Document:

Exhibit 10.18

Common Stock Purchase Agreement

This Common Stock
Purchase Agreement (“Agreement”) is made as of February 26, 2007, by and among
Telesource International, Inc., a Delaware corporation (“Seller”) with offices
in Lombard Illinois and Ernil Continental S.A., BVI, with offices in Europe . (“Buyer”).

RECITALS

Seller desires to sell,
and Buyer desires to purchase, shares of Telesource Common Stock (“Telesource”)
as delineated below for the consideration and on the terms set forth in this
Agreement.

	
  Investment Date

  	
   

  	
  Total Shares

  	
   

  	
  Price per Share

  	
   

  	
  Total Investment

  	
   

  
	
  April 5, 2007

  	
   

  	
  291,500

  	
   

  	
  0.5

  	
   

  	
  $

  	
  145,750.00

  	
   

  
	
  May 5, 2007

  	
   

  	
  192,500

  	
   

  	
  0.5

  	
   

  	
  $

  	
  96,250.00

  	
   

  
	
  June 5, 2007

  	
   

  	
  741,400

  	
   

  	
  0.5

  	
   

  	
  $

  	
  370,700.00

  	
   

  
	
  July 5, 2007

  	
   

  	
  154,000

  	
   

  	
  0.5

  	
   

  	
  $

  	
  77,000.00

  	
   

  
	
  September 5, 2007

  	
   

  	
  225,500

  	
   

  	
  0.5

  	
   

  	
  $

  	
  112,750.00

  	
   

  
	
  October 5, 2007

  	
   

  	
  280,500

  	
   

  	
  0.5

  	
   

  	
  $

  	
  140,250.00

  	
   

  
	
  December 5, 2007

  	
   

  	
  440,000

  	
   

  	
  0.5

  	
   

  	
  $

  	
  220,000.00

  	
   

  
	
   

  	
   

  	
  2,325,400

  	
   

  	
   

  	
   

  	
  $

  	
  1,162,700.00

  	
   

  

 

The Buyer also agrees to
buy an additional 440,000 shares in 2007 at the same price stated above should
the Seller make the same available as and when necessary for Seller to raise
additional funding to cover cash shortfalls caused by an early settlement of
pending litigation(e.g. Koblerville Housing Project) or any other unanticipated
claim against Seller.

AGREEMENT

The parties, intending to
be legally bound, agree as follows:

1.  DEFINITIONS

For purposes of this
Agreement, the following terms have the meanings specified or referred to in
this Section 1:

“Best
Efforts”—the efforts that a prudent Person desirous of
achieving a result would use in similar circumstances to ensure that such
result is achieved as expeditiously as possible.

“Buyer”—Ernil
Continental S.A., BVI, as defined in the first paragraph of this Agreement.

“Closing”—as
defined in Section 2.3.

“Closing
Date”—the date and time as of which the Closing actually
takes place.

 1
 

“Securities
Act”—the Securities Act of 1933 or any successor law, and
regulations and rules issued pursuant to that Act or any successor law.

“Seller”—
Telesource International, as defined in the first paragraph of this Agreement.

“Shares”—2,325,400
shares of Common Stock to be issued by Telesource International, Inc.

2.  SALE AND TRANSFER OF SHARES; CLOSING

2.1  SHARES AND AUTHORIZATION

Subject to the terms and
conditions of this Agreement at the Closing, Seller will sell and transfer Two
Million, Three Hundred and Twenty-Five Thousand and Four Hundred (2,325,400)
shares to Buyer, and Buyer will purchase the Shares from Seller.

2.2  PURCHASE PRICE

The purchase price (the “Purchase
Price”) for the Shares will be One Million, One Hundred and Sixty-Two Thousand
and Seven Hundred U.S. Dollars ($1,162,700.00)

2.3  CLOSING

The purchase and sale
(the “Closing”) provided for in this Agreement will take place on (i) the dates
as listed below:

	
  

  	
   

  	
  Investment

  Date

  	
   

  	
   

  
	
   

  	
   

  	
  April 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  May 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  June 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  July 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  September 5,
  2007

  	
   

  	
   

  
	
   

  	
   

  	
  October 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  December 5, 2007

  	
   

  	
   

  

 

or (ii) at such other
time and place as the parties may agree. Subject to the provisions of Section
4, failure to consummate the purchase and sale provided for in this Agreement
on the date and time and at the place determined pursuant to this Section 2.3
will not result in the termination of this Agreement and will not relieve any
party of any obligation under this Agreement.

