Document:

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                                                                   Exhibit 10.48

                          TRAVELBYUS-IT INCORPORATED

                                      AND

                       TRAVELBYUS-GALAXSEA INCORPORATED

                              PURCHASE OF ASSETS

                                      OF

                           INTERNATIONAL TOURS, INC.

                                      AND

                       GALAXSEA CRUISES AND TOURS, INC.

                                      AND

                             PURCHASE OF SHARES OF

                              I. T. CRUISE, INC.

                               October 13, 1999
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THIS AGREEMENT is made as of the 13/th/ day of October 1999.

A M O N G:

          INTERNATIONAL TOURS, INC., a corporation incorporated
          under the laws of the State of Oklahoma

          ("International Tours")

                                                               OF THE FIRST PART
                                    - AND -

          GALAXSEA CRUISES AND TOURS, INC., a corporation
          incorporated under the laws of the State of Oklahoma

          ("GalaxSea")
                                                              OF THE SECOND PART

          ("International Tours" and "GalaxSea" sometimes
          individually referred as a "Vendor" and collectively
          as the "Vendors")

                                    - AND -

          NORTH AMERICAN GAMING AND ENTERTAINMENT CORPORATION,
          a corporation incorporated under the laws of the
          State of Delaware

          ("NAGE")

                                                               OF THE THIRD PART

                                    - AND -

          TRAVELBYUS.COM LTD., a corporation incorporated under
          the laws of the Province of Ontario

          ("Travelbyus")

                                                              OF THE FOURTH PART

                                    - AND -

          TRAVELBYUS-IT INCORPORATED, a corporation incorporated under the laws
          of the State of Delaware

          ("Travelbyus-IT")
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                                      -2-

                                                               OF THE FIFTH PART

                                    - AND -

          TRAVELBYUS-GALAXSEA INCORPORATED, a corporation
          incorporated under the laws of the State of
          Delaware

          ("Travelbyus-GalaxSea")

                                                               OF THE SIXTH PART

WHEREAS International Tours is engaged in the marketing of leisure travel
programs to its network of affiliated retail travel agencies and all business
ancillary thereto (the "International Tours Business"), I.T. Cruise, Inc. ("IT
Cruise"), is engaged in the marketing of cruise programs and promotions to
retail travel agencies affiliated with International Tours and all business
ancillary thereto (the "IT Cruise Business") and GalaxSea is engaged in the
marketing of cruise programs and promotions to retail travel agencies affiliated
with GalaxSea and all business ancillary thereto (the "GalaxSea Business");

AND WHEREAS the Vendors have agreed to sell to Travelbyus-IT and Travelbyus-
GalaxSea (collectively, the "Purchaser") and the Purchaser has agreed to
purchase from the Vendors certain property, assets and undertaking of the
Vendors relating to the Purchased Business (as hereinafter defined), all upon
and subject to the terms and conditions hereof and NAGE has agreed to sell to
Travelbyus-IT and Travelbyus-IT has agreed to purchase from NAGE, all of the
issued and outstanding shares of IT Cruise, all on and subject to the terms and
conditions hereof;

AND WHEREAS NAGE has a direct interest in GalaxSea and will benefit from the
sale of the GalaxSea Assets (as herein defined) and receipt of the GalaxSea
Purchase Price (as herein defined) and has accordingly agreed to provide certain
covenants, agreements, representations and warranties and indemnities in favour
of the Purchaser and Travelbyus as hereinafter provided;

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the respective
covenants, agreements, representations, warranties and indemnities of the
parties herein contained and for other good and valuable consideration (the
receipt and sufficiency of which are acknowledged by each party), the parties
hereto hereby covenant and agree as follows:
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                          ARTICLE 1 - INTERPRETATION

1.1  Defined Terms

For the purposes of this Agreement, unless the context otherwise requires, the
following terms shall have the meanings set out below and grammatical variations
of such terms shall have corresponding meanings:

     (1)  "Accounts Receivable" means all accounts receivable and trade accounts
          receivable accruing after the Effective Date;

     (a)  "Affiliate" has the meaning set out in the OBCA;

     (b)  "Associate" has the meaning set out in the OBCA;

     (c)  "Assumed Liabilities" has the meaning set out in section 4.1;

     (d)  "Business Day" means any day, other than a Saturday or a Sunday, on
          which the principal chartered banks located in Toronto, Canada are
          open for business during normal banking hours;

     (e)  "Claim" has the meaning set out in section 11.3;

     (f)  "Clearance/Mailing Obligation" means the obligation of NAGE and
          International Tours to:

          (i)    forthwith prepare an information circular in prescribed form
                 outlining the terms and conditions of the sale of the Purchased
                 Shares and the GalaxSea Assets, providing requisite disclosure
                 as to the business and affairs of the Purchaser and Travelbyus
                 and describing the written consent resolution of International
                 Tours as majority shareholder (the "Information Circular");

          (ii)   file forthwith after its prompt preparation the Information
                 Circular with the SEC;

          (iii)  expeditiously and diligently clear any and all deficiencies
                 raised by the SEC; and

          (iv)   within 10 days after either; (a) clearance of the Information
                 Circular by the SEC; or (b) 10 days after the SEC has duly
                 received the Information Circular and has taken no action, to
                 mail the Information Circular (as revised or amended, if
                 applicable) to shareholders of NAGE in accordance with
                 requisite securities and corporate law and to advise the
                 Purchaser and Travelbyus in writing of the mailing date and the
                 date which will therefore be the Escrow Release Date;
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                                      -4-

     (g)  "Closing" means, as the case may be: (i) the consummation of the
          purchase and sale of the International Tours Assets effective as of
          the Effective Date commencing as of the Time of Closing on the Closing
          Date; and (ii) the consummation in escrow (pursuant to the Closing
          Escrow Agreement) of the purchase and sale of the Purchased Shares and
          the GalaxSea Assets effective as of the Effective Date, commencing as
          of the Escrow Release Date;

     (h)  "Closing Date" means October 13, 1999 or such other date as the
          Vendors, NAGE, the Purchaser and Travelbyus may mutually determine;

     (i)  "Closing Escrow Agreement" means the Closing Escrow Agreement to be
          entered into by the Parties and GPM on Closing with respect to the
          Purchased Shares and the GalaxSea Assets;

     (j)  "Contract" means any agreement, indenture, contract, lease, deed of
          trust, licence, option, instrument or other commitment, whether
          written or oral;

     (k)  "Date Data" means any data or input  which includes an indicate of or
          reference to date;

     (l)  "Direct Claim" has the meaning set out in section 11.3;

     (m)  "Effective Date" means October 1, 1999;

     (n)  "Employee Plans" means all pension, retirement, disability, medical,
          dental or other health insurance plans, life insurance or other death
          benefit plans, any stock option, bonus or other incentive plans,
          vacation benefit plans, severance plans or other employee benefit
          plans or arrangements to which the applicable company is a party or by
          which the applicable company is bound or with respect to which
          payments or contributions the applicable company may otherwise have
          any liability;

     (o)  "Encumbrance" means any encumbrance, lien, charge, hypothec, pledge,
          mortgage, title retention agreement, security interest of any nature,
          adverse claim, exception, reservation, easement, right of occupation,
          any matter capable of registration against title, option, right of
          pre-emption, privilege or any Contract to create any of the foregoing;

     (p)  "Escrow Agent" means Montreal Trust Company of Canada;

     (q)  "Escrow Release Date" means the earlier of (i) the date upon which the
          escrow pursuant to the Closing Escrow Agreement is released as a
          result of NAGE's and International Tour's fulfilment of the
          Clearance/Mailing Obligation, whereupon Closing of the purchase and
          sale of the Purchased Shares shall be deemed to have occurred as of
          the Time of Closing on the Closing Date and whereupon Closing of the
          purchase and sale of the
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          Galaxy Assets shall be deemed to have occurred as of the Effective
          Date; and (ii) March 31, 2000;

     (r)  "Excluded Assets" has the meaning set out in section 2.2;

     (s)  "Excluded Liabilities" has the meaning set out in section 4.2;

     (t)  "GalaxSea Assets" means the following property and assets used in
          connection with or otherwise relating to the GalaxSea Business,
          including for greater certainty and without limitation, those owned,
          leased and/or operated by GalaxSea West;

          (i)     Equipment. The machinery, equipment, fixtures, furniture,
                  furnishings, parts, and other fixed assets of or relating to
                  or used in the operation of the GalaxSea Business as described
                  in Schedule 1.1(t)(i);

          (ii)    Prepaid Expenses. The prepaid expenses and the benefits
                  thereof relating to the GalaxSea Business as described in
                  Schedule 1.1(t)(ii);

          (iii)   Agreements and Contracts. The rights under leases of personal
                  and real property (whether as lessee or lessor), orders or
                  contracts for the provision of goods or services (whether as
                  buyer or seller), distribution, associate, supplier, franchise
                  and agency agreements and all other Contracts of or relating
                  to the GalaxSea Business, described in Schedule 1.1(t)(iii)
                  and all Accounts Receivable with respect thereto;

          (iv)    Licences. All of the Licences described in Schedule 1.1(t)(iv)
                  and all Accounts Receivable with respect thereto;

          (v)     Intellectual Property. All trade or brand names, business
                  names, trade marks, trade mark registrations and applications,
                  service marks, service mark registrations and applications,
                  copyrights, copyright registrations and applications, patents,
                  internet domain names and registrations, 1-800 telephone
                  numbers, patent registrations and applications and other
                  patent rights (including any patents issued on such
                  applications or rights), trade secrets, proprietary
                  manufacturing information and know-how, equipment and parts
                  lists and descriptions, instructions manuals, inventions,
                  inventors' notes, research data, unpatented blue prints,
                  drawings and designs, formulae, processes, technology and
                  other intellectual property, together with all rights under
                  licences, registered user agreements, technology transfer
                  agreements and other agreements or instruments relating to any
                  of the foregoing (collectively, the "Intellectual Property"),
                  including without limitation, the trademarks, business names,
                  design marks,

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                                      -6-

                  copyrights, patents, licences and agreements described in
                  Schedule 1.1(t)(v);

          (vi)    Computer Software. The computer software, including all rights
                  under licences and other agreements or instruments relating
                  thereto set out in Schedule 1.1(t)(vi);

          (vii)   Books and Records. All books and records (other than minute
                  books and related corporate records and those required by law
                  to be retained by GalaxSea, copies of which will be made
                  available to the Purchaser and Travelbyus, provided that the
                  minute books and related corporate records of GalaxSea West
                  will be provided to Travelbyus-GalaxSea on Closing) including
                  without limitation, customer lists, sales records, price lists
                  and catalogues, sales literature, vouchers, advertising and
                  related material, employee manuals, (but not personnel
                  records), supply records, inventory records and correspondence
                  files (together with, in the case of any such information that
                  is stored electronically, the media on which the same is
                  stored);

          (viii)  Goodwill. All goodwill, together with the exclusive right for
                  the Purchaser to represent itself as carrying on the GalaxSea
                  Business in succession to GalaxSea and GalaxSea West and the
                  right to use any words indicating that the GalaxSea Business
                  is so carried on, including the Purchaser's right to use the
                  name "GalaxSea", or any variation thereof, as part of the name
                  or style under which the GalaxSea Business or any part thereof
                  is carried on by the Purchaser; and

          (ix)    Shares. All of the issued and outstanding shares (the
                  "GalaxSea West Shares") in the capital of GalaxSea West
                  Corporation ("GalaxSea West").

     (u)  "GalaxSea Business" has the meaning set out in the preambles to this
          Agreement;

     (v)  "GalaxSea Financial Statements" means the unaudited financial
          statements of GalaxSea as at the year ended December 31, 1998 and for
          the six months ending June 30, 1999;

     (w)  "GalaxSea Purchase Price" has the meaning set out in section 2.1(b);

     (x)  "GalaxSea Transferred Employees" means the employees listed on
          Schedule 1.1(x);

     (y)  "Governmental Authority" means any government, regulatory authority,
          governmental department, agency, commission, board, tribunal, crown
          corporation or court or other law, rule or regulation-making entity
          having or
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          purporting to have jurisdiction on behalf of any nation or province or
          state or other subdivision thereof or any municipality, district or
          other subdivision thereof;

     (z)  "GPM" means Glast, Phillips & Murray, PC;

     (aa) "Holdback" means the US$100,000 to be placed in escrow pursuant to the
          Representation and Warranty Escrow Agreement;

     (bb) "Indemnified Party" has the meaning set out in section 11.3;

     (cc) "Indemnifying Party" has the meaning set out in section 11.3;

     (dd) "Information Circular" has the meaning set out in the definition of
          Clearance/Mailing Obligation;

     (ee) "Intellectual Property" has the meaning set out in subsection
          1.1(t)(v);

     (ff) "International Tours Assets" means the following property and assets
          used in connection with or otherwise relating to the International
          Tours Business;

          (i)    Equipment. The machinery, equipment, fixtures, furniture,
                 furnishings, parts, and other fixed assets of or relating to or
                 used in the operation of the International Tours Business
                 described in Schedule 1.1(ff)(i);

          (ii)   Prepaid Expenses. The prepaid expenses and benefits thereof
                 relating to the International Tours Business described in
                 Schedule 1.1(ff)(ii);

          (iii)  Agreements and Contracts. The rights under leases of personal
                 and real property (whether as lessee or lessor), orders or
                 contracts for the provision of goods or services (whether as
                 buyer or seller), distribution, associate, supplier, franchise,
                 and agency agreements and all other Contracts, of or relating
                 to the International Tours Business described in Schedule
                 1.1(ff)(iii) and all Accounts Receivable with respect thereto;

          (iv)   Licences. All of the Licences described in Schedule 1.1(ff)(iv)
                 and all Accounts Receivable with respect thereto;

          (v)    Intellectual Property. All Intellectual Property including
                 without limitation, the trademarks, business names, design
                 marks, copyrights, patents, licences and agreements described
                 in Schedule 1.1(ff)(v);
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          (vi)    Computer Software. The computer software, including all rights
                  under licences and other agreements or instruments relating
                  thereto set out in Schedule 1.1(ff)(vi);

          (vii)   Books and Records. All books and records (other than minute
                  books and related corporate records and those required by law
                  to be retained by International Tours, copies of which will be
                  made available to the Purchaser and Travelbyus), including
                  without limitation, customer lists, sales records, price lists
                  and catalogues, sales literature, vouchers, advertising and
                  related material, sales records, employee manuals, (but not
                  personnel records), supply records, inventory records and
                  correspondence files (together with, in the case of any such
                  information that is stored electronically, the media on which
                  the same is stored); and

          (viii)  Goodwill. All goodwill, together with the exclusive right for
                  the Purchaser to represent itself as carrying on the
                  International Tours Business in succession to International
                  Tours and the right to use any words indicating that the
                  International Tours Business is so carried on, including the
                  Purchaser's right to use the name "International Tours", or
                  any variation thereof, as part of the name or style under
                  which the International Tours Business or any part thereof is
                  carried on by the Purchaser;

     (gg) "International Tours Business" has the meaning set out in the
          preambles to this Agreement;

     (hh) "International Tours Financial Statements" means the unaudited
          financial statements of International Tours as at the year ended
          December 31, 1998 and for the six months ended June 30, 1999;

     (ii) "International Tours Purchase Price" has the meaning set out in
          section 2.1(a);

     (jj) "International Tours Stock Component" has the meaning set out in
          section 2.1(a);

     (kk) "International Tours Transferred Employees" means the employees who
          are listed in Schedule 1.1(kk);

     (ll) "IT Cruise Assets" means all property and assets of IT Cruise,
          including for greater certainty and without limitation, the following:

          (i)  Equipment. The machinery, equipment, fixtures, furniture,
               furnishings, parts, and other fixed assets of or relating to or
               used in the operation of the IT Cruise Business described in
               Schedule 1.1(ll)(i);
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          (ii)    Prepaid Expenses. The prepaid expenses and the benefits
                  thereof relating to IT Cruise described in Schedule
                  1.1(ll)(ii);

          (iii)   Agreements and Contracts. The rights under leases of personal
                  and real property (whether as lessee or lessor), orders or
                  contracts for the provision of goods or services (whether as
                  buyer or seller), distribution, associate, supplier, franchise
                  and agency agreements and all other Contracts of or relating
                  to IT Cruise, described in Schedule 1.1(ll)(iii) and all
                  Accounts Receivable with respect thereto;

          (iv)    Licences. All of the Licences described in Schedule
                  1.1(ll)(iv) and all Accounts Receivable with respect thereto;

          (v)     Intellectual Property. All Intellectual Property including
                  without limitation, the trademarks, business names, design
                  marks, copyrights, patents, licences and agreements described
                  in Schedule 1.1(ll)(v);

          (vi)    Computer Software. The computer software, including all rights
                  under licences and other agreements or instruments relating
                  thereto set out in Schedule 1.1(ll)(vi);

          (vii)   Books and Records. All books and records (including minute
                  books and related corporate records) including without
                  limitation, customer lists, sales records, price lists and
                  catalogues, sales literature, vouchers, advertising and
                  related material, sales records, employee manuals, (but not
                  personnel records), supply records, inventory records and
                  correspondence files (together with, in the case of any such
                  information that is stored electronically, the media on which
                  the same is stored); and

          (viii)  Goodwill. All goodwill;

     (mm) "IT Cruise Business" has the meaning set out in the preambles to this
          Agreement;

     (nn) "IT Cruise Purchase Price" has the meaning set out in section 2.3;

     (oo) "IT Cruise Cash Component" has the meaning set out in section 2.3;

     (pp) "IT Cruise Financial Statements" means the unaudited financial
          statements of IT Cruise as at the year ended December 31, 1998 and for
          the six months ended June 30, 1999;

     (qq) "IT Cruise Stock Component" has the meaning set out in section 2.3;

     (rr)  Intentionally Deleted;
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     (ss)   "Leased Premises" has the meaning set out in section 6.1(h);

     (tt)   "Licences" means all licences, permits, approvals, consents,
            certificates, registrations and authorizations (whether
            governmental, regulatory or otherwise;

     (uu)   "LOI" means the letter agreement executed as of March 30, 1999
            between the Vendors, IT Cruise, NAGE and Travelgateways.com Inc., as
            amended April 7, 1999 and assigned to Travelbyus on July 23, 1999;

     (vv)   "Losses" means, in respect of any matter, all claims, demands,
            proceedings, losses, damages, liabilities, deficiencies, costs and
            expenses (including without limitation, all legal and other
            professional fees and disbursements, interest, penalties and amounts
            paid in settlement) arising directly or indirectly as a consequence
            of such matter;

     (ww)   "Management Agreement" means the interim management agreement to be
            entered into by GalaxSea, NAGE, IT Cruise, Travelbyus and the
            Purchaser on Closing, which agreement shall be effective as of the
            Effective Date;

     (xx)   "OBCA" means the Business Corporations Act, Ontario;

     (yy)   "Other Amounts" has the meaning set out in section 11.1(d);

     (zz)   "Parties" means collectively, the Vendors, NAGE, Travelbyus and the
            Purchaser and "Party" means any one of them;

     (aaa)  "Purchased Assets" means collectively the International Tours Assets
            and the GalaxSea Assets;

     (bbb)  "Purchased Business" means collectively, the International Tours
            Business and the GalaxSea Business;

     (ccc)  "Purchased Shares" means all of the issued and outstanding shares in
            the capital of IT Cruise;

     (ddd)  "Purchaser" has the meaning set out in the preambles to this
            Agreement;

     (eee)  "Representation and Warranty Escrow Agreement" means the
            representation and warranty escrow agreement to be entered into by
            the Parties and the Escrow Agent with respect to the Holdback;

     (fff)  "SEC" means the Securities and Exchange Commission;

     (ggg)  "Taxes" means and includes without limitation, all taxes, duties,
            fees, premiums, assessments, imposts, levies and other charges of
            any kind whatsoever imposed by any Governmental Authority, together
            with all interest, penalties, fines, additions to tax or other
            additional amounts
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                                      -11-

            imposed in respect thereof, including without limitation, those
            levied on or measured by or referred to as income, gross receipts,
            profits, capital transfer, land transfer, sales, goods and services,
            use, value-added, excise, stamp, withholding, business, franchising,
            property, payroll, employment, health, social services, education
            and social security taxes, all surtaxes, all customs duties and
            import and export taxes, all license, franchise and registration
            fees and all employment insurance, health insurance and United
            States and other government pension plan premiums;

     (hhh)  "Third Party" has the meaning set out in section 11.3;

     (iii)  "Third Party Claim" has the meaning set out in section 11.3;

     (jjj)  "Time of Closing" means 10:00 a.m. (Toronto time) on the Closing
            Date, or such other time on the Closing Date as the Parties may
            mutually determine;

     (kkk)  "Travelbyus Financial Statements" means the audited financial
            statements of Travelbyus as at the year ended December 31, 1998;

     (lll)  "TSE" means The Toronto Stock Exchange; and

     (mmm)  "WSE" means the Winnipeg Stock Exchange.

1.2  Currency

Unless otherwise indicated, all dollar amounts in this Agreement are expressed
in United States funds.

1.3  Sections and Headings

The division of this Agreement into Articles, sections and subsections and the
insertion of headings are for convenience of reference only and shall not affect
the interpretation of this Agreement. Unless otherwise indicated, any reference
in this Agreement to an Article, section, subsection or Schedule refers to the
specified Article, section or subsection of or Schedule to this Agreement.

1.4  Number, Gender and Persons

In this Agreement, words importing the singular number only shall include the
plural and vice versa, words importing gender and words importing persons shall
include individuals, corporations, partnerships, associations, trusts,
unincorporated organizations, governmental bodies and other legal or business
entities of any kind whatsoever.
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1.5   Accounting Principles

Any reference in this Agreement to generally accepted accounting principles
refers to generally accepted accounting principles that have been established in
the United States of America, including those approved from time to time by the
Financial Accounting Standards Board or any successor body thereto.

1.6   Entire Agreement

This Agreement together with the documents contemplated herein constitute the
entire agreement between the Parties with respect to the subject matter hereof
and supersede all prior agreements, understandings, negotiations and
discussions, whether written or oral including for greater certainty and without
limitation, the LOI. There are no conditions, covenants, agreements,
representations, warranties or other provisions, express or implied, collateral,
statutory or otherwise, relating to the subject matter hereof except as herein
provided.

1.7   Time of Essence

Time shall be the essence of this Agreement.

1.8   Applicable Law

This Agreement shall be construed, interpreted and enforced in accordance with,
and the respective rights and obligations of the Parties shall be governed by,
the laws of the State of Texas and each Party irrevocably and unconditionally
submits to the non-exclusive jurisdiction of the state and federal courts
located in Dallas County, Texas and all courts competent to hear appeals
therefrom.

1.9   Successors and Assigns

This Agreement shall enure to the benefit of and shall be binding on and
enforceable by the Parties and, where the context so permits, their respective
successors and permitted assigns. No Party may assign any of its rights or
obligations hereunder without the prior written consent of the other Parties.

1.10  Amendments and Waivers

No amendment or waiver of any provision of this Agreement shall be binding on
any Party unless consented to in writing by such Party. No waiver of any
provision of this Agreement shall constitute a waiver of any other provision nor
shall any waiver constitute a continuing waiver unless otherwise provided.

1.11  Schedules

The following Schedules are attached to and form part of this Agreement:

Schedule 1.1(t)(i)   -  Equipment etc. of the GalaxSea Business
Schedule 1.1(t)(ii)  -  Prepaid Expenses of the GalaxSea Business
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Schedule 1.1(t)(iii)   -   Agreements and Contracts of the GalaxSea Business
Schedule 1.1(t)(iv)    -   Licenses of the GalaxSea Business
Schedule 1.1(t)(v)     -   Intellectual Property of the GalaxSea Business
Schedule 1.1(t)(vi)    -   Computer Software of the GalaxSea Business
Schedule 1.1(ff)(i)    -   Equipment etc. of the International Tours Business
Schedule 1.1(ff)(ii)   -   Prepaid Expenses of the International Tours Business
Schedule 1.1(ff)(iii)  -   Agreements and Contracts of the International Tours
                           Business
Schedule 1.1(ff)(iv)   -   Licences of the International Tours Business
Schedule 1.1(ff)(v)    -   Intellectual Property of the International Tours
                           Business
Schedule 1.1(ff)(vi)   -   Computer Software of the International Tours Business
Schedule 1.1(kk)       -   International Tours Transferred Employees
Schedule 1.1(ll)(i)    -   Equipment etc. of IT Cruise
Schedule 1.1(ll)(ii)   -   Prepaid Expenses of IT Cruise
Schedule 1.1(ll)(iii)  -   Agreements and Contracts of IT Cruise
Schedule 1.1(ll)(iv)   -   Licences of IT Cruise
Schedule 1.1(ll)(v)    -   Intellectual Property of IT Cruise
Schedule 1.1(ll)(vi)   -   Computer Software of IT Cruise
Schedule 1.1(x)        -   GalaxSea Transferred Employees
Schedule 2.2(a)(i)     -   Prepaid Fees, etc. of the GalaxSea Business
Schedule 2.2(a)(ii)    -   Prepaid Fees, etc. of the International Tours
                           Business
Schedule 3.3           -   Allocation of Purchase Price among Purchased Assets
Schedule 6.1(a)        -   Jurisdictions in which International Tours is
                           authorized to carry on business
Schedule 6.1(d)(i)(A)  -   Third Party Contractual Consents for the
                           International Tours Business
Schedule 6.1(f)        -   Location of the International Tours Assets
Schedule 6.1(p)(i)     -   International Tours Financial Statements
Schedule 6.1(p)(iii)   -   Competing Business of the International Tours
                           Business
Schedule 6.1(r)        -   Legal and Regulatory Proceedings
Schedule 6.1(s)        -   Customers of the International Tours Business
Schedule 6.1(t)        -   Suppliers of the International Tours Business
Schedule 6.1(u)        -   Employee Plans and Collective Agreements of the
                           International Tours Business
Schedule 6.2(a)        -   Jurisdictions in which IT Cruise is authorized to
                           carry on business
Schedule 6.2(h)        -   Location of IT Cruise Assets
Schedule 6.2(j)        -   Authorized and Issued Capital of IT Cruise
Schedule 6.2(n)        -   Third Party Consents of IT Cruise
Schedule 6.2(r)        -   IT Cruise Financial Statements
Schedule 6.2(v)        -   Tax Disclosure of IT Cruise
Schedule 6.2(x)        -   Bank Accounts of IT Cruise
Schedule 6.2(aa)(iii)  -   Competing Business of the IT Cruise Business
Schedule 6.2(ac)       -   Customers of IT Cruise
Schedule 6.2(ad)       -   Suppliers of IT Cruise
Schedule 6.3(a)        -   Jurisdictions in which GalaxSea is authorized to
                           carry on business
Schedule 6.3(cc)       -   Bank Accounts of GalaxSea West
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Schedule 6.3(d)(i)(A)   -   Third Party Contractual Consents for the GalaxSea
                            Business
Schedule 6.3(e)         -   Location of the GalaxSea Assets
Schedule 6.3(o)(i)      -   GalaxSea Financial Statements
Schedule 6.3(o)(iii)    -   Competing Business of the GalaxSea Business
Schedule 6.3(r)         -   Customers of the GalaxSea Business
Schedule 6.3(s)         -   Suppliers of the GalaxSea Business
Schedule 6.3(t)         -   Employee Plans and Collective Agreements of the
                            GalaxSea Business
Schedule 7.1(f)         -   Travelbyus Financial Statements
Schedule 10.1(d)        -   Third Party Contractual Consents for IT Cruise
Schedule 11             -   Service Marks
Schedule 12             -   Disclosures Regarding International Tours Customers
Schedule 13             -   Disclosures Regarding International Tours Suppliers
Schedule 14             -   Disclosures Regarding GalaxSea Suppliers
Schedule 15             -   Disclosures Regarding Accounts Payable

                        ARTICLE 2 - PURCHASE AND SALE

2.1  Purchase and Sale of Purchased Assets
     -------------------------------------

Subject to the terms and conditions of this Agreement:

     (a)  International Tours shall convey, sell, assign and transfer to
          Travelbyus-IT and Travelbyus IT shall purchase from International
          Tours, effective as of the Effective Date commencing on the Time of
          Closing on the Closing Date, the International Tours Assets, free and
          clear of any and all Encumbrances, in exchange for the sum of
          US$666,666 (the "International Tours Cash Component") and 333,333
          common shares in the capital of Travelbyus(the "International Tours
          Stock Component"); provided that on Closing the International Tours
          Stock Component shall be placed in escrow pursuant to the Closing
          Escrow Agreement, to be released on the terms and conditions therein
          contained (the "International Tours Purchase Price"); and

     (b)  GalaxSea shall convey, sell, assign and transfer to Travelbyus-
          GalaxSea and Travelbyus-GalaxSea shall purchase from GalaxSea
          effective as of the Effective Date commencing on the Escrow Release
          Date pursuant to the Closing Escrow Agreement, the GalaxSea Assets,
          free and clear of any and all Encumbrances, in exchange for the sum of
          US$285,000 (the "GalaxSea Purchase Price");

2.2  Excluded Assets

For greater certainty, and without limitation, the Purchased Assets shall not
include any of the following property and assets of the Vendors (collectively,
the "Excluded Assets"):
<PAGE>

                                      -15-

     (a)  Cash. Save and except in respect of the prepaid fees, commissions and
          royalties identified on Schedules 2.2(a)(i) and 2.2(a)(ii), (which
          amounts will be paid on Closing to the Purchaser) all cash on hand or
          in banks or other depositions of the Vendors as of the Effective Date;

     (b)  Accounts Receivable. All Accounts Receivable due or accruing due to
          the Vendors in connection with the International Tours Business and
          the GalaxSea Business for the period arising prior to the Effective
          Date including without limitation, pro-rated, accrued vendor
          productivity bonuses;

     (c)  Inter-company Debt. All indebtedness of NAGE or IT Cruise and any of
          their Associates or Affiliates to any of the Vendors or IT Cruise
          and/or all indebtedness of any of the Vendors or IT Cruise and their
          Associates or Affiliates to any of the Vendors, IT Cruise or NAGE as
          of the Effective Date; and

     (d)  Income Taxes. All income tax or payroll tax instalments paid by either
          of the Vendors and the right to receive any refund of income taxes
          paid by either of the Vendors as of the Effective Date.

