Document:

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                                                                  EXHIBIT 10.10

THE WARRANT EVIDENCED OR CONSTITUTED HEREBY, AND ALL SHARES OF COMMON STOCK
ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED ("THE ACT"), AND MAY NOT BE SOLD, OFFERED FOR
SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT
UNLESS EITHER (I) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND
SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT
REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR (II) THE
SALE OF SUCH SECURITIES IS MADE PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT.

              WARRANT TO PURCHASE 1,500,000 SHARES OF COMMON STOCK,

                           PAR VALUE $0.001 PER SHARE,

                                       OF

                                  VISIJET, INC.

         THIS CERTIFIES THAT, for value received, Financial Entrepreneurs
Incorporated, or its permitted registered assigns (the "HOLDER"), is entitled,
subject to the terms and conditions of this Warrant, at any time or from time to
time after the relevant effective date described herein, and before 5:00 p.m.
Pacific Time on the Expiration Date (as hereinafter defined), to purchase from
VisiJet, Inc., a Delaware corporation (the "COMPANY"), One Million Five Hundred
Thousand (1,500,000) shares of Common Stock at a price per share equal to the
Purchase Price (as hereinafter defined). Both the number of shares of Common
Stock purchasable upon exercise of this Warrant and the Purchase Price are
subject to adjustment and change as provided herein.

         1. CERTAIN DEFINITIONS. As used in this Warrant, the following terms
shall have the following respective meanings:

         "COMMON STOCK" means the common stock, par value $0.001 per share, of
the Company and any other securities at any time receivable or issuable upon
exercise of this Warrant.

         "EXPIRATION DATE" shall mean February 10, 2008.

         "FAIR MARKET VALUE" of a share of Common Stock as of a particular date
means the average of the closing prices of sales of Common Stock on all United
Sates securities exchanges on which the Common Stock may at the time be listed,
or, if there have been no sales on any such exchange on any day, the average of
the highest bid and lowest asked prices on all such exchanges at the end of such
day, or, if on any day the Common Stock is not so listed, the average of the
representative bid and asked prices quoted by the Nasdaq Stock Market, Inc.
("NASDAQ") as of 4:00 P.M., New York time, on such day, or, if on any day such
security is not quoted by the Nasdaq, the average of the representative bid and
asked prices quoted on such other electronic communications network (an "ECN")
on which the Common Stock shall then be quoted as of 4:00 P.M., New York time,
on such day, or, if on any day such security is not quoted by any ECN, the
average of the highest bid and lowest asked prices on such day in the domestic

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over-the-counter market as reported by the National Quotation Bureau,
Incorporated, or any similar or successor organization, in each such case
averaged over a period of 21 days consisting of the day as of which "Fair Market
Value" is being determined and the 20 consecutive business days prior to such
day; provided, that if there is no active public market, the Fair Market Value
shall be the value thereof, as agreed upon by the Company and the Holder;
PROVIDED, FURTHER, HOWEVER, that if the Company and the Holder cannot agree on
such value, such value shall be determined by an independent valuation firm
experienced in valuing businesses such as the Company and jointly selected in
good faith by the Company and the Holder. Fees and expenses of the valuation
firm shall be paid for by the Company.

         "PURCHASE PRICE" means $5.00 per share; provided that, the "Purchase
Price" shall automatically increase by $0.50 on February 11, 2004 and on each
anniversary of such date until the Expiration Date.

         "REGISTERED HOLDER" means any Holder in whose name this Warrant is
registered upon the books and records maintained by the Company.

          "WARRANT" means this Warrant and any warrant delivered in substitution
or exchange therefor as provided
herein.

         2. EXERCISE OF WARRANT.

                  2.1 PAYMENT. Subject to compliance with the terms and
conditions of this Warrant and applicable securities laws, this Warrant may be
exercised, in whole or in part at any time or from time to time, commencing on
the date hereof and terminating on the Expiration Date, by the delivery
(including, without limitation, delivery by facsimile) of the form of Notice of
Exercise attached hereto as EXHIBIT 1 (the "NOTICE OF EXERCISE"), duly executed
by the Holder, at the principal office of the Company, and as soon as
practicable after such date (the "EXERCISE DATE"), surrendering

                           (a) this Warrant at the principal office of the
Company, and

                           (b) payment, (i) in cash (by check) or by wire
transfer, (ii) by cancellation by the Holder of indebtedness of the Company to
the Holder; or (iii) by a combination of (i) and (ii), of an amount equal to the
product obtained by multiplying the number of shares of Common Stock being
purchased upon such exercise by the then effective Purchase Price (the "EXERCISE
AMOUNT").

                  2.2 NET ISSUE EXERCISE. In lieu of the payment methods set
forth in Section 2.1(b) above, the Holder may elect to exchange all or some of
the Warrant for a number of shares (rounded down to the nearest whole share) of
Common Stock equal to the value of the amount of the Warrant being exchanged on
the date of exchange. If the Holder elects to exchange this Warrant as provided
in this Section 2.2, the Holder shall tender to the Company the Warrant with
written notice of the Holder's election to exchange some or all of the Warrant,
and the Company shall issue to the Holder the number of shares (rounded down to
the nearest whole share) of the Common Stock computed as of the date of
surrender of this Warrant to the Company using the following formula:

                                    X = Y (A-B)
                                        -------
                                            A

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                  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 portion of the Warrant being exchanged (as adjusted
                        to the date of such calculation);

                  A  =  the Fair Market Value of one share of the Company's
                        Common Stock on the date the net issue election is made
                        pursuant to Section 2.2; and

                  B  =  Purchase Price in effect under this Warrant on the
                        date the net issue election is made pursuant to Section
                        2.2.

         All references herein to an "exercise" of the Warrant shall include an
exchange pursuant to this Section 2.2.

                  2.3 STOCK CERTIFICATES; FRACTIONAL SHARES. On or before the
third (3rd) business day following the Exercise Date, the Company shall issue
and deliver to the person or persons entitled to receive the same a certificate
or certificates for the number of whole shares of Common Stock issuable upon
such exercise, rounded down to the nearest whole share. No fractional shares or
scrip representing fractional shares shall be issued upon an exercise of this
Warrant.

                  2.4 PARTIAL EXERCISE; DATE OF EXERCISE. In case of any partial
exercise of this Warrant, the Company shall cancel this Warrant upon surrender
hereof and shall execute and deliver a new Warrant of like tenor and date for
the balance of the shares of Common Stock purchasable hereunder. This Warrant
shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above. The person
entitled to receive the shares of Common Stock issuable upon exercise of this
Warrant shall be treated for all purposes as the holder of record of such shares
as of the close of business on the date the Holder is deemed to have exercised
this Warrant.

         3. VALID ISSUANCE: TAXES. All shares of Common Stock issued upon the
exercise of this Warrant shall be validly issued, fully paid and non-assessable,
free and clear of all liens, security interests, charges and other encumbrances
or restrictions on sale and free and clear of all preemptive rights, except
encumbrances or restrictions arising under federal or state securities laws, and
the Company shall pay all transfer or stamp taxes and other similar governmental
charges that may be imposed in respect of the issue or delivery thereof. The
Company shall not be required to pay any tax or other charge imposed in
connection with any transfer involved in the issuance of any certificate for
shares of Common Stock in any name other than that of the Registered Holder of
this Warrant, and in such case the Company shall not be required to issue or
deliver any stock certificate or security until such tax or other charge has
been paid, or it has been established to the Company's reasonable satisfaction
that no tax or other charge is due.

         4. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES. The number of
shares of Common Stock issuable upon exercise of this Warrant (or any shares of
stock or other securities or property receivable or issuable upon exercise of
this Warrant) and the Purchase Price are subject to adjustment upon occurrence
of the following events:

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                  4.1 ADJUSTMENT FOR STOCK SPLITS, STOCK SUBDIVISIONS OR
COMBINATIONS OF SHARES. The Purchase Price of this Warrant shall be
proportionally decreased and the number of shares of Common Stock issuable upon
exercise of this Warrant (or any shares of stock or other securities at the time
issuable upon exercise of this Warrant) shall be proportionally increased to
reflect any stock split or subdivision of the Company's Common Stock. The
Purchase Price of this Warrant shall be proportionally increased and the number
of shares of Common Stock issuable upon exercise of this Warrant (or any shares
of stock or other securities at the time issuable upon exercise of this Warrant)
shall be proportionally decreased to reflect any combination of the Company's
Common Stock.

                  4.2 ADJUSTMENT FOR DIVIDENDS OR DISTRIBUTIONS OF STOCK OR
OTHER SECURITIES OR PROPERTY. In case the Company shall make or issue, or shall
fix a record date for the determination of eligible holders entitled to receive,
a dividend or other distribution with respect to the Common Stock (or any shares
of stock or other securities at the time issuable upon exercise of the Warrant)
payable in (a) securities of the Company or (b) assets (excluding cash dividends
paid or payable solely out of retained earnings), then, in each such case, the
Holder of this Warrant on exercise hereof at any time after the consummation,
effective date or record date of such dividend or other distribution, shall
receive, in addition to the shares of Common Stock (or such other stock or
securities) issuable on such exercise prior to such date, and without the
payment of additional consideration therefor, the securities or such other
assets of the Company to which such Holder would have been entitled upon such
date if such Holder had exercised this Warrant on the date hereof and had
thereafter, during the period from the date hereof to and including the date of
such exercise, retained such shares and/or all other additional stock available
by it as aforesaid during such period giving effect to all adjustments called
for by this Section 4.

                  4.3 RECLASSIFICATION. If the Company, by reclassification of
securities or otherwise, shall change any of the securities as to which purchase
rights under this Warrant exist into the same or a different number of
securities of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of securities as would have
been issuable as the result of such change with respect to the securities that
were subject to the purchase rights under this Warrant immediately prior to such
reclassification or other change and the Purchase Price therefore shall be
appropriately adjusted, all subject to further adjustment as provided in this
Section 4.

                  4.4 ADJUSTMENT FOR CAPITAL REORGANIZATION, MERGER OR
CONSOLIDATION. In case of any capital reorganization of the capital stock of the
Company (other than a combination, reclassification, exchange or subdivision of
shares otherwise provided for in this Section 4), or any merger or consolidation
of the Company with or into another corporation, or the sale of all or
substantially all the assets of the Company then, and in each such case, and as
a part of such reorganization, merger, consolidation, sale or transfer, lawful
provision shall be made so that the Holder of this Warrant shall thereafter be
entitled to receive upon exercise of this Warrant, upon payment of the Purchase
Price then in effect, the number of shares of stock or other securities or
property of the successor corporation resulting from such reorganization,
merger, consolidation, sale or transfer that a holder of the shares deliverable
upon exercise of this Warrant would have been entitled to receive in such
reorganization, consolidation, merger, sale or transfer if this Warrant had been
exercised immediately before such reorganization, merger, consolidation, sale or
transfer, all subject to further adjustment as provided in this Section 4. The
foregoing provisions of this Section 4.4 shall similarly apply to successive
reorganizations, consolidations, mergers, sales and transfers and to the stock
or securities of any other corporation that are at the time receivable upon the

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exercise of this Warrant. If the per-share consideration payable to the Holder
hereof for shares in connection with any such transaction is in a form other
than cash or marketable securities, then the value of such consideration shall
be determined in good faith by the Company's Board of Directors. In all events,
appropriate adjustment (as determined in good faith by the Company's Board of
Directors) shall be made in the application of the provisions of this Warrant
with respect to the rights and interests of the Holder after the transaction, to
the end that the provisions of this Warrant shall be applicable after that
event, as near as reasonably may be, in relation to any shares or other property
deliverable after that event upon exercise of this Warrant.

