Document:

[EXHIBIT 10.1]
                    SHARE EXCHANGE AGREEMENT
                    ------------------------

        This  SHARE EXCHANGE AGREEMENT (this "Agreement"),  dated
                                              ---------
as  of  August  15,  2007, is by and among  Six  Diamond  Resorts
International (f/n/a Six Diamond Resorts International), a Cayman
Islands  exempted  company (the "Parent "), Six  Diamond  Resorts
                                 ------
International, S.A., a company organized under the  laws  of  the
Republic of Panama (the "Company"), and the Stockholders  of  the
                         -------
Company  signatory  hereto  (the  "Stockholders").  Each  of  the
                                   ------------
parties to this Agreement is individually referred to herein as a
"Party" and collectively, as the "Parties."

                           BACKGROUND
                           ----------

        The  Company has 9,742,000 shares of capital  stock  (the
"Company  Stock")  outstanding, all of  which  are  held  by  the
 --------------
Stockholders.  Each  of  the  Stockholders  is  the  record   and
beneficial  owner  of the number of shares of Company  Stock  set
forth  opposite  such Stockholder's name on  Exhibit  A  attached
                                             -------
hereto.  Each of the Stockholders has agreed to transfer  all  of
his,  her or its shares of Company Stock in exchange for a number
of  newly issued Ordinary Shares, $0.00320375 par value,  of  the
Parent   (the  "Parent  Ordinary  Shares")  that  will,  in   the
                ------------------------
aggregate,  constitute  approximately 96.1%  of  the  issued  and
outstanding share capital of the Parent on a fully-diluted  basis
as of and immediately after the Closing, and before giving effect
to  the Financing (as defined in Section 7.12 hereof). The number
                                 ------------
of  shares  of  Parent  Ordinary Shares to be  received  by  each
Stockholder  shall be as listed opposite such Stockholder's  name
on Exhibit A to this Agreement. The aggregate number of shares of
   ---------
Parent  Ordinary Shares that will be reflected on  Exhibit  A  is
                                                   ----------
referred to herein as the "Shares".
                           ------

        The  Board  of  Directors of the Parent and  the  Company
have  determined  that it is desirable to  effect  this  plan  of
reorganization and share exchange.

                            AGREEMENT
                            ---------

        NOW THEREFORE, the parties agree as follows:

                            ARTICLE I

                       Exchange of Shares
                       ------------------

    SECTION  1.01. Exchange by Stockholders. At the  Closing  (as
                   ------------------------
defined  in  Section 1.02), each of the Stockholders shall  sell,
             ------------
transfer,  convey, assign and deliver to the Parent  its  Company
Stock  free and clear of all Liens (as defined below) in exchange
for  the  Parent  Ordinary  Shares to  be  listed  on  Exhibit  A
                                                       ----------
opposite such Stockholder's name.

    SECTION  1.02.  Closing. The closing (the "Closing")  of  the
                    -------                    -------
transactions contemplated hereby (the "Transactions ") shall take
place  at  the  offices of Six Diamond Resorts  International  in
Houston,  TX  commencing at 9:00 a.m. local time  on  the  second
business  day  following  the  satisfaction  or  waiver  of   all
conditions  to  the obligations of the parties to consummate  the

<PAGE>

Transactions  contemplated  hereby (other  than  conditions  with
respect  to  actions  the respective parties  will  take  at  the
Closing  itself), or such other date and time as the parties  may
mutually determine (the "Closing Date").
                         ------------

                           ARTICLE II

         Representations and Warranties of Stockholders
         ----------------------------------------------

    Each  of  the Stockholders hereby severally (and not jointly)
represents and warrants to the Parent with respect to itself,  as
follows:

    SECTION  2.01. Good Title. The Stockholder is the record  and
                   ----------
beneficial  owner, and has good title to its Company Stock,  with
the  right and authority to sell and deliver such Company  Stock.
Upon  delivery of any certificate or certificates duly  assigned,
representing  the  same  as  herein  contemplated   and/or   upon
registering of the Parent as the new owner of such Company  Stock
in  the  share  register of the Company, the Parent will  receive
good  title  to such Company Stock, free and clear of all  liens,
security  interests, pledges, equities and claims  of  any  kind,
voting  trusts,  stockholder agreements  and  other  encumbrances
(collectively, "Liens").
                -----

    SECTION  2.02.  Organization. Each  Stockholder  that  is  an
                    ------------
entity is duly organized and validly existing in its jurisdiction
of organization.

    SECTION  2.03. Power and Authority. Each Stockholder that  is
                   -------------------
an  entity  has  the  legal power and authority  to  execute  and
deliver  this Agreement and to perform its obligations hereunder.
All  acts  required to be taken by the Stockholder to enter  into
this  Agreement  and  to  carry out the  Transactions  have  been
properly  taken.  This Agreement constitutes a legal,  valid  and
binding  obligation of the Stockholder, enforceable against  such
Stockholder in accordance with the terms hereof.

    SECTION  2.04.  No Conflicts. The execution and  delivery  of
                    ------------
this  Agreement  by  the Stockholder and the performance  by  the
Stockholder of its obligations hereunder in accordance  with  the
terms hereof: (i) will not require the consent of any third party
or  any federal, state, local or foreign government or any  court
of competent jurisdiction, administrative agency or commission or
other  governmental  authority  or instrumentality,  domestic  or
foreign   ("Governmental  Entity")  under  any  statutes,   laws,
            --------------------
ordinances,   rules,  regulations,  orders,  writs,  injunctions,
judgments,  or  decrees  (collectively, "Laws");  (ii)  will  not
                                         ----
violate  any Laws applicable to such Stockholder and  (iii)  will
not  violate or breach any contractual obligation to  which  such
Stockholder is a party.

    SECTION  2.05.  No  Finder's Fee.  The  Stockholder  has  not
                    ----------------
created  any obligation for any finder's, investment banker's  or
broker's fee in connection with the Transactions.

    SECTION  2.06. Purchase Entirely for Own Account. The  Parent
                   ---------------------------------
Ordinary  Shares  proposed  to  be acquired  by  the  Stockholder
hereunder  will be acquired for investment for its  own  account,
and  not  with a view to the resale or distribution of  any  part
thereof, and the Stockholder has no present intention of  selling
or  otherwise distributing the Parent Ordinary Shares, except  in

<PAGE>

compliance with applicable securities laws.

      SECTION  2.07.  Available Information. The Stockholder  has
                      ---------------------
such  knowledge and experience in financial and business  matters
that  it  is  capable  of  evaluating the  merits  and  risks  of
investment in the Parent.

    SECTION  2.08. Non-Registration. The Stockholder  understands
                   ----------------
that the Parent Ordinary Shares has not been registered under the
Securities Act of 1933, as amended (the "Securities Act") and, if
                                         --------------
issued in accordance with the provisions of this Agreement,  will
be issued by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among  other
things,  the  bona fide nature of the investment intent  and  the
accuracy   of  the  Stockholder's  representations  as  expressed
herein.

    SECTION   2.09.   Restricted  Securities.   The   Stockholder
                      ----------------------
understands  that the Parent Ordinary Shares is characterized  as
"restricted securities" under the Securities Act inasmuch as this
Agreement  contemplates  that, if  acquired  by  the  Stockholder
pursuant hereto, the Parent Ordinary Shares would be acquired  in
a  transaction  not involving a public offering. The  Stockholder
further acknowledges that if the Parent Ordinary Shares is issued
to  the  Stockholder  in accordance with the provisions  of  this
Agreement, such Parent Ordinary Shares may not be resold  without
registration  under  the Securities Act or the  existence  of  an
exemption  therefrom.  The  Stockholder  represents  that  it  is
familiar with Rule 144 promulgated under the Securities  Act,  as
presently  in  effect,  and understands  the  resale  limitations
imposed thereby and by the Securities Act.

    SECTION  2.10.  Legends.  It is understood  that  the  Parent
                    -------
Ordinary  Shares will bear the following legend or  one  that  is
substantially similar to the following legend:

        THESE  SECURITIES  HAVE  NOT BEEN  REGISTERED  UNDER  THE
        SECURITIES  ACT OF 1933 (THE "SECURITIES ACT")  OR  UNDER
        APPLICABLE  STATE SECURITIES LAWS AND MAY  NOT  BE  SOLD,
        TRANSFERRED  OR  OTHERWISE DISPOSED OF UNLESS  REGISTERED
        UNDER   THE  SECURITIES  ACT  AND  ANY  APPLICABLE  STATE
        SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS  FROM
        SUCH  REGISTRATION, PROVIDED THAT THE SELLER DELIVERS  TO
        THE  COMPANY  AN  OPINION OF COUNSEL  (WHICH  OPINION  IS
        REASONABLY  SATISFACTORY TO THE COMPANY)  CONFIRMING  THE
        AVAILABILITY OF SUCH EXEMPTION. THESE SECURITIES  MAY  BE
        PLEDGED  IN  CONNECTION WITH A BONA FIDE  MARGIN  ACCOUNT
        SECURED  BY  SUCH SECURITIES TO THE EXTENT  PERMITTED  BY
        APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

         (a)  Any legend required by the "blue sky" laws  of  any
     state  to  the  extent  such  laws  are  applicable  to  the
     securities represented by the certificate so legended.

    SECTION  2.11.  Accredited Investor. The  Stockholder  is  an
                    -------------------
"accredited  investor" within the meaning of Rule 501  under  the

<PAGE>

Securities Act and was not organized for the specific purpose  of
acquiring the Parent Ordinary Shares.

                           ARTICLE III

          Representations and Warranties of the Company
          ---------------------------------------------

    The Company represents and warrants to the Parent that:

    SECTION  3.01. Organization, Standing and Power. The  Company
                   --------------------------------
is  duly  organized, validly existing and in good standing  under
the laws of the jurisdiction in which it is organized and has the
corporate  power  and  authority and possesses  all  governmental
franchises,  licenses,  permits,  authorizations  and   approvals
necessary  to  enable  it to own, lease  or  otherwise  hold  its
properties and assets and to conduct its businesses as  presently
conducted,   other  than  such  franchises,  licenses,   permits,
authorizations  and approvals the lack of which, individually  or
in  the  aggregate,  has  not had and  would  not  reasonably  be
expected  to  have a material adverse effect on  the  Company,  a
material adverse effect on the ability of the Company to  perform
its  obligations under this Agreement or on the  ability  of  the
Company  to  consummate  the Transactions  (a  "Company  Material
                                                -----------------
Adverse Effect"). The Company is duly qualified to do business in
--------------
each  jurisdiction  where  the nature  of  its  business  or  its
ownership  or  leasing of its properties make such  qualification
necessary  except  where  the failure to  so  qualify  would  not
reasonably be expected to have a Company Material Adverse Effect.
The  Company has delivered to the Parent true and complete copies
of  the memorandum and articles of association of the Company and
such  other constituent instruments of the Company as may  exist,
each as amended to the date of this Agreement (as so amended, the
"Company  Constituent Instruments"), and the comparable  charter,
 --------------------------------
organizational  documents  and other constituent  instruments  of
each Company Subsidiary, in each case as amended through the date
of this Agreement.

    SECTION 3.02. Company Subsidiaries; Equity Interests.
                  --------------------------------------

         (a)  The  Company has no subsidiaries and does not  own,
     directly   or  indirectly,  any  capital  stock,  membership
     interest,  partnership interest, joint venture  interest  or
     other equity interest in any person.

    SECTION  3.03.  Capital  Structure.  The  authorized  capital
                    ------------------
stock  of  the  Company consists of 100,000,000 ordinary  shares,
$.00320375  par  value, of which 400,433 shares  are  issued  and
outstanding.  Except  as set forth above, no  shares  of  capital
stock  or  other  voting securities of the  Company  are  issued,
reserved  for issuance or outstanding. All outstanding shares  of
the  capital  stock  of the Company are duly authorized,  validly
issued, fully paid and nonassessable and not subject to or issued
in  violation of any purchase option, call option, right of first
refusal,  preemptive  right, subscription right  or  any  similar
right under any provision of the applicable corporate laws of the
Republic  of Panama, the Company Constituent Instruments  or  any
Contract (as defined in Section 3.05) to which the Company  is  a
                        ------------
party  or  otherwise bound. Except as set forth in  this  Section
                                                          -------
3.03,  there  are  not  any  bonds, debentures,  notes  or  other
----
indebtedness of Company having the right to vote (or  convertible
into,  or exchangeable for, securities having the right to  vote)
on  any  matters  on  which holders of  Company  Stock  may  vote
("Voting  Company Debt"). Except as set forth above,  as  of  the
  --------------------

<PAGE>

date  of  this  Agreement, there are not any  options,  warrants,
rights,  convertible or exchangeable securities, "phantom"  stock
rights, stock appreciation rights, stock-based performance units,
commitments, Contracts, arrangements or undertakings of any  kind
to  which the Company is a party or by which any of them is bound
(i) obligating the Company to issue, deliver or sell, or cause to
be  issued, delivered or sold, additional shares of capital stock
or  other  equity  interests in, or any security  convertible  or
exercisable  for  or exchangeable into any capital  stock  of  or
other equity interest in, the Company or any Voting Company Debt,
(ii) obligating the Company to issue, grant, extend or enter into
any  such  option,  warrant, call, right,  security,  commitment,
Contract,  arrangement  or undertaking or  (iii)  that  give  any
person the right to receive any economic benefit or right similar
to  or derived from the economic benefits and rights occurring to
holders  of the capital stock of the Company.  There are not  any
outstanding contractual obligations of the Company to repurchase,
redeem  or  otherwise  acquire any shares  of  capital  stock  of
Parent.

    SECTION    3.04.    Authority;   Execution   and    Delivery;
                        ----------------------------------------
Enforceability. The Company has all requisite corporate power and
--------------
authority to execute and deliver this Agreement and to consummate
the  Transactions. The execution and delivery by the  Company  of
this  Agreement  and  the consummation  by  the  Company  of  the
Transactions have been duly authorized and approved by the  Board
of Directors of the Company and no other corporate proceedings on
the part of the Company are necessary to authorize this Agreement
and the Transactions. When executed and delivered, this Agreement
will  be  enforceable against the Company in accordance with  its
terms.

    SECTION 3.05. No Conflicts; Consents.
                  ----------------------

         (a)   The execution and delivery by the Company of  this
Agreement does not, and the consummation of the Transactions  and
compliance  with the terms hereof and thereof will not,  conflict
with,  or result in any violation of or default (with or  without
notice or lapse of time, or both) under, or give rise to a  right
of termination, cancellation or acceleration of any obligation or
to loss of a material benefit under, or result in the creation of
any  Lien  upon  any of the properties or assets of  the  Company
under,  any provision of (i) the Company Constituent Instruments,
(ii)  any  material  contract, lease, license,  indenture,  note,
bond,   agreement,   permit,  concession,  franchise   or   other
instrument (a "Contract ") to which the Company is a party or  by
               --------
which  any of its properties or assets is bound or (iii)  subject
to  the filings and other matters referred to in Section 3.05(b),
                                                 ---------------
any  material judgment, order or decree ("Judgment") or  material
                                          --------
Law  applicable to the Company or its properties or assets, other
than, in the case of clauses (ii) and (iii) above, any such items
that,  individually or in the aggregate, have not had  and  would
not  reasonably  be expected to have a Company  Material  Adverse
Effect.

         (b)  Except for required filings with the Securities and
Exchange  Commission  (the "SEC") and applicable  "Blue  Sky"  or
                            ---
state  securities  commissions, no  material  consent,  approval,
license,  permit,  order  or  authorization  ("Consent")  of,  or
                                               -------
registration,  declaration or filing with, or  permit  from,  any
Governmental Entity is required to be obtained or made by or with
respect  to  the Company or any Company Subsidiary in  connection
with the execution, delivery and performance of this Agreement or
the consummation of the Transactions.

<PAGE>

    SECTION 3.06. Taxes.
                  -----

         (a)   The Company has timely filed, or has caused to  be
timely filed on its behalf, all Tax Returns required to be  filed
by  it, and all such Tax Returns are true, complete and accurate,
except  to the extent any failure to file or any inaccuracies  in
any filed Tax Returns, individually or in the aggregate, have not
had  and  would  not  reasonably be expected to  have  a  Company
Material  Adverse Effect. All Taxes shown to be due on  such  Tax
Returns, or otherwise owed, have been timely paid, except to  the
extent that any failure to pay, individually or in the aggregate,
has  not  had  and  would not reasonably be expected  to  have  a
Company Material Adverse Effect. There are no unpaid taxes in any
material amount claimed to be due by the taxing authority of  any
jurisdiction, and the officers of the Company know  of  no  basis
for any such claim.

         (b)  The  Company Financial Statements  (as  defined  in
Section  3.15) reflect an adequate reserve for all Taxes  payable
-------------
by  the Company (in addition to any reserve for deferred Taxes to
reflect  timing differences between book and Tax items)  for  all
Taxable  periods and portions thereof through the  date  of  such
financial statements. No deficiency with respect to any Taxes has
been  proposed, asserted or assessed against the Company, and  no
requests  for  waivers of the time to assess any such  Taxes  are
pending, except to the extent any such deficiency or request  for
waiver,  individually or in the aggregate, has not had and  would
not  reasonably  be expected to have a Company  Material  Adverse
Effect.

          (c) For purposes of this Agreement:

        "Taxes"  includes all forms of taxation, whenever created
         -----
or  imposed,  and whether of the United States or elsewhere,  and
whether  imposed  by  a  local, municipal,  governmental,  state,
foreign,  federal or other Governmental Entity, or in  connection
with any agreement with respect to Taxes, including all interest,
penalties and additions imposed with respect to such amounts.

        "Tax  Return" means all federal, state, local, provincial
         -----------
and  foreign  Tax  returns,  declarations,  statements,  reports,
schedules,  forms  and information returns and  any  amended  Tax
return relating to Taxes.

    SECTION 3.07. Benefit Plans.
                  -------------

         (a)    The  Company  does  not  have  or  maintain   any
collective  bargaining  agreement or any bonus,  pension,  profit
sharing,  deferred  compensation, incentive  compensation,  stock
ownership,   stock   purchase,  stock  option,   phantom   stock,
retirement,  vacation,  severance,  disability,  death   benefit,
hospitalization,   medical   or  other   plan,   arrangement   or
understanding   (whether  or  not  legally   binding)   providing
benefits  to any current or former employee, officer or  director
of  the Company or any Company Subsidiary (collectively, "Company
                                                          -------
Benefit  Plans").   There  are not any severance  or  termination
--------------
agreements  or arrangements between the Company and  any  current
or  former employee, officer or director of the Company, nor does
the Company have any general severance plan or policy.

<PAGE>

         (b)  Since the Company's inception, there has  not  been
any  adoption or amendment in any material respect by the Company
of any Company Benefit Plan.

    SECTION  3.08. Litigation. There is no action, suit, inquiry,
                   ----------
notice of violation, proceeding (including any partial proceeding
such  as a deposition) or investigation pending or threatened  in
writing against or affecting the Company or any of its properties
before   or   by   any   court,   arbitrator,   governmental   or
administrative  agency,  regulatory  authority  (federal,  state,
county,  local  or  foreign), stock  market,  stock  exchange  or
trading  facility  ("Action")  which  (i)  adversely  affects  or
challenges  the legality, validity or enforceability  of  any  of
this  Agreement  or the Shares or (ii) could, if  there  were  an
unfavorable decision, individually or in the aggregate,  have  or
reasonably  be  expected to result in a Company Material  Adverse
Effect.  Neither the Company, nor any director or officer thereof
(in  his or her capacity as such), is or has been the subject  of
any  Action involving a claim or violation of or liability  under
federal  or  state  securities laws  or  a  claim  of  breach  of
fiduciary duty.

    SECTION  3.09. Compliance with Applicable Laws.  The  Company
                   -------------------------------
is  in  compliance  with  all applicable  Laws,  including  those
relating  to  occupational health and safety and the environment,
except  for instances of noncompliance that, individually and  in
the  aggregate, have not had and would not reasonably be expected
to  have  a Company Material Adverse Effect. The Company has  not
received any written communication during the past two years from
a  Governmental Entity that alleges that the Company  is  not  in
compliance in any material respect with any applicable Law.  This
Section  3.09 does not relate to matters with respect  to  Taxes,
-------------
which are the subject of Section 3.06.
                         ------------

    SECTION  3.10.  Brokers; Schedule of Fees  and  Expenses.  No
                    ----------------------------------------
broker,  investment banker, financial advisor or other person  is
entitled to any broker's, finder's, financial advisor's or  other
similar  fee  or  commission in connection with the  Transactions
based upon arrangements made by or on behalf of the Company.

    SECTION  3.11. Contracts. Except as disclosed in the  Company
                   ---------
Disclosure  Letter, there are no Contracts that are  material  to
the   business,  properties,  assets,  condition  (financial   or
otherwise), results of operations or prospects of the Company and
its  subsidiaries taken as a whole. Neither the Company  nor  any
Company  Subsidiary is in violation of or in default  under  (nor
does there exist any condition which upon the passage of time  or
the  giving of notice would cause such a violation of or  default
under) any Contract to which it is a party or by which it or  any
of  its  properties or assets is bound, except for violations  or
defaults  that  would  not, individually  or  in  the  aggregate,
reasonably  be  expected to result in a Company Material  Adverse
Effect.

    SECTION  3.12. Title to Properties. Except as  set  forth  on
                   -------------------
Schedule  3.12, the Company does not own any real  property.  The
--------------
Company has sufficient title to, or valid leasehold interests in,
all  of  its  properties and assets used in the  conduct  of  its
businesses. All such assets and properties, other than assets and
properties in which the Company has leasehold interests, are free
and  clear  of  all  Liens  and except for  Liens  that,  in  the
aggregate,  do  not  and will not materially interfere  with  the
ability   of  the  Company  to  conduct  business  as   currently
conducted.

<PAGE>

    SECTION  3.13.  Intellectual Property. The Company  owns,  or
                    ---------------------
has  validly  licensed or otherwise has the  right  to  use,  all
patents,  patent  rights,  trademarks,  trademark  rights,  trade
names,  trade  name rights, service marks, service  mark  rights,
copyrights and other proprietary intellectual property rights and
computer  programs (collectively, "Intellectual Property Rights")
                                   ----------------------------
which are material to the conduct of the business of the Company.
Schedule  3.13 sets forth a true and correct description  of  all
--------------
Intellectual Property Rights which are material to the conduct of
the  business of the Company. There are no claims pending or,  to
the  knowledge  of the Company, threatened that  the  Company  is
infringing  or  otherwise adversely affecting the rights  of  any
person  with  regard to any Intellectual Property Right.  To  the
knowledge  of the Company, no person is infringing the rights  of
the Company with respect to any Intellectual Property Right.

    SECTION   3.14.  Labor  Matters.  There  are  no   collective
                     --------------
bargaining  or other labor union agreements to which the  Company
is  a  party  or by which it is bound. No material labor  dispute
exists  or,  to  the knowledge of the Company, is  imminent  with
respect to any of the employees of the Company.