2.3  Purchase and Sale of Purchased Shares

Subject to the terms and conditions of this Agreement, NAGE shall convey, sell,
assign and transfer to Travelbyus-IT and Travelbyus-IT shall purchase from NAGE,
effective as of the Effective Date commencing on the Escrow Release Date, the
Purchased Shares, free and clear of any and all Encumbrances, in exchange for
(the "IT Cruise Purchase Price") US$1,048,334 (the "IT Cruise Cash Component")
and 666,667 common shares in the capital of Travelbyus (the "IT Cruise Stock
Component").

                             ARTICLE 3 - PURCHASE

3.1  Purchase Price

The Purchase Price shall be satisfied by the payment of the International Tours
Purchase Price, the GalaxSea Purchase Price and the IT Cruise Purchase Price.

3.2  Payment of Purchase Price

At the Time of Closing, the Purchaser shall satisfy and pay the Purchase Price
to the Vendors and NAGE as follows:

     (a)  Travelbyus-IT shall deliver to International Tours a certified cheque
          or bank draft representing the International Tours Cash Component less
          US$83,333 previously advanced as and by way of a deposit pursuant to
          the LOI and less US$33,333 on account of the Holdback;
<PAGE>

                                      -16-

     (b)  Travelbyus-GalaxSea shall deliver to GalaxSea a certified cheque
          representing the GalaxSea Purchase Price less the sum of US$35,000
          previously advanced as and by way of a deposit pursuant to the LOI and
          less US$33,333 on account of the Holdback;

     (c)  Travelbyus-IT shall deliver to NAGE a certified cheque or bank draft
          representing the IT Cruise Cash Component less US$131,667 previously
          advanced as and by way of a deposit pursuant to the LOI and less
          US$33,334 on account of the Holdback;

     (d)  Travelbyus-IT shall deliver to International Tours share certificates
          representing the International Tours Stock Component and International
          Tours shall forthwith deposit such share certificates with the Escrow
          Agent pursuant to the Closing Escrow Agreement;

     (e)  Travelbyus-IT shall deliver to NAGE share certificates representing
          the IT Cruise Stock Component and NAGE shall forthwith deposit such
          share certificates with the Escrow Agent pursuant to the Closing
          Escrow Agreement;

     (f)  the Purchaser shall deliver to the applicable Vendor a certified
          cheque or bank draft in the amount of the prepaid deposits listed on
          Schedules 1.1(t)(ii) and 1.1(ff)(ii) against delivery to the Purchaser
          by the Vendors of a certified cheque or bank draft in the amount of
          the prepaid fees listed on Schedules 2.2(a)(i) and 2.2(a)(ii); and

     (g)  In addition to payment of the Purchase Price, the Purchaser shall
          deliver to GalaxSea, International Tours IT Cruise and NAGE, as
          applicable, certified cheques or bank drafts in an amount equal to
          payment made by any of them after September 30, 1999 for expenses
          accruing and paid after September 30, 1999 relating to the
          International Tours Business, the GalaxSea Business and the IT Cruise
          Business.

3.3  Allocation of Purchase Price

Each of the Vendors and the Purchaser covenant and agree to allocate the
Purchase Price among the Purchased Assets in accordance with the terms and
conditions of this Agreement and specifically Schedule 3.3 and to report the
sale and purchase of the Purchased Assets for all federal, state and local tax
purposes in a manner consistent with such allocation. Travelbyus does hereby
covenant and agree that it is the understanding of Travelbyus that the general
accepted practice in the Province of Ontario, consistent with requisite
securities laws, rules and policies published by the Ontario Securities
Commission and various telephone conversations between counsel to Travelbyus and
the Ontario Securities Commission, is that securities issued outside of the
Province of Ontario (i.e. to non-residents of Ontario) will have a 90 day
restriction on their tradeability, subject always to requisite and applicable
rules relative to the holding and sale of stock by insiders of public companies
such as Travelbyus.
<PAGE>

                                      -17-

3.4  Transfer Taxes

The Purchaser shall be liable for and shall pay all federal and state sales
taxes (including any retail sales taxes) and all other taxes, duties, fees or
other like charges of any jurisdiction properly payable in connection with the
transfer of the Purchased Assets by the Vendors to the Purchaser.

3.5  Payment of Accounts Payable

Each Vendor hereby covenants and agrees to be responsible for and pay upon
demand by the creditor (unless payment has previously been made by suh Vendor or
is disputed in good faith by such Vendor) all debts, liabilities and obligations
in respect of or relating to the Purchased Business and the Purchased Assets of
such Vendor (exclusive of the Assumed Liabilities) up to and including the
Effective Date save and except as set forth on Schedule 15.  At the request of
the Purchaser, the applicable Vendor shall provide written evidence of payment
of accounts payable.  To the extent that there is a dispute with any particular
customer and/or supplier with respect to the validity of a particular account
payable (or a portion thereof), the applicable Vendor shall provide notice to
the Purchaser and Travelbyus together with particular details of such dispute
and the applicable Vendor and the Purchaser shall attempt to resolve the dispute
with the supplier, bearing in mind that such supplier may be a valued supplier
of the Purchased Business.

                     ARTICLE 4 - ASSUMPTION OF LIABILITIES

4.1  Assumption of Certain Liabilities by the Purchaser

Subject to the provisions of this Agreement, as part of the consummation of the
purchase and sale of the Purchased Assets, the Purchaser shall only assume and
pay in the normal course as they fall due and discharge, perform and fulfil, the
obligations and liabilities of each Vendor (the "Assumed Liabilities") in
respect of the Contracts described in Schedules 1.1(t)(iii) and 1.1(ff)(iii),
the Licences described in Schedules 1.1(t)(iv) and 1.1(ff)(iv) and the
employment obligations in respect of the GalaxSea Transferred Employees and the
International Tours Transferred Employees.  For greater certainty and without
limitation, Travelbyus-IT shall assume the Assumed Liabilities with respect to
the International Tours Business, with effect as of the Effective Date, as of
the Time of Closing on the Closing Date and Travelbyus-GalaxSea shall assume the
Assumed Liabilities with respect to the GalaxSea Business, with effect as of the
Effective Date, as of the Escrow Release Date.

4.2  Non-Assumption of Excluded Liabilities

For greater certainty and without limitation, the Purchaser shall only be liable
for the Assumed Liabilities and the Purchaser is not assuming and shall not be
liable or responsible for any other debt, liability or obligation of the Vendors
incurred in connection with the Purchased Business or any other business (the
"Excluded Liabilities").
<PAGE>

                                      -18-

              ARTICLE 5 - CLOSING DATE AND TRANSFER OF POSSESSION

5.1  Closing Date and Place of Closing

Closing shall occur on the Closing Date at the offices of Cassels Brock &
Blackwell, Suite 2100, 40 King Street West, Toronto, Ontario, M5H 3C2 or at such
other place as the Parties may agree upon as the place of Closing.

5.2  Transfer and Delivery of Purchased Assets

Subject to compliance with the terms and conditions hereof:  (i) the transfer of
possession of the GalaxSea Assets shall be deemed to take effect as of the
Effective Date, commencing at midnight on the Escrow Release Date; and (ii) the
transfer of possession of the International Tours Assets shall be deemed to take
effect as of midnight on the Closing Date as of the Effective Date.

5.3  Further Assurances

From time to time subsequent to Closing and both before and after the Escrow
Release Date, each of the Vendors and NAGE shall at all times, promptly execute
and deliver all such documents, including without limitation, all such
additional conveyances, transfers, consents and other assurances and shall do
all such other acts and things as the Purchaser and Travelbyus, acting
reasonably, may from time to time request be executed or done in order to better
evidence, perfect or effectuate any provision of this Agreement or of any
agreement or other document executed pursuant to this Agreement or any of the
respective obligations intended to be created hereby or thereby.

                  ARTICLE 6 - REPRESENTATIONS AND WARRANTIES

6.1  Representations and Warranties relating to the International Tours Business
     and International Tours

International Tours represents and warrants to Travelbyus-IT and Travelbyus as
follows, and acknowledges that Travelbyus-IT and Travelbyus are relying on such
representations and warranties in connection with the purchase of the
International Tours Assets:

     (a)  Organization. International Tours is a corporation duly incorporated
          and organized and validly existing under the laws of the State of
          Oklahoma and has the corporate power to own or lease the International
          Tours' Assets, to carry on the International Tours Business and to
          enter into this Agreement and to perform its obligations hereunder.
          International Tours is duly qualified as a corporation to do business
          in each jurisdiction in which the nature of the International Tours
          Business or the International Tours Assets makes such qualification
          necessary and as set out in Schedule 6.1(a), except where the failure
          to be so qualified would not have a material adverse effect on the
          International Tours Business or the International Tours Assets.
<PAGE>

                                      -19-

     (b)  Authorization. The execution and delivery of this Agreement and the
          consummation of the transactions contemplated hereunder have been duly
          authorized by all necessary corporate action on the part of
          International Tours. This Agreement has been duly authorized, executed
          and delivered by International Tours and is a legal, valid and binding
          obligation of International Tours, enforceable against International
          Tours in accordance with its terms, except as enforcement may be
          limited by bankruptcy, insolvency and other laws affecting the rights
          of creditors generally and except that equitable remedies may be
          granted only in the discretion of a court of competent jurisdiction.

     (c)  No Other Agreements to Purchase. No person other than Travelbyus-IT or
          Travelbyus has any written or oral agreement or option or any right or
          privilege (whether by law, pre-emptive or contractual) capable of
          becoming an agreement or option for the purchase or acquisition from
          International Tours of any of the International Tours Assets.

     (d)  No Violation. The execution and delivery of this Agreement by
          International Tours and the consummation of the transactions herein
          provided for will not result in:

          (i)  the breach or violation of any of the provisions of, or
               constitute a default under, or conflict with or cause the
               acceleration of any obligation of International Tours under:

               (A)  any Contract to which International Tours is a party or by
                    which International Tours is or its properties or assets are
                    bound, following receipt of the consents to assignment
                    contemplated hereby in Schedule 6.1(d)(i)(A);

               (B)  any provision of the Articles of Incorporation (and any
                    amendments thereto) or by-laws or resolutions of the board
                    of directors (or any committee thereof) or shareholders of
                    International Tours;

               (C)  any judgment, decree, order or award of any court,
                    governmental body or arbitration body having jurisdiction
                    over International Tours;

               (D)  any Licence or authorization held by International Tours or
                    necessary for the operation of the International Tours
                    Business; or

               (E)  any applicable law, statute, ordinance, regulation or rule
                    applicable to International Tours, the International Tours
                    Business or any of the International Tours Assets; or

          (ii) the creation or imposition of any Encumbrance against the
          International Tours Business or any of the International Tours Assets.
<PAGE>

                                      -20-

          Except as set forth on Schedule 12 or 13, International Tours has no
          reason to believe that consents to the assignment of the Contracts
          which are to be procured post-Closing, as identified on Schedule
          6.1(d)(i)(A) will not be duly received, but makes no guarantees or
          assurances in this regard.

     (e)  Acts of Bankruptcy.  International Tours is not insolvent, has not
          proposed a compromise or arrangement to its creditors generally, has
          not taken any proceeding with respect to a compromise or arrangement,
          has not taken any proceeding to have itself declared bankrupt or
          wound-up, has not taken any proceeding to have a receiver appointed of
          any part of its assets and at present, no encumbrancer or receiver has
          taken possession of any of its property and no execution or distress
          is enforceable or levied upon any of its property and no petition for
          a receiving order in bankruptcy is filed against it.

     (f)  Sufficiency of International Tours Assets.  The International Tours
          Assets are sufficient to carry on the International Tours Business.
          Any equipment, computers and other tangible assets comprising the
          International Tours Assets are in good operating condition and are in
          a state of good repair and maintenance.  All tangible assets of the
          International Tours Business are situated at the locations set out in
          Schedule 6.1(f).

     (g)  Title to Personal Property.  The International Tours Assets are
          owned beneficially and, where appropriate, of record by International
          Tours with good and marketable title thereto, free and clear of all
          Encumbrances.  No person has any written or oral agreement, option,
          understanding or commitment or any right or privilege capable of
          becoming an agreement, for the purchase from International Tours of
          any of the International Tours Assets and there has been no
          assignment, subletting or granting of any licence (of occupation or
          otherwise) of or in respect of any of the International Tours Assets.
          International Tours does not own any real property or any shares in
          the capital of IT Cruise.

     (h)  Leased Property.  International Tours is not a party to any lease or
          agreement to lease in respect of any real property, whether as lessor
          or lessee, other than the right that has been granted by NAGE to
          occupy a portion of the premises leased by NAGE and located at 13150
          Coit Road, Suite 125, Dallas, Texas (the "Leased Premises").
          International Tours has the right to occupy and use a portion of the
          Leased Premises, subject to the rights of GalaxSea and IT Cruise to
          occupy a portion of the Leased Premises and the right of NAGE to
          occupy the remainder of the Leased Premises.

     (i)  Intellectual Property.  Schedule 1.1(ff)(v) sets out all registered or
          pending or unregistered Intellectual Property (including particulars
          of registration or application for registration) and all licences,
          registered user
<PAGE>

                                      -21-

          agreements and other Contracts that comprise or relate to the
          Intellectual Property of International Tours. The Intellectual
          Property of International Tours comprises all registered and
          unregistered, trade or brand names, business names, trade marks,
          service marks, copyrights, patents, trade secrets, know-how,
          inventions, designs and other industrial or intellectual property
          necessary to conduct the International Tours Business. International
          Tours is the beneficial and, where applicable, the registered owner of
          its Intellectual Property, free and clear of all Encumbrances, and is
          not a party to or bound by any Contract or any other obligation
          whatsoever that limits or impairs its ability to sell, transfer,
          assign or convey, or that otherwise affects, its Intellectual
          Property. Save as provided for in Schedule 1.1(ff)(v), no person has
          been granted any interest in or right to use all or any portion of the
          Intellectual Property. The conduct of the International Tours Business
          does not infringe upon the industrial or intellectual property rights,
          domestic or foreign, of any other person, nor has International Tours
          received any notice that the conduct of the International Tours
          Business, including the use of its Intellectual Property, infringes
          upon or breaches any industrial or intellectual property rights of any
          other person, and International Tours, after due inquiry, has no
          knowledge of any infringement or violation of any of its rights in its
          Intellectual Property. International Tours is not aware of any state
          of facts that casts doubt on the validity of enforceability of any of
          its Intellectual Property. International Tours has provided to
          Travelbyus-IT and Travelbyus a true and complete copy of all
          agreements, instruments and amendments thereto that comprise or relate
          to its Intellectual Property.

     (j)  Insurance.  International Tours has the International Tours Assets and
          the International Tours Business insured against loss or damage on a
          replacement cost basis and such insurance coverage will be continued
          in full force and effect to and including the Closing Date.
          International Tours is not in default with respect to any of the
          provisions contained in any such insurance policy and has not failed
          to give any notice or to present any claim under such insurance
          policy, in a due and timely fashion.

     (k)  Agreements and Commitments.  Except as described in Schedule
          1.1(ff)(iii), International Tours is not a party to or bound by any
          Contract relating to the International Tours Business or the
          International Tours Assets.  There is no oral agreement or Contract
          relating to the International Tours Business or the International
          Tours Assets which is material to the International Tours Business
          which has not been disclosed in writing to Travelbyus-IT and
          Travelbyus.  International Tours has performed all of the obligations
          required to be performed by it and is entitled to all benefits under,
          and is not in default or alleged to be in default in respect of, any
          Contract relating to the International Tours Business or the
          International Tours Assets to which it is a party or by which it is
          bound; all such Contracts are in good standing and in full force and
          effect, and no event, condition or occurrence exists that, after
          notice or lapse of time or both, would constitute a default under any
          of the
<PAGE>

                                      -22-

          foregoing, except as set forth on Schedule 1.1(ff)(iii). International
          Tours has made available to Travelbyus-IT and Travelbyus a true and
          complete copy of each Contract listed or described in Schedule
          1.1(ff)(iii) and all amendments, variations, extensions and
          modifications thereto. There is no requirement under any Contract
          relating to the International Tours Business or the International
          Tours Assets to which International Tours is a party or by which it is
          bound and which constitute part of the International Tours Assets to
          give any notice to, or to obtain the consent or approval of, any party
          to such Contract relating to the consummation of the transactions
          contemplated by this Agreement, except for the notifications, consents
          and approvals described in Schedule 6.1(d)(i)(A). Except as set forth
          on Schedule 12 or Schedule 13, International Tours has no reason to
          believe that any of the Contracts relating to the International Tours
          Business or the International Tours Assets will not be renewed, in the
          ordinary course of business, from and after their respective expiry
          dates on similar terms and conditions, but makes no guarantees or
          assurances in this regard.

     (l)  Compliance with Laws; Governmental Authorization. International Tours
          has complied in all material respects with all laws, statutes,
          ordinances, regulations, rules, judgments, decrees or orders
          applicable to the International Tours Business and/or the
          International Tours Assets, including without limitation, those
          relating to anti-competition and anti-combines. Neither International
          Tours nor any of its directors, officers, agents, employees or other
          persons acting on behalf of International Tours have, directly or
          indirectly, used any corporate funds for unlawful contributions,
          gifts, entertainment or other unlawful expenses relating to political
          activity, made any unlawful payments on behalf of International Tours
          to foreign or domestic government officials or employees or to foreign
          or domestic political parties or campaigns from corporate funds or
          knowingly made any false or fictitious entry on the books or records
          of International Tours or made any bribe, rebate, pay-off, influence
          payment, kickback or other unlawful payment on behalf of International
          Tours. Schedule 1.1(ff)(iv) sets out a complete and accurate list of
          all Licences held by or granted to International Tours and there are
          no other Licences necessary to carry on the International Tours
          Business or to own or lease any of the International Tours Assets.
          Each Licence is valid, subsisting and in good standing and
          International Tours is not in default or in breach of any Licence and,
          to the knowledge of International Tours, no proceeding is pending or
          threatened to revoke or limit any Licence. International Tours has
          made available a true and complete copy of each Licence and all
          amendments thereto to Travelbyus-IT and Travelbyus.

     (m)  Regulatory Consents and Approvals.  There is no requirement to make
          any filing with, give any notice to or to obtain any Licence, from any
          governmental or regulatory agency or authority as a condition to the
          lawful consummation of the transactions contemplated by this
          Agreement, except for the filings, notifications, licences, permits,
          certificates,
<PAGE>

                                      -23-

          registrations, consents and approvals that relate solely to the
          identity of Travelbyus-IT or the nature of any business carried on by
          Travelbyus-IT.

     (n)  Books and Records. The books and records of International Tours fairly
          and correctly set out and disclose, in accordance with generally
          accepted accounting principles, the financial position of
          International Tours as at the date hereof and all material financial
          transactions of International Tours relating to the International
          Tours Business have been accurately recorded in such books and
          records.

     (o)  Absence of Changes. Since June 30, 1999, the International Tours
          Business has carried on only in the ordinary and normal course
          consistent with past practice and there has not been; (i) any material
          adverse change in the condition (financial or otherwise), assets,
          liabilities, operations, earnings, business or prospects of the
          International Tours Business; (ii) any damage, destruction or loss
          (whether or not covered by insurance) affecting the International
          Tours Assets; or (iii) any obligation or liability (whether absolute,
          accrued, contingent or otherwise, and whether due or to become due)
          incurred by International Tours in connection with the International
          Tours Business, other than those incurred in the ordinary and normal
          course of the International Tours Business and consistent with past
          practice.

     (p)  Non-Arm's Length Transactions. With respect to the International Tours
          Business:

          (i)   Since June 30, 1999, International Tours has not made any
                payment or loan to, or borrowed any moneys from and is not
                otherwise indebted to, any officer, director, employee,
                shareholder or any other person not dealing at arm's length with
                International Tours or any Affiliate or Associate of any of the
                foregoing, except as disclosed on the International Tours
                Financial Statements attached as Schedule 6.1(p)(i) and except
                for usual employee reimbursements and compensation paid in the
                ordinary course of the International Tours Business; and

          (ii)  International Tours is not party to any Contract with any
                officer, director, employee, shareholder or any other person not
                dealing at arm's length with International Tours or any
                Affiliate or Associate of any of the foregoing.

          (iii) No officer, director, employee or shareholder of International
                Tours or any other person not dealing at arm's length with
                International Tours and no entity that is an Affiliate or
                Associate of one or more of such individuals:

                (a)  owns, directly or indirectly, any interest in (except for
                     shares representing less than 1% of the outstanding shares
                     of any
<PAGE>

                                      -24-

                    class or series of any publicly traded company), or is an
                    officer, director, employee or consultant or, any person
                    that is, or is engaged in business as, a competitor of the
                    International Tours Business (other than IT Cruise and
                    GalaxSea and other than as set forth on Schedule
                    6.1(p)(iii)) or a lessor, lessee, supplier, distributor,
                    sales agent or customer of the International Tours Business
                    (other than IT Cruise and GalaxSea);

               (b)  owns, directly or indirectly, in whole or in part, any
                    property that International Tours uses in the operation of
                    the International Tours Business (other than IT Cruise and
                    GalaxSea); or

               (c)  has any cause of action or other claim whatsoever against,
                    or owes any amount to, International Tours in connection
                    with the International Tours Business, except for any
                    liabilities reflected in the International Tours Financial
                    Statements and claims in the ordinary course of business,
                    consistent with past practice.

               (d)  The International Tours Financial Statements have been
                    prepared in accordance with generally accepted accounting
                    principles (except that the unaudited financial statements
                    do not have footnotes and are subject to year end audit
                    adjustment) applied on a basis consistent with that of the
                    preceding period and present fairly:

                    1.   all of the assets, liabilities and financial position
                         of International Tours as at the dates indicated; and

                    2.   the sales, earnings, results of operation and changes
                         in financial position of International Tours for all of
                         the dates indicated.

     (q)  Taxes.  International Tours has duly filed on a timely basis all tax
          returns required to be filed by it and has paid all Taxes that are due
          and payable, and all assessments, reassessments, governmental charges,
          penalties, interest and fines due and payable by it, except for those
          Taxes International Tours may be contesting in good faith.
          International Tours has made adequate provision for Taxes payable in
          respect of the International Tours Business for the current period and
          any previous period for which Tax returns are not yet required to be
          filed.  There are no actions, suits, proceedings, investigations or
          claims pending or, to the knowledge of International Tours, threatened
          against International Tours in respect of Taxes, nor are any material
          matters under discussion with any Governmental Authority with regard
          to Taxes asserted by any such authority.  International Tours has
          withheld from each payment made to
<PAGE>

                                      -25-

          any of its past or present employees, officers or directors, and to
          any non-residents of the United States, the amount of all Taxes and
          other deductions required to be withheld therefrom, and has paid the
          same to the proper tax or other receiving officers within the time
          required under applicable legislation.

     (r)  Litigation.  Except as described in Schedule 6.1(r), there are no
          actions, claims, suits or proceedings (whether or not purportedly on
          behalf of International Tours) pending or, to the knowledge of
          International Tours, threatened against or affecting International
          Tours at law or in equity or before or by any federal, state,
          municipal or other governmental department, court, commission, board,
          bureau, agency or instrumentality, domestic or foreign, or before or
          by an arbitrator or arbitration board, the resolution of which is
          expected to have a material adverse effect on the International Tours
          Business.  International Tours is not aware of any grounds on which
          any such action, suit or proceeding might be commenced with any
          reasonable likelihood of success.

     (s)  Customers. Schedule 6.1(s) sets out all of the revenue generating
          customers of the International Tours Business and the basis upon which
          they are a customer (i.e. franchise agreement, agency agreement,
          informal agreement, etc.). There has been no termination or
          cancellation of, and no material modification or change thereto except
          as described on Schedule 6.1(s). International Tours is not currently
          aware and has no reason to believe that the benefits of any
          relationship with a material number of the customers of the
          International Tours Business will not continue after Closing in
          substantially the same manner as prior to the date of this Agreement.

     (t)  Suppliers.  Schedule 6.1(t) sets out all the suppliers of the
          International Tours Business (those suppliers of the International
          Tours Business that account for more than 5% of revenue for calendar
          1998 are marked with an "m") and, except as described on Schedule
          6.1(t), there has been no termination or cancellation of, and no
          material modification or change in, International Tours' relationship
          with any of the material suppliers.  International Tours is not
          currently aware and has no reason to believe that the benefits of any
          relationship with a material number of the suppliers of the
          International Tours Business will not continue after Closing in the
          same manner as prior to the date of this Agreement. Notwithstanding
          the foregoing, Travelbyus-IT acknowledges that supplier contracts are
          negotiated annually at the end of each calendar year for the next
          following year.

     (u)  Employee Plans.  There are no Employee Plans with respect to the
          International Tours Business other than those listed in Schedule
          6.1(u).

     (v)  Collective Agreements.  Save and except as disclosed on Schedule
          6.1(u), International Tours has not made any agreements with any
          labour
<PAGE>

                                     -26-

          union or employee association nor made commitments to or conducted
          negotiations with any labour union or employee association with
          respect to any future agreements and International Tours is not aware
          of any current attempts to organize or to establish any labour union
          or employee association. There are no material controversies pending
          or threatened between any labour union or employee organization and
          International Tours. There are no pending or threatened representation
          questions respecting the employees of International Tours and there
          are no pending arbitration proceedings arising out of or under any
          union contract.

