<SUBMISSION>
<ACCESSION-NUMBER>0000950144-04-012394
<TYPE>DEFR14A
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20041227
<DATE-OF-FILING-DATE-CHANGE>20041227
<EFFECTIVENESS-DATE>20041227
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CENUCO INC
<CIK>0000843494
<ASSIGNED-SIC>4899
<IRS-NUMBER>752228820
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEFR14A
<ACT>34
<FILE-NUMBER>001-32187
<FILM-NUMBER>041225586
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6421 CONGRESS AVENUE
<STREET2>STE 201
<CITY>BOCA RATON
<STATE>FL
<ZIP>33487
<PHONE>5619944446
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6421 CONGRESS AVENUE
<STREET2>STE 201
<CITY>BOCA RATON
<STATE>FL
<ZIP>33487
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>VIRTUAL ACADEMICS COM INC
<DATE-CHANGED>20000110
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DONNEBROOKE CORP
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ALLURISTICS INC
<DATE-CHANGED>19890911
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEFR14A
<SEQUENCE>1
<FILENAME>g92519defr14a.htm
<DESCRIPTION>CENUCO, INC. FORM DEFR14A
<TEXT>
<HTML>
<HEAD>
<TITLE>CENUCO, INC. FORM DEFR14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>SCHEDULE 14A</B>

<DIV align="center" style="font-size: 10pt"><B>(RULE 14a-101)</B></DIV>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B>



<P align="center" style="font-size: 10pt">Proxy Statement Pursuant to Section&nbsp;14(A)<BR>
of the Securities Exchange Act of 1934



<P align="left" style="font-size: 10pt"><B>Filed by the registrant </B><FONT face="Wingdings">&#120;</FONT>



<P align="left" style="font-size: 10pt"><B>Filed by a party other than the registrant </B><FONT face="Wingdings">&#111;</FONT>



<P align="left" style="font-size: 10pt">Check the appropriate box:


<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preliminary proxy statement.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidential for use of the commission only<BR>
(as permitted by Rule&nbsp;14a-6(e)(2)).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive proxy statement.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive additional materials.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting material pursuant to Rule&nbsp;14a-12.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 24pt"><B>CENUCO, INC.<BR>
<HR align="center" size="1" noshade width="85%"></B>


<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</DIV>



<P align="left" style="font-size: 10pt">Payment of filing fee: (check the appropriate box):



<P align="left" style="font-size: 10pt"><FONT face="Wingdings">&#120;</FONT> No fee required.



<P align="left" style="font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> Fee computed on table below per Exchange Act Rule&nbsp;14a-6(i)(1) and 0-11.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title of each class of securities to which transaction applies:<BR></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and
state how it was determined):</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proposed maximum aggregate value of transaction:<BR></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total fee paid:</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> Fee paid previously with preliminary materials:



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-1(a)(2) and
identify the filing for which the offsetting fee was paid previously, identify the previous filing
by registration statement number, or the form or schedule and the date its filing.</TD>
</TR>
</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(1) Amount Previously Paid:</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(2) Form, Schedule or Registration Statement No.:</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(3) Filing Party:</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(4) Date Filed:</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><IMG src="g92519g9251901.gif" alt="Cenuco Logo">



<P align="center" style="font-size: 12pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON JANUARY 27, 2005</B>


<P align="left" style="font-size: 10pt">The Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;) of Cenuco, Inc. (&#147;we,&#148; &#147;us&#148; or &#147;our&#148; )
will be held at the Holiday Inn Hotel &#038; Suites located at 1950 Glades Rd., Boca Raton, Florida, on
January&nbsp;27, 2005 at 10:00&nbsp;a.m. (EST)&nbsp;for the following purposes:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect four directors for a term of one year, or until their successors are duly elected and
qualified;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To ratify the selection of Salberg &#038; Company, P.A. as our independent auditor for the fiscal
year ending June&nbsp;30, 2005; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act upon such other business as may properly come before the Annual Meeting.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">Only holders of common stock of record at the close of business on December&nbsp;6, 2004 will be
entitled to vote at the Annual Meeting or any adjournment thereof.


<P align="left" style="font-size: 10pt">You are cordially invited to attend the Annual Meeting. Whether or not you plan to attend the
Annual Meeting, please sign, date and return your proxy to us promptly. Your cooperation in signing
and returning the proxy will help avoid further solicitation expense.


<P align="left" style="font-size: 10pt">BY ORDER OF THE BOARD OF DIRECTORS



<P align="left" style="font-size: 10pt">
<IMG src="g92519g9251902.gif" alt="s Steven Bettinger"><BR>
STEVEN BETTINGER<BR>
DIRECTOR, CHIEF EXECUTIVE OFFICER


<P align="left" style="font-size: 10pt">DECEMBER 27, 2004<BR>
BOCA RATON, FLORIDA


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#101">INFORMATION ABOUT THE ANNUAL MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#102">PURPOSES OF THE ANNUAL MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#103">GENERAL INFORMATION ABOUT THE ANNUAL MEETING AND VOTING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#104">PROPOSAL 1</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#105">INFORMATION CONCERNING THE BOARD OF DIRECTORS AND ITS COMMITTEES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#106">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#107">PROPOSAL 2</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#107">GENERAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#109">ANNEX A &#150; AUDIT COMMITTEE CHARTER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<!-- /TOC -->
</DIV>






<P align="center" style="font-size: 10pt">i
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt"><IMG src="g92519g9251901.gif" alt="Cenuco Logo">



<P align="center" style="font-size: 10pt"><B>2004 ANNUAL MEETING OF STOCKHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>OF</B>



<P align="center" style="font-size: 10pt"><B>CENUCO, INC.</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">



<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">


<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>INFORMATION ABOUT THE ANNUAL MEETING</B>


<P align="left" style="font-size: 10pt">This proxy statement is being furnished to stockholders in connection with the solicitation of
proxies by the Board of Directors of Cenuco, Inc., a Delaware corporation (&#147;we,&#148; &#147;us&#148; or &#147;our&#148; )
for their use at our Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;) to be held at the
Holiday Inn Hotel &#038; Suites located at 1950 Glades Rd., Boca Raton, Florida, on January&nbsp;27, 2005 at
10:00&nbsp;a.m. (EST), and at any adjournments thereof. This proxy statement and the accompanying form
of proxy are first being mailed to stockholders on or about December&nbsp;29, 2004. The cost of
solicitation of proxies is being borne by us.