                  4.5 COMPANY TO PREVENT DILUTION The Company shall not by any
action, including, without limitation, amending its articles of incorporation or
through any reorganization, transfer of assets, consolidation, merger,
dissolution, issuance or sale of securities or any other voluntary action, avoid
or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of the Holder against impairment. Without
limiting the generality of the foregoing, Company will take all such action as
may be necessary or appropriate in order that Company may upon the exercise of
this Warrant validly and legally issue fully paid and nonassessable shares of
Common Stock that are not subject to preemptive rights, including taking such
action as is necessary for the Purchase Price to be not less than the par value
of the shares of Common Stock issuable upon exercise of this Warrant.

                  4.6 CONVERSION OF COMMON STOCK. In case all or any portion of
the authorized and outstanding shares of Common Stock of the Company are
redeemed or converted or reclassified into other securities or property pursuant
to the Company's Certificate of Incorporation or otherwise, or the Common Stock
otherwise ceases to exist, then, in such case, the Holder of this Warrant, upon
exercise hereof at any time after the date on which the Common Stock is so
redeemed or converted, reclassified or ceases to exist (the "TERMINATION DATE"),
shall receive, in lieu of the number of shares of Common Stock that would have
been issuable upon such exercise immediately prior to the Termination Date, the
securities or property that would have been received if this Warrant had been
exercised in full and the Common Stock received thereupon had been
simultaneously converted immediately prior to the Termination Date, all subject
to further adjustment as provided in this Warrant. Additionally, the Purchase
Price shall be immediately adjusted to equal the quotient obtained by dividing
(x) the aggregate Purchase Price of the maximum number of shares of Common Stock
for which this Warrant was exercisable immediately prior to the Termination Date
by (y) the number of shares of Common Stock of the Company for which this
Warrant is exercisable immediately after the Termination Date, all subject to
further adjustment as provided herein.

         5. CERTIFICATE AS TO ADJUSTMENTS. In each case of any adjustment in the
Purchase Price, or number or type of shares issuable upon exercise of this
Warrant, the Chief Financial Officer of the Company shall compute such
adjustment in accordance with the terms of this Warrant and prepare a
certificate setting forth such adjustment and showing in detail the facts upon
which such adjustment is based, including a statement of the adjusted Purchase
Price. The Company shall promptly send (by facsimile and by either first class
mail, postage prepaid or overnight delivery) a copy of each such certificate to
the Holder.

         6. LOSS OR MUTILATION. Upon receipt of evidence reasonably satisfactory
to the Company of the ownership of and the loss, theft, destruction or
mutilation of this Warrant, and of indemnity reasonably satisfactory to it, and

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(in the case of mutilation) upon surrender and cancellation of this Warrant, the
Company will execute and deliver in lieu thereof a new Warrant of like tenor as
the lost, stolen, destroyed or mutilated Warrant.

         7. RESERVATION OF COMMON STOCK. The Company hereby covenants that there
shall be reserved for issuance and delivery upon exercise of this Warrant such
number of shares of Common Stock or other shares of capital stock of the Company
as are from time to time issuable upon exercise of this Warrant and, from time
to time, will take all steps necessary to amend its Certificate of Incorporation
to provide sufficient reserves of shares of Common Stock issuable upon exercise
of this Warrant. All such shares shall be duly authorized, and when issued upon
such exercise, shall be validly issued, fully paid and non-assessable, free and
clear of all liens, security interests, charges and other encumbrances or
restrictions on sale and free and clear of all preemptive rights, except
encumbrances or restrictions arising under federal or state securities laws.
Issuance of this Warrant shall constitute full authority to the Company's
officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for shares of Common Stock upon the
exercise of this Warrant.

         8. TRANSFER AND EXCHANGE. Subject to the terms and conditions of this
Warrant and compliance with all applicable securities laws, this Warrant and all
rights hereunder (and any shares of Common Stock acquired on exercise of the
Warrant) may be transferred, in whole or in part, only (a) to one or more of its
affiliates if such affiliate is an "accredited investor" under Regulation D
under the Securities Act and agrees to be bound by the terms and obligations of
this Warrant and the Agreement, (b) in a sale effectuated pursuant to Rule 144
promulgated under the Securities Act, (c) in an offering registered under
Section 5 of the Securities Act, or (d) in a private transaction otherwise
exempt from registration under the Securities Act. Any such transfer shall be
made on the books of the Company maintained for such purpose at the principal
office of the Company referred to above, by the Registered Holder hereof in
person, or by duly authorized attorney, upon surrender of this Warrant properly
endorsed and upon payment of any necessary transfer tax or other governmental
charge imposed upon such transfer. Upon any permitted partial transfer of the
Warrant, the Company will issue and deliver to the Registered Holder a new
Warrant or Warrants with respect to the shares of Common Stock not so
transferred. Each taker and holder of this Warrant, by taking or holding the
same, consents and agrees that when this Warrant shall have been so endorsed,
the person in possession of this Warrant may be treated by the Company, and all
other persons dealing with this Warrant, as the absolute owner hereof for any
purpose and as the person entitled to exercise the rights represented hereby,
any notice to the contrary notwithstanding; PROVIDED, HOWEVER, that until a
transfer of this Warrant is duly registered on the books of the Company, the
Company may treat the Registered Holder hereof as the owner for all purposes.
Upon any full or partial transfer of the Warrant or the shares of Common Stock
acquired on exercise of the Warrant pursuant to clause (b) or clause (c) of the
first sentence of this Section 8, all restrictions applicable to the transfer of
the Warrant or such Common Stock, or portion thereof, so transferred shall
cease.

         9. SECURITIES LAW RESTRICTIONS ON TRANSFER. The Holder, by acceptance
hereof, agrees that, absent an effective registration statement filed with the
SEC under the Securities Act covering the disposition or sale of this Warrant or
the Common Stock issued or issuable upon exercise hereof, and registration or
qualification under applicable state securities laws, such Holder will not sell,
transfer, pledge, or hypothecate any or any portion of this Warrant or Common

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Stock, as the case may be, unless either (i) the Company has received an opinion
of counsel, in form and substance reasonably satisfactory to the Company, to the
effect that such registration is not required in connection with such
disposition or (ii) the sale of such securities is made pursuant to Rule 144.

         10. COMPLIANCE WITH SECURITIES LAWS. By acceptance of this Warrant, the
Holder hereby represents, warrants and covenants that any shares of Common Stock
purchased upon exercise of this Warrant or acquired upon conversion thereof
shall be acquired not with a view to, or for sale in connection with, any
distribution thereof; that the Holder has had such opportunity as such Holder
has deemed adequate to obtain from representatives of the Company such
information as is necessary to permit the Holder to evaluate the merits and
risks of its investment in the Company; that the Holder is able to bear the
economic risk of holding such shares as may be acquired pursuant to the exercise
of this Warrant for an indefinite period; that the Holder understands that the
shares of Common Stock acquired pursuant to the exercise of this Warrant will
not be registered under the Securities Act (unless otherwise required pursuant
to the Registration Rights Agreement) and will be "restricted securities" within
the meaning of Rule 144 under the Securities Act and that the exemption from
registration under Rule 144 will not be available for at least one year from the
date of exercise of this Warrant, subject to any special treatment by the SEC
for exercise of this Warrant pursuant to Section 2.2, and even then will not be
available unless a public market then exists for the Common Stock, adequate
information concerning the Company is then available to the public, and other
terms and conditions of Rule 144 are complied with; and that all stock
certificates representing shares of Common Stock issued to the Holder upon
exercise of this Warrant may have affixed thereto a legend substantially in the
following form:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR WITH ANY
         STATE SECURITIES COMMISSION, AND MAY NOT BE TRANSFERRED OR DISPOSED OF
         BY THE HOLDER IN THE ABSENCE OF A REGISTRATION STATEMENT WHICH IS
         EFFECTIVE UNDER THE ACT AND APPLICABLE STATE LAWS AND RULES, OR,
         UNLESS, IMMEDIATELY PRIOR TO THE TIME SET FOR TRANSFER, SUCH TRANSFER
         MAY BE EFFECTED WITHOUT VIOLATION OF THE ACT AND OTHER APPLICABLE STATE
         LAWS AND RULES.

In addition, the Holder agrees that the Company may place stop transfer orders
with its transfer agents with respect to such certificates. Notwithstanding the
foregoing, it is agreed that, as long as (A) the resale or transfer (including
without limitation a pledge) of Warrant Shares is registered pursuant to an
effective registration statement and the Holder represents in writing to the
Company that such Warrant Shares have been or are being sold pursuant to such
registration statement, (B) such Warrant Shares have been publicly sold pursuant
to Rule 144 and the Holder has delivered to the Company customary Rule 144
broker's and seller's representation letters, or (C) such Warrant Shares can be
publicly sold pursuant to Rule 144(k) under the Securities Act or another
exemption from the registration requirements of such Act, such Warrant Shares,
as the case may be, shall be issued without any legend or other restrictive
language and, with respect to Warrant Shares upon which such legend is stamped,
the Company shall issue new certificates without such legend to the holder
promptly upon request.

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         11. NO RIGHTS OR LIABILITIES AS STOCKHOLDERS. This Warrant shall not
entitle the Holder to any voting rights or other rights as a stockholder of the
Company. In the absence of affirmative action by such Holder to purchase Common
Stock by exercise of this Warrant, no provisions of this Warrant, and no
enumeration herein of the rights or privileges of the Holder hereof shall cause
such Holder hereof to be a stockholder of the Company for any purpose.

         12. NOTICES. All notices and other communications from the Company to
the Holder shall be given to Holder at the address set forth in the books and
records of the Company.

         13. HEADINGS. The headings in this Warrant are for purposes of
convenience in reference only, and shall not be deemed to constitute a part
hereof.

         14. LAW GOVERNING. This Warrant shall be construed and enforced in
accordance with, and governed by, the laws of the State of Delaware, without
giving effect to principles of conflicts of laws.

         15. NO IMPAIRMENT. The Company will not, by amendment of its
Certificate of Incorporation or bylaws, or through reorganization,
consolidation, merger, dissolution, issue or sale of securities, sale of assets
or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the
Registered Holder of this Warrant against impairment. Without limiting the
generality of the foregoing, the Company (a) will not increase the par value of
any shares of stock issuable upon the exercise of this Warrant above the amount
payable therefor upon such exercise, and (b) will take all such action as may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and non-assessable shares of Common Stock upon exercise of this
Warrant.

