Stock or the AAN Common Stock underlying this Note, the
number of shares of either ADMT Common Stock or AAN Common Stock which Holder
shall be entitled to receive upon conversion shall increase by 1% and 2%,
respectively, for each thirty day period, or part thereof, that such
registration default shall continue.

                                       5
<PAGE>

         6. Representations and Warranties of the Company. Each of ADMT and AAN
understands, agrees with, and represents and warrants to the Holder that:

                  (a) Organization and Qualification. Each of ADMT and AAN is a
         corporation duly organized and existing, and in good standing under the
         laws of the jurisdiction in which it is incorporated, except as would
         not have a Material Adverse Effect (as defined below), and has the
         requisite corporate power to own its properties and to carry on its
         business as now being conducted. The Company is duly qualified as a
         foreign corporation to do business and is in good standing in every
         jurisdiction in which the nature of the business conducted by it makes
         such qualification necessary and where the failure so to qualify would
         have a Material Adverse Effect. "MATERIAL ADVERSE EFFECT" means any
         material adverse effect on the operations, properties or financial
         condition of ADMT or AAN.

                  (b) Authorization; Enforcement. (i) Each of ADMT and AAN has
         the requisite corporate power and authority to enter into and perform
         this Note, to issue and sell the Notes and the ADMT Common Stock or AAN
         Common Stock issuable upon conversion of the Notes in accordance with
         the terms hereof, and to perform its obligations under the Notes in
         accordance with the requirements of the same, (ii) the execution,
         delivery and performance of this Note, the warrants exercisable into
         shares of ADMT Common Stock or AAN Common Stock to be issued
         simultaneously with the Notes (as described in the PPM) (the
         "WARRANTS"), the PPM and the Subscription Agreement by each of ADMT and
         AAN and the consummation by them of the transactions contemplated
         hereby and thereby have been duly authorized by each of ADMT and AAN's
         Board of Directors and no further consent or authorization of ADMT,
         AAN, their Boards of Directors, or their stockholders is required,
         (iii) the Notes and Warrants sold at the Closing have been duly and
         validly authorized, executed and delivered by each of ADMT and AAN, and
         (iv) the Notes (when issued) and the Warrants (when issued) constitute
         the valid and binding obligations of each of ADMT and AAN enforceable
         against each of ADMT and AAN in accordance with their respective terms,
         except as such enforceability may be limited by applicable bankruptcy,
         insolvency, reorganization, moratorium, liquidation or similar laws
         relating to, or affecting, generally, the enforcement of creditors'
         rights and remedies or by other equitable principles of general
         application. Each of ADMT and AAN(and its legal counsel) has examined
         this Note and is satisfied in its sole discretion that this Note is in
         accordance with the provisions of Regulation D ("REGULATION D") as
         promulgated by the SEC under the Act and are effective to accomplish
         the purposes set forth herein and therein.

                  (c) Capitalization.

                  (i) As of May 20, 2004, the authorized Common Stock of ADMT
         consisted of 150,000,000 shares, $.0005 par value, of Common Stock of
         which 51,882,037 shares were issued and outstanding. There are
         5,000,000 shares of preferred stock authorized and zero (0) shares of
         preferred stock issued and outstanding. All of the outstanding shares
         have been validly issued and are fully paid and nonassessable. None of
         the shares of ADMT Common Stock sold in the Placement or the unissued
         shares of ADMT Common Stock are subject to preemptive rights or any
         other similar rights or any liens or encumbrances. Pursuant to a
         consulting agreement previously disclosed, 2,000,000 shares of ADMT
         Common Stock will be issued as compensation to a non-affiliate. There
         are currently outstanding warrants for the purchase of 1,297,051 shares
         of ADMT Common Stock in addition to Placement Agent Warrant I and
         Placement Agent Warrant III, to be issued to the Placement Agent, for
         an amount of shares to be determined in connection with the closing
         amount of the Private Offering As of the date of this Note, other than
         otherwise disclosed in this Section 6(c), (i) there are no outstanding
         options, warrants, scrip, rights to subscribe to, calls or commitments
         of any character whatsoever relating to, or securities or rights
         convertible into, any shares of capital stock of ADMT or any of its
         subsidiaries, or arrangements by which ADMT is or may become bound to
         issue additional shares of capital stock of ADMT or any of its
         subsidiaries, (ii) there are no outstanding debt securities, and (iii)
         there are no agreements or arrangements under which ADMT or any of its
         subsidiaries is obligated to register the sale of any of its or their
         securities under the Act. If requested by the Holder, the Company has
         furnished to the Holder, and the Holder acknowledges receipt of same by
         its signature hereafter, true and correct copies of ADMT's Certificate
         of Incorporation, as amended, as in effect on the date hereof (the
         "ADMT CHARTER"), and ADMT's Bylaws, as in effect on the date hereof
         (the "ADMT BYLAWS").

                                       6
<PAGE>

                  (ii) As of the date of this Note, the authorized Common Stock
         of AAN consisted of 10,000,000 shares, no par value, of Common Stock,
         of which 2,710,000 shares were issued and outstanding. There are no
         shares of preferred stock authorized. All of such outstanding shares
         have been validly issued and are fully paid and nonassessable. None of
         the unissued shares of AAN Common Stock are subject to preemptive
         rights or any other similar rights or any liens or encumbrances. As of
         the date of this Note, unless otherwise disclosed in this Section 6(c),
         (i) there are outstanding options to purchase 622,875 shares of AAN
         Common Stock in addition to Placement Agent Warrant II and Placement
         Agent Warrant IV to be issued to the Placement Agent, for an amount of
         shares to be determined in connection with the closing amount of the
         Private Offering, and no warrants, scrip, rights to subscribe to, calls
         or commitments of any character whatsoever relating to, or securities
         or rights convertible into, any shares of capital stock of the Company
         or any of its subsidiaries, or arrangements by which the Company or any
         of its subsidiaries is or may become bound to issue additional shares
         of capital stock of the Company or any of its subsidiaries, (ii) there
         are no outstanding debt securities, and (iii) there are no agreements
         or arrangements under which the Company or any of its subsidiaries is
         obligated to register the sale of any of its or their securities under
         the Act. If requested by the Holder, the Company has furnished to the
         Holder, and the Holder acknowledges receipt of same by its signature
         hereafter, true and correct copies of AAN's Certificate of
         Incorporation, as amended, as in effect on the date hereof (the "AAN
         CHARTER"), and AAN's Bylaws, as in effect on the date hereof (the "AAN
         Bylaws").

                  (d) Reservation of Shares. Each of ADMT and AAN shall at all
         times reserve and keep available out of its authorized but unissued
         shares of ADMT Common Stock and AAN Common Stock, free from all taxes,
         liens and charges with respect to the issue thereof and not be subject
         to preemptive rights or other similar rights of stockholders of ADMT or
         AAN, solely for the purpose of effecting the conversion or redemption
         of the Notes and the exercise of the Warrants, such number of its
         shares of ADMT Common Stock and AAN Common Stock as shall from time to
         time be sufficient to effect the conversion of all of the outstanding
         principal amount, and if at any time the number of authorized but
         unissued shares of ADMT Common Stock or AAN Common Stock shall not be
         sufficient to effect the conversion or redemption of the Notes and the
         exercise of the Warrants, in addition to such other remedies as shall
         be available to Holder, including declaring the Notes to be in default
         and all amounts to be immediately due and payable, ADMT or AAN, as the
         case may be, will take such corporate action as may, in the opinion of
         its counsel, be necessary to increase the number of authorized but
         unissued shares of ADMT Common Stock or AAN Common Stock to such number
         of shares as shall be sufficient for such purposes, including without
         limitation, using its best efforts to obtain the requisite stockholder
         approval necessary to increase the number of authorized shares of the
         ADMT Common Stock or AAN Common Stock.

                                       7
<PAGE>

                  (e) Acknowledgment Regarding Holder's Purchase of the Note.
         Each of ADMT and AAN acknowledges and agrees that the Holder is not
         acting as financial advisor to or fiduciary of either ADMT and AAN (or
         in any similar capacity with respect to this Note or the transactions
         contemplated hereby), that this Note and the transactions contemplated
         hereby, and the relationship between the Holder and each of ADMT and
         AAN, are and will be considered "arms-length" notwithstanding any other
         or prior agreements or nexus between the Holder and each of ADMT and
         AAN, whether or not disclosed, and that any statement made by the
         Holder, or any of its representatives or agents, in connection with
         this Note and the transactions contemplated hereby is not advice or a
         recommendation, is merely incidental to the Holder's purchase of the
         Note and has not been relied upon in any way by each of ADMT and AAN,
         their officers or directors. Each of ADMT and AAN further represents to
         the Holder that each of ADMT and AAN's decision to enter into this Note
         and the transactions contemplated hereby has been based solely upon an
         independent evaluation by each of ADMT and AAN, its officers and
         directors.

                  (f) No Integrated Offering. Neither ADMT nor AAN, nor any of
         their affiliates, nor any person acting on its or their behalf, has
         directly or indirectly made any offers or sales of any security or
         solicited any offers to buy any security under circumstances which
         would prevent the parties hereto from consummating the transactions
         contemplated hereby pursuant to an exemption from registration under
         the Act and specifically in accordance with the provisions of
         Regulation D. The transactions contemplated hereby are exempt from the
         registration requirements of the Act, assuming the accuracy of the
         representations contained in the Purchaser Questionnaire executed by
         the Holder.

