Document:

NEITHER
      THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR
      THE
      SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
      LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
      (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL
      (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE
      FORM,
      THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT
      TO
      RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE
      SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
      OTHER
      LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

    

    
      	 	
              Right
                to Purchase _____
                shares
                of Common Stock of Purple Beverage Company, Inc. (subject to adjustment
                as
                provided herein)

            

    

    

    FORM
      OF COMMON STOCK PURCHASE WARRANT

     

    
      	No. 2007-A-001	Issue Date: December 12,
              2007

    

     

    PURPLE
      BEVERAGE COMPANY, INC., a corporation organized under the laws of the State
      of
      Nevada (the “Company”), hereby certifies that, for value received,
      _________________, or its assigns (the “Holder”), is entitled, subject to the
      terms set forth below, to purchase from the Company at any time commencing
      on
      the Issue Date until 5:00 p.m., E.S.T on the fifth anniversary of the Issue
      Date
      (the “Expiration Date”), up to _____
      fully
      paid and nonassessable shares of Common Stock at a per share purchase price
      of
      $2.00. The aforedescribed purchase price per share, as adjusted from time to
      time as herein provided, is referred to herein as the “Purchase Price.” The
      number and character of such shares of Common Stock and the Purchase Price
      are
      subject to adjustment as provided herein. The Company may reduce the Purchase
      Price for some or all of the Warrants, temporarily or permanently. Capitalized
      terms used and not otherwise defined herein shall have the meanings set forth
      in
      that certain Subscription Agreement (the “Subscription
      Agreement”),
      dated
      as of December 12, 2007, entered into by the Company and the
      Holder.

    

    As
      used
      herein the following terms, unless the context otherwise requires, have the
      following respective meanings: 

     

    (a) The
      term
“Company” shall include Purple Beverage Company, Inc. and any corporation which
      shall succeed or assume the obligations of Purple Beverage Company, Inc.
      hereunder. 

     

    (b) The
      term
“Common Stock” includes (a) the Company's common stock, $.001 par value per
      share, as authorized on the date of the Subscription Agreement, and (b) any
      other securities into which or for which any of the securities described in
      (a) may be converted or exchanged pursuant to a plan of recapitalization,
      reorganization, merger, sale of assets or otherwise.

     

    (c) The
      term
“Other Securities” refers to any stock (other than Common Stock) and other
      securities of the Company or any other person (corporate or otherwise) that
      the
      holder of the Warrant at any time shall be entitled to receive, or shall have
      received, on the exercise of the Warrant, in lieu of or in addition to Common
      Stock, or which at any time shall be issuable or shall have been issued in
      exchange for or in replacement of Common Stock or Other Securities pursuant
      to
      Section 4 or otherwise. 

     

    (d) The
      term
“Warrant Shares” shall mean the Common Stock issuable upon exercise of this
      Warrant.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    1. Exercise
      of Warrant.

     

    1.1. Number
      of Shares Issuable upon Exercise.
      From
      and after the Issue Date through and including the Expiration Date, the Holder
      hereof shall be entitled to receive, upon exercise of this Warrant in whole
      in
      accordance with the terms of subsection 1.2 or upon exercise of this
      Warrant in part in accordance with subsection 1.3, shares of Common Stock
      of the Company, subject to adjustment pursuant to Section 4.

     

    1.2. Full
      Exercise.
      This
      Warrant may be exercised in full by the Holder hereof by delivery of an original
      or facsimile copy of the form of subscription attached as Exhibit A hereto
      (the “Subscription Form”) duly executed by such Holder and delivery within two
      days thereafter of payment, in cash, wire transfer or by certified or official
      bank check payable to the order of the Company, in the amount obtained by
      multiplying the number of shares of Common Stock for which this Warrant is
      then
      exercisable by the Purchase Price then in effect. The original Warrant is not
      required to be surrendered to the Company until it has been fully exercised.
      

     

    1.3. Partial
      Exercise.
      This
      Warrant may be exercised in part (but not for a fractional share) by delivery
      of
      a Subscription Form in the manner and at the place provided in
      subsection 1.2 except that the amount payable by the Holder on such partial
      exercise shall be the amount obtained by multiplying (a) the number of
      whole shares of Common Stock designated by the Holder in the Subscription Form
      by (b) the Purchase Price then in effect. On any such partial exercise
      provided the Holder has surrendered the original Warrant, the Company, at its
      expense, will forthwith issue and deliver to or upon the order of the Holder
      hereof a new Warrant of like tenor, in the name of the Holder hereof or as
      such
      Holder (upon payment by such Holder of any applicable transfer taxes) may
      request, the whole number of shares of Common Stock for which such Warrant
      may
      still be exercised.