    SECTION 3.15. Financial Statements. Prior to the Closing  the
                  --------------------
Company  will  deliver  to  the Parent its  audited  consolidated
financial statements for the fiscal years ended December 31, 2006
and  unaudited consolidated financial statements for  the  period
ended   June  30,  2007  (collectively,  the  "Company  Financial
                                               ------------------
Statements").  Upon  delivery, the Company  Financial  Statements
----------
will  have  been  prepared in accordance with generally  accepted
accounting  principles applied on a consistent  basis  throughout
the  periods indicated and in respect of interim periods  subject
to  year  end adjustments. The Company Financial Statements  will
fairly  present in all material respects the financial  condition
and  operating results of the Company, as of the dates,  and  for
the  periods,  indicated therein. The Company will not  have  any
material  liabilities  or obligations, contingent  or  otherwise,
other  than  (i) liabilities incurred in the ordinary  course  of
business  subsequent  to June, 2007, and (ii)  obligations  under
contracts  and  commitments incurred in the  ordinary  course  of
business  and  not  required under generally accepted  accounting
principles  to be reflected in the Company Financial  Statements,
which, in both cases, individually and in the aggregate would not
be  reasonably  expected to result in a Company Material  Adverse
Effect.

    SECTION 3.16. Insurance. Schedule 3.16 sets forth a list  and
                  ---------  -------------
description  of all insurance policies existing as  of  the  date
hereof providing insurance coverage of any nature to the Company.
All  such policies are sufficient all the Company to continue its
business  on terms consistent with market for the Company's  line
of  business, are in full force and effect and are enforceable in
accordance with their terms, free of any right of termination  on
the  part of any insurance carrier. No claims have been  made  on
any such policies.

    SECTION  3.17.  Transactions With Affiliates  and  Employees.
                    --------------------------------------------
Except as set forth in the Company Financial Statements, none  of
the officers or directors of the Company and, to the knowledge of
the Company, none of the employees of the Company is presently  a
party  to  any  transaction  with the  Company  (other  than  for
services  as  employees, officers and directors),  including  any
contract,  agreement  or  other  arrangement  providing  for  the
furnishing of services to or by, providing for rental of real  or
personal property to or from, or otherwise requiring payments  to
or  from  any  officer,  director or such  employee  or,  to  the
knowledge  of  the  Company, any entity  in  which  any  officer,
director, or any such employee has a substantial interest  or  is

<PAGE>

an officer, director, trustee or partner.

    SECTION  3.18.  Internal  Accounting  Controls.  The  Company
                    ------------------------------
maintains a system of internal accounting controls sufficient  to
provide  reasonable assurance that (i) transactions are  executed
in    accordance   with   management's   general   or    specific
authorizations,  (ii) transactions are recorded as  necessary  to
permit  preparation  of financial statements in  conformity  with
generally  accepted accounting principles and to  maintain  asset
accountability,  (iii)  access to assets  is  permitted  only  in
accordance  with management's general or specific  authorization,
and  (iv) the recorded accountability for assets is compared with
the  existing  assets  at  reasonable intervals  and  appropriate
action is taken with respect to any differences. The Company  has
established  disclosure controls and procedures for  the  Company
and  designed such disclosure controls and procedures  to  ensure
that  material information relating to the Company is made  known
to  the  officers  by  others within the Company.  The  Company's
officers  have  evaluated  the  effectiveness  of  the  Company's
controls and procedures. Since December 31, 2006, there have been
no  significant changes in the Company's internal controls or, to
the   Company's   knowledge,   in  other   factors   that   could
significantly affect the Company's internal controls.

      SECTION 3.19. Solvency. Based on the financial condition of
                    --------
the Company as of the closing date (and assuming that the closing
shall  have occurred), (i) the Company's fair saleable  value  of
its assets exceeds the amount that will be required to be paid on
or   in  respect  of  the  Company's  existing  debts  and  other
liabilities  (including  known contingent  liabilities)  as  they
mature,  (ii) the Company's assets do not constitute unreasonably
small  capital  to carry on its business for the  current  fiscal
year  as  now conducted and as proposed to be conducted including
its  capital  needs  taking into account the  particular  capital
requirements  of  the  business conducted  by  the  Company,  and
projected capital requirements and capital availability  thereof,
and (iii) the current cash flow of the Company, together with the
proceeds the Company would receive, were it to liquidate  all  of
its assets, after taking into account all anticipated uses of the
cash, would be sufficient to pay all amounts on or in respect  of
its  debt when such amounts are required to be paid. The  Company
does  not  intend to incur debts beyond its ability to  pay  such
debts  as they mature (taking into account the timing and amounts
of cash to be payable on or in respect of its debt).

    SECTION  3.20.  Application  of  Takeover  Protections.   The
                    --------------------------------------
Company  has  taken all necessary action, if  any,  in  order  to
render  inapplicable  any  control  share  acquisition,  business
combination,  poison  pill (including any  distribution  under  a
rights agreement) or other similar anti-takeover provision  under
the  Company's  charter documents or the laws  of  its  state  of
incorporation  that  is  or  could  become  applicable   to   the
Stockholders  as  a result of the Stockholders  and  the  Company
fulfilling  their  obligations or exercising their  rights  under
this  Agreement, including, without limitation, the  issuance  of
the Shares and the Stockholders' ownership of the Shares.

    SECTION 3.21. No Additional Agreements. The Company does  not
                  ------------------------
have  any  agreement or understanding with any Stockholders  with
respect to the transactions contemplated by this Agreement  other
than as specified in this Agreement.

    SECTION 3.22. Investment Company. The Company is not, and  is
                  ------------------
not  an affiliate of, and immediately following the Closing  will

<PAGE>

not  have  become, an "investment company" within the meaning  of
the Investment Company Act of 1940, as amended.

    SECTION  3.23. Disclosure. The Company confirms that  neither
                   ----------
it  nor  any  person  acting  on  its  behalf  has  provided  any
Stockholder  or  its  respective  agents  or  counsel  with   any
information that the Company believes constitutes material,  non-
public  information except insofar as the existence and terms  of
the   proposed   transactions  hereunder  may   constitute   such
information and except for information that will be disclosed  by
the  Parent under a current report on Form 8-K filed within  four
business  days  after  the Closing. The Company  understands  and
confirms  that  the  Stockholders  will  rely  on  the  foregoing
representations  and  covenants  in  effecting  transactions   in
securities  of  the  Company.  All  disclosure  provided  to  the
Stockholders  regarding  the  Company,  its  business   and   the
transactions  contemplated hereby, furnished by or on  behalf  of
the   Company   (including  the  Company's  representations   and
warranties set forth in this Agreement) are true and correct  and
do not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements
made therein, in light of the circumstances under which they were
made, not misleading.

    SECTION  3.24. Information Supplied. None of the  information
                   --------------------
supplied  or  to  be  supplied by the Company  for  inclusion  or
incorporation by reference in the notice that is required  to  be
sent  to  the stockholders of the Parent pursuant to  Rule  14f-1
(the  "14f-1  Notice") promulgated under the Securities  Exchange
Act  of  1934 (the "Exchange Act") will, at the date it is  first
mailed to the Parent's stockholders, contain any untrue statement
of a material fact or omit to state any material fact required to
be  stated  therein or necessary in order to make the  statements
therein, in light of the circumstances under which they are made,
not misleading.

    SECTION  3.25.  Absence of Certain Changes or Events.  Except
                    ------------------------------------
as  disclosed in the Company Financial Statements, from  December
31, 2006 to the date of this Agreement, the Company has conducted
its  business only in the ordinary course, and during such period
there has not been:

         (a)  any  change  in the assets, liabilities,  financial
     condition  or  operating  results  of  the  Company,  except
     changes  in  the ordinary course of business that  have  not
     caused,   in  the  aggregate,  a  Company  Material  Adverse
     Effect;

         (b)  any  damage, destruction or loss,  whether  or  not
     covered  by  insurance, that would have a  Company  Material
     Adverse Effect;

         (c)  any  waiver  or  compromise by  the  Company  of  a
     valuable right or of a material debt owed to it;

         (d)  any  satisfaction or discharge of any lien,  claim,
     or  encumbrance or payment of any obligation by the Company,
     except   in  the  ordinary  course  of  business   and   the
     satisfaction or discharge of which would not have a  Company
     Material Adverse Effect;

         (e)  any material change to a material Contract by which
     the Company or any of its assets is bound or subject;

<PAGE>

         (f)   any  mortgage,  pledge,  transfer  of  a  security
     interest  in, or lien, created by the Company, with  respect
     to  any  of its material properties or assets, except  liens
     for  taxes  not yet due or payable and liens that  arise  in
     the  ordinary  course  of business  and  do  not  materially
     impair  the  Company's ownership or use of such property  or
     assets;

         (g)  any loans or guarantees made by the Company  to  or
     for the benefit of its employees, officers or directors,  or
     any  members of their immediate families, other than  travel
     advances  and other advances made in the ordinary course  of
     its business;

         (h)   any   alteration  of  the  Company's   method   of
     accounting or the identity of its auditors;

         (i)   any   declaration  or  payment  of   dividend   or
     distribution  of  cash or other property to Stockholders  or
     any  purchase,  redemption  or  agreements  to  purchase  or
     redeem any shares of Company Stock;

         (j)  any  issuance of equity securities to any  officer,
     director  or affiliate, except pursuant to existing  Company
     stock option plans; or

         (k)  any arrangement or commitment by the Company to  do
     any of the things described in this Section 3.25.
                                         ------------

    SECTION    3.26.   No   Undisclosed   Events,    Liabilities,
                       ------------------------------------------
Developments  or Circumstances. No event, liability,  development
------------------------------
or  circumstance  has occurred or exists, or is  contemplated  to
occur  with  respect  to  the Company, its business,  properties,
prospects,  operations  or  financial condition,  that  would  be
required   to  be  disclosed  by  the  Company  under  applicable
securities  laws on a registration statement on  Form  S-1  filed
with  the SEC relating to an issuance and sale by the Company  of
its Common Stock and which has not been publicly announced.

    SECTION   3.27.  Foreign  Corrupt  Practices.   Neither   the
                     ---------------------------
Company,  nor, to the Company's knowledge, any director, officer,
agent,  employee or other person acting on behalf of the  Company
or any of its subsidiaries has, in the course of its actions for,
or on behalf of, the Company (i) used any corporate funds for any
unlawful  contribution,  gift, entertainment  or  other  unlawful
expenses relating to political activity; (ii) made any direct  or
indirect  unlawful payment to any foreign or domestic  government
official or employee from corporate funds; (iii) violated  or  is
in  violation  of  any  provision of  the  U.S.  Foreign  Corrupt
Practices  Act  of  1977, as amended; or (iv) made  any  unlawful
bribe,  rebate,  payoff,  influence payment,  kickback  or  other
unlawful  payment to any foreign or domestic government  official
or employee.

                           ARTICLE IV

          Representations and Warranties of the Parent
          --------------------------------------------

        The  Parent  represents  and  warrants  to  each  of  the
Stockholders  and the Company that, except as set  forth  in  the

<PAGE>

reports,  schedules, forms, statements and other documents  filed
by  Parent with the SEC and publicly available prior to the  date
of the Agreement (the "Filed Parent SEC Documents"):1
                       --------------------------

    SECTION  4.01.  Organization, Standing and Power.  Parent  is
                    --------------------------------
duly  incorporated, validly existing and in good  standing  under
the  laws of the Cayman Islands and has full corporate power  and
authority  and  possesses all governmental franchises,  licenses,
permits, authorizations and approvals necessary to enable  it  to
own,  lease  or otherwise hold its properties and assets  and  to
conduct  its businesses as presently conducted, other  than  such
franchises,  licenses, permits, authorizations and approvals  the
lack of which, individually or in the aggregate, has not had  and
would  not  reasonably  be expected to have  a  material  adverse
effect  on  Parent, a material adverse effect on the  ability  of
Parent to perform its obligations under this Agreement or on  the
ability  of Parent to consummate the Transactions (a  "Parent
                                                       ------
Material  Adverse  Effect").  Parent  is  duly  qualified  to  do
-------------------------
business in each jurisdiction where the nature of its business or
their   ownership  or  leasing  of  its  properties   make   such
qualification necessary and where the failure to so qualify would
reasonably be expected to have a Parent Material Adverse  Effect.
Parent  has delivered to the Company true and complete copies  of
the  Memorandum and Articles of Association of Parent, as amended
to  the  date  of  this  Agreement (as so  amended,  the  "Parent
                                                           ------
Charter").
-------

    SECTION  4.02.  Subsidiaries; Equity Interests.  Parent  does
                    ------------------------------
not  own,  directly or indirectly, any capital stock,  membership
interest, partnership interest, joint venture interest  or  other
equity interest in any person.

    SECTION   4.03.  Capital  Structure.  The  authorized   share
                     ------------------
capital  of  Parent  consists  of  100,000,000  Ordinary  Shares,
$0.00320375  par  value  per  share,  and  25,000,000  Preference
Shares,  $0.00320375  par  value.  As  of  the  date  hereof  (i)
9,742,000  shares  of  Parent  Ordinary  Shares  are  issued  and
outstanding, (ii) no shares of Preference Shares are  outstanding
and  (iii)  no  shares  of Parent Ordinary Shares  or  Preference
Shares  are held by Parent in its treasury. Except as  set  forth
above,  no  ordinary shares or other voting securities of  Parent
were   issued,   reserved  for  issuance  or   outstanding.   All
outstanding  ordinary shares of Parent are, and all  such  shares
that  may be issued prior to the date hereof will be when issued,
duly authorized, validly issued, fully paid and nonassessable and
not  subject  to  or issued in violation of any purchase  option,
call   option,   right  of  first  refusal,   preemptive   right,
subscription  right or any similar right under any  provision  of
the  Laws  of  the  Cayman Islands, the  Parent  Charter  or  any
Contract to which Parent is a party or otherwise bound. There are
not  any bonds, debentures, notes or other indebtedness of Parent
having  the  right to vote (or convertible into, or  exchangeable
for, securities having the right to vote) on any matters on which
holders  of  Parent  Ordinary Shares  may  vote  ("Voting  Parent
                                                   --------------
Debt").  Except  as  set forth above, as  of  the  date  of  this
----
Agreement,   there   are  not  any  options,  warrants,   rights,
convertible  or exchangeable securities, "phantom" share  rights,
share   appreciation   rights,  stock-based  performance   units,
commitments, Contracts, arrangements or undertakings of any  kind
to which Parent is a party or by which it is bound (i) obligating
Parent  to  issue,  deliver  or sell,  or  cause  to  be  issued,
delivered  or  sold, additional ordinary shares or  other  equity
interests in, or any security convertible or exercisable  for  or
exchangeable  into  any shares of or other  equity  interest  in,
Parent  or  any  Voting  Parent Debt, (ii) obligating  Parent  to
issue,  grant,  extend  or enter into any such  option,  warrant,
call,  right,  security,  commitment,  Contract,  arrangement  or
undertaking  or (iii) that give any person the right  to  receive

<PAGE>

any  economic  benefit or right similar to or  derived  from  the
economic  benefits and rights occurring to holders of  the  share
capital  of  the Parent. As of the date of this Agreement,  there
are  not  any  outstanding contractual obligations of  Parent  to
repurchase,  redeem or otherwise acquire any ordinary  shares  of
the Parent. Except as set forth in Schedule 4.03,   the Parent is
                                   -------------
not  a party to any agreement granting any securityholder of  the
Parent  the right to cause the Parent to register ordinary shares
or  other  securities  of the Parent held by such  securityholder
under the Securities Act.

    SECTION    4.04.    Authority;   Execution   and    Delivery;
                        -----------------------------------------
Enforceability. The execution and delivery by the Parent of  this
--------------
Agreement  and the consummation by the Parent of the Transactions
have  been duly authorized and approved by the Board of Directors
of  the Parent and no other corporate proceedings on the part  of
the  Parent  are  necessary to authorize this Agreement  and  the
Transactions.  This  Agreement constitutes  a  legal,  valid  and
binding obligation of the Parent, enforceable against the  Parent
in accordance with the terms hereof.

    SECTION 4.05. No Conflicts; Consents.
                  ----------------------

         (a)   The  execution  and delivery  by  Parent  of  this
Agreement,  does  not, and the consummation of  Transactions  and
compliance  with the terms hereof and thereof will not,  conflict
with,  or result in any violation of or default (with or  without
notice or lapse of time, or both) under, or give rise to a  right
of termination, cancellation or acceleration of any obligation or
to loss of a material benefit under, or to increased, additional,
accelerated  or guaranteed rights or entitlements of  any  person
under,  or  result in the creation of any Lien upon  any  of  the
properties or assets of Parent under, any provision of (i) Parent
Charter, (ii) any material Contract to which Parent is a party or
by  which  any  of  its properties or assets is  bound  or  (iii)
subject  to the filings and other matters referred to in  Section
                                                          -------
4.05(b),  any  material Judgment or material  Law  applicable  to
-------
Parent  or its properties or assets, other than, in the  case  of
clauses  (ii)  and (iii) above, any such items that, individually
or  in  the  aggregate, have not had and would not reasonably  be
expected to have a Parent Material Adverse Effect.

         (b)  No  Consent  of,  or registration,  declaration  or
filing  with, or permit from, any Governmental Entity is required
to be obtained or made by or with respect to Parent in connection
with the execution, delivery and performance of this Agreement or
the  consummation of the Transactions, other than the (A)  filing
with  the  SEC of a 14f-1 Notice and (B) filing with the  SEC  of
reports  under Sections 13 and 16 of the Exchange  Act,  and  (C)
filings  under  state  "blue sky" laws, as  may  be  required  in
connection with this Agreement and the Transactions.

    SECTION 4.06. SEC Documents; Undisclosed Liabilities.
                  --------------------------------------

         (a)  Parent  has  filed all reports,  schedules,  forms,
statements  and  other documents required to be filed  by  Parent
with the SEC since December 31, 2006, pursuant to Sections 13(a),
14   (a)  and  15(d)  of  the  Exchange  Act  (the  "Parent   SEC
                                                     ------------
Documents").
---------

         (b)  As  of its respective filing date, each Parent  SEC
Document  complied in all material respects with the requirements
of  the  Exchange Act and the rules and regulations  of  the  SEC
promulgated  thereunder applicable to such Parent  SEC  Document,
and  did  not contain any untrue statement of a material fact  or

<PAGE>

omit  to  state a material fact required to be stated therein  or
necessary  in order to make the statements therein, in  light  of
the  circumstances  under which they were made,  not  misleading.
Except to the extent that information contained in any Parent SEC
Document  has been revised or superseded by a later filed  Parent
SEC  Document,  none  of  the Parent SEC Documents  contains  any
untrue  statement  of  a  material fact or  omits  to  state  any
material fact required to be stated therein or necessary in order
to  make  the  statements therein, in light of the  circumstances
under  which  they  were  made,  not  misleading.  The  financial
statements of Parent included in the Parent SEC Documents  comply
as  to  form  in all material respects with applicable accounting
requirements and the published rules and regulations of  the  SEC
with  respect thereto, have been prepared in accordance with  the
U.S.  generally accepted accounting principals ("GAAP")  (except,
                                                 ----
in  the  case of unaudited statements, as permitted by the  rules
and  regulations of the SEC) applied on a consistent basis during
the  periods  involved (except as may be indicated in  the  notes
thereto)  and fairly present the consolidated financial  position
of  Parent  and  its consolidated subsidiaries as  of  the  dates
thereof and the consolidated results of their operations and cash
flows  for  the periods shown (subject, in the case of  unaudited
statements, to normal year-end audit adjustments).

         (c)  Except  as  set  forth  in  the  Filed  Parent  SEC
Documents, Parent has no liabilities or obligations of any nature
(whether accrued, absolute, contingent or otherwise) required  by
GAAP to be set forth on a balance sheet of Parent or in the notes
thereto.

         (d)  Since  the  date  of the latest  audited  financial
statements   included   within  the  SEC   Reports,   except   as
specifically  disclosed in the Filed Parent  SEC  Documents,  the
Parent has not changed its auditors and the Parent does not  have
pending before the SEC any request for confidential treatment  of
information.

    SECTION  4.07. Information Supplied. None of the  information
                   --------------------
supplied   or   to  be  supplied  by  Parent  for  inclusion   or
incorporation by reference in the 14f-1 Notice will, at the  date
it  is  first  mailed to the Parent's shareholders,  contain  any
untrue statement of a material fact or omit to state any material
fact  required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which
they are made, not misleading.

    SECTION  4.08.  Absence of Certain Changes or Events.  Except
                    ------------------------------------
as  disclosed in the Filed Parent SEC Documents, from the date of
the  most  recent  audited financial statements included  in  the
Filed  Parent SEC Documents to the date of this Agreement, Parent
has  conducted  its  business only in the  ordinary  course,  and
during such period there has not been:

         (a)  any  change  in the assets, liabilities,  financial
condition  or operating results of the Parent from that reflected
in  the  Parent  SEC Documents, except changes  in  the  ordinary
course  of  business that have not caused, in  the  aggregate,  a
Parent Material Adverse Effect;

         (b)  any  damage, destruction or loss,  whether  or  not
covered  by insurance, that would have a Parent Material  Adverse
Effect;

         (c)  any  waiver  or  compromise  by  the  Parent  of  a
valuable right or of a material debt owed to it;

<PAGE>

         (d)  any  satisfaction or discharge of any lien,  claim,
or encumbrance or payment of any obligation by the Parent, except
in  the  ordinary  course  of business and  the  satisfaction  or
discharge  of  which  would not have a  Parent  Material  Adverse
Effect;

         (e)  any material change to a material Contract by which
the Parent or any of its assets is bound or subject;

         (f)  any material change in any compensation arrangement
or agreement with any employee, officer, director or shareholder;

         (g)  any resignation or termination of employment of any
officer of the Parent;

         (h)   any  mortgage,  pledge,  transfer  of  a  security
interest in, or lien, created by the Parent, with respect to  any
of  its material properties or assets, except liens for taxes not
yet due or payable and liens that arise in the ordinary course of
business  and do not materially impair the Parent's ownership  or
use of such property or assets;

         (i)  any  loans or guarantees made by the Parent  to  or
for  the benefit of its employees, officers or directors, or  any
members  of their immediate families, other than travel  advances
and other advances made in the ordinary course of its business;

         (j)  any declaration, setting aside or payment or  other
distribution in respect of any of the Parent's share capital,  or
any direct or indirect redemption, purchase, or other acquisition
of any of such share capital by the Parent;

         (k)  any alteration of the Parent's method of accounting
or the identity of its auditors;

         (l)  any  issuance of equity securities to any  officer,
director  or affiliate, except pursuant to existing Parent  stock
option plans; or

         (m)  any arrangement or commitment by the Parent  to  do
any of the things described in this Section 4.08.