<DIV align="left">
<A name="102"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PURPOSES OF THE ANNUAL MEETING</B>


<P align="left" style="font-size: 10pt">At the Annual Meeting, our stockholders will consider and vote upon the following matters:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the election of four directors for a term of one year, or until their successors are duly
elected and qualified;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ratification of the selection of Salberg &#038; Company, P.A. as our independent auditor for the
fiscal year ending June&nbsp;30, 2005; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other business as may properly come before the Annual Meeting.</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>GENERAL INFORMATION ABOUT THE ANNUAL MEETING AND VOTING</B>



<P align="left" style="font-size: 10pt"><I>Why did you send me this proxy statement?</I>


<P align="left" style="font-size: 10pt">We sent you this proxy statement and the enclosed proxy card because our Board of Directors is
soliciting your proxy to vote at the Annual Meeting. This proxy statement summarizes the
information you need to know to vote at the Annual Meeting on January&nbsp;27, 2005, and at any
adjournment of the meeting, for the purposes indicated in the accompanying Notice of Annual Meeting
of Stockholders. However, you do not need to attend the Annual Meeting to vote your shares.
Instead, you may simply complete, sign and return the enclosed proxy card.


<P align="left" style="font-size: 10pt">This proxy statement and the accompanying proxy card will be mailed to stockholders on or about
December&nbsp;29, 2004.


<P align="left" style="font-size: 10pt"><I>Who can vote?</I>


<P align="left" style="font-size: 10pt">You can vote your shares of common stock if our records show that you owned the shares at the close
of business on December&nbsp;6, 2004. A total of 12,697,872 shares of common stock can vote at the
Annual Meeting. You get one vote for each share of common stock you own.


<P align="left" style="font-size: 10pt"><I>How do I vote by proxy?</I>


<P align="left" style="font-size: 10pt">Follow the instructions on the enclosed proxy card to vote on each proposal to be considered at the
Annual Meeting. Sign and date the proxy card and mail it back to us in the enclosed envelope. The
proxyholders named on the proxy card will vote your shares as you instruct. If you sign and return
the proxy card but do not vote on a proposal, the proxyholders will vote for you on that proposal.
Unless you instruct otherwise, the proxyholders will vote FOR the election as directors of the
nominees named herein, each to serve for a term of one year, or until their successors are duly
elected and qualified, FOR the ratification of the selection of Salberg &#038; Company P.A. as our
independent auditor and will use their judgment to vote FOR or AGAINST any other proposals to be
considered at the Annual Meeting.


<P align="left" style="font-size: 10pt"><I>What if other matters come up at the Annual Meeting?</I>


<P align="left" style="font-size: 10pt">The matters described in this proxy statement are the only matters we know will be voted on at the
Annual Meeting. If other matters are properly presented at the meeting, the proxyholders will vote
your shares as they see fit.


<P align="left" style="font-size: 10pt"><I>Can I change my vote after I return my proxy card?</I>


<P align="left" style="font-size: 10pt">Yes. At any time before the vote on a proposal, you can change your vote either by giving our
corporate secretary a written notice revoking your proxy card, or by signing, dating and returning
to us a new proxy card, or by attending the Annual Meeting and voting in person. We will honor the
proxy card with the latest date.


<P align="left" style="font-size: 10pt"><I>Can I vote in person at the Annual Meeting rather than by completing the proxy card?</I>


<P align="left" style="font-size: 10pt">Although we encourage you to complete and return the proxy card to ensure that your vote is
counted, you can attend the Annual Meeting and vote your shares in person.



<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><I>What do I do if my shares are held in &#147;street name&#148;?</I>


<P align="left" style="font-size: 10pt">If your shares are held in the name of your broker or other nominee, that party should give you
instructions for voting your shares.


<P align="left" style="font-size: 10pt"><I>How are votes counted?</I>


<P align="left" style="font-size: 10pt">We will hold the Annual Meeting if holders of a majority of the shares of common stock entitled to
vote either sign and return their proxy cards or attend the Annual Meeting. If you sign and return
your proxy card, your shares will be counted to determine whether we have a quorum even if you
abstain or fail to vote on any of the proposals listed on the proxy card. A majority of the
outstanding shares will constitute a quorum at the meeting.


<P align="left" style="font-size: 10pt"><I>Who will count the votes?</I>


<P align="left" style="font-size: 10pt">American Stock Transfer &#038; Trust Company, our transfer agent, will tabulate the returned proxy votes
by mail. An officer of our company will serve as the election inspector and will tabulate the
votes at the meeting. The election inspector will treat shares represented by properly signed and
returned proxies that reflect abstentions from voting as shares that are present and entitled to
vote for purposes of determining the presence of a quorum on all matters.


<P align="left" style="font-size: 10pt"><I>Who pays for this proxy solicitation?</I>


<P align="left" style="font-size: 10pt">We do. In addition to sending you these materials, some of our employees may contact you by
telephone, by mail, or in person. None of these employees will receive any extra compensation for
doing this. We may request persons holding shares in their names for others to forward soliciting
materials to our principals to obtain authorization for the execution of proxies, and we will
reimburse such persons for their expenses in so doing.


<P align="left" style="font-size: 10pt"><I>Who can help answer my questions?</I>


<P align="left" style="font-size: 10pt">If you have any questions concerning any proposal or the Annual Meeting, or if you would like
additional copies of the proxy statement or if you will need special assistance at the meeting,
please call Steven Bettinger, our Chief Executive Officer, at (561)&nbsp;994-4446.


<P align="left" style="font-size: 10pt">You are requested, regardless of the number of shares you hold, to sign the attached proxy card and
return it promptly in the enclosed envelope.


<P align="left" style="font-size: 10pt">The summary information provided above in &#147;question and answer&#148; format is merely a brief
description of material information contained in this proxy statement.



<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PROPOSAL 1</B>



<P align="center" style="font-size: 10pt"><B>ELECTION OF DIRECTORS</B>


<P align="left" style="font-size: 10pt"><B>General</B>


<P align="left" style="font-size: 10pt">Our Board of Directors has recommended and nominated each of the individuals listed below for
election to our Board of Directors at the Annual Meeting. Each duly elected director will hold
office until his death, resignation, retirement, removal, disqualification, or until his successor
shall have been elected and qualified. The nominees for director named in this Proposal 1 must
receive a plurality of the votes cast in person or by proxy in order to be elected. Stockholders
may vote in favor of all the nominees or may withhold their vote from any or all nominees. Votes
that are withheld with respect to this matter will be excluded entirely from the vote and will have
no effect, other than for purposes of determining the presence of a quorum. Brokers that do not
receive instructions are entitled to vote those shares with respect to the election of directors.