     

    1.4. Fair
      Market Value.
      Fair
      Market Value of a share of Common Stock as of a particular date (the
“Determination Date”) shall mean: 

     

    (a) If
      the
      Company's Common Stock is listed, traded or quoted on the NASDAQ Global Market,
      NASDAQ Global Select Market, the NASDAQ Capital Market, the New York Stock
      Exchange, the American Stock Exchange, LLC, OTC Bulletin Board, or the Pink
      Sheets, LLC, then the average of the closing or last sale prices, respectively,
      reported for the ten trading days immediately preceding the Determination
      Date;

     

    (b) If
      the
      Company's Common Stock is not listed, traded or quoted on the NASDAQ Global
      Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the New York
      Stock Exchange, the American Stock Exchange, LLC, OTC Bulletin Board, or the
      Pink Sheets, LLC, but is traded in the over-the-counter market, then the average
      of the closing bid and ask prices reported for the ten trading days immediately
      preceding the Determination Date;

     

    (c) Except
      as
      provided in clause (d) below and Section 3.1, if the Company's Common Stock
      is not so publicly listed, traded or quoted, then as the Holder and the Company
      agree, or in the absence of such an agreement, by arbitration in accordance
      with
      the rules then standing of the American Arbitration Association, before a single
      arbitrator to be chosen from a panel of persons qualified by education and
      training to pass on the matter to be decided with such arbitration to be
      conducted in New York City, New York; or

     

    (d) If
      the
      Determination Date is the date of a liquidation, dissolution or winding-up,
      or
      any event deemed to be a liquidation, dissolution or winding-up pursuant to
      the
      Company's charter, then all amounts to be payable per share to holders of the
      Common Stock pursuant to the charter in the event of such liquidation,
      dissolution or winding up, plus all other amounts to be payable per share in
      respect of the Common Stock in liquidation under the charter, assuming for
      the
      purposes of this clause (d) that all of the shares of Common Stock then
      issuable upon exercise of all of the Warrants are outstanding at the
      Determination Date.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    1.5. Company
      Acknowledgment.
      The
      Company will, at the time of the exercise of the Warrant, upon the request
      of
      the Holder hereof, acknowledge in writing its continuing obligation to afford
      to
      such Holder any rights to which such Holder shall continue to be entitled after
      such exercise in accordance with the provisions of this Warrant. If the Holder
      shall fail to make any such request, such failure shall not affect the
      continuing obligation of the Company to afford to such Holder any such
      rights.

     

    1.6. Trustee
      for Warrant Holders.
      In the
      event that a bank or trust company shall have been appointed as trustee for
      the
      Holder of the Warrants pursuant to Subsection 3.2, such bank or trust
      company shall have all the powers and duties of a warrant agent (as hereinafter
      described) and shall accept, in its own name for the account of the Company
      or
      such successor person as may be entitled thereto, all amounts otherwise payable
      to the Company or such successor, as the case may be, on exercise of this
      Warrant pursuant to this Section 1. 

     

     1.7 Delivery
      of Stock Certificates, etc. on Exercise.
      The
      Company agrees that the Warrant Shares shall be deemed to be issued to the
      Holder hereof as the record owner of such shares as of the close of business
      on
      the date on which delivery of a Subscription Form shall have occurred and
      payment made for such shares as aforesaid. As soon as practicable after the
      exercise of this Warrant in full or in part, and in any event within three
      (3)
      business
      days
      thereafter (“Warrant Share Delivery Date”), the Company at its expense
      (including the payment by it of any applicable issue taxes) will cause to be
      issued in the name of and delivered to the Holder hereof, or as such Holder
      (upon payment by such Holder of any applicable transfer taxes) may direct in
      compliance with applicable securities laws, a certificate or certificates for
      the number of duly and validly issued, fully paid and non-assessable shares
      of
      Common Stock (or Other Securities) to which such Holder shall be entitled on
      such exercise, plus, in lieu of any fractional share to which such Holder would
      otherwise be entitled, cash equal to such fraction multiplied by the then Fair
      Market Value of one full share of Common Stock, together with any other stock
      or
      other securities and property (including cash, where applicable) to which such
      Holder is entitled upon such exercise pursuant to Section 1 or otherwise.
      The Company understands that a delay in the delivery of the Warrant Shares
      after
      the Warrant Share Delivery Date could result in economic loss to the Holder.
      As
      compensation to the Holder for such loss, the Company agrees to pay (as
      liquidated damages and not as a penalty) to the Holder for late issuance of
      Warrant Shares upon exercise of this Warrant the proportionate amount of $100
      per business day after the Warrant Share Delivery Date for each $10,000 of
      Purchase Price of Warrant Shares for which this Warrant is exercised which
      are
      not timely delivered. The Company shall pay any payments incurred under this
      Section in immediately available funds upon demand. Furthermore, in addition
      to
      any other remedies which may be available to the Holder, in the event that
      the
      Company fails for any reason to effect delivery of the Warrant Shares by the
      Warrant Share Delivery Date, the Holder may revoke all or part of the relevant
      Warrant exercise by delivery of a notice to such effect to the Company,
      whereupon the Company and the Holder shall each be restored to their respective
      positions immediately prior to the exercise of the relevant portion of this
      Warrant, except that the liquidated damages described above shall be payable
      through the date notice of revocation or rescission is given to the Company.
      

