Document:

<PAGE>
                             SUBSCRIPTION AGREEMENT

         This Subscription Agreement (the "Agreement") is made and entered into
as of August 22, 2003 by and between Valesc Holdings Inc., a Delaware
corporation (the "Company"), Garrett Miller, an individual residing at 130
Jefferson Street, Apt. 1, Hoboken, NJ 07030 (the "Subscriber").

         WHEREAS, the Company desires to issue to the Subscriber, and the
Subscriber desires to acquire from the Company, the Company's common stock on
the terms and conditions set forth in this Agreement;

         NOW, THEREFORE, the parties hereby agree as follows:

         1. Agreement to Purchase and Sell the Common Stock. Pursuant to
resolutions adopted by the Board of Directors of the Company dated August 19,
2003 the Company agrees to issue to the Subscriber, and the Subscriber agrees to
accept from the Company, 21,299 shares of its common stock (the "Securities"),
$.0001 par value per share (the "Shares"), in cancellation of $14,909 in unpaid
salary (the "Purchase Price").

         2. Representations, Warranties and Certain Covenants of Subscriber.
The Subscriber hereby represents and warrants to the Company that:

   (a)   Disclosure of Risks. Subscriber, as a director, is aware that the
         Company's financial condition is not stable: (i) the Company has
         received a "going concern" opinion from its independent auditor with
         respect to its last fiscal year and the Company may receive a
         subsequent "going concern" opinion to be issued in the Company's next
         audited financial statements; (ii) there is no assurance that the
         Company will be able to successfully commercialize any services or
         products thereby resulting in profits; and (iii) an investment in the
         Company involves a high degree of risk and should not be made unless
         the Subscriber is prepared to, and can afford to, lose the entire
         investment.

   (b)   Investment Experience and Access to Information.  Subscriber (i) has
         sufficient knowledge, sophistication and experience in business and
         finance to capably evaluate information concerning an investment in the
         Company, (ii) has had an opportunity to ask detailed questions and
         receive satisfactory answers from representatives of the Company, (iii)
         has had adequate opportunity to request and review any and all
         documents and other information, including the Company's publicly
         available filings with the Securities and Exchange Commission, relevant
         to Subscriber's consideration of investment in the Company, (iv) has
         otherwise obtained sufficient information from the Company to evaluate
         the merits and risks of an investment in the Company; (v) has
         independently considered and discussed such prospective investment with
         the Subscriber's business, legal, tax and financial advisers as to the
         suitability of such investment with respect to the Subscriber's
         particular financial situation, and (vi) on the basis of the foregoing,
         the Subscriber has determined that investment in the Securities is a
         suitable investment.

   (c)   Dilution and Additional Indebtedness.  Subscriber acknowledges that
         (i) the Company may make additional offerings of equity securities in
         the future which may cause Subscriber and other stockholders to
         experience dilution of their respective percentage

<PAGE>

         ownership of the Company, and any such securities subsequently offered
         may have rights, preferences or privileges senior to those of the
         holders of the Securities, (ii) the Company may determine that it is
         necessary to incur additional indebtedness to finance its operations,
         which could restrict the Company's operations, and (iii) there can be
         no assurance that additional equity or debt financing will not be
         required, and if so required, that it will be available on terms
         favorable to the Company, if at all.

   (d)   Restricted Securities.  Subscriber understands that the Securities
         are characterized as "restricted securities" under the Securities Act
         of 1933, as amended (the "Securities Act"), inasmuch as they are being
         acquired from the Company in a transaction not involving a public
         offering and that under the Securities Act and applicable regulations
         thereunder the Securities may be resold without registration under the
         Securities Act only in certain limited circumstances. In this
         connection, the Subscriber represents that it is familiar with Rule
         144, as presently in effect, promulgated by the SEC under the
         Securities Act and understands the resale limitations imposed thereby
         and by the Securities Act. The Subscriber understands that the Company
         is under no obligation to register any of the Securities sold
         hereunder. The Subscriber understands that no public market now exists
         for the Securities and that it is uncertain whether a public market
         will ever exist for the Securities.