         SECTION 4.09. Taxes.
                       -----

         (a)  Parent has timely filed, or has caused to be timely
filed on its behalf, all Tax Returns required to be filed by  it,
and  all such Tax Returns are true, complete and accurate, except
to  the  extent  any failure to file or any inaccuracies  in  any
filed Tax Returns, individually or in the aggregate, have not had
and  would  not reasonably be expected to have a Parent  Material
Adverse Effect. All Taxes shown to be due on such Tax Returns, or
otherwise  owed, has been timely paid, except to the extent  that
any failure to pay, individually or in the aggregate, has not had
and  would  not reasonably be expected to have a Parent  Material
Adverse Effect.

         (b)  The  most recent financial statements contained  in
the  Filed  Parent SEC Documents reflect an adequate reserve  for

<PAGE>

all  Taxes  payable  by Parent (in addition to  any  reserve  for
deferred Taxes to reflect timing differences between book and Tax
items)  for all Taxable periods and portions thereof through  the
date of such financial statements. No deficiency with respect  to
any Taxes has been proposed, asserted or assessed against Parent,
and  no requests for waivers of the time to assess any such Taxes
are  pending, except to the extent any such deficiency or request
for  waiver,  individually or in the aggregate, has not  had  and
would  not  reasonably  be expected to  have  a  Parent  Material
Adverse Effect.

         (c)  There  are  no  Liens for  Taxes  (other  than  for
current  Taxes not yet due and payable) on the assets of  Parent.
Parent is not bound by any agreement with respect to Taxes.

    SECTION  4.10. Absence of Changes in Benefit Plans. From  the
                   -----------------------------------
date of the most recent audited financial statements included  in
the  Filed  Parent SEC Documents to the date of  this  Agreement,
there  has  not  been any adoption or amendment in  any  material
respect by Parent of any collective bargaining agreement  or  any
bonus,  pension, profit sharing, deferred compensation, incentive
compensation,  share  ownership, share  purchase,  stock  option,
phantom  shares,  retirement,  vacation,  severance,  disability,
death   benefit,   hospitalization,  medical   or   other   plan,
arrangement  or  understanding (whether or not  legally  binding)
providing benefits to any current or former employee, officer  or
director of Parent (collectively, "Parent Benefit Plans"). As  of
                                   --------------------
the  date  of  this  Agreement  there  are  not  any  employment,
consulting, indemnification, severance or termination  agreements
or  arrangements  between the Parent and any  current  or  former
employee, officer or director of the Parent, nor does the  Parent
have any general severance plan or policy.

    SECTION  4.11.  ERISA Compliance; Excess Parachute  Payments.
                    --------------------------------------------
The   Parent  does  not,  and  since  its  inception  never  has,
maintained,  or  contributed  to any  "employee  pension  benefit
plans"  (as defined in Section 3(2) of ERISA), "employee  welfare
benefit plans" (as defined in Section 3(1) of ERISA) or any other
Parent  Benefit  Plan for the benefit of any  current  or  former
employees, consultants, officers or directors of Parent.

    SECTION  4.12. Litigation. Except as disclosed in  the  Filed
                   ----------
Parent SEC Documents or in the Parent Disclosure Letter, there is
no Action which (i) adversely affects or challenges the legality,
validity or enforceability of any of this Agreement or the Shares
or   (ii)   could,   if  there  were  an  unfavorable   decision,
individually or in the aggregate, have or reasonably be  expected
to  result  in  a Parent Material Adverse Effect. There  has  not
been,  and  to the knowledge of the Parent, there is not  pending
any  investigation by the SEC involving the Parent or any current
or  former  director  or officer of the Parent  (in  his  or  her
capacity as such). The SEC has not issued any stop order or other
order  suspending the effectiveness of any registration statement
filed by the Parent under the Exchange Act or the Securities Act.
Neither  the  Parent  nor any subsidiary,  nor  any  director  or
officer thereof (in his or her capacity as such), is or has  been
the  subject of any Action involving a claim or violation  of  or
liability  under federal or state securities laws or a  claim  of
breach of fiduciary duty.

    SECTION  4.13.  Compliance with Applicable  Laws.  Except  as
                    --------------------------------
disclosed  in  the Filed Parent SEC Documents or  in  the  Parent
Disclosure  Letter, Parent is in compliance with  all  applicable
Laws,  including those relating to occupational health and safety
and  the environment, except for instances of noncompliance that,

<PAGE>

individually  and in the aggregate, have not had  and  would  not
reasonably be expected to have a Parent Material Adverse  Effect.
Except  as set forth in the Filed Parent SEC Documents or in  the
Parent  Disclosure  Letter, Parent has not received  any  written
communication  during  the  past two years  from  a  Governmental
Entity  that  alleges  that Parent is not in  compliance  in  any
material  respect  with  any applicable Law.  The  Parent  is  in
compliance  with all effective requirements of the Sarbanes-Oxley
Act   of   2002,  as  amended,  and  the  rules  and  regulations
thereunder,  that  are  applicable  to  it,  except  where   such
noncompliance could not have or reasonably be expected to  result
in  a Parent Material Adverse Effect. This Section 4.13 does  not
                                           ------------
relate to matters with respect to Taxes, which are the subject of
Section 4.09.
------------

    SECTION  4.14. Contracts. Except as disclosed in  the  Parent
                   ---------
Filed SEC Documents, there are no Contracts that are material  to
the   business,  properties,  assets,  condition  (financial   or
otherwise),  results  of operations or prospects  of  the  Parent
taken  as  a  whole. Parent is not in violation of or in  default
under  (nor does there exist any condition which upon the passage
of  time or the giving of notice would cause such a violation  of
or default under) any Contract to which it is a party or by which
it  or  any  of  its  properties or assets is bound,  except  for
violations  or defaults that would not, individually  or  in  the
aggregate, reasonably be expected to result in a Parent  Material
Adverse Effect.

    SECTION  4.15.  Title  to Properties.  Parent  owns  no  real
                    --------------------
property.  Parent has good, valid leasehold interests in, all  of
its  properties and assets used in the conduct of its businesses.
All  such assets and properties, are free and clear of all  Liens
other  than  Liens that, in the aggregate, do not  and  will  not
materially  interfere with the ability of the Parent  to  conduct
business  as  currently conducted. Parent  has  complied  in  all
material respects with the terms of all material leases to  which
it  is  a party and under which it is in occupancy, and all  such
leases  are in full force and effect. Parent enjoys peaceful  and
undisturbed possession under all such material leases.

    SECTION   4.17.  Labor  Matters.  There  are  no   collective
                     --------------
bargaining or other labor union agreements to which the Parent is
a party or by which it is bound. No material labor dispute exists
or,  to the knowledge of the Parent, is imminent with respect  to
any of the employees of the Parent.

    SECTION  4.19.  Transactions With Affiliates  and  Employees.
                    --------------------------------------------
Except  as set forth in the Filed Parent SEC Documents,  none  of
the officers or directors of the Parent and, to the knowledge  of
the  Parent,  none of the employees of the Parent is presently  a
party to any transaction with the Parent (other than for services
as  employees,  officers and directors), including any  contract,
agreement  or  other arrangement providing for the furnishing  of
services  to  or  by, providing for rental of  real  or  personal
property to or from, or otherwise requiring payments to  or  from
any  officer,  director or such employee or, to the knowledge  of
the  Parent,  any entity in which any officer, director,  or  any
such  employee  has  a substantial interest  or  is  an  officer,
director, trustee or partner.

    SECTION  4.20.  Internal  Accounting  Controls.  The   Parent
                    ------------------------------
maintains a system of internal accounting controls sufficient  to
provide  reasonable assurance that (i) transactions are  executed

<PAGE>

in    accordance   with   management's   general   or    specific
authorizations,  (ii) transactions are recorded as  necessary  to
permit  preparation  of financial statements in  conformity  with
generally  accepted accounting principles and to  maintain  asset
accountability,  (iii)  access to assets  is  permitted  only  in
accordance  with management's general or specific  authorization,
and  (iv) the recorded accountability for assets is compared with
the  existing  assets  at  reasonable intervals  and  appropriate
action  is taken with respect to any differences. The Parent  has
established disclosure controls and procedures for the Parent and
designed  such disclosure controls and procedures to ensure  that
material information relating to the Parent is made known to  the
officers  by others within those entities. The Parent's  officers
have  evaluated  the effectiveness of the Parent's  controls  and
procedures.  Since  December  31,  2006,  there  have   been   no
significant changes in the Parent's internal controls or, to  the
Parent's  knowledge,  in other factors that  could  significantly
affect the Parent's internal controls.

    SECTION  4.23. No Additional Agreements. The Parent does  not
                   ------------------------
have  any  agreement or understanding with the shareholders  with
respect to the transactions contemplated by this Agreement  other
than as specified in this Agreement.

    SECTION 4.24. Investment Company. The Parent is not,  and  is
                  ------------------
not  an affiliate of, and immediately following the Closing  will
not  have  become, an "investment company" within the meaning  of
the Investment Company Act of 1940, as amended.

    SECTION  4.25. Disclosure. The Parent confirms  that  neither
                   ----------
it  nor  any  person  acting  on  its  behalf  has  provided  any
Stockholder  or  its  respective  agents  or  counsel  with   any
information  that the Parent believes constitutes material,  non-
public  information except insofar as the existence and terms  of
the   proposed   transactions  hereunder  may   constitute   such
information and except for information that will be disclosed  by
the  Parent  under a current report on Form 8-K filed within  one
business  days  after  the Closing. The  Parent  understands  and
confirms  that  the  Stockholders  will  rely  on  the  foregoing
representations  and  covenants  in  effecting  transactions   in
securities  of  the  Parent.  All  disclosure  provided  to   the
Stockholders   regarding  the  Parent,  its  business   and   the
transactions  contemplated hereby, furnished by or on  behalf  of
the Parent (including the Parent's representations and warranties
set  forth  in this Agreement) are true and correct  and  do  not
contain any untrue statement of a material fact or omit to  state
any  material fact necessary in order to make the statements made
therein,  in  light of the circumstances under  which  they  were
made, not misleading.

    SECTION   4.26.  Certain  Registration  Matters.  Except   as
                     ------------------------------
specified in the Filed Parent SEC Documents, the Parent  has  not
granted  or  agreed to grant to any person any rights  (including
"piggy-back" registration rights) to have any securities  of  the
Parent   registered  with  the  SEC  or  any  other  governmental
authority that have not been satisfied.

    SECTION    4.28.   No   Undisclosed   Events,    Liabilities,
                       -----------------------------------------
Developments  or Circumstances. No event, liability,  development
------------------------------
or  circumstance  has occurred or exists, or is  contemplated  to
occur  with  respect  to  the Parent, its subsidiaries  or  their
respective   business,  properties,  prospects,   operations   or
financial  condition, that would be required to be  disclosed  by
the  Parent  under applicable securities laws on  a  registration
statement on Form S-1 filed with the SEC relating to an  issuance
and sale by the Parent of its Common Stock and which has not been
publicly announced.

<PAGE>

    SECTION  4.29. Foreign Corrupt Practices. Neither the Parent,
                   -------------------------
nor  any of its subsidiaries, nor, to the Parent's knowledge, any
director,  officer,  agent, employee or other  person  acting  on
behalf  of  the  Parent or any of its subsidiaries  has,  in  the
course  of its actions for, or on behalf of, the Parent (i)  used
any   corporate  funds  for  any  unlawful  contribution,   gift,
entertainment  or other unlawful expenses relating  to  political
activity;  (ii) made any direct or indirect unlawful  payment  to
any  foreign  or  domestic government official or  employee  from
corporate  funds;  (iii)  violated or  is  in  violation  of  any
provision of the U.S. Foreign Corrupt Practices Act of  1977,  as
amended;  or  (iv)  made  any  unlawful  bribe,  rebate,  payoff,
influence  payment,  kickback or other unlawful  payment  to  any
foreign or domestic government official or employee.

                            ARTICLE V

                           Deliveries
                           ----------

    SECTION 5.01. Deliveries of the Stockholders.
                  ------------------------------

         (a)    Concurrently   herewith   each   Stockholder   is
delivering  to  the  Parent  this  Agreement  executed   by   the
Stockholder.

         (b)   At  or  prior  to  the Closing,  each  Stockholder
     shall deliver to the Parent:

            (i)   certificates  representing its  Company  Stock;
        and

            (ii)    duly  executed stock powers for  transfer  by
the Shareholder of its share capital to the Parent.

    SECTION 5.02. Deliveries of the Parent.
                  ------------------------
         (a) Concurrently herewith, the Parent is delivering:

            (i)  to  each Shareholder and to the Company, a  copy
of this Agreement executed by Parent;

            (ii)  to  the Company, a certificate from the Parent,
signed  by  its Secretary or Assistant Secretary certifying  that
the attached copies of the Parent Charter, and resolutions of the
Board of Directors of the Parent approving the Agreement and  the
Transactions,  are all true, complete and correct and  remain  in
full force and effect;

         (b)  At  or  prior  to  the Closing,  the  Parent  shall
     deliver:

            (i)  to  the  Company,  a letter  of  resignation  of
Joseph  Rozelle  from  all  offices  he  holds  with  the  Parent
effective upon the Closing and from his position as a director of
the Parent that will become effective upon the 10th day following
the mailing by the Parent to its shareholders the 14f-1 Notice;

<PAGE>

            (ii)  to  the  Company, evidence of the  election  of
Frank  DeLape,  as a director and as Executive  Chairman  of  the
Parent effective upon the Closing; and

            (iii)  to  the  Company,  such  pay-off  letters  and
releases relating to liabilities as the Company shall request and
such  pay-off letters and releases shall be in form and substance
satisfactory to the Company.

            (c)  At  or  within  5  business days  following  the
Closing, the Parent shall deliver:

            (i)  to  each  Stockholder, certificates representing
the   new  shares  of  Parent  Ordinary  Shares  issued  to  such
Stockholder as set forth on Exhibit A.
                            ---------

    SECTION 5.03. Deliveries of the Company.
                  -------------------------

              (a)   Concurrently   herewith,   the   Company   is
delivering to the Parent:

              (i) this Agreement executed by Company; and

              (ii) a certificate from the Company, signed by  its
authorized  officer certifying that the attached  copies  of  the
Company  Constituent Instruments and resolutions of the Board  of
Directors  of  the  Company  approving  the  Agreement  and   the
Transactions  are all true, complete and correct  and  remain  in
full force and effect.

              (b)  At or prior to the Closing, the Company  shall
deliver:

              (i) To the Parent, a form of Current Report on
Form 8-K, which is substantially in the form to be filed, which
includes the financial statements and pro forma financial
statements required by the Form 8-K for a reverse merger - shell
transaction, together with a signed audit report of the
independent accountants for the Company.

<PAGE>

                           ARTICLE VI

                      Conditions to Closing
                      ---------------------

    SECTION  6.01. Stockholder and Company Conditions  Precedent.
                   ---------------------------------------------
The obligations of the Stockholders and the Company to enter into
and  complete  the  Closing is subject,  at  the  option  of  the
Stockholders and the Company, to the fulfillment on or  prior  to
the Closing Date of the following conditions.

              (a)     Representations    and    Covenants.    The
                      -----------------------------------
representations  and warranties of the Parent contained  in  this
Agreement shall be true in all material respects on and as of the
Closing Date with the same force and effect as though made on and
as  of  the  Closing  Date. The Parent shall have  performed  and
complied  in  all  material  respects  with  all  covenants   and
agreements required by this Agreement to be performed or complied
with  by  the Parent on or prior to the Closing Date. The  Parent
shall  have  delivered to the Stockholders  and  the  Company,  a
certificate, dated the Closing Date, to the foregoing effect.

              (b)  Litigation.  No  action,  suit  or  proceeding
                   ----------
shall  have  been instituted before any court or governmental  or
regulatory  body or instituted or threatened by any  governmental
or  regulatory body to restrain, modify or prevent  the  carrying
out  of the Transactions or to seek damages or a discovery  order
in  connection with such Transactions, or which has or may  have,
in  the reasonable opinion of the Company or any Stockholders,  a
materially  adverse  effect on the assets, properties,  business,
operations or condition (financial or otherwise) of the Parent or
the Company.

              (c)  No  Material Adverse Change. There  shall  not
                   ---------------------------
have  been  any occurrence, event, incident, action,  failure  to
act,  or transaction since December 31, 2006 which has had or  is
reasonably likely to cause a Parent Material Adverse Effect.

              (d)    Post-Closing   Capitalization.    At,    and
                     -----------------------------
immediately  after,  the Closing, the authorized  capitalization,
and  the  number of issued and outstanding shares  of  the  share
capital of the Company and the Parent, on a fully-diluted  basis,
as  indicated on a schedule to be delivered by the Parties at  or
prior to the Closing, shall be acceptable to the Stockholders  in
their sole and absolute discretion.

              (e)  SEC  Reports. The Parent shall have filed  all
                   ------------
reports and other documents required to be filed by Parent  under
the U.S. federal securities laws through the Closing Date.

              (f)   Deliveries.  The  deliveries   specified   in
                    ----------
Section 5.02 shall have been made by the Parent.

              (i)  Satisfactory Completion of Due Diligence.  The
                   ----------------------------------------
Company  and  the Shareholders shall have completed their  legal,
accounting  and  business due diligence of  the  Parent  and  the
results  thereof  shall be satisfactory to the  Company  and  the
Shareholders in their sole and absolute discretion.

<PAGE>

              (j)   Delivery   of  Audit  Report  and   Financial
                    ---------------------------------------------
Statements.   The  Company  shall  have  completed  the   Company
----------
Financial Statements and shall have received an audit report from
an  independent  audit firm that is registered  with  the  Public
Company  Accounting Oversight Board relating to the fiscal  years
ended December 2006.

              (k)  Completion  of  Financing. The  Financing  (as
                   -------------------------
defined in Section 7.12 below) shall have been completed or shall
           ------------
be completed simultaneously with the Closing.

              (m)  Agreement  as to Exchange Ratio.  The  Company
                   -------------------------------
and  the Stockholders shall have agreed with the Parent regarding
the exchange ratio of shares of Parent Ordinary Shares for Shares
of  Company  Stock  and each of the Parties shall  have  mutually
agreed on the completion of Exhibit A hereto.

    SECTION  6.02.  Parent Conditions Precedent. The  obligations
                    ---------------------------
of  the Parent to enter into and complete the Closing is subject,
at  the  option of the Parent, to the fulfillment on or prior  to
the Closing Date of the following conditions, any one or more  of
which may be waived by the Parent in writing.

              (a)     Representations    and    Covenants.    The
                      -----------------------------------
representations  and  warranties  of  the  Stockholders  and  the
Company contained in this Agreement shall be true in all material
respects  on and as of the Closing Date with the same  force  and
effect  as  though  made  on  and as of  the  Closing  Date.  The
Stockholders and the Company shall have performed and complied in
all  material respects with all covenants and agreements required
by  this  Agreement  to  be performed or  complied  with  by  the
Stockholders and the Company on or prior to the Closing Date. The
Company  shall  have  delivered to the Parent,  if  requested,  a
certificate, dated the Closing Date, to the foregoing effect.

              (b)  Litigation.  No  action,  suit  or  proceeding
                   ----------
shall  have  been instituted before any court or governmental  or
regulatory  body or instituted or threatened by any  governmental
or  regulatory body to restrain, modify or prevent  the  carrying
out  of the Transactions or to seek damages or a discovery  order
in  connection with such Transactions, or which has or may  have,
in  the  reasonable  opinion of the Parent, a materially  adverse
effect  on  the  assets,  properties,  business,  operations   or
condition (financial or otherwise) of the Parent.

              (c)  No  Material Adverse Change. There  shall  not
                   ---------------------------
have  been  any occurrence, event, incident, action,  failure  to
act,  or transaction since December 31, 2006 which has had or  is
reasonably likely to cause a Company Material Adverse Effect.

              (d)   Deliveries.  The  deliveries   specified   in
                    ----------
Section  5.01  and  Section 5.03 shall  have  been  made  by  the
Stockholders and the Company, respectively.

              (e)  Audited  Financial  Statements  and  Form   10
                   ----------------------------------------------
Disclosure.  The Company shall have provided the Parent  and  the
----------
Stockholders with reasonable assurances that the Parent  will  be
able  to  comply with its obligation to file a current report  on
Form  8-K  within  one  (1) business days following  the  Closing
containing   the   requisite   audited   consolidated   financial

<PAGE>

statements  of  the  Company  and  the  requisite  Form   10-type
disclosure regarding the Company.

              (f)    Post-Closing   Capitalization.    At,    and
                     -----------------------------
immediately  after,  the Closing, the authorized  capitalization,
and  the  number of issued and outstanding shares of the  Company
and  the  Parent,  on a fully-diluted basis, as  indicated  on  a
schedule  to  be  delivered by the Parties at  or  prior  to  the
Closing,  shall  be  acceptable to the Parent  in  its  sole  and
absolute discretion.

              (g)  Satisfactory Completion of Due Diligence.  The
                   ----------------------------------------
Parent  shall  have completed its legal, accounting and  business
due diligence of the Company and the Stockholders and the results
thereof  shall  be satisfactory to the Parent  in  its  sole  and
absolute discretion.

              (h)   Delivery   of  Audit  Report  and   Financial
                    ---------------------------------------------
Statements.   The  Company  shall  have  completed  the   Company
----------
Financial Statements and shall have received an audit report from
an  independent  audit firm that is registered  with  the  Public
Company  Accounting Oversight Board relating to the fiscal  years
ended  December  31,  2006 and December 31, 2005.  The  form  and
substance  of  the Financial Statements shall be satisfactory  to
the Parent in its sole and absolute discretion.

                (i)  Completion of Financing. The  Financing  (as
                     -----------------------
defined in Section 7.12 below) shall have been completed or shall
be completed simultaneously with the Closing.

              (j)  Delivery of Panama Counsel Legal Opinion.  The
                   ----------------------------------------
Parent  shall  have received an opinion from the Company's  legal
counsel  in  the Republic of Panama that is satisfactory  to  the
Parent and the investors investing in the Financing.

              (k)  Agreement  as to Exchange Ratio.  The  Company
                   -------------------------------
and  the Stockholders shall have agreed with the Parent regarding
the exchange ratio of shares of Parent Ordinary Shares for Shares
of  Company  Stock  and each of the Parties shall  have  mutually
agreed on the completion of Exhibit A hereto.

              (l)  Registration  Rights  Agreement.  The  Company
                   -------------------------------
shall have entered into a registration rights agreement with such
parties as indicated by the Parent and the form and substance  of
such   registration   rights  agreement   shall   be   reasonably
satisfactory to the Parent.

                           ARTICLE VII

                            Covenants
                            ---------

    SECTION  7.07. Filing of 8-K and Press Release. Parent  shall
                   -------------------------------
file,  within  one business day of the Closing  Date,  a  current
report on Form 8-K and attach as exhibits all relevant agreements
with  the  SEC disclosing the terms of this Agreement  and  other
requisite disclosure regarding the Transactions and including the
requisite  audited  consolidated  financial  statements  of   the
Company  and  the  requisite  Form 10  disclosure  regarding  the
Company.  In  addition, the Parent shall issue  a  press  release
prior  to 9:30 a.m. (New York Time) on the business day following
the Closing Date, announcing the closing of the transaction.