2.4  CLOSING OBLIGATIONS

At the Closing:

(a)  Seller will deliver to Buyer:

 2
 

(i)  Confirmation that funds have
been received by the Company along with a copy of a letter instructing the
transfer agent to issue the new certificates representing the Shares at each
instance of funds being invested;

(b)  Buyer will deliver to Seller:

(ii)  the total amount of $1,162,700 (US Dollars)
by wire transfer to an account specified by Telesource International, Inc. in
increments as stated above.

3.  REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer represents
and warrants to Seller as follows:

Buyer is an “accredited investor” as that term is
defined in Rule 501 of Regulation D promulgated by the U.S. Securities and
Exchange Commission (the “SEC”) under the Securities Act of 1933, as
amended (the “Securities Act”). 
For this purpose, Buyer understands that an “accredited investor”
includes:

(i)            any individual who: (A) has a net
worth (with spouse) in excess of $1 million; or (B) has had an individual
income in excess of $200,000 (or joint income with spouse in excess of
$300,000) in each of the two most recent years and who reasonably expects the
same income level for the current year; or (C) who is an executive officer or
director of the Company;

(ii)           any entity in which all of the equity
owners or partners are “accredited investors”; or

(iii)          any corporation or partnership with
total assets in excess of $5,000,000 that was not formed for the specific
purpose of purchasing the securities sold hereunder.

(a)           Buyer
considers itself to be a sophisticated investor in companies similarly situated
to the Company, and Buyer has substantial knowledge and experience in financial
and business matters (including knowledge of finance, securities and
investments, generally, and experience and skill in investments based on actual
participation) such that Buyer is capable of evaluating the merits and risks of
the prospective investment in the Company.

(b)           Buyer’s
current address is as set forth on the signature page hereof.

(c)           Buyer
has been advised and acknowledges that the issuance of the Shares will not be
registered under the Securities Act, in reliance upon the exemption(s) from
registration promulgated thereunder, and, therefore, are “restricted
securities.”  Buyer also acknowledges
that the issuance of the Shares will not be registered under the securities
laws of any state.  Consequently, Buyer
agrees that the Shares cannot be resold unless they are registered under the
Securities Act and applicable state securities laws, or unless an exemption
from such registration requirements is available.  Buyer has been advised and acknowledges that
the Company is under no obligation to take any action necessary in order to
make available any exemption for the transfer of the Shares without
registration.

 3
 

(d)           Buyer
is purchasing the Shares solely for Buyer’s own account and not as nominee for,
representative of, or otherwise on behalf of, any other person.  Buyer is purchasing the Shares with the
intention of holding the Shares for investment, with no present intention of
participating directly or indirectly in a subsequent public distribution of the
Shares unless registered under the Securities Act and applicable state
securities laws, or unless an exemption from such registration requirements is
available.  Buyer shall not make any
sale, transfer or other disposition of the Shares in violation of state or
federal law.

(e)           Buyer
has been advised that there is no assurance that the Company will continue to
be a “Public Company” (i.e., a company
with equity securities registered with the SEC pursuant to the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) or, even if the
Company continues to be a Public Company, that there will be an active market
for the Shares.  Buyer is aware that
Buyer’s investment in the Company is speculative and involves a high degree of
risk of loss arising from, among other things, substantial market, operational,
competitive and other risks, and, having made Buyer’s own evaluation of the
risks associated with this investment, Buyer is aware and Buyer has been
advised that Buyer must bear the economic risks of a purchase of the Shares
indefinitely.

(f)            Buyer
acknowledges that the Shares were not offered to Buyer by means of any form of
general or public solicitation or general advertising, or publicly disseminated
advertisements or sales literature, including (i) any advertisement, article,
notice or other communication published in any newspaper, magazine or similar
media, or broadcast over television or radio, or (ii) any seminar or meeting to
which Buyer was invited by any of the foregoing means of communication.

(g)           Buyer
understands and agrees that the Company, and all current and future
stockholders of the Company, are relying on the agreements and representations
contained herein.

