Document:

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                                                                     EXHIBIT 4.7

                     THIS WARRANT MAY BE TRANSFERRED ONLY
                      IN ACCORDANCE WITH SECTION 3 HEREOF

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND SHALL NOT BE (1) SOLD,
PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED FOR CONSIDERATION, BY THE
HOLDER, EXCEPT UPON THE ISSUANCE TO THE CORPORATION OF A FAVORABLE OPINION OF
ITS COUNSEL AND/OR THE SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS
MAY BE SATISFACTORY TO COUNSEL FOR THE CORPORATION, IN EITHER CASE TO THE EFFECT
THAT ANY SUCH TRANSFER FOR CONSIDERATION SHALL NOT BE IN VIOLATION OF THE ACT OR
RULE 144 PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS; OR (2) TRANSFERRED WITHOUT CONSIDERATION BY
THE HOLDER EXCEPT UPON THE ISSUANCE TO THE CORPORATION OF A FAVORABLE OPINION OF
ITS COUNSEL OR THE SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS MAY
BE SATISFACTORY TO COUNSEL TO THE CORPORATION, IN EITHER CASE TO THE EFFECT THAT
ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE ACT AND APPLICABLE STATE
SECURITIES LAWS.

                       THIS WARRANT IS ONLY EXERCISABLE
                         WITHIN FIVE YEARS OF THE DATE
                           OF ITS INITIAL ISSUANCE.

W-AMG#1                                                      Warrant to Purchase
                                                                50,000 Shares of
                                                                    Common Stock

         Issued as of: March 16, 2000 ("date of the initial issuance")

                           WORLDQUEST NETWORKS, INC.
               Organized Under the Laws of the State of Delaware

     THIS CERTIFIES THAT for value received, Advanced Multimedia Group, Inc.,
the registered holder hereof (the "Holder") is entitled to purchase from
WorldQuest Networks, Inc. (the "Corporation"), at the purchase price of six
dollars ($6.00) per share (the " Exercise Price"), within five years (60 months)
from the date of the initial issuance of this Warrant (the "Exercise Period"),
up to 50,000 shares of Common Stock, $.001 par value per share, of the
Corporation ("Common Stock"). The Exercise Price per share shall be subject to
adjustment from time to time as set forth herein.

     This Warrant evidences the right to purchase an aggregate of up to 50,000
shares of Common Stock. The shares of Common Stock to be issued upon exercise of
the Warrant are referred to herein as "Warrant Shares."
<PAGE>

     1.   Expiration Date. The Warrant represented hereby will expire in its
          ---------------
entirety and no longer be exercisable after 5:00 p.m. Dallas, Texas time on
March 16, 2005 ("Expiration Date").

     2.   Manner of Exercise. The Warrant may be exercised at the Corporation's
          ------------------
Office at 16990 Dallas Parkway, Suite 220, Dallas, Texas 74248, or upon such
other location designated by the Corporation, upon presentation and surrender
hereof, together with the Warrant Purchase Form at the end hereof, duly
completed and signed, and upon payment to the Corporation of the Exercise Price
(subject to adjustment in accordance with the provisions of Section 8 hereof) in
cash or cash equivalents for the number of full Warrant Shares in respect of
which such Warrants are being exercised.

     The Corporation shall not be required to issue fractional Warrant Shares on
the exercise of Warrants. When Warrants are presented for exercise in full at
the same time by the same Holder, the number of full Warrant Shares which shall
be issuable upon the exercise thereof shall be computed on the basis of the
aggregate number of Warrant Shares purchasable on exercise of the Warrants so
presented. If any fraction of a Warrant Share would be issuable on the exercise
of any Warrants in full, the Corporation shall pay an amount in cash equal to
the then current market price per Warrant Share (as determined in the sole
discretion of the Corporation's Board of Directors, unless the Common Stock is
traded on a national securities exchange or Nasdaq, in which case, the Fair
Market Value of the Stock shall be based on the closing sales price of the
Common Stock on the date the Warrant is exercised, or the closing bid price, if
no closing sales price is available) multiplied by such fraction. When Warrants
are presented for exercise as to a specified portion, only full Warrant Shares
shall be issuable and a new Warrant bearing the original initial issuance date
shall be issuable evidencing the remaining Warrant or Warrants.

     Upon such surrender of Warrants and payment of the Exercise Price as
aforesaid, the Corporation shall issue and cause to be delivered with all
reasonable speed to the Holder, in the name of the Holder, a certificate or
certificates for the number of full Warrant Shares so purchased together with
payment for any fractional shares as provided above in this Section 2, and the
Holder shall be deemed to have become a holder of record of such Warrant Shares
as of the date of the surrender of such Warrants and payment of the Exercise
Price, as aforesaid; provided, however, that if, at the date of surrender of
                     --------  -------
such Warrants and payment of the Exercise Price, the transfer books for the
Warrant Shares or other class of stock purchasable upon the exercise of such
Warrants shall be closed, the certificates for the Warrant Shares in respect of
which such Warrants are then exercised shall be issuable as of the date on which
such books shall next be opened (whether before or after the Expiration Date)
and until such date, the Corporation shall be under no duty to deliver any
certificate for such Warrant Shares. The rights of purchase represented by the
Warrants shall be exercisable, at the election of the Holder, either in full or
from time to time in part and, in the event that a Warrant is exercised in
respect of less than all of the Warrant Shares purchasable on such exercise at
any time prior to the Expiration Date of the Warrants, a new Warrant evidencing
the remaining Warrant or Warrants will be issued; provided, however, the
                                                  --------  -------
Corporation shall not be required to issue fractional Warrants. All Warrants
surrendered in the exercise of the rights thereby evidenced shall be canceled by
the Corporation.