     (w)  Year 2000 Readiness.  To the knowledge of International Tours, the
          software currently utilized by International Tours in connection with
          the International Tours Business in its operation and the software
          developed by or on behalf of International Tours in connection with
          the International Tours Business and supplied to clients of
          International Tours in connection with the International Tours
          Business will function without error or interruption related to Date
          Data, specifically including errors or interruptions from functions
          which may involve Date Data from more than one century.  To the
          knowledge of International Tours, the software currently utilized by
          International Tours in connection with the International Tours
          Business, in its operation and developed by or on behalf of
          International Tours in connection with the International Tours
          Business and or otherwise supplied to clients of International Tours
          in connection with the International Tours Business does not contain
          any routines or devices introduced by International Tours or to the
          knowledge of International Tours introduced by any other person or in
          any other manner that could interfere with their use (including
          without limitation, time locks, keys or bombs) or interfere with,
          delete or corrupt data (commonly known as "viruses").

     (x)  Full Disclosure.  Neither this Agreement nor any document to be
          delivered by International Tours nor any certificate, report,
          statement or other document furnished by International Tours in
          connection with the negotiation of this Agreement contains or will
          contain any untrue statement of a material fact or omits or will omit
          to state a material fact necessary to make the statements contained
          herein or therein not misleading.  There has been no event,
          transaction or information that has come to the attention of
          International Tours that has not been disclosed to Travelbyus-IT and
          Travelbyus in writing and that could reasonably be expected to have a
          material adverse effect on the assets, business, earnings, prospects,
          properties or condition (financial or otherwise) of the International
          Tours Business and/or the International Tours Assets.

6.2  Representations and Warranties relating to the Purchased Shares, IT Cruise
     and NAGE

NAGE represents and warrants to Travelbyus-IT and Travelbyus as follows, and
acknowledges that Travelbyus-IT and Travelbyus are relying on such
representations
<PAGE>

                                     -27-

and warranties in connection with its purchase of the Purchased Shares and its
purchase of the GalaxSea Assets including without limitation, the GalaxSea West
Shares:

     (a)  Organization.  IT Cruise is a corporation duly incorporated and
          organized and validly existing under the laws of the State of Oklahoma
          and has the corporate power to own or lease its property and assets,
          to carry on the IT Cruise Business.  IT Cruise is duly qualified as a
          corporation to do business in each jurisdiction in which the nature of
          the IT Cruise Business or the IT Cruise Assets makes such
          qualification necessary and as set out in Schedule 6.2(a), except
          where the failure to be so qualified would not have a material adverse
          effect on IT Cruise or the IT Cruise Business.

     (b)  Organization.  NAGE is a corporation duly incorporated and validly
          existing under the laws of the State of Delaware and has the corporate
          power to own or lease its property, to carry on its business as now
          being conducted by it, to enter into this Agreement and to perform its
          obligations hereunder.

     (c)  Authorization.  The execution and delivery of this Agreement and the
          consummation of the transactions contemplated hereunder have been duly
          authorized by all necessary corporate action on the part of NAGE save
          and except as contemplated by the Clearance/Mailing Obligation.  This
          Agreement has been duly authorized, executed and delivered by NAGE and
          is a legal, valid and binding obligation of NAGE, enforceable against
          NAGE by Travelbyus-IT and Travelbyus in accordance with its terms,
          except as enforcement may be limited by bankruptcy, insolvency and
          other laws affecting the rights of creditors generally and except that
          equitable remedies may be granted only in the discretion of a court of
          competent jurisdiction.

     (d)  No Violation.  The execution and delivery of this Agreement by NAGE
          and the consummation of the transactions herein provided for will not
          result in:

          (i)  the breach or violation of any of the provisions of, or
               constitute a default under, or conflict with or cause the
               acceleration of any obligation of NAGE or IT Cruise, as the case
               may be, under:

               (A)  any Contract to which NAGE or IT Cruise is a party or by
                    which NAGE or IT Cruise or their respective properties or
                    assets are bound;

               (B)  any provision of the Articles of Incorporation or by-laws or
                    resolutions of the board of directors (or any committee
                    thereof) or shareholders of NAGE or IT Cruise, subject to
                    satisfaction of the Clearance/Mailing Obligation;
<PAGE>

                                     -28-

               (C)  any judgment, decree, order or award of any court,
                    governmental body or arbitration body having jurisdiction
                    over NAGE or IT Cruise;

               (D)  any licence, permit, approval, consent or authorization held
                    by NAGE or IT Cruise or necessary to the operation of their
                    respective businesses; or

               (E)  any applicable law, statute, ordinance, regulation or rule
                    applicable to NAGE or IT Cruise, their respective businesses
                    or assets; or

          (ii) the creation or imposition of any Encumbrance against the
               business or the assets of NAGE, including for greater certainty
               and without limitation, the Purchased Shares and/or the business
               or the assets of IT Cruise including for greater certainty and
               without limitation, the IT Cruise Assets and the IT Cruise
               Business.

     (e)  Right to Sell.  NAGE is the sole registered and beneficial owner of
          the Purchased Shares with good and marketable title thereto free and
          clear of all Encumbrances.  NAGE has the exclusive right to sell,
          transfer and assign the Purchased Shares to Travelbyus-IT as provided
          in this Agreement subject to the Clearance/Mailing Obligation.  The
          Purchased Shares are not subject to the terms of any shareholders'
          agreement, voting trust or voting agreement.

     (f)  No Other Agreements to Purchase.  No person other than Travelbyus-IT
          or Travelbyus has any written or oral agreement or option or any right
          or privilege (whether by law, pre-emptive or contractual) capable of
          becoming an agreement or option for the purchase or acquisition of the
          Purchased Shares or any of the issued and outstanding shares in the
          capital of IT Cruise.

     (g)  Acts of Bankruptcy.  Neither NAGE nor IT Cruise is insolvent, has
          proposed a compromise or arrangement to its creditors generally, has
          taken any proceeding with respect to a compromise or arrangement, has
          taken any proceeding to have itself declared bankrupt or wound-up, has
          taken any proceeding to have a receiver appointed of any part of its
          respective assets and at present, no encumbrancer or receiver has
          taken possession of any of its respective property and no execution or
          distress is enforceable or levied upon any of its respective property
          and no petition for a receiving order in bankruptcy is filed against
          it.

     (h)  Sufficiency of IT Cruise Assets.  The IT Cruise Assets are sufficient
          to carry on the IT Cruise Business.  All equipment, computers and
          other tangible assets comprising the IT Cruise Assets are in good
          operating condition and are in a state of good repair and maintenance.
          All tangible
<PAGE>

                                     -29-

          assets of the IT Cruise Business are situated at the locations set out
          in Schedule 6.2(h).

     (i)  No Litigation.  There are no outstanding claims at law or in equity or
          before any Governmental Authority pending or to NAGE's knowledge,
          proposed or threatened, which would prevent NAGE from completing the
          transaction contemplated by this Agreement.

     (j)  Capitalization.  The authorized capital and the issued capital of IT
          Cruise are as set forth in Schedule 6.2(j).  All of the outstanding
          shares in the capital of IT Cruise have been duly and validly issued
          and are outstanding as fully paid and non-assessable shares.  No
          options, warrants or other rights to purchase shares or other
          securities of IT Cruise and no securities or obligations convertible
          into or exchangeable for shares or other securities of IT Cruise have
          been authorized or agreed to be issued or are outstanding.

     (k)  Title to Personal Property.  The IT Cruise Assets are owned
          beneficially and, where appropriate, of record by IT Cruise with good
          and marketable title thereto, free and clear of all Encumbrances. No
          person has any written or oral agreement, option, understanding or
          commitment or any right or privilege capable of becoming an agreement
          for the purchase from IT Cruise of any of the IT Cruise Assets and
          there has been no assignment, subletting or granting of any licence
          (of occupation or otherwise) of or in respect of any of the IT Cruise
          Assets. IT Cruise does not own or lease any real property.

     (l)  Intellectual Property.  Schedule 1.1(ll)(v) sets out all registered or
          pending or unregistered Intellectual Property of IT Cruise (including
          particulars or registration or application for registration) and all
          licences, registered user agreements and other Contracts that comprise
          or relate to the Intellectual Property of IT Cruise.  The Intellectual
          Property of IT Cruise comprises all registered and unregistered, trade
          or brand names, business names, trade marks, service marks,
          copyrights, patents, trade secrets, know-how, inventions, designs and
          other industrial or intellectual property necessary to conduct the IT
          Cruise Business.  IT Cruise is the beneficial and, where applicable,
          the registered owner of its Intellectual Property, free and clear of
          all Encumbrances, and is not a party to or bound by any Contract or
          any other obligation whatsoever that limits or impairs its ability to
          sell, transfer, assign or convey, or that otherwise affects, its
          Intellectual Property, save as provided for in Schedule 1.1(ll)(v).
          No person has been granted any interest in or right to use all or any
          portion of the Intellectual Property of IT Cruise.  The conduct of the
          IT Cruise Business does not infringe upon the industrial or
          intellectual property rights, domestic or foreign, of any other
          person.  NAGE is not aware of a claim of any infringement or breach of
          any industrial or intellectual property rights of any person, nor has
          NAGE received any notice that the conduct of the IT Cruise Business,
          including the use of its
<PAGE>

                                     -30-

          Intellectual Property, infringes upon or breaches any industrial or
          intellectual property rights of any other person, and NAGE, after due
          inquiry, has no knowledge of any infringement or violation of any of
          the rights of IT Cruise in its Intellectual Property. NAGE is not
          aware of any state of facts that casts doubt on the validity or
          enforceability of any of the Intellectual Property of IT Cruise. NAGE
          has provided to Travelbyus-IT and Travelbyus a true and complete copy
          of all agreements, instruments and amendments thereto that comprise or
          relate to the Intellectual Property of IT Cruise.

     (m)  Insurance.  IT Cruise has the IT Cruise Assets and the IT Cruise
          Business insured against loss or damage on a replacement cost basis
          and such insurance coverage will be continued in full force and effect
          to and including the Escrow Release Date.  IT Cruise is not in default
          with respect to any of the provisions contained in any such insurance
          policy and has not failed to give any notice or to present any claim
          under any such insurance policy, in a due and timely fashion.

     (n)  Agreements and Commitments.  Except as described in Schedule
          1.1(ll)(iii), IT Cruise is not a party to or bound by any Contract
          relating to the IT Cruise Business or the IT Cruise Assets.  There is
          no oral agreement or Contract relating to the IT Cruise Business or
          the IT Cruise Assets which is material to the IT Cruise Business which
          has not been disclosed in writing to Travelbyus-IT and Travelbyus.  IT
          Cruise has performed all of the obligations required to be performed
          by it and is entitled to all benefits under, and is not in default or
          alleged to be in default in respect of, any Contract relating to the
          IT Cruise Business or the IT Cruise Assets to which it is a party or
          by which it is bound; all such Contracts are in good standing and in
          full force and effect, and no event, condition or occurrence exists
          that, after notice or lapse of time or both, would constitute a
          default under any of the foregoing, except as set forth on Schedule
          1.1(ll)(iii).  NAGE has made available to Travelbyus-IT and Travelbyus
          a true and complete copy of each Contract listed or described in
          Schedule 1.1(ll)(iii) and all amendments, variations, extensions and
          modifications thereto.  There is no requirement under any Contract
          relating to the IT Cruise Business or the IT Cruise Assets to which IT
          Cruise is a party or by which it is bound and which constitute part of
          the IT Cruise Assets to give any notice to, or to obtain the consent
          or approval of, any party to such Contract relating to the
          consummation of the transactions contemplated by this Agreement,
          except for the notifications, consents and approvals described in
          Schedule 6.2(n).  Except as set forth on Schedule 12 or Schedule 13,
          NAGE has no reason to believe that any of the Contracts relating to
          the IT Cruise Business or the IT Cruise Assets will not be renewed in
          the ordinary course of business from and after their respective expiry
          dates on similar terms and conditions but makes no guarantees or
          assurances in this regard.
<PAGE>

                                     -31-

     (o)  Compliance with Laws; Governmental Authorization.  IT Cruise has
          complied in all material respects with all laws, statutes, ordinances,
          regulations, rules, judgments, decrees or orders applicable to the IT
          Cruise Business and/or the IT Cruise Assets, including without
          limitation, those relating to anti-combines or anti-competition.
          Neither IT Cruise or NAGE nor any of their respective directors,
          officers, agents, employees or other persons acting on behalf of IT
          Cruise have, directly or indirectly, used any corporate funds for
          unlawful contributions, gifts, entertainment or other unlawful
          expenses relating to political activity, made any unlawful payments on
          behalf of IT Cruise to foreign or domestic government officials or
          employees or to foreign or domestic political parties or campaigns
          from corporate funds or knowingly made any false or fictitious entry
          on the books or records of IT Cruise or made any bribe, rebate, pay-
          off, influence payment, kickback or other unlawful payment on behalf
          of IT Cruise.  Schedule 1.1(ll)(iv) sets out a complete and accurate
          list of all Licences held by or granted to IT Cruise, and there are no
          other licences, permits, approvals, consents, certificates,
          registrations or authorizations necessary to carry on the IT Cruise
          Business or to own or lease any of the IT Cruise Assets.  Each Licence
          is valid, subsisting and in good standing and IT Cruise is not in
          default or in breach of any Licence and, to the knowledge of NAGE, no
          proceeding is pending or threatened to revoke or limit any Licence.
          NAGE has made available a true and complete copy of each Licence and
          all amendments thereto to Travelbyus-IT and Travelbyus.

     (p)  Regulatory Consents and Approvals.  There is no requirement to make
          any filing with, give any notice to or to obtain any Licence or
          approval of, any Governmental Authority as a condition to the lawful
          consummation of the transactions contemplated by this Agreement,
          except for the filings, notifications, licences, permits, certificates
          that relate solely to the identity of Travelbyus-IT or the nature of
          any business carried on by Travelbyus-IT.

     (q)  Books and Records.  The books and records of IT Cruise fairly and
          correctly set out and disclose, in accordance with generally accepted
          accounting principles, the financial position of IT Cruise as at the
          date hereof and all material financial transactions of IT Cruise
          relating to the IT Cruise Business have been accurately recorded in
          such books and records.

     (r)  IT Cruise Financial Statements.  The IT Cruise Financial Statements
          attached as Schedule 6.2(r) have been prepared in accordance with
          generally accepted accounting principles (except that the unaudited
          financial statements do not have footnotes and are subject to year end
          audit adjustment) and present fairly:

          (i)  all of the assets, liabilities and financial position of IT
               Cruise as at the dates indicated; and
<PAGE>

                                     -32-

          (ii) the sales, earnings, results of operation and changes in
               financial position of IT Cruise for all of the dates indicated.

     (s)  No Joint Venture Interests, etc.  IT Cruise is not a partner,
          beneficiary, trustee, co-tenant, joint venturer or otherwise a
          participant in any partnership, trust, joint venture, co-tenancy or
          other similar jointly owned business undertaking and IT Cruise has no
          significant investment interests in any business owned or controlled
          by any third person.

     (t)  Absence of Guarantees.  IT Cruise has not given or agreed to give and
          is not a party to or bound by any guarantee or indemnity in respect of
          indebtedness or other obligations of any person or any other
          commitment by which IT Cruise is, or is contingently, responsible for
          such indebtedness or other obligations.

     (u)  Restrictive Covenants.  IT Cruise is not a party to and is not bound
          or affected by any commitment, agreement or document containing any
          covenant expressly limiting the freedom of IT Cruise to compete in any
          line of business anywhere in the world, transfer or move any of its
          assets or operations or which materially or adversely affects the
          business practices, operations or conditions of IT Cruise or the
          continued operation of the IT Cruise Business after Closing on
          substantially the same basis as the IT Cruise Business is presently
          carried on.

     (v)  Tax Matters.  IT Cruise has filed on a timely basis (within the time
          and manner required by law) all federal and state income Tax returns
          and election forms and the Tax returns of any other jurisdiction
          required to be filed and all such returns and forms have been
          completed accurately and correctly in all respects.  As of the
          Effective Date IT Cruise will have paid all Taxes (including for
          greater certainty and without limitation, all federal, state and local
          Taxes, assessments and reassessments or other imposts in respect of
          income, business, assets or property) and all interest and penalties
          thereon, for all previous years and all required quarterly instalments
          due for the current fiscal year have been paid for which Tax returns
          are not yet required to be filed.  As of the Effective Date IT Cruise
          will have provided adequate reserves for all Taxes for the periods
          covered thereby, and such reserves are reflected in the IT Cruise
          Financial Statements or in the books and records of IT Cruise.  There
          are no agreements, waivers or other arrangements providing for an
          extension of time with respect to the filing of any Tax return by, or
          payment of any Tax, governmental charge or deficiency by IT Cruise nor
          are there any actions, suits, proceedings, investigations or claims
          now threatened or pending against IT Cruise in respect of, or
          discussions under way with any Governmental Authority relating to, any
          such Tax or governmental charge or deficiency.

          Except as set forth in Schedule 6.2(v), IT Cruise has not:
<PAGE>

                                     -33-

          (i)    acquired or had the use of any property from a person with whom
                 it was not dealing at arm's length other than at fair market
                 value;

          (ii)   disposed of any property to a person with whom it was not
                 dealing at arm's length for proceeds less than the fair market
                 value thereof; or

          (iii)  discontinued carrying on any business in respect of which non-
                 capital losses were incurred, and any non-capital losses which
                 IT Cruise has are not losses from property or business
                 investment losses;

          There are no contingent Tax liabilities nor any grounds which would
          prompt a reassessment.  The schedules attached to the corporate income
          Tax returns by IT Cruise for each taxation year reflect and disclose
          all transactions to which IT Cruise was a party as required by
          applicable revenue laws and all of the transactions to which IT Cruise
          was a party and required by applicable revenue laws to be included
          therein are reflected or disclosed in such financial statements and
          schedules and the corporate income Tax returns and schedules have been
          duly and accurately completed as required by such Acts.

     (w)  Corporate Records and Minute Books.  The corporate records and minute
          books of IT Cruise have been delivered or made available to
          Travelbyus-IT and Travelbyus.  The articles and by-laws of IT Cruise
          are in full force and effect and no amendments have been made to the
          same.  The minute books, including the articles and by-laws of IT
          Cruise include complete and accurate minutes of all meetings of the
          directors or shareholders of IT Cruise, as applicable, held to date or
          resolutions passed by the directors or shareholders on consent, since
          the date of incorporation of IT Cruise.  The share certificate book,
          register of shareholders, register of transfers and register of
          directors of IT Cruise are complete and accurate.

     (x)  Bank Accounts, etc.  Schedule 6.2(x) sets forth a complete list of
          every financial institution in which IT Cruise maintains any
          depository account, trust account or safety deposit box and the names
          of all persons authorized to draw on or who have access to such
          accounts or safety deposit box.

     (y)  Judgments and Executions and Insolvency Proceedings.  There are no
          judgments or executions against IT Cruise which are outstanding and
          unsatisfied.  IT Cruise has not made any assignment for the benefit of
          creditors nor has any receiving order been made against IT Cruise
          under the provisions of any applicable bankruptcy or insolvency
          legislation nor has any petition for such an order been served upon IT
          Cruise.
<PAGE>

                                     -34-

     (z)  Absence of Changes.  Since June 30, 1999, the IT Cruise Business has
          been carried on only in the ordinary and normal course consistent with
          past practice and there has not been; (i) any material adverse change
          in the condition (financial or otherwise), assets, liabilities,
          operations, earnings, business or prospects of the IT Cruise Business;
          (ii) any damage, destruction or loss (whether or not covered by
          insurance) affecting the IT Cruise Assets; or (iii) any obligation or
          liability (whether absolute, accrued, contingent or otherwise, and
          whether due or to become due) incurred by IT Cruise in connection with
          the IT Cruise Business, other than those incurred in the ordinary and
          normal course of the IT Cruise Business and consistent with past
          practice.

     (aa) Non-Arm's Length Transactions.  With respect to the IT Cruise
          Business:

          (i)    Since June 30, 1999, IT Cruise has not made any payment or loan
                 to, or borrowed any moneys from and is not otherwise indebted
                 to, any officer, director, employee, shareholder or any other
                 person not dealing at arm's length with IT Cruise or any
                 Affiliate or Associate of any of the foregoing, except as
                 disclosed on the IT Cruise Financial Statements and except for
                 usual employee reimbursements and compensation paid in the
                 ordinary course of the IT Cruise Business; and

          (ii)   IT Cruise is not party to any Contract with any officer,
                 director, employee, shareholder or any other person not dealing
                 at arm's length with IT Cruise or any Affiliate or Associate of
                 any of the foregoing.

          (iii)  No officer, director, employee or shareholder of IT Cruise or
                 any other person not dealing at arm's length with IT Cruise and
                 no entity that is an Affiliate or Associate of one or more of
                 such individuals:

                 (a)  Owns, directly or indirectly, any interest in (except for
                      shares representing less than 1% of the outstanding shares
                      of any class or series of any publicly traded company), or
                      is an officer, director, employee or consultant of, any
                      person that is, or is engaged in business as, a competitor
                      of the IT Cruise Business or a lessor, lessee, supplier,
                      distributor, sales agent or customer of the IT Cruise
                      Business (other than International Tours and GalaxSea and
                      the persons or entities set forth on Schedule
                      6.2(aa)(iii));

                 (b)  Owns, directly or indirectly, in whole or in part, any
                      property that IT Cruise uses in the operation of the IT
                      Cruise Business (other than International Tours and
                      GalaxSea);
<PAGE>

                                     -35-

                 (c)  Has any cause of action or other claim whatsoever against,
                      or owes any amount to, IT Cruise in connection with the IT
                      Cruise Business, except for any liabilities reflected in
                      the IT Cruise Financial Statements and claims in the
                      ordinary course of business, consistent with past
                      practice.

     (ab) Litigation.  Except as described in Schedule 6.1(r), there are no
          actions, claims, suits or proceedings (whether or not purportedly on
          behalf of IT Cruise) pending or, to the best knowledge of NAGE, after
          due enquiry, threatened against or affecting IT Cruise at law or in
          equity or before or by any federal, state, municipal or other
          governmental department, court, commission, board, bureau, agency or
          instrumentality, domestic or foreign, or before or by an arbitrator or
          arbitration board the resolution of which is expected to have a
          material adverse effect on the IT Cruise Business and/or the IT Cruise
          Assets.  NAGE is not aware of any ground on which any such action,
          suit or proceeding might be commenced with any reasonable likelihood
          of success.

     (ac) Customers.  Schedule 6.2(ac) sets out all of the revenue generating
          customers of IT Cruise and the basis upon which they are a customer
          (i.e. franchise agreement, agency agreement, informal arrangement,
          etc.).  There has been no termination or cancellation of, and no
          material modification or change in IT Cruise's relationship with any
          such customer or group of customers. NAGE is currently not aware and
          has no reason to believe that the benefits of any relationship with a
          material number of the customers of IT Cruise will not continue after
          Closing in substantially the same manner as prior to the date of this
          Agreement.

     (ad) Suppliers.  Schedule 6.2(ad) sets out all of the suppliers of IT
          Cruise (those suppliers of IT Cruise accounting for more than 5% of
          revenue for calendar 1998 are marked with an "m") and, except as
          described in Schedule 6.2(d), there has been no termination or
          cancellation of, and no material modification or change in, IT
          Cruise's relationship with any of the material suppliers. NAGE is not
          currently aware and has no reason to believe that the benefits of any
          relationship with a material number of the suppliers of IT Cruise will
          not continue after Closing in the same manner as prior to the date of
          this Agreement.  Notwithstanding the foregoing, Travelbyus-IT
          acknowledges that supplier contracts are negotiated annually as at the
          end of each calendar year for the following year.

     (ae) Permits and Licenses.  IT Cruise has all necessary Licenses and other
          authorizations required to carry on and conduct the IT Cruise Business
          and to own, lease or operate the IT Cruise Assets at the places and in
          the manner in which the IT Cruise Business is conducted.  Schedule
          1.1(ll)(iv) contains a full, complete and accurate list of such
          Licenses and other authorizations.

     (af) Employee Plans.  There are no Employee Plans in force.
<PAGE>

                                     -36-

     (ag) Collective Agreements.  IT Cruise has not made any agreements with any
          labour union or employee association nor made commitments to or
          conducted negotiations with any labour union or employee association
          with respect to any future agreements and NAGE is not aware of any
          current attempts to organize or to establish any labour union or
          employee association.  There are no material controversies pending or
          threatened between any labour union or employee organization and IT
          Cruise.  There are no pending or threatened representation questions
          respecting the employees of IT Cruise and there are no pending
          arbitration proceedings arising out of or under any union contract.

     (ah) Vacation Pay, etc.  All vacation pay, bonuses, commissions and other
          emoluments due or payable to any employees of IT Cruise are reflected
          and have been accrued in the books of account of IT Cruise.

     (ai) Year 2000 Readiness.  To the knowledge of NAGE the software currently
          utilized by IT Cruise in its operation and the software developed by
          or on behalf of IT Cruise and supplied to clients of IT Cruise will
          function without error or interruption related to Date Data,
          specifically including errors or interruptions from functions which
          may involve Date Data from more than one century.  To the knowledge of
          NAGE, the software currently utilized by IT Cruise in its operation
          and developed by or on behalf of IT Cruise and or otherwise supplied
          to clients of IT Cruise does not contain any routines or devices
          introduced by IT Cruise or to the knowledge of NAGE introduced by any
          other person or in any other manner that could interfere with their
          use (including without limitation, time locks, keys or bombs) or
          interfere with, delete or corrupt data (commonly known as "viruses").

     (aj) Full Disclosure.  Neither this Agreement nor any document to be
          delivered by NAGE in connection with IT Cruise or the GalaxSea Assets
          nor any certificate, report, statement or other document furnished by
          NAGE with respect to IT Cruise or the GalaxSea Assets in connection
          with the negotiation of this Agreement contains or will contain any
          untrue statement of a material fact or omits or will omit to state a
          material fact necessary to make the statements contained herein or
          therein not misleading.  There has been no event, transaction or
          information that has come to the attention of NAGE that has not been
          disclosed to Travelbyus-IT and Travelbyus in writing and that could
          reasonably be expected to have a material adverse effect on the
          assets, business, earnings, prospects, properties or condition
          (financial or otherwise) of IT, the IT Cruise Business, the IT Cruise
          Assets, the GalaxSea Assets or the GalaxSea Business.

6.3  Representations and Warranties relating to the GalaxSea Business and
     GalaxSea Assets

GalaxSea and NAGE, jointly and severally, represent and warrant to Travelbyus-
GalaxSea and
<PAGE>

                                      -37-

Travelbyus are relying on such representations and warranties in connection with
the purchase of the GalaxSea Assets including for greater certainty and without
limitation, the GalaxSea West Shares:

     (a)  Organization. Each of GalaxSea and GalaxSea West is a corporation duly
          incorporated and organized and validly existing under the laws of the
          State of Oklahoma and the State of California, respectively, and has
          the corporate power to own or lease its property and the GalaxSea
          Assets, to carry on the GalaxSea Business as now being conducted by it
          and, with respect to GalaxSea, to enter into this Agreement and to
          perform its obligations hereunder. Each of GalaxSea and GalaxSea West
          is duly qualified as a corporation to do business in each jurisdiction
          in which the nature of the GalaxSea Business or the GalaxSea Assets
          makes such qualification necessary and as set out in Schedule 6.3(a),
          except where the failure to be so qualified would not have a material
          adverse effect on the GalaxSea Business and/or the GalaxSea Assets.

     (b)  Authorization. The execution and delivery of this Agreement and the
          consummation of the transactions contemplated hereunder have been
          authorized by all necessary corporate action on the part of GalaxSea
          save and except for the Clearance/Mailing Obligation. This Agreement
          has been duly authorized, executed and delivered by GalaxSea and is a
          legal, valid and binding obligation of GalaxSea, enforceable against
          GalaxSea by Travelbyus-GalaxSea and Travelbyus in accordance with its
          terms, except as enforcement may be limited by bankruptcy, insolvency
          and other laws affecting the rights of creditors generally and except
          that equitable remedies may be granted only in the discretion of a
          court of competent jurisdiction.