(h)           In
connection with the purchase of the Shares by Buyer, Buyer has not paid and
will not pay, and has no knowledge of the payment of, any commission or other
direct or indirect remuneration to any person or entity for soliciting or
otherwise coordinating the purchase of the Shares.

(i)            Buyer
has been advised and agrees that there will be placed on any certificates representing
the Shares, or any substitution(s) thereof, a legend stating in substance the
following (and including any restrictions or conditions that may be required by
any applicable state law), and Buyer has been advised and further agrees that
the Company will refuse to permit the transfer of the Shares out of Buyer’s
name in the absence of compliance with the terms of such legend:

“The shares represented by this certificate have not been registered
under the Securities Act of 1933, as amended, or under any state securities
laws and may not be sold, pledged, transferred, assigned or otherwise disposed
of except in accordance with such Act and the rules and regulations thereunder
and in accordance with applicable state securities laws.  The Company will transfer such shares only
upon receipt of evidence satisfactory to the Company, which may include an
opinion of counsel, that the registration provisions of such Act have been
compiled with or that such registration is not required and that such transfer
will not violate any applicable state securities laws.”

 4
 

(j)            Buyer is aware that
the Company may offer and sell additional shares of Preferred Stock, Common
Stock or other securities in the future, thereby diluting Buyer’s percentage
equity ownership of the Company.

3.1  INVESTMENT INTENT

Buyer is acquiring the
Shares for its own account and not with a view to their distribution within the
meaning of Section 2(11) of the Securities Act.

3.2  CERTAIN PROCEEDINGS

There is no pending
Proceeding that has been commenced against Buyer and that challenges, or may
have the effect of preventing, delaying, making illegal, or otherwise
interfering with, any of the Contemplated Transactions. To Buyer’s Knowledge,
no such Proceeding has been threatened.

3.3  BROKERS OR FINDERS

Buyer and its officers
and agents have incurred no obligation or liability, contingent or otherwise,
for brokerage or finders’ fees or agents’ commissions or other similar payment
in connection with this Agreement and will indemnify and hold Sellers harmless
from any such payment alleged to be due by or through Buyer as a result of the
action of Buyer or its officers or agents.

4.  Intentionally Omitted

5.  GENERAL PROVISIONS

5.1  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 and the Contemplated Transactions, including
all fees and expenses of agents, representatives, counsel, and accountants.

5.2  NOTICES

All notices, consents,
waivers, and other communications under this Agreement must be in writing and
will be deemed to have been duly given when (a) delivered by hand (with written
confirmation of receipt), (b) sent by telecopier (with written confirmation of
receipt), provided that a copy is mailed by registered mail, return receipt
requested, or (c) when received by the addressee, if sent by a nationally
recognized overnight delivery service (receipt requested), in each case to the appropriate
addresses and telecopier numbers set forth

 5
 

below (or to such other
addresses and telecopier numbers as a party may designate by notice to the
other parties):

	
  Seller:                Telesource
  International Inc.

  	
   

  	
   

  
	
                            860
  Parkview Blvd.

  	
   

  	
   

  
	
                            Lombard
  Ill. 60148 USA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attention:          Nidal
  Z. Zayed

  	
   

  	
   

  
	
                            Corporate
  Secretary

  	
   

  	
   

  
	
                            Telesource
  International, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Facsimile No.:  (630) 620-4753

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Buyer:               Ernil
  Continental S.A., BVI

  	
   

  	
   

  
	
                            European
  Office

  	
   

  	
   

  
	
                            Herrengasse
  5

  	
   

  	
   

  
	
                            PO
  Box 1155

  	
   

  	
   

  
	
                            FL
  — 9490 Vaduz

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attention:          Mrs.
  Sandra A. Marc-Büchel

  	
   

  	
   

  
	
                            Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Facsimile No.:  00423 237 69 78

  	
   

  	
   

  

 

5.3  WAIVER

The rights and remedies
of the parties to this Agreement are cumulative and not alternative. Neither
the failure nor any delay by any party in exercising any right, power, or
privilege under this Agreement or 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 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 writing
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 such 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.