   (e)   Purchase for Own Account. The Securities to be granted to the
         Subscriber hereunder will be acquired for investment for the
         Subscriber's own account, not as a nominee or agent, and not with a
         view to the public resale or distribution thereof, and the Subscriber
         has no present intention of selling, granting any participation in, or
         otherwise distributing the same.

   (f)   Accredited Investor Status.  Subscriber is an "accredited investor"
         within the meaning of Regulation D promulgated under the Securities
         Act.

   (g)   Further Limitations on Disposition.  Without in any way limiting the
         representations set forth above, the Subscriber further agrees not to
         make any disposition of all or any portion of the Securities, except:

              (i) pursuant to a registration statement under the Securities
         Act covering such disposition; or

              (ii) pursuant to an exemption from registration under the
         Securities Act, including, without limitation, Rule 144, Rule 144A or
         Regulation S thereunder.

   (h)   Legend.  It is understood that the certificates evidencing the
         Securities will bear the legend set forth below:

                  THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED
                  STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
                  COMMISSION OF ANY STATE, OR UNDER THE SECURITIES ACT OF 1933,
                  AS AMENDED (THE "ACT"). THESE SECURITIES ARE RESTRICTED AND
                  MAY NOT BE OFFERED, RESOLD, PLEDGED OR TRANSFERRED EXCEPT AS
                  PERMITTED UNDER THE ACT PURSUANT TO AN EFFECTIVE REGISTRATION
                  STATEMENT OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS.

                                          2

<PAGE>

         The legend set forth above shall be removed by the Company from any
         stock certificate evidencing common stock upon delivery to the Company
         of an opinion by counsel reasonably satisfactory to the Company that a
         registration statement under applicable securities laws is at that time
         in effect with respect to the legended security or that such security
         can be freely transferred in a public sale without such a registration
         statement being in effect and that such transfer will not jeopardize
         the exemption or exemptions from registration pursuant to which the
         Company issued the common stock.

   (i)   No Reliance on Oral Statements.  Subscriber, in purchasing the
         Securities, is not relying on any oral representations, promises or
         statements made by the Company, or any officer, director, employee,
         agent or attorney of the Company.

   (j)   Transferee Undertaking. In connection with any disposition of all or
         any portion of the Securities permitted under this Agreement, the
         Subscriber shall obtain an undertaking from each offeree or purchaser
         of the Securities pursuant to which the offeree or purchaser shall
         represent and warrant the following:

                  (i) purchaser understands that the Securities have not been
                  registered under the Securities Act and that, if in the future
                  it decides to offer, sell, pledge or otherwise transfer such
                  Securities, such Securities may be offered, sold, pledged or
                  otherwise transferred only (A) to a person whom the seller
                  reasonably believes is a qualified institutional buyer in a
                  transaction meeting the requirements of Rule 144A, (B) in an
                  offshore transaction pursuant to and in compliance with
                  Regulation S, (C) pursuant to an exemption from registration
                  under the Securities Act provided by Rule 144, if available,
                  or (D) pursuant to a registration statement under the
                  Securities Act covering such disposition, in all cases in
                  accordance with all applicable securities laws of any state of
                  the United States.

                  (ii) purchaser understands that the Securities will contain a
                  legend to the following effect unless the Company determines
                  such legend is not necessary under applicable laws:

                  "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE U.S.
                  SECURITIES ACT OF 1933, AS AMENDED, AND SUCH SECURITIES MAY
                  NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
                  (1) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
                  QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
                  UNDER SUCH ACT IN A TRANSACTION MEETING THE REQUIREMENTS OF
                  RULE 144A, (2) IN AN OFFSHORE TRANSACTION PURSUANT TO
                  REGULATION S UNDER SUCH ACT, OR (3) PURSUANT TO AN EXEMPTION
                  FROM REGISTRATION UNDER SUCH ACT PROVIDED BY RULE 144, IF
                  AVAILABLE, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
                  SECURITIES LAWS OF ANY STATE OF THE UNITED STATES."