                  (g) No Conflicts. The execution, delivery and performance of
         this Note by the each of ADMT and AAN and the consummation by each of
         ADMT and AAN of the transactions contemplated hereby will not (i)
         result in a violation of the ADMT Charter, ADMT Bylaws, AAN Charter or
         AAN Bylaws or (ii) conflict with, or constitute a default (or an event
         which with notice or lapse of time or both would become a default)
         under, or give to others any rights of termination, amendment,
         acceleration or cancellation of, any agreement, indenture or instrument
         to which ADMT or AAN or any of its subsidiaries is a party, or result
         in a violation of any law, rule, regulation, order, judgment or decree
         (including federal and state securities laws and regulations)
         applicable to the Company or any of its subsidiaries or by which any
         property or asset of the Company or any of its subsidiaries is bound or
         affected (except for such conflicts, defaults, terminations,
         amendments, accelerations, cancellations and violations as would not,
         individually or in the aggregate, have a Material Adverse Effect).

                                       8
<PAGE>

         Neither ADMT nor AAN nor any of their subsidiaries is in violation of
         its Charter or other organizational documents, and neither ADMT nor AAN
         nor any of its/subsidiaries is in default (and no event has occurred
         which, with notice or lapse of time or both, would put ADMT or AAN or
         any of their subsidiaries in default) under, nor has there occurred any
         event giving others (with notice or lapse of time or both) any rights
         of termination, amendment, acceleration or cancellation of, any
         agreement, indenture or instrument to which ADMT and AAN or any of
         their subsidiaries is a party, except for possible defaults or rights
         as would not, in the aggregate or individually, have a Material Adverse
         Effect. The business of each of ADMT and AAN and their subsidiaries is
         not being conducted, and shall not be conducted so long as the Holder
         owns any of the Notes, in violation of any law, ordinance or regulation
         of any governmental entity, except for possible violations which
         neither singly nor in the aggregate would have a Material Adverse
         Effect. Except as specifically contemplated by this Note and as
         required under the Act and any applicable state securities laws, ADMT
         and AAN are not required to obtain any consent, authorization or order
         of, or make any filing or registration with, any court or governmental
         agency in order for it to execute, deliver or perform any of its
         obligations under the Notes or the Warrants in accordance with the
         terms hereof and thereof, or to perform its obligations with respect to
         the Notes exactly as described in the Notes (once issued), and with
         respect to the Warrants exactly as described in the Warrants (once
         issued).

                  (h) SEC Documents; Financial Statements. Except as otherwise
         disclosed, since at least July 14, 1999, ADMT has timely filed all
         reports, schedules, forms, statements and other documents required to
         be filed by it with the SEC pursuant to the reporting requirements of
         the Securities Exchange Act of 1934, as amended (the "1934 ACT") (all
         of the foregoing filed prior to the date hereof and all exhibits
         included therein and financial statements and schedules thereto and
         documents (other than exhibits) incorporated by reference therein,
         being hereinafter referred to as the "SEC DOCUMENTS"). ADMT has
         delivered to the Holder as requested by the Holder true and complete
         copies of the SEC Documents, except for such exhibits, schedules and
         incorporated documents. As of their respective dates, the SEC Documents
         complied in all material respects with the requirements of the 1934 Act
         and the rules and regulations of the SEC promulgated thereunder
         applicable to the SEC Documents, and none of the SEC Documents, at the
         time they were filed with the SEC, contained any untrue statement of a
         material fact or omitted to state a material fact required to be stated
         therein or necessary in order to make the statements therein, in light
         of the circumstances under which they were made, not misleading. As of
         their respective dates, the financial statements of the Company
         included in the SEC Documents complied as to form in all material
         respects with applicable accounting requirements and the published
         rules and regulations of the SEC with respect thereto. Such financial
         statements have been prepared in accordance with generally accepted
         accounting principles, consistently applied, during the periods
         involved (except (i) as may be otherwise indicated in such financial
         statements or the notes thereto, or (ii) in the case of unaudited
         interim statements, to the extent they may exclude footnotes or may be
         condensed or summary statements) and fairly present in all material
         respects the financial position of the Company as of the dates thereof
         and the results of its operations and cash flows for the periods then
         ended (subject, in the case of unaudited statements, to normal year-end
         audit adjustments). No other information provided by or on behalf of
         the Company to the Holder contains any untrue statement of a material
         fact or omits to state any material fact necessary in order to make the
         statements therein, in the light of the circumstance under which they
         are or were made, not misleading. Except as set forth in the financial
         statements of ADMT included in the SEC Documents, the Company has no
         liabilities, contingent or otherwise, other than (i) liabilities
         incurred in the ordinary course of business subsequent to the date of
         such financial statements and (ii) obligations under contracts and
         commitments incurred in the ordinary course of business and not
         required under generally accepted accounting principles to be reflected
         in such financial statements, in each case of clause (i) and (ii) next
         above which, individually or in the aggregate, are not material to the
         financial condition, business, operations, properties, operating
         results or prospects of the Company. The SEC Documents contain a
         complete and accurate list of all written and oral contracts,
         agreements, leases or other instruments to which the Company or any
         subsidiary is a party or by which the Company or any subsidiary is
         subject which are required by the rules and regulations promulgated by
         the SEC to be so listed (each a "CONTRACT"). None of the Company, its
         subsidiaries or, to the best of the Company's knowledge, any of the
         other parties thereto, is in breach or violation of any Contract, which
         breach or violation would, or with the lapse of time, the giving of
         notice, or both, have a Material Adverse Effect.

                                       9
<PAGE>

                  (i) Absence of Certain Changes. Except as disclosed in the SEC
         Documents, since at least March 31, 2004, there has been no material
         adverse change and no material adverse development in the business,
         properties, operation, financial condition, results of operations or
         prospects of either ADMT and AAN. ADMT and AAN have not taken any
         steps, and do not currently have any reasonable expectation of taking
         any steps, to seek protection pursuant to any bankruptcy law nor do
         ADMT or AAN have any knowledge that its creditors intend to initiate
         involuntary bankruptcy proceedings. ADMT and AAN shall, at least until
         Holder no longer holds any of the Notes, maintain its corporate
         existence in good standing and shall pay all taxes when due except for
         taxes it reasonably disputes.

                  (j) Absence of Litigation. Except as otherwise disclosed in
         the PPM, there is no action, suit, proceeding, inquiry or investigation
         before or by any court, public board or body pending or, to the
         knowledge of either ADMT or AAN, threatened against or affecting either
         ADMT or AAN, wherein an unfavorable decision, ruling or finding would
         have a Material Adverse Effect or which would adversely affect the
         validity or enforceability of, or the authority or ability of ADMT or
         AAN to perform its obligations under, this Note or any of the documents
         contemplated herein.

                  (k) Foreign Corrupt Practices. Neither ADMT nor AAN, nor any
         of their subsidiaries, nor any officer, director or other person acting
         on behalf of ADMT or AAN or any subsidiary has, in the course of his
         actions for or on behalf of ADMT or AAN, used any corporate funds for
         any unlawful contribution, gift, entertainment or other unlawful
         expense relating to political activity, made any direct or indirect
         unlawful payment to any foreign or domestic government official or
         employee from corporate funds; violated or is in violation of any
         provision of the U.S. Foreign Corrupt Practices Act of 1977, as
         amended; or made any bribe, rebate, payoff, influence payment, kickback
         or other unlawful payment to any foreign or domestic government
         official or employee.

                  (l) Brokers; No General Solicitation. ADMT and AAN have taken
         no action that would give rise to any claim by any person for brokerage
         commissions, finder's fees or similar payments relating to this Note
         and the transactions contemplated hereby, other than to Maxim Group LLC
         (the "PLACEMENT AGENT"). ADMT, AAN and the Holder both acknowledge that
         no other broker or finder was involved with respect to the transactions
         contemplated hereby other than the Placement Agent. Neither ADMT, AAN
         nor any distributor participating on either ADMT or AAN's behalf in the
         transactions contemplated hereby nor any person acting for ADMT or AAN,
         or any such distributor, has conducted any "general solicitation," as
         described in Rule 502(c) under Regulation D, with respect to the Notes
         being offered hereby. ADMT and AAN have agreed to compensate the
         Placement Agent in accordance with their separate written agreement.

                                       10
<PAGE>

                  (m) Acknowledgment of Dilution. The number shares of AAN
         Common Stock or ADMT Common Stock issuable upon conversion of the Notes
         and exercise of the Warrants may increase substantially in certain
         circumstances, including the circumstance wherein the trading price of
         the ADMT Common Stock or AAN Common Stock declines. ADMT and AAN's
         executive officers and directors have studied and fully understand the
         nature of the securities being sold hereunder and recognize they have a
         potential dilutive effect. The Board of Directors of each of ADMT and
         AAN have concluded in its good faith business judgment that such
         issuance is in the best interests of each of ADMT and AAN. ADMT and AAN
         acknowledge that their obligation to issue shares of ADMT Common Stock
         or AAN Common Stock issuable upon conversion of the Notes and exercise
         of the Warrants is binding upon it and enforceable regardless of the
         dilution that such issuance may have on the ownership interests of
         other stockholders.

                  (n) Eligibility to File Registration Statement. Each of ADMT
         and AAN are currently eligible to file a registration statement with
         the SEC on Form SB-2 under the Act.

                  (o) Non-Disclosure of Non-Public Information. ADMT and AAN
         shall in no event disclose non-public information to the Holder,
         advisors to or representatives of the Holder unless prior to such
         disclosure of information ADMT or AAN marks such information as
         "non-public information - confidential" and provides the Holder, such
         advisors and representatives with the opportunity to accept or refuse
         to accept such non-public information for review. ADMT and AAN may, as
         a condition to disclosing any non-public information hereunder, require
         the Holder, its advisors and representatives to enter into a
         confidentiality agreement in form reasonably satisfactory to ADMT or
         AAN and the Holder.