                                       2
<PAGE>

     3.   Limitations on the Transferability of Warrants. The Warrants shall
          ----------------------------------------------
not be transferable unless the Holder complies with this paragraph. Any
purported transfer not in compliance with this paragraph shall be null and void.
The Warrants shall be transferable only on the books of the Corporation
maintained at its office at 16990 Dallas Parkway, Suite 220, Dallas, Texas
75248, or at such other address as the Corporation may designate to the Holder
in writing, upon delivery thereof duly endorsed with signatures properly
guaranteed by a commercial bank or securities brokerage firm or accompanied by
proper evidence of succession, assignment or authority to transfer. Upon any
registration of transfer, the Corporation shall deliver a new Warrant or
Warrants to the persons entitled thereto bearing the following or similar legend
if such Warrant or Warrants are not registered under the Act:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
     "ACT"), AND SHALL NOT BE (1) SOLD, PLEDGED, HYPOTHECATED, OR
     OTHERWISE TRANSFERRED FOR CONSIDERATION, BY THE HOLDER,
     EXCEPT UPON THE ISSUANCE TO THE CORPORATION OF A FAVORABLE
     OPINION OF ITS COUNSEL AND/OR THE SUBMISSION TO THE
     CORPORATION OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO
     COUNSEL FOR THE CORPORATION, IN EITHER CASE TO THE EFFECT
     THAT ANY SUCH TRANSFER FOR CONSIDERATION SHALL NOT BE IN
     VIOLATION OF THE ACT OR RULE 144 PROMULGATED BY THE
     SECURITIES AND EXCHANGE COMMISSION UNDER THE ACT AND
     APPLICABLE STATE SECURITIES LAWS; OR (2) TRANSFERRED WITHOUT
     CONSIDERATION BY THE HOLDER EXCEPT UPON THE ISSUANCE TO THE
     CORPORATION OF A FAVORABLE OPINION OF ITS COUNSEL OR THE
     SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS MAY
     BE SATISFACTORY TO COUNSEL TO THE CORPORATION, IN EITHER
     CASE TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN
     VIOLATION OF THE ACT AND APPLICABLE STATE SECURITIES LAWS.

     4.   Payment of Taxes. The Corporation will pay all documentary stamp
          ----------------
taxes, if any, attributable to the initial issuance of Warrant Shares upon the
exercise of Warrants; provided, however, that the Corporation shall not be
                      --------  -------
required to pay any other tax or taxes which may be payable in respect of any
transfers involved in the issuance or delivery of any Warrants or certificates
for Warrant Shares in a name other than that of the registered Holder of the
Warrants in respect of which such Warrant Shares are issued, and in such case
the Corporation shall not be required to issue or deliver any certificate for
shares of Common Stock or any Warrant until the person requesting the same has
paid to the Corporation the amount of such tax or has established to the
Corporation's satisfaction that such tax has been paid.

     5.   Mutilated, Lost, Stolen or Destroyed. In case any of the Warrants
          ------------------------------------
shall be mutilated, lost, stolen or destroyed, the Corporation may at its
discretion issue, upon cancellation of the mutilated Warrant, or in lieu of and
in substitution for the Warrant lost, stolen or destroyed, a new Warrant of like
tenor and representing an equivalent right or interest; but only upon receipt of
evidence satisfactory to the Corporation of such loss, theft or destruction of
such

                                       3
<PAGE>

Warrant, and indemnity, if requested, also satisfactory to the Corporation. An
applicant for such a substitute Warrant shall also comply with such other
reasonable regulations as the Corporation may prescribe.

     6.   Reservation of Warrant Shares. The Corporation shall at all times,
          -----------------------------
while the Warrants are exercisable, keep reserved, out of its authorized Common
Stock, a number of shares of Common Stock sufficient to provide for the exercise
of the rights of purchase represented by the outstanding Warrants. Immediately
after the Expiration Date, however, no shares shall be subject to reservation in
respect of such Warrants.

     7.   Cancellation of Warrants. The Corporation shall cancel any Warrants
          ------------------------
surrendered for exchange, substitution, transfer or exercise in whole or in
part.

