Document:

EXHIBIT 10.24

                                 PROMISSORY NOTE

$100,000.00                                                     OCTOBER 25, 2004

ULTRASTRIP SYSTEMS, INC., a Florida corporation ("Maker") (Maker and each
endorser, surety or guarantor, are collectively herein called "Obligor"),
promises to pay to the order of DENNIS AND JACQUELINE MCGUIRE, ("Lender";
Lenders and each and all subsequent holders of this note are included in the
terms "Holder"), at 3231 SE St. Lucie Blvd., Stuart, FL 34996 (or at such other
place as the Holder hereof may designate), the sum of ONE HUNDRED THOUSAND AND
00/00 DOLLARS ($100,000.00) with interest at the Applicable Interest Rate, as
defined below. Interest on principal will accrue at the Applicable Interest Rate
from October 25, 2004 at the rate of 1/360th of annual interest for each day
that principal is outstanding; provided, however, in no event shall interest be
due at a rate in excess of the maximum permissible legal rate.

Principal and interest shall be payable as follows:

         a.       The entire outstanding principal balance of the note and
                  interest shall be due and payable in full on or before
                  November 25, 2004 (the "Maturity Date"). It is the intent of
                  this agreement to transfer the principal loan amount to the
                  bridge financing package being prepared by Kirkpatrick &
                  Lockhart as noted in October 5 Promissory Note.

         b.       The "Applicable Interest Rate" shall be six percent (6%) per
                  annum.

         c.       This note may be prepaid at any time in whole or in part,
                  without premium or penalty.

As used in this instrument, the term "Obligations" shall refer to the
indebtedness represented by this note and all modifications, renewals and
substitutions hereof.

The happening of any of the following events shall constitute a default
hereunder: (1) failure of Obligor to pay in full when due any indebtedness,
obligation, or liability to the Holder whatsoever, or any installment thereof or
interest thereon; (2) failure of Obligor to perform any agreement hereunder; (3)
the Holder learns that any warranty, representation, certificate or statement of
Obligor (whether contained in this note or not) pertaining to or in connection
with this note or the loan or credit evidenced by this note, is not true; (4)
Obligor becomes insolvent or any insolvency proceedings (as said terms
"insolvent" and "insolvency proceedings" are defined in the Uniform Commercial
Code of Florida) are instituted or made by or against Obligor, or application is
made for the appointment of a receiver for Obligor or for any of the assets of
Obligor; (5) the entry of a judgment against Obligor; (6) the issuing of any
levy, attachment or garnishment, or the filing of any lien against any property
of Obligor; or (7) the dissolution, merger, consolidation, or reorganization of
Obligor.

Upon the happening of any default as defined herein the entire amount of this
note remaining unpaid, shall, at the option of the Holder and without notice or
demand, become due and payable forthwith or thereafter. In the event of any
default hereunder, after deducting any paid and unaccrued or paid and unearned
interest from the principal balance then due, the then unpaid principal balance
hereof and any accrued and unpaid interest shall bear interest from the time of
such default at the maximum legal rate permissible (the "Default Rate"), and,
regardless of the payment terms of the note, and all unpaid interest from the
time of such default may be compounded on a monthly basis, the first such
compounding to be made 30 days after the default and, thereafter, on the same
date of each subsequent

<PAGE>

month until all Obligations have been paid in full. In no event and under no
circumstances shall there be due hereunder, nor shall the Holder be entitled
hereunder to receive at any time, any charges not allowed or permitted by law or
any interest or interest rate in excess of the maximum allowed by law. In the
event that the amount of any charge or payment due hereunder shall create or
shall be deemed to create an interest charge in excess of the maximum
permissible legal rate, then the charge of any such excess amount shall be
deemed unenforceable and void and its collection shall be waived, without
affecting the remainder of the Obligations evidenced hereby, and any such excess
amount which may have been paid to the Holder shall be refunded.

In the event the Holder shall be required at any time to pay documentary stamp
tax, intangible tax, or other taxation with respect to all or part of the Loan
or any other transaction contemplated or evidenced by this note, the Obligor
shall reimburse the Holder immediately for all such costs, including any
interest and penalties with respect thereto.