<P align="left" style="font-size: 10pt">Unless otherwise instructed or unless authority to vote is withheld, the enclosed proxy will be
voted for the election of the nominees listed below. Although our Board of Directors does not
contemplate that the nominees will be unable to serve, if such a situation arises prior to the
Annual Meeting, the persons named in the enclosed proxy will vote for the election of such other
person(s) as may be nominated by the Board of Directors.


<P align="left" style="font-size: 10pt">The Board of Directors unanimously recommends a vote FOR the election of the nominees listed below.


<P align="left" style="font-size: 10pt"><B>Nominees</B>


<P align="left" style="font-size: 10pt"><I>Steven M. Bettinger</I>, 33&nbsp;years old, has served as our Chief Executive Officer, President and
director since 1999. Mr.&nbsp;Bettinger serves as an advisor to the E-learning market. Mr.&nbsp;Bettinger
received his B.S. in Business Administration from Syracuse University where he attended on
scholarship.


<P align="left" style="font-size: 10pt"><I>Andrew Lockwood</I>, 36&nbsp;years old, has served as a director since April&nbsp;2000. Mr.&nbsp;Lockwood is the
principal owner of Black Acre Mortgage, Inc., a mortgage brokerage firm located in Fort Lauderdale,
Florida. Previously, he served as President of Shochet Securities, a division of a publicly traded
financial service<BR>
company. Before joining Shochet, Mr.&nbsp;Lockwood was employed as an attorney in the corporate and
securities department of Atlas Pearlman, P.A., a law firm located in Fort Lauderdale, Florida and
Graubard, Mollen &#038; Miller, a law firm located in New York City. Mr.&nbsp;Lockwood received his J.D. from
St. John&#146;s University School of Law and his B.A. from Wesleyan University. Mr.&nbsp;Lockwood is a member
of the New York and Florida Bar Associations and serves on the board of The Daniel Cantor Senior
Center in Sunrise, Florida.


<P align="left" style="font-size: 10pt"><I>Jack P. Phelan</I>, 53&nbsp;years old, has served as a director since March&nbsp;2000. Since June&nbsp;1998, Mr.
Phelan served as President of Helios International Asset Management, a registered investment
advisor located in Boca Raton, Florida. From January&nbsp;1995 to June&nbsp;1998, Mr.&nbsp;Phelan served as
President of Nicholson/Kenny Capital Management, an investment management firm located in Boca
Raton,<BR>
Florida. Mr.&nbsp;Phelan is a member of the Association of Investment Management Research, the New York
Society of Security Analysis, the Financial Analysts Society of South Florida, the International
Society of Financial Analysts and the International Association for Financial Planning. Mr.&nbsp;Phelan
is also a member of MENSA and the International Society of Philosophical Enquiry.


<P align="left" style="font-size: 10pt"><I>Robert Picow</I>, 49&nbsp;years old, has served as chairman of the Board of Directors since April&nbsp;22, 2004,
and as a director since July of 2003. In 1982, Mr.&nbsp;Picow founded Allied Distributors, a small
electronics



<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">distributorship based in Philadelphia. In 1986, Allied Communications was formed and the company
focused on cellular telephones and related products. Allied Communications became one of the
leaders in this field and Mr.&nbsp;Picow served as C.E.O. until its merger in 1996 with Brightpoint, a
publicly traded communications company. Mr.&nbsp;Picow served as Vice Chairman and a director at
Brightpoint until 1997. Mr.&nbsp;Picow served as a director of S.B.A. Communications for a two-year term
and is now a director of Streicher Mobile Fueling and Fundamental Management Corporation a private
fund management company. Mr.&nbsp;Picow also serves on the Board of Trustees of the Children&#146;s Place at
Home Safe, a Palm Beach based charity.


<P align="left" style="font-size: 10pt"><B>Our Directors And Executive Officers</B>


<P align="left" style="font-size: 10pt">Our directors are elected annually and hold office until their death, resignation, retirement,
removal, disqualification, or the next annual meeting of our stockholders or until their successors
are duly elected and qualified. Officers serve at the discretion of the Board of Directors. There
is no family relationship between or among any of our directors and executive officers. Our current
Board of Directors consists of four persons.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Age</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Steven M. Bettinger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Chief Executive Officer and President</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Andrew Lockwood</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jack Phelan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Robert Picow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jordan Serlin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Operating Officer</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adam Wasserman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Below is a summary of the business experience of our executive officers who do not serve on the
Board of Directors. The business experience of the remaining persons appears under the caption
&#147;Proposal 1 &#150; Nominees&#148; set forth above.


<P align="left" style="font-size: 10pt"><I>Jordan Serlin</I>, 33&nbsp;years old, became Chief Operating Officer in July of 2003. He served on the
Cenuco Advisory Board since March of 2003. Most recently, Mr.&nbsp;Serlin served as CEO, Americas for
United Kingdom based Tenestra, Ltd. Tenestra was a leading global developer of component hardware
and software for digital and embedded wireless closed circuit television security surveillance
systems. Clients and projects included: British Customs, BMW, Pepcor Intl., British Petroleum, and
the United States Transportation and Security Administration. Mr.&nbsp;Serlin spearheaded the sale of
Tenestra&#146;s core technologies to General Electric&#146;s security subsidiary in late 2002. Mr.&nbsp;Serlin
previously served as the chief marketing executive for FortuneCity, an online services provider. He
was part of the management team which took that firm to its $90&nbsp;million IPO in 1998 on the German
NeurMarkt. He currently serves on the advisory boards of Sessions.edu, the Calyx Group, the
Brainstorm Venture Group, and Cualinet. He currently or previously served as a director on the
boards of: LookNbuy, Qool.com, Electronic Hollywood, and Tenestra USA.


<P align="left" style="font-size: 10pt"><I>Adam Wasserman, </I>40&nbsp;years old, was elected as our chief financial officer and controller in May
2004. Mr.&nbsp;Wasserman holds the degree of Bachelor of Administration from the State University of
New York at Albany. He is a Certified Public Accountant (New York), and a member of The American
Institute of Certified Public Accountant. Mr.&nbsp;Wasserman currently serves as the chief
executive officer and director of CFO Oncall, Inc., a firm specializing in financial
consulting services that he founded in



<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">1999, which is located in Weston, Florida. From 1991 to 1999, he was an audit manager at
American Express Tax &#038; Business in Fort Lauderdale, Florida, where he served as an outsourced
CFO and advisor to a diversified clientele in the technology, medical, retail, and service
industries in both the private and public sectors. Mr.&nbsp;Wasserman has also served with Deloitte &#038;
Touche, LLP in New York City, where he conducted audits of public and private companies, tax
preparation and planning, management consulting, and systems design. He currently serves as the
Treasurer of Gold Coast Venture Capital Association, was a former officer of Toastmasters
International, and is a member of the Florida Venture Forum, and Weston Chamber of Commerce.