5.4  ENTIRE AGREEMENT AND MODIFICATION

This Agreement supersedes
all prior agreements between the parties with respect to its subject matter and
constitutes (along with the documents referred to in 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 except by a
written agreement executed by the party to be charged with the amendment.

 6
 

5.5  ASSIGNMENTS, SUCCESSORS, AND NO THIRD-PARTY
RIGHTS

Neither party may assign any of its rights under this Agreement without
the prior consent of the other parties, (which will not be unreasonably
withheld), except that Buyer may assign any of its rights under this Agreement
to any Subsidiary of Buyer. Subject to the preceding sentence, this Agreement
will apply to, be binding in all respects upon, and inure to the benefit of the
successors and permitted assigns of the parties. Nothing expressed or referred
to in this Agreement will be construed to give any Person other than the
parties to this Agreement any legal or equitable right, remedy, or claim under
or with respect to this Agreement or any provision of this Agreement. This
Agreement and all of its provisions and conditions are for the sole and
exclusive benefit of the parties to this Agreement and their successors and
assigns.

 

5.6  SEVERABILITY

If any provision of this
Agreement is held invalid 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 held invalid or unenforceable only
in part or degree will remain in full force and effect to the extent not held
invalid or unenforceable.

5.7  GOVERNING LAW

This Agreement will be
governed by the laws of the State of Delaware without regard to conflicts of
laws principles.

5.8  COUNTERPARTS

This Agreement may be
executed in one or more counterparts, each of which will be deemed to be an
original copy of this Agreement and all of which, when taken together, will be
deemed to constitute one and the same agreement.

IN WITNESS WHEREOF, the
parties have executed and delivered this Agreement as of the date first written
above.

 

	
  Buyer:

  	
   

  	
   

  	
  Seller:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sandra A. Marc-Büchel

  	
   

  	
   

  	
  Nidal Z. Zayed

  
	
   

  	
  Director

  	
   

  	
   

  	
  President & CEO

  
	
   

  	
  Ernil Continental S.A., BVI

  	
   

  	
   

  	
  Telesource International, Inc.

  

 

 7Exhibit 10.19

Common Stock Purchase Agreement

This Common Stock
Purchase Agreement (“Agreement”) is made as of February 26, 2007, by and among
Telesource International, Inc., a Delaware corporation (“Seller”) with offices
in Lombard Illinois and Halbarad Group, Ltd., BVI, with offices in Europe . (“Buyer”).

RECITALS

Seller desires to
sell, and Buyer desires to purchase, shares of Telesource Common Stock (“Telesource”)
as delineated below for the consideration and on the terms set forth in this
Agreement.

	
  Investment Date

  	
   

  	
  Total Shares

  	
   

  	
  Price per Share

  	
   

  	
  Total Investment

  	
   

  
	
  April 5, 2007

  	
   

  	
  238,500

  	
   

  	
  0.5

  	
   

  	
  $

  	
  119,250.00

  	
   

  
	
  May 5, 2007

  	
   

  	
  157,500

  	
   

  	
  0.5

  	
   

  	
  $

  	
  78,750.00

  	
   

  
	
  June 5, 2007

  	
   

  	
  606,600

  	
   

  	
  0.5

  	
   

  	
  $

  	
  303,300.00

  	
   

  
	
  July 5, 2007

  	
   

  	
  126,000

  	
   

  	
  0.5

  	
   

  	
  $

  	
  63,000.00

  	
   

  
	
  September 5, 2007

  	
   

  	
  184,500

  	
   

  	
  0.5

  	
   

  	
  $

  	
  92,250.00

  	
   

  
	
  October 5, 2007

  	
   

  	
  229,500

  	
   

  	
  0.5

  	
   

  	
  $

  	
  114,750.00

  	
   

  
	
  December 5, 2007

  	
   

  	
  360,000

  	
   

  	
  0.5

  	
   

  	
  $

  	
  180,000.00

  	
   

  
	
   

  	
   

  	
  1,902,600

  	
   

  	
   

  	
   

  	
  $

  	
  951,300.00

  	
   

  

 

The Buyer also
agrees to buy an additional 360,000 shares in 2007 at the same price stated
above should the Seller make the same available as and when necessary for
Seller to raise additional funding to cover cash shortfalls caused by an early
settlement of pending litigation(e.g. Koblerville Housing Project) or any other
unanticipated claim against Seller.