<PAGE>

    SECTION 7.01.  Preparation of the 14f-1 Notice; Blue Sky Laws
                   ----------------------------------------------

         (a)  As  soon as possible following the Closing  and  in
any  event, within two business days thereafter, the Company  and
Parent  shall prepare and file with the SEC the 14f-1  Notice  in
connection  with the consummation of this Agreement.  The  Parent
shall  cause  the  14f-1  Notice to be  mailed  to  the  Parent's
shareholders as promptly as practicable thereafter.

         (b)  Parent shall take any action (other than qualifying
to  do  business in any jurisdiction in which it is  not  now  so
qualified)  required  to  be  taken under  any  applicable  state
securities  laws  in  connection  with  the  issuance  of  Parent
Ordinary Shares in connection with this Agreement.

    SECTION  7.02. Public Announcements. Parent and  the  Company
                   --------------------
will  consult  with each other before issuing, and  provide  each
other  the  opportunity  to review and comment  upon,  any  press
release  or other public statements with respect to the Agreement
and  the  Transactions and shall not issue any such press release
or  make  any  such public statement prior to such  consultation,
except as may be required by applicable Law, court process or  by
obligations  pursuant to any listing agreement with any  national
securities exchange.

    SECTION  7.03.  Fees  and Expenses.  All  fees  and  expenses
                    ------------------
incurred in connection with this Agreement shall be paid  by  the
Party  incurring  such  fees or expenses,  whether  or  not  this
Agreement is consummated.

    SECTION  7.04.  Continued  Efforts.  Each  Party  shall   use
                    ------------------
commercially reasonable efforts to (a) take all action reasonably
necessary to consummate the Transactions, and (b) take such steps
and  do  such  acts  as  may be necessary  to  keep  all  of  its
representations and warranties true and correct as of the Closing
Date  with the same effect as if the same had been made, and this
Agreement had been dated, as of the Closing Date.

    SECTION  7.05. Conduct of Business.  During the  period  from
                   -------------------
the  date hereof through the Closing Date, Parent and the Company
shall  carry  on their respective businesses in the ordinary  and
usual course consistent with past practice.

    SECTION  7.06. Exclusivity. The Parent shall not (i) solicit,
                   -----------
initiate,  or encourage the submission of any proposal  or  offer
from  any  person relating to the acquisition of  any  shares  or
other  voting  securities of the Parent, or  any  assets  of  the
Parent   (including  any  acquisition  structured  as  a  merger,
consolidation,  share  exchange or other  business  combination),
(ii)  participate  in any discussions or negotiations  regarding,
furnish  any  information with respect to, assist or  participate
in,  or  facilitate in any other manner any effort or attempt  by
any  person to do or seek any of the foregoing, or (iii) take any
other action that is inconsistent with the Transactions and  that
has  the effect of avoiding the Closing contemplated hereby.  The
Parent  shall notify the Company immediately if any person  makes
any  proposal, offer, inquiry, or contact with respect to any  of
the foregoing.

<PAGE>

    SECTION  7.08.  Furnishing of Information.  As  long  as  any
                    -------------------------
Stockholder owns the Shares, the Parent covenants to timely  file
(or  obtain  extensions in respect thereof and  file  within  the
applicable grace period) all reports required to be filed by  the
Parent  after  the date hereof pursuant to the Exchange  Act.  As
long  as  any  Stockholder owns Shares,  if  the  Parent  is  not
required  to file reports pursuant to such laws, it will  prepare
and  furnish  to the Stockholders and make publicly available  in
accordance  with Rule 144(c) promulgated by the SEC  pursuant  to
the  Securities  Act,  such information as is  required  for  the
Stockholder to sell the Shares under Rule 144. The Parent further
covenants that it will take such further action as any holder  of
Shares  may  reasonably request, all to the extent required  from
time  to  time  to enable such person to sell the Shares  without
registration  under the Securities Act within the  limitation  of
the exemptions provided by Rule 144.

    SECTION  7.09. Preparation of Disclosure Letters. The Parties
                   ---------------------------------
acknowledge and agree that (i) neither the Company nor the Parent
has  yet  delivered the Company Disclosure Letter or  the  Parent
Disclosure  Letter, respectively, and (ii) none of  the  Company,
the  Stockholders nor the Parent has completed its respective due
diligence  investigation of the Parent or  the  Company  and  the
Stockholders,  respectively, nor has any of  them  been  provided
with copies of, nor had an opportunity to review, the items to be
referred  to  on  the  Company Disclosure Letter  or  the  Parent
Disclosure Letter. The Company and the Stockholders shall deliver
to  the Parent the Company Disclosure Letter and the Parent shall
deliver to the Company and the Stockholders the Parent Disclosure
Letter,  including copies of all agreements, and other  documents
referred  to  thereon, in final form within at least 10  business
days  prior to the Closing. The Parent, on the one hand, and  the
Company  and the Stockholders, on the other hand, shall  have  10
business days following delivery of the Company Disclosure Letter
and   the  Parent  Disclosure  Letter,  along  with  all  related
agreements and other documents referred to thereon, respectively,
in which to terminate this Agreement if the Parent or the Company
and  the  Stockholders,  as  the  case  may  be,  object  to  any
information contained in such disclosure letters or the  contents
of  any  such agreement or other document and the Parties  cannot
agree on mutually satisfactory modifications thereto.

    SECTION    7.10.    Access.   Each   Party    shall    permit
                        ------
representatives of each other Party to have full  access  to  all
premises,  properties, personnel, books, records  (including  Tax
records),  contracts,  and documents of  or  pertaining  to  such
Party.

    SECTION  7.11.  Preservation of Business. From  the  date  of
                    ------------------------
this  Agreement until the Closing Date, each of the  Company  and
the Parent shall operate only in the ordinary and usual course of
business  consistent with past practice (provided, however,  that
Parent  shall not issue any securities without the prior  written
consent  of  the  Company), and shall use  reasonable  commercial
efforts   to   (a)   preserve  intact  its  respective   business
organization,  (b)  preserve  the  good  will  and   advantageous
relationships with customers, suppliers, independent contractors,
employees  and  other Persons material to the  operation  of  its
respective  business, and (c) not permit any action  or  omission
which  would  cause  any  of  its respective  representations  or
warranties  contained herein to become inaccurate or any  of  its
respective covenants to be breached in any material respect.

<PAGE>

    SECTION   7.12.  Financing.  Parent  shall  use  commercially
                     ---------
reasonable  efforts to raise at least $12 million  in  an  equity
financing  transaction  on terms that  are  satisfactory  to  the
Company and the Stockholders (the " Financing "), which Financing
shall be consummated simultaneously with the Closing.

    SECTION 7.13 Legal Opinion re: Transfers of Certain Parent
                 ---------------------------------------------
Shares. Any legal opinion required to be rendered in connection
------
with  any  transfer  of the Parent's shares held by La Pergola
Investments  Limited,  Fountainhead   Investments, Inc.,  Gaha
Ventures, LLC,  G4,  LLC, Stephen Siedow and Fountainhead Capital
Partners Limited (including but not limited to shares issuable on
the  conversion  of the Convertible Note) shall be rendered by
Robert  L.  B.  Diener or his duly-appointed designee.

                          ARTICLE VIII

                          Miscellaneous
                          -------------

    SECTION   8.01.  Notices.  All  notices,  requests,   claims,
                     -------
demands and other communications under this Agreement shall be in
writing and shall be deemed given upon receipt by the Parties  at
the following addresses (or at such other address for a Party  as
shall be specified by like notice):

     If to the Parent, to:

          Six Diamond Resorts International
          700 Gemini Suite 100
          Houston, TX 77027

     If to the Company, to:

     If to Stockholders at the addresses set forth in Exhibit A hereto.
                                                      ---------

     with a copy to:

    SECTION    8.02.    Amendments;   Waivers;   No    Additional
                        -----------------------------------------
Consideration. No provision of this Agreement may  be  waived  or
-------------
amended  except  in a written instrument signed by  the  Company,
Parent and the Stockholders holding a majority of the Shares.  No
waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a  continuing
waiver in the future or a waiver of any subsequent default  or  a
waiver  of any other provision, condition or requirement  hereof,
nor  shall any delay or omission of either Party to exercise  any
right  hereunder in any manner impair the exercise  of  any  such
right.  No  consideration  shall  be  offered  or  paid  to   any
Stockholder  to  amend or consent to a waiver or modification  of
any  provision  of  any  transaction  document  unless  the  same
consideration is also offered to all Stockholders who  then  hold
Shares.

<PAGE>

    SECTION 8.03. Termination.
                  -----------

         (a)  Termination of Agreement. The Parties may terminate
              ------------------------
this Agreement as provided below:

            (i)  The Company, the Stockholders and the Parent may
terminate  this Agreement by mutual written consent at  any  time
prior to the Closing;

            (ii)  The  Parent  may terminate  this  Agreement  by
giving written notice to the Company and the Stockholders at  any
time prior to the Closing (A) in the event the Company or any  of
the  Stockholders  have  breached  any  material  representation,
warranty, or covenant contained in this Agreement in any material
respect,   the  Parent  has  notified  the  Company  and/or   the
Stockholders of the breach, and the breach has continued  without
cure  for a period of twenty days after the notice of breach,  or
(B)  if the Closing shall not have occurred on or before    March
16,  2007  by  reason  of the failure of any condition  precedent
under  Section 6.02 hereof (unless the failure results  primarily
from the Parent itself breaching any representation, warranty, or
covenant contained in this Agreement); and

            (iii)  The  Company may terminate this  Agreement  by
giving  written  notice to the Parent at any time  prior  to  the
Closing  (A)  in the event the Parent has breached  any  material
representation, warranty, or covenant contained in this Agreement
in  any material respect, the Company has notified the Parent  of
the  breach,  and  the breach has continued without  cure  for  a
period  of twenty days after the notice of breach or (B)  if  the
Closing  shall not have occurred on or before March 16, 2007,  by
reason  of  the failure of any condition precedent under  Section
6.01  hereof  (unless  the  failure results  primarily  from  the
Company   or   the   Stockholders   themselves   breaching    any
representation,   warranty,  or  covenant   contained   in   this
Agreement).

            (b)  Effect  of Termination. If any Party  terminates
                 ----------------------
this Agreement pursuant to Section 8.03(a) above, all rights  and
obligations of the Parties hereunder shall terminate without  any
Liability of any Party to any other Party.

    SECTION  8.04. Replacement of Securities. If any  certificate
                   -------------------------
or instrument evidencing any Shares is mutilated, lost, stolen or
destroyed,  the  Parent  shall issue or cause  to  be  issued  in
exchange  and substitution for and upon cancellation thereof,  or
in  lieu  of  and  substitution therefor, a  new  certificate  or
instrument,   but  only  upon  receipt  of  evidence   reasonably
satisfactory to the Parent of such loss, theft or destruction and
customary  and reasonable indemnity, if requested. The applicants
for  a  new  certificate or instrument under  such  circumstances
shall  also pay any reasonable third-party costs associated  with
the  issuance  of  such  replacement  Shares.  If  a  replacement
certificate or instrument evidencing any Shares is requested  due
to  a mutilation thereof, the Parent may require delivery of such
mutilated  certificate or instrument as a condition precedent  to
any issuance of a replacement.

    SECTION  8.05.  Remedies. In addition to  being  entitled  to
                    --------
exercise  all rights provided herein or granted by law, including
recovery  of  damages, each of the Stockholders, Parent  and  the

<PAGE>

Company  will  be  entitled to specific  performance  under  this
Agreement.  The Parties agree that monetary damages  may  not  be
adequate  compensation for any loss incurred  by  reason  of  any
breach  of  obligations described in the foregoing  sentence  and
hereby agrees to waive in any action for specific performance  of
any  such  obligation the defense that a remedy at law  would  be
adequate.

    SECTION    8.06.    Independent   Nature   of   Stockholders'
                        -----------------------------------------
Obligations and Rights. The obligations of each Stockholder under
----------------------
this Agreement are several and not joint with the obligations  of
any other Stockholder, and no Stockholder shall be responsible in
any  way  for  the performance of the obligations  of  any  other
Stockholder   under  this  Agreement.  The   decision   of   each
Stockholder to acquire Shares pursuant to this Agreement has been
made  by such Stockholder independently of any other Stockholder.
Nothing  contained herein, and no action taken by any Stockholder
pursuant  hereto, shall be deemed to constitute the  Stockholders
as  a  partnership, an association, a joint venture or any  other
kind of entity, or create a presumption that the Stockholders are
in  any way acting in concert or as a group with respect to  such
obligations   or  the  transactions  contemplated  herein.   Each
Stockholder acknowledges that no other Stockholder has  acted  as
agent  for  such  Stockholder  in  connection  with  making   its
investment  hereunder and that no Stockholder will be  acting  as
agent  of  such  Stockholder in connection  with  monitoring  its
investment  in  the  Shares or enforcing its  rights  under  this
Agreement.  Each  Stockholder shall be entitled to  independently
protect and enforce its rights, including without limitation  the
rights  arising  out  of this Agreement,  and  it  shall  not  be
necessary for any other Stockholder to be joined as an additional
party in any proceeding for such purpose. Each of the Company and
Parent  acknowledge  that  each  of  the  Stockholders  has  been
provided  with this same Agreement for the purpose of  closing  a
transaction  with multiple Stockholders and not  because  it  was
required or requested to do so by any Stockholder.

    SECTION   8.07.   Limitation  of  Liability.  Notwithstanding
                      -------------------------
anything  herein  to  the contrary, each of the  Parent  and  the
Company acknowledge and agree that the liability of a Stockholder
arising directly or indirectly, under any transaction document of
any and every nature whatsoever shall be satisfied solely out  of
the  assets  of  such Stockholder, and that no trustee,  officer,
other   investment  vehicle  or  any  other  affiliate  of   such
Stockholder or any investor, shareholder or holder of  shares  of
beneficial  interest  of  such Stockholder  shall  be  personally
liable for any liabilities of such Stockholder.

    SECTION  8.08. Interpretation. When a reference  is  made  in
                   --------------
this Agreement to a Section, such reference shall be to a Section
of  this Agreement unless otherwise indicated. Whenever the words
"include",  "includes" or "including" are used in this Agreement,
they  shall  be  deemed  to be followed  by  the  words  "without
limitation".

    SECTION  8.09.  Severability. If any term or other  provision
                    ------------
of  this  Agreement  is invalid, illegal or  incapable  of  being
enforced  by  any  rule  or  Law, or  public  policy,  all  other
conditions  and  provisions of this Agreement shall  nevertheless
remain in full force and effect so long as the economic or  legal
substance of the Transactions contemplated hereby is not affected
in  any  manner  materially  adverse  to  any  Party.  Upon  such
determination  that  any  term  or other  provision  is  invalid,
illegal  or  incapable  of  being  enforced,  the  Parties  shall
negotiate in good faith to modify this Agreement so as to  effect
the  original intent of the Parties as closely as possible in  an

<PAGE>

acceptable  manner  to  the  end that  Transactions  contemplated
hereby are fulfilled to the extent possible.

    SECTION   8.10.   Counterparts;  Facsimile  Execution.   This
                      -----------------------------------
Agreement  may  be executed in one or more counterparts,  all  of
which  shall be considered one and the same agreement  and  shall
become  effective when one or more counterparts have been  signed
by  each  of  the  Parties and delivered to  the  other  Parties.
Facsimile  execution  and delivery of this  Agreement  is  legal,
valid and binding for all purposes.

    SECTION  8.11.  Entire Agreement; Third Party  Beneficiaries.
                    --------------------------------------------
This Agreement, taken together with the Company Disclosure Letter
and  the  Parent  Disclosure Letter, (a)  constitute  the  entire
agreement, and supersede all prior agreements and understandings,
both  written  and oral, among the Parties with  respect  to  the
Transactions and (b) are not intended to confer upon  any  person
other than the Parties any rights or remedies.

    SECTION   8.12.  Governing  Law.  This  Agreement  shall   be
                     --------------
governed  by, and construed in accordance with, the laws  of  the
State  of  New York, regardless of the laws that might  otherwise
govern  under applicable principles of conflicts of laws thereof,
except   to  the  extent  the  laws  of  Nevada  are  mandatorily
applicable to the Transactions.

    SECTION 8.13. Assignment. Neither this Agreement nor  any  of
                  ----------
the  rights, interests or obligations under this Agreement  shall
be  assigned,  in  whole  or in part,  by  operation  of  law  or
otherwise by any of the Parties without the prior written consent
of  the  other  Parties.  Any purported assignment  without  such
consent  shall be void. Subject to the preceding sentences,  this
Agreement will be binding upon, inure to the benefit of,  and  be
enforceable  by, the Parties and their respective successors  and
assigns.

                    [Signature Page Follows]

The  Parties  hereto  have  executed  and  delivered  this  Share
Exchange Agreement as of the date first above written.

The Parent:

                                 SIX DIAMOND RESORTS INTERNATIONAL

                                 By:
                                    __________________________________
                                    Name: Thomas W. Colligan
                                    Title:
The Company:

                                 SIX DIAMOND RESORTS INTERNATIONAL, S.A.

                                 By:
                                    __________________________________
                                    Name: Peter Wang
                                    Title: Executive Chairman

  [Stockholder Share Exchange Agreement Signature Pages Follow]

          [Signature Page to Share Exchange Agreement]

<PAGE>

The  undersigned Stockholder hereby executes this Share  Exchange
Agreement as of the date first above written.

                                  For Individuals:

                                  ________________________________

                                  ________________________________

                                  Print Name Above

                                  Sign Name Above

          [Signature Page to Share Exchange Agreement]

<PAGE>

                                     For Entities:

                                     By:
                                        _________________________
                                        Name:
                                        Title:

                                     By:
                                        _________________________
                                        Name:
                                        Title:

                                     By:
                                        ____________________________
                                        Name:
                                        Title:

                                     By:
                                        _____________________________
                                        Name:
                                        Title:

          [Signature Page to Share Exchange Agreement]

<PAGE>[EXHIBIT 10.2]

                              Appendix I

                       JOINT VENTURE AGREEMENT

                       executed by and between

               LAND BRIDGE HOLDINGS INTERNATIONAL, S.A.

                                 and

                 SIX DIAMOND RESORT INTERNATIONAL, S.A.

                       Dated As of April 1, 2007

<PAGE>

This Joint Venture Agreement (the "Agreement") is executed this as of
                                  ----------
the 1st day of April, 2007 by and between LAND BRIDGE HOLDINGS
INTERNATIONAL, S.A. (hereinafter referred to as "LBHI") and SIX
                                                 ----
DIAMOND RESORT INTERNATIONAL, S.A. (hereinafter referred to as "SDRI",
                                                                ----
and jointly with LBHI shall be referred to as the "Parties"), in
                                                   -------
accordance with the following recitals and clauses:

                              RECITALS:

I.   WHEREAS, LBHI is a corporation duly organized and validly
     existing under the laws of the Republic of Panama, as evidenced
     in Public Instrument 1651 dated on February 2, 2007, and is
     engaged in developing directly and or indirectly, residential
     projects.

II.  WHEREAS, LBHI has legal ownership and title over certain real
     properties located in the Republic of Panama that along with
     certain technical information, documents and studies, desires to
     contribute to a joint venture under the terms and conditions of
     this Agreement.

III. WHEREAS, SDRI is a corporation duly organized and validly
     existing under the laws of the Republic of Panama, as evidenced
     in Public Instrument 3591 dated on March 14, 2007, with the
     necessary expertise to develop, construct, market, sell and
     manage directly or indirectly ultra luxury resorts, retirement
     communities and real estate developments in the Republic of
     Panama.

V.   WHEREAS, both Parties desire to join efforts by entering into
     this Agreement and set up the terms and conditions under which
     they will develop certain residential projects in the Republic of
     Panama.

VII. WHEREAS, the Parties hereto acknowledge and agree on the terms
     and conditions under which they will govern the joint venture and
     the Parties relation thereto.

NOW THEREFORE, in consideration of the foregoing recitals and the
mutual covenants, agreements, representations and warranties contained
in this Agreement, the Parties, intending to be legally bound, agree
as follows:

                              CLAUSES

                             ARTICLE I
                            DEFINITIONS

1.      DEFINITIONS

As used in this Agreement, the following terms shall have the
respective meanings set forth below:

1.   Affiliate shall mean with respect to (i) any Person, and only
     ---------
to such Person, any Person which directly or indirectly
Controls, is Controlled by, or is under common Control with
such Person; (ii) a Person owning or controlling ten (10%)
percent or more of the ownership interest in such Person; or
(iii) an officer, director or partner, or member of the
immediate family of an officer, director or partner, of such
Person.

                                 2

<PAGE>

2.   Agreement shall mean this joint venture agreement, as the same
     ---------
may be amended from time to time and its corresponding
schedules.

3.   Adjusted Joint Venture Contributions shall mean the excess of:
     ------------------------------------

     (a)   Such Party Initial Joint Venture Contribution or Joint
           Venture Contribution over, and

     (b)   the distributions made to such Party from time to time
           pursuant to the terms and conditions of this Agreement
           and Section 9.1.(b).
               ---------------

4.   Advances on Distributable Cash Flow shall mean the
     -----------------------------------
distributable proceeds resulting from the incoming cash flow
of the Projects after deducting all Operating and Sales Costs
and any other Project Financing costs, payments and fees, as
provided under Services Agreements to be mutually agreed by
the Parties and executed by them at a future date.

5.   Board shall mean the board of directors of the Joint Venture
     -----
or any other similar body with ultimate management decisions-
making power.

6.   Business Plan shall have the meaning given to such term in
     -------------
Section 2.2 hereof.
-----------

7.   Business Activities means, but not limited, to engage in
     -------------------
commercial exploitation, financing, marketing, constructing
and developing in the Territory or elsewhere, in connection
with the Projects or any other real estate development
according to the terms and conditions hereof; provided,
                                              --------
however that the Joint Venture may engage in the Territory or
-------
elsewhere in such other activities and businesses related
either directly or indirectly to the foregoing as may be
necessary, advisable or convenient to the promotion, operation
and conduct of the Joint Venture.

8.   Capital Account of a Party to this Agreement shall mean:
     ---------------

     (a)   The amount of money or any other Initial Joint Venture
           Contributions or Joint Venture Contribution
           contributed by a Party to the Joint Venture, increased
           by the fair market value of property, assets (tangible
           or intangible) or Loans contributed by a Party to the
           Joint Venture (net of liabilities secured by the
           property or to which the property is subject); and

     (b)   The amount of net Profits allocated to each of
           the Parties, and decrease by:

           (i)     The amount of Profits distributed to each of the
                   Parties,
           (ii)    The fair market value of any property or
                   distributed to each of the Parties by the Joint
                   Venture (net of liabilities secured by the
                   property or to which the property is subject),
           (iii)   Each of the Parties share of expenditures of the
                   Joint Venture,
           (iv)    Each of the Parties share of amounts paid or
                   incurred by the Joint Venture to organize the
                   Joint Venture (except to the extent properly
                   amortizable for tax purposes), and

           (v)     The amount of Losses allocated to each of the
                   Parties.