         16. NOTICES OF RECORD DATE. In case:

                  16.1 the Company shall take a record of the holders of its
Common Stock (or other stock or securities at the time receivable upon the
exercise of this Warrant), for the purpose of entitling them to receive any
dividend or other distribution, or any right to subscribe for or purchase any
shares of stock of any class or any other securities or to receive any other
right; or

                  16.2 of any consolidation or merger of the Company with or
into another corporation, any capital reorganization of the Company, any
reclassification of the capital stock of the Company, or any conveyance of all
or substantially all of the assets of the Company to another corporation in
which holders of the Company's stock are to receive stock, securities or
property of another corporation; or

                  16.3 of any voluntary dissolution, liquidation or winding-up
of the Company; or

                  16.4 of any redemption or conversion of all outstanding Common
Stock;

                      then, and in each such case, the Company will mail or
                      cause to be mailed to the Registered Holder of this
                      Warrant a notice specifying, as the case may be, (i) the
                      date on which a record is to be taken for the purpose of
                      such dividend, distribution or right, or (ii) the date on

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                      which such reorganization, reclassification,
                      consolidation, merger, conveyance, dissolution,
                      liquidation, winding-up, redemption or conversion is to
                      take place, and the time, if any is to be fixed, as of
                      which the holders of record of Common Stock (or such stock
                      or securities as at the time are receivable upon the
                      exercise of this Warrant) shall be entitled to exchange
                      their shares of Common Stock (or such other stock or
                      securities), for securities or other property deliverable
                      upon such reorganization, reclassification, consolidation,
                      merger, conveyance, dissolution, liquidation or
                      winding-up. Such notice shall be delivered at least twenty
                      (20) days prior to the date therein specified.

         17. SEVERABILITY. If any term, provision, covenant or restriction of
this Warrant is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall
in no way be effected, impaired or invalidated.

         18. COUNTERPARTS. For the convenience of the parties, any number of
counterparts of this Warrant may be executed by the parties hereto and each such
executed counterpart shall be, and shall be deemed to be, an original
instrument.

         19. NO INCONSISTENT AGREEMENTS. The Company will not on or after the
date of this Warrant enter into any agreement with respect to its securities
which is inconsistent with the rights granted to the Holder of this Warrant or
otherwise conflicts with the provisions hereof. The rights granted to the Holder
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to holders of the Company's securities under any other
agreements, except rights that have been waived.

         20. SATURDAYS, SUNDAYS AND HOLIDAYS. If the Expiration Date falls on a
Saturday, Sunday or legal holiday, the Expiration Date shall automatically be
extended until 5:00 p.m. the next business day.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the undersigned has executed this Warrant as of the
11th day of February, 2003.

VISIJET, INC.,
 a Delaware corporation

By: /S/ RANDAL A. BAILEY
    ----------------------------
    Randal A. Bailey, President

By: LAURENCE M. SCHREIBER
    ----------------------------
    Laurence M. Schreiber, Secretary

                            SIGNATURE PAGE TO WARRANT

<PAGE>

                                    EXHIBIT 1
                                    ---------

                               NOTICE OF EXERCISE
                               ------------------

                    (TO BE EXECUTED UPON EXERCISE OF WARRANT)

VISIJET, INC.

The undersigned hereby irrevocably elects to exercise the right of purchase
represented by the within Warrant for, and to purchase thereunder, the
securities of VisiJet, Inc., as provided for therein, and (check the applicable
box):

         |_| Tenders herewith payment of the exercise price in full in the form
of cash or a certified or official bank check in same-day funds in the amount of
$____________ for _________ shares of such securities.

         |_| Elects the Net Issue Exercise option pursuant to Section 2.2 of the
Warrant, and accordingly requests delivery of a net of ______________ shares of
such securities, according to the following calculation:

                       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 portion of the Warrant being exchanged (as adjusted to
                      the date of such calculation);

                  A = the Fair Market Value of one share of the Company's
                      Common Stock on the date the net issue election is made
                      pursuant to Section 2.2; and

                  B = Purchase Price in effect under this Warrant on the date
                      the net issue election is made pursuant to Section 2.2.

         Please issue a certificate or certificates for such securities in the
name of, and pay any cash for any fractional share to (please print name,
address and taxpayer identification number):

Name:________________________________________________

Address:_____________________________________________

Taxpayer Identification Number:______________________

Signature:___________________________________________

         Note: The above signature should correspond exactly with the name on
the first page of this Warrant or with the name of the assignee appearing in the
assignment form below.

         If said number of shares shall not be all the shares purchasable under
the within Warrant, a new Warrant is to be issued in the name of said
undersigned for the balance remaining of the shares purchasable thereunder
rounded up to the next higher whole number of shares.

<PAGE>

                                    EXHIBIT 2
                                    ---------

                                   ASSIGNMENT
                                   ----------

(TO BE EXECUTED ONLY UPON ASSIGNMENT OF WARRANT)

For value received, the undersigned hereby sells, assigns and transfers unto
________________ the within Warrant, together with all right, title and interest
therein, and does hereby authorize _____________ to transfer said Warrant on the
books of VisiJet, Inc. with respect to the number of shares set forth below,
with full power of substitution in the premises:

----------------------------- ------------------------------ -------------------
   NAME(S) OF ASSIGNEE(S)               ADDRESS                  # OF SHARES
----------------------------- ------------------------------ -------------------

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

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

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

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

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

         If said number of shares shall not be all the shares represented by the
Warrant, a new Warrant is to be issued in the name of said undersigned for the
balance remaining of the shares covered by said Warrant.

Dated:____________________________________________

Signature:________________________________________

         Notice: The signature to the foregoing Assignment must correspond to
the name as written upon the face of this security in every particular, without
alteration or any change whatsoever; signature(s) must be guaranteed by an
eligible guarantor institution (banks, stock brokers, savings and loan
associations and credit unions with membership in an approved signature
guarantee medallion program) pursuant to Securities and Exchange Commission Rule
17Ad-15.<PAGE>
Exhibit 10.3

                                LICENSE AGREEMENT

BETWEEN:

                  THE UNIVERSITY OF BRITISH COLUMBIA, a corporation continued
                  under the UNIVERSITY ACT of British Columbia with its
                  administrative offices at 2075 Wesbrook Mall, Vancouver,
                  British Columbia, V6T 1W5
                                                                         ("UBC")

AND:

                  MIV THERAPEUTICS, INC., a corporation incorporated under the
                  laws of the State of Nevada, with an office at Unit #1, 8765
                  Ash Street, Vancouver, British Columbia, V6P 6T3

                                                                (the "LICENSEE")

WHEREAS:

A. UBC has been engaged in research during the course of which it has invented,
developed and/or acquired certain technology relating to Thin HA Coating, which
research was undertaken by Tomasz Troczynski (the "INVESTIGATOR") and others in
the Department of Metals and Materials Engineering at UBC;

B. It is UBC's objective to exploit its technology for the public benefit, and
to generate further research in a manner consistent with its status as a
non-profit, tax exempt educational institution; and

C. The Licensee and UBC have agreed to enter into this license on the terms and
conditions set out in this agreement (the "AGREEMENT").

THE PARTIES AGREE AS FOLLOWS:

1.0 DEFINITIONS:

1.1 In this Agreement, unless a contrary intention appears, the following words
and phrases shall have the following meaning:

         (a)      "ACCOUNTING" means an accounting statement setting out in
                  detail how the amount of Revenue was determined;

         (b)      "AFFILIATED COMPANY" or "AFFILIATED COMPANIES" means two or
                  more corporations where the relationship between them is one
                  in which one of them is a subsidiary of the other, or both are
                  subsidiaries of the same corporation, or fifty percent (50%)
                  of the voting shares of each of them is owned or controlled by
                  the same person, corporation or other legal entity;

         (c)      "APPROVAL FOR SALE": means approval by the FDA (or any other
                  equivalent regulatory authority outside the U.S.) of the
                  marketing of a Product;

         (d)      "CONFIDENTIAL INFORMATION" means all information, regardless
                  of its form:

<PAGE>
                                      -2-

                  (i)      designated by UBC as confidential, whether orally or
                           in writing, including, without limitation, all
                           information related to the Technology (including all
                           derived analyses and conclusions) and the terms and
                           conditions of this Agreement; and

                  (ii)     disclosed by UBC to the Licensee, or of which the
                           Licensee becomes aware, whether before or after the
                           Start Date;

                  or

                  (iii)    disclosed by the Licensee to UBC and which is clearly
                           identified in writing as "Confidential";

                  except that "Confidential Information" does not include
                  information:

                  (iv)     possessed by the recipient (the "RECIPIENT") prior to
                           receipt from the disclosing party (the "Discloser"),
                           other than through prior disclosure by the Discloser,
                           as evidenced by the Recipient's business records;

                  (v)      published or available to the general public
                           otherwise than through a breach of this Agreement;

                  (vi)     obtained by the Recipient from a third party with a
                           valid right to disclose it; provided that the third
                           party is not under a confidentiality obligation to
                           the Discloser; or

                  (vii)    independently developed by employees, agents or
                           consultants of the Recipient who had no knowledge of
                           or access to the Discloser's information as evidenced
                           by the Recipient's business records;

         (e)      "EFFECTIVE TERMINATION DATE" means the date on which this
                  Agreement is terminated under Article 18;

         (f)      "FDA" means the United States Food and Drug Administration;

         (g)      "FIELD OF USE" means the Technology and any Improvements will
                  be used to produce hydroxyapatite and related calcium
                  phosphate compounds on medical devices and on scaffolding,
                  wherein "scaffolding" means stents, gauze, wires, wire mesh,
                  films or microscale particles. For greater certainty, the
                  Field of Use shall not include any use of the Technology or
                  Improvements to produce hydroxyapatite and related calcium
                  phosphate compounds on or for orthopaedic implantables, trauma
                  fixation devices, dental implants and bone substitutes;

         (h)      "FIRST USE OF THE TECHNOLOGY" means the earlier of either:

                  (i)      the first use of the Technology or any Improvement in
                           exchange for valuable consideration;

                  (ii)     the first Approval for Sale of a Product; or

                  (iii)    the first clinical trial involving the use of the
                           Technology or any Improvements;

<PAGE>
                                      -3-

         (i)      "IMPROVEMENTS" means any improvements, variations, updates,
                  modifications and enhancements made, invented and/or acquired
                  by either UBC or the Licensee or any sublicensees of the
                  Licensee, together with their respective employees, servants,
                  agents and subcontractors, directly relating to the Technology
                  within the Field of Use at any time after the Start Date,
                  whether patentable or not;

         (j)      "PATENT(S)" means, collectively, the patents and patent
                  applications listed in Schedule "A", (including any patents or
                  patent applications that may be added to Schedule "A" from
                  time to time), and any counterparts, re-examinations,
                  continuations, continuation-in-part, extensions, term
                  restorations, renewals, divisionals, reissues, corresponding
                  international patent applications, including supplementary
                  protection certificates, or other administrative protections,
                  and any patents resulting therefrom. For greater clarity, it
                  is confirmed that the patents and patent applications as
                  herein defined shall include any and all patents or patent
                  applications arising from, or relating to, Improvements, which
                  patents or patent applications shall be added to Schedule "A";