<P align="left" style="font-size: 10pt"><B>Related Transactions</B>


<P align="left" style="font-size: 10pt">There were no related party transactions during the past two fiscal years.


<DIV align="left">
<A name="105"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>INFORMATION CONCERNING THE BOARD OF DIRECTORS AND ITS COMMITTEES</B>


<P align="left" style="font-size: 10pt">The Board of Directors took action at Board meetings or by unanimous written consent five times
during the fiscal year ended June&nbsp;30, 2004. All directors were present for at least 95% of the
Board of Directors meetings or unanimous written consents.


<P align="left" style="font-size: 10pt">The sole committee of the Board of Directors is the audit committee, consisting of Jack Phelan and
Andrew Lockwood, each of whom is independent as defined and required by the rules
of the AMEX. Our Board of Directors has determined that Jack Phelan is also an &#147;audit committee
financial expert&#148; as defined by the rules promulgated by the SEC.


<P align="left" style="font-size: 10pt">The audit committee generally has responsibility for appointing, overseeing, and determining the
compensation of our independent auditor, reviewing the plan and scope of the auditor&#146;s audit,
reviewing our audit and control functions, approving all permitted non-audit services provided by
our independent auditor, and reporting to our full Board of Directors regarding all of the
foregoing. The audit committee meets with the independent auditor and our management in connection
with its review and approval of (i)&nbsp;the unaudited financial statements for inclusion in our
quarterly reports on Form 10-QSB and (ii)&nbsp;the annual audited financial statements for inclusion in
our Annual Report on Form 10-KSB. Additionally, the audit committee provides our Board of
Directors with such additional information and materials as it may deem necessary to make our Board
of Directors aware of significant financial matters that require its attention. The audit
committee&#146;s goals and responsibilities are set forth in an audit committee charter, a copy of which
is attached as <U>Annex A</U>. The Audit Committee held one meeting during the fiscal year ended
June&nbsp;30, 2004 and each member attended the meeting. The Audit Committee Report is set forth below.


<P align="left" style="font-size: 10pt">We do not have a compensation committee or a nominating committee. Decisions concerning executive
officer compensation for 2004 were made by the full Board of Directors. Mr.&nbsp;Bettinger is the only
director who is also an officer.


<P align="left" style="font-size: 10pt">We do not have a nominating committee because we believe that as a small business issuer, it is not
necessary for us to have a separate nominating committee. Rather, the full Board of Directors
participates in the consideration of director nominees. At this time the Board of Directors does
not have a policy with regard to the consideration of any director candidates recommended by
stockholders because historically we have not received recommendations from our stockholders and
the costs of establishing and maintaining procedures for the consideration of stockholder
nominations would be overly burdensome.


<P align="left" style="font-size: 10pt">In making its nominations, the Board of Directors identifies candidates who meet the current
challenges and needs of the Board of Directors. In determining whether it is appropriate to add or
remove



<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">individuals, the Board of Directors will consider issues of judgment, diversity, age, skills,
background and experience. In making such decisions, the Board of Directors considers, among other
things, an individual&#146;s business experience, industry experience, financial background and
experiences. The Board of Directors uses multiple sources for identifying and evaluating nominees
for Directors including referrals from current directors and input from third party executive
search firms.


<P align="left" style="font-size: 10pt">All of the nominees are currently serving as members of our Board of Directors.



<P align="center" style="font-size: 10pt"><B>Report of the Audit Committee</B>


<P align="left" style="font-size: 10pt">The audit committee has reviewed and discussed the audited financial statements with management and
the independent auditors. In fulfilling its responsibilities, the audit committee discussed with
the independent auditors the matters that are required to be discussed by Statement on Auditing
Standards No.&nbsp;61. In addition, the audit committee received from the independent auditors the
written disclosures and letter required by Independence Standards Board Standard No.&nbsp;1, and the
audit committee discussed with the independent auditors that firm&#146;s independence.


<P align="left" style="font-size: 10pt">Based upon the audit committee&#146;s discussions with management and the independent auditors and the
audit committee&#146;s review of the representations of management and the report and letter of the
independent auditors provided to the audit committee, the audit committee recommended to the Board
of Directors that the audited consolidated financial statements be included in our Annual Report on
Form 10-KSB for the fiscal year ended June&nbsp;30, 2004 for filing with the SEC.



<P align="left" style="font-size: 10pt; margin-left: 50%">Respectfully Submitted:


<P align="left" style="font-size: 10pt; margin-left: 50%"><B>Jack Phelan<BR>
Andrew Lockwood</B>

<P align="left" style="font-size: 10pt"><B>Family Relationships</B>


<P align="left" style="font-size: 10pt">There is no family relationship between or among any of our directors and executive officers.


<P align="left" style="font-size: 10pt"><B>Code of Ethics</B>


<P align="left" style="font-size: 10pt">We have adopted a Code of Ethics that applies to all of our employees, officers and directors,
including our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer and
Controller. The Code of Ethics is located on our internet web site at www.cenuco.com under
&#147;Investor Relations.&#148;


<P align="left" style="font-size: 10pt"><B>Compliance with Section 16(a) of the Securities Exchange Act Of 1934</B>


<P align="left" style="font-size: 10pt">Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires our directors and executive officers,
and persons who own beneficially more than ten percent of our common stock, to file reports of
their stock ownership and changes of their stock ownership with the SEC. Based solely on the
reports we have received and on written representations from these reporting persons, we believe
that our directors, executive officers, and our ten percent stockholders have complied with Section
16(a) of the Securities Exchange Act of 1933.



<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Executive Compensation</B>


<P align="left" style="font-size: 10pt">The table below sets forth information relating to the compensation we paid during the past three
fiscal years to: (i)&nbsp;the President and Chief Executive Officer; and (ii)&nbsp;each other executive
officer who earned more than $100,000 during Fiscal 2004, 2003 and 2002 (the &#147;Named Executive
Officers&#148;).