     

    1.8 Buy-In.
      In
      addition to any other rights available to the Holder, if the Company fails
      to
      deliver to a Holder the Warrant Shares as required pursuant to this Warrant
      within seven (7) business days after the Warrant Share Delivery Date and the
      Holder or a broker on the Holder’s behalf purchases (in an open market
      transaction or otherwise) shares of common stock to deliver in satisfaction
      of a
      sale by such Holder of the Warrant Shares which the Holder was entitled to
      receive from the Company (a “Buy-In”),
      then
      the Company shall pay in cash to the Holder (in addition to any remedies
      available to or elected by the Holder) the amount by which (A) the Holder's
      total purchase price (including brokerage commissions, if any) for the shares
      of
      common stock so purchased exceeds (B) the aggregate Purchase Price of the
      Warrant Shares
      required
      to have been delivered, together
      with interest thereon at a rate of 15% per annum, accruing until such amount
      and
      any accrued interest thereon is paid in full (which amount shall be paid as
      liquidated damages and not as a penalty). For
      example, if a Holder purchases shares of Common Stock having a total purchase
      price of $11,000 to cover a Buy-In with respect to $10,000 of Purchase Price
      of
      Warrant Shares to have been received upon exercise of this Warrant, the Company
      shall be required to pay the Holder $1,000,
      plus interest. The
      Holder shall provide the Company written notice indicating the amounts payable
      to the Holder in respect of the Buy-In.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    2. Cashless
      Exercise.

     

    (a) If
      a
      registration statement (“Registration Statement”) is effective for the public
      unrestricted resale of all of the Warrant Shares issuable upon exercise of
      this
      Warrant, this Warrant may be exercised in whole or in part for cash only as
      set
      forth in Section 1 above. If such Registration Statement is not available,
      payment upon exercise may be made at the option of the Holder either in
      (i) cash, wire transfer or by certified or official bank check payable to
      the order of the Company equal to the applicable aggregate Purchase Price,
      (ii)
      by delivery of Common Stock issuable upon exercise of the Warrants in accordance
      with Section (b) below or (iii) by a combination of any of the
      foregoing methods, for the number of Common Stock specified in such form (as
      such exercise number shall be adjusted to reflect any adjustment in the total
      number of shares of Common Stock issuable to the holder per the terms of this
      Warrant) and the holder shall thereupon be entitled to receive the number of
      duly authorized, validly issued, fully-paid and non-assessable shares of Common
      Stock (or Other Securities) determined as provided herein.

     

    (b) Subject
      to the provisions herein to the contrary, if the Fair Market Value of one share
      of Common Stock is greater than the Purchase Price (at the date of calculation
      as set forth below), in lieu of exercising this Warrant for cash, the holder
      may
      elect to receive shares equal to the value (as determined below) of this Warrant
      (or the portion thereof being cancelled) by surrender of this Warrant at the
      principal office of the Company together with the properly endorsed Subscription
      Form in which event the Company shall issue to the holder a number of shares
      of
      Common Stock computed using the following formula:

     

    X
      =
Y
      (A-B)

                        A

    

    
      	
            	Where
              X=	
              the
                number of shares of Common Stock to be issued to the
                holder

            

    

     

    
      
        
          	
                	Y=	
                  the
                    number of shares of Common Stock purchasable under the Warrant
                    or, if only
                    a portion of the Warrant is being exercised, the portion of the
                    Warrant
                    being exercised (at the date of such
                    calculation)

                

        

      

    

     

    
      
        
          	
                	A=	
                  the
                    average of the closing sale prices of the Common Stock for the
                    ten (10)
                    Trading Days immediately prior to (but not including) the Exercise
                    Date,
                    (or if no such closing prices are available, then the Fair Market
                    Value)

                

        

      

    

     

    
      
        
          	
                	B=	
                  Purchase
                    Price (as adjusted to the date of such
                    calculation)

                

        

      

    

     

    For
      purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood
      and acknowledged that the Warrant Shares issued in a cashless exercise
      transaction shall be deemed to have been acquired by the Holder, and the holding
      period for the Warrant Shares shall be deemed to have commenced, on the date
      this Warrant was originally issued pursuant to the Subscription
      Agreement.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    3. Adjustment
      for Reorganization, Consolidation, Merger, etc.

     