     (c)  No Other Agreements to Purchase. No person other than Travelbyus-
          GalaxSea or Travelbyus has any written or oral agreement or option or
          any right or privilege (whether by law, pre-emptive or contractual)
          capable of becoming an agreement or option for the purchase or
          acquisition from GalaxSea of any of the GalaxSea Assets or from
          GalaxSea West of any of the issued or unissued shares in the capital
          of GalaxSea West.

     (d)  No Violation. The execution and delivery of this Agreement by GalaxSea
          and the consummation of the transactions herein provided for will not
          result in:

          (i)  The breach or violation or any of the provisions of, or
               constitute a default under, or conflict with or cause the
               acceleration of any obligation of GalaxSea or GalaxSea West
               under:

               (A)  any Contract to which GalaxSea or GalaxSea West is a party
                    or by which GalaxSea or GalaxSea West is or their respective
                    properties or assets are bound, following receipt
<PAGE>

                                      -38-

                    of the consents to assignment contemplated hereby as set out
                    in Schedule 6.3(d)(i)(A);

               (B)  any provision of the Articles of Incorporation (and any
                    amendments thereto) or by-laws or resolutions of the board
                    of directors (or any committee thereof) or shareholders of
                    GalaxSea or GalaxSea West;

               (C)  any judgment, decree, order or award of any court,
                    governmental body or arbitration body having jurisdiction
                    over GalaxSea or GalaxSea West;

               (D)  any licence, permit, approval, consent or authorization held
                    by GalaxSea or GalaxSea West or necessary to the operation
                    of the GalaxSea Business; or

               (E)  any applicable law, statute, ordinance, regulation or rule
                    applicable to GalaxSea, GalaxSea West, the GalaxSea Business
                    or any of the GalaxSea Assets; or

          (ii) the creation or imposition of any Encumbrance against the
               GalaxSea Business or on any of the GalaxSea Assets, including
               without limitation, the GalaxSea West Shares or the assets or
               business of GalaxSea West.

          Except as set forth on Schedule 6.3(r) or Schedule 14 GalaxSea has no
          reason to believe that consents to the assignment of the Contracts
          which are to be procured post-Closing as identified on Schedule
          6.3(d)(i)(A) will not be duly received but makes no guarantees or
          assurances in this regard.

     (e)  Sufficiency of GalaxSea Assets. The GalaxSea Assets are sufficient to
          carry on the GalaxSea Business. All equipment, computers and other
          tangible assets comprising the GalaxSea Assets are in good operating
          condition and are in a state of good repair and maintenance. All
          tangible assets of the GalaxSea Business are situated at the locations
          set out in Schedule 6.3(e). GalaxSea is the sole registered and
          beneficial owner of the GalaxSea West Shares with good and marketable
          title thereto, free and clear of all Encumbrances. GalaxSea has the
          exclusive right to sell, transfer and assign the GalaxSea West Shares
          to Travelbyus-GalaxSea as provided in this Agreement subject to the
          Clearance/Mailing Obligation. The GalaxSea West Shares are not subject
          to the terms of any shareholders' agreement, voting trust or voting
          agreement. No person other than Travelbyus-GalaxSea or Travelbyus has
          any written or oral agreement or option or any right or privilege
          (whether by law, pre-emptive or contractual) capable of becoming an
          agreement or option for the purchase or acquisition of the GalaxSea
          West Shares or any of the issued and outstanding shares in the capital
          of GalaxSea West.
<PAGE>

                                      -39-

     (f)  Acts of Bankruptcy. Neither GalaxSea nor GalaxSea West is insolvent,
          has proposed a compromise or arrangement to its respective creditors
          generally, has taken any proceeding with respect to a compromise or
          arrangement, has taken any proceeding to have itself declared bankrupt
          or wound-up, has taken any proceeding to have a receiver appointed of
          any part of its respective assets and at present, no encumbrancer or
          receiver has taken possession of any of its respective property and no
          execution or distress is enforceable or levied upon any of its
          respective property and no petition for a receiving order in
          bankruptcy is filed against it.

     (g)  Title to Personal Property. The GalaxSea Assets are owned beneficially
          and, where appropriate, of record by GalaxSea or GalaxSea West with
          good and marketable title thereto, free and clear of all Encumbrances.

     (h)  Intellectual Property. Schedule 1.1(t)(v) sets out all registered or
          pending or unregistered Intellectual Property of GalaxSea and GalaxSea
          West (including particulars of registration or application for
          registration) and all licences, registered user agreements and other
          Contracts that comprise or relate to the Intellectual Property of
          GalaxSea and GalaxSea West. The Intellectual Property of GalaxSea and
          GalaxSea West comprises all registered and unregistered, trade or
          brand names, business names, trade marks, service marks, copyrights,
          patents, trade secrets, know-how, inventions, designs and other
          industrial or intellectual property necessary to conduct the GalaxSea
          Business. GalaxSea and/or GalaxSea West is the beneficial and, where
          applicable, the registered owner of the Intellectual Property of
          GalaxSea and GalaxSea West, free and clear of all Encumbrances, and is
          not a party to or bound by any Contract or any other obligation
          whatsoever that limits or impairs its ability to sell, transfer,
          assign or convey, or that otherwise affects, the Intellectual Property
          of GalaxSea and GalaxSea West. No person has been granted any interest
          in or right to use all or any portion of the Intellectual Property of
          GalaxSea or GalaxSea West. The conduct of the GalaxSea Business does
          not infringe upon the industrial or intellectual property rights,
          domestic or foreign, of any other person. GalaxSea is not aware of a
          claim of any infringement or breach of any industrial or intellectual
          property rights of any other person, nor has GalaxSea received any
          notice that the conduct of the GalaxSea Business, including the use of
          the Intellectual Property of GalaxSea or GalaxSea West, infringes upon
          or breaches any industrial or intellectual property rights of any
          other person, and GalaxSea, after due inquiry, has no knowledge of any
          infringement or violation of any rights in the Intellectual Property
          of GalaxSea or GalaxSea West. GalaxSea is not aware of any state of
          facts that casts doubt on the validity or enforceability of any of the
          Intellectual Property of GalaxSea or GalaxSea West. GalaxSea has
          provided to Travelbyus-GalaxSea and Travelbyus a true and complete
          copy of all agreements, instruments and

<PAGE>

                                      -40-

          amendments thereto that comprise or relate to the Intellectual
          Property of GalaxSea and GalaxSea West.

     (i)  Insurance. GalaxSea and GalaxSea West have the GalaxSea Assets and the
          GalaxSea Business insured against loss or damage by all insurable
          hazards or risks on a replacement cost basis and such insurance
          coverage will be continued in full force and effect to and including
          the Escrow Release Date. Neither GalaxSea nor GalaxSea West is in
          default with respect to any of the provisions contained in any such
          insurance policy and has not failed to give any notice or to present
          any claim under any such insurance policy, in a due and timely
          fashion.

     (j)  Agreements and Commitments. Except as described in Schedule
          1.1(t)(iii), neither GalaxSea nor GalaxSea West is a party to or bound
          by any Contract relating to the GalaxSea Business or the GalaxSea
          Assets. There is no oral agreement or Contract relating to the
          GalaxSea Business or the GalaxSea Assets which is material to the
          GalaxSea Business which has not been disclosed in writing to
          Travelbyus-GalaxSea and Travelbyus. GalaxSea and GalaxSea West have
          performed all of the obligations required to be performed by them and
          are entitled to all benefits under, and are not in default or alleged
          to be in default in respect of, any Contract relating to the GalaxSea
          Business or the GalaxSea Assets to which they are a party or by which
          they are bound; all such Contracts are in good standing and in full
          force and effect, and no event, condition or occurrence exists that,
          after notice or lapse of time or both, would constitute a default
          under any of the foregoing, except as set forth on Schedule
          1.1(t)(iii). GalaxSea has made available to Travelbyus-GalaxSea and
          Travelbyus a true and complete copy of each Contract listed or
          described in Schedule 1.1(t)(iii) and all amendments, variations,
          extensions and modifications thereto. There is no requirement under
          any Contract relating to the GalaxSea Business or the GalaxSea Assets
          to which GalaxSea or GalaxSea West is a party or by which they are
          bound and which constitute part of the GalaxSea Assets to give any
          notice to, or to obtain the consent or approval of, any party to such
          Contract relating to the consummation of the transactions contemplated
          by this Agreement, except for the notifications, consents and
          approvals described in Schedule 6.3(d)(i)(A). Except as set forth on
          Schedule 6.3(r) or Schedule 14, GalaxSea has no reason to believe that
          any of the Contracts relating to the GalaxSea Business or the GalaxSea
          Assets will not be renewed in the ordinary course of business from and
          after their respective expiry dates on similar terms and conditions
          but makes no guarantees or assurances in this regard.

     (k)  Compliance with Laws: Governmental Authorization. Each of GalaxSea and
          GalaxSea West has complied in all material respects with all laws,
          statutes, ordinances, regulations, rules, judgments, decrees or orders
          applicable to the GalaxSea Business and/or the GalaxSea Assets,
          including without limitation, those relating to anti-combines or anti-
<PAGE>

                                      -41-

          competition. Neither GalaxSea nor GalaxSea West nor any of their
          respective directors, officers, agents, employees or other persons
          acting on behalf of GalaxSea or GalaxSea West have, directly or
          indirectly, used any corporate funds for unlawful contributions,
          gifts, entertainment or other unlawful expenses relating to political
          activity, made any unlawful payments on behalf of GalaxSea or GalaxSea
          West to foreign or domestic government officials or employees or to
          foreign or domestic political parties or campaigns from corporate
          funds or knowingly made any false or fictitious entry on the books or
          records of GalaxSea or GalaxSea West or made any bribe, rebate, pay-
          off, influence payment, kickback or other unlawful payment on behalf
          of GalaxSea or GalaxSea West. Schedule 1.1(t)(iv) sets out a complete
          and accurate list of all Licences held by or granted to GalaxSea and
          GalaxSea West and there are no other Licences necessary to carry on
          the GalaxSea Business or to own or lease any of the GalaxSea Assets.
          Each Licence is valid, subsisting and in good standing and neither
          GalaxSea nor GalaxSea West is in default or breach of any Licence and,
          to the knowledge of GalaxSea, no proceeding is pending or threatened
          to revoke or limit any Licence. GalaxSea has made available a true and
          complete copy of each Licence and all amendments thereto to
          Travelbyus-GalaxSea and Travelbyus. For greater certainty and without
          limitation, notwithstanding the disclosure set forth in Schedule
          6.3(k), to the knowledge of GalaxSea, neither GalaxSea nor GalaxSea
          West is in default of any franchise legislation as GalaxSea and
          GalaxSea West have discontinued selling franchise and as applicable
          legislation with respect to the filing of Uniform Franchise Offering
          Circulars only applies to entities that actively sell and/or market
          franchises and therefore at the present time, neither GalaxSea nor
          GalaxSea West must be registered in any state under applicable
          franchise legislation in order to conduct the GalaxSea Business. The
          notation that GalaxSea "must also obtain approvals from certain of the
          fifteen states prior to selling its Marketing Associates Program in
          order to confirm the program no longer constitutes a franchise" should
          in no way be taken to mean that GalaxSea and/or GalaxSea West can not
          carry on the GalaxSea Business as currently conducted.

     (l)  Regulatory Consents and Approvals. There is no requirement to make any
          filing with, give any notice to or to obtain any licence, permit,
          certificate, registration, authorization, consent or approval of, any
          governmental or regulatory agency or authority as a condition to the
          lawful consummation of the transactions contemplated by this
          Agreement, except for the filings, notifications, licences, permits,
          certificates, registrations, consents and approvals that relate solely
          to the identity of Travelbyus-GalaxSea or the nature of any business
          carried on by Travelbyus-GalaxSea.

     (m)  Books and Records.  The books and records of GalaxSea and GalaxSea
          West fairly and correctly set out and disclose, in accordance with
          generally accepted accounting principles, the financial position of
<PAGE>

                                      -42-

          GalaxSea and GalaxSea West as at the date hereof, and all material
          financial transactions of GalaxSea and GalaxSea West relating to the
          GalaxSea Business have been accurately recorded in such books and
          records.

     (n)  Absence of Changes.  Since June 30, 1999, the GalaxSea Business has
          been carried on only in the ordinary and normal course consistent with
          past practice and there has not been; (i) any material adverse change
          in the condition (financial or otherwise), assets, liabilities,
          operations, earnings, business or prospects of the GalaxSea Business;
          (ii) any damage, destruction or loss (whether or not covered by
          insurance affecting the GalaxSea Assets; or (iii) any obligation or
          liability (whether absolute, accrued, contingent other otherwise, and
          whether due or to become due) incurred by GalaxSea of GalaxSea West in
          connection with the GalaxSea Business, other than those incurred in
          the ordinary and normal course of the GalaxSea Business and consistent
          with past practice.

     (o)  Non-Arm's Length Transactions.  With respect to the GalaxSea Business:

          (i)   Since June 30, 1999, neither GalaxSea nor GalaxSea West has made
                any payment or loan to, or borrowed any moneys from and is not
                otherwise indebted to any officer, director, employee,
                shareholder or any other person not dealing at arm's length with
                GalaxSea or GalaxSea West or any Affiliate or Associate of any
                of the foregoing, except as disclosed on the GalaxSea Financial
                Statements attached as Schedule 6.3(o)(i) and except for usual
                employee reimbursements and compensation paid in the ordinary
                course of the GalaxSea Business; and

          (ii)  Neither GalaxSea nor GalaxSea West is a party to any Contract
                with any officer, director, employee, shareholder or any other
                person not dealing at arm's length with GalaxSea or GalaxSea
                West or any Affiliate or Associate of any of the foregoing.

          (iii) No officer, director, employee or shareholder of GalaxSea or
                GalaxSea West or any other person not dealing at arm's length
                with GalaxSea or GalaxSea West and no entity that is an
                Affiliate or Associate or one or more of such individuals:

                (a)  owns, directly or indirectly, any interest in (except for
                     shares representing less than 1% of the outstanding shares
                     of any class or series of any publicly traded company), or
                     is an officer, director, employee or consultant of, any
                     person that is, or is engaged in business as, a competitor
                     of the GalaxSea Business or a lessor, lessee, supplier,
                     distributor, sales agent or customer of the GalaxSea
                     Business (other
<PAGE>

                                      -43-

                    than International Tours, IT Cruise and the persons or
                    entities set forth on Schedule 6.3(o)(iii));

               (b)  owns, directly or indirectly, in whole or in part, any
                    property that GalaxSea or GalaxSea West uses in the
                    operation of the GalaxSea Business (other than International
                    Tours or IT Cruise); or

               (c)  has any cause of action or other claim whatsoever against,
                    or owes any amount to, GalaxSea or GalaxSea West in
                    connection with the GalaxSea Business, except for any
                    liabilities reflected in the GalaxSea Financial Statements
                    and claims in the ordinary course of business.

               (d)  The GalaxSea Financial Statements have been prepared in
                    accordance with generally accepted accounting principles
                    (except that the unaudited financial statements do not have
                    financial notes and are subject to year end audit
                    adjustment) applied on a basis consistent with that of the
                    preceding period and present fairly:

                    (i)  all of the assets, liabilities and financial position
                         of GalaxSea and GalaxSea West as at the dates
                         indicated; and

                    (ii) the sales, earnings, results of operation and changes
                         in financial position of GalaxSea and GalaxSea West for
                         all of the dates indicated.

     (p)  Taxes.  GalaxSea has duly filed on a timely basis all Tax returns
          required to be filed by it and has paid all Taxes that are due and
          payable, and all assessments, reassessments, governmental charges,
          penalties, interest and fines due and payable by it, except for those
          GalaxSea may be contesting in good faith. GalaxSea has made adequate
          provision for Taxes payable in respect of the GalaxSea Business for
          the current period and any previous period for which Tax returns are
          not yet required to be filed.  There are no actions, suits,
          proceedings, investigations or claims pending or, to the knowledge of
          GalaxSea, threatened against GalaxSea in respect of Taxes nor are any
          material matters under discussion with any Governmental Authority with
          regard to Taxes asserted by any such authority. GalaxSea has withheld
          from each payment made to any of its past or present employees,
          officers or directors, and to any non-residents of the United States,
          the amount of all Taxes and other deductions required to be withheld
          therefrom, and has paid the same to the proper Tax or other receiving
          officers within the time required under any applicable legislation.
<PAGE>

                                      -44-

     (q)  Litigation.  Except as described in Schedule 6.1(r), there are no
          actions, suits, claims or proceedings (whether or not purportedly on
          behalf of GalaxSea or GalaxSea West) pending or, to the best knowledge
          of GalaxSea, after due enquiry, threatened against or affecting
          GalaxSea or GalaxSea West at law or in equity or before or by any
          federal, state, municipal or other governmental department, court,
          commission, board, bureau, agency or instrumentality, domestic or
          foreign, or before or by an arbitrator or arbitration board the
          resolution of which is expected to have a material adverse effect on
          the GalaxSea Business and/or the GalaxSea Assets.  GalaxSea is not
          aware of any ground on which any such action, suit or proceeding might
          be commenced with any reasonable likelihood of success.

     (r)  Customers. Schedule 6.3(r) sets out all of the revenue generating
          customers of the GalaxSea Business and the basis upon which they are a
          customer (i.e. franchise agreement, agency agreement, informal
          arrangement, etc.). There has been no termination or cancellation of,
          and no material modification or change in, GalaxSea's or GalaxSea
          West's relationship with any such customer or group of customers,
          except as described in Schedule 6.3(r). GalaxSea is not currently
          aware and has no reason to believe that the benefits of any
          relationship with a material number of customers of the GalaxSea
          Business will not continue after Closing in substantially the same
          manner as prior to the date of this Agreement.

     (s)  Suppliers. Schedule 6.3(s) sets out all of the material suppliers of
          the GalaxSea Business (those suppliers of the GalaxSea Business
          accounting for more than five percent of revenue for calendar 1998 are
          marked with an "m") and, except as described on Schedule 6.3(s), there
          has been no termination or cancellation of, and no material
          modification or change in, GalaxSea's or GalaxSea West's relationship
          with the material suppliers. GalaxSea is not currently aware and has
          no reason to believe that the benefits of any relationship with a
          material number of the suppliers of the GalaxSea Business will not
          continue after Closing in substantially the same manner as prior to
          the date of this Agreement. Notwithstanding the foregoing, Travelbyus-
          GalaxSea acknowledges that supplier contracts are negotiated annually
          at the end of each calendar year for the following year.

     (t)  Employee Plans. There are no Employee Plans with respect to the
          GalaxSea Business other than those listed in Schedule 6.3(t). GalaxSea
          West has no employees.

     (u)  Collective Agreements.  Save and except as disclosed on Schedule
          6.3(t), neither GalaxSea nor GalaxSea West has made any agreements
          with any labour union or employee association nor made commitments to
          or conducted negotiations with any labour union or employee
          association with respect to any future agreements and GalaxSea is not
          aware of any
<PAGE>

                                      -45-

          current attempts to organize or to establish any labour union or
          employee association. There are no material controversies pending or
          threatened between any labour union or employee organization and
          GalaxSea or GalaxSea West. There are no pending or threatened
          representation questions respecting the employees of GalaxSea and
          there are no pending arbitration proceedings arising out of or under
          any union contract.

     (v)  Year 2000 Readiness. To the knowledge of GalaxSea, the software
          currently utilized by GalaxSea or GalaxSea West in connection with the
          GalaxSea Business in its operation and the software developed by or on
          behalf of GalaxSea or GalaxSea West in connection with the GalaxSea
          Business and supplied to clients of GalaxSea or GalaxSea West in
          connection with the GalaxSea Business: will function without error or
          interruption related to Date Data, specifically including errors or
          interruptions from functions which may involve Date Data from more
          than one century. To the knowledge of GalaxSea, the software currently
          utilized by GalaxSea and GalaxSea West in connection with the GalaxSea
          Business, in its operation and developed by or on behalf of GalaxSea
          or GalaxSea West in connection with the GalaxSea Business and or
          otherwise supplied to clients of GalaxSea or GalaxSea West in
          connection with the GalaxSea Business does not contain any routines or
          devices introduced by GalaxSea or GalaxSea West or to the knowledge of
          GalaxSea introduced by any other person or in any other manner that
          could interfere with their use (including without limitation, time
          locks, keys or bombs) or interfere with, delete or corrupt data
          (commonly known as "viruses").

     (w)  Capitalization. The authorized capital and the issued capital of
          GalaxSea West consists of 1,000 shares of authorized common stock, of
          which 100 shares are issued and outstanding. All of the outstanding
          shares in the capital of GalaxSea West have been duly and validly
          issued and are outstanding as fully paid and non-assessable shares. No
          options, warrants or other rights to purchase shares or other
          securities of GalaxSea West and no securities or obligations
          convertible into or exchangeable for shares or other securities of
          GalaxSea West have been authorized or agreed to be issued or are
          outstanding.

     (x)  No Joint Venture Interests, etc. GalaxSea West is not a partner,
          beneficiary, trustee, co-tenant, joint venturer or otherwise a
          participant in any partnership, trust, joint venture, co-tenancy or
          other similar jointly owned business undertaking and GalaxSea West has
          no significant investment interests in any business owned or
          controlled by any third person.

     (y)  Absence of Guarantees. GalaxSea West has not given or agreed to give
          and is not a party to or bound by any guarantee or indemnity in
          respect of indebtedness or other obligations of any person or any
          other
<PAGE>

                                      -46-

          commitment by which GalaxSea West is, or is contingently, responsible
          for such indebtedness or other obligations.

     (z)  Restrictive Covenants. GalaxSea West is not a party to and is not
          bound or affected by any commitment, agreement or document containing
          any covenant expressly limiting the freedom of GalaxSea West to
          compete in any line of business anywhere in the world, transfer or
          move any of its assets or operations or which materially or adversely
          affects the business practices, operations or conditions of GalaxSea
          West or the continued operation of the GalaxSea Business after Closing
          on substantially the same basis as the GalaxSea Business is presently
          carried on.

     (aa) Tax Matters. GalaxSea West has filed on a timely basis (within the
          time and manner required by law) all federal and state income Tax
          returns and election forms and the Tax returns of any other
          jurisdiction required to be filed and all such returns and forms have
          been completed accurately and correctly in all respects. As of the
          Effective Date GalaxSea West will have paid all Taxes (including for
          greater certainty and without limitation, all federal, state and local
          Taxes, assessments and reassessments or other imposts in respect of
          income, business, assets or property) and all interest and penalties
          thereon, for all previous years and all required quarterly instalments
          due for the current fiscal year have been paid for which Tax returns
          are not yet required to be filed. As of the Effective Date GalaxSea
          West will have provided adequate reserves for all Taxes for the
          periods covered thereby, and such reserves are reflected in the
          GalaxSea Financial Statements or in the books and records of GalaxSea
          West. There are no agreements, waivers or other arrangements providing
          for an extension of time with respect to the filing of any Tax return
          by, or payment of any Tax, governmental charge or deficiency by
          GalaxSea West nor are there any actions, suits, proceedings,
          investigations or claims now threatened or pending against GalaxSea
          West in respect of, or discussions under way with any Governmental
          Authority relating to, any such Tax or governmental charge or
          deficiency.

          GalaxSea West has not:

          (i)   acquired or had the use of any property from a person with whom
                it was not dealing at arm's length other than at fair market
                value;

          (ii)  disposed of any property to a person with whom it was not
                dealing at arm's length for proceeds less than the fair market
                value thereof; or;

          (iii) discontinued carrying on any business in respect of which non-
                capital losses were incurred, and any non-capital losses which
                GalaxSea West has are not losses from property or business
                investment losses;
<PAGE>

                                      -47-

          There are no contingent Tax liabilities nor any grounds which would
          prompt a reassessment. The schedules attached to the corporate income
          Tax returns by GalaxSea West for each taxation year reflect and
          disclose all transactions to which GalaxSea West was a party as
          required by applicable revenue laws and all of the transactions to
          which GalaxSea West was a party and required by applicable revenue
          laws to be included therein are reflected or disclosed in such
          financial statements and schedules and the corporate income Tax
          returns and schedules have been duly and accurately completed as
          required by such Acts.

     (bb) Corporate Records and Minute Books. The corporate records and minute
          books of GalaxSea West have been delivered or made available to
          Travelbyus-GalaxSea and Travelbyus. The articles and by-laws of
          GalaxSea West are in full force and effect and no amendments have been
          made to the same. The minute books, including the articles and by-laws
          of GalaxSea West include complete and accurate minutes of all meetings
          of the directors or shareholders of GalaxSea West, as applicable, held
          to date or resolutions passed by the directors or shareholders on
          consent, since the date of incorporation of GalaxSea West. The share
          certificate book, register of shareholders, register of transfers and
          register of directors of GalaxSea West are complete and accurate.

     (cc) Bank Accounts, etc. Schedule 6.3(cc) sets forth a complete list of
          every financial institution in which GalaxSea West maintains any
          depository account, trust account or safety deposit box and the names
          of all persons authorized to draw on or who have access to such
          accounts or safety deposit box.

     (dd) Judgments and Executions and Insolvency Proceedings. There are no
          judgments or executions against GalaxSea West which are outstanding
          and unsatisfied. GalaxSea West has not made any assignment for the
          benefit of creditors nor has any receiving order been made against
          GalaxSea West under the provisions of any applicable bankruptcy or
          insolvency legislation nor has any petition for such an order been
          served upon GalaxSea West.

     (ee) Permits and Licenses. GalaxSea West has all necessary Licenses and
          other authorizations required to carry on and conduct the GalaxSea
          Business and to own, lease or operate its respective GalaxSea Assets
          at the places and in the manner in which the GalaxSea Business is
          conducted.

     (ff) Full Disclosure.  Neither this Agreement nor any document to be
          delivered by GalaxSea nor any certificate, report, statement or other
          document furnished by GalaxSea in connection with the negotiation of
          this Agreement contains or will contain any untrue statement of a
          material fact
<PAGE>

                                      -48-

          or omits or will omit to state a material fact necessary to make the
          statements contained herein or therein not misleading. There has been
          no event, transaction or information that has come to the attention of
          GalaxSea and/or NAGE that has not been disclosed to Travelbyus-
          GalaxSea and Travelbyus in writing and that could reasonably be
          expected to have a material adverse effect on the assets, business,
          earnings, prospects, properties or condition (financial or otherwise)
          of the GalaxSea Business and/or the GalaxSea Assets, including without
          limitation, the GalaxSea West Shares or the assets, business,
          earnings, prospects properties or condition (financial or otherwise)
          of GalaxSea West.

ARTICLE 7 - REPRESENTATIONS AND WARRANTIES OF TRAVELBYUS AND THE PURCHASER

7.1  Representations and Warranties of Travelbyus and the Purchaser

Each of the Purchaser and Travelbyus, jointly and severally, represents and
warrants to the Vendors and NAGE as follows and acknowledges and confirms that
the Vendors and NAGE are relying on such representations and warranties in
connection with their sale of the Purchased Assets and the Purchased Business:

     (a)  Organization.  Each of the Purchaser and Travelbyus is a corporation
          duly incorporated and organized and validly existing under the laws of
          its jurisdiction of incorporation and has the corporate power to own
          or lease its property, to carry on its business as now being conducted
          by it and to enter into this Agreement and to perform its obligations
          hereunder.  Each of the Purchaser and Travelbyus is duly qualified as
          a corporation to do business in each jurisdiction in which the nature
          of its business or the location of its assets make such qualification
          necessary, except where the failure to be so qualified would not have
          a material adverse effect on the Purchaser or Travelbyus.