                                 3

<PAGE>

9.   Change of Control shall have the meaning given to such term in
     -----------------
Section 11.3(g) hereof.
---------------

10.  Confidential Information, shall mean such written, oral,
     ------------------------
graphic or electromagnetic information identified by any of
the Parties hereto as confidential information, including but
not limited to financial, technical and strategic business
information about names of potential partners, proposed
businesses deals, reports, plans, market projections, data and
any other confidential and proprietary information, together
with analysis, work papers, compilations, comparisons,
studies, or other documents prepared by the furnishing party
(or its partners, directors, employees, representatives,
advisors or agents) and which is marked as confidential, as
well as such analysis, work papers, compilations, comparisons,
studies or other documents prepared by the receiving party (or
its partners, directors, employees, representatives, advisors
or agents) which has been identified as or reflects the terms
"Confidential Information" shall not include information
 ------------------------
which: (a) has become generally available to the public domain
other than as a result of an unauthorized disclosure by a
party hereto, its representatives, or its agents; (b) is or
has been independently developed or acquired by the receiving
party without violation of this Agreement; (c) becomes
available on a non-confidential basis from a third party
source, provided that such third party source is not bound by
a confidentiality agreement with the furnishing party; (d) is
explicitly approved for disclose by written authorization to
the disclosing party by the furnishing party, or (e) oral
information which is not otherwise reduced to and identified
as confidential in writing by the disclosing party to the
other party within seven (7) days after initial disclosure.

11.  Control shall mean the ownership of fifty-one (51%) percent
     -------
or more of the issued and outstanding voting shares or other
equity interests of any Person or possession, directly or
indirectly, of the power to direct or cause the direction of
the management of any Person, whether through the ownership of
voting securities, by contract or otherwise, provided,
however, that notwithstanding anything to the contrary
provided herein or elsewhere, because SDRI will become a
wholly-owned subsidiary of a Cayman Island entity ("Pubco")
                                                    -----
who files periodic reports with the United States Securities
and Exchange Commission (the "SEC"), (i) the transaction
                              ---
pursuant to which SDRI shall become a subsidiary of Pubco, as
described in the PPM (as defined below) shall not be deemed a
Change of Control (as defined herein), and (ii) SDRI shall be
deemed for purposes hereof, wholly-owned by Pubco and the
stock ownership of Pubco for purposes of this Agreement shall
be calculated after the closing of the offering of Pubco's
Series I Preference Shares pursuant to a Private Placement
Memorandum of Pubco (the "PPM").
                          ---

12.  Critical Target shall mean the Joint Venture proposed
     ---------------
operations, and identifies items the Parties or the Board deem
to be critical to the Joint Venture success according to its
respective Business Plans.

13.  Default Rate shall have the meaning set forth in Section
     ------------                                     -------
4.3(d).
------

14.  Distributable Cash shall mean at any time any cash in hand
     ------------------
of the Joint Venture accounts as is then available for
distribution to the Parties according to the terms and
conditions of this Agreement, after all current debts,
expenses, fees, initial contributions, liabilities and any

                                 4

<PAGE>

other obligations of the Joint Venture have been paid or
provisions therefore has been made.

15.  Distribution shall mean the transfer of money, rights or
     ------------
any other properties to any of the Parties.

16.  DDC shall mean DIAMOND DESIGN AND CONSTRUCTION a division
     ---
of SDRI and a Panamanian firm that provides architectural and
design services to third parties in the Territory and
elsewhere.

17.  DP shall mean DIAMOND PROPERTIES a division of SDRI and a
     --
Panamanian real estate firm that provides brokerage, marketing,
sales and re-sales services to third parties in the Territory and
elsewhere.

18.  Fair Market Value or FMV for a particular property shall
     ------------------------
mean the dollar value established pursuant to the appraisal made
by three (3) recognized independent appraisers, one (1) to be
designated by LBHI (the "LBHI Appraiser"), one (1) to be
                         --------------
designated by SDRI (the "SDRI Appraiser") and the third to be
                         --------------
mutually agreed upon by the SDRI Appraiser and the LBHI Appraiser
(or only the SDRI Appraiser and the LBHI Appraiser, if such two
(2) appraisers cannot, for any reason, agree upon or locate a
third independent appraiser).  The FMV of a particular property
shall equal the average of the appraisals submitted for the
particular property by each of the three (3) appraisers (or two
(2), as the case may be), as set forth above; provided, however,
that notwithstanding anything to the contrary provided herein or
elsewhere, if any of the appraisals submitted by the appraisers
for a particular property as provided in this Section 18 of
                                              ----------
Article I is thirty (30%) percent greater or lesser than the
average of all the appraisals submitted by the appraisers for
such particular property, then the FMV of such property shall be
determined by the Joint Venture's Board of Directors.

19.  Initial Joint Venture Contributions shall mean the initial
     -----------------------------------
amount of cash, properties including, but not limited to, real
estate properties or services rendered, notes or any other
obligation to contribute money, properties or any other
appreciation and/or assets contributed by any of the Parties to
the Joint Venture and/or the Projects prior to the execution of
this Agreement.

20.  Joint Venture shall mean the joint venture to be formed
     -------------
pursuant to and in accordance with this Agreement.

21.  Joint Venture Contribution shall mean the amount of all
     --------------------------
cash, assets, including, but not limited to, real estate
properties or services rendered, technical information, documents
and studies, notes or any other obligation to contribute money,
property(ies) or appreciation and/or assets contributed by any of
the Parties to the Joint Venture and/or to the Projects.

22.  LBHI shall mean the corporation named Land Bridge Holdings
     ----
International, S.A., a Panamanian corporation ("LBHI").
                                                ----

23.  LBHI Purchase Option shall have the meaning referred to in
     --------------------
Section 10.
----------

                                 5

<PAGE>

24.  Liabilities shall mean any losses, damages, liabilities,
     -----------
expenses (including costs and actual attorney fees and
disbursements) judgments, fines, settlements and other amounts
that may be enforceable by law.

25.  Licenses shall have the meaning given to such term in
     --------
Section 2.4(1).
--------------

26.  Losses shall mean all the items of loss of the Joint
     ------
Venture, including but not limited to all deductions, tax
deductions, sudden, unexpected or irrecoverable cost from which
no present or future benefit may be expected by the Joint
Venture, as properly determine for accounting and or fiscal
purposes. All losses shall be determined based on the Joint
Venture assets as set forth on the Joint Venture books and
records.

27.  Marina Notice shall have the meaning given to such term
     -------------
under Section 2.4(4).
      --------------

28.  Operating Cash Flow shall mean regarding the Joint Venture
     -------------------
for any period excess or shortfall of: (i) the aggregate cash
receipts by the Joint Venture during such period from the
Business Activities other than the proceeds received from the
sale or disposition (other than in the ordinary course of
business) of, or any financing and or refinancing of, any assets
of the Joint Venture, as compare to, and any other financing
means, (ii) all cash disbursements made by the Joint Venture in
such period in the conduct of the Business Activities, other than
payments of principal, interests and expenses on the Joint
Venture indebtedness and other than payments made toward the
creation of reserves for contingencies and anticipated
expenditures.

29.  Operating and Sales Costs shall mean, direct costs and
     -------------------------
expenses, associated, sale and management sale activities,
including sales commission, etc. or any other commission paid for
the sale of any real property, home, villas, lots, condominium,
pier(s), dock(s), or a any combination thereof developed in any
of the Projects.

30.  Parties shall have the meaning set forth in the
     -------
introductory paragraph.

31.  Party shall mean any of the Parties to this Agreement.
     -----

32.  Person shall mean any individual, firm, corporation,
     ------
company, partnership, association, trust or any other entity.

33.  Percentage Interest shall mean each of the Parties
     -------------------
percentage interest in the Joint Venture, as may be amended from
time to time.  The initial percentage interest ownership of the
Parties shall be as follows:

              Party          Percentage Interest
              -----          -------------------

              LBHI                   50%
              SDRI                   50%
                                    ----
   Total Percentage Interest:       100%
                                    ====

                                 6

<PAGE>

34.  Prime Rate shall mean the prime rate as published in the
     ----------
"Money Rates" table of The Wall Street Journal on the first
 -----------
publication day of the calendar quarter of a given period and as
adjusted as of the first publication day of each subsequent
calendar quarter.

35.  Profits shall mean all excess of revenues, proceeds, or
     -------
selling price of the properties developed in any Project less
related costs and expenses (including but not limited to
construction and infrastructure costs), any pecuniary benefit
derived from the commercial operation, transactions and sale of
the properties developed in any Project.

36.  Project(s) shall mean each business project (each, a
     ----------
"Project" and, collectively, the "Projects"), that the Joint
 -------                          --------
Venture agrees to develop.  It is currently contemplated that the
Joint Venture in the future will elect to develop one (1) or more
of the following Projects:

     (a)   Palacio del Mar Phase I Project.  This Project is
           -------------------------------
           currently contemplated to be developed on a beachfront
           and bayfront piece of land with approximate 5 (five)
           acres surface, located at Isla de Colon, Panama, which
           will include but not be limited to, 3 four story
           condominium buildings, 1 three story condominium
           building, 1 six story condominium building and a marina,
           which Project and specifications will be set forth in a
           Business Plan to be prepared by the Parties pursuant to,
           and in accordance with, the Agreement.

     (b)   Palacio del Mar Phase II Project.  This proposed
           --------------------------------
           Project is currently contemplated to be developed on a
           beachfront piece of land with approximate 5 (five) acres
           surface, located at Isla de Colon, Panama, which will
           include, but not be limited to, a condominium building of
           approximately 250 units, which Project and specifications
           will be set forth in a Business Plan to be prepared by
           the Parties pursuant to, and in accordance with, this
           Agreement.

     (c)   Palacio del Mar Marina (PDM) Project.  This proposed
           ------------------------------------
           Project is currently contemplated to be developed as a
           stand alone Project, developed in the Palacio del Mar
           Phase I Project.  This Project is proposed to be a
           separate Project from Palacio del Mar Phase I.  It is
           currently contemplated that this Project will consist of
           a marina with a minimum capacity of 50 (fifty) boats,
           that will include docks, piers, moorings, launching
           ramps; dock hand and concierge, service supplies engaged
           in its day to day operation, as well as, rent boat slips,
           store boats, cleaning and incidental boat repair, food
           sale, fuel, fishing supplies, boats sales and various
           other items; which Project and specifications to be set
           forth in a Business Plan to be prepared by the Parties
           pursuant to and in accordance with, the terms of this
           Agreement.

     (d)   Isla Diamante Project.  This proposed Project is
           ---------------------
           currently contemplated to be developed on an island with
           approximate five (5) acres, located at Archipelagos of
           Bocas del Toro, Panama, which shall include, but not be
           limited to, a villa or house, which Project and
           specifications will be set forth in a Business Plan to be
           prepared by the Parties pursuant to the terms of this
           Agreement.

     (e)   Playa Diamante Phase 1 Project.  This proposed Project
           ------------------------------
           is currently contemplated to be developed as a
           residential development to be constructed on

                                 7

<PAGE>

           approximately fifty (50) acres, located at Archipelagos
           of Bocas del Toro, Panama, which will include 38
           beachfront villas, 29 lakefront beach villas, 38
           lakefront condominiums and 140 beachfront 8 story
           condominiums, which Project and specifications will be
           set forth in a Business Plan to be prepared by the
           Parties pursuant to, and in accordance with, the terms of
           this Agreement.

     For purpose of this Agreement each Project may be
     hereinafter defined as a Project, and, collectively, the
     "Projects."
      --------

37.  Project Financing shall mean as set forth in Section 4.2.
     -----------------                            -----------

38.  SDRI shall mean the corporation named Six Diamond Resorts
     ----
International, S.A., a Panamanian corporation.

39.  Services Agreements shall mean all agreements to provide
     -------------------
services to, for and/or on behalf of, the Joint Venture by SDRI,
LBHI, any of their respective affiliates and/or any third parties
which may include, but not be limited to, any and all management
services agreement, architectural design services agreement,
brokerage and sales services agreement.  The terms and conditions
of any such Service Agreement must be mutually agreed upon by the
Parties.

40.  Territory shall mean the territorial extension of the
     ---------
Republic of Panama.

                            ARTICLE II
                  BUSINESS OF THE JOINT VENTURE

2.1.     SCOPE OF THE JOINT VENTURE

The Parties agree to enter into this Joint Venture Agreement to set up
the basis under which they (i) will participate in the development of
the Project, (ii) will contribute to the Joint Venture all necessary
funds, real estate, services and other necessary items to develop the
Projects and (iii) which the Joint Venture will conduct its Business
Activities.

2.2.     BUSINESS PLANS

(a)   Business Plans.  The Parties agree that the Joint Venture shall
      --------------
operate according to the terms and conditions of this Agreement
and with regard to a particular Project, pursuant to the Business
Plan to be prepared by the Parties and approved by the Parties
and the Board for each particular Project the Joint Venture
elects to develop.  Each Business Plan for a Project shall
include, but not be limited to, all the plans for the operational
matters, studies, research, marketing, exploitation and sales
regarding the execution and development of the particular
Project. Each Project will have its own Business Plan.

The Business Plan for each Project shall cover each phase of a
Project's development and execution, and shall identify Critical
Targets, and provided that if Critical Targets are not met, will
give one or both Parties the rights described in Section 11.1.
                                                 ------------

                                 8

<PAGE>

The Parties agree that each Business Plan shall be reviewed and
modified, supplemented or amended, as the Parties shall so agree,
at least on annual basis by the Parties in accordance with this
Agreement.

(b)   Preparation of Budget. During the term of this Agreement, the
      ---------------------
Parties agree that the Joint Venture will prepare and submit to
the Parties for their consideration and approval a budget for
each Project and for each Joint Venture fiscal year.  Such
budgets shall be part of the Business Plan for each Project.  The
budgets will include, but not be limited to:

      (i)   a projected income statement, balance sheet and
            capital budget for the forthcoming fiscal year; and

      (ii)  a projected Cash Flow statement showing in reasonable
            detail the projected receipts, disbursements, and
            distributions (including the payment of Initial Joint
            Venture Contributions, Joint Venture Contributions,
            expenses, fees, et cetera); the amounts of any
            corresponding projected cash deficiencies or
            surpluses; and the amounts and due dates of all
            projected calls for additional Joint Venture
            Contributions for the forthcoming fiscal year
            ("Additional Joint Venture Contributions") is defined
              --------------------------------------
            at Section 4.3(a).
               --------------

(c)   Consideration of Proposed Plans.  Each proposal to amend,
      -------------------------------
supplement and/or modify a Business Plan and/or a budget
("Changes") will be considered for approval by the Parties at two
  -------
(2) months prior to the beginning of the fiscal year to which it
pertains.  The Board and each Party must approve all Changes.

(d)   Continuation of Existing Business Plan. Until a Business Plan
      --------------------------------------
for a Project is approved by the Board and each Party, the Joint
Venture will manage a particular Project consistently with the
most recent Business Plan of said Project approved by the Parties
and the Board.

2.2.     PALACIO DEL MAR MARINA (PDM) PROJECT

The Parties agree that the Joint Venture shall do such acts and
things, and to execute and deliver such documents, filings and
instruments, that are necessary and/or advisable to develop,
construct, market and sell the Palacio del Mar Marina (PDM) Project
according to a to be prepared Business Plan, to be prepared by the
Parties and approved by each Party and the Board, which Business Plan
shall include, but not be limited to, the following:

1.   The Joint Venture shall apply to the Panamanian Government or any
     other competent authority for the authorization and granting of
     each and all of the necessary concessions, licenses,
     authorizations, permits to develop, construct, build, operate and
     manage the Palacio del Mar Marina (PDM) Project (the "Licenses").
                                                           --------

2.   All Licenses shall be issued under LBHI name.

3.   Upon receiving the Licenses, LBHI shall give notice to SDRI about
     its intention to initiate the construction and operation of the
     Palacio Del Mar Marina (PDM) Project giving SDRI a thirty (30)
     day option to elect to participate in the Palacio del Mar Marina
     (PDM) Project (hereinafter referred to as the "Marina Notice").
                                                    -------------

                                 9

<PAGE>

4.   If SDRI elects to participate in the development of this Project,
     SDRI shall confirm such election in writing to LBHI.  If such
     election is not received by LBHI within thirty (30) calendar days
     following SDRI's receipt of the Marina Notice, LBHI will be
     authorized to develop the Palacio del Mar Marina (PDM) Project
     through its own means or in association with a third party.

5.   If SDRI elects to participate in the development of the Palacio
     del Mar Marina (PDM) Project, then (i) SDRI shall secure and/or
     provide all the necessary financing (which may at its option
     include Project Financing(s)) according to terms mutually agreed
     to by LBHI and SDRI, and bear any and all the Operating and Sales
     Cost related to the development of said Project, and (ii) the
     Parties shall negotiate and execute a Management and Operation
     Agreement governing the operation of the Palacio del Mar Marina
     (PDM) Project pursuant to which, among other items, LBHI and SDRI
     shall share Profits and Losses on a 50/50 basis.

                             ARTICLE 3
                     TERM OF THE JOINT VENTURE

3.1.    TERM OF THE JOINT VENTURE

This Joint Venture shall commence as of April 1st, 2007 (hereinafter
referred to as the "Execution Date") and shall continue until December
                    --------------
31, 2012 (hereinafter referred to as the "Expiration Date") unless
                                          ---------------
terminated earlier according to the provisions set forth in Section
                                                            -------
11.1 hereof or by operation of law.  If, however, on the Expiration
----
Date, any Project actually undertaken by the Joint Venture has not
been completed pursuant to the terms of this Agreement, the Parties
shall extend the Expiration Date for a reasonable period to complete
any such ongoing Projects.

                             ARTICLE 4
                    JOINT VENTURE CONTRIBUTIONS

4.1     INITIAL JOINT VENTURE CONTRIBUTIONS

4.1.1	PALACIO DEL MAR PHASE I PROJECT CONTRIBUTION
The Parties agree that with respect to the proposed Palacio del Mar
Phase I Project, each Party, upon the Board and each Party approving a
Business Plan for this Project, will contribute to the Joint Venture
the following Joint Venture Contributions:

1.   LBHI will contribute a beachfront and bayfront real estate
     property with an approximate 5 (five) acres located in Isla de
     Colon, Panama.  The dollar value of such property shall be the
     FMV of the property.  The meters, bounds, characteristics and
     other specifications for this Project shall be as provided in the
     Business Plan for this Project.

2.   LBHI will contribute all information that it has to date (and/or
     obtains in the future), such as drawings, master(s) plan(s),
     environmental impact studies, boundary studies, topographical

                                 10

<PAGE>

     work, any core boring samples, data for geophysical work and any
     other work, papers, documents and or information performed in
     connection with or necessary for the development of Palacio del
     Mar Phase I Project according to the specifications to be
     mutually agreed by the Parties.

3.   SDRI will contribute all architecture and design work,
     construction management, marketing and sales plans, marketing,
     sales and any other work, papers, documents and or information
     performed or to be performed in connection with or necessary for
     the development of this Project, as provided in a Business Plan.

4.   SDRI will secure and/or obtain all the necessary funds to develop
     this Project whether through itself or through a third party.

4.1.2	PALACIO DEL MAR MARINA (PDM) CONTRIBUTION

The Parties agree that with respect to Palacio del Mar Marina (PDM)
Project each party upon approval by the Board and each Party of a
Business Plan for the Project, will contribute to the Joint Venture
the following Joint Venture Contributions:

1.   LBHI will contribute all the Licenses under LBHI name, for the
     operation and management of the Palacio del Mar Marina (PDM)
     Project.

2.   LBHI will contribute all information that it has to date (and/or
     obtains in the future) such as drawings, master(s) plan(s),
     environmental impact studies, boundary studies, any core boring
     samples, data for geophysical work and any other work, papers,
     documents and or information performed in connection with or
     necessary for the development of the Palacio del Mar Marina (PDM)
     Project in accordance with the Business Plan for this Project.

3.   SDRI will contribute all architecture and design work,
     construction management, marketing and sales plans, marketing,
     sales and any other work, papers, documents and or information
     performed or to be performed in connection with or necessary for
     the development of the Palacio del Mar Marina (PDM) Project
     according to specifications to be provided in the Business Plan
     to be prepared for this Project.

4.   SDRI will secure and or obtain all funds and aids whether through
     itself or through a third party.

5.   Profits and losses shall be split 50/50 by SDRI and LBHI.

4.1.3	PALACIO DEL MAR PHASE II PROJECT CONTRIBUTION

The Parties agree that with respect to Palacio del Mar Phase II
Project, upon approval of a Business Plan for such Project by the
Board and the Parties, the Parties will contribute to the Joint
Venture the following Joint Venture Contributions:

1.   LBHI will contribute a piece of land with an approximate 5 (five)
     acres surface, located at Isla de Colon, Panama.  The dollar
     value of such land shall be the FMV.  The meters, bounds,

                                 11

<PAGE>

     characteristics and other specifications of the Palacio del Mar
     Phase II Project shall be as provided in a Business Plan prepared
     for this Project.

2.   LBHI will contribute all information that it has to date (and/or
     that it acquires in the future), such as drawings, master(s)
     plan(s), environmental impact studies, boundary studies, any core
     boring samples, data for geophysical work and any other work,
     papers, documents and or information performed in connection with
     or necessary for the development of the Palacio del Mar Phase II
     Project according to the specifications set forth in a Business
     Plan for this Project.

3.   SDRI will contribute all architecture and design work,
     construction management, marketing and sales plans, marketing,
     sales and any other work, papers, documents and or information
     performed or to be performed in connection with or necessary for
     the development of the Palacio del Mar Phase II Project according
     to the to be prepared specifications in the to be prepared
     Business Plan for this Project.

4.   SDRI will secure and or obtain all the necessary financial funds
     and aids whether through itself or through a third party.

4.1.4.  ISLA DIAMANTE CONTRIBUTION

The Parties agree that with respect to Isla Diamante Project each
Party, upon the Board and each Party approving a Business Plan for
this Project, will contribute to the Joint Venture the following Joint
Venture Contributions:

1.   LBHI will contribute an island with approximately five (5) acres,
     located at Archipelagos Boca del Toro, Panama.  The dollar value
     of such property shall be the FMV.  The meters, bounds,
     characteristics and other specifications for the Isla Diamante
     Project shall be as provided in a to be prepared Business Plan
     for this Project.