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>Annual Compensation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restricted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compen-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compen-</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Principal Position</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>sation($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options(#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>sation($)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Steven M. Bettinger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">242,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">71,000</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">97,000</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">President and Chief Executive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">82,000</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">42,000</TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">239,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">15,000</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">35,000</TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Robert Picow,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">449,300</TD>
    <TD>(7)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">9,700</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Chairman of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">6,500</TD>
    <TD nowrap>(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jordan Serlin,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">86,000</TD>
    <TD nowrap>(10)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">37,659</TD>
    <TD nowrap>(12)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">58,200</TD>
    <TD nowrap>(11)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Chief Operating Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents the issuance of 100,000 shares of common stock at a fair market value of $0.71
on the date of issuance.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents the issuance of 100,000 shares of common stock at a fair market value of $0.82 on
the date of issuance.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents the issuance of 42,857 shares of common stock to Steven Bettinger at a fair market
value of $.35 on the date of issuance.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents value of 100,000 stock options granted at a fair market value on date of grant of
$0.97.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents value of 100,000 stock options granted at an exercise price of $.42.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(6)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents value of 100,000 stock options granted at an exercise price of $.35</TD>
</TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(7)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents the issuance of 125,000 shares of common stock at a average fair market value of
$3.59 on the date of issuance which were issued in lieu of a salary.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(8)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents value of 10,000 stock options granted at a fair market value on date of grant of
$0.97.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(9)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents value of 5,000 stock options granted at a fair market value on date of grant of
$1.30.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(10)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents the issuance of 20,000 shares of common stock at a fair market value of $4.30 on
the date of issuance.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(11)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents value of 60,000 stock options granted at a fair market value on date of grant of
$0.97.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(12)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents amount paid during year as independent contractor.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The following table sets forth information concerning individual grants of options made during
Fiscal 2004 to the Named Executive Officers.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options Granted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to Employees in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Base Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted (#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fiscal Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($/Sh)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Steven M. Bettinger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">January 2014</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Robert Picow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">January 2014</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jordan Serlin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">January 2014</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>












<P align="left" style="font-size: 10pt"><B>Stock Options Held At End Of Fiscal 2004</B>


<P align="left" style="font-size: 10pt">The following table indicates the total number and value of exercisable and unexercisable stock
options held by Named Executive Officers as of June&nbsp;30, 2004.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Value of Unexercised</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Underlying Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>In-the-Money</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Options at Fiscal Year-End (#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Options at Fiscal Year-End ($) (1)</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Steven M. Bettinger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">970,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">970,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Robert Picow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">64,665</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jordan Serlin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">291,000</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Based on the AMEX last sales price for our common stock on September&nbsp;14, 2004 in the
amount of $4.85 per common share.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Director Compensation</B>


<P align="left" style="font-size: 10pt">We do not currently pay any cash directors&#146; fees, but we pay the expenses of our directors in
attending board meetings. For the fiscal year ended June&nbsp;30, 2004, options and/or other equity
grants to directors were as follows:



<P align="left" style="margin-left:6%; margin-right:6%; font-size: 10pt">Jack Phelan and Andrew Lockwood &#151; Each received 27,500 shares of common stock and 10,000
stock options to acquire 10,000 shares of common stock at an exercise price of $1.15.

<P align="left" style="font-size: 10pt"><B>Employee Stock Option Plan</B>


<P align="left" style="font-size: 10pt">While we have been successful in attracting and retaining qualified personnel, we believe that our
future success will depend in part on our continued ability to attract and retain highly qualified
personnel. We pay wages and salaries that we believe are competitive. We also believe that equity
ownership is an important factor in our ability to attract and retain skilled personnel. In 2000,
we adopted the 2000 Option Plan (the &#147;Plan&#148;). The purpose of the Plan is to further our interests,
and our subsidiaries&#146; and stockholders&#146; interests, by providing incentives in the form of stock
options to key employees, consultants, directors and others who contribute materially to our
success and profitability. The grants recognize and reward outstanding individual performances and
contributions and will give such persons a proprietary interest in us, thus enhancing their
personal interest in our continued success and progress. The Plan also assists us and our
subsidiaries in attracting and retaining key employees and directors. The Plan is administered by
the Board of Directors. The Board of Directors has the exclusive power to select the participants
in the Plan, to establish the terms of the options granted to each participant, provided that all
options granted shall be granted at an exercise price equal to at least 85% of the fair market
value of the common stock covered by the option on the grant date and to make all determinations
necessary or advisable under the Plan. The number of shares of common stock that may be issued upon
the exercise of options granted under the 2000 Plan, as amended, is 3,000,000. As of June&nbsp;30, 2004,
options to purchase a total of 1,361,000 shares had been granted pursuant to the Plan, all of which
are outstanding and 702,667 of which are exercisable.



<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Equity Compensation Plan Information</B>


<P align="left" style="font-size: 10pt">The following table sets forth information about our shares of common stock that may be issued upon
exercise of options and other stock based awards under our equity compensation plans as of
September&nbsp;30, 2004, including the Plan.


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Securities</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>remaining available for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>issued upon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>future issuance under</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>equity compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>plans (excluding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options, warrants,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options, warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities reflected</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Plan Category</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and rights</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and rights</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>in column (a))</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(c)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity Compensation
plans approved
by stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,326,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,674,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equity compensation
plans not approved
by stockholders (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,126,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,674,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">We have issued the following warrants to purchase shares of our common stock without the
approval of our stockholders:</TD>
</TR>

</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In fiscal 2004, in connection with a private placement, we sold one unit for
$100,000, comprised of 100,000 shares of our common stock and warrants entitling the
holder to purchase up to 100,000 shares of our common stock at an exercise price of
$1.00.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In fiscal 2004, we sold 30,000 units under a private placement aggregating 1,500,000
shares of our common stock and warrants to purchase 1,500,000 shares of our common
stock at an exercise price of $4.50 per share.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In March&nbsp;2004, we consummated a capital raise through a private placement offered to
accredited investors. We offered, through a placement agent, investment units
consisting of 5,000 shares of our common stock offered at $4.00 per share with a
callable warrant to purchase 5,000 shares of our common stock at $4.50 per share. The
private placement was originally to be for a maximum amount of $5,000,000, but was
subsequently increased to a maximum of $6,000,000.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>Employment Agreement</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into an employment agreement with Steven Bettinger, our Chief Executive Officer, for a
24&nbsp;month period ending January&nbsp;1, 2003, subject to automatic renewals of 12-month terms unless
terminated by us or Mr.&nbsp;Bettinger with 30-days&#146; prior written notice. In addition to an annual
salary of up to $250,000 for Mr.&nbsp;Bettinger, the agreement entitles him to receive options to
purchase 100,000 shares of our common stock each year of employment at fair market value. These
options are issued under our 2000 Option Plan. The options vest 1/3 per year, beginning one year
from the date of grant. The agreement also provide for the receipt of an annual bonus at the
discretion of the Board of Directors. Mr.&nbsp;Bettinger received a discretionary bonus of 100,000
shares of common stock in each of Fiscal 2004 and 2003.


