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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001188112-07-002761.txt : 20070907
<SEC-HEADER>0001188112-07-002761.hdr.sgml : 20070907
<ACCEPTANCE-DATETIME>20070907151153
ACCESSION NUMBER:		0001188112-07-002761
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070831
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070907
DATE AS OF CHANGE:		20070907

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APPLIED DNA SCIENCES INC
		CENTRAL INDEX KEY:			0000744452
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				592262718
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	002-90539
		FILM NUMBER:		071105802

	BUSINESS ADDRESS:	
		STREET 1:		25 HEALTH SCIENCES DRIVE
		STREET 2:		SUITE 113
		CITY:			STONY BROOK
		STATE:			NY
		ZIP:			11790
		BUSINESS PHONE:		631 444 6861

	MAIL ADDRESS:	
		STREET 1:		25 HEALTH SCIENCES DRIVE
		STREET 2:		SUITE 113
		CITY:			STONY BROOK
		STATE:			NY
		ZIP:			11790

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROHEALTH MEDICAL TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20010504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DCC ACQUISITION CORP
		DATE OF NAME CHANGE:	19990211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DATALINK CAPITAL CORP/TX/
		DATE OF NAME CHANGE:	19980306
</SEC-HEADER>
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        1.01 Entry into a Material Definitive Agreement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        August
        31, 2007, we entered into an engagement agreement dated August 23, 2007,
        with
        ARjENT Limited (&#8220;ARjENT&#8221;), pursuant to which ARjENT will act as our placement
        agent to assist us in raising up to two million dollars ($2,000,000) in a
        bridge
        financing (the &#8220;Bridge Financing&#8221;) and up to nine million dollars ($9,000,000)
        in a follow-on financing (the &#8220;Follow-on Offering&#8221;) through the issuance of
        convertible notes and warrants to accredited investors in private placement
        transactions (the Bridge Financing and Follow-on Offering are collectively
        referred to as the &#8220;Offering&#8221;). Upon a closing of the Offering, ARjENT will
        become our exclusive placement agent until August 30, 2009.</font></div>
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        to the engagement agreement, we agreed to issue to ARjENT warrants with a
        seven
        year term to purchase nine million (9,000,000) shares of our common stock
        at an
        exercise price of $0.10 per share. If ARjENT is successful in raising funds
        under the Bridge Financing, we agreed to pay ARjENT placement fees comprising
        (a) a commission equal to ten percent (10%) of the Bridge Financing proceeds
        and
        (b) a three percent (3%) non-accountable expense allowance and a two percent
        (2%) non-accountable due diligence expense allowance. If ARjENT is successful
        in
        raising funds under the Follow-on Offering, we agreed to pay ARjENT ten percent
        (10%) of the proceeds of the Follow-on Offering. In addition, in consideration
        for ARjENT&#8217;s services as exclusive placement agent, we agreed to pay ARjENT a
        monthly fee of $10,000 per month, which will be payable during the remainder
        of
        the term of the engagement agreement after a closing of, in the aggregate,
        at
        least three million dollars ($3,000,000) under the Offering. In addition,
        we
        will seek to repay ARjENT three hundred thousand dollars ($300,000) for advances
        previously made by ARjENT on our behalf in an amount not to exceed ten percent
        (10%) of the gross proceeds at any time.</font></div>
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        can
        be no assurances that ARjENT will be successful in securing additional capital
        on acceptable terms or that we will complete any of the transactions described
        above in connection with the proposed Bridge Financing and
        Offering.</font></div>
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        foregoing description is qualified in its entirety by reference to the
        engagement agreement, a copy of which is attached hereto as Exhibit 10.1
        and
        incorporated herein by reference.</font></div>
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        2.03 Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant</strong></font></div>
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        Item
        1.01.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="part_1_2_3"/><a name="item_1_36_1"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3.02 Unregistered Sale of Equity Securities</strong></font></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        Item
        1.01.</font></div>
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        9.01 Financial Statements and Exhibits </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
        10.1<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Engagement
        Agreement, dated August 23, 2007 by and between Applied DNA Sciences, Inc.
        and
        ARjENT Limited.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Applied
                  DNA Sciences, Inc.</strong></font></div>
              </td>
              <td width="25%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
              </td>
              <td width="25%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td colspan="2" width="50%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font size="2">By:&#160;<u>&#160;&#160;&#160;
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  James A. Hayward</font></u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">________________</font></font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">James
                  A. Hayward</font></div>
              </td>
              <td width="25%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="25%">&#160;</td>
              <td width="25%">&#160;</td>
              <td width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                  Executive Officer</font></div>
              </td>
              <td width="25%">&#160;</td>
            </tr>