                  (p) Patriot Act and Other Representations. ADMT, AAN and their
         subsidiaries hereby represent and warrant that the parties (i) are not
         included on any Government List (as defined below), (ii) are not
         persons who have been determined by any governmental or regulatory
         authority, domestic or foreign (each a "GOVERNMENTAL ENTITY") to be
         subject to the prohibitions contained in Executive Order No. 13224
         (Sept. 23, 2001) or any other similar prohibitions contained in the
         rules and regulations of Office of Foreign Assets Control ("OFAC")
         and/or in any enabling legislation or other Executive Orders in respect
         thereof, (iii) to the actual knowledge of the parties, based upon
         reasonable investigation, are not owned or controlled by, or acts for
         or on behalf of, any person on any Government List or any other person
         who has been determined by a Governmental Entity to be subject to the
         prohibitions contained in Executive Order No. 13224 (Sept. 23, 2001) or
         similar prohibitions contained in the rules and regulations of OFAC or
         any enabling legislation or other Executive Orders in respect thereof,
         (iv) are in compliance with Executive Order No. 13224 (September 23,
         2001), the rules and regulations of the OFAC, Department of Treasury or
         other Executive Orders in respect thereof to which such parties have
         actual knowledge or should have known based upon reasonable
         investigation, (v) have not been (and are not currently being)
         investigated by any Governmental Authority for, or indicted for, any
         Patriot Act Offense (as defined below) and/or (vi) are not under
         investigation by any Governmental Entity for alleged criminal behavior.

                                       11
<PAGE>

                           "GOVERNMENTAL AUTHORITY" shall mean any nation or
government, any state or other political subdivision thereof, any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, and any corporation or other entity
owned or controlled (through stock or capital ownership or otherwise) by any of
the foregoing.

                           "GOVERNMENT LIST" shall mean (i) the Specially
Designated Nationals and Blocked Persons List maintained by the Office of
Foreign Assets Control, U.S. Department of the Treasury or (ii) any other list
of terrorists, terrorist organizations or narcotics traffickers maintained
pursuant to any of the rules and regulations of Office of Foreign Assets
Control, U.S. Department of the Treasury, or (iii) any similar list maintained
by the U.S. Department of State, the U.S. Department of Commerce or pursuant to
any Executive Order of the President of the United States.

                           "PATRIOT ACT OFFENSE" shall means any violation of
the criminal laws of the United States of America or any of the several states
therein, or that would be a criminal violation if committed within the
jurisdiction of the United States of America or any of the several states
therein, relating to terrorism or the laundering of monetary instruments,
including any offense under (i) the Bank Secrecy Act, as amended, (ii) the Money
Laundering Control Act of 1986, as amended, or (iii) the Uniting and
Strengthening of America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107-56 (October
26, 2001), in each case as the same may be amended from time to time, and the
rules and regulations promulgated thereunder and corresponding provisions of
future laws. The term "Patriot Act Offense" also includes the crimes of
conspiracy to commit, or aiding and abetting another to commit, a Patriot Act
Offense.

         7. Affirmative Covenants of ADMT and AAN. Each of ADMT and AAN hereby
agree that, so long as the Note remains outstanding and unpaid, or any other
amount is owing to the Holder hereunder, each of ADMT and AAN will and with
respect to the agreements set forth in this Section 7 hereof will cause each of
ADMT and AAN as applicable to:

                  (a) Corporate Existence and Qualification. Take the necessary
steps to preserve its corporate existence and its right to conduct business in
all states in which the nature of its business requires qualification to do
business. In the event of dispute between ADMT or AAN and the Holder as to when
qualification is necessary, the decision of the Holder shall control.

                  (b) Financial Information and Compliance Certificates. Keep
its books of account in accordance with good accounting practices, and until
such time as the Holder no longer beneficially owns the Notes or the Warrants,
promptly furnish to the Holder the following financial and other information:
(i) each of the Company's Annual Reports, Quarterly Reports and any reports
filed on Form 8-K filed with the SEC; and (ii) any press release issued by the
Company or any of its subsidiaries.

                                       12
<PAGE>

                  (c) Within five (5) days of any officer of either ADMT or AAN
obtaining knowledge of any Event of Default (as defined in Section 9), if such
Event of Default is then continuing, each of ADMT and AAN shall furnish to the
Holder a certificate of the chief financial or accounting officer of each of
ADMT and AAN setting forth the details thereof and the action which ADMT and AAN
are taking or proposes to take with respect thereto.

                  (d) Insurance. Maintain insurance with responsible and
reputable insurance companies or associations in such amounts and covering such
risks as is usually carried by companies engaged in similar businesses and
owning similar properties in the same general areas in which ADMT and AAN
operates and naming the Holder as an additional insured and loss payee thereon
as its interest may appear.

                  (e) Preservation of Properties; Compliance with Law. Maintain
and preserve all of its properties which are used or which are useful in the
conduct of its business in good working order and condition, ordinary wear and
tear excepted and comply with the Charter and Bylaws or other organizational or
governing documents of each of ADMT and AAN, and any law, treaty, rule or
regulation, or determination of an arbitrator or a court or other governmental
authority, in each case applicable to or binding upon each of ADMT and AAN or
any of their property or to which each of ADMT and AAN or any of their property
is subject.

                  (f) Taxes. Duly pay and discharge all taxes or other claims,
which might become a lien upon any of its property except to the extent that any
thereof are being in good faith appropriately contested with adequate reserves
provided therefor.

                  (g) Notice of Litigation. Promptly notify the Holder in
writing of any litigation, legal proceeding or dispute, other than disputes in
the ordinary course of business or, whether or not in the ordinary course of
business, involving amounts in excess of One Hundred Thousand ($100,000.00)
Dollars, affecting either ADMT, AAN or any subsidiary, whether or not fully
covered by insurance, and regardless of the subject matter thereof.

                  (h) Securities Laws. Each of ADMT and AAN agree to timely file
a Form D (or equivalent form required by applicable state law) with respect to
the Notes if and as required under Regulation D and applicable state securities
laws and to provide a copy thereof to the Holder promptly after such filing.
Each of ADMT and AAN shall, in a timely fashion, take such action as is
necessary to sell the Notes being sold to the Holder under applicable securities
laws of the United States and the relevant state(s), and shall if specifically
so requested provide evidence of any such action so taken to the Holder.

                  (i) Reporting Status. So long as the Holder beneficially owns
any of the Notes, ADMT shall file all reports required to be filed with the SEC
pursuant to the 1934 Act, and ADMT shall not terminate its status as an issuer
required to file reports under the 1934 Act even if the 1934 Act or the rules
and regulations hereunder would permit such termination.

                                       13
<PAGE>

                  (j) Use of Proceeds. ADMT and AAN will use the proceeds from
the sale of the Notes as set forth in the "Use of Proceeds" section of the PPM.

                  (k) Reservation of Shares. Each of ADMT and AAN shall at all
times have authorized, and reserved for the purpose of issuance, a sufficient
number of shares of ADMT Common Stock and AAN Common Stock issuable upon
conversion of the Notes and exercise of the Warrants to provide for the issuance
of all of such shares. Prior to complete conversion of the Notes and exercise of
the Warrants, ADMT and AAN shall not reduce the number of shares of ADMT Common
Stock or AAN Common Stock reserved for issuance hereunder without the written
consent of the Holder except for a reduction proportionate to a reverse stock
split effected for a business purpose other than affecting the requirements of
this Section, which reverse stock split affects all shares of ADMT Common Stock
or AAN Common Stock equally.

                  (l) Listing. Upon the Closing, ADMT and AAN, as applicable,
shall in accordance with the registration rights granted to the Holders in the
Private Offering secure the listing of the ADMT Common Stock and AAN Common
Stock underlying the Notes, the ADMT Warrants and the AAN Warrants upon each
national securities exchange or automated quotation system upon which shares of
ADMT Common Stock or AAN Common Stock are then listed (subject to official
notice of issuance) and shall maintain such listing of shares of ADMT Common
Stock and AAN Common Stock issued under the terms of this Note. The Company
shall at all times comply in all respects with the Company's reporting, filing
and other obligations under the by-laws or rules of the National Association of
Securities Dealers and the OTC Bulletin Board (or such other national securities
exchange or market on which the ADMT Common Stock or AAN Common Stock may then
be listed, as applicable).

                  (m) Prospectus Delivery Requirement; Escrow of ADMT Common
Stock or AAN Common Stock. The Holder understands that the Act requires delivery
of a prospectus relating to the ADMT Common Stock or AAN Common Stock in
connection with any sale thereof pursuant to a registration statement under the
Act covering any resale by the Holder of the ADMT Common Stock or AAN Common
Stock being sold, and the Holder shall comply with any applicable prospectus
delivery requirements of the Act in connection with any such sale. The Company
shall have the unequivocal right to rely upon the Holder's representation and
covenant to deliver a prospectus as required by applicable law or regulation
contained in this Section, and thus, with respect to any resales by the Holder
pursuant to a registration statement, such ADMT Common Stock or AAN Common Stock
shall contain a restrictive legend only if and to the extent required by law.
The Holder will indemnify and hold harmless the Company and its transfer agent
for any loss, cost or expense (including reasonable attorneys' fees) incurred by
such parties as a result of improper actions taken by the Holder in response to
the Company's and the transfer agent's compliance with the provisions of this
Section, including without limitation, the sales of such ADMT Common Stock or
AAN Common Stock without delivery of a prospectus as required by applicable law
or regulation.