     (b)  Authorization.  The execution and delivery of this Agreement and the
          consummation of the transactions contemplated hereunder have been duly
          authorized by all necessary corporate action on the part of each of
          the Purchaser and Travelbyus.  This Agreement has been duly
          authorized, executed and delivered by the Purchaser and Travelbyus and
          is a legal, valid and binding obligation of each of the Purchaser and
          Travelbyus, enforceable against the Purchaser and Travelbyus by the
          Vendors and NAGE in accordance with its terms, except as such
          enforcement may be limited by bankruptcy, insolvency and other laws
          affecting the rights of creditors generally and except that equitable
          remedies may only be granted in the discretion of a court of competent
          jurisdiction.

     (c)  No Violation.  The execution and delivery of this Agreement by the
          Purchaser and Travelbyus and the consummation of the transactions
<PAGE>

                                      -49-

          herein provided for will not result in the violation of, or constitute
          a default under, or conflict with or cause the acceleration of any
          obligation of the Purchaser or Travelbyus, as the case may be, under:

          (i)   any Contract to which the Purchaser or Travelbyus is a party or
                by which the Purchaser or Travelbyus is bound;

          (ii)  any provision of the constating documents or by-laws or
                resolutions of the board of directors (or any committee thereof)
                or shareholders of either the Purchaser or Travelbyus;

          (iii) any judgment, decree, order or award of any court, governmental
                body or arbitrator having jurisdiction over the Purchaser or
                Travelbyus;

          (iv)  any licence, permit, approval, consent or authorization held by
                the Purchaser or Travelbyus or necessary to the operation of
                their respective businesses; or

          (v)   any applicable law, statute, ordinance, regulation or rule
                applicable to each of the Purchaser and Travelbyus.

     (d)  Authorized Capital. The authorized capital of Travelbyus consists of
          an unlimited number of common shares without par value, of which as at
          October 4, 1999 43,539,178 common shares have been duly issued and are
          outstanding as fully paid and non-assessable as at the date hereof
          together with options to officers, directors and employees to purchase
          an aggregate of 2,675,000 common shares and warrants to purchase an
          aggregate of 10,260,270 common shares at an exercise price of CDN$0.68
          expiring on September 9, 2001.

     (e)  Title to Property. Travelbyus is the owner, directly and/or
          indirectly, and beneficially and of record, of its leased assets and
          its owned assets, with good and marketable title thereto free and
          clear of any and all Encumbrances subject to a trust indenture in
          favour of Montreal Trust Company of Canada dated September 9, 1999
          pursuant to which an aggregate of CDN$11,950,000 principal amount of
          12.5% senior secured redeemable debentures were issued.

     (f)  Financial Statements. The Travelbyus Financial Statements attached as
          Schedule 7.1(f) have been prepared in accordance with Canadian
          generally accepted accounting principles applied on a basis consistent
          with that of the preceding period and present fairly:

          (i)   all of the assets, liabilities and financial position of
                Travelbyus as at the dates indicated; and

          (ii)  the sales, earnings, results of operation and changes in
                financial position of Travelbyus for all of the dates indicated.
<PAGE>

                                      -50-

     (g)  Shares. The issued and outstanding shares in the capital of Travelbyus
          form part of a class of shares that are listed and posted for trading
          on the TSE, the WSE and the Frankfurt stock exchange.

     (h)  Regulatory Approvals. No Governmental Authorization is required on the
          part of Travelbyus and/or the Purchaser in connection with the
          execution, delivery and performance of this Agreement or any other
          agreements to be entered into under the terms of this Agreement.

     (i)  Reporting Issuer Status. Travelbyus is a "reporting issuer" within the
          meaning of the Securities Act (Alberta), (British Columbia),
          (Manitoba), (Ontario) and (Quebec) and is not in default of any
          requirement of applicable laws and no material change relating to
          Travelbyus has occurred with respect to which the requisite material
          change report has not been filed and no such disclosure has been made
          on a confidential basis. No securities commission or similar
          regulatory authority has issued any order preventing or suspending
          trading in any securities of Travelbyus or prohibiting the issue and
          sale of the common shares in the capital of Travelbyus and to the
          knowledge of the Purchaser and Travelbyus no such proceedings for such
          purposes are pending or threatened.

     (j)  Compliance with Laws; Governmental Authorization. Each of the
          Purchaser and Travelbyus has complied in all material respects with
          all laws, statutes, ordinances, regulations, rules, judgments, decrees
          or orders applicable to each of the Purchaser and Travelbyus.

     (k)  Litigation. There are no actions, claims, suits or proceedings
          (whether or not purportedly on behalf of the Purchaser or Travelbyus)
          pending or, to the best knowledge of the Purchaser and Travelbyus,
          after due enquiry, threatened against or affecting the Purchaser or
          Travelbyus at law or in equity or before or by any federal, state,
          municipal or other governmental department, court, commission, board,
          bureau, agency or instrumentality, domestic or foreign, or before or
          by an arbitrator or arbitration board. The Purchaser and Travelbyus
          are not aware of any ground on which any such action, suit or
          proceeding might be commenced with any reasonable likelihood of
          success.

     (l)  Full Disclosure. Neither this Agreement nor any document to be
          delivered by the Purchaser or Travelbyus nor any certificate, report,
          statement or other document furnished by the Purchaser or Travelbyus
          in connection with the negotiation of this Agreement contains or will
          contain any untrue statement of a material fact or omits or will omit
          to state a material fact necessary to make the statements contained
          herein or therein not misleading. There has been no event, transaction
          or information that has come to the attention of the Purchaser and/or
          Travelbyus that has not been disclosed to the Vendors and/or NAGE in
          writing and that could reasonably be expected to have a material
          adverse
<PAGE>

                                      -51-

          effect on the assets, business, earnings, prospects, properties or
          condition (financial or otherwise) of the Purchaser or Travelbyus.

       ARTICLE 8 - SURVIVAL OF COVENANTS, REPRESENTATIONS AND WARRANTIES

8.1  Survival of Representations and Warranties of the Vendors and NAGE

The representations and warranties of the Vendors and NAGE contained in this
Agreement and in all certificates and documents delivered pursuant to or
contemplated by this Agreement shall survive Closing and shall continue in full
force and effect for the benefit of the Purchaser and Travelbyus provided
however that no Claim in respect thereof shall be valid unless it is made within
the following time periods:

     (a)  in the case of any Claim in respect of a representation or warranty
          relating to a matter other than a matter relating to title to the
          Purchased Assets or the Purchased Shares, within a period of 18 months
          from Closing;

     (b)  in the case of any Claim in respect of a representation or warranty
          relating to title of any of the Vendors or NAGE to the Purchased
          Assets or the Purchased Shares and those matters set forth in sections
          11.1(c), (d), (e), (f), (g), (h), (i), (j) and (k) there shall be no
          time limit within which such a Claim may be made; and

     (c)  in the case of any Claim in respect of any representation or warranty
          including fraud or fraudulent misrepresentation subject only to
          applicable limitations imposed by law;

and any such Claim as aforesaid shall be made in accordance with the provisions
set forth in Article 11, and upon the expiry of the relevant limitation period
referred to in clauses (a) and (c) above, the Vendors and NAGE shall have no
further liability to the Purchaser and Travelbyus with respect to the
representations and warranties referred to in such clauses, respectively, except
in respect of Claims which have theretofor been made in accordance with the
provisions set forth above. The survival of such representations and warranties
shall continue for the applicable limitation period notwithstanding any
investigation made by or on behalf of the Purchaser and/or Travelbyus.

8.2  Survival of Representations and Warranties of the Purchaser and Travelbyus

The representations and warranties of the Purchaser and Travelbyus contained in
this Agreement and in all certificates and documents delivered pursuant to or
contemplated by this Agreement shall survive Closing and shall continue in full
force and effect for the benefit of the Vendors and NAGE provided however that
no Claim in respect thereof shall be valid unless it is made within the
following time periods:
<PAGE>

                                      -52-

     (a)  in the case of any Claim in respect of a representation or warranty
          relating to a matter other than (b) or (c) below, within a period of
          18 months from Closing;

     (b)  in the case of any claim in respect of any representation or warranty
          including fraud or fraudulent misrepresentation subject only to
          applicable limitations imposed by law; and

     (c)  in the case of any Claim in respect of those matters set forth in
          sections 11.2(c), (d) and (e), there shall be no time limit within
          which such a Claim may be made;

and any such claim as aforesaid shall be made in accordance with the provisions
set forth in Article 11, and upon the expiry of the relevant limitation period
referred to in clause (a) and (b) above, the Purchaser and Travelbyus shall have
no further liability to the Vendors and NAGE with respect to the representations
and warranties referred to in such clauses, respectively, except in respect of
Claims which have theretofor been made in accordance with the provisions set
forth above.  The survival of such representations and warranties shall continue
for the applicable limitation period notwithstanding any investigation made by
or on behalf of the Vendors and NAGE.

                             ARTICLE 9 - COVENANTS

9.1  Delivery of Books and Records

At the Time of Closing there shall be delivered to the Purchaser by the Vendors
and NAGE all books and records relating to the Purchased Business, the Purchased
Assets and the Purchased Shares provided that any and all books and records
relating to the GalaxSea Assets and the Purchased Shares shall be deposited in
escrow with the Escrow Agent pursuant to the Closing Escrow Agreement.  The
Purchaser agrees that it will preserve the books and records delivered to it for
a period of three years from Closing or for such longer period as is required by
any applicable law and will permit the applicable Vendor and NAGE or their
authorized representatives reasonable access thereto in connection with the
affairs of such Vendor or NAGE relating to its matters, but the Purchaser shall
not be responsible or liable to the applicable Vendor or NAGE for or as a result
of any accidental loss or destruction of or damage to any such books or records.

9.2  Change of Name

International Tours agrees to change its corporate name and the names of any of
its Associates or Affiliates except for those businesses set forth on Schedules
6.1(p)(iii) and 6.3(o)(iii) that include the words International Tours or any
derivative thereof to names that do not include such words or any part thereof
or any similar words, within 10 days after Closing.  GalaxSea and NAGE jointly
and severally covenant and agree that GalaxSea shall change its corporate name
and the name of any Associates or
<PAGE>

                                      -53-

Affiliates [except for those businesses set forth on Schedules 6.1(p)(iii) and
6.3(o)(iii) that include the words GalaxSea or any derivative thereof to names
that do not include such words or any part thereof or any similar words, within
10 days after the Escrow Release Date.

9.3  Expenses

All costs and expenses (including fees and disbursements of legal counsel and
accountants) incurred in connection with this Agreement and the transaction
contemplated thereby shall be borne by the Party incurring such expenses.

9.4  Transferred Employees

     (a)  Each Vendor and NAGE hereby agree and acknowledge that save and except
          for the GalaxSea Transferred Employees and the International Tours
          Transferred Employees all other employees (full-time and part-time)
          and all other contractors who are, or have at some point in time, been
          retained by such Vendor in respect of the Purchased Business shall be
          the sole responsibility of such Vendor and such Vendor shall discharge
          and pay any and all liabilities, debts and obligations with respect to
          such employees and contractors, including without limitation, any
          severance, termination notice or payment in lieu of notice.

     (b)  Travelbyus-IT agrees that effective as at the Effective Date but to
          take effect as of the Time of Closing on the Closing Date it shall
          offer employment to the International Tours Transferred Employees on
          the terms and conditions as set out in Schedule 1.1(kk). Travelbyus-IT
          shall only have obligation or liability with respect to the
          International Tours Transferred Employees who accept such offer of
          employment Travelbyus-GalaxSea agrees that effective as at the
          Effective Date but to take effect as of the Escrow Release Date, it
          shall offer employment to the GalaxSea Transferred Employees on the
          terms and conditions set out in Schedule 1.1(x). Travelbyus-GalaxSea
          shall only have obligation or liability with respect to the GalaxSea
          Transferred Employees who accept such offer of employment.

     (c)  The Vendors and NAGE covenant and agree not to solicit directly or
          indirectly, the services of Ronald Blaylock during the two year period
          following Closing or while Ronald Blaylock is employed by Travelbyus-
          IT, its Associates or Affiliates whichever period is shorter, without
          the prior written consent of Travelbyus-IT, which consent may be
          unreasonably withheld.

9.5  Clearance/Mailing Obligation

NAGE, IT Cruise and GalaxSea shall do all such acts and things and shall use
their commercial efforts in good faith to fulfil the Clearance/Mailing
Obligation.
<PAGE>

                                      -54-

                      ARTICLE 10 - CONDITIONS OF CLOSING

10.1 Conditions of Closing in Favour of the Purchaser and Travelbyus

The purchase and sale of the Purchased Assets and the Purchased Shares is
subject to the following terms and conditions for the exclusive benefit of the
Purchaser and Travelbyus, to be performed or fulfilled at or prior to the Time
of Closing:

     (a)  Covenants.  All of the terms, covenants and conditions of this
          Agreement to be complied with or performed by the Vendors and NAGE at
          or before the Time of Closing (save and except for the
          Clearance/Mailing Obligation) shall have been complied with or
          performed.

     (b)  Receipt of Closing Documents.  All instruments of conveyance and other
          documentation relating to the transfer, assignment and sale of the
          Purchased Assets and the Purchased Shares including without
          limitation, assignments of the Contracts and the Intellectual Property
          (and consents thereto where required), bills of sale and documentation
          relating to the authorization and completion of the purchase and sale
          of the Purchased Assets and the Purchased Shares and the taking of all
          actions and proceedings (corporate or otherwise) on or prior to
          Closing in connection with the performance by each of the Vendors and
          NAGE of their obligations under this Agreement shall be satisfactory
          to the Purchaser and Travelbyus and their counsel, acting reasonably
          and the Purchaser and Travelbyus shall have received copies of all
          such other documentation or other evidence as the Purchaser and
          Travelbyus may reasonably request in order to establish the
          consummation of the transactions contemplated hereby by each of the
          Vendors and NAGE of all corporate proceedings in connection herewith
          and compliance with the terms, warranties and conditions hereof in
          form and substance satisfactory to the Purchaser and Travelbyus and
          their counsel acting reasonably provided that the only condition with
          respect to the consummation of the sale of the Purchased Shares and
          the GalaxSea Assets that shall remain outstanding shall be the
          Clearance/Mailing Obligation.

     (c)  Regulatory Consents. These shall have been obtained from all
          appropriate federal, state, municipal or other governmental or
          administrative bodies such Licences and authorizations as are required
          to be obtained by each of the Vendors to permit the completion of the
          transaction as herein contemplated in form and substance satisfactory
          to the Purchaser and Travelbyus, acting reasonably.

     (d)  Contractual Consents. Each of the Vendors and NAGE shall have given or
          obtained the notices, consents and approvals described in Schedules
          6.1(d)(i)(A), 10.1(d), and 6.2(n), in each case in form and substance
          satisfactory to the Purchaser and Travelbyus, acting reasonably.
<PAGE>

                                      -55-

     (e)  Employment Agreement. Ronald Blaylock shall have executed an
          employment agreement with Travelbyus-IT setting out the terms and
          conditions of his employment, in form and substance satisfactory to
          the Purchaser and Travelbyus acting reasonably.

     (f)  Escrow Agreements. Each of the Vendors, NAGE and GMP or the Escrow
          Agent, as applicable shall have executed and delivered to the
          Purchaser and Travelbyus the Closing Escrow Agreement and the
          Representation and Warranty Escrow Agreement.

     (g)  No Action or Proceeding. No legal or regulatory action or proceeding
          shall be pending or threatened by any person to enjoin, restrict or
          prohibit the purchase and sale of the Purchased Assets and the
          Purchased Shares contemplated hereby.

     (h)  Legal Opinion. Each of the Vendors and NAGE shall have delivered to
          the Purchaser and Travelbyus a favourable opinion of counsel in form
          and substance satisfactory to the Purchaser and Travelbyus and their
          counsel, acting reasonably.

     (i)  Legal Matters. All actions, proceedings, instruments and documents
          required to implement this Agreement, or instrumental thereto and NAGE
          shall have been approved as to form and legality by counsel for the
          Purchaser and Travelbyus, acting reasonably.

     If any of the conditions precedent contained in this section 10.1 shall not
     be performed or fulfilled at or prior to the Time of Closing to the
     satisfaction of the Purchaser and Travelbyus, acting reasonably, the
     Purchaser and Travelbyus may, by notice to the Vendors and NAGE, terminate
     this Agreement and the obligations of the Vendors and NAGE as well as the
     Purchaser and Travelbyus under this Agreement, other than the obligations
     with respect to the payment of brokerage fees and commissions and the
     obligations contained in section 12.3.  Any such condition may be waived in
     whole or in part by the Purchaser and Travelbyus without prejudice to any
     claims they may have for breach of covenant, representation or warranty.

10.2 Conditions of Closing in Favour of the Vendors and NAGE

The sale and purchase of the Purchased Assets and the Purchased Shares of the
Vendors are subject to the following terms and conditions for the exclusive
benefit of the Vendors and NAGE, to be performed or fulfilled at or prior to the
Time of Closing:

     (a)  Covenants. All of the terms, covenants and conditions of this
          Agreement to be complied with or performed by the Purchaser and
          Travelbyus at or before the Time of Closing shall have been complied
          with or performed.

     (b)  Receipt of Closing Documents.  All instruments of conveyance and other
          documentation relating to the transfer, assignment and sale of the
<PAGE>

                                      -56-

          Purchased Assets and the Purchased Shares including without
          limitation, assignments of the Contracts and the Intellectual Property
          (and consents thereto where required), bills of sale and documentation
          relating to the authorization and completion of the purchase and sale
          of the Purchased Assets and the Purchased Shares and the taking of all
          actions and proceedings (corporate or otherwise) on or prior to
          Closing in connection with the performance by the Purchaser and
          Travelbyus of their obligations under this Agreement shall be
          satisfactory to the Vendors and NAGE and their counsel, acting
          reasonably and the Vendors and NAGE shall have received copies of all
          such other documentation or other evidence as the Vendors and NAGE may
          reasonably request in order to establish the consummation of the
          transactions contemplated hereby by the Purchaser and Travelbyus, of
          all corporate proceedings in connection herewith and compliance with
          the terms, warranties and conditions hereof in form and substance and
          satisfactory to the Vendors and NAGE and their counsel acting
          reasonably.

     (c)  Regulatory Consents. There shall have been obtained from all
          appropriate federal, state, municipal or other governmental or
          administrative bodies such licences and authorizations as are required
          to be obtained by the Purchaser and Travelbyus to permit the
          completion of the transaction as herein contemplated, in form and
          substance satisfactory to the Vendors and NAGE, acting reasonably.

     (d)  No Action or Proceeding. No legal or regulatory action or proceeding
          shall be pending or threatened by any person to enjoin, restrict or
          prohibit the purchase and sale of the Purchased Assets or the
          Purchased Shares contemplated hereby.

     (e)  Legal Matters. All actions, proceedings, instruments and documents
          required to implement this Agreement or instrumental hereto, shall
          have been approved as to form and legality by counsel for the Vendors
          and NAGE, acting reasonably.

     (f)  Legal Opinion. The Purchaser and Travelbyus shall have delivered to
          the Vendors and NAGE a favourable opinion of counsel to the Purchaser
          and Travelbyus in form and substance satisfactory to the Vendors and
          NAGE and their counsel, acting reasonably.

     (g)  Employment Agreement. International Tours shall have executed an
          employment agreement with Ron Blaylock setting out the terms and
          conditions of employment, in form and substance satisfactory to Ron
          Blaylock, acting reasonably.

     (h)  Escrow Agreements. The Purchaser, Travelbyus and GMP or the Escrow
          Agent, as applicable, shall have executed and delivered to the Vendors
          and NAGE the Closing Escrow Agreement and the Representation and
          Warranty Escrow Agreement.
<PAGE>

                                      -57-

If any of the conditions precedent contained in this section 10.2 shall not be
performed or fulfilled at or prior to the Time of Closing to the satisfaction of
the Vendors and NAGE acting reasonably, the Vendors and NAGE may, by notice to
the Purchaser and Travelbyus terminate this Agreement as well as the obligations
of the Vendors and NAGE and the Purchaser and Travelbyus under this Agreement
other than the obligations with respect to the payment of brokerage fees and
commissions and the obligations set forth in section 12.3. Any such condition
may be waived in whole or in part by the Vendors and NAGE without prejudice to
any claims it may have for breach of covenant, representation or warranty.

                                  ARTICLE 11
                                INDEMNIFICATION

11.1 Indemnification by the Vendors and NAGE

Subject to the provisions of sections 8.1 and 11.9, each of the Vendors and NAGE
jointly and severally (except that GalaxSea and NAGE are not indemnifying with
respect to any liability relating to International Tours and International Tours
is not indemnifying with respect to any liability relating to GalaxSea or NAGE)
indemnify and save harmless Travelbyus and the Purchaser without duplication
from all Losses suffered or incurred by Travelbyus and the Purchaser as a result
of or arising directly or indirectly out of or in connection with:

     (a)  any breach by a Vendor and/or NAGE of or any inaccuracy of any
          representation or warranty of such Vendor and/or NAGE contained in
          this Agreement or in any agreement, certificate or other document
          delivered pursuant hereto (provided that such Vendor and/or NAGE shall
          not be required to indemnify or save harmless the Purchaser and
          Travelbyus in respect of any breach or inaccuracy of any
          representation or warranty unless the Purchaser and Travelbyus shall
          have provided notice to the Vendors and NAGE in accordance with
          section 12.1 on or prior to the expiration of the applicable time
          period related to such representation and warranty as set out in
          section 8.1);

     (b)  any breach or non-performance by a Vendor or NAGE of any covenant to
          be performed by it that is contained in this Agreement or in any
          agreement, certificate or other document delivered pursuant hereto;

     (c)  any debt, liability or obligation in respect of or arising from the
          operation of the Purchased Business and/or the Purchased Assets and/or
          IT Cruise of a Vendor or NAGE up to the Effective Date
<PAGE>

                                      -58-

     (d)  except to the extent Taxes are reserved for on the IT Cruise Financial
          Statements or the GalaxSea Financial Statements, as the case may be,
          or in the books and records of IT Cruise or GalaxSea West, as the case
          may be; (i) for any and all Taxes of IT Cruise or GalaxSea West, as
          the case may be, with respect to all taxation years of IT Cruise or
          GalaxSea West, as the case may be, ending on or prior to the Effective
          Date; (ii) all Taxes allocated to NAGE or GalaxSea, as the case may
          be, pursuant hereto; and (iii) any Losses, with respect to all
          taxation years of IT Cruise or GalaxSea West, as the case may be, on
          or prior to the Effective Date, arising out of or incidental to the
          imposition, assessment or assertion of any such Taxes, including those
          incurred in connection with the assertion or defense of any claim or
          assessment for such Taxes (collectively, the "Other Amounts"). If,
          with respect to any Taxes, the taxation year of IT Cruise or GalaxSea
          West, as the case may be, does not terminate on the Effective Date,
          the notional Taxes (whether based on income, capital, sale, transfer
          of ownership or provision of property or services or otherwise)
          attributable to the taxation year of IT Cruise or GalaxSea West, as
          the case may be, that includes the Effective Date shall be allocated
          to; (i) NAGE or GalaxSea, as the case may be, for the period up to and
          including the Effective Date; and (ii) Travelbyus-IT or Travelbyus-
          GalaxSea, as the case may be, for the period subsequent to the
          Effective Date. For the purposes of the section, Taxes for the period
          up to and including the Effective Date shall be determined on the
          basis of a closing of the books of IT Cruise or GalaxSea West, as the
          case may be, as of the Effective Date. Any additional Taxes due up to
          and including the Effective Date will be paid by NAGE or GalaxSea, as
          the case may be, through an adjustment of the IT Cruise Purchase Price
          or the GalaxSea Purchase Price, as the case may be. The notional Tax
          calculations will be prepared based on the provisions of United States
          and state income tax legislation in effect at the Effective Date as if
          IT Cruise or GalaxSea West, as the case may be, had a year end on the
          Effective Date. For greater certainty and without limitation, each of
          Travelbyus-IT, Travelbyus-GalaxSea and NAGE shall prepare or cause to
          be prepared in a manner consistent with past practice and file or
          cause to be filed, all Tax Returns of NAGE or GalaxSea with respect to
          periods ending on or before the Effective Date. Tax Returns shall be
          subject to the review and approval of Travelbyus-IT, Travelbyus-
          GalaxSea and Travelbyus provided that such review and approval of NAGE
          Tax Returns shall be limited to the reporting of the GalaxSea Assets
          and the GalaxSea Business and the Purchased Shares and the IT Cruise
          Business. Tax Returns shall be delivered to Travelbyus-IT, Travelbyus-
          GalaxSea and Travelbyus at least 30 days prior to the due date for
          approval. Whenever any taxing authority sends a notice of an audit,
          initiates an examination of IT Cruise or GalaxSea West, as the case
          may
<PAGE>

                                      -59-

               be or otherwise asserts a claim, makes an assessment, or disputes
               the amounts of Taxes for which NAGE or GalaxSea is or may be
               liable under this Agreement, Travelbyus-IT or Travelbyus-
               GalaxSea, as the case may be, shall promptly notify NAGE or
               GalaxSea, as the case may be, and NAGE or GalaxSea, as the case
               may be, shall have the right to control, at their own cost and
               expense any resulting proceedings and to determine whether and
               when to settle any such claim, assessment or dispute to the
               extent such proceedings or determinations affect the amount of
               Taxes for which NAGE or GalaxSea, as the case may be, is liable
               under this Agreement. For greater certainty and without
               limitation, each of Travelbyus-IT, Travelbyus-GalaxSea, GalaxSea
               and NAGE shall inform and provide the other Party with such
               assistance as may reasonably be requested by either of them in
               connection with the preparation of any Tax return, any audit or
               other examination in connection with the preparation of any Tax
               return, any audit or other examination by any taxing authority or
               any judicial or administrative proceedings relating to liability
               for Taxes and each will retain and provide the other Party with
               any records or information which may be relevant to such Tax
               Return, audit or examination, proceedings or determination;

          (e)  for greater certainty and without limitation, the failure by the
               Vendors and/or NAGE to file Tax returns as contemplated pursuant
               to section 3.3;

          (f)  for greater certainty and without limitation, the breach by the
               Vendors and/or NAGE of the provisions of section 3.5;

          (g)  for greater certainty and without limitation, the failure by the
               Vendors and/or NAGE to pay or satisfy any of the Excluded
               Liabilities;

          (h)  for greater certainty and without limitation, the failure by the
               Vendors and/or NAGE to fulfil their obligations as provided in
               section 9.4(a);

          (i)  for greater certainty and without limitation, the failure by the
               Vendors and/or NAGE to pay any commission or other remuneration
               payable or alleged to be payable to any broker, agent or other
               intermediary who purports to act or have acted for or on behalf
               of the Vendors and/or NAGE;

          (j)  any Claim that may be brought by Hickory Travel Systems, Inc.,
               its Associates and/or Affiliates, successors and assigns, arising
               by reason of, from and/or under that certain agreement between
               International Tours and Hickory Travel Systems, Inc. dated
               February 8, 1997 and the termination thereof pursuant to a a
<PAGE>

                                      -60-

               termination letter from Hickory Travel Systems, Inc. dated July
               31, 1998; and

          (k)  any Claim that may be brought by Woodside Travel Trust, its
               Associates and/or Affiliates, successors and assigns, arising by
               reason of, from and/or under that certain agreement between WTT,
               Inc. doing business as Woodside Travel Trust and International
               Tours dated July 20, 1993 and the termination thereof pursuant to
               a mutually agreed upon agreement dated on or about July 9, 1999.