                  (iii) If the offeree or transferee is a qualified
                  institutional buyer as defined in Rule 144A of the Securities
                  Act, that it is aware that the sale to it is being made in
                  reliance on Rule 144A and it is acquiring the Securities for
                  its own account or for the account of a qualified
                  institutional buyer.

                                    3

<PAGE>

   (k)   Survival. The foregoing representations and warranties are true and
         accurate as of the date hereof, shall be true and accurate as of the
         date of the acceptance hereof by the Company and shall survive
         thereafter, including after any termination of this Agreement. If such
         representations and warranties shall not be true and accurate in any
         respect, the Subscriber will, prior to such acceptance, given written
         notice of such fact to the Company specifying which representations and
         warranties are not true and accurate and the reasons therefor.

         Subscriber shall complete, sign and deliver an investment letter in the
form attached hereto as Exhibit A.

         3. Indemnification. The Subscriber acknowledges that he understands the
meaning and legal consequences of the representations and warranties contained
herein, and the Subscriber hereby agrees to indemnify and hold harmless the
Company, and each person, if any, who controls the Company, within the meaning
of Section 15 of the Securities Act and all representatives and agents of the
Company, including, but not limited to, counsel to the Company, against any and
all loss, liability, claim, damage and expense whatsoever (including, but not
limited to, any and all expenses reasonably incurred in investigating, preparing
or defending against any litigation commenced or threatened or any claim
whatsoever) arising out of or based upon any false representation or warranty or
breach or failure by the Subscriber to comply with any covenant or agreement
made by the Subscriber herein or in any other document furnished by the
Subscriber to any of the foregoing in connection with this transaction.

         4.       Conditions.

         (a) Subscriber's ownership interest in the Company shall be governed
solely in accordance with Delaware General Corporation Law, the Company's
Certificate of Incorporation and the Company's By-laws, each as in effect and as
may be amended from time-to-time.

         (b) The Subscriber agrees not to transfer or assign this Agreement, or
any of his interest herein or in the Company, and further agrees, except as
provided herein, that the assignment and transferability of the Securities
acquired pursuant hereto shall be allowed only in accordance with applicable
law.

         5. Revocation.  The Subscriber agrees that he will not cancel,
terminate, or revoke this Agreement or any agreement made hereunder and that
this Agreement shall survive his death or disability.

         6. Acceptance of Subscription. Execution of this Agreement by the
Subscriber constitutes an offer by the Subscriber to subscribe for the number of
Securities specified on the signature page hereto. If this offer is rejected for
any reason, the Subscriber's subscription documents shall be returned to the
Subscriber as promptly as practicable and the Company and the Subscriber shall
have no further obligations to each other in regard to this transaction.

         7. General Provisions.

         (a) Investigation. It shall be no defense to an action for breach of
this Agreement that the Subscriber or its agents have (or have not) made
investigations into the affairs of the Company or that the Company could not
have known of the misrepresentation or breach of warranty.

                                    4

<PAGE>

         (b) Successors and Assigns. The terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and
assigns of the parties.

         (c) Governing Law; Jurisdiction. This Agreement and the enforcement
thereof shall be governed by and construed under the internal laws of the State
of New York. The parties hereto consent to the non-exclusive jurisdiction of any
New York State or Federal court sitting in the City of New York and any
appellate court from any thereof in any action or proceeding arising out of or
relating to this Agreement.

         (d) Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same agreement.

         (e) Headings. The headings and captions used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting
this Agreement. All references in this Agreement to sections, paragraphs,
exhibits and schedules shall, unless otherwise provided, refer to sections and
paragraphs hereof and exhibits and schedules attached hereto, all of which
exhibits and schedules are incorporated herein by this reference.