                  (n) Intentional Acts or Omissions. Neither party shall
intentionally perform any act that if performed, or omit to perform any act
which if omitted to be performed, would prevent or excuse the performance of
this Note or any of the transactions contemplated hereby.

                                       14
<PAGE>

         8. Negative Covenants of the Company. Each of ADMT and AAN hereby agree
that, so long as the Note remains or remain outstanding and unpaid, or any other
amount is owing to the Holder hereunder it will not, nor will it permit any of
its subsidiaries to:

                  (a) Indebtedness for Borrowed Money. Incur, or permit to
exist, any Indebtedness (as defined below) for borrowed money, with rights
superior to Holder, except in the ordinary course of ADMT or AAN's business.
"INDEBTEDNESS" shall mean, with respect to ADMT or AAN, (a) all obligations of
ADMT or AAN for borrowed money or with respect to deposits or advances of any
kind, (b) all obligations of ADMT or AAN evidenced by bonds, debentures, notes
or other similar instruments, (c) all obligations of ADMT or AAN for the
deferred purchase price of property or services, except current accounts payable
arising in the ordinary course of business and not overdue beyond such period as
is commercially reasonable for ADMT or AAN's business, (d) all obligations of
ADMT or AAN under conditional sale or other title retention agreements relating
to property purchased by ADMT or AAN, (e) all payment obligations of ADMT or AAN
with respect to interest rate or currency protection agreements , (f) all
obligations of ADMT or AAN as an account party under any letter of credit or in
respect of bankers' acceptances, (g) all obligations of any third party secured
by property or assets of such Person (regardless of whether or not ADMT or AAN
is liable for repayment of such obligations), (h) all guarantees of ADMT or AAN
and (i) the redemption price of all redeemable preferred stock of ADMT or AAN,
but only to the extent that such stock is redeemable at the option of the holder
or requires sinking fund or similar payments at any time prior to the Maturity
Date.

                  (b) Mergers, Acquisitions and Sales of Assets. Enter into any
merger or consolidation or liquidate, windup or dissolve itself or sell,
transfer or lease or otherwise dispose of all or any substantial part of its
assets or technologies (other than sales of inventory and obsolescent equipment
in the ordinary course of business) or acquire by purchase or otherwise the
business or assets of, or stock of, another business entity in excess of
$250,000; except that any subsidiary of ADMT (other than AAN) may merge into or
consolidate with any other subsidiary which is wholly-owned by ADMT and any
subsidiary which is wholly-owned by ADMT may merge with or consolidate into ADMT
provided that ADMT is the surviving corporation, or enter into any transaction
or series of related transactions in which more than 50% of the voting power of
AAN is disposed of by ADMT.

                  (c) Loans; Investments. Lend or advance money, credit or
property to or invest in (by capital contribution, loan, purchase or otherwise)
any firm, corporation, or other Person except (i) investments in United States
Government obligations, certificates of deposit of any banking institution with
combined capital and surplus of at least $200,000,000; (iii) accounts receivable
arising out of sales of inventory in the ordinary course of business; and (iii)
loans to subsidiaries.

                  (d) Dividends and Distributions. Pay dividends or make any
other distribution on shares of the capital stock of either ADMT or AAN.

                                       15
<PAGE>

                  (e) Liens. Create, assume or permit to exist, any lien on any
of its property or assets now owned or hereafter acquired except (i) liens in
favor of the Holder; (ii) other liens incidental to the conduct of its business
or the ownership of its property and assets which were not incurred in
connection with the borrowing of money or the obtaining of advances or credit
and which do not materially impair the use thereof in the operation of its
business; (iii) liens for taxes or other governmental charges which are not
delinquent or which are being contested in good faith and for which a reserve
shall have been established in accordance with generally accepted accounting
principles; and (iv) purchase money liens granted to secure the unpaid purchase
price of any fixed assets purchased within the limitations of Section 8(i)
hereof.

                  (f) Contingent Liabilities. Assume, endorse, be or become
liable for or guarantee the obligations of any Person, contingently or
otherwise, excluding however, the endorsement of negotiable instruments for
deposit or collection in the ordinary course of business.

                  (g) Sales of Receivables; Sale - Leasebacks. Sell, discount or
otherwise dispose of notes, accounts receivable or other obligations owing to
ADMT or AAN, with or without recourse, except for the purpose of collection in
the ordinary course of business; or sell any asset pursuant to an arrangement to
thereafter lease such asset from the purchaser thereof.

                  (h) Capital Expenditures; Capitalized Leases. Expend in the
aggregate for the Company and all its subsidiaries in excess of $1,500,000 in
any fiscal year for Capital Expenditures (as defined below) including payments
made on account of Capitalized Leases (as defined below). For purposes of the
foregoing, Capital Expenditures shall include payments made on account of any
deferred purchase price or on account of any indebtedness incurred to finance
any such purchase price. "CAPITAL EXPENDITURES" shall mean for any period, the
aggregate amount of all payments made by any Person directly or indirectly for
the purpose of acquiring, constructing or maintaining fixed assets, real
property or equipment which, in accordance with generally accepted accounting
principles, would be added as a debit to the fixed asset account of such Person,
including, without limitation, all amounts paid or payable with respect to
Capitalized Lease Obligations and interest which are required to be capitalized
in accordance with generally accepted accounting principles. "CAPITALIZED LEASE"
shall mean any lease the obligations to pay rent or other amounts under which
constitute Capitalized Lease Obligations. "CAPITALIZED LEASE OBLIGATIONS" shall
mean as to any Person, the obligations of such Person to pay rent or other
amounts under a lease of (or other agreement conveying the right to use) real
and/or personal property which obligations are required to be classified and
accounted for as a capital lease on a balance sheet of such Person under
generally accepted accounting principles and, for purposes of this Note, the
amount of such obligations shall be the capitalized amount thereof, determined
in accordance with generally accepted accounting principles.

                  (i) Lease Payments. Expend in the aggregate for the Company
and all its subsidiaries in excess of $500,000 in any fiscal year for the lease,
rental or hire of real or personal property pursuant to any rental agreement
therefor, whether an operating lease, capitalized lease or otherwise.

                                       16
<PAGE>

                  (j) Nature of Business. Materially alter the nature of ADMT's
business or permit AAN to engage in any business other than the business engaged
in or proposed to be engaged in on the date of this Note.

                  (k) Stock of Subsidiaries. Sell or otherwise dispose of any
subsidiary (except in connection with a merger or consolidation of a subsidiary
into ADMT or another subsidiary) or permit a subsidiary to issue any additional
shares of its capital stock except pro rata to its stockholders.

                  (l) ERISA. (i) Terminate any plan ("PLAN") of a type described
in Section 402l(a) of the Employee Retirement Income Security Act of l974, as
amended from time to time ("ERISA") in respect of which the Company is an
"employer" as defined in Section 3(5) of ERISA so as to result in any material
liability to the Pension Benefit Guaranty Corporation (the "PBGC") established
pursuant to Subtitle A of Title IV of ERISA, (ii) engage in or permit any person
to engage in any "prohibited transaction" (as defined in Section 406 of ERISA or
Section 4975 of the Internal Revenue Code of 1954, as amended) involving any
Plan which would subject the Company to any material tax, penalty or other
liability, (iii) incur or suffer to exist any material "accumulated funding
deficiency" (as defined in Section 302 of ERISA), whether or not waived,
involving any Plan, or (iv) allow or suffer to exist any event or condition,
which presents a material risk of incurring a material liability to the PBGC by
reason of termination of any Plan.

                  (m) Accounting Changes. Make, or permit any subsidiary to make
any change in their accounting treatment or financial reporting practices except
as required or permitted by generally accepted accounting principles in effect
from time to time.

                  (n) Transactions with Affiliates. Except as otherwise
specifically set forth in this Note, directly or indirectly purchase, acquire or
lease any property from, or sell, transfer or lease any property to, or enter
into any other transaction, with any Affiliate (as defined below) except in the
ordinary course of business and at prices and on terms not less favorable to it
than those which would have been obtained in an arm's-length transaction with a
non-affiliated third party. "AFFILIATE" as applied to any Person, shall mean any
other Person directly or indirectly through one or more intermediaries
controlling, controlled by, or under common control with, that Person. For the
purposes of this definition, "control" (including with correlative meanings, the
terms "controlling," "controlled by" and "under common control with"), as
applied to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of that
Person, whether through the ownership of voting securities or by contract or
otherwise.