With respect to any and all Obligations, the Obligor waives the following: (1)
demand, presentment, protest, notice of dishonor, suit against any party and all
other requirements necessary to charge or hold Obligor liable on any Obligation;
(2) any further receipt for or acknowledgment of the Collateral now or hereafter
deposited or statement of indebtedness; (3) the right to interpose any set-off
or counterclaim of any nature or description in any litigation in which the
Holder and Obligor shall be adverse parties. The Obligor agrees that any
Obligations of Obligor may, from time to time, in whole or in part, be renewed,
extended, modified, accelerated, compromised, discharged or released by the
Holder, all without notice to or further reservations of rights against Obligor
and all without in any way affecting or releasing the liability of Obligor. The
Obligor agrees to pay all taxes and assessments levied on or with respect to the
Obligations, this note, including but not limited to intangible and documentary
stamp taxes, and all filing fees and taxes and all costs of collecting or
securing or attempting to collect or secure any Obligations, including
attorneys' fees, whether or not involving litigation and/or appellate
proceedings.

The Holder shall not by any act, delay, omission or otherwise be deemed to have
waived any of its rights or remedies, and no waiver of any kind shall be valid,
unless in writing and signed by the Holder. All rights and remedies of the
Holder under the terms of this note and under any statutes or rules of law shall
be cumulative and may be exercised successively or concurrently. The Obligor
agrees that the Holder shall be entitled to all the rights of a holder in due
course of a negotiable instrument. This note shall be governed by and construed
in accordance with the laws of the State of Florida. Any provision of this note,
which may be unenforceable or invalid under any law, shall be ineffective to the
extent of such unenforceability or invalidity without affecting the
enforceability or validity of any other provision hereof. Any notice required to
be given to any person shall be deemed sufficient if mailed, postage prepaid, to
such person's address as it appears on this note, or, if none appears, to any
address in the Holder's files. The Holder shall have the right unilaterally to
correct patent errors in this note and to fill in any blank spaces herein so as
to conform to the terms upon which the loan evidenced hereby is made.

The Obligor shall be liable for all indebtedness represented by this note and
have subscribed their names hereto without condition that anyone else should
sign or become bound hereon and without any other condition whatever being made.
The provisions of this note are binding on the heirs, executors, administrators,
assigns and successors of Obligor and shall inure to the benefit of the Holder,
its successors and assigns. This note is executed under the seal of the Obligor.

This promissory note constitutes and evidences the complete understanding
between the Holder and the Obligor. All prior and contemporaneous discussions
between the Holder and the Obligor, including all representations and promises
by the Holder, whether oral or written, concerning the Obligations, are included

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<PAGE>

in and merged in this note. Any modification thereof hereafter which is not in
writing and signed by the Holder and the Obligor shall be void, except that the
Holder may in its sole discretion extend the maturity of the loan evidenced by
this note for a term specified in a written notification mailed to the Obligor
at its address shown on the Holder's records. The Holder may rely on the
information, instructions, or other communications (including requests for and
directions concerning loan advances) given to the Holder by the Obligor.

 Notwithstanding anything herein to the contrary, Holder agrees, by acceptance
of this note, to forbear acceleration of the unpaid principal balance hereof (a)
for a period of 10days for the failure of the Obligor to make a payment when due
hereunder. Such forbearance shall not deny or in any way mitigate the occurrence
of a default, unless the Obligor, within the applicable forbearance period,
cures such default to Holder's satisfaction, in which event the Loan shall
thereupon be reinstated and restored to good standing in all respects, including
the interest rate hereon, effective as of the date of the default.

 No invalid provision of this note shall affect or impair any other provision.
Maker and Obligor acknowledge receipt of a completed copy of this Note.

 THE OBLIGOR AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER, EACH HEREBY WAIVES (1)
ALL RIGHTS TO RELY ON OR ENFORCE ANY ORAL STATEMENTS MADE PRIOR TO,
CONTEMPORANEOUSLY WITH OR SUBSEQUENT TO THE SIGNING OF THIS PROMISSORY NOTE; AND
(2) THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS PROMISSORY NOTE, OR WITH
RESPECT TO DEALINGS BETWEEN THE HOLDER AND THE OBLIGOR CONCERNING ANY COURSE OF
CONDUCT, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE HOLDER TO PROVIDE CREDIT TO THE
OBLIGOR.

Lender                                          UltraStrip Systems, Inc.
------                                          ------------------------

________________________                        _____________________________
Dennis McGuire                                  Stephen R. Johnson, President

________________________
Jacqueline McGuire

                                       3EXHIBIT 10.25

                     SETTLEMENT AGREEMENT AND MUTUAL RELEASE
                     ---------------------------------------

              THIS SETTLEMENT AGREEMENT and MUTUAL RELEASE ("Agreement") is made
by and between ULTRASTRIP SYSTEMS, INC. ("Ultrastrip") and MIRKIN & WOOLF, P.A.
("M&W").