2.   LBHI will contribute all information that it has to date (or
     obtains in the future), such as drawings, master(s) plan(s),
     environmental impact studies, boundary studies, topographical
     work, any core boring samples, data for geophysical work and any
     other work, papers, documents and or information performed in
     connection with or necessary for the development of Isla Diamante
     Project according to the specifications set forth in a to be
     prepared Business Plan for this Project.

3.   SDRI will contribute all architecture and design work,
     construction management, marketing and sales plans, marketing,
     sales and any other work, papers, documents and or information
     performed or to be performed in connection with or necessary for
     the development of Isla Diamante Project according to the
     specifications set forth in a to be prepared Business Plan for
     this Project.

4.   SDRI will secure and or obtain all the necessary financial funds
     and aids whether personally or through a third party.

                                 12

<PAGE>

4.1.5	PLAYA DIAMANTE PHASE 1 PROJECT CONTRIBUTION

The Parties agree that with respect to the Playa Diamante Phase 1
Project each party upon the Board approving a Business Plan for such
Project will contribute to the Joint Venture the following Joint
Venture Contributions:

1.   LBHI will contribute a beachfront and lakefront real estate
     property with an approximate 50 (fifty) acres located in
     Archipelago of Bocas del Toro, Panama, the dollar value of which
     shall be the FMV.  The meters, bounds, characteristics and other
     specifications for the Playa Diamante Phase 1 Project shall be as
     provided in a to be prepared Business Plan for this Project.

2.   LBHI will contribute all information that it has to date (or
     obtains in the future) such as drawings, master(s) plan(s),
     environmental impact studies, boundary studies, topographical
     work, any core boring samples, data for geophysical work and any
     other work, papers, documents and or information performed in
     connection with or necessary for the development of Playa
     Diamante Phase 1 Project as provided in a to be prepared Business
     Plan for this Project.

3.   SDRI will contribute all architecture and design work,
     construction management, marketing and sales plans, marketing,
     sales and any other work, papers, documents and or information
     performed or to be performed in connection with or necessary for
     the development of Playa Diamante Phase 1 Project according to
     the specifications provided in a to be prepared Business Plan for
     this Project.

4.   SDRI will secure and or obtain all the necessary financial funds
     and aids whether personally or through a third party Project
     Financing.

4.2. 	PROJECT FINANCING

As additional funds are required by the Joint Venture to carry out the
Business Activities for each of the Projects pursuant to the terms and
conditions of the Business Plans be prepared by the Parties and this
Agreement for each Project, SDRI will obtain all necessary Project
Financing from one or more third parties (hereinafter referred to as
the "Project(s) Financing"). Any and all Project(s) Financing shall
     --------------------
require prior approval of the Board.

4.3. 	ADDITIONAL JOINT VENTURE CONTRIBUTIONS AND LOANS

        (a)  Additional Joint Venture Contributions.- Each of the
             Parties will make any additional Joint Venture
             Contributions (hereinafter referred to as "Additional Joint
                                                        ----------------
             Venture Contribution") or loans (hereinafter referred to as
             --------------------
             "Loans") to the Joint Venture in accordance with its
              -----
             respective Percentage Interest but only in the amounts and
             at the times set forth in the respective Business Plan as
             amended from time to time for a particular Project, as
             provided  and in accordance with this Agreement.  Except to
             the extent set forth in the respective Business Plan as
             amended from time to time, none of the Parties will be
             required to contribute capital or make any Loans to the
             Joint Venture.

                                 13

<PAGE>

        (b)  Additional Joint Venture Contributions Calls.- All
             --------------------------------------------
             requirements or requests for Additional Joint Venture
             Contributions or Loans will be determined by the Board and
             will: (i) be in writing delivered to each of the Parties,
             (ii) provide the additional amount of Joint Venture
             Contributions needed by the Joint Venture; and (iii) the
             date on which the Additional Joint Venture Contribution or
             Loan is to be made, which will not be sooner than forty-
             five (45) business days following the Parties receipt of
             the Additional Joint Venture Contribution request.

             Each of the Parties shall be bound and bear all the
             expenses, Liabilities and obligations for any deficit in
             its Capital Account.

       (c)   No Withdrawal of Interests or Contributions.- Except as
             -------------------------------------------
             expressly provided herein and/or pursuant to written
             consent of the Board, no part of the Initial Joint Venture
             Contributions, Joint Venture Contributions and/or
             Additional Joint Venture Contributions (collectively, the
             "JV Contributions") shall be withdrawn and/or distributed
              ----------------
             and neither Party shall be entitled to receive and/or
             accrue interest on any JV Contributions or on its Capital
             Account.

        (d)  Loans.- Except with prior written consent of the Board or
             -----
             as provided in a Business Plan, neither Party shall loan or
             advance any money to the Joint Venture and/or a Project.
             Any Loan by a Party to the Joint Venture shall be
             separately recorded in the Joint Venture books as a Loan to
             the Joint Venture and will be evidenced by a promissory
             note bearing interest at a fluctuating rate equal to two
             (2) percentage points over Prime Rate (the "Default Rate")
                                                         ------------
             on any accrued but unpaid interest and principal not paid
             when due.  Such Loans will (a) be for such term and subject
             to such security, if any, as determined by the Board, (b)
             if necessary to secure financing for the Joint Venture, be
             subordinated to any other indebtedness of the Joint Venture
             or a portion thereof, (c) become due and payable in the
             event the Joint Venture is terminated, and (d) rank pari
             passu with any and all other Loans made by a Party.

        (e)  Additional Joint Venture Contributions Requirements
             ---------------------------------------------------
             Default.- If a Party (hereinafter referred to as the
             -------
             "Defaulting Party") fails to timely make a required
              ----------------
             Additional Joint Venture Contribution or make a required
             Loan within ten (10) business days after such JV
             Contribution or Loan is required, as provided herein, the
             other Party (hereinafter referred to as the "Non-Defaulting
                                                          --------------
             Party") may exercise one or more of the following remedies
             -----
             (but not any other):

             (i)    File a proceeding to compel the Defaulting Party to
                    contribute the Additional Joint Venture Contribution
                    or Loan;

             (ii)   Loan to the Joint Venture on behalf of the Defaulting
                    Party the amount of the Additional Joint Venture
                    Contribution or Loan due from the Defaulting Party
                    ("Default Loan"), in which case the Defaulting Party
                      ------------
                    (i) will be liable to the Non-Defaulting Party for the
                    amount of such advance, plus all expenses incurred by
                    the Non-Defaulting Party and the Joint Venture in
                    connection with such advance, including reasonable
                    attorneys' fees, and interest at the Default Rate, and
                    (ii) any distributions otherwise due from the Joint
                    Venture to the Defaulting Party will be applied first

                                 14

<PAGE>

                    to repayment of any Default Loans outstanding;

             (iii)  Borrow on behalf of the Joint Venture from a lender
                    other than the Non-Defaulting Party the amount of the
                    Additional Joint Venture Contribution or Loan due from
                    the Defaulting Party on such terms as the Non-
                    Defaulting Party, in its sole discretion, may be able
                    to obtain, in which case, the Defaulting Party will be
                    liable to the Joint Venture for the principal amount
                    of, and interest on, such borrowing, plus all expenses
                    reasonably incurred by the Joint Venture in connection
                    with such borrowing, including reasonable attorneys'
                    fees, and any distributions otherwise due from the
                    Joint Venture to the Defaulting Party may be set off
                    against, and applied secondly to the payment of, such
                    liability;

             (iv)   Refuse to make any Additional Joint Venture
                    Contributions or Loans to the Joint Venture without
                    being in default of any provision of this Agreement;
                    or

             (v)    Exercise its rights under Section 11.4.
                                              ------------

Unless and until a Project is expressly elected by the Parties to be
developed by the Joint Venture, no Party shall have any obligation to
take any actions for and/or on behalf of the Joint Venture and/or to
make JV Contributions, Loans and/or advances to the Joint Venture.

4.4.1.	RIGHT OF CREDITORS

No creditor who makes a Loan to the Joint Venture shall have or
acquire at any time, as a result of making such Loan, any direct or
indirect interest in its Profits, Cash Flow, capital or property of
the Joint Venture other than as a creditor.

4.5. 	RETURN OF JV CONTRIBUTIONS

Except as may otherwise be provided herein or in a Business Plan for a
particular Project, all the JV Contributions for a Project pursuant to
this Agreement shall be repaid by the Joint Venture to the
contributing Party as set forth below and/or in any Business Plan
approved by the Parties and the Board for a particular Project.

(a)  Palacio del Mar Phase I Project Return Contribution.
     ---------------------------------------------------

     1.   Until the FMV of the property contributed by LBHI for this
          Project is paid in full by the Joint Venture to LBHI, LBHI
          shall receive (i) on a quarterly basis Advances on
          Distributable Cash Flow as the buildings progress regarding
          Palacio del Mar Phase I Project properties sales. For such
          purpose every time a condominium building has a completed
          construction and the Joint Venture is selling and closing on
          the units of said condominium and since the accounting
          treatment of said condominium construction is WIP, then the
          Joint Venture will be able to identify the Profits on a
          particular unit of said condominium and distribute (i) fifty
          (50%) percent of those profits to LBHI withholding ten (10%)
          per cent until the building of said Palacio del Mar Phase I
          Project is completed according to this Agreement and then the

                                 15

<PAGE>

          ten (10%) percent withholding amount shall be immediately
          repaid; and (ii) fifty (50%) percent of all Project Financing
          obtained by the Joint Venture for this Project, provided such
          Project Financing is for no less than $20 million.

(b)  Isla Diamante Project Return Contribution.
     -----------------------------------------

     1.   Until the FMV of the property contributed by LBHI for this
          Project is paid in full by the Joint Venture to LBHI, LBHI
          will receive on a quarterly basis (i) fifty (50%) percent of
          all cash payments for Isla Diamante Project properties sales;
          and (ii) fifty (50%) percent of all Project Financing
          obtained by the Joint Venture for this Project, provided such
          Project Financing is for no less than $20 million.

     1.   (c)  Playa Diamante Phase 1 Project Return Contribution.
               --------------------------------------------------
          Until the FMV of the property contributed by LBHI to the
          Joint Venture for this Project is paid in full by the Joint
          Venture to LBHI, LBHI will receive (i) on a quarterly basis
          Advances on Distributable Cash Flow as the buildings progress
          regarding Playa Diamante Phase 1 Project properties sale. For
          such purpose every time a condominium building has a
          completed construction and the Joint Venture is selling and
          closing on the units of said condominium and since the
          accounting treatment of said condominium construction is a
          work in process ("WIP"), then the Joint Venture will be able
                            ---
          to identify the Profits on a particular unit of said
          condominium and distribute 50% (fifty per cent) of those
          Profits to LBHI withholding 10% (ten per cent) until the
          building of said Playa Diamante Phase 1 Project is completed
          according to this Agreement, and then shall immediately repay
          such withheld ten (10%) percent, and (ii) fifty (50%) percent
          of all Project Financing obtained by the Joint Venture for
          this Project, provided such Project Financing is for no less
          than $10 million.

LBHI shall have the right to receive the FMV of any other
property it contributes to the Joint Venture on the terms set
forth in any amendment hereto, in any separate documents approved
by the Parties and the Board and/or in any Business Plan for a
Project relating to the contributed property if approved by the
Parties and the Board.

LBHI shall have the right to sell any portion or a lot on Playa
Diamante Phase 1 Project and receiveall of the sale proceeds
therefrom (less selling commissions and related costs and
expenses, if any) until construction begins on such Project.

                            ARTICLE 5

             CERTAIN RIGHTS AND OBLIGATIONS OF PARTIES

5.4	PARTIES RIGHT AND OBLIGATIONS

5.4.1 	RIGHTS AND OBLIGATIONS OF LBHI. Except as otherwise
provided in this Agreement or in an applicable Business Plan, for
each Project the Parties elect to develop pursuant to this
Agreement, LBHI shall, as applicable:

                                 16

<PAGE>

a.   Contribute all JV Contributions as applicable for each Project
     pursuant to the terms and conditions of this Agreement,

b.   Contribute the Licenses.

c.   Comply with all the obligations set forth in this Agreement.

d.   Receive and collect all Profits, return of contributions, capital
     distributions, contributions, allocations, Loans and any other
     accounts receivable according to the terms and conditions of this
     Agreement.

e.    Have the right to enjoy any and all of the rights provided in this
     Agreement, including but no limited to the option set forth in
     Section 10.1 hereof.
     ------------

5.4.2.	RIGHTS AND OBLIGATIONS OF SDRI. Except otherwise is
provided in this Agreement or in an applicable Business Plan,
SDRI shall, for each Project the Parties elect to develop
pursuant to this Agreement, LBHI, as applicable:

a.   Contribute all JV Contributions as applicable for each of the
     Project pursuant to the terms and conditions of this Agreement
     and/or a Business Plan.

b.   Manage any and pay for all legal proceeding filings fees, costs,
     expenses and any amount related or derived thereto, and all legal
     actions or claims associated with or related to any of Projects,
     whether or not the Project at such time is actually being
     developed by the Joint Venture or the Joint Venture is
     contemplating developing the Project.

c.   SDRI shall pay to LBHI, as a result of LBHI acquiring the
     following properties and allowing SDRI to defer the expenses and
     costs related to said acquisitions:  (i)  for the property
     covering the proposed Playa Diamante Phase 1 Project, US
     $150,000, and (ii) for the property covering the proposed Palacio
     del Mar Phase I Project, US $100,000  Such amounts shall be due
     and payable upon execution of this Agreement and will be paid
     upon the closing of the Minimum Offering Amount (as defined in
     the PPM).

d.   Once SDRI begin actively marketing and promoting the Palacio del
     Mar Phase II Project, SDRI shall pay to LBHI US $150,000.00.

e.   To provide all architecture and design work, financing or arrange
     financing, construction management, marketing and sales plans,
     marketing, sales and any other work, papers, documents and or
     information performed or to be performed in connection with or
     necessary for the development of the Projects according to each
     Project's specifications, as provided in a to be prepared
     Business Plan for such Project.

f.   Comply with all the obligations set forth in this Agreement.

g.   Manage, administrate and supervise directly all development,
     according to the terms and conditions of the applicable Business
     plan for each Project the Joint Venture develops and this
     Agreement, and supervise all the sub-contractors services and
     work for each such Project.

                                 17

<PAGE>

h.   Receive and collect all Joint Venture profits, capital
     distributions, contributions, allocations, Loans and any other
     accounts receivable according to the terms and conditions of this
     Agreement and any applicable Business Plan.

i.   In the event the Board determines that additional JV
     Contributions, Loans and or third party financing are not
     required for the continued development of a particular Project,
     then SDRI shall be reimbursed for all JV Contributions made by it
     for such Project, provided LBHI has been paid the FMV by the
     Joint Venture for its corresponding property contribution to the
     Joint Venture for such particular Project.

                              ARTICLE 6
                      JOINT VENTURE MANAGEMENT

6.1.    BOARD OF DIRECTORS

Except as otherwise provided herein, all decisions relating to the
management of the Joint Venture shall be made by the Joint Venture's
Board of Directors (the "Board").  The Board shall be comprised  of at
                         -----
least three (3) members, of which LBHI shall appoint one (1) member
and SDRI shall  appoint one (1) member, and the LBHI and SDRI
designees shall mutually agree and appoint a third memberto the Board.
Including the appointment of the third member of the Board, all
appointments will be in writing, a copy of which will be given to each
Party.

Except otherwise is provided by the Board, the President of the Board
shall preside the chair for 1 (one) year.

6.2.	BOARD GENERAL PROVISIONS

The Board shall observe and comply with the following general
provisions:

     1.   The Board shall meet at least once every three (3) months or
          at any other time if necessary.

     2.   The meetings of the Board, for any purpose or purposes, may
          be called only by the President of the Board, prior written
          notice served personally to the members of the Board.

     3.   Meetings of the Board will be preside by the President of
          the Board and conducted in the English language and minutes
          of such meetings will be prepared in writing by the
          Secretary of the Board in English and distributed to each
          member promptly following each meeting.

     4.   Meetings of the Board will be held in the Territory or
          abroad, provided that all the expenses related to the
          attendance of the members of the Board to the meeting will
          be borne by the Joint Venture. In case any member bear with
          the expenses derived or in connection with its attendance to
          any Board meeting the Joint Venture will reimburse said
          reasonable expenses to the member.

                                 18

<PAGE>

     5.   The Board may designate any place, either within or outside
          the Territory, as the place of meeting of the Board.  If no
          designation is made, the place of meeting will be the
          principal place of business of the Joint Venture in the
          Territory.

     6.   Proposals or reports brought before any Board meetings for
          information or action (including, without limitation, the
          Joint Venture quarterly and annual financial statements)
          will be prepared in English and in US Dollars.

     7.   Except for the Super Majority resolutions, a majority of the
          Board will constitute a quorum at meetings of the Board.  If
          a quorum is present, the affirmative vote of a majority of
          the members voting will constitute the act of the Board.
          Any member may participate in a meeting by means of
          conference telephone or similar communications equipment by
          means of which all persons participating in the meeting can
          hear each other and participation in the meeting by means of
          such equipment will constitute presence in person at such
          meeting.  Action may be taken without a meeting if the
          action is evidenced by one or more written consents signed
          by all the members of the Board.

     8.   There shall not be any kind of casting vote, provided that
          each member of the Board shall have one vote in each Board
          meeting.

     9.   The Board may adopt, without prior call or summon to hold a
          Board meeting, resolutions, if said resolutions are taken
          unanimously by all of the members of the Board.

     10.  The Board shall act at all times under the terms and
          conditions of this Agreement.

     11.  All decisions with respect to the management and control
          of the Joint Venture shall be binding on the Parties and its
          Affiliates; and

     12.  Neither Party shall have any authority to act for or on
          behalf of the Joint Venture or to make any decision
          pertaining to the Joint Venture Business Activities without
          the prior written consent of the Board, including, without
          limitation, the authority to bind the Joint Venture in the
          making of contracts or the incurring of obligations in the
          name or on the Project Financing of the Joint Venture.

     13.  Any vacancy occurring for any reason, including but not
          limited to, death, removal, resignation or any other cause,
          in the Board may be filled by any other member appointed by
          the Board.

6.3. BOARD MANAGEMENT AND CONTROL POWERS.

Except as otherwise expressly provided for in this Agreement, the
complete and exclusive management and control of the Joint Venture
shall be vested solely in Board which shall have all of the rights and
powers which are generally conferred by law or are necessary,
advisable or convenient for the management and conduct of the Joint
Venture and the Business Activities. The Board shall have the complete
and exclusive power and authority:

                                 19

<PAGE>

(I)     To cause the Joint Venture to sell, exchange, dispose of, hold
        for sale, or consignment or otherwise, purchase, lease,
        sublease, operate, deal in and manage any Joint Venture
        property,

(II)	To authorize any officer or officers of the Joint Venture to
        execute and deliver any deeds, bills of sale, assignments or
        other instruments of conveyance of Joint Venture property, and
        to cause the Joint Venture to enter into and perform
        agreements with others with respect to any such transactions
        or in connection with any Project, which agreements may be
        with Affiliates of the Parties on an arm's length bases and
        may contain such terms, provisions and conditions as the Board
        in its sole and absolute discretion approved;

(III)	To cause the Joint Venture to spend its capital, capital
        gains, Profits and incomes in the execution of the Business
        Activities in connection with the execution of any Project;

(IV)	To cause the Joint Venture to borrow monies or otherwise incur
        indebtedness and to encumber its properties as security
        therefore;

(V)	To cause the Joint Venture to purchase from third parties or
        Affiliates under an arm's length relation, at the expense of
        the Joint Venture, contracts of liability, casualty and other
        insurance which the Board deems advisable, appropriate or
        convenient for the protection of the Joint Venture properties
        or affairs or for any other purpose convenient or beneficial
        to the Joint Venture;

(VI)	To determine from time to time those persons who shall have
        the authority to sign or endorse, as the case may be, all
        checks, drafts, or other orders for payment of money, notes,
        or other evidences of indebtedness, issued in the name of or
        payable to the Joint Venture;

(VII)	To hire, promote and terminate from time to time in its sole
        discretion independent accountants, agents and other advisors
        as the Board deems advisable for the proper operation of the
        Joint Venture Business Activities;

(VIII)	To cause the Joint Venture to do any and all acts and
        conduct all proceedings and execute all rights and privileges,
        contracts and agreements of any kind whatsoever, although not
        specifically mentioned in this Agreement, that the Board deems
        necessary or appropriate to conduct the Joint Venture or to
        carry out the Business Activities.

6.4. 	OFFICERS OF THE JOINT VENTURE.

I.      Officers.  The officers of the Joint Venture shall be a Chief
        --------
        Executive Officer, a Secretary, and a Chief Financial Officer,
        each of whom shall hold office for such period, have the
        authority and perform the duties as are provided and resolved
        by the Board from time to time determine.  Any number of
        offices may be held by the same individual.

                                 20

<PAGE>

II.	Election of Officers.  The officers of the Joint Venture shall
        --------------------
        be chosen by the Board and each shall serve according to the
        Board instructions, subject to the rights and obligations, if
        any, of an officer under any contract of employment.

III.	Removal and Resignation.  Without prejudice to his rights, if
        -----------------------
        any, under any contract of employment, any officer may be
        removed, either with or without cause, by the Board, provided
        that the Board shall give prompt notice to the officer
        removed.  Any officer may resign at any time by given written
        notice to the Board.  Any resignation shall take effect at the
        date of the receipt of notice or at any later time specified
        in the notice, and, unless otherwise specified in such notice,
        the acceptance of the resignation shall not be necessary to
        make it effective.  Any such resignation shall be without
        prejudice to the rights, if any, of the Joint Venture under
        any contract to which the officer is a party.

IV.	Vacancies. A vacancy in any office due to death, resignation,
        ---------
        removal, disqualification or any other reason shall be filled
        by the officer appointed by the Board.

V.	President.  The President of the Board shall serve as the
        ---------
        Chief Executive Officer ("CEO") of the Joint Venture, and
                                  ---
        shall be responsible for the general supervision, direction
        and control of the day-to-day business of the Joint Venture.
        The President shall have the general powers and duties of
        management vested and prescribed by the Board from time to
        time.  Until changed by resolution of the Board the Parties
        agree that the President shall be JAMES W. BELL

VI.	Secretary.  The Secretary of the Joint Venture shall keep or
        ---------
        cause to be kept, at the principal place of business of the
        Joint Venture and at such other place(s) as the Board may
        direct, a copy of this Agreement and a book of minutes of all
        meetings of the Board, with the time and place of holding,
        whether regular or special, and, if special, how authorized,
        the notice given, the names of those present at such meetings
        and the proceedings thereof.  The Secretary shall have the
        general powers and duties vested and prescribed by the Board
        from time to time.

VII.	Chief Executive Officer ("CEO").  The CEO of the Joint Venture
        -------------------------------
        shall have all of the general powers and duties vested and
        prescribed by the Board from time to time.