         9. Events of Default. The Note shall become immediately due and payable
at the option of the Holder, without notice or demand, upon any one or more of
the following events or occurrences ("EVENTS OF Default"):

                  (a) if any portion of the Note is not paid when due;

                  (b) if any representation or warranty of either ADMT or AAN
made in this Note or in any certificate, report or other financial statement or
other instrument or document delivered pursuant hereto, or any notice,
certificate, demand or request delivered to the Holder pursuant to this Note or
any other document proves to be false or misleading in any material respect as
of the time when the same is made;

                                       17
<PAGE>

                  (c) if ADMT or AAN consummates a transaction which would cause
this Note or any exercise of any Holder's rights under the Notes and the
Warrants (i) to constitute a non-exempt prohibited transaction under ERISA, (ii)
to violate a state statute regulating governmental plans or (iii) otherwise to
subject ADMT or AAN to liability for violation of ERISA or such state statute;

                  (d) if any final judgment for the payment of money is rendered
against ADMT or AAN and ADMT or AAN does not discharge the same or cause it to
be discharged or vacated within one hundred twenty (120) days from the entry
thereof, or does not appeal therefrom or from the order, decree or process upon
which or pursuant to which said judgment was granted, based or entered, and does
not secure a stay of execution pending such appeal within one hundred twenty
(120) days after the entry thereof;

                  (e) subject to the provisions of Section 7(f) hereof, if any
taxes are not paid before delinquency;

                  (f) if ADMT or AAN makes an assignment for the benefit of
creditors or if ADMT or AAN generally does not pay its debts as they become due;

                  (g) if a receiver, liquidator or trustee of ADMT or AAN is
appointed or if ADMT or AAN is adjudicated a bankrupt or insolvent, or if any
petition for bankruptcy, reorganization or arrangement pursuant to federal
bankruptcy law, or any similar federal or state law, is filed by or against,
consented to, or acquiesced in, by ADMT or AAN or if any proceeding for the
dissolution or liquidation of ADMT or AAN is instituted; however, if such
appointment, adjudication, petition or proceeding is involuntary and is not
consented to by ADMT or AAN, upon the same not being discharged, stayed or
dismissed within 60 days;

                  (h) if ADMT or AAN defaults under any other mortgage or
security agreement covering any part of its property;

                  (i) except for specific defaults set forth in this Section 9,
if ADMT or AAN defaults in the observance or performance of any other term,
agreement or condition of this Note, and ADMT and AAN fail to remedy such
default within thirty (30) days after notice by the Holder to ADMT and AAN of
such default, or, if such default is of such a nature that it cannot with due
diligence be cured within said thirty (30) day period, if ADMT and AAN fail,
within said thirty (30) days, to commence all steps necessary to cure such
default, and fail to complete such cure within ninety (90) days after the end of
such thirty (30) day period;

                  (j) except for specific defaults set forth in this Section 9,
if ADMT or AAN defaults in the observance or performance of any term, agreement
or condition of the Note, and such default continues after the end of any
applicable cure period provided for therein; and

                  (k) if any of the following exist uncured for forty-five (45)
days following written notice to ADMT or AAN: (i) the failure of any
representation or warranty made by ADMT or AAN to be true and correct in all
respects or (ii) ADMT or AAN fails to provide the Holder with the written
certifications and evidence referred to in this Note.

                                       18
<PAGE>

         10. Note Holder Not Deemed a Stockholder. No Holder, as such, of this
Note shall be entitled (prior to conversion or redemption of this Note into ADMT
Common Stock or AAN Common Stock, and only then to the extent of such
conversion) to vote or receive dividends or be deemed the holder of shares of
ADMT or AAN for any purpose, nor shall anything contained in this Note be
construed to confer upon the Holder hereof, as such, any of the rights at law of
a stockholder of ADMT or AAN prior to the issuance to the holder of this Note of
the shares of Common Stock which the Holder is then entitled to receive upon the
due conversion of all or a portion of this Note. Notwithstanding the foregoing,
ADMT and AAN will provide the Holder with copies of the same notices and other
information given to the stockholders of ADMT and AAN generally,
contemporaneously with the giving thereof to the stockholders.

         11. Mutilated, Destroyed, Lost or Stolen Notes. In case this Note shall
become mutilated or defaced, or be destroyed, lost or stolen, ADMT and AAN shall
execute and deliver a new note of like principal amount in exchange and
substitution for the mutilated or defaced Note, or in lieu of and in
substitution for the destroyed, lost or stolen Note. In the case of a mutilated
or defaced Note, the Holder shall surrender such Note to the Company. In the
case of any destroyed, lost or stolen Note, the Holder shall furnish to the
Company (a) evidence to its satisfaction of the destruction, loss or theft of
such Note and (b) such security or indemnity as may be reasonably required by
the Company to hold the Company harmless.

         12. Waiver of Demand, Presentment, Etc. The Company hereby expressly
waives demand and presentment for payment, notice of nonpayment, protest, notice
of protest, notice of dishonor, notice of acceleration or intent to accelerate,
bringing of suit and diligence in taking any action to collect amounts called
for hereunder and shall be directly and primarily liable for the payment of all
sums owing and to be owing hereunder, regardless of and without any notice,
diligence, act or omission as or with respect to the collection of any amount
called for hereunder.

         13. Payment. Except as otherwise provided for herein, all payments with
respect to this Note shall be made in lawful currency of the United States of
America, at the option of the Holder, (i) at the principal office of the Holder,
located at 237 Avenue, 9th Floor, New York, New York 10017, or such other place
or places as may be reasonably specified by the Holder of this Note in a written
notice to each of ADMT and AAN at least ten (10) business days before a given
payment date, or (ii) by mailing a good check in the proper amount to the Holder
at least two days prior to the due date of each payment or otherwise
transferring funds so as to be received by the Holder on the due date of each
such payment; provided, however, that ADMT and AAN shall make payment by wire
transfer to an account such Holder may specify in writing to ADMT and AAN at
least two days prior to the due date of each payment. Payment shall be credited
first to the accrued interest then due and payable and the remainder applied to
principal. The Holder shall keep a record of each payment of principal and
interest with respect thereto. This Note is not secured.

         14. Assignment. The rights and obligations of the Company and the
Holder of this Note shall be binding upon, and inure to the benefit of, the
permitted successors, assigns, heirs, administrators and transferees of the
parties hereto. Notwithstanding the foregoing, the Holder may not assign, pledge
or otherwise transfer this Note without the prior written consent of the
Company. Interest and principal are payable only to the registered Holder of
this Note in the Note Register.

                                       19
<PAGE>

          15. Waiver and Amendment. Any provision of this Note, including,
without limitation, the due date hereof, and the observance of any term hereof,
may be amended, waived or modified (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of the
Company and the Holder.

         16. Notices. Any notice, request or other communication required or
permitted hereunder shall be in writing and shall be deemed to have been duly
given if personally delivered or mailed by registered or certified mail, postage
prepaid, or delivered by facsimile transmission, to the Company at the address
or facsimile number set forth herein or to the Holder at its address or
facsimile number set forth in the records of the Company. Any party hereto may
by notice so given change its address for future notice hereunder. Notice shall
conclusively be deemed to have been given when personally delivered or when
deposited in the mail in the manner set forth above and shall be deemed to have
been received when delivered or, if notice is given by facsimile transmission,
when delivered with confirmation of receipt.

         17. Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of New York, excluding that body of law
relating to conflicts of laws.

         18. Severability. If one or more provisions of this Note are held to be
unenforceable under applicable law, such provisions shall be excluded from this
Note, and the balance of this Note shall be interpreted as if such provisions
were so excluded and shall be enforceable in accordance with its terms.

         19. Headings. Section headings in this Note are for convenience only,
and shall not be used in the construction of this Note.

         IN WITNESS WHEREOF, the Company has caused this Note to be issued as of
the date first above written.

                                     ADM TRONICS UNLIMITED, INC.

                                     By: __________________
                                     Name:
                                     Title:

                                     AA NORTHVALE MEDICAL ASSOCIATES INC.

                                     By: __________________
                                     Name:
                                     Title:

                                       20<PAGE>

                                                                     EXHIBIT 4.5

                      AA NORTHVALE MEDICAL ASSOCIATES, INC.

                             PLACEMENT AGENT WARRANT

NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF
THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"),
AND NEITHER THIS WARRANT NOR SUCH SHARES MAY BE SOLD, ENCUMBERED OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENT, AND, IF AN EXEMPTION SHALL
BE APPLICABLE, THE HOLDER SHALL HAVE DELIVERED AN OPINION OF COUNSEL ACCEPTABLE
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

       VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON THE LAST DAY OF THE EXERCISE
                            PERIOD, AS DEFINED BELOW

                      CLASS A COMMON STOCK PURCHASE WARRANT
                                       OF
                      AA NORTHVALE MEDICAL ASSOCIATES, INC.

         This is to certify that, FOR VALUE RECEIVED, Maxim Group LLC
("Holder"), is entitled to purchase, subject to the provisions of this Class A
Common Stock Purchase Warrant (this "Warrant"), from AA Northvale Medical
Associates, Inc., a New Jersey corporation (the "Company"), at an initial
exercise price per share of $____ (the "Initial Exercise Price"), subject to
adjustment as provided in this Warrant, _______________ (_____________) shares
of common stock, no par value ("Common Stock"). The shares of Common Stock
deliverable upon such exercise, and as adjusted from time to time, are
hereinafter sometimes referred to as "Warrant Stock," and the exercise price for
the purchase of a share of Common Stock pursuant to this Warrant in effect at
any time and as adjusted from time to time is hereinafter sometimes referred to
as the "Exercise Price."

         1. ISSUANCE OF WARRANT. This Warrant is being issued pursuant to a
private offering of up to 35 units ("UNITS") at an offering price of $100,000
per Unit, each Unit consisting of: (i) one (1) $100,000 Joint Unsecured 6%
Convertible Note (the "NOTES"); (ii) one (1) Class A Common Stock Purchase
Warrant of ADMT, and (iii) one (1) Class A Common Stock Purchase Warrant of AAN.
Capitalized terms used herein and not otherwise defined shall have the meanings
ascribed thereto in the subscription agreement ("Subscription Agreement")
attached as an exhibit to the Company's PPM dated May 20, 2004. In addition the
following terms have the meanings set forth below:

                  "AAN Warrant" means this Warrant for the purchase of the
number of shares of Common Stock of the Company noted above.

                                       1
<PAGE>

                  "ADMT Warrant" shall mean the Warrant for the purchase of
______ shares of common stock of ADM Tronics Unlimited, Inc., a Delaware
corporation, which was issued to the Holder concurrently with the issuance of
the AAN Warrant. The ADMT Warrant is sometimes referred to herein as the
"Corresponding ADMT Warrant."