11.2  Indemnification by Travelbyus and the Purchaser

Subject to the provisions of sections 8.2 and 11.9 the Purchaser and Travelbyus
jointly and severally indemnify and save harmless each of the Vendors and NAGE
without duplication from all Losses suffered or incurred by such Vendors and
NAGE as a result of or arising directly or indirectly out of or in connection
with:

      (a)  any breach by the Purchaser or Travelbyus of or any inaccuracy of any
           representation or warranty contained in this Agreement or in any
           agreement, instrument, certificate or other document delivered
           pursuant hereto (provided that the Purchaser or Travelbyus shall not
           be required to indemnify or save harmless such Vendor and NAGE in
           respect of any breach or inaccuracy of any representation or warranty
           unless such Vendor or NAGE, as applicable, shall have provided notice
           to the Purchaser or Travelbyus in accordance with section 12.1 on or
           prior to the expiration of the applicable time period related to such
           representation and warranty as set out in section 8.2);

      (b)  any breach or non-performance by the Purchaser or Travelbyus of any
           covenant to be performed by it that is contained in this Agreement or
           in any agreement, certificate or other document delivered pursuant
           hereto;

      (c)  any debt, liability or obligation in respect of or arising from the
           operation of the Purchased Business and/or the Purchased Business
           and/or IT Cruise after the Effective Date including without
           limitation, any failure by the Purchaser to pay, satisfy, discharge,
           perform or fulfill on a timely basis any of the Assumed Liabilities;

      (d)  for greater certainty and without limitation, the failure by the
           Purchaser to file Tax returns as contemplated pursuant to section
           2.3; and

      (e)  for greater certainty and without limitation, the failure by the
           Purchaser and/or Travelbyus to pay any commission or other
           remuneration payable or alleged to be payable to any broker, agent or
           other intermediary who purports to act or have acted for or on behalf
           of the Purchaser and/or Travelbyus.
<PAGE>

                                      -61-

11.3  Notice of Claim

In the event that a Party (the "Indemnified Party") shall become aware of any
claim, proceeding or other matter (a "Claim") in respect of which the other
Party (the "Indemnifying Party") agreed to indemnify the Indemnified Party
pursuant to this Agreement, the Indemnified Party shall promptly give written
notice thereof to the Indemnifying Party. Such notice shall specify whether the
Claim arises as a result of a claim by a person against the Indemnified Party (a
"Third Party Claim") or whether the Claim does not so arise (a "Direct Claim")
and shall also specify with reasonable particularity (to the extent that the
information is available) the factual basis for the Claim and the amount of the
Claim, if known. If, through the fault of the Indemnified Party, the
Indemnifying Party does not receive notice of a Claim in time to effectively
contest the determination of any liability susceptible of being contested, the
Indemnifying Party shall be entitled to set off against the amount claimed by
the Indemnified Party the amount of any Losses incurred by the Indemnifying
Party resulting from the Indemnified Party's failure to give such notice on a
timely basis.

11.4  Direct Claims

With respect to any Direct Claim, following receipt of notice from the
Indemnified Party of the Claim, the Indemnifying Party shall have 30 days to
make such investigation of the Claim as is considered necessary or desirable.
For the purpose of such investigation, the Indemnified Party shall make
available to the Indemnifying Party the information relied upon by the
Indemnified Party to substantiate the Claim, together with all such other
information as the Indemnifying Party may reasonably request. If both Parties
agree at or prior to the expiration of such 30 day period (or any mutually
agreed upon extension thereof) to the validity and amount of such Claim, the
Indemnifying Party shall immediately pay to the Indemnified Party the full
agreed upon amount of the Claim (and for grater certainty and without
limitation, the procedures in the Representation and Warranty Agreement and
section 11.8 hereof shall be utilized.

11.5  Third Party Claims

With respect to any Third Party Claim, the Indemnifying Party shall have the
right, at its expense, to participate in or assume control of, the negotiation,
settlement or defence of the Claim and, in such event, the Indemnifying Party
shall reimburse the Indemnified Party for the Indemnified Party's out-of-pocket
expenses incurred up to the point the Indemnifying Party assumed such control.
If the Indemnifying Party elects to assume such control, the Indemnified Party
shall have the right to participate in the negotiation, settlement or defence of
such Third Party Claim and to retain counsel to act on its behalf, provided that
the fees and disbursements of such counsel shall be paid by the Indemnified
Party unless the Indemnifying Party consents to the retention of such counsel or
unless the named parties to any action or proceeding include both the
Indemnifying Party and the Indemnified Party and a representation of both the
Indemnifying Party and the Indemnified Party by the same counsel would be
inappropriate due to the actual or potential differing interests between them
(such as the availability of different defense). If the Indemnifying Party,
having elected to assume such control, thereafter fails to defend the Third
Party Claim within a
<PAGE>

                                      -62-

reasonable time, the Indemnified Party shall be entitled to assume such control
and the Indemnifying Party shall be bound by the results obtained by the
Indemnified Party with respect to such Third Party Claim. If any Third Party
Claim is of a nature such that the Indemnified Party is required by applicable
law to make a payment to any person (a "Third Party") with respect to the Third
Party Claim before the completion of settlement negotiations or related legal
proceedings, the Indemnified Party may make such payment with the written
consent of the Indemnifying Party and the Indemnifying Party shall, forthwith
after demand by the Indemnified Party, reimburse the Indemnified Party for such
payment. If the amount of any liability of the Indemnified Party under the Third
Party Claim in respect of which such a payment was made, as finally determined,
is less than the amount that was paid by the Indemnifying Party to the
Indemnified Party, the Indemnified Party shall, forthwith after receipt of the
difference from the Third Party, pay the amount of such difference to the
Indemnifying Party.

11.6  Settlement of Third Party Claims

If the Indemnifying Party assumes control of the defence of any Third Party
Claim, the Indemnifying Party shall have the exclusive right to contest, settle
or pay the amount claimed, provided that the Indemnifying Party shall not settle
any Third Party Claim without the written consent of the Indemnified Party,
which consent shall not be unreasonably withheld or delayed; provided however
that the liability of the Indemnifying Party shall be limited to the proposed
settlement amount if any such consent is not obtained for any reason. If the
Indemnified Party assumes control of the defence of any Third Party Claim, the
Indemnified Party shall have the exclusive right to contest, settle or pay the
amount claimed, provided that the Indemnified Party shall not settle any Third
Party Claim without the written consent of the Indemnifying Party, which consent
shall not be unreasonably withheld or delayed; provided however that the
liability of the Indemnified Party shall be limited to the proposed settlement
amount if any such consent is not obtained for any reason.

11.7  Co-operation

The Indemnified Party and the Indemnifying Party shall co-operate fully with
each other with respect to Third Party Claims, and shall keep each other fully
advised with respect thereto (including supplying copies of all relevant
documentation as promptly as it becomes available).

11.8  Set-Off under Representation and Warranty Escrow Agreement

      (a)  In addition to any other rights and remedies available to Travelbyus
           and the Purchaser under this Agreement or any agreement delivered
           hereunder or available to Travelbyus and the Purchaser at law,
           Travelbyus and the Purchaser shall, subject to a final determination
           of any such Claims as set forth in (b) below, have the right to
           deduct from and set-off against (and thereby reduce or extinguish
           entirely) any monies owing by Travelbyus and the Purchaser to the
           Vendors and NAGE hereunder the amount of any Claims which the
           Purchaser and Travelbyus shall bona fide allege are owing as a result
           of a breach of any of the
<PAGE>

                                      -63-

           representations, warranties, covenants or agreements or claim for
           indemnification of the Vendors and/or NAGE contained in this
           Agreement or in any agreement or instrument delivered hereunder.

      (b)  No deduction or set-off may be made by Travelbyus and/or the
           Purchaser until it is determined, either by agreement between the
           Purchaser and Travelbyus and the Vendors and NAGE or by final order
           or judgment of a court of competent jurisdiction, as to the
           legitimacy of any Claim and the amount of damages or other relief
           available as a consequence of such Claim.

      (c)  The provisions of this section 11.8 shall not affect any other legal
           remedy available to Travelbyus or the Purchaser to enforce payment by
           the Vendors and NAGE or any other Party of any amounts which they may
           become liable to pay to Travelbyus or the Purchaser as a result of
           their breach of any of the representations, warranties, covenants,
           indemnities or agreements contained in this Agreement.

      (d)  Subject to a final determination of any such Claim as set forth in
           (b) above, the Vendors and NAGE hereby covenant and agree to
           authorize the Escrow Agent under the Representation and Warranty
           Escrow Agreement to release to Travelbyus or the Purchaser (or as
           directed) any monies necessary to satisfy such Claim from the
           escrowed amount held by the Escrow Agent under the Representation and
           Warranty Escrow Agreement and the escrowed amount shall be reduced
           accordingly, all in accordance and subject to the terms of the
           Representation and Warranty Escrow Agreement.

      (e)  The Vendors and NAGE shall be liable for any deficiency in respect of
           any Claim in accordance with the terms hereof.

11.9  Exclusivity

The provisions of this Article 11 shall apply to any Claim for a breach of any
covenant, representation, warranty or other provision of this Agreement or any
agreement, certificate or other document delivered pursuant to this Agreement
(other than a Claim for specific performance or injunctive relief) with the
intent that all such Claims shall be subject to the provisions contained in this
Article 11.

                          ARTICLE 12 - MISCELLANEOUS

12.1  Notices

Any notice or other communication required or permitted to be given hereunder
shall be in writing and shall be delivered in person, transmitted by telecopy or
by similar means of recorded electronic communication or sent by registered
mail, charges prepaid, addressed as follows:
<PAGE>

                                      -64-

          (a)  if to the Vendors and NAGE:

               13150 Coit Road
               Suite 125
               Dallas, Texas
               75240
               U.S.A.

               Attention:       Mr. Ed H. Hawes II
               Telecopier No.:  (972) 671-1134

               with a copy to:

               Glast, Phillips & Murray, PC
               2200 One Gallena Tower
               13355 Noel Road
               Dallas, Texas  75240

               Attention:       Mike Parsons
               Telecopier No.:  (972) 419-8329

          (b)  if to the Purchaser or Travelbyus:

               204 - 3237 King George Highway
               South Surrey, BC V4P 1BY

               Attention:       Bill Kerby
               Telecopier No.:  (604) 541-2450

               with a copy to:

               Cassels Brock & Blackwell
               Barristers and Solicitors
               Scotia Plaza, Suite 2100
               40 King Street West
               Toronto ON  M5H 3C2

               Attention:       John H. Craig
               Telecopier No.:  (416) 360-8877

Any such notice or communication shall be deemed to have been given and received
on the day on which it was delivered by overnight courier of recognized standing
or transmitted by facsimile transmission if confirmation of receipt is received
(or if such day is not a Business Day, on the next following Business Day) or,
if mailed, certified mail, return receipt requested, on the third Business Day
following the date of mailing; provided however that if at the time of mailing
or within three Business Days thereafter there is or there occurs a labour
dispute or other event that might reasonably be expected to disrupt the delivery
of documents by mail, any notice or other communication hereunder shall be
delivered or transmitted by means of recorded
<PAGE>

                                      -65-

electronic communication as aforesaid. Any Party may at any time change its
address for service from time to time by giving notice to the other Parties in
accordance with this section 12.1.

12.2  Public Notices

All public notices to third persons and all other publicity concerning the
transaction contemplated herein shall be jointly planned and co-ordinated by the
Vendors, NAGE, Travelbyus and the Purchaser and no Party shall act unilaterally
in this regard without the prior approval of the other Parties, such approval
not to be unreasonably withheld, except:

      (a)  in the case of the Purchaser or Travelbyus, for communications made
           in confidence to GalaxSea Transferred Employees and International
           Tours Transferred Employees affected by the transaction contemplated
           hereby who shall be informed of the confidential nature of the
           transaction and who agree to keep such information confidential; or

      (b)  where required to do so by law or by the applicable regulations or
           policies of any regulatory agency of competent jurisdiction or any
           stock exchange in circumstances where prior consultation with the
           other Parties is not practicable.

12.4  Counterparts and Facsimile

This Agreement may be executed in counterparts, each of which shall constitute
an original and all of which taken together shall constitute one and the same
instrument.
<PAGE>

                                      -66-

IN WITNESS WHEREOF this Agreement has been executed by the parties hereto.

                              INTERNATIONAL TOURS, INC.

                              Per: /s/  Ron Blaylock
                                   -------------------------------

                              GALAXSEA CRUISES AND TOURS, INC.

                              Per: /s/  Ted C. Parker, Jr.
                                   -------------------------------

                              NORTH AMERICAN GAMING AND ENTERTAINMENT
                              CORPORATION

                              Per: /s/  Ed H. Hawes II
                                   -------------------------------

                              TRAVELBYUS-IT INCORPORATED

                              Per: /s/  Bill Kerby
                                   -------------------------------

                              TRAVELBYUS-GALAXSEA INCORPORATED

                              Per: /s/  Bill Kerby
                                   -------------------------------

                              TRAVELBYUS.COM LTD.

                              Per: /s/  Bill Kerby
                                   -------------------------------<PAGE>

                                                                   Exhibit 10.49

                              TRAVELBYUS.COM LTD.

                                    - AND -

                           JOHN FENYES, JON SNYDER,
                      THE JON AND JANET SNYDER CHARITABLE
                       REMAINDER UNITRUST, THE JOHN AND
                   JUDY FENYES CHARITABLE REMAINDER UNITRUST
                           AND ELDORADO RESORTS, LLC

________________________________________________________________________________

                              PURCHASE AGREEMENT
                               November 1, 1999

________________________________________________________________________________

                           Cassels Brock & Blackwell
                           Scotia Plaza, Suite 2100
                              40 King Street West
                               Toronto, Ontario
                                    M5H 3C2
<PAGE>

THIS PURCHASE AGREEMENT is made as of the 1st day of November, 1999.

AMONG:

          JOHN FENYES, of the City of Sparks, in the State of Nevada, THE JOHN
          AND JUDY FENYES CHARITABLE REMAINDER UNITRUST, of the City of Sparks,
          in the State of Nevada, JON SNYDER, of the City of Reno, in the State
          of Nevada, THE JON AND JANET SNYDER CHARITABLE REMAINDER UNITRUST, of
          the City of Reno, in the State of Nevada, and ELDORADO RESORTS, LLC,
          of the City of Reno, in the State of Nevada,

          (collectively, the "Vendors")

          - and -

          TRAVELBYUS.COM LTD. a corporation incorporated pursuant to the laws of
          the Province of Ontario

          (the "Purchaser")

RECITALS:

A.   Express Vacations, LLC (the "Company") is a limited liability company under
     Chapter 86 of the Nevada Revised Statutes owned by persons designated under
     its articles of organization as "Members".

B.   The ownership interest of each Member in the capital and profits of the
     Company is, pursuant to the operating agreement of the Company, in the form
     of units of membership interests ("Units") evidenced by certificates issued
     in the name of each Member denominating the number of Units held by each
     such Member.

C.   John Fenyes and Jon Snyder are the managers of the Company, and the other
     Members are not actively involved in the management of the Company.

D.   The parties hereto are desirous of entering into this Agreement to effect
     the transfer of Units from the Vendors to the Purchaser for good and
     valuable consideration.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the covenants
and agreements herein contained and for other good and valuable consideration
(the receipt and adequacy whereof is hereby acknowledged) the parties hereto
agree as follows:
<PAGE>

                                      -2-

                                   ARTICLE 1
                 DEFINITIONS AND PRINCIPLES OF INTERPRETATION
                 --------------------------------------------

1.1  Definitions - Whenever used in this Agreement, unless there is something
inconsistent in the subject matter or context, the following words and terms
shall have the meanings set out below:

     "Act" means the Nevada Revised Statutes, Chapters 78 and 86 as in effect on
     the date hereof.

     "Accounts Receivable" means any and all accounts receivable, bills
     receivable, trade accounts, book debts and insurance claims of the Company
     and recorded as receivable in the Books and Records of the Company and any
     other amount due to the Company including any refunds and rebates and the
     benefit of all security (including cash deposits), guarantees and other
     collateral held by the Company.

     "Accrued Liabilities" means any and all accrued liabilities of the Company
     incurred in the ordinary course of business, including accruals for
     vacation pay, customer rebates and allowances for product returns.

     "Affiliate" has the meaning ascribed thereto in the Act.

     "Agreement" means this Purchase Agreement, including all schedules and all
     instruments supplementing, amending or confirming this Agreement and
     references to "Article" or "Section" mean and refer to the specified
     article or section of this Agreement.

     "arm's length" means arm's length as defined in the Tax Act.

     "Associate" has the meaning ascribed thereto in the Act.

     "Audited Financial Statements" means the audited balance sheet of the
     Company as at September 30, 1999 and the accompanying audited income
     statement for the period August 13, 1998 to September 30, 1999.

     "Balance Sheet" means the balance sheet of the Company as at September 30,
     1999 forming part of the Financial Statements.

     "Benefit Plans" means all plans, arrangements, agreements, programs,
     policies or practices, whether oral or written, formal or informal,
     registered or unregistered, funded or unfunded, which the Company is a
     party to or bound by or under which the Company has any liability or
     contingent liability, relating to:
<PAGE>

                                      -3-

     (a)  retirement savings or pensions, including without limitation, any
          defined benefit pension plan, defined contribution pension plan, group
          registered retirement savings plan or supplemental pension or
          retirement plan; or

     (b)  any bonus, profit sharing, deferred compensation, incentive
          compensation, hospitalization, health, dental, disability,
          unemployment insurance, vacation pay, severance pay or other benefit
          plan with respect to any of the Employees or former Employees of the
          Company, individuals working on contract with them or other
          individuals providing services to them of a kind normally provided by
          employees and all statutory plans with which the Company is required
          to comply.

     "Books and Records" means all books and records of the Company, including
     without limitation, all data and information stored on computer-related
     media.

     "Business" means the business currently and heretofore carried on by the
     Company consisting of the production, marketing and sale of travel and
     related products and the operation of a call centre.

     "Business Day" means a day, other than a Saturday or Sunday, on which the
     principal commercial banks located in the Cities of Toronto, Ontario and
     Reno, Nevada are open for business during normal banking hours.

     "Claims" means any claim, demand, action, suit, litigation, arbitration,
     investigation, proceeding, cause of action, damage, loss, cost, liability
     or expense, including without limitation, reasonable professional fees and
     all costs incurred in investigating or pursuing any of the foregoing or any
     proceeding relating to any of the foregoing.

     "Closing" means the completion of the sale to and purchase by the Purchaser
     of the Purchased Units under this Agreement.

     "Closing Date" means the 1/st/ day of November, 1999 or such other date as
     the Parties may agree in writing as the date upon which Closing shall take
     place.

     "Closing Time" means 11:00 a.m. Pacific standard time on the Closing Date
     or such other time on such date as the Parties may agree in writing as the
     time at which Closing shall take place.

     "Collective Agreements" means the collective agreements by which the
     Company is bound and all related documents including all benefit
     agreements, letters of understanding, letters of intent and other written
     communications with bargaining agents for the Employees which impose any
     obligations upon the Company or which set out the understanding of the
     parties with respect to the meaning of any provisions of such collective
     agreements.
<PAGE>

                                      -4-

     "Company" means Express Vacations, LLC, of the city of Reno, in the State
     of Nevada.

     "Contracts" means all contracts, indentures, mortgages, obligations,
     instruments, licences, leases, agreements, commitments, entitlements and
     engagements of the Company whether written or oral and includes all
     quotations, orders or tenders for contracts which remain open for
     acceptance and any manufacturers' or suppliers' warranty, guarantee or
     commitment (express or implied).

     "control" has the meaning ascribed thereto in the Act.

     "Eldorado" means Eldorado Resorts, LLC.

     "Employees" means all persons employed by the Company.

     "Employment Agreements" means collectively the employment agreements to be
     signed on Closing by the Company and Fenyes and by the Company and Snyder.

     "Encumbrance" means any and all mortgages, pledges, liens, charges,
     security interests, adverse claims, demands, voting trusts, proxies and
     encumbrances of whatsoever nature and howsoever incurred.

     "Environment" means the environment or natural environment as defined in
     any Environmental Law and includes without limitation, air, surface, water,
     ground water, land surface, soil, subsurface strata, a sewer system and the
     environment in the workplace.

     "Environmental Approvals" means all permits, certificates, licences,
     authorizations, consents, instructions, registrations, directions or
     approvals issued or required by Governmental Authorities pursuant to
     Environmental Laws with respect to the operation of the Company or its
     assets.

     "Environmental Laws" means all Laws relating in full or in part, to the
     protection of the Environment, product liability and employee and public
     health and safety and includes without limitation, Environmental Laws
     relating to the storage, generation, use, handling, manufacture,
     processing, labelling, advertising, sale, display, transportation,
     treatment, Release and disposal of Hazardous Substances.

     "Equipment Contracts" means all motor vehicle leases, equipment leases,
     conditional sales contracts, title retention agreements and other similar
     agreements relating to equipment used by the Company.

     "Fenyes" means John Fenyes, of the City of Sparks, in the State of Nevada.
<PAGE>

                                      -5-

     "Fenyes Trust" means The John and Judy Fenyes Charitable Remainder
     Unitrust.

     "Financial Statements" means the balance sheet of the Company as at
     September 30, 1999 and the accompanying income statement for the period
     August 13, 1998 to September 30, 1999, copies of which are attached as
     Schedule 4.14.

     "Fixed Assets" means the fixed assets, machinery, equipment, fixtures,
     furniture, furnishings, vehicles, material handling equipment, implements,
     parts, tools, jigs, discs, moulds, patterns and tooling, spare parts owned
     or used or held by the Company, including without limitation, those in
     storage or in transit and other tangible property and facilities used by
     the Company whether located in or on the premises of the Company or
     elsewhere, including the assets listed and described in Schedule 4.21.

     "Governmental Authority" means any government, regulatory authority,
     governmental department, agency, commission, board, tribunal, crown
     corporation or court or other law, rule or regulation-making entity having
     or purporting to have jurisdiction on behalf of any nation or province or
     state or other subdivision thereof or any municipality, district or other
     subdivision thereof.

     "Governmental Authorization" means all authorizations, approvals, orders,
     consents or filings, including Environmental Approvals, licences or permits
     issued to the Company by any Governmental Authorities.

     "Hazardous Substance" means any pollutant, contaminant, waste of any
     nature, hazardous substance, hazardous material, toxic substance, dangerous
     substance or dangerous good as defined, judicially interpreted or
     identified in any Environmental Law.

     "Intellectual Property" means all patents, copyrights, trade-marks, trade-
     names, industrial designs, proprietary information, trade secrets and all
     other intellectual property owned by, licensed to or used by the Company,
     including applications and registrations for any of the foregoing and
     renewals, divisions, extensions and reissues, where applicable, pertaining
     thereto.

     "Inventories" means all inventories of every kind and nature and
     wheresoever situate owned by the Company including without limitation, all
     inventories of raw materials, work-in progress, finished goods, operating
     supplies, packaging materials and travel credits.

     "Laws" means all applicable laws, by-laws, rules, regulations, orders,
     ordinances, protocols, codes, guidelines, policies, notices, directions and
     judgments or other requirements of any Governmental Authority.
<PAGE>

                                      -6-

     "Leased Premises" means the premises located at 3301 South Virginia Street,
     Reno, Nevada.

     "Material Contract" means; (a) the Equipment Contracts and Benefit Plans;
     (b) any other Contract involving aggregate annual payments to or by the
     Company in excess of US$25,000 or which provides for the lease of real
     property; (c) any commitment to or by the Company that may reasonably
     extend beyond one year which does not terminate or cannot be terminated
     without penalty on less than three months' notice; and (d) any Contract
     which is outside the ordinary course of business of the Company.

     "Member" has the meaning ascribed thereto in Recital B.

     "Net Income" means gross sales and commissions less expenses (including
     interest expense) but before deduction of income tax.

     "Net Working Capital" means current assets less current liabilities all
     calculated in accordance with generally accepted accounting principles.

     "Non-Arm's Length Person" means a Person who is not at arm's length to the
     Party in question.

     "Notice" has the meaning ascribed thereto in section 10.3.

     "Other Amounts" has the meaning ascribed thereto in section 9.1(a).

     "Parties" means the Vendors and the Purchaser and "Party" means any one of
     them.

     "Person" means any individual, sole proprietorship, partnership,
     unincorporated association, unincorporated syndicate, unincorporated
     organization, trust, body corporate, Governmental Authority and a natural
     person in such person's capacity as trustee, executor, administrator or
     other legal representative.

     "Purchased Units" has the meaning ascribed thereto in section 2.1(a).

     "Purchaser" means Travelbyus.com Ltd.

     "Release" has the meaning prescribed in any Environmental Law and includes
     without limitation, any release, spill, leak, pumping, pouring, emission,
     emptying, discharge, injection, escape, leaching, disposal, dumping,
     deposit, spraying, burial, abandonment, incineration, seepage or placement.

     "Remedial Order" means any administrative complaint, direction, order or
     sanction issued, filed or imposed by any Governmental Authority pursuant to
     any
<PAGE>

                                      -7-

     Environmental Laws and includes without limitation, any order requiring
     any remediation or clean-up of any Hazardous Substance or requiring that
     any Release or any other activity be reduced, modified or eliminated.

     "Snyder" means Jon Snyder, of the City of Reno, in the State of Nevada.

     "Snyder Trust" means The Jon and Janet Snyder Charitable Remainder
     Unitrust.

     "Tax Act" means the Internal Revenue Code.

     "Tax Returns" means and includes without limitation, all returns, reports,
     declarations, elections, notices, filings, information returns and
     statements filed in respect of Taxes payable by any Party.

     "Taxes" means and includes without limitation, all taxes, duties, fees,
     premiums, assessments, imposts, levies and other charges of any kind
     whatsoever imposed by any Governmental Authority, together with all
     interest, penalties, fines, additions to tax or other additional amounts
     imposed in respect thereof, including without limitation, those levied on
     or measured by or referred to as income, gross receipts, profits, capital,
     transfer, land transfer, sales, goods and services, use, value-added,
     excise, stamp, withholding, business, franchising, property, payroll,
     employment, health, social services, education and social security taxes,
     all surtaxes, all customs duties and import and export taxes, all license,
     franchise and registration fees and all employment insurance, health
     insurance and United States and other government pension plan premiums.

     "Transaction" means the transaction of purchase and sale contemplated by
     this Agreement.

     "Travelbyus Shares" has the meaning ascribed thereto in section 2.1.

     "TSE" means The Toronto Stock Exchange.

     "Unit" has the meaning ascribed thereto in Recital B.

     "Vendors" means, collectively, Eldorado, Fenyes, the Fenyes Trust, Snyder
     and the Snyder Trust.

1.2  Certain Rules of Interpretation - In this Agreement and the Schedules:

     (a)  Time - time is of the essence in the performance of the Parties'
          respective obligations.

     (b)  Currency - unless otherwise specified, all references to money amounts
          are to United States currency.
<PAGE>

                                      -8-

     (c)  Headings - the descriptive headings of Articles and sections are
          inserted solely for convenience of reference and are not intended as
          complete or accurate descriptions of the content of such Articles or
          sections.

     (d)  Singular, etc. - the use of words in the singular or plural or with a
          particular gender shall not limit the scope or exclude the application
          of any provision of this Agreement to such person or persons or
          circumstances as the context otherwise permits.

     (e)  Consent - whenever a provision of this Agreement requires an approval
          or consent by a Party and notification of such approval or consent is
          not delivered within the applicable time limit, unless otherwise
          specified, the Party whose consent or approval is required shall be
          conclusively deemed to have withheld its approval or consent.

     (f)  Calculation of Time - unless otherwise specified, time periods within
          or following which any payment is to be made or act is to be done
          shall be calculated by excluding the day on which the period commences
          and by including the day on which the period ends and by extending the
          period to the next Business Day following if the last day of the
          period is not a Business Day.

     (g)  Business Day - whenever any payment is to be made or action to be
          taken under this Agreement is required to be made or taken on a day
          other than a Business Day, such payment shall be made or action shall
          be taken on the next Business Day following such day.

1.3  Knowledge - In this Agreement, any reference to the knowledge of a Party
shall mean to the best of the knowledge, information and belief of Fenyes and
Snyder after, in the case of Fenyes, the Fenyes Trust, Snyder and the Snyder
Trust, having reviewed all relevant records.