<P align="center" style="font-size: 10pt">10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="106"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B>


<P align="left" style="font-size: 10pt">The following table sets forth certain information at September&nbsp;24, 2004, with respect to the
beneficial ownership of shares of common stock by (i)&nbsp;each person known to us who owns beneficially
more than 5% of the outstanding shares of common stock, (ii)&nbsp;each of our directors and nominees,
(iii)&nbsp;each of our Named Executive Officers and (iv)&nbsp;all of our executive officers and directors as
a group. Unless otherwise indicated, each stockholder has sole voting and investment power with
respect to the shares shown.


<P align="left" style="font-size: 10pt">In accordance with SEC rules, options or warrants not exercisable within 60&nbsp;days of this report are
not considered part of the holder&#146;s beneficial ownership. As of September&nbsp;24, 2004, there were
12,247,271 shares of common stock outstanding. Unless otherwise stated, the address for the
beneficial stockholder is 6421 Congress Ave., Suite&nbsp;201, Boca Raton, Florida 33487.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address of Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially Owned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage %</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Steven M. Bettinger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,602,982 </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.79</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Robert Picow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">184,167</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.47</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jordan Serlin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adam Wasserman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Andrew Lockwood</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">68,750</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jack Phelan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">72,500</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All executive officers and Directors
as a group (6 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,972,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.47</TD>
    <TD nowrap>%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Less than one percent</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 200,000 stock options exercisable as of September&nbsp;20, 2004</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 1,667 stock options exercisable as of September&nbsp;20, 2004</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 30,000 stock options exercisable as of September&nbsp;20, 2004</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes 35,000 stock options exercisable as of September&nbsp;20, 2004</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left">
<A name="107"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PROPOSAL 2</B>



<P align="center" style="font-size: 10pt"><B>RATIFY THE SELECTION OF SALBERG &#038; COMPANY, P.A. AS OUR<BR>
INDEPENDENT AUDITOR FOR THE FISCAL YEAR ENDING JUNE 30, 2005</B>


<P align="left" style="font-size: 10pt">Grant Thornton LLP (&#147;GT&#148;), by letter dated December&nbsp;10, 2003, terminated its relationship as our
independent accountant. We mutually agreed to terminate this relationship with GT. GT had been our
independent accountant, and audited our financial statements.


<P align="left" style="font-size: 10pt">The reports of GT on our consolidated financial statements for the 2002 and 2003 fiscal years
contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles.


<P align="left" style="font-size: 10pt">Further, for the 2002 and 2003 fiscal years, there were no disagreements between us and GT on any
matter of accounting principles or practices, financial statement disclosure, or auditing scope or
procedure, which would have caused GT to make a reference thereto in its report on our financial
statements for such period.


<P align="left" style="font-size: 10pt">During the period from August&nbsp;28, 2000 through December&nbsp;10, 2003, there were no reportable events
(as defined in Item&nbsp;304 (a)(1)(v) of Regulation&nbsp;S-K). GT furnished the SEC with a letter stating
that it agrees with the above statements. This letter was attached as an exhibit to a Form 8-K,
filed with the SEC on December&nbsp;19, 2003.


<P align="left" style="font-size: 10pt">The Board of Directors engaged Salberg &#038; Company, P.A. as our new independent accountants as of
December&nbsp;16, 2003. Prior to such date, we did not consult with Salberg &#038; Company, P.A. regarding
(i)&nbsp;the application of accounting principles, (ii)&nbsp;the type of audit opinion that might be rendered
by Salberg &#038; Company, P.A., or (iii)&nbsp;any other matter that was the subject of a disagreement
between us and Salberg &#038; Company, P.A. (as defined in Item&nbsp;304 (a)(1)(iv) of Regulation&nbsp;S-B) or a
reportable event (as described in Item&nbsp;304 (a)(1)(v) of Regulation&nbsp;S-K).


<P align="left" style="font-size: 10pt">The Board of Directors has selected Salberg &#038; Company, P.A. as our independent auditor for the
fiscal year ending June&nbsp;30, 2005, which is the current fiscal year. The Board of Directors wishes
to obtain from the stockholders a ratification of their action in appointing their existing
certified public accountant, Salberg &#038; Company, P.A., as our independent auditor for the fiscal
year ending June&nbsp;30, 2005. The affirmative vote of a majority of the shares of common stock present
in person or by proxy and entitled to vote at the Annual Meeting is required for the approval of
this Proposal 2.


<P align="left" style="font-size: 10pt">In the event the appointment of Salberg &#038; Company, P.A. as independent auditor is not ratified by
the stockholders, the adverse vote will be considered as a direction to the Board of Directors to
select other independent auditors for the fiscal year ending June&nbsp;30, 2005. A representative of
Salberg &#038; Company, P.A. is expected to be present at the Annual Meeting with the opportunity to
make a statement if he so desires and to respond to appropriate questions.


<P align="left" style="font-size: 10pt">The Board of Directors unanimously recommends a vote FOR the ratification of Salberg &#038; Company,
P.A. as our independent auditor for fiscal year ending June&nbsp;30, 2005.



<P align="center" style="font-size: 10pt">12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Audit Fees</B>


<P align="left" style="font-size: 10pt">The aggregate fees billed by our auditors and previous auditors for professional services rendered
in connection with (1)&nbsp;the audit of our annual consolidated financial statements for Fiscal 2004
and 2003 and reviews of the consolidated financial statements included in our Forms 10-KSB and
services related to the filing for Fiscal 2004 and 2003 and (2)&nbsp;the filing with the SEC of a
registration statement on Form S-3 were approximately $61,626 and $57,000, respectively.


<P align="left" style="font-size: 10pt"><B>Audit-Related Fees</B>


<P align="left" style="font-size: 10pt">For Fiscal 2004 and 2003, our current and previous auditors did not bill any additional fees for
assurance and related services that are reasonably related to the performance of the audit or
review of our financial statements and are not reported under &#147;Audit Fees&#148; above.