                  "Approved Market" shall mean any public market on which the
AAN Common Stock is trading (it being understood that the Pink Sheets Quotation
Service shall not qualify as an Approved Market for these purposes).

                  "Convertible Securities" shall mean evidences of indebtedness,
shares of stock or other securities, which are convertible into or exchangeable,
with or without payment of additional consideration in cash or property, for
shares of Common Stock, either immediately or upon the occurrence of a specified
date or a specified event.

                  "Exercise Period" shall mean the period commencing on  ______,
2004 and ending at 5 p.m., eastern time on __________.

                  "Offering" shall mean the joint offering of units by the
Company and ADMT pursuant to a confidential private placement memorandum dated
May 20, 2004 ("PPM") the first supplement dated June 30, 2004 and the second
supplement dated August 5, 2004 ("Supplements").

                  "Permitted Issuances" shall mean: (i) Common Stock issued
pursuant to a stock split or subdivision, (ii) Common Stock issuable or issued
to employees, consultants or directors of the Company directly or pursuant to a
stock plan or other compensation arrangement approved by the Board of Directors
of the Company, (iii) capital stock, debt instruments convertible into capital
stock or options or warrants to purchase capital stock, issued to financial
institutions, investors or lessors in connection with commercial credit
arrangements, equipment financings or similar transactions, provided that the
terms of such transaction or transactions are approved by the Board of Directors
of the Company, (iv) capital stock, debt instruments convertible into capital
stock or warrants or options to purchase capital stock issued in connection with
bona fide acquisitions, mergers, technology licenses or purchases, corporate
partnering agreements, joint ventures or similar transactions, the terms of
which are approved by the Board of Directors of the Company, (v) Common Stock
issued or issuable upon conversion of the Warrants or any other securities
exercisable or exchangeable for, or convertible into shares of Common Stock
outstanding as of May 20, 2004, and (vi) shares of Common Stock issued or
issuable in a transaction approved in advance by the holders of more than 50% of
the then outstanding Warrants.

                                       2
<PAGE>

         2. EXERCISE OF WARRANT/REGISTRATION RIGHTS.

         (a) This AAN Warrant may be exercised in whole or in part at any time
or from time to time from the date that the Common Stock of the Company is
listed on an Approved Market, and that the shares of Common Stock issuable upon
exercise of this AAN Warrant have been registered for resale with the SEC until
the end of the Exercise Period by presentation and surrender of this AAN Warrant
and the ADMT Warrants to the Company at its principal office, or at the office
of its stock transfer agent, if any, with the Purchase Form annexed to this AAN
Warrant duly executed and accompanied by payment of the Exercise Price for the
number of shares of Common Stock specified in the Purchase Form in cash (the
Holder will receive no consideration for the surrender of the ADMT Warrant) or
on a cashless basis in accordance with (i) below. If this AAN Warrant should be
exercised in part only, the Company shall, upon surrender of this AAN Warrant
(and the ADMT Warrants) for cancellation, execute and deliver a new AAN Warrant
(and the ADMT Warrants) evidencing the rights of the Holder hereof to purchase
the balance of the shares of Common Stock purchasable hereunder. Upon receipt by
the Company of this AAN Warrant at its office, or by the stock transfer agent of
the Company at its office, 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. As soon as practicable
after each exercise of this Warrant, in whole or in part, and in any event
within seven (7) days thereafter, the Company at its expense (including the
payment by it of any applicable issue taxes) will cause to be issued in the name
of and delivered to the Holder hereof or, subject to Section 6 hereof, as the
Holder (upon payment by the Holder of any applicable transfer taxes) may direct
a certificate or certificates (with appropriate restrictive legends, as
applicable) for the number of duly authorized, validly issued, fully paid and
nonassessable shares of Common Stock to which the Holder shall be entitled upon
exercise plus, in lieu of any fractional share to which the Holder would
otherwise be entitled, all issuances of Common Stock shall be rounded up to the
nearest whole share.

                  (i) The Holder may, at its option, elect to exercise this
                  Warrant, in whole or in part and at any time or from time to
                  time, on a cashless basis, by surrendering this Warrant, with
                  the Purchase Form attached hereto duly executed by or on
                  behalf of the Holder, at the principal office of the Company,
                  or at such other office or agency as the Company may
                  designate, by canceling a portion of this Warrant in payment
                  of the Exercise Price payable in respect of the number of
                  shares of Warrant Stock purchased upon such exercise. In the
                  event of an exercise pursuant to this subsection 2(a)(i), the
                  number of shares of Warrant Stock issued to the Holder shall
                  be determined according to the following formula:

                                    X = Y(A-B)
                                        ------
                                          A
         Where:    X =     the number of shares of Warrant Stock that shall be
                           issued to the Holder;
                   Y =     the  number of shares of Warrant Stock for which
                           this Warrant is being exercised (which shall include
                           both the number of shares of Warrant Stock issued to
                           the Holder and the number of shares of Warrant Stock
                           subject to the portion of the Warrant being cancelled
                           in payment of the Exercise Price);
                   A =     the Fair Market Value (as defined below) of one share
                           of Common Stock; and
                   B =     the Exercise Price then in effect.

                                       3
<PAGE>

                            The Fair Market Value per share of Common Stock
shall be determined as follows:

                   (1) If the Common Stock is listed on a national securities
exchange, the Nasdaq National Market, the OTC Bulletin Board or another
nationally recognized trading system as of the Exercise Date, as defined below,
the Fair Market Value per share of Common Stock shall be deemed to be the
average of the high and low reported sale prices per share of Common Stock
thereon on the trading day immediately preceding the Exercise Date, as defined
below, (provided that if the Common Stock is not so listed on such day, the Fair
Market Value per share of Common Stock shall be determined pursuant to clause
(2) below).

                   (2) If the Common Stock is not listed on a national
securities exchange, the Nasdaq National Market, the OTC Bulletin Board or
another nationally recognized trading system as of the Exercise Date, as defined
below, the Fair Market Value per share of Common Stock shall be deemed to be the
amount most recently determined by the Board of Directors of the Company or an
authorized committee of the Board of Directors of the Company (the "BOARD") to
represent the fair market value per share of the Common Stock (including without
limitation a determination for purposes of granting Common Stock options or
issuing Common Stock under any plan, agreement or arrangement with employees of
the Company); and, upon request of the Holder, the Board (or a representative
thereof) shall, as promptly as reasonably practicable but in any event not later
than 15 days after such request, notify the Holder of the Fair Market Value per
share of Common Stock. Notwithstanding the foregoing, if the Board has not made
such a determination within the three-month period prior to the Exercise Date,
as defined below, then (A) the Board shall make, and shall provide or cause to
be provided to the Holder notice of, a determination of the Fair Market Value
per share of the Common Stock within 15 days of a request by the Holder that it
do so, and (B) the exercise of this Warrant pursuant to this subsection 2(a)
shall be delayed until such determination is made and notice thereof is provided
to the Holder.

         (b) The Company shall use its best efforts to file a registration
statement (the "Registration Statement") registering the Warrant Stock with the
SEC under the Securities Act of 1933, as amended (the "Act") within 60 days
following the closing of the Offering.

         (c) The Company has also granted "piggyback" registration rights to the
Holder, as more fully described in the Subscription Agreement executed as of the
date hereof.

         3. RESERVATION OF SHARES; FRACTIONAL SHARES. The Company hereby agrees
that at all times there shall be reserved for issuance and/or delivery upon
exercise of this Warrant such number of shares of Common Stock as shall be
required for issuance and delivery upon exercise of this Warrant. No fractional
shares or script representing fractional shares shall be issued upon the
exercise of this Warrant. Instead, the Company will round up to the nearest
whole share.

                                       4
<PAGE>

         4. EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This AAN Warrant
is exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof (along with the Corresponding ADMT Warrant) to the Company
or at the office of its stock transfer agent, if any, for other AAN Warrants
(and Corresponding ADMT Warrants) of different denominations entitling the
holder thereof to purchase in the aggregate the same number of shares of Common
Stock purchasable hereunder. Upon surrender of this AAN Warrant (and
Corresponding ADMT Warrant) to the Company or at the office of its stock
transfer agent, if any, with the Assignment Form annexed hereto duly executed
and funds sufficient to pay any transfer tax, the Company shall, without charge,
execute and deliver a new AAN Warrant (and Corresponding ADMT Warrant) in the
name of the assignee named in such instrument of assignment and this AAN Warrant
(and Corresponding ADMT Warrant) shall promptly be canceled. This AAN Warrant
(and Corresponding ADMT Warrant) may be divided or combined with other AAN
Warrants (and Corresponding ADMT Warrants) which carry the same rights upon
presentation hereof at the office of the Company or at the office of its stock
transfer agent, if any, together with a written notice specifying the names and
denominations in which new AAN Warrants (and Corresponding ADMT Warrants) are to
be issued and signed by the Holder hereof. The term "Warrant" and "AAN Warrant"
as used herein includes any AAN Warrants into which this Warrant may be divided
or exchanged. Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of
loss, theft or destruction) of reasonably satisfactory indemnification, and upon
surrender and cancellation of this Warrant, if mutilated, the Company will
execute and deliver a new Warrant of like tenor. Any such new Warrant executed
and delivered shall constitute an additional contractual obligation on the part
of the Company, whether or not this Warrant so lost, stolen, destroyed, or
mutilated shall be at any time enforceable by anyone.