1.4  Entire Agreement - This Agreement together with the other agreements and
documents to be delivered pursuant to this Agreement constitute the entire
agreement among the Parties pertaining to the subject matter hereof and
supersede all prior agreements, understandings, negotiations and discussions,
whether oral or written, of the Parties and there are no warranties,
representations or other agreements among the Parties in connection with the
Transaction except as specifically set forth in this Agreement and any document
delivered pursuant to this Agreement.  No supplement, modification, waiver or
termination of this Agreement shall be binding unless executed in writing by the
Parties to be bound thereby.

1.5  Applicable Law and Attornment - This Agreement shall be construed in
accordance with the laws of the State of Nevada and the laws of the United
States applicable therein and shall be treated in all respects as a Nevada
contract.
<PAGE>

                                      -9-

1.6  Accounting Principles - Any reference in this Agreement to generally
accepted accounting principles refers to generally accepted accounting
principles that have been established in the United States of America, including
those approved from time to time by the Financial Accounting Standards Board or
any successor body thereto and all accounting terms not otherwise defined in
this Agreement have the meanings assigned thereto in accordance with such
generally accepted accounting principles.

1.7  Tender - Any tender of documents or money under this Agreement may be
made upon the Parties or their respective counsel and money may be tendered by
official bank draft drawn upon a bank or by negotiable cheque payable in United
States funds and certified by a bank or trust company or with the consent of the
Party entitled to payment by wire transfer of immediately available funds to the
account specified by that Party.

1.8  Disclosure - The Parties acknowledge that any information, matter,
circumstance, agreement, document or other thing disclosed in any Schedule to
this Agreement shall be deemed to be disclosed in every other Schedule for
purposes of the representations and warranties of the Parties.

1.9  Schedules - The Schedules to this Agreement as listed below are an integral
part of this Agreement:

     Schedule       Description
     --------       -----------

     Schedule 3.2   Form of Promissory Note
     Schedule 4.8   Registrations of the Company
     Schedule 4.10  Capitalization of the Company
     Schedule 4.11  Intangible Assets of the Company
     Schedule 4.13  Licences
     Schedule 4.14  Financial Statements
     Schedule 4.15  Letters of Credit
     Schedule 4.16  Changes or Unusual Transactions
     Schedule 4.20  Material Suppliers and Customers of the Company
     Schedule 4.21  Fixed Assets of the Company
     Schedule 4.24  Governmental Authorizations of the Company
     Schedule 4.26  Intellectual Property of the Company
     Schedule 4.27  Equipment Contracts of the Company
     Schedule 4.30  Employees of the Company
     Schedule 4.32  Benefit Plans of the Company
     Schedule 4.33  Insurance of the Company
     Schedule 4.34  Material Contracts of the Company
     Schedule 4.41  Bank Accounts of the Company
<PAGE>

                                     -10-

                                   ARTICLE 2
                            ACQUISITION TRANSACTION
                            -----------------------

2.1  Purchase and Sale of the Purchased Units - Subject to the terms and
conditions herein, at the Closing Time, the Parties shall effect the following
transactions:

     (a)  the Vendors shall sell, transfer and assign to the Purchaser and the
          Purchaser shall purchase and accept the assignment of 100% of the
          issued and outstanding Units of the Company, free and clear of any and
          all Encumbrances (the "Purchased Units"), in exchange for the sum of
          US$2,000,000 (the "Cash Component") and 3,462,000 common shares of the
          Purchaser.  The common shares of the Purchaser to be issued are
          hereinafter referred to as the "Travelbyus Shares".

     (b)  the Vendors shall transfer and deliver to the Purchaser certificates
          representing the Purchased Units duly endorsed in blank for transfer
          or accompanied by irrevocable security transfer powers of attorney
          duly executed in blank together with a new certificate representing
          the Purchased Units registered in the name of the Purchaser; and

     (c)  the Purchaser shall deliver to the Vendors share certificates
          representing the Travelbyus Shares registered as set out in section
          3.2(c).

2.2  Place of Closing - The Closing shall take place at the Closing Time at the
offices of Cassels Brock & Blackwell, Barristers and Solicitors, 40 King Street
East, Suite 2100, Toronto, Ontario M5H 3C2 or at such other place as may be
agreed upon by the Vendors and the Purchaser.

                                   ARTICLE 3
                          PURCHASE PRICE AND PAYMENT
                          --------------------------

3.1  Purchase Price - The aggregate purchase price for the Purchased Units (the
"Purchase Price") shall be US$6,000,000, to be satisfied as set out in Section
3.2.

3.2  Satisfaction of Purchase Price - At the Time of Closing, the Purchaser
shall satisfy and pay the Purchase Price to the Vendors as follows:

     (a)  The Purchaser shall deliver certified cheques or bank drafts to the
          Vendors in the following amounts:

          (i)     Fenyes    -  US$333,334

          (ii)    Snyder    -  US$333,333

          (iii)   Eldorado  -  US$333,333
<PAGE>

                                      -11-

     (b)  The Purchaser shall deliver promissory notes to each of the Vendors in
          the principal amounts set out below representing in aggregate
          US$1,000,000 of the Cash Component in each case bearing interest at a
          rate of 5% per annum and payable in equal quarterly instalments on
          January 29, 2000, April 29, 2000, July 29, 2000 and October 29, 2000,
          each such note to be in the form attached hereto as Schedule 3.2:

          (i)   Fenyes      -  US$333,334

          (ii)  Snyder      -  US$333,333

          (iii) Eldorado    -  US$333,333

     (c)  The Purchaser shall deliver to the Vendors share certificates
          representing the Travelbyus Shares as follows:

          (i)   577,000 of such shares issued in the name of Fenyes;

          (ii)  577,000 of such shares issued in the name of the Fenyes Trust;

          (iii) 577,000 of such shares issued in the name of Snyder;

          (iv)  577,000 of such shares issued in the name of the Snyder Trust;
                and

          (v)   1,154,000 of such shares issued in the name of Eldorado.

3.3  Reduction in Purchase Price - (a) The parties agree that the Purchase Price
is based on the Net Income of the Company for the period ended September 30,
1999 as shown on the Audited financial statements being at least US$1,000,000.
In the event that the Net Income of the Company for the period ended September
30, 1999 as shown on the Audited financial statements is less than US$1,000,000,
the parties agree to reduce the Purchase Price to six times the Net Income and
the parties agree that the Purchaser may set off the difference between the
Purchase Price and six times such Net Income against amounts owing under the
promissory notes referred to in Section 3.2(b).

(b)  The parties agree that if Net Working Capital of the Company as at the
Closing Date is less than US$250,000, the Purchaser may set off the difference
between US$250,000 and the Net Working Capital against amounts owing under the
promissory notes referred to in section 3.2(b).

(c)  All amounts payable by the Vendors to the Purchaser hereunder that exceed
the amount set-off by the Purchaser pursuant to this section 3.3 shall be paid
by the Vendors to the Purchaser forthwith after demand therefor.
<PAGE>

                                      -12-

                                   ARTICLE 4
      A.  REPRESENTATIONS AND WARRANTIES CONCERNING THE VENDORS
      ---------------------------------------------------------

The Vendors, on a joint and several basis, represent and warrant to the
Purchaser as follows and acknowledge that the Purchaser is relying on their
representations and warranties in entering into this Agreement:

4.1  Right to Sell - They are the sole registered and beneficial owners of their
respective Purchased Units with good and marketable title thereto free and clear
of all Encumbrances. They have the exclusive right to sell, transfer and assign
their respective Purchased Units to the Purchaser as provided in this Agreement.
Their respective Purchased Units are not subject to the terms of any
shareholders' agreement, voting trust or voting agreement.

4.2  Enforceability of Obligations - This Agreement has been executed and
delivered by them and constitutes a valid and binding obligation enforceable
against them in accordance with its terms, save and except that the enforcement
thereof may be limited by applicable bankruptcy, insolvency and other laws of
general application affecting the enforcement of creditors' rights and except
that equitable remedies such as specific performance and injunction are
available only in the discretion of a court of competent jurisdiction.

4.3  Absence of Conflicting Agreements - They are not a party to, bound or
affected by or subject to any Contract or Law which would be violated,
contravened, breached by or under which default would occur or an Encumbrance
would be created as a result of the execution, delivery and performance of this
Agreement or any other agreement to be entered into under the terms of this
Agreement.

4.4  Non-Arm's Length Transactions - Neither they nor any Person not dealing at
arm's length with them:

     (a)  owns, directly or indirectly, any interest in or is an employee,
          consultant to or agent of, an entity which is a competitor, lessor,
          lessee, customer or supplier of the Company;

     (b)  owns, directly or indirectly, any interest in any property or asset of
          the Company;

     (c)  is a party to any Contract with the Company, save and except as
          contemplated by the Employment Agreements; or

     (d)  has any indebtedness, liability or obligation to the Company.
<PAGE>

                                      -13-

The Company is not indebted or otherwise obligated to them or any Person not
dealing at arm's length with them.

4.5  Residence of the Vendors - They are residents of the United States of
America.

4.6  No Litigation - There are no outstanding Claims at law or in equity or
before any Governmental Authority pending or to their knowledge, proposed or
threatened, which would prevent them from completing the Transaction.

4.7  Brokers - They have not entered into any Contract that would entitle any
Person to a Claim against the Purchaser or the Company for any broker's
commission, finder's fee, agent's fee, fee for financial intermediary services
or any like payment in respect of the Transaction.

B.   REPRESENTATIONS AND WARRANTIES CONCERNING THE COMPANY
----------------------------------------------------------

The Vendors jointly and severally represent and warrant to the Purchaser as
follows and acknowledge that the Purchaser is relying on the Vendors'
representations and warranties in entering into this Agreement:

4.8  Incorporation and Registration - The Company is a limited liability company
duly organized and validly existing under the laws of its jurisdiction of
organization and has all necessary power, authority and capacity to own its
property and assets and to carry on its business as currently conducted. Neither
the nature of its business nor the location or character of the property owned
or leased by the Company requires it to be registered, licensed or otherwise
qualified as a foreign corporation in any jurisdiction save and except as
provided in Schedule 4.8.

4.9  Subsidiaries - The Company does not own or have any interest in any
securities of any other corporation.

4.10 Capitalization - The authorized capital and the issued capital of the
Company is as set forth in Schedule 4.10. All of the outstanding Units in the
capital of the Company have been duly and validly issued and are outstanding as
fully paid and non-assessable Units of the Company. No options, warrants or
other rights to purchase Units or other securities of the Company and no
securities or obligations convertible into or exchangeable for Units or other
securities of the Company have been authorized or agreed to be issued or are
outstanding.

4.11 Title to Assets - The Company is the sole beneficial and (where its
interests are registrable) the sole registered owner of its assets and interests
in assets, real and personal, with good and valid title thereto, free and clear
of all Encumbrances. All of the material assets of the Company are situated in
the City of Reno, in the State of Nevada. For greater certainty, these material
assets include the telephone number 1-800-487-2835, the internet site operated
by the Business and the business names and other intangible assets listed on
Schedule 4.11.
<PAGE>

                                      -14-

4.12 Absence of Conflicting Agreements - The Company is not a party to, bound or
affected by or subject to any Contract or Law which would be violated,
contravened, breached by or under which default would occur or an Encumbrance
would be created as a result of the execution, delivery and performance of this
Agreement or any other agreement to be entered into under the terms of this
Agreement.

4.13 Regulatory Approvals - No Governmental Authorization is required on the
part of the Vendors or the Company in connection with the execution, delivery
and performance of this Agreement or any other agreements to be entered into
under the terms of this Agreement except as set out on Schedule 4.13.

4.14 Financial Statements - The Financial Statements have been prepared in
accordance with generally accepted accounting principles and present fairly:

          (i)  all of the assets, liabilities and financial position of the
               Company as at the dates indicated; and

          (ii) the sales, earnings, results of operation and changes in cash
               flows of the Company for all of the dates indicated.

4.15 Absence of Undisclosed Liabilities - Since the date of the Balance Sheet,
the Company has not incurred any liabilities or obligations (whether accrued,
absolute, contingent or otherwise) which continue to be outstanding other than
those which have been incurred in the ordinary course of business, none of which
is materially adverse. A list of all outstanding letters of credit of the
Company is attached hereto as Schedule 4.15. The Company does not have any
liability, obligation to or agreement with any Person not dealing at arm's
length with the Company.

4.16 Absence of Changes or Unusual Transactions - Since the date of the Balance
Sheet, the Company has carried on Business and conducted its operations and
affairs only in the ordinary and normal course consistent with past practice and
there has not been:

     (a)  any material change in the financial condition, operations or
          prospects of the Company, other than changes in the ordinary course of
          business, none of which has been materially adverse;

     (b)  any damage, destruction, loss, labour trouble or other event,
          development or condition of any character (whether or not covered by
          insurance) materially and adversely affecting the business, assets,
          properties or future prospects of the Company;

     (c)  any transfer, assignment, sale or other disposition of any of the
          assets shown or reflected in the Balance Sheet or cancellation of any
          debts or entitlements except in each case in the ordinary course of
          business;
<PAGE>

                                      -15-

     (d)  any assumption of any obligation or liability (fixed or contingent),
          except unsecured current obligations and liabilities incurred in the
          ordinary course of business;

     (e)  any discharge or satisfaction of any Encumbrance or payment of any
          obligation or liability (fixed or contingent) other than liabilities
          included in the Balance Sheet and liabilities incurred since the date
          of the Balance Sheet in the ordinary course of business;

     (f)  any operating loss or any extraordinary loss, waiver or omission to
          take any action in respect of any rights of substantial value or
          entering into any commitment or transaction not in the ordinary course
          of business where such loss, rights, commitment or transaction is or
          would be material in relation to the Company;

     (g)  any grant of any bonuses, whether monetary or otherwise or the making
          or announcement of any general wage or salary increase in respect of
          Employees or change in the terms of employment of any Employee except
          in the ordinary course of business, consistent with past practice;

     (h)  the hiring or dismissal of any Employee;

     (i)  any Encumbrance on any of the assets or property of the Company
          whether tangible or intangible;

     (j)  directly or indirectly, any declaration or payment of any dividend or
          declaration or making of any other payments or distributions on or in
          respect of any of the Units of the Company or directly or indirectly
          the purchase or other acquisition of any of the Units of the Company;
          or

     (k)  the authorization, agreement or other commitment to do any of the
          foregoing.

4.17 Reserves and Accruals - The reserves and Accrued Liabilities of the Company
disclosed on or reflected in the Financial Statements and the Books and Records
of the Company are sufficient in all respects to provide for the liabilities in
respect of which they have been established and have been established in
accordance with generally accepted accounting principles.

4.18 No Joint Venture Interests, etc. - The Company is not a partner,
beneficiary, trustee, co-tenant, joint venturer or otherwise a participant in
any partnership, trust, joint venture, co-tenancy or other similar jointly owned
business undertaking and the Company does not have any other significant
investment interests in any business owned or controlled by any third Person.
<PAGE>

                                      -16-

4.19 Absence of Guarantees - The Company has not given or agreed to give or is a
party to or bound by any guarantee or indemnity in respect of indebtedness or
other obligations of any Person or any other commitment by which the Company is,
or is contingently, responsible for such indebtedness or other obligations.

4.20 Major Suppliers and Customers - Schedule 4.20 sets forth a comprehensive
listing of each material supplier of goods and services to, and each material
customer of, the Company. To the knowledge of the Vendors, no material supplier
or customer has any intention of changing its relationship or the terms upon
which it conducts business with the Company as a result of the Transactions.

4.21 Condition of Assets - The Fixed Assets are in good condition, repair and
proper working order, having regard to their use and age and such assets have
been properly and regularly maintained, reasonable wear and tear excepted. The
Fixed Assets listed in Schedule 4.21 are all of the Fixed Assets used to earn
income on the Financial Statements.

4.22 Inventories - All Inventories are valued on the books of the Company at the
lower of out of pocket cost or net recoverable value.

4.23 Collectibility of Accounts Receivable - The Accounts Receivable are bona
fide, good and collectible at the aggregate recorded amounts within 120 days of
the Closing Date, except to the extent of any reserves provided for such
accounts in the Books and Records of the Company, which reserves have been
established in accordance with generally accepted accounting principles and are
adequate. The Accounts Receivable are not subject to any defence, counterclaim
or set off.

4.24 Business in Compliance with Law - The operations of the Company have been
and are now being conducted in compliance with all applicable Laws of each
jurisdiction in which the Company carries on or has carried on business and the
Company has not received notice of any alleged breach of any such Laws. The
Governmental Authorizations set forth in Schedule 4.24 are all authorizations
required by the Company to carry on Business in compliance with applicable Laws.
Such Governmental Authorizations are in full force and effect in accordance with
their terms, there have been no violations thereof and no proceedings are
pending or to the knowledge of the Vendors, threatened, which could result in
their revocation or limitation.

4.25 Restrictive Covenants - The Company is not a party to or bound or affected
by any commitment, agreement or document containing any covenant expressly
limiting the freedom of the Company to compete in any line of business anywhere
in the world, transfer or move any of its assets or operations or which
materially or adversely affects the business practices, operations or conditions
of the Company or the continued operation of Business after Closing on
substantially the same basis as the Business is presently carried on.
<PAGE>

                                      -17-

4.26 Intellectual Property - Schedule 4.26 sets forth a complete list and brief
description of all Intellectual Property which has been registered or for which
applications for registration have been filed, including the name of the
registered and beneficial owner of such registrations and applications. The
Company has the exclusive right to use and is the exclusive owners of all right,
title and interest in and to the Intellectual Property (with no breaks in the
chain of title and free and clear of any Encumbrance of any kind whatsoever save
and except for the Permitted Encumbrances). The Intellectual Property which is
not owned by the Company is being used by the Company only with the consent of
or license from the rightful owner thereof and all such licenses are in full
force and effect. All such licenses are listed in Schedule 4.26. The
Intellectual Property is in full force and effect and has not been used or
enforced or failed to be used or enforced in a manner that would result in the
abandonment, cancellation or unenforceability of any of the Intellectual
Property. The Vendors have no knowledge of any claim of adverse ownership,
invalidity or other opposition to or conflict with any of the Intellectual
Property nor of any pending or threatened Claim of any nature or kind against
the Company relating to the Intellectual Property. The Vendors have no knowledge
that the Company, any activity in which the Company is engaged or any product
which the Company uses or sells or any process, method, packaging, advertising
or material that the Company employs in the marketing or sale of any such
product or the use of any of the Intellectual Property breaches, violates,
infringes or interferes with any intellectual property rights of any third
Person or requires payment for the use of any patent, trade-name, trade secret,
trade-mark, copyright or other intellectual property right or technology of
another. The Intellectual Property is complete to the extent and under the
conditions stated in this Agreement to enable the Company to carry on Business.
Schedule 4.26 sets forth a complete and correct list and brief description of
all Claims, conflicts, breaches, violations, infringements and interferences of
the Intellectual Property of which the Vendors are aware as well as a complete
and correct list and brief description of all judgments, covenants not to sue,
permits, grants, licenses and other agreements and arrangements relating to any
of the Intellectual Property which bind, obligate or otherwise restrict the
Company.

4.27 Equipment Contracts - Schedule 4.27 sets forth a complete list of all
Equipment Contracts together with a description of the equipment and vehicles to
which the Equipment Contracts relate. All of the Equipment Contracts are in full
force and effect and no default exists on the part of the Company or to the
knowledge of the Vendors, on the part of any of the other parties thereto. The
entire interest of the Company under each of the Equipment Contracts is held by
it free and clear of any Encumbrances, other than Permitted Encumbrances and all
payments due under the Equipment Contracts have been duly and punctually paid.

4.28 Real Property - The Company does not own any real property. The only
premises leased or otherwise contracted for by the Company are the Leased
Premises.

4.29 Environmental Matters - All operations of the Company or any property now
or formerly under its charge, management or control have been and are now, in
<PAGE>

                                      -18-

compliance with all Environmental Laws.  All Environmental Approvals required
to be held by the Company have been obtained, are valid and in full force and
effect, have been and are being complied with and there have been and are no
proceedings commenced or to the knowledge of the Vendors threatened to revoke or
amend any Environmental Approvals.  Neither the Company nor any of its
operations has been or is now the subject of any Remedial Order nor do the
Vendors have any knowledge of any investigation or evaluation commenced as to
whether any such Remedial Order is necessary nor has any threat of any such
Remedial Order been made nor do the Vendors have knowledge of any circumstances
which could result in the issuance of any such Remedial Order.  The Company has
never been prosecuted for or convicted of any offence under Environmental Laws
nor has the Company been found liable in any proceeding to pay any fine or
judgment to any Person as a result of any Release or threatened Release of any
Hazardous Substance into the Environment or the breach of any Environmental Law
and to the knowledge of the Vendors, there is no basis for any such proceeding.

4.30 Employment Matters - Schedule 4.30 sets forth a complete list of all
Employees together with the titles and material terms of employment, including
current wages, salaries or hourly rate of pay of and bonus (whether monetary or
otherwise) paid (including the date of payment if paid since September 30, 1999)
or payable to each Employee, the date upon which such wage, salary, rate or
bonus became effective and the date upon which each such Employee was first
hired by the Company. Except as disclosed in Schedule 4.30 no Employee is on
long-term disability leave, extended absence or is receiving workers'
compensation. Save and except as contemplated by the Employment Agreements there
are no written contracts of employment entered into with any Employees or any
oral contracts of employment which are not terminable on the giving of
reasonable notice in accordance with applicable law. Except as set out in
Schedule 4.30, there are no employment policies or plans including policies or
plans regarding incentive compensation, stock options, severance pay or other
terms or conditions of employment or terms or conditions upon which Employees
may be terminated which are binding upon the Company. The Company has been and
is being operated in full compliance with all Laws relating to employees,
including employment standards, occupational health and safety, pay equity and
employment equity. There have been no complaints under such Laws against the
Company. There are no complaints nor to the knowledge of the Vendors, are there
any threatened complaints, against the Company before any employment standards
branch or tribunal or human rights tribunal. To the knowledge of the Vendors
nothing has occurred which might lead to a complaint against the Company, under
any human rights legislation or employment standards legislation. There are no
outstanding decisions or settlements or pending settlements under employment
standards legislation which place any obligation upon the Company, to do or
refrain from doing any act. The Company has not been subject to any experience
rating surcharge over the past five years. All amounts owing in respect of
salary, wages, bonus or benefits including any vacation pay, have been paid or
accrued for on the Books and Records of the Company. No Employee has a claim for
overtime or time off in lieu of overtime which has not been accrued on the Books
and Records of the Company.
<PAGE>

                                      -19-

4.31 No Collective Agreements - The Company is not a party, either directly or
by operation of law, to any collective agreement, letters of understanding,
letters of intent or other written communication with any trade union or
association which may qualify as a trade union, which would cover any of its
Employees or any independent contractors of the Company. There are no
outstanding labour tribunal proceedings of any kind, including any proceedings
which could result in certification of a trade union as bargaining agent for
Employees or independent contractors of the Company and there have not been any
such proceedings within the last two years. There are no threatened or apparent
union organizing activities involving the Employees or independent contractor of
the Company. There is no strike or lock-out occurring or threatened which
affects or would affect the Company. The Company does not have unresolved
grievances or pending arbitration cases outstanding. The Company does not have
any serious labour problems that might materially affect the value of the
Company taken as a whole or that might lead to an interruption of their
Business.

4.32 Benefit Plans - Schedule 4.32 sets forth a complete list of all Benefit
Plans. Current and complete copies of all written Benefit Plans or where oral,
written summaries of the material terms thereof, have been provided or made
available to the Purchaser together with current and complete copies of all
documents relating to the Benefit Plans, including without limitation, as
applicable; (i) all documents establishing, creating or amending any Benefit
Plan; (ii) all trust agreements, funding agreements, insurance contracts and
investment management agreements; (iii) all financial statements and accounting
statements and reports, and investment reports for each of the last three years
and where actuarial reports are prepared in relation to a Benefit Plan, the two
most recent actuarial reports in relation to each such Benefit Plan; (iv) all
reports, returns, filings and material correspondence with any applicable
regulatory authority in the last three years; and (v) all booklets, summaries or
manuals prepared for or circulated to, and written communications of a general
nature to Employees concerning any Benefit Plan. Each Benefit Plan is, and has
been, established, registered, qualified and administered and invested in
compliance with; (i) the terms thereof; and (ii) all applicable Laws. The
Company has not received, in the last three years, notice from any Person
questioning or challenging such compliance and the Vendors have no knowledge of
any such notice from any Person questioning or challenging such compliance
beyond the last three years. All obligations under the Benefit Plans (whether
pursuant to the terms thereof or applicable Laws) have been satisfied and there
are no outstanding defaults or violations thereunder by the Company nor do the
Vendors have any knowledge of any default or violation by any other party to any
Benefit Plan. There have been no amendments, modifications or restatements of
any Benefit Plan made or any improvements in benefits promised under the Benefit
Plans that have not been disclosed to the Purchaser. All contributions or
premiums required to be paid to or in respect of each Benefit Plan have been
paid in a timely fashion in accordance with the terms thereof and all applicable
Laws. No Taxes, penalties or fees are owing or exigible under any Benefit Plan.
There is no Claim pending or threatened involving any Benefit Plan or its assets
and no facts exist which could reasonably be expected to give rise to any such
Claim. No event has occurred
<PAGE>

                                      -20-

respecting any Benefit Plan which would entitle any Person (without the consent
of the Company) to wind-up or terminate any Benefit Plan, in whole or in part,
or which could reasonably be expected to adversely affect the tax status thereof
or require any penalty taxes to be paid under any applicable laws. There are no
going concern unfunded actuarial liabilities, past service unfunded liabilities
or solvency deficiencies respecting any of the Benefit Plans. No material
changes have occurred in respect of any Benefit Plan since the date of the most
recent financial or accounting report issued in connection with any Benefit Plan
which could reasonably be expected to adversely affect the report (including
rendering it misleading in any material respect). All employer contribution or
premium holidays that have been taken under any Benefit Plan have been permitted
by the terms of the relevant Benefit Plan and have been in accordance with
applicable Laws. There have been no improper withdrawals or transfers of assets
from any Benefit Plan. All employee data necessary to administer each Benefit
Plan is in the possession of the Company and is complete, correct and in a form
which is sufficient for the proper administration of the Benefit Plans and none
of the Benefit Plans provide benefits to retired Employees or to the
beneficiaries or dependants of retired Employees. None of the Benefit Plans
require or permit a retroactive increase in premiums or payments and the level
of insurance reserves, if any, under any insured Benefit Plan is reasonable and
sufficient to provide for all incurred but unreported claims. The consummation
of the Transaction shall not constitute an event under any Benefit Plan that
shall or may result; (i) in any acceleration of, or vesting of, or increase in
benefits with respect to any Employee or former Employee; or (ii) in any
acceleration of or increase in the funding requirements of any Benefit Plan.

4.33 Insurance - The Company maintains such policies of insurance, issued by
responsible insurers, as are appropriate to their respective operations,
property and assets, in such amounts and against such risks as are customarily
carried and insured against by owners of comparable businesses, properties and
assets. All such policies of insurance are in full force and effect and the
Company is not in default as to the payment of premiums or otherwise under the
terms of any such policy. Schedule 4.33 sets forth a complete list of all
policies of insurance which the Company maintains and the particulars of such
policies including the name of the insurer, the risk insured against, the amount
of coverage and the amount of any deductible.

4.34 Contracts - Except for the Material Contracts listed in Schedule 4.34, the
Company is not a party to or bound by any Material Contract. The Material
Contracts listed in Schedule 4.34 are all in full force and effect, unamended
and no default exists under such Material Contracts on the part of any of the
parties to such Contracts. Except as noted on Schedule 4.34 none of the Material
Contracts include provisions requiring consent to a change of control of the
Company. Current and complete copies of the Material Contracts have been
delivered to the Purchaser. There are no current or pending negotiations with
respect to the renewal, repudiation or amendment of any such Material Contract.