     8.   Adjustments. The Warrant Shares purchasable hereunder and the Exercise
          -----------
Price shall be subject to adjustments from time to time upon the happening of
certain events, as hereinafter defined:

     8.1. Mechanical Adjustments. The number of Warrant Shares purchasable upon
          ----------------------
the exercise of each Warrant and the Exercise Price shall be subject to
adjustment as follows:

          (a)  In the event of stock dividend or any recapitalization of the
     Corporation involving a split or combination of the Common Stock or an
     exchange of shares of Common Stock of the Corporation, an adjustment will
     be made in (i) the aggregate number of shares reserved for issuance under
     the Warrants, and (ii) the number and exercise price of shares subject to
     the Warrants, provided that the number of shares subject to the Warrants
     shall always be a whole number. The number of Warrant Shares purchasable
     upon exercise of each Warrant immediately prior thereto shall be adjusted
     so that the Holder of each Warrant shall be entitled to receive the number
     of Warrant Shares which the Holder would have owned or have been entitled
     to receive after the happening of any of the events described above, had
     such Warrant been exercised immediately prior to the happening of such
     event or any record date with respect thereto. An adjustment made pursuant
     to this paragraph (a) shall become effective immediately after the
     effective date of such event retroactive to the record date, if any, for
     such event.

          (b)  No adjustment in the number of Warrant Shares purchasable
     hereunder shall be required unless such adjustment would require an
     increase or decrease of at least one percent (1%) in the number of Warrant
     Shares purchasable upon the exercise of each Warrant; provided, however,
                                                           --------  -------
     that any adjustments which by reason of this paragraph (b) are not required
     to be made shall be carried forward and taken into account in any
     subsequent adjustment. All calculations shall be made to the nearest one-
     hundredth of a share.

          (c)  Whenever the number of Warrant Shares purchasable upon the
     exercise of each Warrant is adjusted, as herein provided, the Exercise
     Price payable upon the exercise of each Warrant shall be adjusted by
     multiplying the Exercise Price immediately prior to the adjustment by a
     fraction, of which the numerator shall be the number of Warrant Shares
     purchasable upon the exercise of each Warrant immediately prior to the

                                       4
<PAGE>

     adjustment, and of which the denominator shall be the number of Warrant
     Shares so purchasable immediately thereafter.

          (d)  For the purpose of this Subsection 8.1, the term "shares of
     Common Stock" shall mean (i) the class of stock designated as the Common
     Stock of the Corporation at the date of this Warrant, or (ii) any other
     class of stock resulting from successive changes or reclassification of
     such shares consisting solely of changes in par value, or from par value to
     no par value, or from no par value to par value.

     8.2. Notice of Adjustment. Whenever the number of Warrant Shares
          --------------------
purchasable upon the exercise of each Warrant or the Exercise Price of such
Warrant Shares is adjusted, as herein provided, the Corporation shall cause to
be mailed by first class mail, postage prepaid, to the Holder notice of such
adjustment or adjustments setting forth the number of Warrant Shares purchasable
upon the exercise of each Warrant and the Exercise Price of such Warrant Shares
after such adjustment, setting forth a brief statement of the facts requiring
such adjustment and setting forth the computation by which such adjustment was
made. Any failure by the Corporation to give notice to the Holder or any defect
therein shall not affect the validity of such adjustment or of the event
resulting in the adjustment, nor of the Holder's rights to such adjustment.

     8.3. No Adjustment for Dividends or Distributions. Except as provided in
          --------------------------------------------
Subsections 8.1 and 8.5, no adjustments in respect of any dividends or
distributions shall be made during the term of a Warrant or upon the exercise of
a Warrant.

     8.4. Rights Upon Consolidation, Merger, Etc.
          --------------------------------------

          (a)  In case of any consolidation of the Corporation with or merger of
     the Corporation into another corporation or in case of any sale or
     conveyance to another corporation of the property of the Corporation as an
     entirety or substantially as an entirety ("Sale"), such successor or
     purchasing corporation may assume the obligations hereunder, and may
     execute with the Corporation an agreement that each Holder shall have the
     right thereafter upon payment of the Exercise Price to purchase upon
     exercise of each Warrant the kind and amount of shares and other securities
     and property (including cash) which he would have owned or have been
     entitled to receive after the consummation of such Sale had such Warrant
     been exercised immediately prior to the Sale. The Corporation shall mail by
     first class mail, postage prepaid, to each Holder notice of the execution
     of any Sale agreement. Such agreement shall provide for adjustments, which
     shall be as nearly equivalent as may be practicable to the adjustments
     provided for in this Section 8. The provisions of this Subsection 8.4 shall
     similarly apply to successive consolidations, mergers, sales or
     conveyances.