         5. RIGHTS AND OBLIGATIONS OF THE HOLDER. The Holder shall not, by
virtue of this Warrant, 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. In addition, no provision hereof, in the
absence of affirmative action by Holder to purchase shares of Common Stock, and
no enumeration herein of the rights or privileges of Holder hereof, shall give
rise to any liability of such Holder for the purchase price of any Common Stock
or as a stockholder of Company, whether such liability is asserted by Company or
by creditors of Company.

         6. ANTI-DILUTION PROVISIONS. The Exercise Price in effect at any time
and the number and kind of securities purchasable upon exercise of each Warrant
shall be subject to adjustment as follows and the Company shall give each Holder
notice of any event described below which requires an adjustment pursuant to
this Section 6 at the time of such event:

                  (a) Stock Dividends, Subdivisions and Combinations. If at any
         time Company shall:

                           (i) take a record of the holders of its Common Stock
                  for the purpose of entitling them to receive a dividend
                  payable in, or other distribution of, shares of Common Stock,

                                       5
<PAGE>

                           (ii) subdivide or reclassify its outstanding shares
                  of Common Stock into a larger number of shares of Common
                  Stock, or

                           (iii) combine or reclassify its outstanding shares of
                  Common Stock into a smaller number of shares of Common Stock
                  or otherwise effect a reverse stock split,

then (i) the number of shares of Common Stock for which this Warrant is
exercisable immediately after the occurrence of any such event shall be adjusted
to equal the number of shares of Common Stock which a record holder of the same
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the occurrence of such event, or the record date therefor,
whichever is earlier, would own or be entitled to receive after the happening of
such event, and (ii) the Exercise Price(s) shall be adjusted to equal (A) the
Exercise Price immediately prior to such event multiplied by the number of
shares of Common Stock for which this Warrant is exercisable immediately prior
to the adjustment divided by (B) the number of shares for which this Warrant is
exercisable immediately after such adjustment.

         (b) Certain Other Distributions and Adjustments.

                  (i) If at any time Company shall take a record of the holders
         of its Common Stock for the purpose of entitling them to receive any
         dividend or other distribution of:

                           (A) cash,

                           (B) any evidences of its indebtedness, any shares of
                  its stock or any other securities or property of any nature
                  whatsoever (other than Convertible Securities or shares of
                  Common Stock), or

                           (C) any warrants or other rights to subscribe for or
                  purchase any evidences of its indebtedness, any shares of its
                  stock or any other securities or property of any nature
                  whatsoever (other than Convertible Securities or shares of
                  Common Stock),

then Holder, upon exercise of this Warrant, shall be entitled to receive such
dividend or distribution as if Holder had exercised this Warrant.

                  (ii) A reclassification of the Common Stock (other than a
         change in par value, or from par value to no par value or from no par
         value to par value) into shares of Common Stock and shares of any other
         class of stock shall be deemed a distribution by Company to the holders
         of its Common Stock of such shares of such other class of stock and in
         such event Holder shall be entitled to receive such distribution as if
         Holder had exercised this Warrant and, if the outstanding shares of
         Common Stock shall be changed into a larger or smaller number of shares
         of Common Stock as a part of such reclassification, such change shall
         be deemed a subdivision or combination, as the case may be, of the
         outstanding shares of Common Stock within the meaning of Section 6(a).

         (c) Issuance of Additional Shares of Common Stock.

                                       6
<PAGE>

                  (i) If at any time the Company shall issue or sell any shares
         of Common Stock in exchange for consideration in an amount per share of
         Common Stock less than the then current Exercise Price, other than
         Permitted Issuances, then (A) the Exercise Price shall be adjusted so
         that it shall equal the price determined by multiplying the Exercise
         Price in effect immediately prior to such event by a fraction, of which
         the numerator shall be the number of shares of Common Stock outstanding
         on the date of issuance plus the number of additional shares of Common
         Stock which the aggregate offering price would purchase based upon the
         Exercise Price, and of which the denominator shall be the number of
         shares of Common Stock outstanding on the date of issuance plus the
         number of additional shares of Common Stock issued or issuable in such
         offering, and (B) the number of shares of Common Stock for which this
         Warrant is exercisable shall be adjusted to equal the product obtained
         by multiplying the Exercise Price in effect immediately prior to such
         issue or sale by the number of shares of Common Stock for which this
         Warrant is exercisable immediately prior to such issue or sale and
         dividing the product thereof by the Exercise Price resulting from the
         adjustment made pursuant to clause (A) above.

                  (ii) The provisions of paragraph (i) of this Section 6(c)
         shall not apply to any issuance of shares of Common Stock for which an
         adjustment is provided under Section 6(a) or 6(b). No adjustment of the
         number of shares of Common Stock for which this Warrant shall be
         exercisable shall be made under paragraph (i) of this Section 6(c) upon
         the issuance of any shares of Common Stock which are issued pursuant to
         the exercise of any warrants or other subscription or purchase rights
         or pursuant to the exercise of any conversion or exchange rights in any
         Convertible Securities, if any such adjustment shall previously have
         been made upon the issuance of such warrants or other rights or upon
         the issuance of such Convertible Securities (or upon the issuance of
         any warrant or other rights therefor) pursuant to Section 6(d) or
         Section 6(e).

         (d) Issuance of Warrants or Other Rights. If at any time Company shall
take a record of the holders of its Common Stock for the purpose of entitling
them to receive a distribution of, or shall in any manner (whether directly or
by assumption in a merger in which Company is the surviving corporation) issue
or sell, any warrants or other rights to subscribe for or purchase any shares of
Common Stock or any Convertible Securities, whether or not the rights to
exchange or convert thereunder are immediately exercisable, and the price per
share for which Common Stock is issuable upon the exercise of such warrants or
other rights or upon conversion or exchange of such Convertible Securities shall
be less than the Trigger Price, then the number of shares for which this Warrant
is exercisable and the Exercise Price shall be adjusted as provided in Section
6(c) on the basis that the maximum number of shares of Common Stock issuable
pursuant to all such warrants or other rights or necessary to effect the
conversion or exchange of all such Convertible Securities shall be deemed to
have been issued and outstanding and the Company shall be deemed to have
received all the consideration payable therefor, if any, as of the date of
issuance of such warrants or other rights. No further adjustment of the Exercise
Price(s) shall be made upon the actual issuance of such Common Stock or of such
Convertible Securities upon exercise of such warrants or other rights or upon
the actual issuance of such Common Stock upon such conversion or exchange of
such Convertible Securities.

                                       7
<PAGE>

         (e) Issuance of Convertible Securities. If at any time Company shall
take a record of the holders of its Common Stock for the purpose of entitling
them to receive a distribution of, or shall in any manner (whether directly or
by assumption in a merger in which Company is the surviving corporation) issue
or sell, any Convertible Securities, whether or not the rights to exchange or
convert thereunder are immediately exercisable, and the price per share for
which Common Stock is issuable upon such conversion or exchange shall be less
than the then current Exercise Price, then the number of shares of Common Stock
for which this Warrant is exercisable and the Exercise Price shall be adjusted
as provided in Section 6(c) on the basis that the maximum number of shares of
Common Stock necessary to effect the conversion or exchange of all such
Convertible Securities shall be deemed to have been issued and outstanding and
Company shall have received all of the consideration payable therefor, if any,
as of the date of issuance of such Convertible Securities. If any issue or sale
of Convertible Securities is made upon exercise of any warrant or other right to
subscribe for or to purchase any such Convertible Securities for which
adjustments of the number of shares of Common Stock for which this Warrant is
exercisable and the Exercise Price have been or are to be made pursuant to
Section 6(d), no further adjustment of the number of shares of Common Stock for
which this Warrant is exercisable and the Exercise Price shall be made by reason
of such record, issue or sale.

         (f) No adjustment in the Exercise Price shall be required unless such
adjustment would require an increase or decrease of at least one cent ($0.01) in
such price; provided, however, that any adjustments which by reason of this
Section 6(f) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this Section 6(f)
shall be made to the nearest cent or to the nearest one-hundredth of a share, as
the case may be.

         (g) The Company may retain a firm of independent public accountants of
recognized standing selected by the Board (who may be the regular accountants
employed by the Company) to make any computation required by this Section 6.

         (h) In the event that at any time, as a result of an adjustment made
pursuant to Section 6(a), (b) or (c) of this Warrant, the Holder of any Warrant
thereafter shall become entitled to receive any shares of the Company, other
than Common Stock, thereafter the number of such other shares so receivable upon
exercise of any Warrant shall be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions with
respect to the Common Stock contained in Sections 6(a) through (g), inclusive,
of this Warrant.

         (i) Notwithstanding the foregoing, no adjustment shall be effected due
to, or as a result of, any Permitted Issuances.

         (j) Other Action Affecting Common Stock. In case at any time or from
time to time Company shall take any action in respect of its Common Stock, other
than any action described in this Section 6, then, unless such action will not
have a materially adverse effect upon the rights of the Holders, the number of
shares of Common Stock or other stock for which this Warrant is exercisable
and/or the purchase price thereof shall be adjusted in such manner as may be
equitable in the circumstances.

                                       8
<PAGE>

         7. REDEMPTION. This AAN Warrant shall not be redeemable by the Company
at anytime.

         8. OFFICER'S CERTIFICATE. Whenever the Exercise Price(s) shall be
adjusted as required by the provisions of Section 6 of this Warrant, the Company
shall forthwith file in the custody of its Secretary or an Assistant Secretary
at its principal office and with its stock transfer agent, if any, an officer's
certificate showing the adjusted Exercise Price(s) and the adjusted number of
shares of Common Stock issuable upon exercise of each Warrant, determined as
herein provided, setting forth in reasonable detail the facts requiring such
adjustment, including a statement of the number of additional shares of Common
Stock, if any, and such other facts as shall be necessary to show the reason for
and the manner of computing such adjustment. A copy of each such officer's
certificate shall be forwarded to Holder.