AGREEMENT

The parties,
intending to be legally bound, agree as follows:

1. DEFINITIONS

For purposes of
this Agreement, the following terms have the meanings specified or referred to
in this Section 1:

“Best
Efforts”—the efforts that a prudent Person desirous of
achieving a result would use in similar circumstances to ensure that such
result is achieved as expeditiously as possible.

“Buyer”—Halbarad
Group, Ltd., BVI, as defined in the first paragraph of this Agreement.

“Closing”—as
defined in Section 2.3.

“Closing
Date”—the date and time as of which the Closing actually
takes place.

 1
 

“Securities
Act”—the Securities Act of 1933 or any successor law, and
regulations and rules issued pursuant to that Act or any successor law.

“Seller”—
Telesource International, as defined in the first paragraph of this Agreement.

“Shares”—1,902,600
shares of Common Stock to be issued by Telesource International, Inc.

2. SALE AND
TRANSFER OF SHARES; CLOSING

2.1 SHARES AND
AUTHORIZATION

Subject to the
terms and conditions of this Agreement at the Closing, Seller will sell and
transfer One Million, Nine Hundred Two Thousand and Six Hundred (1,902,600)
shares to Buyer, and Buyer will purchase the Shares from Seller.

2.2 PURCHASE PRICE

The purchase price
(the “Purchase Price”) for the Shares will be Nine Hundred and Fifty-One
Thousand and Three Hundred U.S. Dollars ($951,300.00)

2.3 CLOSING

The purchase and
sale (the “Closing”) provided for in this Agreement will take place on (i) the
dates as listed below:

	
  

  	
   

  	
  Investment Date

  	
   

  	
   

  
	
   

  	
   

  	
  April 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  May 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  June 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  July 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  September 5,
  2007

  	
   

  	
   

  
	
   

  	
   

  	
  October 5, 2007

  	
   

  	
   

  
	
   

  	
   

  	
  December 5, 2007

  	
   

  	
   

  

 

 or (ii) at such other time and place as
the parties may agree. Subject to the provisions of Section 4, failure to
consummate the purchase and sale provided for in this Agreement on the date and
time and at the place determined pursuant to this Section 2.3 will not result
in the termination of this Agreement and will not relieve any party of any
obligation under this Agreement.

2.4 CLOSING
OBLIGATIONS

At the Closing:

(a) Seller will
deliver to Buyer:

 2
 

(i) Confirmation that funds have been received by the Company along
with a copy of a letter instructing the transfer agent to issue the new
certificates representing the Shares at each instance of funds being invested;

(b) Buyer will
deliver to Seller:

(ii) the total amount of $951,300.00 (US Dollars) by wire transfer to
an account specified by Telesource International, Inc. in increments as stated
above.

3. REPRESENTATIONS
AND WARRANTIES OF BUYER

Buyer represents
and warrants to Seller as follows:

Buyer is an “accredited investor”
as that term is defined in Rule 501 of Regulation D promulgated by the U.S.
Securities and Exchange Commission (the “SEC”) under the Securities Act
of 1933, as amended (the “Securities Act”).  For this purpose, Buyer understands that an “accredited
investor” includes:

(i)            any individual who:
(A) has a net worth (with spouse) in excess of $1 million; or (B) has had an
individual income in excess of $200,000 (or joint income with spouse in excess
of $300,000) in each of the two most recent years and who reasonably expects
the same income level for the current year; or (C) who is an executive officer
or director of the Company;

(ii)           any entity in which
all of the equity owners or partners are “accredited investors”; or

(iii)          any corporation or
partnership with total assets in excess of $5,000,000 that was not formed for
the specific purpose of purchasing the securities sold hereunder.

(a)           Buyer considers itself to be a sophisticated investor in
companies similarly situated to the Company, and Buyer has substantial
knowledge and experience in financial and business matters (including knowledge
of finance, securities and investments, generally, and experience and skill in
investments based on actual participation) such that Buyer is capable of
evaluating the merits and risks of the prospective investment in the Company.

(b)           Buyer’s current address is as set forth on the signature
page hereof.