          (b)  In the event that such successor corporation does not execute an
     agreement with the Corporation as provided in paragraph (a) above, then
     each Holder shall be entitled to exercise outstanding Warrants upon the
     payment of the Exercise Price during a period of at least thirty (30) days
     (or such lesser number of days then remaining in the Exercise Period) which
     period shall terminate not less than ten (10) days prior to consummation of
     the Sale, and thereby receive consideration in the transaction on the same
     basis as other previously outstanding shares of the same class as the
     Warrant Shares

                                       5
<PAGE>

     acquired upon exercise. Warrants not exercised in accordance with this
     paragraph (b) before consummation of the Sale will be canceled and become
     null and void. The Corporation shall mail by first class mail, postage
     prepaid, to each Holder, at least ten (10) days prior to the first date on
     which the Warrants are exercisable pursuant to this paragraph (b), notice
     of the proposed transaction setting forth the first and last date on which
     the Holder may exercise outstanding Warrants and a description of the terms
     of this Warrant providing for cancellation of the Warrants in the event the
     Warrants are not exercised by the prescribed date.

          (c)  The Corporation's failure to give any notice required by this
     Subsection 8.4 or any defect therein shall not affect the validity of any
     Sale.

     8.5. Rights Upon Liquidation. In case (i) the Corporation shall make any
          -----------------------
distribution of its assets to holders of its shares of Common Stock as a
liquidation or partial liquidation dividend or by way of return of capital; or
(ii) the Corporation shall liquidate, dissolve or wind up its affairs (other
than in connection with a Sale); or (iii) an involuntary liquidation occurs,
then the Corporation shall cause to be mailed to each Holder, by first class
mail, at least twenty (20) days prior to the applicable record date, a notice
stating the date on which such distribution, liquidation, dissolution or winding
up is expected to become effective, and the date on which it is expected that
holders of shares of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities or other property or assets (including
cash) deliverable upon such distribution, liquidation, dissolution or winding
up. The Corporation's failure to give the notice required by this Subsection 8.5
or any defect therein shall not affect the validity of such distribution,
liquidation, dissolution or winding up.

     8.6. Statement on Warrants. Irrespective of any adjustments in the Exercise
          ---------------------
Price, Warrants theretofore or thereafter issued may continue to express the
same price as is stated in the Warrants initially issued.

     9.   No Rights as Stockholders. Nothing contained in this Warrant shall be
          -------------------------
construed as conferring upon the Holder hereof the right to vote or to receive
dividends or to consent or to receive notice as stockholders in respect of any
meeting of stockholders called for the election of directors of the Corporation
or any other matter, or any rights whatsoever as stockholders of the
Corporation.

     10.  Notices. Any notice pursuant to this Warrant by any Holder to the
          -------
Corporation or by the Corporation to any Holder, shall be in writing and shall
be mailed first class, postage prepaid, or delivered: (i) to the Corporation, at
its office at 16990 Dallas Parkway, Suite 220, Dallas, Texas 75248, or such
other address as the Corporation may designate in writing to the Holder; or (ii)
to the Holder, at the Holder's address on the books of the Corporation. The
Corporation's failure to give any notice required by this Warrant or any defect
therein shall not affect the validity of the action taken by the Corporation in
connection therewith.

     11.  Applicable Law. This Warrant shall be governed by and construed in
          --------------
accordance with the laws of the State of Texas to the extent not preempted by
federal law, without giving effect to principles of conflict of laws.

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<PAGE>

     12.  Securities Laws. The exercise of Warrants is prohibited unless the
          ---------------
issuance of the Warrant Shares has been registered or qualified under applicable
federal and state laws or unless there is an exemption available from such
requirements.

     13.  Captions. The captions of the sections and subsections of this Warrant
          --------
have been inserted for convenience only and shall have no substantive effect.

     14.  Forum Designation. Any action or proceeding against any of the
          -----------------
parties hereto relating in any way to this Warrant or the subject matter hereof
shall be brought and enforced exclusively in the competent courts of Texas, and
the parties hereto consent to the exclusive jurisdiction of such courts in
respect of such action or proceeding.

     WITNESS the seal of the Corporation and the signatures of its duly
authorized officers.

                                             WORLDQUEST NETWORKS, INC.
                                             a Delaware corporation

                                             By:  /s/ Michael R. Lanham
                                                  ---------------------
                                                  President

                                             By:  /s/ Michael R. Lanham
                                                  ---------------------
                                                  Secretary

                                             Initial Date of Issuance:

                                             March 16, 2000

                                       7

<PAGE>

                               SUBSCRIPTION FORM

      (To be executed upon exercise of the Warrant pursuant to Section 2)

     The undersigned hereby irrevocably elects to exercise the right of purchase
represented by the within Warrant Certificate for, and to purchase thereunder
______________ shares of Common Stock, as provided for therein, and tenders
herewith payment of the purchase price in full in the form of cash or a
certified or official bank check in the amount of $____________.

     Please issue a certificate or certificates for such Common Stock in the
name of:

          Name: _____________________________

          ___________________________________

          ___________________________________

          ___________________________________
          (Please print Name, Address and
          Social Security Number)

          Signature _________________________

NOTE: The above signature should correspond exactly with the name on the first
page of this Warrant Certificate.

     If said number of shares shall not be all of the shares purchasable under
the within Warrant Certificate, a new Warrant Certificate is to be issued in the
name of aforementioned for the balance of the remaining shares purchasable
thereunder, rounded down to the nearest whole number of shares, if applicable.