         (f) Notices. Any and all notices required or permitted to be given to a
party pursuant to the provisions of this Agreement will be in writing and will
be effective and deemed to provide such party sufficient notice under this
Agreement on the earliest of the following: (i) at the time of personal
delivery, if delivery is in person; (ii) at the time of transmission by
facsimile, addressed to the other party at its facsimile number specified herein
(or hereafter modified by subsequent notice to the parties hereto), with
confirmation of receipt made by both telephone and printed confirmation sheet
verifying successful transmission of the facsimile; (iii) one (1) business day
after deposit with an express overnight courier for deliveries within the U.S.,
or (iv) three (3) business days after deposit in mail by certified mail (return
receipt requested) or equivalent for deliveries within the U.S.

All notices not delivered personally or by facsimile will be sent with postage
and/or other charges prepaid and properly addressed to the party to be notified
at the address or facsimile number indicated for such party, in the case of the
Company, Jeremy D. Kraus, Valesc Holdings Inc., 16200 Addison Road, Suite 190,
TX 75001, with a copy to Hecht & Associates, P.C., 11 East 26th Street, Suite
1901, New York, NY 10010, Attention: Charles J. Hecht, Esq. or, in the case of
the Subscriber, to the address listed at the front of this document, or at such
other address or facsimile number as such other party may designate by giving
ten (10) days advance written notice by one of the indicated means of notice
herein to the other parties hereto. Notices by facsimile shall be machine
verified as received.

Any party hereto (and such party's permitted assigns) may by notice so given
change its address for future notices hereunder. Notice shall conclusively be
deemed to have been given in the manner set forth above.

         (g) Costs, Expenses.  Each party hereto shall bear its own costs in
connection with the preparation, execution and delivery of this Agreement.

                                   5
<PAGE>

         (h) No Finder's Fees.  Each party represents that it neither is nor
will be, obligated for any finder's or broker's fee or commission in connection
with this transaction.

         (i) Amendments and Waivers. Any term of this Agreement may be amended
and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively), only
with the written consent of the Company and the Subscriber. No delay or omission
to exercise any right, power, or remedy accruing to the Subscriber, upon any
breach, default or noncompliance of the Company under this Agreement shall
impair any such right, power, or remedy, nor shall it be construed to be a
waiver of any such breach, default or noncompliance, or any acquiescence
therein, or of any similar breach, default or noncompliance thereafter
occurring. All remedies, either under this Agreement, by law, or otherwise
afforded to the Subscriber, shall be cumulative and not alternative.

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

         (k) Entire Agreement. This Agreement, together with all exhibits and
schedules hereto, constitutes the entire agreement and understanding of the
parties with respect to the subject matter hereof and supersedes any and all
prior negotiations, correspondence, agreements, understandings duties or
obligations between the parties with respect to the subject matter hereof.

         (l) Further Assurances. From and after the date of this Agreement, upon
the request of the Subscriber or the Company, the Company and the Subscriber
shall execute and deliver such instruments, documents or other writings as may
be reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of this Agreement.

DO NOT SIGN THIS SUBSCRIPTION AGREEMENT IF ANY OF THE REPRESENTATIONS AND
WARRANTIES SET FORTH IN SECTION 2 ABOVE ARE UNTRUE OR INACCURATE.
[Signature Page Follows]

                                         6

<PAGE>

         IN WITNESS WHEREOF, the Subscriber has executed this Agreement as of
the date first written above.

Restricted Securities to be Received          21,299 Shares of Common Stock
                                              ----------------------------------

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

Total Consideration                           $14,909  in  Cancelled  Claim  for
                                              Unpaid Salary in this Amount
                                              ----------------------------------

                                                     SUBSCRIBER

                                                     ---------------------------
                                                     Garrett Miller

Subscription Accepted and Agreed as of the date first written above by:

VALESC HOLDINGS INC.

By:___________________________________
Name:
Title:

                                       7
<PAGE>

                                                                      Exhibit A

                                INVESTMENT LETTER

                                 Garrett Miller
                          130 Jefferson Street, Apt. 1
                                Hoboken, NJ 07030

                                                              August 22, 2003

Valesc Holdings Inc.
16200 Addison Road, Suite 190
Addison, TX 75001

Dear Sirs:

         The undersigned hereby accepts 21,299 shares of Valesc Holdings Inc.
("Valesc"), $.0001 par value per share common stock (the "Shares"), pursuant to
a Subscription Agreement dated the date hereof (the "Subscription Agreement"),
and Valesc hereby delivers the Shares pursuant to the Subscription Agreement
(the "Securities").