    3.1. Fundamental Transaction. 
      If, at any time while this Warrant is outstanding, (A) the Company 
effects any merger or  consolidation  of the Company with or into
      another entity, (B) the Company effects any sale of all or
      substantially all of its assets in one or
      a series of related transactions,  (C)
      any tender offer or exchange offer (whether by the
      Company or another entity) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their
      shares for other securities, cash or property, (D) the
      Company consummates a stock purchase agreement or other business combination
      (including, without limitation, a reorganization, recapitalization, spin-off
      or
      scheme of arrangement) with one or more persons or entities whereby such other
      persons or entities acquire more than the 50% of the outstanding shares of
      Common Stock (not including any shares of Common Stock held by such other
      persons or entities making or party to, or associated or affiliated with the
      other persons or entities making or party to, such stock purchase agreement
      or
      other business combination), (E) any “person” or “group” (as these terms are
      used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall
      become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
      directly or indirectly, of 50% of the aggregate Common Stock of the
      Company, or (F) the Company effects any reclassification of
      the Common Stock or any compulsory share exchange
      pursuant to
      which the Common Stock is effectively converted into
      or exchanged for other securities, cash or property (in any such
      case, a “Fundamental  Transaction”), then, upon
      any subsequent exercise of this Warrant, the Holder shall have the
      right to receive, for each Warrant Share that would have been issuable upon
      such
      exercise immediately prior to the occurrence of such
      Fundamental Transaction, at the option of the Holder, (a) upon
      exercise of this Warrant, the number of shares of Common Stock of
      the successor or acquiring corporation or of the
      Company, if it is the surviving corporation, and any additional
      consideration (the “Alternate Consideration”) receivable upon or as
      a result of such reorganization,
      reclassification, merger, consolidation or disposition of assets
      by a Holder of the number of shares of Common Stock for
      which this Warrant is exercisable immediately prior to such
      event or (b) if the Company is acquired in (1) a transaction
      where the consideration paid to the holders of the Common Stock consists solely
      of cash, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the 1934
      Act, or (3) a transaction involving a person or entity not traded on a national
      securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market
      or the Nasdaq Capital Market, cash equal to the Black-Scholes
      Value.  For purposes of any such exercise, the
      determination of the Purchase Price shall
      be appropriately adjusted to apply to such Alternate
      Consideration based on the amount of
      Alternate Consideration issuable in respect of one share of Common
      Stock in such Fundamental Transaction, and
      the Company shall apportion the Purchase Price
      among the Alternate Consideration in a
      reasonable manner reflecting the relative value of any different
      components of the Alternate Consideration.  If holders of Common Stock
      are given any choice as to the securities, cash or property to be
      received in a Fundamental Transaction, then the Holder shall be given
      the same choice as to the Alternate Consideration it receives upon any exercise
      of this Warrant following such Fundamental Transaction.  To the extent
      necessary to effectuate the foregoing provisions, any
      successor to the Company or surviving entity in such
      Fundamental Transaction shall issue to the Holder a
      new warrant consistent with
      the foregoing provisions and evidencing the
      Holder's right to exercise such warrant into Alternate
      Consideration.  The terms of any agreement pursuant to which a
      Fundamental Transaction is effected shall include terms requiring any such
      successor or surviving entity to comply with the provisions of
      this Section 3.1 and insuring that this Warrant (or any such
      replacement security) will be
      similarly adjusted upon any subsequent transaction analogous to a
      Fundamental Transaction. “Black-Scholes Value” shall be determined in accordance
      with the Black-Scholes Option Pricing Model obtained from the “OV” function on
      Bloomberg L.P. using (i) a price per share of Common Stock equal to the VWAP
      of
      the Common Stock for the Trading Day immediately preceding the date of
      consummation of the applicable Fundamental Transaction, (ii) a risk-free
      interest rate corresponding to the U.S. Treasury rate for a period equal to
      the
      remaining term of this Warrant as of the date of such request and (iii) an
      expected volatility equal to the 100 day volatility obtained from the HVT
      function on Bloomberg L.P. determined as of the Trading Day immediately
      following the public announcement of the applicable Fundamental
      Transaction.

     

    3.2. Dissolution.
      In the
      event of any dissolution of the Company following the transfer of all or
      substantially all of its properties or assets, the Company, prior to such
      dissolution, shall at its expense deliver or cause to be delivered the stock
      and
      other securities and property (including cash, where applicable) receivable
      by
      the Holder of the Warrants after the effective date of such dissolution pursuant
      to this Section 3 to a bank or trust company (a “Trustee”) having its
      principal office in New York, NY, as trustee for the Holder of the
      Warrants. Such property shall be delivered only upon payment of the Warrant
      exercise price. 

     

    
      
         

      

      
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    3.3. Continuation
      of Terms.
      Upon
      any reorganization, consolidation, merger or transfer (and any dissolution
      following any transfer) referred to in this Section 3, this Warrant shall
      continue in full force and effect and the terms hereof shall be applicable
      to
      the Other Securities and property receivable on the exercise of this Warrant
      after the consummation of such reorganization, consolidation or merger or the
      effective date of dissolution following any such transfer, as the case may
      be,
      and shall be binding upon the issuer of any Other Securities, including, in
      the
      case of any such transfer, the person acquiring all or substantially all of
      the
      properties or assets of the Company, whether or not such person shall have
      expressly assumed the terms of this Warrant as provided in Section 4. In
      the event this Warrant does not continue in full force and effect after the
      consummation of the transaction described in this Section 3, then only in
      such event will the Company's securities and property (including cash, where
      applicable) receivable by the Holder of the Warrants be delivered to the Trustee
      as contemplated by Section 3.2.

     

    3.4 Share
      Issuance.
      Until
      the Expiration Date, if the Company shall issue any Common Stock except for
      the
      Excepted Issuances (as defined in the Subscription Agreement), prior to the
      complete exercise of this Warrant for a consideration less than the Purchase
      Price that would be in effect at the time of such issue, then, and thereafter
      successively upon each such issue, the Purchase Price shall be reduced to such
      other lower price for then outstanding Warrants. For purposes of this
      adjustment, the issuance of any security or debt instrument of the Company
      carrying the right to convert such security or debt instrument into Common
      Stock
      or of any warrant, right or option to purchase Common Stock shall result in
      an
      adjustment to the Purchase Price upon the issuance of the above-described
      security, debt instrument, warrant, right, or option if such issuance is at
      a
      price lower than the Purchase Price in effect upon such issuance and again
      at
      any time upon any subsequent issuances of shares of Common Stock upon exercise
      of such conversion or purchase rights if such issuance is at a price lower
      than
      the Purchase Price in effect upon such issuance. Common Stock issued or issuable
      by the Company for no consideration will be deemed issuable or to have been
      issued for $0.001 per share of Common Stock. The reduction of the Purchase
      Price
      described in this Section 3.4 is subject to the provisions of, and in addition
      to the other rights of the Holder described in, the Subscription
      Agreement.