                                    Recitals
                                    --------

         WHEREAS, there is an action pending in the Circuit Court for the
Fifteenth Judicial Circuit, Palm Beach County, Florida (the "Court") styled
Ultrastrip Systems, Inc. vs. Mirkin & Woolf, P.A. (the "Action"); and

         WHEREAS, the parties, after due consideration, now desire to resolve,
settle and discharge any and all existing and prospective claims, counterclaims,
third-party claims, controversies, disputes and causes of action, which were
raised or which could have been raised and/or which may relate to or arise out
of or in any way concern the Action.

         NOW, THEREFORE, in consideration of the mutual Recitals and Covenants
contained herein and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

                                    Covenants
                                    ---------

         1. Recitals:
            --------

         The above Recitals are true and correct and are incorporated herein as
material Covenants to this Agreement.

         2. Consideration:
            -------------

                  (a) Ultrastrip shall pay to M&W the total of fifty thousand
dollars ($50,000) as follows:

                           (i) Upon execution of this Agreement, Ultrastrip
shall pay M&W an initial payment (the "Initial Payment") in the sum of twenty
five thousand dollars ($25,000) payable to the William G. Shofstall, Esq. Trust
Account.

                           (ii) The remaining balance of twenty five thousand
dollars ($25,000) shall be paid in monthly installments of one thousand five
hundred dollars ($1,500) with each installment due on the fifteenth day of each
successive month beginning on December 15, 2004, and the final payment of two
thousand five hundred dollars ($2,500) shall be due on March 15, 2006. All
installment payments shall be paid in good funds to the order of Mirkin & Woolf,
P.A., and delivered to 2117 Vinings Circle #802, Wellington, Florida, 33414 or
such other address as M&W shall notify Ultrastrip in writing.

<PAGE>

                  (b) Upon execution of this Agreement, Ultrastrip shall deliver
to M&W a Stock Purchase Warrant in the form attached hereto as Exhibit "A" (the
"Warrant"), which Warrant shall, for a period of five years, entitle M&W to
purchase two hundred twenty five thousand (225,000) shares of Ultrastrip's
common stock at a price of one dollar ($1.00) per share. Said warrant shall
contain piggyback registration rights.

                  (c) Upon execution of this Agreement, M&W shall release the
retaining lien it holds on Ultrastrip's records and hand deliver to UltraStrip
the originals (or copies where originals are not available or in existence) of
all of UltraStrip's corporate records and documents.

                  (d) Upon exercise of this Agreement, the Stock Purchase
Warrant dated April 3, 1998, which warrant was a subject of the Action, as well
as all other claims by M&W to any interest in UltraStrip and UltraStrip's
predecessors, successors, assigns and/or affiliates shall be null, void,
cancelled and unenforceable.

         3. Court Enforcement:
            -----------------

         The Court shall retain jurisdiction over this Action and over the
parties in order to enforce this Agreement. If Ultrastrip fails to comply with
the payment schedule set forth in paragraph 2(a) above, M&W shall serve
UltraStrip with written notice of default with proof of delivery. A copy of the
notice of default shall be simultaneously served on UltraStrip's counsel via
facsimile c/o Adam D. Palmer, Esq., at facsimile number 561-750-5045.
Thereafter, UltraStrip shall have five business days within which to cure the
default, failing which UltraStrip shall be deemed to have waived all defenses
except for timely payment hereunder and M&W shall be entitled to file a Motion
for Enforcement and Affidavit of Default whereupon M&W shall be entitled to the
entry of a final judgment against Ultrastrip for the total amount due hereunder
less any sums paid through the date of the judgment, together with reasonable
attorneys fees in the agreed upon and liquidated amount of $2,500 for
enforcement of this Agreement.

         4. Dismissal:
            ---------

         Upon full execution of this Agreement and clearance of the Initial
Payment, the parties agree to dismiss this Action with prejudice, with the Court
reserving jurisdiction for purposes of enforcement as described in paragraph 3
above.

         5. Mutual Release:
            --------------

         Except for the rights and obligations provided for and described in
this Agreement, each party, on behalf of itself and each of its predecessors,
successors, subsidiaries, parents, affiliates, employees, agents, officers,
directors, insurers, attorneys, and representatives, hereby releases and
discharges the other party and that party's current and former predecessors,
successors,
                                       2
<PAGE>

subsidiaries, parents, affiliates, employees, agents, officers, directors,
insurers, attorneys, and representatives, from any and all rights, actions,
obligations, claims, promises, agreements, contracts, accounts, costs, expenses,
damages, and causes of action, of whatever kind or nature, whether known or
unknown, foreseen or unforeseen, suspected or unsuspected, whether in law or
equity, which each such party had or now has or may hereafter have against the
other party arising out of or based upon any fact, event, matter, or thing
existing or occurring from the beginning of time to and including the date of
this Agreement.