         In connection with the foregoing, the undersigned represents that:

         (i) the Securities are being purchased for investment, not for resale
or distribution and not for the purpose of effecting or causing to be effected,
a public offering of any of the Securities;

         (ii) the Securities will not be sold, transferred, assigned or disposed
of, except in accordance with the Securities Act of 1933, as amended, and the
Rules and Regulations of the Securities and Exchange Commission ("SEC")
promulgated thereunder; and

         (iii) the Securities are being purchased for the sole account of the
undersigned and no other understanding exists with regard to the disposition,
sale, transfer or assignment of the Securities other than that set forth herein.

         The undersigned has been advised and understands that it is the view of
the SEC that the foregoing investment representation would be inaccurate if it
merely meant that the present intention of the undersigned was to hold the
Securities for the long term capital gains period of the tax statutes, or for a
deferred sale, or for a market rise, or for sale if the market declines, or for
sale after a fixed period in the future or for sale only if the issuer fails to
operate profitably. The undersigned further understands that, in the view of the
SEC, a change in the market value of Valesc's common stock, a change in the
condition of Valesc, a change in the conditions within the industry in which
Valesc is engaged or, should the Securities be pledged as security for a loan,
foreclosure or threatened foreclosure of such a loan, would not be such a change
in the circumstances as to justify sale of the Securities. The undersigned
understands that it is the view of the SEC that if there is an intention, at the
time the Securities are acquired, to resell them to the public after the passing
of some more or less definitive time period, the Securities were not truly
acquired for investment. The undersigned further understands that the foregoing
is not

                                    8

<PAGE>

intended to be a complete listing of the views held by the SEC relating to the
foregoing investment representation.

         The undersigned acknowledges it has been advised that the Securities
have not been registered under the Securities Act of 1933, as amended, and that
none of the Securities may be sold, transferred, assigned or disposed of, except
in accordance with such Act and the Rules and Regulations of the SEC promulgated
thereunder. The undersigned hereby consents that the face of the Securities to
be issued and delivered to it shall contain a restrictive legend as set forth in
the Subscription Agreement.

         The undersigned understands that Valesc is in its initial developmental
stage and that the Securities being purchased involve a high degree of risk. It
is the best judgment of the undersigned that the Securities being purchased
hereby are securities of the kind which the undersigned wishes to purchase and
hold for investment and that the nature and amount of the Securities being
acquired are consistent with the investment program of the undersigned. The
undersigned represents and warrants that the present and anticipated financial
position of the undersigned permits the undersigned to hold the Securities for
investment, as aforesaid.

         The undersigned hereby acknowledges that neither Valesc nor any persons
or parties associated with Valesc has made any representation or warranties of
any kind, nature or description in connection with the sale or offer of the
Securities other than those set forth in the Subscription Agreement. The
undersigned is also relying on its investigation of Valesc and its prospects and
represents that Valesc has answered all its questions and made available all
information requested.

                                                          Very truly yours,

                                                         ---------------------
                                                          Garrett Miller

                                  9<PAGE>

                      AMENDED AND RESTATED ESCROW AGREEMENT

         AMENDED AND RESTATED ESCROW AGREEMENT dated August 22, 2003 by and
among Valesc Holdings Inc. (the "Company"), Garrett Miller ("Seller") and Hecht
& Associates, P.C. (the "Escrow Agent").