     

    4. Extraordinary
      Events Regarding Common Stock.
      In the
      event that the Company shall (a) issue additional shares of the Common
      Stock as a dividend or other distribution on outstanding Common Stock,
      (b) subdivide its outstanding shares of Common Stock, or (c) combine
      its outstanding shares of the Common Stock into a smaller number of shares
      of
      the Common Stock, then, in each such event, the Purchase Price shall,
      simultaneously with the happening of such event, be adjusted by multiplying
      the
      then Purchase Price by a fraction, the numerator of which shall be the number
      of
      shares of Common Stock outstanding immediately prior to such event and the
      denominator of which shall be the number of shares of Common Stock outstanding
      immediately after such event, and the product so obtained shall thereafter
      be
      the Purchase Price then in effect. The Purchase Price, as so adjusted, shall
      be
      readjusted in the same manner upon the happening of any successive event or
      events described herein in this Section 4. The number of shares of Common
      Stock that the Holder of this Warrant shall thereafter, on the exercise hereof,
      be entitled to receive shall be adjusted to a number determined by multiplying
      the number of shares of Common Stock that would otherwise (but for the
      provisions of this Section 4 be issuable on such exercise by a fraction of
      which
      (a) the numerator is the Purchase Price that would otherwise (but for the
      provisions of this Section 4 be in effect, and (b) the denominator is the
      Purchase Price in effect on the date of such exercise.

     

    5. Certificate
      as to Adjustments.
      In each
      case of any adjustment or readjustment in the shares of Common Stock (or Other
      Securities) issuable on the exercise of the Warrants, the Company at its expense
      will promptly cause its Chief Financial Officer or other appropriate designee
      to
      compute such adjustment or readjustment in accordance with the terms of the
      Warrant and prepare a certificate setting forth such adjustment or readjustment
      and showing in detail the facts upon which such adjustment or readjustment
      is
      based, including a statement of (a) the consideration received or
      receivable by the Company for any additional shares of Common Stock (or Other
      Securities) issued or sold or deemed to have been issued or sold, (b) the
      number of shares of Common Stock (or Other Securities) outstanding or deemed
      to
      be outstanding, and (c) the Purchase Price and the number of shares of
      Common Stock to be received upon exercise of this Warrant, in effect immediately
      prior to such adjustment or readjustment and as adjusted or readjusted as
      provided in this Warrant. The Company will forthwith mail a copy of each such
      certificate to the Holder of the Warrant and any Warrant Agent of the Company
      (appointed pursuant to Section 12 hereof).

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    6. Reservation
      of Stock, etc. Issuable on Exercise of Warrant; Financial
      Statements.
      The
      Company will at all times reserve and keep available, solely for issuance and
      delivery on the exercise of the Warrants, all shares of Common Stock (or Other
      Securities) from time to time issuable on the exercise of the Warrant. This
      Warrant entitles the Holder hereof to receive copies of all financial and other
      information distributed or required to be distributed to the holders of the
      Company's Common Stock. 

     

    7. Assignment;
      Exchange of Warrant.
      Subject
      to compliance with applicable securities laws, this Warrant, and the rights
      evidenced hereby, may be transferred by any registered holder hereof (a
“Transferor”). On the surrender for exchange of this Warrant, with the
      Transferor's endorsement in the form of Exhibit B attached hereto (the
“Transferor Endorsement Form”) and together with an opinion of counsel
      reasonably satisfactory to the Company that the transfer of this Warrant will
      be
      in compliance with applicable securities laws, the Company will issue and
      deliver to or on the order of the Transferor thereof a new Warrant or Warrants
      of like tenor, in the name of the Transferor and/or the transferee(s) specified
      in such Transferor Endorsement Form (each a “Transferee”), calling in the
      aggregate on the face or faces thereof for the number of shares of Common Stock
      called for on the face or faces of the Warrant so surrendered by the
      Transferor.

     

    8. Replacement
      of Warrant.
      On
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and, in the case of any such loss,
      theft or destruction of this Warrant, on delivery of an indemnity agreement
      or
      security reasonably satisfactory in form and amount to the Company or, in the
      case of any such mutilation, on surrender and cancellation of this Warrant,
      the
      Company at its expense, twice only, will execute and deliver, in lieu thereof,
      a
      new Warrant of like tenor.

     

    9. Reserved.

     

    10. Maximum
      Exercise.
      The
      Holder shall not be entitled to exercise this Warrant on an exercise date nor
      may the Company exercise its right to give a Call Notice (as defined in Section
      11) in connection with that number of Common Stock which would be in excess
      of
      the sum of (i) the number of Common Stock beneficially owned by the Holder
      and its affiliates on an exercise date or Call Date, and (ii) the number of
      shares of Common Stock issuable upon the exercise of this Warrant with respect
      to which the determination of this limitation is being made on an exercise
      date
      or Call Date, which would result in beneficial ownership by the Holder and
      its
      affiliates of more than 4.99% of the outstanding Common Stock on such date.
      For
      the purposes of the immediately preceding sentence, beneficial ownership shall
      be determined in accordance with Section 13(d) of the Securities
      Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Subject
      to
      the foregoing, the Holder shall not be limited to aggregate exercises which
      would result in the issuance of more than 4.99%. The restriction described
      in
      this paragraph may be waived, in whole or in part, upon sixty-one (61) days
      prior notice from the Holder to the Company to increase such percentage to
      up to
      9.99%. The Holder may allocate which of the equity of the Company deemed
      beneficially owned by the Subscriber shall be included in the 4.99% amount
      described above and which shall be allocated to the excess above
      4.99%.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    11. Call.
      The
      Company shall have the option to “call” the exercise of any or all of the
      Warrant Shares issuable upon exercise of this Warrant (the “Warrant Call”), one
      time only, in accordance with and governed by the following:

     

    (a) The
      Company shall exercise the Warrant Call by giving to the Warrant Holder a
      written notice of call (the “Call Notice”) during the period in which the
      Warrant Call may be exercised. The effective date of each Call Notice (the
“Call
      Date”) is the date on which notice is effective under the notice provision of
      Section 14 of this Warrant.

     

    (b) The
      Company's right to exercise the Warrant Call shall commence thirty trading
      days
      after the date Warrant Shares issuable upon exercise of this Warrant are
      transferable pursuant to Rule 144(k) of the 1933 Act, or successor provisions,
      without legend, volume restrictions or further transfer restrictions (except
      the
      provisions of the Subscriber Lockup as defined in the Subscription Agreement)
      and end thirty trading days prior to the Expiration Date.

     

    (c) The
      number of shares of Common Stock to be issued upon exercise of the Warrant
      which
      are subject to a Call Notice must be transferable pursuant to Rule 144(k) of
      the
      1933 Act or successor provisions, without legend, volume restrictions or further
      transfer restrictions (except the provisions of the Subscriber Lockup) from
      thirty (30) trading days prior to the Call Date and through the date such Common
      Stock is actually delivered to the Warrant Holder (“Delivery
      Date”).

    

    (d) A
      Call
      Notice may be given not sooner than fifteen trading days after the prior Call
      Date.

    

    (e) A
      Call
      Notice may be given by the Company only within ten days after the Common Stock
      has had a closing price as reported for the Principal Market (as defined in
      the
      Subscription Agreement) of not less than 175% of the Purchase Price for twenty
      (20) consecutive trading days (“Lookback Period”) and provided that the trading
      volume of the Common stock as reported by Bloomberg L.P. for the Principal
      Market is not less than 150,000 shares each day during the Lookback
      Period.

    

    (f) The
      Common Stock must be listed on the Principal Market for the Lookback Period
      and
      through the Delivery Date.

     

    (g) The
      Company shall not have received a notice from the Principal Market during the
      sixty calendar days prior to the Call Date that the Company or its Common Stock
      does not meet the requirements for continued quotation, listing or trading
      on
      the Principal Market.

     

    (h) The
      Company and the Common Stock shall meet the requirements for continued
      quotation, listing or trading on the Principal Market for the Lookback Period
      and through the Delivery Date.

     

    (i) Unless
      otherwise agreed to by the Holder of this Warrant, a Call Notice must be given
      to all Warrant Holders who receive Warrants similar to this Warrant (in terms
      of
      exercise price and other principal terms) issued on or about the same Issue
      Date
      as this Warrant, in proportion to the amounts of Common Stock which may be
      purchased by the respective Warrant Holders in accordance with the respective
      Warrants held by each.

     

    (j) The
      Warrant Holder shall exercise his Warrant rights and purchase the Called Warrant
      Shares and pay for same within fourteen trading days after the Call Date. If
      the
      Warrant Holder fails to timely pay the amount required by the Warrant Call,
      the
      Company’s sole remedy shall be to cancel a corresponding amount of this
      Warrant.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    12. Warrant
      Agent.
      The
      Company may, by written notice to the Holder of the Warrant, appoint an agent
      (a
“Warrant Agent”) for the purpose of issuing Common Stock (or Other Securities)
      on the exercise of this Warrant pursuant to Section 1, exchanging this
      Warrant pursuant to Section 7, and replacing this Warrant pursuant to
      Section 8, or any of the foregoing, and thereafter any such issuance,
      exchange or replacement, as the case may be, shall be made at such office by
      such Warrant Agent. 

     

    13. Transfer
      on the Company's Books.
      Until
      this Warrant is transferred on the books of the Company, the Company may treat
      the registered holder hereof as the absolute owner hereof for all purposes,
      notwithstanding any notice to the contrary. 

     

    14. Notices.
      All
      notices, demands, requests, consents, approvals, and other communications
      required or permitted hereunder shall be in writing and, unless otherwise
      specified herein, shall be (i) personally served, (ii) deposited in the mail,
      registered or certified, return receipt requested, postage prepaid, (iii)
      delivered by reputable air courier service with charges prepaid, or (iv)
      transmitted by hand delivery, telegram, or facsimile, addressed as set forth
      below or to such other address as such party shall have specified most recently
      by written notice. Any notice or other communication required or permitted
      to be
      given hereunder shall be deemed effective (a) upon hand delivery or delivery
      by
      facsimile, with accurate confirmation generated by the transmitting facsimile
      machine, at the address or number designated below (if delivered on a business
      day during normal business hours where such notice is to be received), or the
      first business day following such delivery (if delivered other than on a
      business day during normal business hours where such notice is to be received)
      or (b) on the second business day following the date of mailing by express
      courier service, fully prepaid, addressed to such address, or upon actual
      receipt of such mailing, whichever shall first occur. The addresses for such
      communications shall be: if to the Company, to: Purple
      Beverage Company, Inc., 450 E. Las Olas Blvd., #830, Ft. Lauderdale, FL 33301,
      Attn: Theodore Farnsworth, President, facsimile:
      (954)
      462-8758, with a copy by facsimile only to: Bryan Cave LLP, 1900 Main Street,
      Suite 700, Irvine, CA 92614, Attn: Randolf W. Katz, Esq., facsimile: (949)
      223-7100, and (ii) if to the Holder, to the address and facsimile number listed
      on the first paragraph of this Warrant, with a copy by facsimile only to:
      Grushko & Mittman, P.C., 551 Fifth Avenue, Suite 1601, New York, New York
      10176, facsimile number: (212) 697-3575.