         6. Non-Admission Of Liability:
            --------------------------

         It is understood and agreed that the execution of this Agreement is not
to be considered an admission of any liability on the part of either party, but
are in full settlement and satisfaction of all issues between the parties.

         7. Attorney's Fees:
            ---------------

         The parties hereto agree that each side shall bear its own costs and
attorney's fees, except as otherwise specified in this Agreement.

         8. Communications:
            --------------
\
            All notices and other communications pursuant to this Agreement
shall be in writing and shall be deemed to be sufficient if contained in a
written instrument and shall be deemed given so long as the party giving the
notice receives proof of delivery, whether delivered personally, by facsimile,
by overnight courier or mailed by registered or certified mail (return receipt
requested) postage prepaid, to the other party at the following addresses (or at
such other address for a party as shall be specified by like notice):

                  If to the Ultrastrip:

                  UltraStrip Systems, Inc.
                  3515 S.E. Lionel Terrace
                  Stuart, Florida 34997
                  ATTN: Stephen R. Johnson, CEO

                                       3
<PAGE>

                  And a facsimile copy to:

                  Adam D. Palmer, PA Baritz & Colman, LLP 750 Bank of America
                  Building 150 East Palmetto Park Road Boca Raton, Florida 33432
                  Facsimile: 561-750-5045

                  If to M&W:

                  Mirkin & Woolf, P.A.
                  2117 Vinings Circle #802
                  Wellington, Florida 33414
                  ATTN: Marc S. Woolf, Esq.

All such notices and other communications shall be deemed to have been received
(i) in the case of personal delivery, on the date of such delivery, (ii) in the
case of a facsimile, when the party receiving such telecopy shall have confirmed
receipt of the communication, (iii) in the case of delivery by overnight
courier, on the date of delivery reflected in the courier's delivery receipt,
and (iv) in the case of mailing, on the date reflected in the U.S. Post Office's
return receipt following such mailing. For purposes of this Agreement, "Business
Day" shall mean any day, other than a Saturday, Sunday or legal holiday, on
which banks and/or the U.S. Post Office are permitted to close in Palm Beach
County, Florida.

         9. Miscellaneous:
            -------------

                  A. Application of Florida Law:  This Agreement and its
application and interpretation shall be governed exclusively by its terms and by
the laws of the State of Florida. The venue for any dispute arising out of this
Agreement shall be in Palm Beach County, Florida.

                  B. Entire Agreement: This Agreement represents the entire
agreement and understanding between the parties and shall supersede all prior
negotiations, understandings, representations (if any) and agreements made by
and between the parties.

                  C. Enforceability: If any term or condition of this Agreement
shall be invalid or unenforceable to any extent or in any application, then the
remainder of this Agreement, and such term or condition, except to such extent
or in such application, shall not be affected thereby and each and every
remaining term and condition of this Agreement shall be valid and enforced

                                       4
<PAGE>

to the fullest extent and the broadest application permitted by law.

                  D. Modification: This Agreement may not be modified,
supplemented or waived orally, but only by a writing signed by the party against
whom the enforcement of such modification, supplement or waiver is sought and
making specific reference to this Agreement.

                  E. Binding Effect: All of the terms of this Agreement shall be
binding upon and inure to the benefit of and be enforceable by or against the
parties and their current and former agents, employees, legal representatives,
heirs, successors and assigns.

                  F. Execution: This Agreement may be signed in counterpart.
Furthermore, while it is the intention of the parties to exchange original
singed versions of this Agreement, a photocopy or facsimile signature shall be
sufficient for all purposes, including filing with the court and enforcement.

                  IN WITNESS WHEREOF, the parties indicate their agreement and
acceptance of the terms and conditions of this Agreement:

                  ULTRASTRIP SYSTEMS, INC

                  By:______________________________________

                  Print Name:_______________________________

                  Print Title:________________________________

                  Print Date:________________________________

                  MIRKIN & WOOLF, PA

                  By:_______________________________________

                  Print Name:________________________________

                  Print Title:_________________________________

                  Print Date:____________________________

                                       5

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