                                       8<PAGE>

                                                                     EXHIBIT 4.8

                     THIS WARRANT MAY BE TRANSFERRED ONLY
                      IN ACCORDANCE WITH SECTION 3 HEREOF

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND SHALL NOT BE (1) SOLD,
PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED FOR CONSIDERATION, BY THE
HOLDER, EXCEPT UPON THE ISSUANCE TO THE CORPORATION OF A FAVORABLE OPINION OF
ITS COUNSEL AND/OR THE SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS
MAY BE SATISFACTORY TO COUNSEL FOR THE CORPORATION, IN EITHER CASE TO THE EFFECT
THAT ANY SUCH TRANSFER FOR CONSIDERATION SHALL NOT BE IN VIOLATION OF THE ACT OR
RULE 144 PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS; OR (2) TRANSFERRED WITHOUT CONSIDERATION BY
THE HOLDER EXCEPT UPON THE ISSUANCE TO THE CORPORATION OF A FAVORABLE OPINION OF
ITS COUNSEL OR THE SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS MAY
BE SATISFACTORY TO COUNSEL TO THE CORPORATION, IN EITHER CASE TO THE EFFECT THAT
ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE ACT AND APPLICABLE STATE
SECURITIES LAWS.

                       THIS WARRANT IS ONLY EXERCISABLE
                         WITHIN FIVE YEARS OF THE DATE
                           OF ITS INITIAL ISSUANCE.

W-AMG#2                                                      Warrant to Purchase
                                                                50,000 Shares of
                                                                    Common Stock

         Issued as of: April 26, 2000 ("date of the initial issuance")

                           WORLDQUEST NETWORKS, INC.
               Organized Under the Laws of the State of Delaware

     THIS CERTIFIES THAT for value received, Advanced Multimedia Group, Inc.,
the registered holder hereof (the "Holder") is entitled to purchase from
WorldQuest Networks, Inc. (the "Corporation"), at the purchase price of six
dollars ($6.00) per share (the " Exercise Price"), within five years (60 months)
from the date of the initial issuance of this Warrant (the "Exercise Period"),
up to 50,000 shares of Common Stock, $.01 par value per share, of the
Corporation ("Common Stock"). The Exercise Price per share shall be subject to
adjustment from time to time as set forth herein.

     This Warrant evidences the right to purchase an aggregate of up to
50,000 shares of Common Stock. The shares of Common Stock to be issued upon
exercise of the Warrant are referred to herein as "Warrant Shares."
<PAGE>

     1.   Expiration Date. The Warrant represented hereby will expire in its
          ---------------
entirety and no longer be exercisable after 5:00 p.m. Dallas, Texas time on
April 26, 2005 ("Expiration Date").

     2.   Manner of Exercise. The Warrant may be exercised at the Corporation's
          ------------------
Office at 16990 Dallas Parkway, Suite 220, Dallas, Texas 74248, or upon such
other location designated by the Corporation, upon presentation and surrender
hereof, together with the Warrant Purchase Form at the end hereof, duly
completed and signed, and upon payment to the Corporation of the Exercise Price
(subject to adjustment in accordance with the provisions of Section 8 hereof) in
cash or cash equivalents for the number of full Warrant Shares in respect of
which such Warrants are being exercised.

     The Corporation shall not be required to issue fractional Warrant Shares on
the exercise of Warrants. When Warrants are presented for exercise in full at
the same time by the same Holder, the number of full Warrant Shares which shall
be issuable upon the exercise thereof shall be computed on the basis of the
aggregate number of Warrant Shares purchasable on exercise of the Warrants so
presented. If any fraction of a Warrant Share would be issuable on the exercise
of any Warrants in full, the Corporation shall pay an amount in cash equal to
the then current market price per Warrant Share (as determined in the sole
discretion of the Corporation's Board of Directors, unless the Common Stock is
traded on a national securities exchange or Nasdaq, in which case, the Fair
Market Value of the Stock shall be based on the closing sales price of the
Common Stock on the date the Warrant is exercised, or the closing bid price, if
no closing sales price is available) multiplied by such fraction. When Warrants
are presented for exercise as to a specified portion, only full Warrant Shares
shall be issuable and a new Warrant bearing the original initial issuance date
shall be issuable evidencing the remaining Warrant or Warrants.

     Upon such surrender of Warrants and payment of the Exercise Price as
aforesaid, the Corporation shall issue and cause to be delivered with all
reasonable speed to the Holder, in the name of the Holder, a certificate or
certificates for the number of full Warrant Shares so purchased together with
payment for any fractional shares as provided above in this Section 2, and the
Holder shall be deemed to have become a holder of record of such Warrant Shares
as of the date of the surrender of such Warrants and payment of the Exercise
Price, as aforesaid; provided, however, that if, at the date of surrender of
                     --------  -------
such Warrants and payment of the Exercise Price, the transfer books for the
Warrant Shares or other class of stock purchasable upon the exercise of such
Warrants shall be closed, the certificates for the Warrant Shares in respect of
which such Warrants are then exercised shall be issuable as of the date on which
such books shall next be opened (whether before or after the Expiration Date)
and until such date, the Corporation shall be under no duty to deliver any
certificate for such Warrant Shares. The rights of purchase represented by the
Warrants shall be exercisable, at the election of the Holder, either in full or
from time to time in part and, in the event that a Warrant is exercised in
respect of less than all of the Warrant Shares purchasable on such exercise at
any time prior to the Expiration Date of the Warrants, a new Warrant evidencing
the remaining Warrant or Warrants will be issued; provided, however, the
                                                  --------  -------
Corporation shall not be required to issue fractional Warrants. All Warrants
surrendered in the exercise of the rights thereby evidenced shall be canceled by
the Corporation.