         WHEREAS, the Company and Seller entered into an Escrow Agreement dated
June 25, 2003 pursuant to an Amended and Restated Stock Option Agreement dated
the date thereof, which Option Agreement has now been amended and restated (the
"Option Agreement") to provide for the purchase from time to time of up to
2,176,079 shares of common stock, $.0001 par value per share, of the Company
(the "Common Stock") owned by Mr. Miller;

         WHEREAS, the parties desire to amend and restate the Escrow Agreement
in accordance with the terms of the amended and restated Option Agreement;

         WHEREAS, according to the terms of the Option Agreement, Company and
Seller have agreed to have the Escrow Agent hold in escrow from time to time the
option exercise notice, proceeds representing the Purchase Proceeds for shares
(the "Purchase Proceeds") and certificates representing purchased shares (the
"Certificates"); and

         WHEREAS, an executed copy of the Option Agreement has been or will be
delivered to Escrow Agent and Escrow Agent is willing to act as escrow agent
hereunder and thereunder.

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and undertakings hereinafter set forth, and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
agree as follows:

         1. Escrow Agent will acknowledge receipt of Purchase Proceeds from the
Company payable to the order of the Escrow Agent on behalf of the Seller.

         2. Escrow Agent shall deposit the Purchase Proceeds in Escrow Agent's
non-interest bearing IOLA bank account and shall hold the Purchase Proceeds
until such time as its funds clear, whereupon it shall (a) forward the Purchase
Proceeds to the Seller (less any amounts payable hereunder) and (b) deliver the
appropriate Certificates previously delivered by the Seller to the Escrow Agent
to the Company or other purchaser of those securities. In the event the
Purchaser is someone other than the Company, Purchaser or the Company shall be
required to furnish proof of a valid assignment of the Option, or a portion
thereof, and an investment letter as a condition of delivery of Certificate(s)
by the Escrow Agent.

         3. If a transaction is not consummated by virtue of either party
asserting, by written notice to Escrow Agent (which notice shall include an
affidavit confirming that a copy of such notice is being simultaneously
delivered to the counter-party), that the counter-party has breached or is in
default of its material obligations under the Option Agreement or that the
counter-party has willfully refused to close the purchase and sale contemplated
by the Option Agreement without the right to do so pursuant to the Option

<PAGE>

Agreement, then, unless the counter-party disputes such contention by written
notice to Escrow Agent received by Escrow Agent within 15 days of Escrow Agent's
receipt of the aforementioned notice (a "Notice of Dispute"), Escrow Agent shall
return any Purchase Proceeds to the Company or its rightful designee (less any
amounts payable hereunder) and the Certificates to the Seller as promptly as is
reasonably practicable.

         4. In the event Escrow Agent receives a Notice of Dispute pursuant to
Section 3, Escrow Agent shall retain the Purchase Proceeds and Certificate(s)
until the first to occur of (i) receipt by Escrow Agent of a written instruction
signed by Seller and the Company or its rightful designee directing the
disposition of the Purchase Proceeds and Certificates, or (ii) receipt by Escrow
Agent of a final order or judgment of a court of competent jurisdiction from
which no appeal can be taken directing the disposition of the Purchase Proceeds
and Certificates, in either of which events Escrow Agent shall abide by such
instruction or final order or judgment, as the case may be.

         5. Escrow Agent shall have the right, in its sole discretion, to
require and receive such written certifications or instructions from the Company
and/or Seller as it deems reasonably necessary or appropriate before taking any
action.

         6. It is expressly understood and agreed that if any dispute arises
hereunder, or if Escrow Agent is uncertain as to its obligations hereunder,
Escrow Agent is authorized, in its sole discretion, to refrain from taking any
action other than to continue to hold in escrow the Purchase Proceeds and
Certificate(s) until otherwise directed by a final judgment or a court of
competent jurisdiction from which no appeal can be taken or by a written
instruction signed by Company and Seller.

         7. Escrow Agent shall be entitled to consult with counsel of its own
choosing (including any member or associate of such firm), may act or refrain
from acting in respect of any matter referred to herein in full reliance upon
and by and with the advice of such counsel and shall be fully protected in so
acting or refraining from acting.

         8. Escrow Agent, in its sole discretion, may institute legal
proceedings of any kind, including but not limited to, a legal proceeding in any
court of competent jurisdiction, to determine the obligations of Company and
Seller hereunder and to deposit the Purchase Proceeds and Certificate(s) in such
court; and upon such happening, the duties of Escrow Agent shall be fully
terminated and Escrow Agent shall be fully discharged from all such duties.