<P align="left" style="font-size: 10pt"><B>Tax Fees</B>


<P align="left" style="font-size: 10pt">The aggregate fees billed by our auditors for professional services for tax compliance, tax advice,
and tax planning were $0 and $0 for Fiscal 2004 and 2003, respectively.


<P align="left" style="font-size: 10pt"><B>All Other Fees</B>


<P align="left" style="font-size: 10pt">The aggregate fees billed by our auditors for all other non-audit services rendered to us, such as
attending meetings and other miscellaneous financial consulting, in Fiscal 2004 and 2003 were $0
and $0, respectively.


<P align="left" style="font-size: 10pt"><B>Auditor Independence</B>


<P align="left" style="font-size: 10pt">Our Board of Directors considers that the work done for us in the fiscal year ended June&nbsp;30, 2004
by Salberg &#038; Company, P.A. is compatible with maintaining Salberg &#038; Company, P.A.&#146;s independence.


<P align="left" style="font-size: 10pt"><B>Auditor&#146;s Time On Task</B>


<P align="left" style="font-size: 10pt">All of the work expended by Salberg &#038; Company, P.A. on our June&nbsp;30, 2004 audit was attributed to
work performed by Salberg &#038; Company, P.A.&#146;s full-time, permanent employees.



<P align="center" style="font-size: 10pt">13
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="108"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>GENERAL INFORMATION</B>



<P align="left" style="font-size: 10pt"><B>Other Matters</B>


<P align="left" style="font-size: 10pt">The Board of Directors is not aware of any other matters to be presented for action at the Annual
Meeting. However, if any other matter is properly presented at the Annual Meeting, it is the
intention of the persons named in the enclosed proxy to vote in accordance with their best judgment
on such matters.


<P align="left" style="font-size: 10pt"><B>Communications with the Board of Directors</B>


<P align="left" style="font-size: 10pt">The Board of Directors provides a process for stockholders to send communications to the Board of
Directors or any of the directors. Stockholders may send written communications to the Board of
Directors or any the directors c/o Secretary, Cenuco, Inc. 6421 Congress Avenue, Suite&nbsp;201, Boca
Raton, Florida 33487. All communications will be compiled by our Secretary and submitted to the
Board of Directors or the individual directors on a periodic basis. It is our policy that the
directors who are up for election at the Annual Meeting attend the Annual Meeting.


<P align="left" style="font-size: 10pt"><B>Future Proposals Of Stockholders</B>


<P align="left" style="font-size: 10pt">The deadline for stockholders to submit proposals to be considered for inclusion in the proxy
statement for the 2005 Annual Meeting of Stockholders is July&nbsp;15, 2005. Additionally, we must
receive notice of any stockholder proposal to be submitted at the 2005 Annual Meeting (but not
required to be included in our proxy statement for that meeting) by October&nbsp;1, 2005, or such
proposal will be considered untimely pursuant to Rule&nbsp;14a-5(e) under the Securities Exchange Act
and persons named in the proxies solicited by management may exercise discretionary voting
authority with respect to such proposal.


<P align="left" style="font-size: 10pt"><B>Where You Can Find More Information</B>


<P align="left" style="font-size: 10pt">We file annual, quarterly and special reports and other information with the Securities and
Exchange Commission (the &#147;Commission&#148;). You may read our Commission filings over the internet at
the Commission&#146;s website at http://www.sec.gov. You may also read and copy documents at the
Commission&#146;s public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549. Please call
the Commission at 1-800-SEC-0330 for further information on the public reference rooms.


<P align="left" style="font-size: 10pt">We are delivering with this proxy statement our Annual Report on Form 10-KSB for the fiscal year
ended June&nbsp;30, 2004. Upon request, we will provide copies of the exhibits to the Annual Report on
Form 10-KSB at no additional cost. All requests for copies should be directed to our Chief
Executive Officer, Steven Bettinger c/o Cenuco, Inc., 6421 Congress Avenue, Suite&nbsp;201, Boca Raton,
Florida 33487.



<P align="left" style="font-size: 10pt">BY ORDER OF THE BOARD OF DIRECTORS



<P align="left" style="font-size: 10pt"><IMG src="g92519g9251902.gif" alt="s Steven Bettinger"><BR>
STEVEN BETTINGER<BR>
DIRECTOR, CHIEF EXECUTIVE OFFICER


<P align="left" style="font-size: 10pt">DECEMBER 27, 2004<BR>
BOCA RATON, FLORIDA


<P align="center" style="font-size: 10pt">14
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="109"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>AUDIT COMMITTEE CHARTER<BR>
OF<BR>
CENUCO, INC.</B>



<P align="left" style="font-size: 10pt"><B>Purpose</B>


<P align="left" style="font-size: 10pt">The Audit Committee is appointed by the Board of Directors of Cenuco, Inc. (the &#147;Company&#148;) to
assist the Board in fulfilling its oversight responsibilities. The Audit Committee&#146;s purpose is to
assist Board of Directors&#146; oversight of:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings 2">&#150;</FONT> The accounting and financial reporting processes of the Company and the audits of the Company&#146;s financial statements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings 2">&#150;</FONT> The Company&#146;s compliance with legal and regulatory requirements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings 2">&#150;</FONT> The independent auditors&#146; qualifications, independence and performance; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings 2">&#150;</FONT> Communication among the independent auditors, management and the Board of Directors.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The Audit Committee has the authority to conduct any investigation appropriate to fulfilling its
responsibilities, and it has direct access to the independent auditors as well as anyone in the
organization. The Audit Committee has the ability to retain special legal, accounting, or other
consultants or experts (collectively, &#147;Advisors&#148;) it deems necessary in the performance of its
duties. The Company shall provide funding, as determined by the Audit Committee, for payment of
(i)&nbsp;compensation to the independent auditors, (ii)&nbsp;compensation to any Advisors employed by the
Audit Committee and (iii)&nbsp;ordinary administrative expenses of the Audit Committee that are
necessary or appropriate in carrying out is duties.