                                       2
<PAGE>

     3.   Limitations on the Transferability of Warrants. The Warrants shall
          ----------------------------------------------
not be transferable unless the Holder complies with this paragraph. Any
purported transfer not in compliance with this paragraph shall be null and void.
The Warrants shall be transferable only on the books of the Corporation
maintained at its office at 16990 Dallas Parkway, Suite 220, Dallas, Texas
75248, or at such other address as the Corporation may designate to the Holder
in writing, upon delivery thereof duly endorsed with signatures properly
guaranteed by a commercial bank or securities brokerage firm or accompanied by
proper evidence of succession, assignment or authority to transfer. Upon any
registration of transfer, the Corporation shall deliver a new Warrant or
Warrants to the persons entitled thereto bearing the following or similar legend
if such Warrant or Warrants are not registered under the Act:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
     "ACT"), AND SHALL NOT BE (1) SOLD, PLEDGED, HYPOTHECATED, OR
     OTHERWISE TRANSFERRED FOR CONSIDERATION, BY THE HOLDER,
     EXCEPT UPON THE ISSUANCE TO THE CORPORATION OF A FAVORABLE
     OPINION OF ITS COUNSEL AND/OR THE SUBMISSION TO THE
     CORPORATION OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO
     COUNSEL FOR THE CORPORATION, IN EITHER CASE TO THE EFFECT
     THAT ANY SUCH TRANSFER FOR CONSIDERATION SHALL NOT BE IN
     VIOLATION OF THE ACT OR RULE 144 PROMULGATED BY THE
     SECURITIES AND EXCHANGE COMMISSION UNDER THE ACT AND
     APPLICABLE STATE SECURITIES LAWS; OR (2) TRANSFERRED WITHOUT
     CONSIDERATION BY THE HOLDER EXCEPT UPON THE ISSUANCE TO THE
     CORPORATION OF A FAVORABLE OPINION OF ITS COUNSEL OR THE
     SUBMISSION TO THE CORPORATION OF SUCH OTHER EVIDENCE AS MAY
     BE SATISFACTORY TO COUNSEL TO THE CORPORATION, IN EITHER CASE
     TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION
     OF THE ACT AND APPLICABLE STATE SECURITIES LAWS.

     4.   Payment of Taxes. The Corporation will pay all documentary stamp
          ----------------
taxes, if any, attributable to the initial issuance of Warrant Shares upon the
exercise of Warrants; provided, however, that the Corporation shall not be
                      --------  -------
required to pay any other tax or taxes which may be payable in respect of any
transfers involved in the issuance or delivery of any Warrants or certificates
for Warrant Shares in a name other than that of the registered Holder of the
Warrants in respect of which such Warrant Shares are issued, and in such case
the Corporation shall not be required to issue or deliver any certificate for
shares of Common Stock or any Warrant until the person requesting the same has
paid to the Corporation the amount of such tax or has established to the
Corporation's satisfaction that such tax has been paid.

     5.   Mutilated, Lost, Stolen or Destroyed. In case any of the Warrants
          ------------------------------------
shall be mutilated, lost, stolen or destroyed, the Corporation may at its
discretion issue, upon cancellation of the mutilated Warrant, or in lieu of and
in substitution for the Warrant lost, stolen or destroyed, a new Warrant of like
tenor and representing an equivalent right or interest; but only upon receipt of
evidence satisfactory to the Corporation of such loss, theft or destruction of
such

                                       3
<PAGE>

Warrant, and indemnity, if requested, also satisfactory to the Corporation. An
applicant for such a substitute Warrant shall also comply with such other
reasonable regulations as the Corporation may prescribe.

     6.   Reservation of Warrant Shares. The Corporation shall at all times,
          -----------------------------
while the Warrants are exercisable, keep reserved, out of its authorized Common
Stock, a number of shares of Common Stock sufficient to provide for the exercise
of the rights of purchase represented by the outstanding Warrants. Immediately
after the Expiration Date, however, no shares shall be subject to reservation in
respect of such Warrants.

     7.   Cancellation of Warrants. The Corporation shall cancel any Warrants
          ------------------------
surrendered for exchange, substitution, transfer or exercise in whole or in
part.