         (k)      "PHASE II TRIAL" means that portion of the clinical
                  development program that provides for additional assessment of
                  safety and preliminary assessment of efficacy at particular
                  dosage levels of a Product in human volunteers or patients,
                  which is intended to gather information to support further
                  human clinical trials;

         (l)      "PHASE III TRIAL" means that portion of the clinical
                  development program that provides for human clinical trials,
                  performed after preliminary evidence suggesting dose and
                  effectiveness of a Product has been obtained, which is
                  intended to gather the additional information about the
                  effectiveness and safety that is needed to evaluate the
                  overall benefit-risk relationship of a Product;

         (m)      "PRODUCT(S)" means goods or services manufactured or provided
                  in connection with the use of all or some of the Technology
                  and/or any Improvements within the Field of Use;

         (n)      "REVENUE": means any and all revenues, receipts, monies and
                  the fair market value of any shares or other securities and
                  all other consideration directly or indirectly collected or
                  received, whether by way of cash, credit or other value,
                  received by the Licensee (but not including monies collected
                  from any sublicensee of the Licensee), from the marketing,
                  manufacturing, sale or distribution of the Technology and any
                  Improvements, and/or any Products, less direct sales taxes and
                  customs duties applied on the sales of Products;

         (o)      "ROYALTY DUE DATES": means the last working day of March,
                  June, September and December of each year during the term of
                  this Agreement;

         (p)      "START DATE" means this Agreement will be deemed to have come
                  into force on the Start Date which shall be February 1, 2003,
                  and shall be read and construed accordingly;

         (q)      "SUBLICENSING REVENUE": means any and all revenues, receipts,
                  monies and the fair market value of any shares or other
                  securities and all other consideration directly or indirectly
                  collected or received, whether by way of cash, credit or other
                  value received by the Licensee, pursuant to each sublicense
                  agreement relating to the Technology and any Improvements,
                  and/or any Products. For greater clarity, it is confirmed that
                  Sublicensing Revenue will include:

<PAGE>
                                      -4-

                  (i)      all milestone payments, royalties and license fees;
                           and

                  (ii)     all research or development fees in excess of the
                           direct reimbursement for the actual costs of such
                           research and development incurred by the Licensee
                           pursuant to a written research plan and agreement;

                  received by the Licensee from any sublicensee relating to the
                  Technology, Improvements or any Products;

         (r)      "TECHNOLOGY": means the Patents any and all knowledge,
                  know-how and/or technique or techniques invented, developed
                  and/or acquired within the Field of Use before the Start Date
                  by UBC or the Licensee relating to, and including, the
                  technology described in Schedule "A" of this Agreement hereto
                  and the materials described in Schedule "B" of this Agreement,
                  each as amended from time to time, including, without
                  limitation, all related research, data, specifications,
                  instructions, manuals, papers or other related materials of
                  any nature whatsoever, whether written or otherwise, and UBC's
                  Confidential Information relating to the same; and

         (s)      "UBC TRADE-MARKS": means any mark, trade-mark, service mark,
                  logo, insignia, seal, design, symbol or device used by UBC in
                  any manner whatsoever.

2.0 PROPERTY RIGHTS IN AND TO THE TECHNOLOGY:

2.1 The Licensee acknowledges and agrees that UBC owns any and all right, title
and interest in and to the Technology and all Improvements.

2.2 The Licensee will, at the request of UBC, sign all documents as may be
required to ensure that ownership of the Technology and any Improvements remains
with UBC.

2.3 On the last working day of June and December of each year during the term of
this Agreement the Licensee will give notice to UBC of the details of all
Improvements which the Licensee and any sublicensees of the Licensee has have
developed and/or acquired during the previous six month period.

3.0 GRANT OF LICENSE:

3.1 Subject to Article 3.4, UBC grants to the Licensee an exclusive worldwide
license to use and sublicense the Technology and any Improvements within the
Field of Use and to manufacture, distribute and sell the Products within the
Field of Use on the terms and conditions set out in this Agreement.

3.2 The license granted under this Agreement is granted only to the Licensee and
not to any Affiliated Companies.

3.3 The Licensee will not cross-license the Technology or any Improvements
without the prior written consent of UBC.

<PAGE>
                                      -5-

3.4 The Licensee acknowledges and agrees that UBC may use the Technology and any
Improvements without charge in any manner at all for research, scholarly
publication, educational and all other non-commercial uses.

3.5 UBC may register a financing statement regarding this Agreement under the
PERSONAL PROPERTY SECURITY ACT of British Columbia, the Uniform Commercial Code
of the United States and/or under similar legislation in those jurisdictions in
which the Licensee carries on business and/or has its chief place of business.
The Licensee will pay for all costs associated with such registrations.

3.6 The Licensee will give notice to UBC if it is carrying on business and/or
locates its chief place of business in a jurisdiction outside British Columbia
before starting business in that other jurisdiction. If UBC has registered a
financing statement under Article 3.5, the Licensee will file, within 15
business days of any change in jurisdiction, the appropriate documents in the
Personal Property Registries or similar registries outside of British Columbia
to document the change in jurisdiction and will provide UBC with a copy of the
verification statement regarding each filing within 15 business days after
receiving the verification statement. The Licensee will pay for all costs
associated with the registrations under this Article 3.6.

4.0 SUBLICENSING:

4.1 The Licensee will have the right to grant sublicenses of the Technology and
any Improvements to Affiliated Companies and other third parties with the prior
written consent of UBC, such consent not to be unreasonably withheld. After
obtaining UBC's consent the Licensee will provide UBC with a signed copy of each
sublicense granted within 30 calendar days of it being signed by all parties to
the sublicense.

4.2 Any sublicense granted by the Licensee will be granted only to the
sublicensee and cannot be assigned or further sub-sublicensed without the prior
written consent of UBC. All sublicenses must contain covenants by each
sublicensee to observe and perform terms and conditions similar to those
contained in this Agreement.

4.3 Before executing a sublicense the Licensee will give notice to UBC of the
jurisdictions in which the applicable sublicensee is carrying on business. If
the Licensee, during the term of the sublicense, becomes aware of the
sublicensee carrying on business in another jurisdiction, then the Licensee will
give notice to UBC within five calendar days. If UBC has registered a financing
statement under Article 3.5 the Licensee will, immediately after executing the
sublicense, register a financing change statement under the PERSONAL PROPERTY
SECURITY ACT of British Columbia, the Uniform Commercial Code of the United
States and/or any similar legislation in those jurisdictions in which each
sublicensee carries on business and has its chief place of business to add each
sublicensee to the registration referred to in Article 3.5, and will provide UBC
with a copy of the verification statement within 15 calendar days after
receiving the verification statement. If any sublicensee changes the
jurisdiction within which it is carrying on business and/or the location of its
chief place of business, the Licensee will file the appropriate documents in the
Personal Property Registries or similar registries within or outside of Canada
to document the changes in jurisdiction. The Licensee will pay for all costs
associated with the filings under this Article 4.3.

<PAGE>
                                      -6-

5.0 ROYALTIES:

5.1 In consideration of the license granted under this Agreement, the Licensee
will pay to UBC a royalty of 2.5% of the Revenue. With respect to Sublicensing
Revenue, the Licensee shall pay to UBC the following:

         (a)      for sublicensee products incorporating the Technology and/or
                  any Improvements, the Licensee shall pay ten percent (10%) of
                  Sublicensing Revenue; and

         (b)      for sublicensee products incorporating (i) the Technology
                  and/or any Improvements and (ii) any other UBC technology
                  (including certain technology known as UILO #00-017 and
                  #03-043 relating to Thin HA Coating (the "THIN HA COATING
                  TECHNOLOGY") to which UBC has granted to the Licensee the
                  right to use such UBC technology, the Licensee shall pay a
                  total of fifteen percent (15%) of Sublicensing Revenue.

For the purposes of Article 6.1, the royalties payable under this Article 5.1
are referred to as "earned royalties".

5.2 The earned royalty is due and payable within 30 calendar days of each
respective Royalty Due Date and is to be calculated with respect to the Revenue
and the Sublicensing Revenue in the three month period immediately before the
applicable Royalty Due Date.

5.3 All earned royalties paid by the Licensee to UBC under this Agreement will
be in Canadian dollars without any reduction or deduction of any nature or kind
at all. If the Licensee receives any Revenue or Sublicensing Revenue in a
currency other than Canadian dollars, the currency will be converted to the
equivalent in Canadian dollars on the date that any amount is payable to UBC, at
the rate of exchange set by the Bank of Montreal for buying that currency at its
principal branch in Vancouver, British Columbia. The amount of Canadian dollars
resulting from the conversion is to be included in Revenue or Sublicensing
Revenue.

5.4 Products are to be deemed to have been sold by the Licensee and included in
the Revenue when invoiced, delivered, shipped or paid for, whichever is the
first. The Licensee is deemed to receive Sublicensing Revenue when the
consideration is received from the sublicensee.

5.5 Any transaction, disposition or other dealing involving all or part of the
Technology or any Improvements or Products between the Licensee and another
person (including any sublicensee of the Licensee) that is not made at fair
market value is deemed to have been made at fair market value, and the fair
market value of the transaction, disposition or other dealing will be added to
and deemed part of the Revenue or the Sublicensing Revenue, as the case may be,
and will be included in the calculation of earned royalties under this
Agreement.

6.0 MINIMUM ANNUAL ROYALTIES, ANNUAL MAINTENANCE FEE, MILESTONE PAYMENTS &
    EQUITY:

6.1 MINIMUM ANNUAL ROYALTIES. The Licensee shall pay to UBC minimum annual
royalties in accordance with the following schedule:

         (a)      On the first anniversary of the first Approval for Sale:
                                                                   CDN$5,000.00;

<PAGE>
                                      -7-

         (b)      On the second anniversary of the first Approval for Sale:
                                                              CDN$12,500.00; and

         (c)      On the third anniversary of the first Approval for Sale and
                  every anniversary thereafter for the term of this Agreement:
                                                                  CDN$20,000.00.

This payment will not be refunded to the Licensee (in whole or in part) under
any circumstances, except that the difference between the minimum annual royalty
and the earned royalties payable under Article 5.1 in the same year will be
credited against future earned royalties on each successive Royalty Due Date.

6.2 ANNUAL MAINTENANCE FEE. The Licensee will pay to UBC, in addition to all
other amounts due under this Agreement, an annual maintenance fee of
CDN$1,000.00 (the "ANNUAL MAINTENANCE FEE"). The Annual Maintenance Fee is
payable on or before January 1st of each year during the term of this Agreement,
starting on January 2, 2003, and will not be refunded to the Licensee (in whole
or in part) under any circumstances. The Annual Maintenance Fee is separate and
distinct from any payments required under Articles 5.0 or 6.1.