         9. In taking any action hereunder, Escrow Agent shall be protected and
may rely upon any notice, paper or document or signature believed by it to be
genuine or upon any evidence deemed by it to be sufficient. In no event shall
Escrow Agent be liable for any act performed or omitted to be performed by it
hereunder in the absence of gross negligence or willful misconduct, and in no
event shall it be liable or responsible for any failure of any banking
institution in which the Purchase Proceeds is deposited to pay such amount at
Escrow Agent's direction. Escrow Agent shall not be under a duty to give the

                               2
<PAGE>

property held hereunder a greater degree of care than it gives its own similar
property.

         10. Escrow Agent shall be reimbursed by the party entitled to the
Purchase Proceeds for all expenses incurred by it in connection with the
performance of its duties hereunder, including but not limited to its
out-of-pocket expenses and reasonable attorneys' fees and disbursements and the
fair value of the legal services utilizing the hourly billing rates normally
charged to the Company rendered by it, hereunder. Any such fees, expenses and
disbursements may be deducted by the Escrow Agent from the Purchase Proceeds
upon disposition thereof. This provision shall not be deemed a waiver of any
claim that Mr. Miller has against the counterparty for reimbursement of such
fees and expenses.

         11. The Company and/or its designee and the Seller shall jointly and
severally indemnify and hold Escrow Agent harmless from and against any damage,
cost, liability or expense (including but not limited to, legal fees either paid
to retained attorneys or representing the fair value of legal services rendered
by Escrow Agent, which shall be deemed the hourly rates normally charged to the
Company at the time the claim is made) which Escrow Agent may incur by reason of
its acting hereunder, but without prejudice to any right which the Company or
Seller may have to recover from each other for any such damage, cost, liability
or expense.

         12. Seller and any designee of the Company recognize that Hecht &
Associates, P.C. has acted and continues to act as counsel to the Company and
has represented and may continue to act as counsel to the Company with respect
to the Option Agreement and the transactions contemplated thereunder, and Seller
expressly consents to the same. In order to induce Hecht & Associates, P.C. to
agree to serve as Escrow Agent, Seller and any designee of the Company each
agrees not to assert, as a ground for disqualifying Hecht & Associates, P.C.
from continuing to represent the Company, any claim that Hecht & Associates,
P.C. acted in such capacity.

         13. All notices, requests, demands and other communications hereunder
shall be in writing and shall be deemed to have been duly given if personally
delivered (including by courier), or when mailed, certified, registered mail,
postage prepaid, or when sent by Federal Express to the Company and the Seller
at the address set forth in the Option Agreement, to Escrow Agent at Hecht &
Associates, P.C., 11 East 26th Street, Suite 1901, New York, NY 10010, Attn:
Charles J. Hecht, Esq., or to such other address as a party may provide by
written notice to the other parties to this Agreement. All notices shall be
deemed effective upon receipt.

         14. This Agreement shall be construed and enforced in accordance with
the laws of the State of New York, without giving effect to the choice of law
provisions thereof and the parties hereby submit themselves to the jurisdiction
of the state court for New York, New York County and the federal courts for the
Southern District of New York, the parties agreeing that such courts are courts
of appropriate jurisdiction.

                                    3

<PAGE>

         15. This Agreement sets forth exclusively the duties of Escrow Agent
with respect to any and all matters pertinent hereto and no implied duties or
obligations shall be read into this Agreement against Escrow Agent. This
Agreement sets forth the entire understanding and agreement of the parties and
may only be amended in writing signed by all of the parties hereto.

         16. This Agreement may be signed in one or more counterparts each of
which when so executed and delivered shall be deemed an original, and all of
which together shall constitute one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have executed this Escrow
Agreement as of the day and year first above written.

         VALESC HOLDINGS INC.

         By:____________________________
         Name:
         Title:

--------------------------------
GARRETT MILLER

HECHT & ASSOCIATES, P.C.

By:______________________________
Name:
Title:

                                    4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]