     8.   Adjustments. The Warrant Shares purchasable hereunder and the Exercise
          -----------
Price shall be subject to adjustments from time to time upon the happening of
certain events, as hereinafter defined:

     8.1. Mechanical Adjustments. The number of Warrant Shares purchasable upon
          ----------------------
the exercise of each Warrant and the Exercise Price shall be subject to
adjustment as follows:

          (a)  In the event of stock dividend or any recapitalization of the
     Corporation involving a split or combination of the Common Stock or an
     exchange of shares of Common Stock of the Corporation, an adjustment will
     be made in (i) the aggregate number of shares reserved for issuance under
     the Warrants, and (ii) the number and exercise price of shares subject to
     the Warrants, provided that the number of shares subject to the Warrants
     shall always be a whole number. The number of Warrant Shares purchasable
     upon exercise of each Warrant immediately prior thereto shall be adjusted
     so that the Holder of each Warrant shall be entitled to receive the number
     of Warrant Shares which the Holder would have owned or have been entitled
     to receive after the happening of any of the events described above, had
     such Warrant been exercised immediately prior to the happening of such
     event or any record date with respect thereto. An adjustment made pursuant
     to this paragraph (a) shall become effective immediately after the
     effective date of such event retroactive to the record date, if any, for
     such event.

          (b)  No adjustment in the number of Warrant Shares purchasable
     hereunder shall be required unless such adjustment would require an
     increase or decrease of at least one percent (1%) in the number of Warrant
     Shares purchasable upon the exercise of each Warrant; provided, however,
                                                           --------  -------
     that any adjustments which by reason of this paragraph (b) are not required
     to be made shall be carried forward and taken into account in any
     subsequent adjustment. All calculations shall be made to the nearest one-
     hundredth of a share.

          (c)  Whenever the number of Warrant Shares purchasable upon the
     exercise of each Warrant is adjusted, as herein provided, the Exercise
     Price payable upon the exercise of each Warrant shall be adjusted by
     multiplying the Exercise Price immediately prior to the adjustment by a
     fraction, of which the numerator shall be the number of Warrant Shares
     purchasable upon the exercise of each Warrant immediately prior to the

                                       4
<PAGE>

     adjustment, and of which the denominator shall be the number of Warrant
     Shares so purchasable immediately thereafter.

          (d)  For the purpose of this Subsection 8.1, the term "shares of
     Common Stock" shall mean (i) the class of stock designated as the Common
     Stock of the Corporation at the date of this Warrant, or (ii) any other
     class of stock resulting from successive changes or reclassification of
     such shares consisting solely of changes in par value, or from par value to
     no par value, or from no par value to par value.

     8.2. Notice of Adjustment. Whenever the number of Warrant Shares
          --------------------
purchasable upon the exercise of each Warrant or the Exercise Price of such
Warrant Shares is adjusted, as herein provided, the Corporation shall cause to
be mailed by first class mail, postage prepaid, to the Holder notice of such
adjustment or adjustments setting forth the number of Warrant Shares purchasable
upon the exercise of each Warrant and the Exercise Price of such Warrant Shares
after such adjustment, setting forth a brief statement of the facts requiring
such adjustment and setting forth the computation by which such adjustment was
made. Any failure by the Corporation to give notice to the Holder or any defect
therein shall not affect the validity of such adjustment or of the event
resulting in the adjustment, nor of the Holder's rights to such adjustment.

     8.3. No Adjustment for Dividends or Distributions. Except as provided in
          --------------------------------------------
Subsections 8.1 and 8.5, no adjustments in respect of any dividends or
distributions shall be made during the term of a Warrant or upon the exercise of
a Warrant.

     8.4. Rights Upon Consolidation, Merger, Etc.
          --------------------------------------

          (a)  In case of any consolidation of the Corporation with or merger of
     the Corporation into another corporation or in case of any sale or
     conveyance to another corporation of the property of the Corporation as an
     entirety or substantially as an entirety ("Sale"), such successor or
     purchasing corporation may assume the obligations hereunder, and may
     execute with the Corporation an agreement that each Holder shall have the
     right thereafter upon payment of the Exercise Price to purchase upon
     exercise of each Warrant the kind and amount of shares and other securities
     and property (including cash) which he would have owned or have been
     entitled to receive after the consummation of such Sale had such Warrant
     been exercised immediately prior to the Sale. The Corporation shall mail by
     first class mail, postage prepaid, to each Holder notice of the execution
     of any Sale agreement. Such agreement shall provide for adjustments, which
     shall be as nearly equivalent as may be practicable to the adjustments
     provided for in this Section 8. The provisions of this Subsection 8.4 shall
     similarly apply to successive consolidations, mergers, sales or
     conveyances.