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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
        September 7, 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title>
      Exhibit 99.1
</title>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><img src="img.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">August
      23, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Board
      of
      Directors</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Applied
      DNA Sciences, Inc. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25
      Health
      Sciences Drive</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stony
      Brook, New York 11790</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attention:
      Dr. James Hayward, Chief Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear
      Dr.
      Hayward:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      is
      to memorialize the agreement between the Company (Applied DNA Sciences, Inc.)
      and Arjent Limited as exclusive Placement Agent subject to the provisions of
      Section 6 below. As per our recent discussions the Company and the Placement
      Agent propose the following Bridge Loan and follow on offering of securities
      (the &#8220;Offering&#8221; or the &#8220;Private Placement &#8220;) of Applied DNA Sciences, Inc, (the
&#8216;Company&#8217;) through a private placement group of which Arjent Limited (the
&#8216;Placement Agent&#8217;) would serve as the Exclusive Placement Agent. The Company may
      recommend to the Placement Agent other broker dealers who may be considered
      to
      participate as members of the private placement group. Based upon our
      discussions, financial material which you have submitted to us and
      representations which you have made to us describing the Company and its
      principals, and subject to (i) the satisfactory completion of our due diligence
      review of the Company's business and future plans, (ii) the future business
      and
      financial condition of the Company, and (iii) economic and market conditions
      in
      general, we hereby confirm our agreement in principle to act as Placement Agent
      for the Company, on a best efforts basis, in connection with the Bridge Loan
      and
      a subsequent Offering on the following basic terms and conditions. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Bridge Loan shall be for no more than $2,000,000 with a one (1) year maturity
      bearing interest at ten (10%) percent per annum with 4,000,000 four year
      warrants exercisable at $0.50 per share, distributed on a pro-rata basis for
      any
      portion thereof. The Bridge Loan shall be convertible, at the investor&#8217;s option,
      through the first anniversary of issuance, into shares of Common Stock at a
      price equal to 50% of the average closing price of` the 10 days prior to the
      date of the conversion notice, not to be less than the &#8220;automatic conversion&#8221;
price (30% discount to the average volume, weighted average price of the Common
      Stock for the ten trading days prior to the closing date of this Bridge Loan.,
      i.e, if the average closing price of the previous 10 trading days is 10 cents,
      then the conversion price would be 7 cents) and shall automatically convert
      at a
      price equal to a 30% discount to the average volume, weighted average price
      of
      the Common Stock for the ten trading days prior to the closing date of such
      Bridge Loan. The principal amount of this Note may be prepaid by the Company,
      in
      whole or in part, on three days prior written notice without premium or penalty,
      at any time.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
      2</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Offering for $9 Million shall consist of the sale by the Company of 10% Senior
      Secured Convertible Notes (&#8216;Notes&#8217;) to non-U.S. persons with 18 Million four
      year warrants exercisable at $.50 per share, distributed on a pro rata basis
      for
      any portion thereof. The Notes shall have a 2 year term. The Notes shall be
      convertible, at the investors&#8217; option, through the first anniversary of
      issuance, into shares of Common Stock at a price equal to 50% of the average
      closing price of the 10 days prior to the date of the conversion notice, not
      to
      be less than the "automatic conversion" price (20% discount to the average
      volume, weighted average price of the Common Stock for the ten trading days
      prior to the closing date of this Offering, i.e., if the average closing price
      of the previous 10 trading days is 10 cents, then the conversion price would
      be
      8 cents) and shall automatically convert at a price equal to a 20% discount
      to
      the average volume, weighted average price of the Common Stock for the ten
      trading days prior to the closing date of such Offering. The principal amount
      of
      this Note may be prepaid by the Company, in whole or in part, on three days
      prior written notice without premium or penalty, at any time. The 10% interest
      can be paid in kind ( shares of the Company&#8217;s Common Stock) at the Company&#8217;s
      discretion. Such shares shall be valued at the average closing price of the
      three days prior to the due date of such interest. It is currently anticipated