         9. NOTICES TO WARRANT HOLDERS. So long as this Warrant shall be
outstanding, (1) if the Company shall pay any dividend or make any distribution
upon Common Stock, or (2) if the Company shall offer to the holders of Common
Stock for subscription or purchase by them any share of any class or any other
rights, or (3) if any capital reorganization of the Company, reclassification of
the capital stock of the Company, consolidation or merger of the Company with or
into another entity, tender offer transaction for the Company's Common Stock,
sale, lease or transfer of all or substantially all of the property and assets
of the Company, or voluntary or involuntary dissolution, liquidation or winding
up of the Company shall be effected, or (4) if the Company shall file a
registration statement under the Securities Act, on any form other than on Form
S-4 or S-8 or any successor form, then in any such case, the Company shall cause
to be mailed by certified mail to the Holder, at least ten days prior to the
date specified in clauses (1), (2), (3) or (4), as the case may be, of this
Section 9 a notice containing a brief description of the proposed action and
stating the date on which (i) a record is to be taken for the purpose of such
dividend, distribution or rights, or (ii) such reclassification, reorganization,
consolidation, merger, tender offer transaction, conveyance, lease, dissolution,
liquidation or winding up is to take place and the date, if any is to be fixed,
as of which the holders of Common Stock or other securities shall receive cash
or other property deliverable upon such reclassification, reorganization,
consolidation, merger, conveyance, dissolution, liquidation or winding up, or
(iii) such registration statement is to be filed with the Securities and
Exchange Commission.

         10. RECLASSIFICATION, REORGANIZATION OR MERGER. In case of any
reclassification, capital reorganization or other change of outstanding shares
of Common Stock of the Company, or in case of any consolidation or merger of the
Company with or into another corporation (other than a merger with a subsidiary
in which merger the Company is the continuing or surviving corporation and which
does not result in any reclassification, capital reorganization or other change
of outstanding shares of Common Stock of the class issuable upon exercise of
this Warrant) or in case of any sale, lease or conveyance of all or
substantially all of the assets of the Company, the Company shall, as a
condition precedent to such transaction, cause effective provisions to be made
so that (i) the Holder shall have the right thereafter by exercising this
Warrant, to purchase the kind and amount of shares of stock and other securities
and property receivable upon such reclassification, capital reorganization and
other change, consolidation, merger, sale or conveyance by a holder of the
number of shares of Common Stock which could have been purchased upon exercise
of this Warrant immediately prior to such reclassification, change,
consolidation, merger, sale or conveyance, and (ii) the successor or acquiring
entity shall expressly assume the due and punctual observance and performance of
each covenant and condition of this Warrant to be performed and observed by
Company and all obligations and liabilities hereunder (including but not limited
to the provisions of Section 3 regarding the increase in the number of shares of
Warrant Stock potentially issuable hereunder). Any such provision shall include
provision for adjustments which shall be as nearly equivalent as possible to the
adjustments provided for in this Warrant. The foregoing provisions of this
Section 10 shall similarly apply to successive reclassifications, capital
reorganizations and changes of shares of Common Stock and to successive
consolidations, mergers, sales or conveyances. In the event that in connection
with any such capital reorganization or reclassification, consolidation, merger,
sale or conveyance, additional shares of Common Stock shall be issued in
exchange, conversion, substitution or payment, in whole in part, for a security
of the Company other than Common Stock, any such issue shall be treated as an
issuance of Common Stock covered by the provisions of Section 6 of this Warrant.

                                       9
<PAGE>

         11. TRANSFER TO COMPLY WITH THE SECURITIES ACT OF 1933. This Warrant or
the Warrant Stock or any other security issued or issuable upon exercise of this
Warrant may not be sold or otherwise disposed of except as follows:

                  (i) to a person who, in the opinion of counsel for the
         Company, is a person to whom this Warrant or Warrant Stock may legally
         be transferred without registration and without the delivery of a
         current prospectus under the Act with respect thereto and then only
         against receipt of an agreement of such person to comply with the
         provisions of this Section 11 with respect to any resale or other
         disposition of such securities which agreement shall be satisfactory in
         form and substance to the Company and its counsel; or

                  (ii) to any person upon delivery of a prospectus then meeting
         the requirements of the Act relating to such securities and the
         offering thereof for such sale or disposition.

         12. GOVERNING LAW; JURISDICTION. The corporate laws of the State of New
Jersey shall govern all issues concerning the relative rights of the Company and
its stockholders. All issues concerning the construction, validity, enforcement
and interpretation of this Warrant shall be governed by and construed in
accordance with the internal laws of the State of New York without giving effect
to the principles of conflicts of law thereof. The parties hereto agree that
venue in any and all actions and proceedings related to the subject matter of
this Warrant shall be in the state and federal courts in and for New York, New
York, which courts shall have exclusive jurisdiction for such purpose, and the
parties hereto irrevocably submit to the exclusive jurisdiction of such courts
and irrevocably waive the defense of an inconvenient forum to the maintenance of
any such action or proceeding. Service of process may be made in any manner
recognized by such courts. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of the change, waiver, discharge or termination
is sought.

                                       10
<PAGE>

         13. NOTICES. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (i) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Section prior to 6:30 p.m. (New York City
time) on a Business Day, (ii) the Business Day after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Agreement later than 6:30 p.m. (New York City
time) on any date and earlier than 11:59 p.m. (New York City time) on such date,
(iii) the Business Day following the date of mailing, if sent by nationally
recognized overnight courier service, or (iv) upon actual receipt by the party
to whom such notice is required to be given. The address for such notices and
communications shall be as follows:

                                       AA Northvale Medical Associates, Inc.
                                       224-S Pegasus Avenue
                                       Northvale, New Jersey 07647
                                       Attn: President
                                       Tel: (201) 767-6040  Fax: (201) 784-0620

                  or such other address as it shall have specified to the
Subscriber in writing, with a copy (which shall not constitute notice) to:

                                       Frank J. Hariton, Esq.
                                       1065 Dobbs Ferry Road
                                       White Plains, New York 10607
                                       Attn: Frank J. Hariton
                                       Tel: 914.674.4373; Fax: 914.693.2963

                  If to the Holder:    Maxim Group, LLC
                                       405 Lexington Avenue, 2nd Floor
                                       New York, NY 10017
                                       Facsimile No.: (212) 895-2555
                                       Attn:  Anthony Sarkis

         14. PAYMENT OF TAXES. The Company will pay all documentary stamp taxes
attributable to the issuance of shares of Common Stock underlying this Warrant
upon exercise of this Warrant; provided, however, that the Company shall not be
required to pay any tax which may be payable in respect of any transfer involved
in the registration of any certificate for shares of Common Stock underlying
this Warrant in a name other that of the Holder. The Holder is responsible for
all other tax liability that may arise as a result of holding or transferring
this Warrant or receiving shares of Common Stock underlying this Warrant upon
exercise hereof.

                            [signature page follows]

                                       11
<PAGE>

IN WITNESS WHEREOF, this Warrant has been duly executed as of _______, 2004.

                                         AA NORTHVALE MEDICAL ASSOCIATES, INC.

                                         By:____________________________________
                                         Name:
                                         Title:

                                       12
<PAGE>

                                  PURCHASE FORM

To: AA Northvale Medical Associates, Inc.                     Dated:____________

   The undersigned, pursuant to the provisions set forth in the attached Warrant
(No. ___), hereby elects to purchase (check applicable box):

   _________ shares of the Common Stock of AA Northvale Medical Associates, Inc.
covered by such Warrant; or

   the maximum number of shares of Common Stock covered by such Warrant pursuant
to the cashless exercise procedure set forth in section 2(a).

   The undersigned herewith makes payment of the full Exercise Price for such
shares at the price per share provided for in such Warrant, plus the return for
cancellation of a like number of Corresponding ADMT Warrants. Such payment takes
the form of (check applicable box or boxes):

                  $______ in lawful money of the United States; and/or

                  the cancellation of such portion of the attached Warrant as is
                  exercisable for a total of _____ Warrant Shares (using a Fair
                  Market Value of $_____ per share for purposes of this
                  calculation) ; and/or

                  the cancellation of such number of Warrant Shares as is
                  necessary, in accordance with the formula set forth in section
                  2(a), to exercise this Warrant with respect to the maximum
                  number of Warrant Shares purchasable pursuant to the cashless
                  exercise procedure set forth in section 2(a).

                                ----------------------------------------
                                Print or Type Name

                                ----------------------------------------
                                (Signature must conform in all respects to name
                                of holder as  specified on the face of Warrant)

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

                                ----------------------------------------
                                (City) (State) (Zip Code)

<PAGE>

                     INSTRUCTIONS FOR REGISTRATION OF STOCK

Name:___________________________________________
          (Please typewrite or print in block letters)

Signature:________________________________________

Social Security or Employer Identification No.:_________________________

<PAGE>

                                 ASSIGNMENT FORM

         FOR VALUE RECEIVED, _____________________________________ hereby sells,
assigns and transfer unto:

Name:____________________________________________________
             (Please typewrite or print in block letters)

Address:_________________________________________________

Social Security or Employer Identification No.:__________________________

The right to purchase Common Stock represented by this Warrant to the extent of
shares as to which such right is exercisable and does hereby irrevocably
constitute and appoint attorney to transfer the same (along with the
Corresponding ADMT Warrant) on the books of the Company with full power of
substitution.

         Dated: _________________, 200_.

                                      Signature:________________________________

Signature Guaranteed:

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]