     

    15. Law
      Governing This Warrant.
      This
      Warrant shall be governed by and construed in accordance with the laws of the
      State of New York without regard to principles of conflicts of laws. Any action
      brought by either party against the other concerning the transactions
      contemplated by this Warrant shall be brought only in the state courts of New
      York or in the federal courts located in the state and county of New York.
      The
      parties to this Warrant hereby irrevocably waive any objection to jurisdiction
      and venue of any action instituted hereunder and shall not assert any defense
      based on lack of jurisdiction or venue or based upon forum
      non conveniens.
      The
      Company and Holder waive trial by jury. The prevailing party shall be entitled
      to recover from the other party its reasonable attorney's fees and costs. In
      the
      event that any provision of this Warrant or any other agreement delivered in
      connection herewith is invalid or unenforceable under any applicable statute
      or
      rule of law, then such provision shall be deemed inoperative to the extent
      that
      it may conflict therewith and shall be deemed modified to conform with such
      statute or rule of law. Any such provision which may prove invalid or
      unenforceable under any law shall not affect the validity or enforceability
      of
      any other provision of any agreement.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has executed this Warrant as of the date first
      written above. 

    
      	 	 	 
	 	
              PURPLE
                BEVERAGE COMPANY, INC. 

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
              Theodore Farnsworth, President

    

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    Exhibit A

    

    FORM
      OF
      SUBSCRIPTION

    (to
      be
      signed only on exercise of Warrant)

     

    TO:
      PURPLE BEVERAGE COMPANY, INC.

     

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

    

    ___ ________
      shares of the Common Stock covered by such Warrant; or

     

    ___ the
      maximum number of shares of Common Stock covered by such Warrant pursuant to
      the
      cashless exercise procedure set forth in Section 2.

    

    The
      undersigned herewith makes payment of the full purchase price for such shares
      at
      the price per share provided for in such Warrant, which is $___________. Such
      payment takes the form of (check applicable box or boxes):

    

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

     

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

    

    ___ the
      cancellation of such number of shares of Common Stock as is necessary, in
      accordance with the formula set forth in Section 2, to exercise this
      Warrant with respect to the maximum number of shares of Common Stock purchasable
      pursuant to the cashless exercise procedure set forth in
      Section 2.

    

    The
      undersigned requests that the certificates for such shares be issued in the
      name
      of, and delivered to _____________________________________________________
      whose
      address is _______________________________________________________________________________________ .

    

    The
      undersigned represents and warrants that all offers and sales by the undersigned
      of the securities issuable upon exercise of the within Warrant shall be made
      pursuant to registration of the Common Stock under the Securities Act of 1933,
      as amended (the “Securities Act”), or pursuant to an exemption from registration
      under the Securities Act.

     

    
      	 	 	 
	 	
            	
            
	
              Dated:___________________

            	
              

              (Signature
                must conform to name of holder as specified on the face of the
                Warrant)

            
	 	
            
	 	
              

            
	 	
              
                

              

              (Address)

            
	 	 

    

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    Exhibit B

     

    FORM
      OF
      TRANSFEROR ENDORSEMENT

    (To
      be
      signed only on transfer of Warrant)

    
       

    

    For
      value
      received, the undersigned hereby sells, assigns, and transfers unto the
      person(s) named below under the heading “Transferees” the right represented by
      the within Warrant to purchase the percentage and number of shares of Common
      Stock of PURPLE BEVERAGE COMPANY, INC. to which the within Warrant relates
      specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such
      person Attorney to transfer its respective right on the books of PURPLE BEVERAGE
      COMPANY, INC. with full power of substitution in the premises.

    

      
        	
                Transferees

              	 	
                Percentage
                  Transferred

              	 	
                Number
                  Transferred

              
	
                 

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              
	
                 

              	 	
                 

              	 	
                 

              

      

       

    

    
      
        	 	 	 
	
                
                  Dated:
                    ______________, ___________

                

              	
                

                
                  (Signature
                    must conform to name of holder as specified on the face of the
                    warrant)

                

              
	 	
              
	
                Signed
                  in the presence of:

              	
              
	 	 
	
                

                (Name)

              	
                
 
	
              	
                
                  

                  (address)

                

              
	
                 

              	 
	
                ACCEPTED
                  AND AGREED:

              	 
	
                [TRANSFEREE]

              	
                

              
	
              	
                

                (address)

              
	
                

                (Name)

              	 

      

       

      
        
           

        

        
          12STOCK
      REPURCHASE AGREEMENT

     

    This
      Stock Repurchase Agreement (this “Agreement”) is made and entered into effective
      as of December 12, 2007, by and between Red Carpet Entertainment, Inc., a Nevada
      corporation (the “Company”), and Christopher Johnson and Lissa Johnson
      (collectively, the “Stockholder”). 