      that the gross proceeds of the offering shall be approximately $9,000,000 on
      a
      best efforts basis. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      signing of this document, the Company will issue the Placement Agent or its
      assignee / designee seven (7) year cashless exercise warrants (&#8216;Placement Agent
      Warrants&#8217;) to purchase nine million (9,000,000) shares of the Company&#8217;s Common
      Stock at an exercise price of $0.10 per share. The Placement Agent's Warrant
      shall not be assigned, sold, or otherwise transferred for a period of one year
      from the date of its issuance except to affiliates of the Placement Agent unless
      in accordance with applicable securities laws. The Placement Agent's Warrant
      shall provide for customary adjustments to the exercise price and the number
      of
      shares for which it is exercisable upon dividends, reorganizations,
      consolidations, mergers, or combinations, subdivisions or reclassifications
      of
      the Company&#8217;s outstanding Common Stock or other classes of its capital stock on
      a fully diluted basis, but not for issuances of securities by the Company at
      a
      price per share less than any particular amount. The Placement Agent's Warrants
      shall be non-redeemable. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
      the Company will retain ARjENT as its consultant and exclusive investment banker
      for a period of Twenty-Four (24) months commencing on the closing of the
      Offering. The fee for such services will be $10,000 per month for the 24 months
      referenced herein, which amount shall only commence to be payable after the
      Company has closed on $3,000,000 of total funding. The shares underlying the
      Bridge Loan, Notes, underwriter&#8217;s warrants and investor warrants shall be
      included in a registration statement as provided in Section 5 hereof.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      private placement discount and commissions for the Bridge Loan and the
      subsequent Offering shall be 10% (the Commission) of the proceeds received
      from
      the sale of the Securities (Bridge Loan, Notes, Warrants). The Placement Agent
      shall also be entitled to a non-accountable expense allowance equal to 3% of
      the
      gross proceeds of the Bridge Loan. In addition, the Company shall pay the
      Placement Agent a due diligence / consulting fee of 2% of the gross proceeds
      of
      the Bridge Loan. The Company acknowledges that </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARjENT
      has previously advanced $300,000.00 in fees on behalf of the Company. The
      Company will seek to repay this advance in an amount not to exceed 10% at any
      time of gross proceeds</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
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      3</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Placement Agent reserves the right to reduce any item of its compensation or
      adjust the terms thereof as specified herein (including the number, type and
      exercise price of the Placement Agent Warrants) in the event that a
      determination shall be made by the NASD to the effect that the Placement Agent&#8217;s
      aggregate compensation is in excess of NASD rules or that the terms thereof
      require adjustment.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, to the extent Trialpha successfully assists in raising capital for
      the
      Company, ARjENT will pay Trialpha the commissions owing; provided, however,
      to
      the extent Trialpha&#8217;s commissions are payable in stock, the Company agrees to
      issue stock in lieu of the same percentage of cash commissions owed to
      ARjENT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Within
      30
      days, subsequent to the Company's Registration Statement on Form SB-2, SEC
      File
      No. 333-122848 (the &#8216;Filed Registration Statement&#8217;) being declared effective,
      the Company will use its best efforts pursuant to that certain Registration
      Rights Agreement, dated May 2, 2006, between the Company and the other parties
      thereto, to file a registration statement covering certain shares of its common
      stock under the Securities Act. Within six months of the effectiveness of such
      registration statement, the Company shall file a registration statement with
      respect to all of the Common Stock issuable upon conversion of the Bridge Loan
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      and the Company agree to indemnify each other with respect to any claim for
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      Company and the Placement Agent to provide corporate communications
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      any sales pursuant to Rule 144 under the Securities Act and (ii) it shall retain
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      covenants of the Company herein are not materially correct or cannot be complied
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      adverse change in the Company's financial condition, business, prospects or
      obligations, and the Placement Agent shall not commence or continue the private
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      District of New York, and agree that service of process upon them mailed by
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