6.3 MILESTONE PAYMENTS. The Licensee shall pay to UBC the following milestone
payments:

         (a)      in the case where the Technology is or any Improvement must
                  undergo Phase I, II and III Trials:

                  (i)      for each of the first two Products incorporating the
                           Technology and/or any Improvements:

                           (A)      on start of Phase II Trials:
                                    CDN$10,000.00 (per Product);

                           (B)      on start of Phase III Trials:
                                    CDN$25,000.00 (per Product); and

                           (C)      on notification of Approval for Sale of the
                                    Product: CDN$200,000.00 (per Product); and

                  (ii)     for each of the third and all subsequent Products
                           incorporating the Technology and/or any Improvement:

                           (A)      on entering Phase II Trials:
                                    CDN$5,000.00 (per Product);

                           (B)      on entering Phase III Trials:
                                    CDN$12,500.00 (per Product);  and

                           (C)      on notification of Approval for Sale of the
                                    Product: CDN$100,000.00 (per Product).

6.4 The milestone payments due pursuant to Articles 6.3 above shall be due and
payable if such milestones are met or achieved by the Licensee, a permitted
Affiliate of the Licensee, any sublicensee of the Licensee or any other party
who has obtained any rights to the Technology or any Improvements through the
Licensee.

<PAGE>
                                      -8-

6.5 EQUITY. As part of the consideration of the rights granted by UBC to the
Licensee hereunder the Licensee shall deliver, within ten calendar days of the
execution of this Agreement, and in lieu of an initial license fee, to UBC
250,000 common voting shares in the capital of the Licensee (the "SHARES"). The
Shares shall in all material respects have special rights and restrictions
identical to (or in all material respects, no less favourable than) the special
rights and restrictions attached to any shares issued by the Licensee to its
founders and/or any shares or other securities issued to other investors or
purchasers subsequent to the execution of this Agreement.

6.6 The Licensee will use its reasonable commercial efforts to cause all of the
Shares to be issued free from any pooling, escrow or other trading restrictions
placed on such Shares by the Licensee or any regulatory authority having
jurisdiction over the Licensee. The Licensee acknowledges and agrees that UBC
shall have the right to transfer any or all of the Shares to a company or
society of which UBC is the sole shareholder, in the case of a company, or of
which UBC controls the membership, in the case of a society, and the Licensee
shall take all steps or do such acts as may be reasonably required to allow such
transfer.

6.7 The Licensee acknowledges and agrees that it will comply with all applicable
laws and legislation with respect to the issuance and legending of the Shares
and, in particular, however, without limitation, all U.S. and British Columbia
resale restrictions applicable thereto. Without limiting the foregoing, if the
Licensee files at any time a registration statement or prospectus with the
Securities and Exchange Commission in the United States, the Licensee will, to
the fullest extent permitted by applicable securities laws, include the
registration of the Shares under such securities registration or prospectus if
and to the same extent as the Licensee registers the shares of any of its other
shareholders holding the same class of shares as the University.

6.8 The Shares shall be deemed to be fully paid for as of the date of issuance
and shall be the absolute property of UBC. Neither all nor any portion of the
Shares shall be refundable to the Licensee under any circumstances.

6.9 Until the Licensee becomes a reporting issuer for equity securities under
the SECURITIES ACT of British Columbia, or under the applicable securities
legislation in any other jurisdiction which has jurisdiction over the issuance
of shares by the Licensee:

         (a)      the Licensee shall provide to UBC, within 45 calendar days
                  after the last day of each quarter, financial statements,
                  including a balance sheet and a statement of income as of the
                  last date of each such quarter, a cumulative statement of
                  income from the first day of the then current year to the last
                  day of such quarter and a cumulative cash flow analysis from
                  the first day of the then current year to the last day of the
                  then current year;

         (b)      the Licensee shall provide to UBC, within 120 calendar days
                  after the end of each fiscal year of the Licensee, audited
                  financial statements prepared pursuant to a review of
                  engagement by a reputable accounting firm; and

         (c)      the Licensee shall provide to UBC, at least 45 calendar days
                  prior to the beginning of each fiscal year of the Licensee, an
                  operating plan with monthly and quarterly financial breakdowns
                  for such fiscal year.

<PAGE>
                                      -9-

7.0 PATENTS:

7.1 UBC will own and manage all Patents, including any Patents for Improvements.
The Licensee may identify any process, use or products arising out of the
Technology and any Improvements that may be patentable and UBC will, on the
request of the Licensee, take all reasonable steps to apply for a Patent in the
name of UBC provided that the Licensee pays all costs of applying for,
registering and maintaining the Patent in the jurisdictions in which the
Licensee designates that a Patent is required. Within two calendar days of the
execution of this Agreement the Licensee shall reimburse UBC the amount of CDN.
$18,635.24 representing the Patent costs incurred by UBC to the date of
execution of this Agreement. The Licensee will, on UBC's request, pay to UBC a
reasonable payment as an advance against expected Patent expenses.

7.2 On the issuance of a Patent obtained under Article 7.1 the Licensee will
become the licensee of the Patent on the terms and conditions set out in this
Agreement.

7.3 UBC will invoice all Patent costs to the Licensee on a quarterly basis
commencing on the first quarter following the Start Date, and the Licensee
shall, within 30 calendar days of the presentation of receipts and/or invoices
from UBC, reimburse UBC for the balance of all costs incurred to date regarding
any Patents or Patent applications relating to the Technology and any
Improvements licensed under this Agreement.

7.4 The Licensee will not contest the validity or scope of any Patents relating
to the Technology and any Improvements licensed under this Agreement.

7.5 The Licensee will ensure proper patent marking for all uses of the
Technology and any Improvements licensed under this Agreement and will clearly
mark the appropriate Patent numbers on any Products made using the Technology
and any Improvements.

8.0 DISCLAIMER OF WARRANTY:

8.1 UBC makes no representations, conditions or warranties, either express or
implied, regarding the Technology or any Improvements or the Products. Without
limitation, UBC specifically disclaims any implied warranty, condition or
representation that the Technology or any Improvements or the Products:

         (a)      will correspond with a particular description;

         (b)      are of merchantable quality;

         (c)      are fit for a particular purpose; or

         (d)      are durable for a reasonable period of time.

UBC is not liable for any loss, whether direct, consequential, incidental or
special, which the Licensee or other third parties suffer arising from any
defect, error or fault of the Technology or any Improvements or Products, or
their failure to perform, even if UBC has been advised of the possibility of the
defect, error, fault or failure. The Licensee acknowledges that it has been
advised by UBC to undertake its own due diligence regarding the Technology and
any Improvements.

<PAGE>
                                      -10-

8.2 Nothing in this Agreement:

         (a)      constitutes a warranty or representation by UBC as to title to
                  the Technology and/or any Improvement or that anything made,
                  used, sold or otherwise disposed of under the license granted
                  in this Agreement is or will be free from any infringement of
                  patents, copyrights, trade-marks, industrial design or other
                  intellectual property rights; or

         (b)      imposes an obligation on UBC to bring, prosecute or defend
                  actions or suits against third parties for infringement of
                  patents, copyrights, trade-marks, industrial designs or other
                  intellectual property or contractual rights.

8.3 Notwithstanding Article 8.2, if there is an alleged infringement of the
Technology or any Improvements or any right with respect to the Technology or
any Improvements, the Licensee may, on receiving the prior written consent of
UBC, prosecute litigation designed to enjoin infringers of the Technology or any
Improvements. Provided that it has first granted its prior written consent, UBC
agrees to reasonably co-operate to the extent of signing all necessary documents
and to vest in the Licensee the right to institute the litigation; provided that
all the direct and indirect costs and expenses of bringing and conducting the
litigation or settlement are paid by the Licensee and, in this case, all
recoveries are and will enure for the benefit of the Licensee.

8.4 If any complaint alleging infringement of any Patent or other proprietary
rights is made against the Licensee or a sublicensee of the Licensee regarding
the use of the Technology or any Improvements or the manufacture, use or sale of
the Products, the following procedure will be adopted:

         (a)      the Licensee will promptly notify UBC on receipt of the
                  complaint and will keep UBC fully informed of the actions and
                  positions taken by the complainant and taken or proposed to be
                  taken by the Licensee on behalf of itself or a sublicensee;

         (b)      except as provided in Article 8.4(d), all costs and expenses
                  incurred by the Licensee or any sublicensee of the Licensee in
                  investigating, resisting, litigating and settling the
                  complaint, including the payment of any award of damages
                  and/or costs to any third party, will be paid by the Licensee
                  or any sublicensee of the Licensee, as the case may be;

         (c)      no decision or action concerning or governing any final
                  disposition of the complaint will be taken without full
                  consultation with, and approval by, UBC, such approval not to
                  be unreasonably withheld;

         (d)      UBC may elect to participate as a party in any litigation
                  involving the complaint to the extent that the court may
                  permit, but any additional expenses generated by such
                  participation will be paid by UBC (subject to the possibility
                  of recovery of some or all of the additional expenses from the
                  complainant);

         (e)      notwithstanding Article 8.2, if the complainant is willing to
                  accept an offer of settlement and one of the parties to this
                  Agreement is willing and able to make or accept the offer and
                  the other is not, then the unwilling party will conduct all
                  further proceedings at its own expense and is responsible for
                  the full amount of any damages, costs, accounting of profits
                  and settlement costs in excess of those provided in the offer;
                  but is entitled to retain for itself the benefit of any
                  litigated or settled result giving a lower payment of costs,
                  damages, accounting of profits and settlement costs than that
                  provided in the offer; and

<PAGE>
                                      -11-

         (f)      the Licensee will pay all royalties payable under this
                  Agreement to UBC in trust from the date UBC receives notice of
                  the complaint and until a resolution of the complaint has been
                  finalized. If the complainant is successful, then the
                  royalties paid to UBC in trust under this Article 8.4(f) will
                  be returned to the Licensee; provided that the amount being
                  returned to the Licensee is no more than the amount paid by
                  the Licensee to the complainant in the settlement or other
                  disposition of the complaint. If the complainant does not
                  succeed then UBC retains all royalties paid to it under this
                  Article 8.4(f).

9.0 INDEMNITY AND LIMITATION OF LIABILITY:

9.1 The Licensee indemnifies, holds harmless and defends UBC, its Board of
Governors, officers, employees, faculty, students, invitees and agents against
any and all claims (including all associated legal fees and disbursements
actually incurred) arising out of the exercise of any rights under this
Agreement and including, without limitation, against any damages or losses,
consequential or otherwise, arising in any manner at all from or out of the use
of the Technology or any Improvements or Products licensed under this Agreement
by the Licensee or its sublicensees or their customers or end-users.

9.2 Subject to Article 9.3, UBC's total liability, whether under the express or
implied terms of this Agreement, in tort (including negligence) or at common
law, for any loss or damage suffered by the Licensee, whether direct, indirect
or special, or any other similar damage that may arise or does arise from any
breaches of this Agreement by UBC, its Board of Governors, officers, employees,
faculty, students or agents, is limited to the amount of CDN$5,000.00.

9.3 The Licensee acknowledges and agrees that UBC will not be liable for
consequential or incidental damages arising from any breach or breaches of this
Agreement.