(c)           Buyer has been
advised and acknowledges that the issuance of the Shares will not be registered
under the Securities Act, in reliance upon the exemption(s) from registration
promulgated thereunder, and, therefore, are “restricted securities.”  Buyer also acknowledges that the issuance of
the Shares will not be registered under the securities laws of any state.  Consequently, Buyer agrees that the Shares
cannot be resold unless they are registered under the Securities Act and
applicable state securities laws, or unless an exemption from such registration
requirements is available.  Buyer has
been advised and acknowledges that the Company is under no obligation to take
any action necessary in order to make available any exemption for the transfer
of the Shares without registration.

 3
 

(d)           Buyer is purchasing
the Shares solely for Buyer’s own account and not as nominee for,
representative of, or otherwise on behalf of, any other person.  Buyer is purchasing the Shares with the
intention of holding the Shares for investment, with no present intention of
participating directly or indirectly in a subsequent public distribution of the
Shares unless registered under the Securities Act and applicable state
securities laws, or unless an exemption from such registration requirements is
available.  Buyer shall not make any
sale, transfer or other disposition of the Shares in violation of state or
federal law.

(e)           Buyer has been advised that there is no assurance that the
Company will continue to be a “Public Company” (i.e., a
company with equity securities registered with the SEC pursuant to the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) or,
even if the Company continues to be a Public Company, that there will be an
active market for the Shares.  Buyer is
aware that Buyer’s investment in the Company is speculative and involves a high
degree of risk of loss arising from, among other things, substantial market,
operational, competitive and other risks, and, having made Buyer’s own
evaluation of the risks associated with this investment, Buyer is aware and
Buyer has been advised that Buyer must bear the economic risks of a purchase of
the Shares indefinitely.

(f)            Buyer acknowledges
that the Shares were not offered to Buyer by means of any form of general or
public solicitation or general advertising, or publicly disseminated
advertisements or sales literature, including (i) any advertisement, article,
notice or other communication published in any newspaper, magazine or similar
media, or broadcast over television or radio, or (ii) any seminar or meeting to
which Buyer was invited by any of the foregoing means of communication.

(g)           Buyer understands
and agrees that the Company, and all current and future stockholders of the
Company, are relying on the agreements and representations contained herein.

(h)           In connection with
the purchase of the Shares by Buyer, Buyer has not paid and will not pay, and
has no knowledge of the payment of, any commission or other direct or indirect
remuneration to any person or entity for soliciting or otherwise coordinating
the purchase of the Shares.

(i)            Buyer has been
advised and agrees that there will be placed on any certificates representing
the Shares, or any substitution(s) thereof, a legend stating in substance the
following (and including any restrictions or conditions that may be required by
any applicable state law), and Buyer has been advised and further agrees that
the Company will refuse to permit the transfer of the Shares out of Buyer’s
name in the absence of compliance with the terms of such legend:

“The
shares represented by this certificate have not been registered under the
Securities Act of 1933, as amended, or under any state securities laws and may
not be sold, pledged, transferred, assigned or otherwise disposed of except in
accordance with such Act and the rules and regulations thereunder and in
accordance with applicable state securities laws.  The Company will transfer such shares only
upon receipt of evidence satisfactory to the Company, which may include an opinion
of counsel, that the registration provisions of such Act have been 

 4
 

compiled
with or that such registration is not required and that such transfer will not
violate any applicable state securities laws.”

(j)            Buyer is aware that
the Company may offer and sell additional shares of Preferred Stock, Common
Stock or other securities in the future, thereby diluting Buyer’s percentage
equity ownership of the Company.

3.1 INVESTMENT
INTENT

Buyer is acquiring
the Shares for its own account and not with a view to their distribution within
the meaning of Section 2(11) of the Securities Act.

3.2 CERTAIN
PROCEEDINGS

There is no
pending Proceeding that has been commenced against Buyer and that challenges,
or may have the effect of preventing, delaying, making illegal, or otherwise
interfering with, any of the Contemplated Transactions. To Buyer’s Knowledge,
no such Proceeding has been threatened.

3.3 BROKERS OR
FINDERS

Buyer and its
officers and agents have incurred no obligation or liability, contingent or
otherwise, for brokerage or finders’ fees or agents’ commissions or other
similar payment in connection with this Agreement and will indemnify and hold
Sellers harmless from any such payment alleged to be due by or through Buyer as
a result of the action of Buyer or its officers or agents.