     

    WHEREAS,
      the Stockholder is the record and beneficial owner of a total of 20,707,500
      shares (the “Shares”) of the Company’s common stock (post- 8.25-for-1 forward
      stock split), par value $0.001 per share (the “Common Stock”);

     

    WHEREAS,
      the Board of Directors of the Company has approved a proposed short-form merger
      agreement (the “Other Agreement”), pursuant to which the Company shall merge
      with its wholly-owned subsidiary, which Venture Beverage Company, a Nevada
      corporation, previously merged into; and

     

    WHEREAS,
      the Stockholder desires to sell to the Company and the Company desires to
      purchase from Stockholder all of the Shares for an aggregate purchase price
      of
      Sixty Thousand U.S. Dollars (US$60,000.00) (the “Purchase Price”).

     

    NOW,
      THEREFORE, in consideration of the foregoing recitals and the mutual agreements
      set forth herein, the parties hereto agree as follows: 

     

    1. Purchase
      of Shares.
      Upon
      the terms and subject to the conditions set forth in this Agreement, at Closing,
      Stockholder shall sell, transfer and deliver to the Company, and the Company
      shall purchase and accept from Stockholder, all of the Shares, free and clear
      of
      any and all charges, mortgages, pledges, security interests, restrictions,
      claims, liens, encumbrances or exceptions to title of any kind (collectively,
      “Liens”). At the Closing, Stockholder shall deliver to the Company the
      certificate or certificates representing the Shares, duly executed for transfer,
      or accompanied by stock powers duly executed in blank (with a medallion
      guarantee or such other evidence of signature as the Company’s transfer agent
      may require) transferring the Shares to the Company.

     

    2. Payment
      of Purchase Price.
      At
      the
      Closing, the Company shall pay to Stockholder the Purchase Price in good and
      immediately available funds.

     

    3. Closing.
      Subject
      to the satisfaction or waiver of the conditions set forth in Section 5 of this
      Agreement (other than conditions with respect to actions to be taken at the
      Closing), the consummation of the transactions contemplated hereby (the
“Closing”) shall take place at the offices of the Company or at such other place
      as the parties may mutually agree, simultaneously with the consummation of
      the
      transactions contemplated by the Other Agreement or such other date as the
      parties may mutually agree (the “Closing Date”).

     

    4. Representations
      of Stockholder.
      The
      Stockholder represents and warrants to the Company, as of the date hereof and
      the Closing Date, that:

     

    a.    
       Stockholder
      has the legal capacity to execute, deliver and perform her obligations under
      this Agreement. This Agreement has been duly executed and delivered by
      Stockholder and is a valid and legally binding agreement of Stockholder
      enforceable against her in accordance with its terms.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    b. 
Stockholder
      is the sole holder of record of the Shares, and is the beneficial owner of
      the
      Shares, free and clear of all Liens, and there exists no restriction on the
      transfer of the Shares to the Company. Stockholder shall deliver to the Company
      at Closing good and marketable title to the Shares free and clear of all
      Liens.

     

    c. 
Stockholder
      is not the record or beneficial holder of any shares of Common Stock other
      than
      the Shares.

     

    d. 
No
      action
      has been taken by Stockholder that would give rise to a claim against the
      Company for a brokerage commission, finder’s fee or other like payment with
      respect to the transactions contemplated by this
      Agreement.

     

    5. Conditions
      to Closing.

     

    a.
       
The
      obligations of Stockholder at Closing are subject to her receipt of the Purchase
      Price for the Shares.

     

    b. 
The
      obligations of the Company at Closing are subject to its receipt of the
      certificate or certificates evidencing the Shares, duly endorsed in blank or
      accompanied by duly executed stock powers, with a medallion guarantee or such
      other evidence of signature as the Company’s transfer agent may
      require.

     

    6. Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of Nevada without regard to conflict-of-laws rules.

     

    7. Undertakings.
      Each of
      Stockholder and the Company hereby agrees to take whatever additional action
      and
      execute whatever additional documents may be reasonably necessary or advisable
      in order to carry out or effect one or more of the provisions of this Agreement,
      including a change by the Company of its corporate name.

     

    8. Counterparts.
      This
      Agreement may be executed in counterparts, each of which shall be deemed to
      be
      an original, but all of which together shall constitute one and the same
      instrument.

     

    [Signatures
      on Following Page]

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Stock Repurchase Agreement as of the day and year
      first indicated above.

     

    
      	 	 	 
	 	 	/s/ Christopher
              Johnson
	 	
              
Christopher
              Johnson

    

      

      	 	 	 
	 	 	/s/ Lissa
              Johnson
	 	
              
Lissa
              Johnson

    

    
       

      
        	 	 	 
	 	RED
                CARPET
                ENTERTAINMENT, INC.,
	 	a Nevada corporation
	 
 	 
 	 
 
	 	By:  	/s/ Christopher
                Johnson
	 	
                
Christopher
                Johnson,
                President

 

    

    
      
        
           

        

        
          3

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