        Subject to the power and authority of the Board to revoke or
        modify the following or to direct the actions of the CEO, the
        CEO will have responsibility and authority for:

        a.   Operating and managing the day-to-day business and affairs
             of the Joint Venture, and keeping the Board advised
             thereon, in a manner consistent with the respective
             Business Plan and the current budgets;

        b.   Proposing revisions to the respective Business Plan or
             budget for submission on a timely basis to the Board for
             approval;

        c.   Implementing the respective Business Plan and budget as
             approved by the Board;

                                 21

<PAGE>

        d.   Making any non-material changes to or taking actions that
             would constitute a non-material deviation from the
             respective Business Plan or budget;

        e.   Authorizing the Joint Venture to enter into contracts
             according to the Board resolution;

        f.   Subject to obtaining previous required approval from the
             Board, execute bonds, mortgages or other contracts,
             agreements or instruments on behalf of the Joint Venture;

        g.   Keep and maintain, or cause to be kept and maintained,
             adequate and correct books and records of accounts of the
             properties and business transactions of the Joint Venture,

        h.   Send or cause to be sent to the Board and the Parties
             quarterly financial statements;

        i.   Inform and report to the Board an account of all of his
             transactions as the Joint Venture CEO and of the financial
             condition of the Joint Venture.

VIII.	Compensation.  Except as otherwise expressly set forth in this
        ------------

Agreement, the Officers will receive the compensation for
their services according to the Board resolution.

6.5. SUPER MAJORITY

In order for any member of the Board, Party, director, officer,
manager or other Person to cause the Joint Venture to undertake, or to
cause any Person thereof to undertake, any of the matters listed below
(the "Super-Majority Resolutions"), the prior approval of two (2) of
      --------------------------
the three (3) members of the Board of the Joint Venture, shall be
required to:

I.      any agreement or transaction with a Party, member of the Board
        or an Affiliate

II.	the admission of additional parties of the Joint Venture and
        the Board;

III.	the approval of any new Business Plan with respect to any of
        the Projects ("Business Plan" is defined in Section 2.2) or
                       -------------                -----------
        material modification of an existing Business Plan (for this
        purpose, any change by 20% (twenty per cent) or more of any
        line item in the budget that is included in the Business Plan
        or any change in the Projects) and any Additional Joint
        Venture Contribution will be considered material);

IV.	merger or combination of the Joint Venture with or into
        another joint venture, Person or entity;

V.	sale or other disposition of all or substantially all of the
        Joint Venture assets or Joint Venture Contribution;

VI.     any material change in the Business Activities, respective
        Business Plans, Palacio del Mar Phase 1 Project and any other
        Projects;

VII.	any material change in accounting or tax policies of the Joint
        Venture;

                                 22

<PAGE>

VIII.	conversion of the Joint Venture to another form of legal
        entity;

IX.	entering into or amending the terms of any transaction or
        series of transactions between the Joint Venture and any
        Party, or Affiliate;

X.	amending the terms and conditions of this Agreement;

XI.	any change in the Joint Venture auditors; provided however,
        that the new auditors shall be an independent international
        recognized accounting firm;

XII.	the Joint Venture incurring indebtedness for borrowed money in
        excess of US$30,000,000.00 (Thirty million dollars);

XIII.	entering into any contract, agreement, or series of related
        contracts, or agreements obligating the Joint Venture in
        excess US$3,000,000.00 (Three million dollars);

XIV.	the acquisition or disposition of any interest in any other
        business or the participation in any increase or reduction of
        the Joint Venture capital of any other business that is within
        the budget and consistent with the respective and applicable
        Business Plan;

XV.	the purchase of real estate or other fixed assets or the sale
        and disposition of real estate or other fixed assets at a
        price of or valued at more than US$1,000,000.00 (One million
        dollars);

XVI.	the lending or advancing of any monies, including the
        guaranteeing or indemnifying of any indebtedness, liability or
        obligation of any person other than the granting of trade
        credit and other than in the ordinary course of business as
        established in the current budget;

XVII.	the creation or permission to subsist or the assumption of any
        encumbrance upon the whole or any part of the properties or
        assets where the aggregate value of such encumbered assets
        exceeds 10% (ten per cent) of the aggregate value of the Joint
        Venture total assets; provided, however, that the renewal of
        existing encumbrances is not included in this limitation;

XVIII.	the granting of any domain faculties to the Joint Venture
        officers, directors, managers, members of the Board or any
        other Person;

XIX.	the removal, revocation, designation or appointment of any
        Joint Venture officer, directors, manager and members of the
        Board; and

XX.	The admittance of any new investors to the Joint Venture or to
        a Project.

                                 23

<PAGE>

                              ARTICLE 7
                 BOOKS, RECORDS, ACCOUNTS AND REPORTS

7.1. 	BOOKS AND RECORDS

The Joint Venture books and records, together with all of the
documents and papers pertaining to or derived the Joint Venture
Business Activities, respective Business Plan and schedules shall be
kept at the principal place of business of the Joint Venture in the
Territory, and at all reasonable times shall be open to the inspection
of, and may be copied and excerpts taken there from by, either Party
or its duly authorized representative, provided that such inspection
is made in good faith.  The minutes of proceedings of the Parties
shall be kept in written form and accounting books and records shall
be kept either in written form or in any other form capable of being
converted into written form.  The books and records of the Joint
Venture management shall be kept on a fiscal year basis in accordance
with Generally Accepted Accounting Principles of the United States
(hereinafter referred as "GAAP") and shall reflect all Joint Venture
                          ----
transactions and be appropriate and adequate for the Joint Venture
Business Activities.

7.2. 	ANNUAL REPORT PREPARED BY AUDITORS

On or before March 10th of each year, the Board and CEO shall cause to
be prepared by the Joint Venture's independent accountants and
delivered to each of the Parties at the expense of the Joint Venture
an annual report of the Joint Venture relating to the preceding fiscal
year, containing a balance sheet and profit and loss and cash flow
statements (which shall be accompanied by a report of such independent
accountants).

7.3. 	UNAUDITED MONTHLY REPORTS PREPARED BY JOINT VENTURE

The Joint Venture shall prepare on a monthly basis in accordance with
GAAP, an unaudited balance sheet and unaudited profit and loss and
Cash Flow statements for and as of the month and for the fiscal year
to date (which shall be certified by the President of the Board and
the Chief Financial Officer of the Joint Venture as being true and
correct to the best of their knowledge and belief), and shall furnish
the same to each of the Parties within ten (10) days following the
last day of the applicable month.

7.4. 	UNAUDITED QUARTERLY REPORT PREPARED BY JOINT VENTURE

The Joint Venture shall prepare on quarterly basis in accordance with
GAAP an unaudited balance sheet and unaudited profit and loss and Cash
Flow statements for and as of the period ending March 31st, June 30th
and September 30th (which shall be certified by the President of the
Board and the Chief Financial Officer of the Joint Venture as being
true and correct to the best of their knowledge and belief), and shall
furnish the same no later than fifteen (15) days after the last day of
the applicable quarter.

7.5. 	TAX RETURNS

On or before April 1st of each year, the Board and the CEO shall cause
federal, state and provincial tax returns to be prepared and file
before the proper authorities. A copy of said tax returns shall be
delivered to the each of the Parties at the expense of the Joint
Venture.

                                 24

<PAGE>

7.6. 	FISCAL YEAR

The first fiscal year of the Joint Venture shall begin on the date of
formation of the Joint Venture and shall end on December 31st of the
same year.   Subsequent fiscal years shall begin on January 1 and end
on December 31st.

7.7.	BANK ACCOUNTS

All funds belonging to the Joint Venture shall be deposited in the
name of the Joint Venture in such bank account or accounts as shall be
determined by the Parties.  All withdrawals there from shall be made
upon cheques and/or wire transfers signed and/or authorized on behalf
of the Joint Venture by at least two (2) Persons authorized to sign
cheques on behalf of the Joint Venture.

7.8	ACCOUNTING

The LBHI and SDRI shall appoint a mutually agreed upon, independent
accountant to provide all accounting functions for the Joint Venture,
provided that SDRI will be responsible for all related costs and
expenses for such account until December 2008.

                            ARTICLE 8
                   SERVICES AGREEMENTS AND FEES

8.1. All Services Agreements executed by the Joint Venture shall be
subject to, among other terms and conditions, approved by the Board,
the following:

     a.   All services rendered to the Joint Venture for any Project
          shall be evidenced through an executed Services Agreement
          negotiated on an arm's length basis and approved by the Board.

     b.   All fees and or considerations paid in connection of the
          execution of the Services Agreement are subject to Board
          approval.

     c.   All fees are to be paid from the Cash Flow.

     d.   Each party to a Services Agreement enter into and executed by
          the Joint Venture shall bear according to the applicable laws
          and this Agreement their own expenses, costs and taxes derived
          from the services rendered (including reasonable attorneys
          fees).

     e.   Except as otherwise provided herein or in a Services
          Agreement, the provider of services shall obtain at its own
          cost and expenses all the necessary authorizations, permits
          and licences required for the services being rendered to the
          Joint Venture.

                                 25

<PAGE>

                             ARTICLE 9
       ALLOCATIONS, DISTRIBUTIONS, ELECTIONS AND REPORTS

9.1	ALLOCATIONS OF PROFITS AND LOSSES AND DISTRIBUTION

     (a)  Allocations.  Prior to the return (i) to LBHI of the FMV of
          -----------
          each property contributed to the Joint Venture by LBHI for
          a Project, pursuant to the terms of this Agreement, and
          (ii) to SDRI of its JV Contributions and except as may be
          otherwise provided herein, Profits and Losses for a Project
          may be allocated, but not distributed, as follows:
          (i)   Profits will be allocated:

              a.  First to each of the Parties in an amount equal to
                  prior allocations of Losses in the reverse order such
                  Loss allocations were made;

              b.  Then, to each of the Parties in accordance with their
                  respective Percentage Interests in the Joint Venture.

         (ii)   Losses will be allocated:

              a.  First, to each of the Parties in an amount equal to
                  prior allocations of Profits in the reverse order such
                  Profit allocations were made; and

              b.  Then, to each of the Parties pro rata in accordance
                  with their respective Percentage Interests.

     Except as provided elsewhere in this Agreement, the Board may
     reallocate losses or other items included in Profits or Losses
     among the Parties so as to cause the Parties respective separate
     capital accounts to have balances (or as close thereto as
     possible) they would have if the Profits or Losses and all other
     items of income, gain, deduction or loss were allocated in
     accordance with the intended economic arrangements among Parties.

     (b)  Distributions.  After (i) the FMV of a particular property
          -------------
contributed to the Joint Venture by LBHI is paid in full by the Joint
Venture to LBHI, and (ii) then all JV Contributions made to the Joint
Venture by SDRI for such particular property are paid in full, the
Joint Venture shall then be entitled to make distributions relating
such property to the Parties pursuant to and in accordance with this
Section 9.1(b).
--------------

          (i)   "Available Net Cash" means all cash available to the
                 ------------------
                Joint Venture from its Business Activities,
                activities, decisions and transactions which do not
                require the prior approval of the Board in accordance
                with Section 6.5 (hereinafter referred to as the
                     -----------
                "Ordinary Course of Business") remaining after payment
                 ---------------------------
                of current expenses, Liabilities, debts or obligations
                of the Joint Venture (other than principal or interest
                on Loans) and after any appropriate reserves for:

                                 26

<PAGE>

                (A)   Known contingent or unforeseen obligations, debts
                      or Liabilities of the Joint Venture, as the Board
                      deems reasonably necessary;

                (B)   amounts required by any contracts with third
                      parties including but not limited to agreements
                      with Parties or its Affiliates (hereinafter
                      referred to as the "Contracts of the Joint
                                          ----------------------
                      Venture"); and
                      -------

                (C)   such other purposes as decided upon by the Board.

          (ii)  Available Net Cash Distribution. Except may otherwise
                be provided herein, Available Net Cash of the Joint
                Venture shall be distributed among and to the Parties
                in accordance with the following order of priority:

                (A)   First, to those Parties with adjusted Joint
                      Venture Contributions, among them in proportion
                      to the ratio of their Adjusted Joint Venture
                      Contributions, until all of their Adjusted Joint
                      Venture Contributions have been reduced to zero;
                      and

                (B)   Thereafter, the balance, if any, to each of the
                      Parties in accordance with their respective
                      Percentage Interests.

          (iii) Time and Amount of Cash Distributions.  As of the
                close of each fiscal quarter and each fiscal year of
                the Joint Venture, and at any other time the Parties
                deem appropriate, the distributable Available Net Cash
                shall be calculated and, if the Parties deems the same
                to be appropriate, all or any portion thereof shall be
                distributed to the Parties, prior written resolution
                of the Board and unless:

                (A)   All Liabilities of the Joint Venture have been
                      paid or after such distribution there will remain
                      Joint Venture property with a fair value
                      sufficient to pay such Liabilities.  For these
                      purposes the fair value of the Joint Venture
                      property that is subject to a liability as to
                      which recourse of creditors is limited shall be
                      included in Joint Venture property only to the
                      extent that the fair value of such Joint Venture
                      property exceeds such Liability;

                (B)   The Board determine that such Available Net Cash
                      distribution may be made without materially
                      affecting the ability and financial capacity of
                      the Joint Venture to pay its obligations
                      (including contingent liabilities) as they fall
                      due; and

                (C)   Such Available Net Cash Distribution may be made
                      in accordance with applicable law.

          (iv)  Other Distributions.  The Board, in its sole
                discretion, may make additional annual distributions
                of Available Net Cash to the Parties following the

                                 27

<PAGE>

                close of each fiscal year.  To the extent distributed,
                such distributions will be made as follows:

       (A) First, to repay Loans as follows:

           (1)  If the written terms of Parties Loans state
                the order of priority of payment of
                principal and interest, then those priority
                rules will apply.

           (2)  Otherwise, the Joint Venture: first will
                pay interest due on the Parties Loans, on a
                proportionate basis without preference, in
                accordance with the total amount of
                interest outstanding on all Parties Loans;
                and then will pay the principal due on the
                Party Loans, on a proportionate basis
                without preference, in accordance with the
                total amount of principal outstanding on
                all Parties Loans.]

           (3)  Advance Distributions. Board may also make
                advance distributions during each fiscal
                year, which distributions will be made in
                accordance with the aforesaid priorities and
                will satisfy in whole or in part such
                priorities.

                             ARTICLE 10
                        LBHI PURCHASE OPTION

The Parties agree that during the term of this Agreement or any of the
extensions thereto, LBHI will have an exclusive and irrevocable option
(hereinafter referred to as the "LBHI Purchase Option") to acquire in
                                 --------------------
each Project developed by the Joint Venture pursuant hereto, up to six
(6) units offered for sale to the public by the Joint Venture in such
Project (whether such units are condominiums, landlots, villas or
houses).The price for each such unit will be construction cost plus
fifteen (15%) percent.

                             ARTICLE 11
                     DISSOLUTION AND TERMINATION

11.1 	TERMINATION IN THE ABSENCE OF DEFAULT

(a)  The Joint Venture fails to achieve the Critical Target at
     the time specified in the respective Business Plan
     (hereinafter referred to as "Critical Target Failure") that
                                  -----------------------
     is not a result of a material breach by any of the Parties
     and the Parties fail to agree upon and implement a plan to
     remedy such failure within thirty (30) days (or such longer
     period as may be agreed by the Parties) after either Party
     has given notice of such failure to the other Party.

                                 28

<PAGE>

(b)  Expiration of Term. Upon expiration of the term of the
     ------------------
     Joint Venture, unless the Parties have agreed in writing to
     an extension of the term of the Joint Venture.

11.2    TERMINATION IN THE ABSENCE OF DEFAULT--REMEDIES

Any of the Parties may elect to terminate the Joint Venture upon the
occurrence of any of the events specified in Section 11.1 by giving
                                             ------------
notice of termination to the other Party within ninety (90) days of
first becoming aware of the occurrence of the event giving rise to the
right of termination.  That notice must specify one of the following
alternative remedies:

     (a)   Dissolution.  Dissolve the Joint Venture in accordance with
           -----------
           Section 11.4 and under the terms and conditions of this
           ------------
           Agreement.

     (b)   Mandatory Buy-Sell.  Initiate the sale of the Joint Venture
           ------------------
           assets subject to prior resolution of the Board and under
           the terms and conditions set forth in the Board resolution.

If both Parties give notices within such time period, the notice given
first shall prevail.

11.3	TERMINATION AND OTHER RIGHTS UPON DEFAULT

This Section shall apply only if only one Party is a Defaulting Party
(as such term is define below), in which case the Non-Defaulting Party
(as such term is define below) may elect to terminate the Joint
Venture.  For terms of interpretation of this Agreement a "Defaulting
                                                           ----------
Party" is a Party with respect to which any of the following events
-----
has occurred and a "Non-Defaulting Party" is a Party with respect to
                    --------------------
which none of such events has occurred.

     (a)   Material Default.  Any material default by the Party in the
           ----------------
           performance of any covenant in this Agreement or in the
           performance of any material provision of any related
           agreement to this Agreement, which default continues for a
           period of 30 (thirty) days after written notice thereof has
           been given by the Non-Defaulting Party.

     (b)   Material Breach.  A breach of any representation or
           ---------------
           warranty set forth in this Agreement, any breach of which
           shall be deemed to be a material breach for purposes of
           this Agreement.

     (c)   Termination of Existence by a Party.  The Party commences
           -----------------------------------
           any proceeding to wind up, dissolve, or otherwise terminate
           its legal existence under the applicable law.

     (d)   Termination of Existence by another Party.  Any proceeding
           -----------------------------------------
           commenced against the Parties seeks or requires the winding
           up, dissolution, or other termination of its legal
           existence under the applicable laws, unless the Party
           defends or contests that proceeding in good faith within
           thirty (30) days of its commencement, obtains a stay of
           that proceeding within thirty (30) days of its
           commencement, and then only so long as such stay continues
           and it pursues such defense or contest diligently
           thereafter.

     (e)   Dissociation.  The Parties withdraws from the Joint Venture
           ------------
           in violation of this Agreement.

                                 29

<PAGE>

     (f)   Transfer. The Parties agrees (a) to sell, assign, transfer,
           --------
           transmit or otherwise dispose totally or partially of its
           rights in violation of this Agreement.

     (g)   Change of Control.  The occurrence of a change of Control
           -----------------
           of the Party or entity directly or indirectly controlling
           the Party or a competition of the Joint Venture obtains an
           equity interest of no less than fifty (50%) percent or more
           in the Party or entity directly or indirectly controlling
           the Party.

     (h)   Bankruptcy.  Either (a) the Party seeks relief in any
           ----------
           proceeding under any laws of the [Republic of Panama] or
           any other state for the relief of debtors or any similar
           law of any other jurisdiction in which the Party carries on
           its business or (b) the institution against the Party of a
           proceeding under the [Bankruptcy Reform Act of 1978 or any
           law of the United States] or any state now in existence or
           hereafter enacted having the same general purpose or any
           similar law of any other jurisdiction in which the Party
           carries on its business unless the Party defends or
           contests that proceeding in good faith within fifteen (15)
           days of its commencement, obtains a stay of that proceeding
           within ninety (90) days of its commencement, and then only
           so long as it pursues such defense or contest diligently
           thereafter.

     (i)   Appointment of a Receiver. The appointment of a receiver,
           -------------------------
           receiver-manager, trustee, custodian or like officer for
           all or a substantial part of the business or assets of the
           Party except if the Party defends or contests that
           proceeding in good faith within fifteen (15) days of the
           commencement, obtains a stay of that proceeding within
           ninety (90) days of its commencement, and then only so long
           as it pursues such defense or contest diligently
           thereafter.

     (j)   Assignment for Benefit of Creditors.  The Party makes an
           -----------------------------------
           assignment for the benefit of its creditors, including
           totally or partially any right under this Agreement.

     (k)   Involuntary Proceedings.  Any execution, attachment,
           -----------------------
           distress or other process of any court is made or attaches
           to the Party rights under this Agreement unless the Party
           defends or contests the execution, attachment, distress or
           other proceeding in good faith within fifteen (15) days of
           its commencement, obtains a stay of that execution within
           ninety (90) days of its commencement, attachment, distress
           or other proceeding, and then only so long as it pursues
           such defense or contest diligently thereafter.

11.4	REMEDIES UPON DEFAULT

(a)  By Non-Defaulting Party.  A Non-Defaulting Party may elect
     -----------------------
     to terminate the Joint Venture upon the occurrence of any
     of the events specified in Section 11.3 by giving notice of
                                ------------
     termination (herein after referred to as the "Termination
                                                   -----------
     Notice") to the Defaulting Party within ninety (90) days of
     ------
     first becoming aware of the occurrence of the event giving
     rise to the right of termination.  The Termination Notice
     must specify one of the following alternative remedies.

       (i)   Dissolution of the Joint Venture.

                                 30

<PAGE>

        (ii)  The election to purchase the Defaulting Party
              Percentage Interest for 70% (seventy per cent) of the
              price at which the Parties could sell or transfer
              their Percentage Interest to a third party as at the
              date of the Termination Notice according to its Fair
              Market Value and otherwise in accordance with Section
                                                            -------
              11.9.  The Non-Defaulting Party will propose such Fair
              ----
              Market Value.

        (iii) The election to sell its Percentage Interest to
              the Defaulting Party for 100% (one hundred per cent)
              of Fair Market Value, and otherwise in accordance with
              Section 11.9.  The Non-Defaulting Party will propose
              ------------
              such Fair Market Value in the Termination Notice
              according to the Fair Market Value determination rules
              provided in this Agreement.

(b)  Other Remedies.  A Non-Defaulting Party election to
     --------------
     dissolve the Joint Venture will not preclude its exercise
     of whatsoever rights it may also have under this Agreement
     or breach thereof or at applicable(s) law(s).  However, the
     Non-Defaulting Party election to purchase the Defaulting
     Party Percentage Interest or to sell its Percentage
     Interest under the terms hereof will be an exclusive
     remedy, and will preclude the exercise of any rights the
     Non-Defaulting Party may have under this Agreement or
     breach thereof or at applicable(s) law(s).  Notwithstanding
     the foregoing, no election of remedies will preclude
     recourse by the Non-Defaulting Party to whatsoever
     injunctive relief to which it may otherwise be entitled
     under this Agreement or any other related agreement to this
     Agreement.

(c)  Effect of Notice.  If a Party delivers a Termination Notice
     ----------------
     electing to purchase or electing to sell (and, the former
     case, the required deposit), the specified Party will sell
     and the other Party will buy the Percentage Interest of the
     specified Party in accordance with Section 11.9.
                                        ------------

11.5	REMEDIES IF BOTH PARTIES ARE DEFAULTING PARTIES

If both Parties are, or become, Defaulting Parties, simultaneously or
sequentially, before a sale of a Percentage Interest under Section
                                                           -------
11.4 has been consummated, then notwithstanding any election
----
previously made by a Non-Defaulting Party or steps taken to accomplish
the same, (a) the Party and the Board will proceed as soon as possible
to dissolve the Joint Venture in accordance with the provisions of
Section 11.6 as though such dissolution resulted from an election
------------
pursuant to Section 11.2, and (b) both Defaulting Parties will then
            ---------------------
and thereafter have and may exercise whatsoever rights and remedies as
may be available to them under this Agreement and at the applicable(s)
law(s).