4.35 Litigation - There is no Claim, including appeals and applications for
review, in progress, or, to the knowledge of the Vendors, pending or threatened
against or relating
<PAGE>

                                      -21-

to the Company before any court, Governmental Authority, commission, board,
bureau, agency or arbitration panel.

4.36 Tax Matters - The Company has filed on a timely basis (within the time and
manner required by law) all federal and state income tax returns and election
forms and the tax returns of any other jurisdiction required to be filed and all
such returns and forms have been completed accurately and correctly in all
respects. As of the Closing Date, the Company will have paid all Taxes,
(including for greater certainty and without limitation, all federal, state and
local taxes, assessments and reassessments or other imposts in respect of their
respective income, business, assets or property) and all interest and penalties
thereon with respect to the Company, for all previous years and all required
quarterly instalments due for the current fiscal year have been paid for which
tax returns are not yet required to be filed. As of the Closing Date, the
Company will have provided adequate reserves for all Taxes for the periods
covered by, and such reserves are reflected in the Financial Statements. There
are no agreements, waivers or other arrangements providing for an extension of
time with respect to the filing of any Tax return by, or payment of any Tax,
governmental charge or deficiency by the Company nor are there any actions,
suits, proceedings, investigations or claims now threatened or pending against
the Company in respect of, or discussions under way with any governmental
authority relating to, any such Tax or governmental charge or deficiency.

The Company has not:

(i)   acquired or had the use of any property from a Person with whom they were
      not dealing at arm's length other than at fair market value;

(ii)  disposed of any property to a Person with whom they were not dealing at
      arm's length for proceeds less than the fair market value thereof; and

(iii) discontinued carrying on any business in respect of which non-capital
      losses were incurred, and any non-capital losses which the Company has are
      not losses from property or business investment losses;

There are no contingent tax liabilities nor any grounds which would prompt a
reassessment.  The schedules attached to the income tax returns by the Company
for each of its respective taxation years reflect and disclose all transactions
to which the Company was a party as required by applicable revenue laws and all
of the transactions to which the Company was a party are reflected or disclosed
in such financial statements and schedules and the income tax returns and
schedules have been duly and accurately completed as required by such Acts.

4.37  Books and Records - All Books and Records of the Company have been
delivered or made available to the Purchaser. The Books and Records of the
Company fairly and correctly set out and disclose in all material respects the
financial position of
<PAGE>

                                      -22-

Company taken as a whole and all financial transactions of the Company have been
accurately recorded in the Books and Records of the Company.

4.38 Company Records and Minute Books - The company records and minute books of
the Company have been delivered or made available to the Purchaser. The articles
and operating agreement of the Company are in full force and effect and no
amendments have been made to the same. The minute books, including the articles
and operating agreement of the Company include complete and accurate minutes of
all meetings of the members and managers of the Company, as applicable, held to
date or resolutions passed by the managers or members on consent, since the date
of incorporation of the Company. The share certificate book, register of
members, register of transfers and register of managers of the Company, are
complete and accurate.

4.39 Trade Allowances - No customers of the Company are entitled to or
customarily receive discounts, allowances, volume rebates or similar reductions
in price or other trade terms arising from any agreements or understandings
(whether written or oral) with or concessions granted to any customer.

4.40 Location of the Assets - All of the assets of the Company are located on
the Leased Premises.

4.41 Bank Accounts, etc. - Schedule 4.41 sets forth a complete list of every
financial institution in which the Company maintains any depository account,
trust account or safety deposit box and the names of all Persons authorized to
draw on or who have access to such accounts or safety deposit box.

4.42 Judgments and Executions and Insolvency Proceedings - There are no
judgments or executions against the Company which are outstanding and
unsatisfied. The Company has not made any assignment for the benefit of
creditors nor has any receiving order been made against the Company under the
provisions of any applicable bankruptcy or insolvency legislation nor has any
petition for such an order been served upon the Company.

4.43 Non-Arm's Length Transactions - Since September 30, 1999 the Company has
not made any payment or loan to or borrowed any money from or is otherwise
indebted to, any member, manager, Employee or any other Person not dealing at
arm's length with the Company except as disclosed in the Financial Statements
and except for usual Employee reimbursements and compensation paid in the
ordinary and normal course of the Business. The Company is not a party to any
Contract with any officer, director, Employee, shareholder or any other Person
not dealing at arm's length with the Company. No member or manager of the
Company and no entity which is an Affiliate or Associate of one or more of such
individuals; (i) owns, directly or indirectly, any interest in (except for
shares or other securities representing less than one percent of the outstanding
shares or other securities of any class or series of any publicly traded
company) or is an officer, director, employee or consultant of, any Person which
is, or is engaged in business as, a competitor of the Business or the Company or
a lessor,
<PAGE>

                                      -23-

lessee, supplier, distributor, sales agent or customer of the Business or the
Company; (ii) owns, directly or indirectly, in whole or in part, any property
that the Company uses in the operation of the Business; or (iii) has any Claim
whatsoever against or owes any amount to the Company in connection with the
Business, except for any liabilities reflected in the Financial Statements and
claims in the ordinary and normal course of business such as for accrued
vacation pay and accrued benefits for Employees.

4.44  Year 2000 Readiness - The software currently utilized by the Company in
its operation and the software developed by or on behalf of the Company and
supplied to clients of the Company: (i) will function without error or
interruption related to Date Data, specifically including errors or
interruptions from functions which may involve Date Data from more than one
century; (ii) the software currently utilized for the operation by the Business
requires that all Date Data (whether received from user, systems applications or
other sources) include an indication of century in each instance. All date
output and results, in any form, shall include an indication of century in each
instance; and (iii) will recognize the year 2000 as a leap year. When used in
this paragraph, the term "Date Data" shall mean any data or input which includes
an indication of or reference to date. The software currently utilized by the
Company in its operation and developed by or on behalf of the Company and or
otherwise supplied to clients of the Company does not contain any routines or
devices introduced by the Company or to the knowledge of the Vendors introduced
by any other person or in any other manner that could interfere with their use
(including without limitation, time locks, keys or bombs) or interfere with,
delete or corrupt data (commonly known as "viruses").

4.45  Full Disclosure - The Vendors have made available to the Purchaser all
information including the financial, marketing, sales and operational
information on a historic basis relating to the Company which would be material
to a purchaser of the Purchased Units. All information, which has been provided
to the Purchaser is true and correct in all material respects and no material
fact or facts have been omitted therefrom which would make such information
misleading.

                                   ARTICLE 5
                REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
                -----------------------------------------------

The Purchaser represents and warrants to the Vendors as follows and acknowledges
that the Vendors are relying on the representations and warranties by the
Purchaser in entering into this Agreement:

5.1  Incorporation and Registration - The Purchaser is a corporation duly
incorporated and validly existing under the laws of its jurisdiction of
incorporation and has all necessary corporate power, authority and capacity to
own its property and assets, to carry on its business as presently conducted and
to execute, deliver and perform its obligations under this Agreement.
<PAGE>

                                      -24-

5.2  Enforceability of Obligations - This Agreement has been executed and
delivered by the Purchaser and constitutes a valid and binding obligation of the
Purchaser enforceable against the Purchaser in accordance with its terms, save
and except that the enforcement hereof may be limited by applicable bankruptcy,
insolvency and other laws of general application affecting the enforcement of
creditors' rights and except that equitable remedies, such as specific
performance and injunction, are available only in the discretion of a court of
competent jurisdiction.

5.3  Absence of Conflicting Agreements - The Purchaser is not a party to, bound
or affected by or subject to any Contract or Law which would be violated,
contravened, breached by or under which default would occur or an Encumbrance
would be created as a result of the execution, delivery and performance of this
Agreement or any other agreement to be entered into under the terms of this
Agreement.

5.4  No Litigation - There are no outstanding Claims at law or in equity or
before any Governmental Authority pending or to the knowledge of the Purchaser,
proposed or threatened, which would prevent the Purchaser from completing the
Transaction.

5.5  Travelbyus Shares - The Travelbyus Shares form part of a class of shares
that are listed and posted for trading on the TSE and upon issuance will be duly
and validly issued and outstanding as fully paid and non-assessable common
shares without nominal or par value.

5.6  Regulatory Approvals - Save and except for the approval of the TSE, no
Governmental Authorization is required on the part of the Purchaser in
connection with the execution, delivery and performance of this Agreement or any
other agreements to be entered into under the terms of this Agreement.

5.7  Reporting Issuer Status - The Purchaser is a "reporting issuer" within the
meaning of the Securities Act (Alberta), (British Columbia), (Manitoba),
(Ontario) and (Quebec) and is not in default of any requirement of applicable
Laws and no material change relating to the Purchaser has occurred with respect
to which the requisite material change report has not been filed and no such
disclosure has been made on a confidential basis. No securities commission or
similar regulatory authority has issued any order preventing or suspending
trading in any securities of the Purchaser or prohibiting the issue and sale of
the common shares in the capital of the Purchaser and to the knowledge of the
Purchaser no such proceedings for such purposes are pending or threatened.

5.8  Litigation - There is no Claim, including appeals and applications for
review, in progress or to the knowledge of the Purchaser, pending or threatened
against or relating to the Purchaser before any court, Governmental Authority,
commission, board, bureau, agency or arbitration panel.

5.9  Finder's Fee ' - The obligation of the Purchaser to pay a finder's fee in
respect of the acquisition of the Company by the Purchaser has been satisfied in
full.
<PAGE>

                                      -25-

5.10 Hold Period - The Purchaser does hereby covenant and agree that it is the
understanding of the Purchaser that the general accepted practice in the
Province of Ontario, consistent with requisite securities laws, rules and
policies published by the Ontario Securities Commission and various telephone
conversations between counsel to the Purchaser and the Ontario Securities
Commission, that securities issued outside of the Province of Ontario (i.e. to
non-residents of Ontario) will have a 90 day restriction on their tradeability,
subject always to requisite and applicable rules relative to the holding and
sale of stock by insiders of public companies such as the Purchaser.

                                   ARTICLE 6
                              NON-WAIVER; SURVIVAL
                              --------------------

6.1  Non-Waiver - No investigations made by or on behalf of the Purchaser or the
Vendors at any time shall have the effect of waiving, diminishing the scope of
or otherwise affecting any representation or warranty made by the Vendors or the
Purchaser, as applicable, in or pursuant to this Agreement. No waiver of any
condition or other provision, in whole or in part, shall constitute a waiver of
any other condition or provision (whether or not similar) nor shall such waiver
constitute a continuing waiver unless otherwise expressly provided.

6.2  Nature and Survival - All representations, warranties and covenants
contained in this Agreement on the part of each of the Parties shall survive the
Closing, the execution and delivery under this Agreement of any share or
security transfer instruments or other documents of title to any of the
Purchased Units and/or the Travelbyus Shares, except that:

      (i)    any claim for intentional misrepresentation or fraud may be brought
             at any time;

     (ii)    the representations and warranties set out in sections 4.1 and 4.11
             shall survive and continue in full force and effect without
             limitation of time;

     (iii)   representations and warranties as to environmental matters shall
             survive for a period of 10 years from the Closing Date;

     (iv)    representations and warranties concerning Tax matters shall survive
             for a period of 90 days after the relevant authorities shall no
             longer be entitled to assess liability for Tax against the Company
             for any particular taxation year ended on or prior to the Closing
             Date; and

     (v)     all other representations and warranties shall survive for a period
             of three years from the Closing Date.
<PAGE>

                                      -26-

                                   ARTICLE 7
                       PURCHASER'S CONDITIONS PRECEDENT
                       ---------------------------------

The obligation of the Purchaser to complete the purchase of the Purchased Units
under this Agreement shall be subject to the satisfaction of or compliance with,
at or before the Closing Time, each of the following conditions precedent (each
of which is acknowledged to be inserted for the exclusive benefit of the
Purchaser and may be waived by the Purchaser in whole or in part):

7.1  Truth and Accuracy of Vendors' Representations and Warranties at the
Closing Time - All of the Vendors' representations and warranties made in or
pursuant to this Agreement shall be true and correct as at the Closing Time.

7.2  Performance of Obligations - The Vendors shall have performed or complied
with, in all respects, their respective obligations, covenants and agreements
under this Agreement.

7.3  Receipt of Closing Documentation - All documentation relating to the due
authorization and completion of the sale and purchase of the Purchased Units
under this Agreement and all actions and proceedings taken on or prior to
Closing in connection with the performance by the Vendors of their obligations
under this Agreement, shall be satisfactory to the Purchaser and the Purchaser
shall have received copies of all such documentation or other evidence as the
Purchaser may request in order to establish the consummation of the Transaction
and the taking of all corporate proceedings in connection therewith in
compliance with these conditions, in form (as to certification and otherwise)
and substance satisfactory to the Purchaser.

7.4  Opinion of Counsel for the Vendors - The Purchaser shall have received an
opinion dated the Closing Date from counsel to the Vendors with respect to the
Company on terms and conditions satisfactory to the Purchaser and its counsel.

7.5  Consents, Authorizations and Registrations - All consents, approvals,
orders and authorizations of any Person or Governmental Authority (or
registrations, declarations, filings or recordings with any such Governmental
Authorities) required in connection with the completion of the Transaction, the
execution of this Agreement, Closing or the performance of any of the terms and
conditions of this Agreement shall have been obtained at or before the Closing
Time.

7.6  No Injunction - There shall be no injunction or restraining order issued
preventing and no pending or threatened Claim, judicial or administrative or
investigation against any Party by any Governmental Authority, for the purpose
of enjoining or preventing the consummation of the Transaction or otherwise
claiming that this Agreement or the consummation thereof is improper or would
give rise to proceedings under any statute or rule of law.
<PAGE>

                                      -27-

7.7   Employment Agreements - The Employment Agreements shall have been executed
and delivered on mutually acceptable terms and conditions.

7.8   Substantial Damage - No substantial damage by fire or other hazard to the
assets of the Company shall have occurred prior to the Closing Time.

7.9   Non-Permitted Encumbrances - Encumbrances on any of the assets or shares
of the Company shall have been discharged.

7.10  Elections - All elections under S.754 of the Tax Act which are considered
necessary or desirable by the Purchaser shall have been completed by the
Vendors.

If any of the foregoing conditions in this Article have not been fulfilled by
Closing, the Purchaser may terminate this Agreement by notice in writing to the
Vendors, in which event the Purchaser is released from all obligations under
this Agreement and unless the Purchaser can show that the condition relied upon
could reasonably have been performed by the Vendors, the Vendors are also
released from all obligations under this Agreement. The Purchaser may waive
compliance with any condition in whole or in part if it sees fit to do so
without prejudice to its rights of termination in the event of non-fulfilment of
any other condition, in whole or in part, or to its rights to recover damages
for the breach of any representation, warranty, covenant or condition contained
in this Agreement.

                                   ARTICLE 8
                        VENDORS' CONDITIONS PRECEDENT
                        ------------------------------

The obligation of the Vendors to complete the sale of the Purchased Units under
this Agreement shall be subject to the satisfaction of or compliance with, at or
before the Closing Time, each of the following conditions precedent (each of
which is acknowledged to be inserted for the exclusive benefit of the Vendors
and may be waived by the Vendors in whole or in part).

8.1  Truth and Accuracy of Purchaser's Representations and Warranties at Closing
Time -  All of the representations and warranties of the Purchaser made in or
pursuant to this Agreement shall be true and correct as at the Closing Time.

8.2  Performance of Obligations -  The Purchaser shall have performed or
complied with, in all respects, all its obligations, covenants and agreements
under this Agreement.

8.3  Receipt of Closing Documentation -  All documentation relating to the due
authorization and completion of the sale of the Purchased Units and the issuance
of the Travelbyus Shares under this Agreement and all actions and proceedings
taken on or prior to Closing in connection with the performance by the Purchaser
of its obligations under this Agreement, shall be satisfactory to the Vendors,
acting reasonably and the
<PAGE>

                                      -28-

Vendors shall have received copies of all such documentation or other evidence
as the Vendors may reasonably require in order to establish the consummation of
the Transaction and the taking of all corporate proceedings in connection
therewith in compliance with these conditions, in form (as to certification and
otherwise) and substance satisfactory to the Vendors, acting reasonably.

8.4  Consents, Authorizations and Registrations - All consents, approvals,
orders and authorizations of any Person or Governmental Authority (or
registrations, declarations, filings or recordings with any such Governmental
Authorities) required in connection with the completion of the Transaction, the
execution of this Agreement, Closing or the performance of any of the terms and
conditions of this Agreement shall have been obtained at or before the Closing
Time.

8.5  Employment Agreements - The Employment Agreements shall have been executed
and delivered on mutually acceptable terms and conditions.

8.6  Appointment to Board of Purchaser - The Purchaser shall have caused either
Fenyes or Snyder to be appointed to the board of directors of the Purchaser.

If any of the foregoing conditions in this Article have not been fulfilled by
Closing, the Vendors may terminate this Agreement by notice in writing to the
Purchaser in which event the Vendors are released from all obligations under
this Agreement and unless the Vendors can show that the condition relied upon
could reasonably have been performed by the Purchaser, the Purchaser is also
released from all obligations under this Agreement. The Vendors may waive
compliance with any condition in whole or in part if they see fit to do so,
without prejudice to their rights of termination in the event of non-fulfilment
of any other condition in whole or in part or to their rights to recover damages
for the breach of any representation, warranty, covenant or condition contained
in this Agreement.

                                   ARTICLE 9
                                INDEMNIFICATION
                                ---------------

9.1  Indemnification by the Vendors - The Vendors agree to jointly and severally
indemnify and save harmless the Purchaser without duplication on an after-tax
basis from and against all Losses suffered or incurred by the Purchaser as a
result of or arising directly or indirectly out of or in connection with:

  (a) any breach by the Vendors of or any inaccuracy of any of the
      representations and warranties of the Vendors set out in this Agreement
      (provided that the indemnity provided for in this section 9.1(a) shall not
      apply in the case of a breach or inaccuracy of any representation or
      warranty unless the Purchaser shall have provided notice to the Vendors in
      accordance with this Article 9 on or prior to the expiration of such
      representation and warranty as provided in section 6.2);
<PAGE>

                                      -29-

  (b) any breach or non-performance by the Vendors of any covenants to be
      performed by the Vendors under this Agreement;
<PAGE>

                                      -30-

  (c) except to the extent Taxes are reserved for on the Financial Statements,
      (i) for any and all Taxes of the Company with respect to all taxation
      years of the Company ending on or prior to the Closing Date; (ii) all
      Taxes allocated to the Vendors pursuant hereto; and (iii) any Losses
      expenses, with respect to all taxation years of the Company on or prior to
      the Closing Date, arising out of or incidental to the imposition,
      assessment or assertion of any such Taxes, including those incurred in
      connection with the assertion or defense of any claim or assessment for
      such Taxes (collectively, the "Other Amounts"). If, with respect to any
      Taxes, the taxation year of the Company does not terminate on the Closing
      Date, the notional Taxes (whether based on income, capital, sale, transfer
      of ownership or provision of property or services or otherwise)
      attributable to the taxation year of the Company that includes the Closing
      Date shall be allocated to; (i) the Vendors for the period up to and
      including the Closing Date; and (ii) the Purchaser for the period
      subsequent to the Closing Date. For the purposes of the section, Taxes for
      the period up to and including the Closing Date shall be determined on the
      basis of a closing of the books of the Company as of the Closing Date. Any
      additional Taxes due up to and including the Closing Date will be paid by
      the Vendors through an adjustment of the Purchase Price. The notional tax
      calculations will be prepared based on the provisions of the Tax Act and
      state income tax legislation in effect at the Closing Date as if the
      Company had a year end on the Closing Date. For greater certainty and
      without limitation, each of the Purchaser and the Vendors shall prepare or
      cause to be prepared in a manner consistent with past practice, and file
      or cause to be filed, all Tax Returns of the Company with respect to
      periods ending on or before the Closing Date. Tax Returns shall be subject
      to the review and approval by the Purchaser. Tax Returns shall be
      delivered to the Purchaser at least 30 days prior to the due date for
      approval. Whenever any taxing authority sends a notice of an audit,
      initiates an examination of the Company, or otherwise asserts a claim,
      makes an assessment, or disputes the amounts of Taxes for which the
      Vendors are or may be liable under this Agreement, the Purchaser shall
      promptly inform the Vendors and the Vendors shall have the right to
      control, at their own cost and expense any resulting proceedings and to
      determine whether and when to settle any such claim, assessment or dispute
      to the extent such proceedings or determinations affect the amount of
      Taxes for which the Vendors are liable under this Agreement. For greater
      certainty and without limitation, each of the Purchaser and the Vendors
      shall provide the other Party with such assistance as may reasonably be
      requested by either of them in connection with the preparation of any Tax
      Return, any audit or other examination with the preparation of any Tax
      Return, any audit or other examination by any taxing authority or any
      judicial or administrative proceedings relating to liability for Taxes,
      and each will retain and provide the other Party with any records or
      information which may be relevant to such Tax Return, audit or
      examination, proceedings or determination; and
<PAGE>

                                      -31-

(d)  any liability arising by reason of a breach of the provisions of section
     10.2.

9.2  Indemnification by the Purchaser - The Purchaser agrees to indemnify and
save harmless the Vendors without duplication on an after-tax basis from and
against all Losses suffered or incurred as a result of or arising directly or
indirectly out of or in connection with:

     (a)  any breach by the Purchaser of or any inaccuracy of any of the
          representations and warranties of the Purchaser set out in this
          Agreement provided that the indemnity provided for in this section
          9.2(a) shall not apply in the case of a breach or inaccuracy of any
          representation or warranty unless the Vendors shall have provided
          notice to the Purchaser in accordance with this Article 9 on or prior
          to the expiration of such representation and warranty as provided in
          section 6.2); and

     (b)  any breach or non performance by the Purchaser of any covenants to be
          performed by the Purchaser under this Agreement.

9.3  Notification of and Participation in Claims - No claim for indemnification
will arise until notice thereof is given by the party seeking indemnification
(the "Indemnified Party") to the Vendors or the Purchaser, as the case may be
(the "Indemnifying Party"). Such notice shall be sent within a reasonable time
following the determination by the Indemnified Party that a claim for indemnity
exists. If any legal proceedings shall be instituted or any claim or demand is
asserted by any third Person in respect of which the Indemnifying Party may have
an obligation to indemnify, the Indemnified Party shall give or cause to be
given to the Indemnifying Party written notice thereof and such Party shall have
the right, at its option and expense, to be present at the defence of such
proceedings, claim or demand, but not to control the defence, negotiation or
settlement thereof, which control shall at all times rest with the Indemnified
Party, unless the Indemnifying Party irrevocably acknowledges full and complete
responsibility for indemnification of the Indemnified Party, in which case the
Indemnifying Party may assume such control through counsel of its choice
provided however that no settlement shall be entered into without the written
consent of the Indemnified Party, which consent shall not be unreasonably
withheld. The Parties shall co-operate fully with each other in connection with
the defence, negotiation or settlement of any such third Person legal
proceeding, claim or demand.

                                   ARTICLE 10
                                    GENERAL
                                    -------

10.1  Public Notices - All public notices to third Persons and all other
publicity concerning the Transaction shall be jointly planned and co-ordinated
by the Vendors and the Purchaser and no Party shall act unilaterally in this
regard without the prior approval of the other Party, such approval not to be
unreasonably withheld, except:
<PAGE>

                                      -32-

      (a)  in the case of the Purchaser for communications made in confidence to
           Employees of the Company affected by the Transaction who shall be
           informed of the confidential nature of the Transaction and who agree
           to keep such information confidential; or

      (b)  where required to do so by law or by the applicable regulations or
           policies of any regulatory agency of competent jurisdiction or any
           stock exchange in circumstances where prior consultation with the
           other Party is not practicable.

10.2  Expenses - Each of the Parties shall pay their respective legal,
accounting and other professional advisory fees, costs and expenses incurred in
connection with the purchase and sale of the Purchased Units and the issuance of
the Travelbyus Shares and the preparation, execution and delivery of this
Agreement and all documents and instruments executed pursuant to this Agreement
and any other costs and expenses incurred by the Party including any fees and
expenses of any broker or investment advisor in connection with the sale of the
Purchased Units and the issuance of the Travelbyus Shares.

10.3  Notices - Any notice or other writing required or permitted to be given
under this Agreement or for the purposes of this Agreement (in this section
referred to as a "Notice") shall be in writing and shall be sufficiently given
if delivered, or if transmitted by facsimile or other form of recorded
communication tested prior to transmission to such Party:

     (a)  to the Vendors at:    3301 S. Virginia St.
                                Reno, Nevada
                                89502

          Attention:            Jon Snyder
          Fax No.:              (775) 689-2842

          with a copy to:       McDonald Carano Wilson McCune
                                Bergin Frankovich & Hicks LLP
                                4th Floor
                                241 Ridge Street
                                Reno, Nevada

          Attention:            John Frankovich
          Fax No.:              (775) 788-2020

<PAGE>

                                      -33-

     (b) to the Purchaser at:   204 - 3237 King George Hwy.
                                South Surrey, British Columbia
                                V4P 1B7

         Attention:             President
         Fax No.:               (604) 541-2450

         with a copy to:        Cassels Brock & Blackwell
                                Scotia Plaza
                                Suite 2100
                                40 King Street West
                                Toronto, Ontario
                                M5H 3C2

         Attention:             John H. Craig
         Fax No.:               (416) 360-8877

or at such other address as the Party to whom such Notice is to be given shall
have last notified the Party giving the same in the manner provided in this
section. Any Notice delivered to the Party to whom it is addressed as provided
above shall be deemed to have been given and received on the day it is so
delivered at such address, provided that if such day is not a Business Day then
the Notice shall be deemed to have been given and received on the next Business
Day. Any Notice transmitted by facsimile or other form of recorded communication
shall be deemed given and received on the first Business Day after its
transmission.

10.4  Assignment - Neither this Agreement nor any benefits or burdens under this
Agreement shall be assignable by any Party without the prior written consent of
each of the other Parties. Subject to the foregoing, this Agreement shall enure
to the benefit of and be binding upon the Parties and their respective
successors (including any successor by reason of amalgamation of any Party) and
permitted assigns.

10.5  Further Assurances - The Parties shall, with reasonable diligence, do all
such things and provide all such reasonable assurances as may be required to
consummate the Transaction and each Party shall provide such further documents
or instruments required by any other Party as may be reasonably necessary or
desirable to effect the purpose of this Agreement and carry out its provisions,
whether before or after the Closing.
<PAGE>

                                      -34-

10.6  Counterparts and Facsimile - This Agreement may be executed by the Parties
in separate counterparts and by facsimile each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute one and the same instrument.

IN WITNESS WHEREOF the Parties have duly executed this Agreement.

                              TRAVELBYUS.COM LTD.

                              Per:  /s/ Bill Kerby
                                    --------------

                              ELDORADO RESORTS, LLC

                              Per: /s/ Gary Carano
                                   ---------------

SIGNED, SEALED AND DELIVERED )
      in the presence of:    )
                             )
/s/ Bonnie Drinkwater        )     /s/ John Fenyes
---------------------------- )     ---------------
         Witness             )         JOHN FENYES

SIGNED, SEALED AND DELIVERED )
      in the presence of:    )
                             )
/s/ Bonnie Drinkwater        )     /s/ Jon Snyder
---------------------------- )     --------------
         Witness             )         JON SNYDER

                             THE JON AND JANET SNYDER CHARITABLE REMAINDER
                             UNITRUST

/s/  Jon Snyder                    /s/ Janet Snyder
---------------------------        ----------------
     JON SNYDER, trustee               JANET SNYDER, trustee
<PAGE>

                                      -35-

                              THE JOHN AND JUDY FENYES CHARITABLE REMAINDER
                              UNITRUST

/s/ John Fenyes                        /s/  Judy Fenyes
-------------------------                   ----------------
    JOHN FENYES, trustee                    JUDY FENYES, trustee

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