9.4 Notwithstanding the termination or expiry of this Agreement, the obligations
set out in this Article 9.0 will survive and continue to bind the Licensee and
its successors and assigns.

10.0 PUBLICATION AND CONFIDENTIALITY:

10.1 Each party will keep and use the other party's Confidential Information in
confidence and will not, without the other party's prior written consent,
disclose the other party's Confidential Information to any person or entity,
except to the party's directors, officers, employees, faculty, students and
professional advisors who require the Confidential Information to assist such
party in performing its obligations under this Agreement. The Licensee will
maintain an appropriate internal program limiting the distribution of UBC's
Confidential Information to only those officers, employees and professional
advisors who require such Confidential Information in performing the Licensee's
obligations under this Agreement and will enter into appropriate non-disclosure
agreements as a consequence thereof; such final form of proposed non-disclosure
agreements to be approved by the Licensee's board of directors from time to
time.

<PAGE>
                                      -12-

10.2 Any party required by judicial or administrative process to disclose the
other party's Confidential Information will promptly notify the other party and
allow it reasonable time to oppose the process before disclosing the
Confidential Information.

10.3 UBC is not restricted from presenting at symposia, national or regional
professional meetings, or from publishing in journals or other publications,
accounts of its research relating to the Technology and any Improvements;
provided that, with respect to the Confidential Information only, the Licensee
is provided with copies of the proposed disclosure at least 60 calendar days
before the presentation or publication date and does not, within 30 calendar
days after delivery of the proposed disclosure, give notice to UBC indicating
that it objects to the proposed disclosure. Any objection to a proposed
disclosure will specify the portions of the proposed disclosure considered
objectionable (the "OBJECTIONABLE MATERIAL"). On receiving notice from the
Licensee that any proposed disclosure contains Objectionable Material, UBC and
the Licensee agree to work together to revise the proposed disclosure to remove
or alter the Objectionable Material in a manner acceptable to both the Licensee
and UBC, in which case the Licensee will withdraw its objection. UBC is not
restricted from publishing or presenting the proposed disclosure as long as the
Objectionable Material has been removed. Any Objectionable Material will not be
disclosed for six months from the date UBC delivered the proposed disclosure to
the Licensee. After six months from the date UBC delivered the proposed
disclosure to the Licensee UBC is free to present and/or publish the proposed
disclosure whether or not it contains Objectionable Material.

10.4 The Licensee requires of UBC, and to the extent permitted by law UBC
agrees, that this Agreement, and each part of it, is confidential and will not
be disclosed to third parties, as the Licensee claims that the disclosure would
or could reveal commercial, scientific or technical information which would
significantly harm the Licensee's competitive position and/or interfere with the
Licensee's negotiations with prospective sublicensees. Notwithstanding anything
contained in this Article 10.0, the Licensee acknowledges and agrees that UBC
may identify the title of this Agreement, the parties to this Agreement and the
names of the inventors of the Technology and any Improvements.

10.5 Notwithstanding the termination or expiry of this Agreement, the
obligations set out in this Article 10.0 survive and continue to bind the
parties, their successors and assigns.

11.0 PRODUCTION AND MARKETING:

11.1 Except as required by law, the Licensee will not use the UBC Trade-marks or
make reference to UBC or its name in any advertising or publicity without the
prior written consent of UBC, such consent not to be unreasonably withheld.
Without limitation, and except as required by law, the Licensee will not issue a
press release regarding this Agreement or the Technology or any Improvements
without first obtaining UBC's written approval, such approval not to be
unreasonably withheld. If the Licensee is required by law to act in breach of
this Article, the Licensee will provide UBC with sufficient prior notice to
permit UBC to bring an application or other proceeding to contest the
requirement.

11.2 The Licensee represents and warrants to UBC that it has the infrastructure,
expertise and resources to:

         (a)      develop and commercialize the Technology and any Improvements;

         (b)      track and monitor on an ongoing basis performance under the
                  terms of each sublicense entered into by the Licensee;

<PAGE>
                                      -13-

         (c)      monitor on a world wide basis patent infringement regarding
                  any Patent relating to the Technology and any Improvements
                  licensed under this Agreement; and

         (d)      handle the Technology and any Improvements with care and
                  without danger to the Licensee, its employees, agents or the
                  public.

11.3 The Licensee represents and warrants to UBC that it will, throughout the
term of this Agreement:

         (a)      allocate to the development and commercialization of the
                  Technology and any Improvements at least the same degree of
                  diligence, expertise, infrastructure, and resources as the
                  Licensee is allocating to the most favoured Product developed
                  and marketed by the Licensee; and

         (b)      use its reasonable commercial efforts to develop, promote,
                  market and sell the Products and exploit the Technology and
                  any Improvements within the Field of Use and to meet or cause
                  to be met the market demand for the Products and the use of
                  the Technology and any Improvements.

11.4 The Licensee will:

         (a)      complete CDN$1,000,000.00 in financing within 12 months of
                  executing this Agreement to allow the Licensee to use its
                  reasonable commercial efforts to develop Products and to meet
                  the Licensee's ongoing working capital requirements for 24
                  months following the execution of this Agreement. The Licensee
                  shall notify, in writing, UBC within five calendar days of
                  completion of the said financing.

                  For greater clarity, UBC and the Licensee shall be entering
                  into a license agreement concurrently with this agreement
                  wherein UBC shall grant to the Licensee a license to use the
                  Thin HA Coating Technology (the "THIN HA COATING LICENSE").
                  The Thin HA Coating License sets out the same financing
                  requirements as contained in this Article 11.4(a). The
                  Licensee shall only be obligated to raise a total of
                  CDN$1,000,000.00 in financing to fulfill this financing
                  requirement as set out in this Agreement and the Thin HA
                  Coating License;

         (b)      within six months of execution of this Agreement, establish
                  and maintain a Scientific Advisory Board with representatives
                  from academia and industry as experts in the area of the
                  Technology. The Scientific Advisory Board shall meet not less
                  than once per year and the recommendations of such Board shall
                  be made in writing to the Board of Directors of the Licensee
                  and shall provide a copy to UBC at the same time they are made
                  available to the Board of Directors of the Licensee;

         (c)      have provided to UBC, prior to execution of this Agreement, an
                  outline for a research and development plan that describes the
                  research plan for the 18 month period following the execution
                  of this Agreement and which clearly identifies milestones to
                  be attained by the Licensee;

<PAGE>
                                      -14-

         (d)      use its reasonable commercial efforts to retain, as soon as
                  reasonably possible after the execution of this Agreement, the
                  Investigator and the co-inventors of the Technology to assist
                  in the scientific and technical development of the Technology
                  and/or any Improvements within the Field of Use; such
                  technical support to commence as soon as reasonably possible
                  after the execution of this Agreement and continue for a
                  period of at least 12 months therefrom. The Licensee shall
                  enter into separate consulting arrangements with each of the
                  Investigator and the co-inventors of the Technology on terms
                  acceptable to the Licensee and the Investigator or the
                  co-inventors of the Technology.

                  The Licensee acknowledges and agrees that UBC shall be under
                  no obligation to provide any ongoing maintenance or support
                  services to the Licensee; and

         (e)      not enter into any agreements with the Government of the
                  United State or any other government in connection with the
                  Technology and/or any Improvements without the prior written
                  consent of UBC.

11.5 If UBC is of the view that the Licensee is in breach of Article 11.3, UBC
shall give the Licensee 60 calendar days written notice to remedy such breach.
If, after 60 calendar days of the delivery of such notice, the Licensee has not
cured the breach, the parties hereto shall appoint a mutually acceptable person
as an independent evaluator (the "EVALUATOR") to conduct the evaluation set
forth in Article 11.6. In the event that the parties cannot agree on such an
Evaluator the appointing authority shall be the British Columbia International
Commercial Arbitration Centre.

11.6 Unless the Parties mutually agree otherwise, the following rules and
procedures shall govern the conduct of the parties and the Evaluator before and
during the investigation by the Evaluator:

         (a)      within 30 calendar days of the appointment of the Evaluator
                  each party shall provide to the Evaluator and the other party
                  copies of all documents, statements and records on which the
                  party intends to rely in presenting its position to the
                  Evaluator;

         (b)      within 45 calendar days of the appointment of the Evaluator
                  the Licensee shall provide to the Evaluator and UBC a written
                  summary of its position. On receipt of the Licensee's summary
                  UBC shall have 15 calendar days to prepare and submit to the
                  Licensee and the Evaluator its own summary in reply to the
                  summary submitted by the Licensee;

         (c)      on receipt of the documents, statements, records and summaries
                  submitted by the parties the Evaluator shall have 30 calendar
                  days within which to conduct such further inquiries as he or
                  she may deem necessary for the purpose of reviewing the
                  efforts made by the Licensee with respect to the promotion,
                  marketing and sale of the Products and the Technology and any
                  Improvements in compliance with the requirements of Article
                  11.3. For the purpose of conducting such an inquiry, the
                  Evaluator shall have the right to:

                  (i)      require either party to disclose any further
                           documents or records which the Evaluator considers to
                           be relevant;

                  (ii)     interview or question, either orally or by way of
                           written questions, one or more representatives of
                           either party on issues deemed to be relevant by the
                           Evaluator;

                  (iii)    make an "on site" inspection of the Licensee's
                           facilities; and

<PAGE>
                                      -15-

                  (iv)     obtain, if necessary, the assistance of an
                           independent expert to provide technical information
                           with respect to any area in which the Evaluator does
                           not have a specific expertise;

         (d)      on completion of the inquiry described in Article 11.6(c), the
                  Evaluator shall, within 15 calendar days, prepare a report
                  setting out his or her findings and conclusions as to whether
                  or not the Licensee has committed a breach of Article 11.3. If
                  the Evaluator has determined that the Licensee has committed a
                  breach of Article 11.3, then the Evaluator shall also set out
                  in the report his or her conclusions as to whether such
                  breach:

                  (i)      was substantially due to external market conditions
                           not within the control of the Licensee, or

                  (ii)     was substantially due to the Licensee's failure to
                           use its reasonable commercial efforts to comply with
                           the requirements of Article 11.3; and

         (e)      the report and conclusions of the Evaluator shall be delivered
                  to the Licensee and UBC and shall be accepted by both parties
                  as final and binding.

11.7 If the Evaluator concludes:

         (a)      pursuant to Article 11.6(d)(i), that the Licensee's breach was
                  substantially due to external market conditions, then UBC may,
                  at its option, terminate the Licensee's right to grant further
                  sublicenses of the Technology and any Improvements, and may
                  continue the license granted hereunder as an non-exclusive
                  license, but with all other terms and conditions of this
                  Agreement remaining unchanged;

         (b)      pursuant to Article 11.6(d)(ii), that the Licensee's breach
                  was substantially due to the Licensee's failure to use its
                  reasonable commercial efforts, then UBC shall, at its option,
                  have the right to terminate this Agreement as provided in
                  Article 18(2)(f); or

         (c)      pursuant to Article 11.6(d), that the Licensee is not in
                  breach of Article 11.3, then UBC shall not terminate this
                  Agreement for breach of Article 11.3 nor shall it change the
                  nature of the license granted hereunder.