11.6	DISSOLUTION PROCEDURES

Promptly after a Party delivers a Termination Notice electing to
dissolve the Joint Venture:

     (a)   The Board will proceed, with prior written resolution, to
           wind up the affairs and businesses of the Joint Venture in
           the manner hereinafter provided;

                                 31

<PAGE>

     (b)   none of the provisions of this Agreement (other than those
           prescribed by this Section 11.6 relating to the management
                              ------------
           of the Joint Venture will continue to apply and the Non-
           Defaulting Party will operate the Joint Venture during the
           course of liquidation and wind up its affairs and
           businesses in the manner hereinafter provided on behalf of
           the Parties.  The Non-Defaulting Party will not be
           obligated to provide any additional funds by way of Joint
           Venture Contribution, Loans or otherwise to or for the
           Joint Venture; and

     (c)   in either case, each Party will immediately pay to the
           Joint Venture all amounts owing by it to the Joint Venture
           together with its proportionate share of all contributions
           required by applicable law to be paid to satisfy the
           liabilities of the Joint Venture other than Parties Loans.

11.7    METHOD OF SALE

If the Joint Venture has recorded revenue from sales of the properties
developed in Phase 1 or any other Project, the Board (in the case of a
dissolution under Section 11.4) or the Non-Defaulting Party (in the
                  ------------
case of a dissolution under Section 11.4), as the case may be, will
                            ------------
retain a business broker and will cause the Business Activities
(including but not limited to all the properties developed in Phase 1
according to the Project) of the Joint Venture to be listed for sale
as a going concern.  If an offer acceptable to such Board or such Non-
Defaulting Party, as the case may be, acting reasonably has not been
received within one hundred twenty (120) days of listing the Business
Activities for sale, or if the Joint Venture has not recorded revenue
from sales of the properties developed in Phase 1 according to the
terms of Project, the assets of the Joint Venture will be sold in the
manner determined by the Board or the Non-Defaulting Party, as the
case may be, whether totally or partially.  The Board (in the case of
a dissolution under Section 11.4) or the Non-Defaulting Party (in the
                    ------------
case of a dissolution under Section 11.4) will liquidate the assets
                            ------------
and discharge the Liabilities of the Joint Venture over a reasonable
time in order to minimize the Losses that may otherwise result from an
immediate liquidation.

11.8	APPLICATION OF PROCEEDS OF LIQUIDATION

       The proceeds of the liquidation of the Joint Venture will be
applied in the following order:
       (a) to the payment of the expenses of liquidation;

       (b) to the payment of the Liabilities and obligations of the
           Joint Venture, other than debts or liabilities owing to a
           Party; and

       (c) thereafter in accordance with Section 9.1(a)(i).
                                         -----------------

11.9	BUY-SELL UPON DEFAULT

If either LBHI or SDRI delivers a Termination Notice in accordance
with Section 11.4(a) (hereinafter referred to as the "Notice of
     ---------------                                  ---------
Termination of Joint Interests") to the other, during the period of
------------------------------
ninety (90) days following the day on which the Notice of Termination
of Joint Interests is delivered LBHI and SDRI will attempt to reach
agreement as to the purchase by one of them of the Percentage
Interests of the Joint Venture, LBHI and SDRI owned by the other of

                                 32

<PAGE>

them.  If they are unable to reach agreement within that ninety (90)
days, on a date specified by the Party which gave the Notice of
Termination of Joint Interests, which is not less than twenty (20) nor
more than thirty (30) days after expiration of the ninety (90) day
period, LBHI and SDRI will simultaneously exchange notices in which
each of them specifies to the other the Fair Market Value payable in
cash in United States dollars, at which it would be willing to
purchase all the Percentage Interest of the Joint Venture, LBHI and
SDRI  owned by the other of them.

The offers to purchase the Percentage Interest will be subject to no
conditions other than obtaining necessary governmental approvals and
consents and customary closing conditions relating to legal (but not
business or financial) matters.  If all necessary governmental
approvals and consents can be obtained, the closing of the sale of the
Percentage Interests of the Joint Venture will be completed on a date
specified by the purchaser Party which will not be later than the
later of (a) 120 (one hundred and twenty) days after the date on which
LBHI and SDRI are to specify purchase prices for the purchase of the
Percentage Interests of the Joint Venture, LBHI and SDRI owned by the
other, or (b) 10 (ten) days after all required governmental approvals
and consents have been obtained and all required waiting periods under
applicable laws and governmental regulations have expired or been
terminated.

                             ARTICLE 12
      OTHER BUSINESS, RESTRICTIONS ON TRANSFERS AND NEW PARTIES

12.1	OTHER BUSINESS VENTURES

Any of the Parties and its Affiliates may hereafter engage in or
possess any other businesses, investments or activities of any nature
and description, independently or with others, and neither the Joint
Venture nor any other of the Parties shall have any rights in and to
said other businesses, investments or activities, or the income or
profits derived there from, by reason of this Agreement.

The fact that a Party, or an Affiliate with such Party, is directly or
indirectly interested in or connected with any Person with which the
Joint Venture has business dealings or transactions or with any Person
who is employed by the Joint Venture to render services shall not
prohibit the Joint Venture from dealing with such Person or employing
such Person, and neither the Joint Venture nor the other Party shall
have any right to any income or profits derived by such a Person there
from; provided, however, that any such transaction shall be subject to
approval of the Board and shall be enter into on an arm's length
basis.

12.2. 	PROHIBITION OF TRANSFER JOINT VENTURE PERCENTAGE INTEREST

Except as otherwise specifically provided for in this Agreement,
neither Party shall have the right to sell, transfer, encumber or
otherwise dispose of all or any part of its Percentage Interest in the
Joint Venture, whether voluntarily, involuntarily or by operation of
law, or assign or create a beneficial interest in its net Profits, net
Losses, or Distributions, notwithstanding the fact that such proposed
assignment, transfer, encumbrance or creation of beneficial interest
would not involve a substitution of a new Person as a Party under this
Agreement.  Any attempted sale, transfer, encumbrance or other
disposition of all or any part of a Percentage Interest in the Joint
Venture by a Party not in compliance with this Agreement shall be a

                                 33

<PAGE>

breach of this Agreement, shall be null and void since its beginning
and shall confer no rights on the purported transferee. The transfer
restrictions contained in this Agreement shall be deemed to be of the
essence of the ownership of a Percentage Interest in the Joint
Venture.  Upon application to any court of competent jurisdiction, the
Joint Venture shall be entitled to a decree against any Person
violating or about to violate the provisions hereof.

                             ARTICLE 13
                   REPRESENTATIONS AND WARRANTIES

13.1.	LBHI REPRESENTATIONS AND WARRANTIES

LBHI hereby represents and warrants to SDRI as follows:

13.1.1.	Each of the statements contained in this Agreement and Section
        is and will be true, correct and completed with respect to SDRI,
        as of the date of this Agreement.

13.1.2.	Good Standing. LBHI is a corporation duly organized, validly
        existing and in good standing under the laws of the Republic of
        Panama and has all necessary powers, authority and approvals
        required to enter into and execute this Agreement and perform
        fully its obligations hereunder.

13.1.3.	Enforceability; No Conflicts. This Agreement constitutes the
        legal, valid and binding obligation of LBHI enforceable against
        it in accordance with its terms. LBHI is not or will not be
        required to give any notice to any Person or obtain any consent
        or approval in connection with the execution and delivery of this
        Agreement, or the consummation or performance of any of the acts,
        activities and obligations contemplated in this Agreement.
        Neither the execution and delivery of this Agreement or any of
        the ancillary agreement, nor the consummation or performance of
        any of the obligations hereof, will directly or indirectly (with
        or without notice or lapse of time) (a) contravene, violate or
        result in the breach of any contract, agreement, permit or law to
        which LBHI is a party or by which any of his respective
        properties or assets may be bound, or (b) result in the
        imposition or creation of any lien upon or with respect to any of
        the properties or assets of LBHI or its Affiliates.

13.1.4.	Litigation. There is no suit, arbitration, or legal,
        administrative or other proceeding or governmental investigation
        pending or, to the best knowledge of LBHI, threatened against
        LBHI with respect to LBHI consummation of the transaction
        described herein.

13.1.5.	Disclosure.

13.1.5.1.  No recital, statement, representation or warranty of LBHI
           in this Agreement contain any material untrue statement or
           omits to state a material fact necessary to make the
           statements (herein or therein and in light of the
           circumstances in which they were made) not misleading.

                                 34

<PAGE>

13.1.5.2.  There is no fact known by the Investor that has a
           specific application to the Joint Venture and that could have
           a material adverse effect on the assets, the contracts, or the
           Joint Venture Business Activities that has not been set forth
           in this Agreement.

13.2.	SDRI REPRESENTATIONS AND WARRANTIES

SDRI hereby represents and warrants to LBHI as follows:

13.2.1. Each of the statements contained in this Agreement and Section
        is and will be true, correct and completed with respect to
        LBHI, as of the date of this Agreement.

13.2.2.	Good Standing. SDRI is a corporation duly organized, validly
        existing and in good standing under the laws of Republic of
        Panama and has all necessary powers, authority and approvals
        required to enter into and execute this Agreement and perform
        fully its obligations hereunder.

13.2.3.	Enforceability; No Conflicts. This Agreement constitutes the
        legal, valid and binding obligation of SDRI enforceable
        against it in accordance with its terms.  SDRI is not or will
        not be required to give any notice to any Person or obtain any
        consent or approval in connection with the execution and
        delivery of this Agreement, or the consummation or performance
        of any of the acts, activities and obligations contemplated in
        this Agreement. Neither the execution and delivery of this
        Agreement or any of the ancillary agreement, nor the
        consummation or performance of any of the obligations hereof,
        will directly or indirectly (with or without notice or lapse
        of time) (a) contravene, violate or result in the breach of
        any contract, agreement, permit or law to which SDRI is a
        party or by which any of his respective properties or assets
        may be bound, or (b) result in the imposition or creation of
        any lien upon or with respect to any of the properties or
        assets of SDRI or its Affiliates.

13.2.4.	Litigation. Except as otherwise provided in the PPM, there is
        no suit, arbitration, or legal, administrative or other
        proceeding or governmental investigation pending or, to the
        best knowledge of SDRI, threatened against SDRI with respect
        to SDRI consummation of the transaction described herein.

13.2.5.	Disclosure.

13.2.5.1. No recital, statement, representation or warranty of SDRI
          in this Agreement contain any material untrue statement or
          omits to state a material fact necessary to make the
          statements (herein or therein and in light of the
          circumstances in which they were made) not misleading.

13.2.5.2. There is no fact known by the Investor that has a
          specific application to the Joint Venture and that could have
          a material adverse effect on the assets, the contracts, or the
          Joint Venture Business Activities that has not been set forth
          in this Agreement.

                                 35

<PAGE>

                            ARTICLE 14
                    MISCELLANEOUS PROVISIONS

14.1. NOTICES

All notices, requests, authorizations, waivers and other communications
under this Agreement shall be in writing and shall be deemed given when
delivered to the appropriate address by hand, and if they are not
delivered personally, if delivered by courier, telecopier, or prepaid
certified courier:

     If to LBHI:
     Frank DeLape
     700 Gemini, Suite 100
     Houston, Texas 77058

     If to SDRI at:
     SDRI
     700 Gemini Suite 100
     Houston, Texas, 77058
     Attention: James Bell

Any modification to the information set forth above shall be notified in
writing pursuant to this Article.

14.2	ENFORCEMENT OF AGREEMENT

The Parties acknowledge and agree that a Party could be damaged
irreparably if any of the provisions of this Agreement are not performed
in accordance with its specific terms and that any breach of this
Agreement by a Party could not be adequately compensated in all cases by
monetary damages alone.  Accordingly, the Parties agree that, in addition
to any other right or remedy to which a party may be entitled, at law or
in equity, it will be entitled to enforce any provision of this Agreement
by a decree of specific performance and to temporary, preliminary and
permanent injunctive relief to prevent breaches or threatened breaches of
any of the provisions of this Agreement, without posting any bond or
other undertaking.

14.3	WAIVER

The rights and remedies of the Parties to this Agreement are cumulative
and not alternative.  Neither any failure nor any delay by any Party in
exercising any right, power or privilege under this Agreement or any of
the documents referred to in this Agreement will operate as a waiver of
such right, power or privilege, and no single or partial exercise of any
such right, power or privilege will preclude any other or further
exercise of such right, power or privilege or the exercise of any other
right, power or privilege.  To the maximum extent permitted by applicable
law, (a) no claim or right arising out of this Agreement or any of the
documents referred to in this Agreement can be discharged by one Party,
in whole or in part, by a waiver or renunciation of the claim or right
unless in a written document signed by the other Party, (b) no waiver
that may be given by a Party will be applicable except in the specific
instance for which it is given, and (c) no notice to or demand on one
Party will be deemed to be a waiver of any obligation of that Party or of
the right of the Party giving such notice or demand to take further
action without notice or demand as provided in this Agreement or the
documents referred to in this Agreement.

                                 36

<PAGE>

14.4	DISPUTE RESOLUTION

(a)  Negotiation between Parties Executives. The Parties will
     --------------------------------------
     attempt in good faith to resolve any dispute arising out of or
     relating to this Agreement promptly by negotiations between
     executives who are not engaged in the day to day operations of
     the Joint Venture and who have authority to settle the
     controversy.  Any Party may give the other Party written
     notice of any dispute not resolved in the normal course of
     business.  Within twenty (20) days after delivery of said
     notice, executives of both parties will meet at a mutually
     acceptable time and place, and thereafter as often as they
     reasonably deem necessary, to exchange relevant information
     and to attempt to resolve the dispute.  If the matter has not
     been resolved within sixty (60) days as from the disputing
     Party's notice, or if the Parties fail to meet within thirty
     (30) days, either Party may initiate arbitration of the
     controversy or claim as provided in Section 14.4(b).
                                         ---------------

     If a negotiator intends to be accompanied at a meeting by an
     attorney, the other negotiator will be given at least three
     working days' notice of such intention and may also be
     accompanied by an attorney.  All negotiations pursuant to this
     clause are confidential and will be treated as compromise and
     settlement negotiations for purposes of the federal rules of
     evidence and state rules of evidence.

(b)  Arbitration.  This Agreement is and shall be ruled by the laws
     -----------
     of the [Republic of Panama]. If any dispute arises regarding
     or pertaining to the validity, intention, or interpretation,
     execution or compliance of the same (hereinafter referred to
     as the "Dispute"), the Parties shall try to settle the Dispute
             -------
     through negotiations performed in good faith according to
     Section 14.4.(a).  If within 30 (thirty) days following the
     ----------------
     date on which one of the Parties gives notice to the other of
     the existence of such Dispute, and the same has not been
     settled, it shall be resolved by arbitration whose award shall
     be final and binding upon the Parties.  Such arbitration shall
     be conducted in the City of Houston, Texas, in English
     language (Spanish simultaneous translation shall be allowed),
     pursuant to the American Arbitration Association to
     effectively execute this Agreement (the "AAA Rules"), by three
                                              ---------
     (3) arbitrators, law experts, designated by Parties within the
     following thirty (30) days as of the date when one Party serve
     notice (the "Arbitration Notice") to the other Party
                  ------------------
     soliciting the resolution of the Dispute through the
     arbitration, which shall at all time provide the Dispute
     relevant facts and conflicts.

     Each Party shall appoint (1) one arbitrator and the (2) two
     arbitrators appointed by the Parties shall appoint a third
     arbitrator. If the (2) arbitrators appointed by the Parties do
     not agree in the appointment of the third arbitrator within
     the following fifteen (15) after their designation, or if any
     of the Parties do not appoint their respective arbitrator,
     then said arbitrator(s) shall be designated according to the
     AAA international rules.

     The arbitrator's awarded by two (2) arbitrators shall be final
     and binding upon the Parties, and it may be entered in any
     court having jurisdiction for its enforcement, and the Parties
     expressly submit to the jurisdiction of said court.

     The expenses derived under the arbitration process shall be
     divided equally among the Parties.

                                 37

<PAGE>

     Neither Party may appoint an arbitrator that directly or
     indirectly was an employee, had or have a commercial relation
     or subordination to any of the Parties hereto or any of their
     Affiliates or to the Joint Venture.

14.5	ENTIRE AGREEMENT AND MODIFICATION

This Agreement and all of the documents referred to in this Agreement
supersede all prior agreements among the Parties with respect to its
subject matter and constitutes (along with the documents delivered
pursuant to this Agreement) a complete and exclusive statement of the
terms of the agreement between the Parties with respect to its subject
matter.  This Agreement may not be amended, supplemented or otherwise
modified except in a written document executed by the Party against whose
interest the modification will operate.

14.6. FORCE MAJURE

Except as otherwise expressly provided in this Agreement, if either Party
to this Agreement is temporarily or otherwise unable to perform its
obligations under this Agreement because of fire, flood, strikes, lock-
outs, or closures, labor disputes or other industrial disturbances,
freight embargoes, blockades, government restrictions or regulations
which enter into effect after execution of this Agreement, war (declared
or undeclared) invasion, riots, insurrections, unforeseeable accidents,
acts of God, or other unforeseeable causes beyond its reasonable control,
no liability shall exist to the other party for failure of performance
during such period, nor shall any such temporary occurrence constitute
cause for terminating this Agreement; provided that the affected Party
notifies the other Party in writing of such circumstance and uses its
best efforts to eliminate the effects of such circumstance as soon as
possible.

14.7. INDEMNIFICATION

Subject to the terms and conditions herein set forth, SDRI agrees that
it will defend, indemnify and hold LBHI harmless with respect to the
aggregate of all indemnifying damages (as hereinafter defined) of
LBHI. For this purpose, "Indemnifying Damages" of LBHI means the
                         --------------------
aggregate of all expenses, losses, costs, deficiencies, liabilities
and damages (including related counsel fees and expenses) incurred or
suffered by LBHI resulting from (i) any breach by SDRI of its
declarations and warranties set forth in this Agreement, or from (ii)
any defect or hidden defect in the properties developed, constructed,
market and sale from any of Projects and specially form the Phase 1
Project.  Without limiting the generality of the foregoing, with
respect to the measurement of indemnifying damages, LBHI shall have
the right to be put in the same financial position as it would have
been if SDRI have not incurred in any situation provided hereinbefore.
LBHI shall promptly give SDRI written notice of each time that LBHI
becomes aware of any fact or circumstance which may give rise to an
obligation of SDRI to indemnify LBHI  under this Section, which notice
shall be accompanied by a copy of any claim made or defect or hidden
defect detected which may result in such obligation to indemnify.  The
failure to so notify SDRI shall relieve SDRI from its obligation to
indemnify LBHI only to the extent SDRI has been prejudiced by such
failure.

14.8	EXPENSES

Except as otherwise expressly provided in this Agreement, each Party to
this Agreement will bear its respective expenses incurred in connection
with the preparation, execution and performance of this Agreement or any
of the documents referred to in this Agreement, including all fees and
expenses of its representatives and attorneys.  The parties will cause
the Joint Venture not to incur any out-of-pocket expenses in connection

                                 38

<PAGE>

with this Agreement, except for professional fees not exceeding the
amount of US$300,000.00.  If this Agreement is terminated, the obligation
of each Party to pay its own expenses will be subject to any rights of
such Party arising from a breach of this Agreement by another Party.

Notwithstanding the above mentioned, SDRI agree to bear and pay any and
all the legal expenses, fees and costs, including any legal costs,
expenses and attorney fees derived from any and all legal suits and or
claims regarding the properties in which the Projects will be developed
according to the terms of this Agreement and or any and all expenses and
cost incurred by any Party in connection with ownership of the properties
in which the Projects will be developed.

14.9	PUBLIC ANNOUNCEMENTS

Any public announcement or similar publicity with respect to this
Agreement or any of the documents referred to in this Agreement will be
issued, if at all, at such time and in such manner as the Board
determine. The Board and the Parties will not and will not permit the
Joint Venture to make any disclosure of this Agreement to any Person,
except with the prior written consent of the other Party and the Board or
as required by Law.

14.10. SEVERABILITY

If any provision of this Agreement is held invalid, null or unenforceable
by any court of competent jurisdiction, the other provisions of this
Agreement will remain in full force and effect.  Any provision of this
Agreement deemed invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or
unenforceable.

14.11. TITLE REFERENCE AND INCORPORATION OF SCHEDULES

All references to Articles, sub-articles, schedules or exhibits shall be
considered references to the Articles, sub-articles, schedules and
exhibits of this Agreement, except if otherwise is instructed. The
schedules identified in this Agreement, are incorporated herein by
reference and made a part of this Agreement.  The Articles, Articles and
sub-articles, the definitions and the headings of this Agreement are
solely for reference purposes, and shall not have any effect on the
interpretation or content of the same.

14.12.	COUNTERPARTS

This English Agreement is executed in two counterparts - each one to be
considered as original.

                             ARTICLE 15

                           CONFIDENTIALITY

15.1	CONFIDENTIAL INFORMATION

Except as required by any applicable law, rule and/or regulation, each
Party will, and will cause each of its Affiliates, and its and their
respective, shareholders, directors, officers, employees and agents
(hereinafter jointly referred to as the "Representatives") to keep secret
                                         ---------------
and retain in strictest confidence any and all Confidential Information
related to the Joint Venture.  Such matters may be disclosed only on a
need to know basis and only to any person that agrees in writing to keep
in confidence or confidential matters in accordance with terms of this
Section.

                                 39

<PAGE>

15.2	EFFECTIVE TIME

The Obligations in Section 15.1 will be effective from the date of this
                   ------------
Agreement and for a period of one (1) year after its termination
(hereinafter referred to as the "Restricted Period") and until the last
                                 -----------------
day of the second full calendar month following completion of winding up
of the Joint Venture.

15.3	INJUNCTION

To the fullest extent permitted by law, if a Party or any of its
Affiliates or Representatives breaches, or threatens to commit a breach
of Section 15.1, the other Party and the Joint Venture will have the
   ------------
right and remedy to have Section 15.1 specifically enforced by any court
                         ------------
having jurisdiction, it being acknowledged and agreed that money damages
would not provide an adequate remedy to such other party or the Joint
Venture.  Nothing in this Section will be construed to limit the right of
the Party or the Joint Venture to collect money damages in the event of a
breach of this Section.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the
date first set forth above.

          "LBHI"                                      "SDRI"

------------------------------              ----------------------------
LAND BRIDGE HOLDINGS                        SIX DIAMOND RESORT
INTERNATIONAL, S.A.                         INTERNATIONAL, S.A.

By: Frank DeLape                            By: James Bell
------------------------------              ----------------------------

                                 40

<PAGE>

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