4. Intentionally
Omitted

5. GENERAL
PROVISIONS

5.1 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 and the Contemplated Transactions,
including all fees and expenses of agents, representatives, counsel, and
accountants.

5.2 NOTICES

All notices,
consents, waivers, and other communications under this Agreement must be in
writing and will be deemed to have been duly given when (a) delivered by hand
(with written confirmation of receipt), (b) sent by telecopier (with written
confirmation of receipt), provided that a copy is mailed by registered mail,
return receipt requested, or (c) when received by the addressee, if sent by a
nationally recognized overnight delivery service (receipt requested), in each
case to the appropriate addresses and telecopier numbers set forth 

 5
 

below (or to such
other addresses and telecopier numbers as a party may designate by notice to
the other parties):

	
  Seller:

  	
   

  	
  Telesource International Inc.

  
	
   

  	
   

  	
  860 Parkview Blvd.

  
	
   

  	
   

  	
  Lombard Ill. 60148 USA

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Nidal Z. Zayed

  
	
   

  	
   

  	
  Corporate Secretary

  
	
   

  	
   

  	
  Telesource International, Inc.

  
	
   

  	
   

  	
   

  
	
  Facsimile No.: (630) 620-4753 

  
	
   

  	
   

  	
   

  
	
  Buyer: 

  	
   

  	
  Halbarad Group, Ltd., BVI

  
	
   

  	
   

  	
  European Office

  
	
   

  	
   

  	
  Herrengasse 5

  
	
   

  	
   

  	
  PO Box 1155

  
	
   

  	
   

  	
  FL — 9490 Vaduz

  
	
  Attention:

  	
   

  	
  Mrs. Sandra A. Marc-Büchel

  
	
   

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
  Facsimile No.:

  	
   

  	
  00423 237 69 78

  

 

5.3 WAIVER

The rights and
remedies of the parties to this Agreement are cumulative and not alternative.
Neither the failure nor any delay by any party in exercising any right, power,
or privilege under this Agreement or 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 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 writing
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 such 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.

5.4 ENTIRE
AGREEMENT AND MODIFICATION

This Agreement
supersedes all prior agreements between the parties with respect to its subject
matter and constitutes (along with the documents referred to in 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
except by a written agreement executed by the party to be charged with the
amendment.

 6
 

5.5 ASSIGNMENTS,
SUCCESSORS, AND NO THIRD-PARTY RIGHTS

Neither party may
assign any of its rights under this Agreement without the prior consent of the
other parties, (which will not be unreasonably withheld), except that Buyer may
assign any of its rights under this Agreement to any Subsidiary of Buyer.
Subject to the preceding sentence, this Agreement will apply to, be binding in
all respects upon, and inure to the benefit of the successors and permitted
assigns of the parties. Nothing expressed or referred to in this Agreement will
be construed to give any Person other than the parties to this Agreement any
legal or equitable right, remedy, or claim under or with respect to this
Agreement or any provision of this Agreement. This Agreement and all of its
provisions and conditions are for the sole and exclusive benefit of the parties
to this Agreement and their successors and assigns.

5.6 SEVERABILITY

If any provision
of this Agreement is held invalid 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 held invalid or unenforceable only
in part or degree will remain in full force and effect to the extent not held
invalid or unenforceable.

5.7 GOVERNING LAW

This Agreement
will be governed by the laws of the State of Delaware without regard to conflicts
of laws principles.

5.8 COUNTERPARTS

This Agreement may
be executed in one or more counterparts, each of which will be deemed to be an
original copy of this Agreement and all of which, when taken together, will be
deemed to constitute one and the same agreement.

IN WITNESS
WHEREOF, the parties have executed and delivered this Agreement as of the date
first written above.

 

	
  Buyer:

  	
   

  	
   

  	
   

  	
  Seller:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sandra A. Marc-Büchel

  	
   

  	
   

  	
   

  	
  Nidal Z. Zayed

  
	
   

  	
   

  	
  Director

  	
   

  	
   

  	
   

  	
  President & CEO

  
	
   

  	
   

  	
  Halbarad Group, Ltd., BVI

  	
   

  	
   

  	
   

  	
  Telesource International, Inc.

  

 

 7

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