11.8 UBC may not call for more than one evaluation pursuant to Article 11.6 in
each calendar year. The cost of an evaluation hereunder shall be borne 50% by
the Licensee and 50% by UBC.

12.0 ACCOUNTING RECORDS:

12.1 The Licensee will maintain at its principal place of business, or another
place as may be most convenient, separate accounts and records of all Revenues,
sublicenses and Sublicensing Revenues and all business done in connection with
the Technology or any Improvements. The accounts and records will be in
sufficient detail to enable proper returns to be made under this Agreement and
the Licensee will cause its sublicensees to keep similar accounts and records.

12.2 The Licensee will deliver to UBC, on the date which is 30 calendar days
after each and every Royalty Due Date, together with the royalty payable under
this Agreement, the Accounting substantially in the form attached as Schedule
"C" and a report on all Sublicensing activity, including an accounting statement
setting out in detail how the amount of Sublicensing Revenue was determined and
identifying each sublicensee and the location of the business of each
sublicensee.

<PAGE>
                                      -16-

12.3 The calculation of royalties will be carried out in accordance with
generally accepted Canadian accounting principles ("GAAP"), or the standards and
principles adopted by the U.S. Financial Accounting Standards Board ("FASB"),
applied on a consistent basis.

12.4 The Licensee will retain the accounts and records referred to in Article
12.1 for at least six years from when they were made and will permit any duly
authorized representative of UBC to inspect the accounts and records during
normal business hours of the Licensee at UBC's expense. The Licensee will
provide to the representative of UBC all reasonable evidence as the
representative deems necessary to verify the Accounting and will permit the
representative to make copies of or extracts from the accounts, records and
agreements at UBC's expense. If an inspection of the Licensee's records by UBC
shows an under-reporting or underpayment by the Licensee of any amount to UBC by
more than five percent (5%) for any 12 month period, then the Licensee will
reimburse UBC for the cost of the inspection as well as pay to UBC any amount
found due (including any interest) within 30 calendar days of notice by UBC to
the Licensee.

12.5 During the term of this Agreement and after its expiry or termination UBC
will use reasonable efforts to ensure that all information provided to UBC or
its representatives under this Article remains confidential and is treated as
Confidential Information by UBC.

13.0 INSURANCE:

13.1 During the term of this Agreement the Licensee will procure and maintain
insurance (including public liability and commercial general liability
insurance) as would be acquired by a reasonable and prudent businessperson
carrying on a similar line of business.

13.2 Notwithstanding Article 13.1, one month before the First Use of the
Technology or any Improvement the Licensee will give notice to UBC of the terms
and amount of the product liability, public liability, commercial general
liability insurance and such other types of insurance which it has placed. This
insurance will:

         (a)      be placed with a reputable and financially secure insurance
                  carrier;

         (b)      include UBC, its Board of Governors, faculty, officers,
                  employees, students and agents as additional insureds;

         (c)      provide primary coverage regarding all activities under this
                  Agreement;

         (d)      include a waiver of subrogation against UBC, and a
                  severability of interest and cross-liability clauses; and

         (e)      provide that the policy cannot be cancelled or materially
                  altered except on at least 30 calendar days' prior written
                  notice to UBC.

13.3 UBC may, from time to time, require reasonable amendments to the terms or
the amount of coverage contained in the Licensee's insurance policy. The
Licensee will provide to UBC, for its approval, certificates of insurance
evidencing the coverage seven calendar days before the First Use of the
Technology. The Licensee will not:

<PAGE>
                                      -17-

         (a)      allow the First Use of the Technology or any Improvement to
                  occur before the certificate is provided and approved by UBC;
                  or

         (b)      sell any Product or allow any third party to use the
                  Technology at any time unless the insurance outlined in
                  Article 13.3 is in effect.

13.4 The Licensee will also require each sublicensee to procure and maintain:

         (a)      public liability and commercial general liability insurance
                  and such other types of insurance as would be acquired by a
                  reasonable and prudent businessperson carrying on a similar
                  line of business; and

         (b)      in any event, one month before the First Use of the Technology
                  or any Improvement by the sublicensee, product liability,
                  public liability and commercial general liability insurance in
                  reasonable amounts and with a reputable and financially secure
                  insurance carrier.

The Licensee will use its reasonable commercial efforts to ensure that all
sublicensees' policies of insurance contain a waiver of subrogation against UBC,
its Board of Governors, faculty, officers, employees, students and agents.

14.0 ASSIGNMENT & CHANGE OF CONTROL:

14.1 The Licensee will not assign, transfer, mortgage, pledge, financially
encumber, grant a security interest, permit a lien to be created, charge or
otherwise dispose of any or all of the rights granted to it under this Agreement
without the prior written consent of UBC, such consent not to be unreasonably
withheld.

14.2 UBC will have the right to assign its rights, duties and obligations under
this Agreement to a company of which it is the sole shareholder or a society
which it has incorporated or which has purposes which are consistent with the
objectives of UBC. If UBC makes such an assignment, the Licensee will release
and discharge UBC from all obligations or covenants; provided that the company
or society, as the case may be, signs a written agreement which provides that
the company or society assumes all obligations or covenants from UBC and that
the Licensee retains all rights granted to the Licensee under this Agreement.

14.3

15.0 GOVERNING LAW:

15.1 This Agreement is governed by, and will be construed in accordance with,
the laws of the Province British Columbia and the federal laws of Canada in
force in that province without regard to its conflict of law rules. All parties
agree that by executing this Agreement they have attorned to the jurisdiction of
the Supreme Court of British Columbia. The parties agree that the British
Columbia Supreme Court has exclusive jurisdiction over this Agreement.

16.0 NOTICES:

16.1 All payments, reports and notices or other documents that a party is
required or may want to deliver to any other party will be delivered:

         (a)      in writing; and

<PAGE>
                                      -18-

         (b)      either by personal delivery or by registered or certified mail
                  (with all postage and other charges prepaid) at the address
                  for the receiving party as set out in Article 16.2 or as
                  varied by any prior written notice.

Any notice personally delivered is deemed to have been received at the time of
delivery. Any notice mailed in accordance with this Article 16.1 is deemed to
have been received at the end of the fifth day after it is posted. 16.2
Addresses for delivery of notices:

If to UBC:                 The Director
                           University - Industry Liaison Office
                           University of British Columbia
                           IRC 331 - 2194 Health Sciences Mall
                           Vancouver, British Columbia
                           V6T 1Z3
                           Telephone:       (604) 822-8580
                           Fax:             (604) 822-8589

If to the Licensee:        Mr. Alan P. Lindsay
                           MIV Therapeutics, Inc.
                           Unit #1, 8765 Ash Street
                           Vancouver, British Columbia
                           V6P 6T3
                           Telephone:       (604) 301-9545
                           Fax:             (604) 301-9546

17.0 TERM:

17.1 The term of this Agreement and the license granted hereunder starts on the
Start Date and ends on:

         (a)      the day that is exactly 20 years later; or

         (b)      the expiry of the last Patent licensed under this Agreement,

whichever event is last to occur, unless terminated earlier under Article 18.

18.0 TERMINATION OF AGREEMENT:

18.1 This Agreement automatically and immediately terminates without notice to
the Licensee if any proceeding under the BANKRUPTCY AND INSOLVENCY ACT of
Canada, or any other statute of similar purpose, is started by or against the
Licensee.

18.2 UBC may, at its option, terminate this Agreement with immediate effect by
giving notice to the Licensee if one or more of the following occurs:

         (a)      the Licensee becomes insolvent, as evidenced, for example
                  (without limitation) by the appointment of a receiver or a
                  receiver manager, the issuance of financial statements which
                  according to GAAP would render the Licensee insolvent, the
                  termination of a majority of the Licensee's employees, the
                  vacation of the Licensee's chief place of business or the
                  Licensee ceasing or threatening to cease carrying on business;

<PAGE>
                                      -19-

         (b)      any execution or other process of any court becomes
                  enforceable against the Licensee, or if any similar process is
                  levied on the rights under this Agreement or on any money due
                  to UBC and is not released or satisfied by the Licensee within
                  30 calendar days from the process becoming enforceable or
                  being levied;

         (c)      any resolution is passed or order made or other steps taken
                  for the winding up, liquidation or other termination of the
                  existence of the Licensee;

         (d)      the Technology or any Improvements becomes subject to any
                  security interest, lien, charge or encumbrance in favour of
                  any third party claiming through the Licensee;

         (e)      if the Licensee breaches any of Articles 4.1, 11.1 or 13;

         (f)      if it is determined, pursuant to Article 11.7, that the
                  Licensee is in breach of Article 11.3;

         (g)      if any sublicensee of the Licensee is in breach of its
                  sublicense with the Licensee and the Licensee does not cause
                  the sublicensee to cure the breach within 30 calendar days of
                  receipt of notice from UBC; or

         (h)      if the Licensee is in breach of any other agreement between
                  the Licensee and UBC and the breach has not been cured within
                  the time provided for the curing of the breach under the terms
                  of the other agreement.

18.3 Other than as set out in Articles 18.1 and 18.2, either party may terminate
this Agreement for any breach which is not remedied after providing the
following notice to the party in breach:

         (a)      60 calendar days notice in the case of any breach which can
                  reasonably be remedied within 60 calendar days of the delivery
                  of such notice; or

         (b)      if the breach cannot be remedied within 60 calendar days and
                  the breach is not remedied within such further period as may
                  be reasonably necessary, or within 90 calendar days after
                  receipt of notice, whichever is sooner.

18.4 If this Agreement is terminated under Articles 18.1 to 18.3, the Licensee
will make all outstanding royalty payments to UBC as set out under Articles 5
and 6, and UBC may proceed to enforce payment of all outstanding royalties or
other monies owed to UBC and to exercise any or all of the rights and remedies
available under this Agreement or otherwise available by law or in equity,
successively or concurrently, at the option of UBC. Within five calendar days of
the Effective Termination Date the Licensee will deliver to UBC all Technology
and any Improvements in its possession or control and shall have no further
right of any nature at all in the Technology or any Improvements. If the
Licensee has not delivered up the Technology and any Improvements within five
calendar days from the Effective Termination Date, UBC may immediately and
without notice enter the Licensee's premises and take possession of the
Technology and any Improvements. The Licensee will pay all charges or expenses
incurred by UBC in the enforcement of its rights or remedies against the
Licensee under this Article 18.4 and including, without limitation, UBC's legal
fees and disbursements on an indemnity basis.

<PAGE>
                                      -20-

18.5 The Licensee and all sublicensees will cease to use the Technology or any
Improvements in any manner at all or to manufacture or sell the Products within
five calendar days from the Effective Termination Date. The Licensee will then
deliver to UBC an accounting within 30 calendar days from the Effective
Termination Date. The accounting will specify, in or on such terms as UBC may in
its sole discretion require, the inventory or stock of Products manufactured and
remaining unsold on the Effective Termination Date. UBC will instruct that the
unsold Products be stored, destroyed or sold under its direction; provided this
Agreement was terminated under Articles 18.2 or 18.3. Without limitation, if
this Agreement is terminated under Article 18.1 no Products will be sold without
the prior written consent of UBC. The Licensee will continue to make royalty
payments to UBC in the same manner specified in Articles 5 and 6 on all Products
that are sold in accordance with this Article 18.5 notwithstanding anything
contained in or any exercise of rights by UBC under Article 18.4.