          (b)  In the event that such successor corporation does not execute an
     agreement with the Corporation as provided in paragraph (a) above, then
     each Holder shall be entitled to exercise outstanding Warrants upon the
     payment of the Exercise Price during a period of at least thirty (30) days
     (or such lesser number of days then remaining in the Exercise Period) which
     period shall terminate not less than ten (10) days prior to consummation of
     the Sale, and thereby receive consideration in the transaction on the same
     basis as other previously outstanding shares of the same class as the
     Warrant Shares

                                       5
<PAGE>

     acquired upon exercise. Warrants not exercised in accordance with this
     paragraph (b) before consummation of the Sale will be canceled and become
     null and void. The Corporation shall mail by first class mail, postage
     prepaid, to each Holder, at least ten (10) days prior to the first date on
     which the Warrants are exercisable pursuant to this paragraph (b), notice
     of the proposed transaction setting forth the first and last date on which
     the Holder may exercise outstanding Warrants and a description of the terms
     of this Warrant providing for cancellation of the Warrants in the event the
     Warrants are not exercised by the prescribed date.

          (c)  The Corporation's failure to give any notice required by this
     Subsection 8.4 or any defect therein shall not affect the validity of any
     Sale.

     8.5. Rights Upon Liquidation. In case (i) the Corporation shall make any
          -----------------------
distribution of its assets to holders of its shares of Common Stock as a
liquidation or partial liquidation dividend or by way of return of capital; or
(ii) the Corporation shall liquidate, dissolve or wind up its affairs (other
than in connection with a Sale); or (iii) an involuntary liquidation occurs,
then the Corporation shall cause to be mailed to each Holder, by first class
mail, at least twenty (20) days prior to the applicable record date, a notice
stating the date on which such distribution, liquidation, dissolution or winding
up is expected to become effective, and the date on which it is expected that
holders of shares of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities or other property or assets (including
cash) deliverable upon such distribution, liquidation, dissolution or winding
up. The Corporation's failure to give the notice required by this Subsection 8.5
or any defect therein shall not affect the validity of such distribution,
liquidation, dissolution or winding up.

     8.6. Statement on Warrants. Irrespective of any adjustments in the Exercise
          ---------------------
Price, Warrants theretofore or thereafter issued may continue to express the
same price as is stated in the Warrants initially issued.

     9.   No Rights as Stockholders. Nothing contained in this Warrant shall
          -------------------------
be construed as conferring upon the Holder hereof the right to vote or to
receive dividends or to consent or to receive notice as stockholders in respect
of any meeting of stockholders called for the election of directors of the
Corporation or any other matter, or any rights whatsoever as stockholders of the
Corporation.

     10.  Notices. Any notice pursuant to this Warrant by any Holder to the
          -------
Corporation or by the Corporation to any Holder, shall be in writing and shall
be mailed first class, postage prepaid, or delivered: (i) to the Corporation, at
its office at 16990 Dallas Parkway, Suite 220, Dallas, Texas 75248, or such
other address as the Corporation may designate in writing to the Holder; or (ii)
to the Holder, at the Holder's address on the books of the Corporation. The
Corporation's failure to give any notice required by this Warrant or any defect
therein shall not affect the validity of the action taken by the Corporation in
connection therewith.

     11.  Applicable Law. This Warrant shall be governed by and construed in
          --------------
accordance with the laws of the State of Texas to the extent not preempted by
federal law, without giving effect to principles of conflict of laws.

                                       6
<PAGE>

     12.  Securities Laws. The exercise of Warrants is prohibited unless the
          ---------------
issuance of the Warrant Shares has been registered or qualified under applicable
federal and state laws or unless there is an exemption available from such
requirements.

     13.  Captions. The captions of the sections and subsections of this Warrant
          --------
have been inserted for convenience only and shall have no substantive effect.

     14.  Forum Designation. Any action or proceeding against any of the parties
          -----------------
hereto relating in any way to this Warrant or the subject matter hereof shall be
brought and enforced exclusively in the competent courts of Texas, and the
parties hereto consent to the exclusive jurisdiction of such courts in respect
of such action or proceeding.

     WITNESS the seal of the Corporation and the signatures of its duly
authorized officers.

                                        WORLDQUEST NETWORKS, INC.
                                        a Delaware corporation

                                        By:  /s/ Michael R. Lanham
                                             ---------------------
                                             President

                                        By:  /s/ Michael R. Lanham
                                             ---------------------
                                             Secretary

                                        Initial Date of Issuance:

                                        April 26, 2000

                                       7
<PAGE>

                               SUBSCRIPTION FORM

      (To be executed upon exercise of the Warrant pursuant to Section 2)

     The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant Certificate for, and to purchase
thereunder ______________ shares of Common Stock, as provided for therein, and
tenders herewith payment of the purchase price in full in the form of cash or a
certified or official bank check in the amount of $____________.

     Please issue a certificate or certificates for such Common Stock in the
name of:

          Name: ______________________________

          ____________________________________

          ____________________________________

          ____________________________________
          (Please print Name, Address and
          Social Security Number)

          Signature __________________________

NOTE: The above signature should correspond exactly with the name on the first
page of this Warrant Certificate.

     If said number of shares shall not be all of the shares purchasable under
the within Warrant Certificate, a new Warrant Certificate is to be issued in the
name of aforementioned for the balance of the remaining shares purchasable
thereunder, rounded down to the nearest whole number of shares, if applicable.

                                       8

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