18.6 Notwithstanding the termination or expiry of this Agreement, Article 12
remains in full force and effect until six years after:

         (a)      all payments of royalty required to be made by the Licensee to
                  UBC under this Agreement have been made by the Licensee to
                  UBC; and

         (b)      any other claim or claims of any nature or kind at all of UBC
                  against the Licensee have been settled.

19.0 MISCELLANEOUS COVENANTS OF LICENSEE:

19.1 The Licensee represents and warrants to UBC that the Licensee is a
corporation duly organized, existing and in good standing under the laws of the
State of Nevada and has the power, authority and capacity to enter into this
Agreement and to carry out the transactions contemplated by this Agreement; all
of which have been duly and validly authorized by all requisite corporate
proceedings.

19.2 The Licensee will comply with all laws, regulations and ordinances, whether
federal, state, provincial, county, municipal or otherwise, with respect to the
Technology and any Improvements and this Agreement.

19.3 Upon the presentation of itemized bills to the Licensee by UBC the Licensee
will pay all reasonable legal expenses and costs incurred by UBC regarding any
consents and approvals required from UBC and including, without limitation,
expenses and costs regarding UBC's review of any sublicenses to be granted by
the Licensee.

19.4 The Licensee will pay all taxes and any related interest or penalty
howsoever designated and imposed as a result of the existence or operation of
this Agreement and including, without limitation, tax which the Licensee is
required to withhold or deduct from payments to UBC. The Licensee will provide
to UBC evidence as may be required by Canadian authorities to establish that the
tax has been paid. The royalties specified in this Agreement are exclusive of
taxes. If UBC is required to collect a tax to be paid by the Licensee or any of
its sublicensees the Licensee will pay the tax to UBC on demand.

19.5 The obligation of the Licensee to make all payments under this Agreement is
absolute and unconditional and is not, except as expressly set out in this
Agreement, affected by any circumstance, including, without limitation, any
set-off, compensation, counterclaim, recoupment, defence or other right which
the Licensee may have against UBC or anyone else for any reason at all.

<PAGE>
                                      -21-

19.6 The Licensee will pay interest on all amounts due and owing to UBC under
this Agreement but not paid by the Licensee on the due date, at the rate of one
percent (1%) per month. The interest accrues on the balance of unpaid amounts
from time to time outstanding from the date on which portions of the amounts
become due and owing until payment in full.

20.0 MANAGEMENT OF CONFLICTS OF INTEREST:

20.1 The Licensee acknowledges that it is aware of UBC's Conflict of Interest
Policy #97, Patent and Licensing Policy #88 and Research Policy #87, and that
UBC may amend these policies or introduce new policies from time to time.

20.2 Subject to Article 20.3, the Licensee and UBC agree that:

         (a)      the facilities and research programs of the Licensee will be
                  conducted independently of all UBC facilities, faculty,
                  students or staff and, in particular, independently of and
                  from the Investigator and the laboratory facilities made
                  available to the Investigator by reason of the Investigator's
                  employment at UBC;

         (b)      no students, post-doctoral fellows or other UBC staff will
                  participate or be involved in the Licensee's research,
                  projects or utilize its facilities; and

         (c)      any disclosures of inventions made by the Investigator to the
                  Licensee will be immediately forwarded by the Licensee to UBC.

20.3 The Licensee and UBC may, from time to time, enter into written agreements
to permit activities which would otherwise be prohibited by Article 20.2.

21.0 GENERAL:

21.1 The Licensee will permit UBC, during normal business hours, to enter any
premises of the Licensee for the purpose of ascertaining whether or not this
Agreement has been, is being or will be complied with by the Licensee.

21.2 Nothing contained in this Agreement is to be deemed or construed to create
between the parties a partnership or joint venture. No party has the authority
to act on behalf of any other party, to commit any other party in any manner at
all or to cause any other party's name to be used in any way not specifically
authorized by this Agreement.

21.3 Subject to the limitations contained in this Agreement, this Agreement
operates for the benefit of and is binding on the parties and their respective
successors and permitted assigns.

21.4 No condoning, excusing or overlooking by any party of any default, breach
or non-observance by any other party at any time or times regarding any terms of
this Agreement operates or will operate as a waiver of that party's rights under
this Agreement. A waiver of any term or right under this Agreement will be in
writing signed by the party entitled to the benefit of that term or right and is
effective only to the extent set out the written waiver.

21.5 No exercise of a specific right or remedy by any party precludes it from or
prejudices it in exercising another right or pursuing another remedy or
maintaining an action to which it may otherwise be entitled either at law or in
equity.

21.6 Headings in this Agreement are for reference only and do not form a part of
this Agreement and are not be used in the interpretation of this Agreement.

<PAGE>
                                      -22-

21.7 All terms in this Agreement which require performance by the parties after
the expiry or termination of this Agreement will remain in force despite this
Agreement's expiry or termination for any reason.

21.8 In the event that any Article, section, clause, paragraph or subparagraph
of this Agreement shall be held to be indefinite, invalid, illegal or otherwise
voidable or unenforceable, the entire Agreement shall not fail on account
thereof, the offending provision may be severed from this Agreement and the
balance of this Agreement will continue in full force and effect.

21.9 The Licensee acknowledges that the law firm of Richards Buell Sutton has
acted solely for UBC in connection with this Agreement and that all other
parties have been advised to seek independent legal advice.

21.10 This Agreement sets out the entire understanding between the parties and
no changes to this Agreement are binding unless signed in writing by the parties
to this Agreement.

21.11 Time is of the essence of this Agreement.

21.12 In this Agreement, unless the contrary intention appears, the singular
includes the plural and vice versa and words importing a gender include other
genders.

         SIGNED BY THE PARTIES AS AN AGREEMENT on the 13 day of February, 2003,
but effective as of the Start Date.

SIGNED FOR AND ON BEHALF of                       )
THE UNIVERSITY OF BRITISH COLUMBIA                )
 by its authorized signatories:                   )
                                                  ) David P. Jones
/a/ David Jones                                   ) Associate Director
------------------------------------------------- ) University-Industry Liaison
Authorized Signatory                              )
                                                  )
                                                  )
------------------------------------------------- )
Authorized Signatory                              )

THE CORPORATE SEAL of                             )
MIV THERAPEUTICS, INC.                            )
was hereunto affixed in the presence of:          )
                                                  ) c/s
/s/ Alan Lindsay, Chairman, President, CEO        )
------------------------------------------------- )
Authorized Signatory                              )
                                                  )
                                                  )
------------------------------------------------- )
Authorized Signatory                              )

<PAGE>

                                  SCHEDULE "A"

                           DESCRIPTION OF "TECHNOLOGY"

<TABLE>
<CAPTION>

UBC FILE #          INVENTOR(S)                 DESCRIPTION                        PATENT #
------------------- --------------------------- ---------------------------------- ---------------------------------
<S>                 <C>                         <C>                                <C>
00-126              Tomasz Troczynski,          Biofunctional hydroxyapatite       US Patent Application No.
                    Dean-Mo Liu and             coatings and microspheres for      09/838,331 filed April 20,
                    Quanzu Yang                 in-situ drug encapsulation         2001PCT Application No.
                                                                                   PCT/CA02/00565 filed April 19,
                                                                                   2002

</TABLE>

<PAGE>

                                  SCHEDULE "B"

                           DESCRIPTION OF "MATERIALS"

UBC will provide the Hydroxyapatite coatings which are to be applied on stents
to be provided by the Licensee

<PAGE>

                                  SCHEDULE "C"

               PAYMENT REPORT FOR THE PERIOD DD/MM/YY TO DD/MM/YY

INSTRUCTIONS FOR COMPLETING THIS REPORT

Please fill out each section in full, identifying in the Royalty Summary Table
the unit sales and geographical sales areas. If the licence with UBC involves
several product lines, please prepare a separate Summary Table for each product
line. For licences involving sublicencing revenue, please prepare an additional
report for each sublicence.
<TABLE>
<S>  <C>
PLEASE NOTE:  AN INTEREST RATE OF 1% PER MONTH WILL BE ASSESSED AGAINST ALL PAYMENTS IN ARREARS.

Prepared by                                        Date Dd/mm/yy      Phone
             ----------------------------------         ----------           ---------------------
Approved by                                        Date Dd/mm/yy      Phone
             ----------------------------------         ----------           ---------------------

Licensee                                 Agreement #  UBC to provide     UBC ID # UBC to provide
            --------------------------                --------------              ----------------

UBC Technology   UBC to provide
                 ---------------------------------------------------------------------------------

REPORT TYPE (CHECK ONE AND COMPLETE AS APPROPRIATE)

Single Product Line     [ ] Product Line Trade Name

Multiple Products       [ ] Page __ of __ Product Line Trade Name
                                                                ----------------------------------
Sublicence Report       [ ] Page __ of __

PAYMENTS THIS QUARTER (PLEASE COMPLETE SEPARATE TABLES FOR MULTIPLE PRODUCT LINES)

ROYALTIES ON PRODUCT SALES
---------------- -------- ------------ ------------ ---------- ---------- ---------- -------------- ------------------------------
COUNTRY          UNITS    UNIT PRICE   GROSS SALES  LESS       NET SALES  ROYALTY    CONVERSION     PERIOD ROYALTY AMOUNT
                 SOLD     (DOMESTIC                 ALLOWANCES*           RATE       RATE (TO       (CANADIAN $)
                          CURRENCY)                                                  CANADIAN $)
---------------- -------- ------------ ------------ ---------- ---------- ---------- -------------- --------------- --------------
                                                                                                    This yr         Last yr
---------------- -------- ------------ ------------ ---------- ---------- ---------- -------------- --------------- --------------

CANADA
US
EUROPE
(specify
countries)

JAPAN
OTHER

--------------------------------------------------------------------------------------------------- --------------- --------------
                                                                           TOTAL PRODUCT ROYALTIES
                                                                                                    --------------- --------------
ADDITIONAL PAYMENTS  (COMPLETE ALL THAT APPLY)

Minimum Royalty Fee                        [ ]                                       Amount
                                                      ----                                  --------------- --------------
Milestone Payment                          [ ]                                       Amount
                                                                                            --------------- --------------
Annual Licence Maintenance Fee             [ ]                                       Amount
                                                                                            --------------- --------------
                                                                                               This Year       Last Year
                                                                                            --------------- --------------
                                                                  TOTAL PAYMENTS FOR PERIOD
                                                                                            --------------- --------------

*Please indicate the reasons for returns or other allowances, if significant. Please note any unusual occurrences
that affected royalty amounts during the period.
FOR FURTHER INFORMATION, PLEASE CONTACT _________________ AT PHONE NUMBER (604)_____________________

</TABLE>

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