<P align="left" style="font-size: 10pt"><B>Committee Authority and Responsibilities</B>



<P align="left" style="font-size: 10pt"><U>Review Procedures</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluate the Audit Committee&#146;s performance annually and recommend any changes to the Board of
Directors for approval.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the independent auditors (a)&nbsp;the audited financial
statements (including quality of financial reporting decisions and judgments), (b)&nbsp;the related
disclosures under &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148; and (c)&nbsp;the &#147;Critical Accounting Policies&#148; disclosure to be contained in the
annual report on Form 10-KSB and annual shareholders report to determine that the independent
auditors are satisfied with the content and disclosure of the financial statements and related
disclosure. Recommend to the Board that the Company&#146;s audited financial statements be
included in the Form 10-KSB.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consultation with the management and the independent auditors, consider the integrity of
the Company&#146;s financial reporting processes and controls and the Company&#146;s system to monitor
and manage business risk and ethical and legal regulatory compliance programs, and elicit any
recommendations for the improvement of such controls and systems or particular areas where new
or more detailed controls or systems are desirable. Discuss policies with respect to risk
assessment and risk management, including major financial risk exposures and the steps
management has taken to monitor, control, and report such exposures. Review significant
findings prepared by the independent auditors together with management&#146;s responses.</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the independent auditors (a)&nbsp;the interim financial
statements (including quality of financial reporting decisions and judgments), (b)&nbsp;the related
disclosures under &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148; and (c)&nbsp;the &#147;Critical Accounting Policies&#148; disclosure to be contained in the
quarterly report on Form 10-QSB. Discuss the results of the independent auditors&#146; review of
the Company&#146;s interim financial information. In addition, the Audit Committee shall discuss
with the independent auditors other matters required to be communicated by the independent
auditors in accordance with applicable generally accepted auditing standards prior to the
inclusion of such information in the Company&#146;s Form 10-QSB. The chair of the Audit Committee
may represent the entire Committee for purposes of this review.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review annually with financial management and the independent auditors, (i)&nbsp;any analyses or
other written communications prepared by management and/or the independent auditors setting
forth significant financial reporting issues and judgments made in connection with the
preparation of the financial statements, including analyses of the effects of alternative
generally accepted accounting principles (&#147;GAAP&#148;) methods on the financial statements; (ii)
the Company&#146;s accounting policies in light of the Company&#146;s current operations and current
GAAP and SEC rules and regulations, (iii)&nbsp;any major issues regarding the Company&#146;s accounting
principles and financial statement presentations, including any significant changes in the
selection or application of accounting principles; and (iv)&nbsp;the effect of regulatory and
accounting initiatives as well as off-balance sheet structures, on the financial statements of
the Company.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><U>Independent Auditors </U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Directly appoint, compensate, retain and oversee the work of the independent auditors to
audit the financial statements of the Company and its divisions and subsidiaries. The
independent auditors shall report directly to the Audit Committee, and the Audit Committee
shall resolve any disagreements between management and the independent auditors.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meet with the independent auditors and financial management of the Company to review the
scope of the proposed audit for the current year and the audit procedures to be utilized. At
the conclusion thereof review with the independent auditors such audit, including any comments
or recommendations of the independent auditors, any significant changes required in the
independent auditors&#146; audit plan or any significant difficulties or disputes encountered
during the audit, including any restrictions on the scope of the auditor&#146;s activities or on
access to required information, and management&#146;s response.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss with the independent auditors any other matters required to be discussed by Statement
on Auditing Standards No.&nbsp;61 relating to the conduct of the audit.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive and review (i)&nbsp;the independent auditors formal written statement delineating all
relationships between the independent auditors and the Company, consistent with Independence
Standards Board Standard 1, <U>Independence Discussions with Audit Committees</U>, and (ii)
any other certifications or documentation necessary to ensure that the independent auditors
meet the independence standard required by law. Review all such documentation with the
independent auditors, and if so determined by the Audit Committee, take or recommend that the
full Board of Directors take appropriate action to oversee the independence of the auditors.</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive and review timely reports from the independent auditors regarding: (i)&nbsp;all critical
accounting policies and practices to be used; (ii)&nbsp;all alternative treatments of financial
information within generally accepted accounting principles that have been discussed with
management officials of the Company, ramifications of the use of such alternative disclosures
and treatments, and the treatment preferred by the independent auditors; and (iii)&nbsp;other
material written communications between the independent auditors and the management of the
Company, such as any management letter or schedule of unadjusted differences.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approve, in advance, any additional &#147;Audit,&#148; &#147;Audit-Related&#148;, &#147;Tax&#148; and &#147;Other Services&#148; (as
such terms are defined by the SEC rules and regulations) to be provided by the independent
auditors. Determine the amount of compensation to be paid to the independent auditors for
such additional services. The Company shall provide for funding, as determined by the Audit
Committee, for the payment of compensation to the independent auditors for any such services.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><U>Develop Controls to Insure the Integrity of the Financial Statements and Quality of
Disclosure</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management and the independent auditors significant risks and exposures, and the
steps management has taken to minimize the risks or exposures.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management the Company&#146;s systems of internal control.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On a quarterly basis, discuss the following with management and the independent auditors, if
applicable:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies in the design or operation of internal controls which could
adversely affect the Company&#146;s ability to record, process, summarize and report financial
data and any material weaknesses in internal controls; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other employees who have
a significant role in the Company&#146;s internal controls.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish procedures for: (i)&nbsp;the receipt, retention and treatment of complaints received by
the Company regarding accounting, internal accounting controls or auditing matters; (ii)&nbsp;the
confidential, anonymous submission by employees of the Company of concerns regarding
questionable accounting or auditing matters; and (iii)&nbsp;the receipt and treatment of any
evidence of a violation of the securities laws or breach of fiduciary duty brought to the
Audit Committee&#146;s attention by the Company&#146;s external securities counsel.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><U>Other Audit Committee Responsibilities </U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annually prepare the Audit Committee Report for inclusion in the Proxy Statement.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Perform any other activities consistent with this Charter, the Company&#146;s by-laws, and
governing law, as the Audit Committee or the Board of Directors deems necessary or
appropriate.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish policies for the Company&#146;s hiring of current or former employees of the independent
auditors.</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>

<P align="left" style="font-size: 10pt"><B>Committee Membership And Organization</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Appointment and Term</I>. The Audit Committee shall be appointed annually by a majority vote of
the Board of Directors. The Board of Directors, by majority vote, may remove any member of the
Audit Committee.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Composition and Qualifications</I>. The Audit Committee shall be composed of at least two
directors (three directors if the Company no longer qualifies as a &#147;Small Business Issuer&#148;
under SEC Regulation&nbsp;S-B), each of whom must (i)&nbsp;be independent as defined under the rules of
the American Stock Exchange (&#147;AMEX&#148;), (ii)&nbsp;meet the criteria for independence set forth in
Rule&nbsp;10A-3(b)(1) under the Securities Exchange Act of 1934, as amended (&#147;Exchange Act&#148;), and
(iii)&nbsp;be able to read and understand fundamental financial statements, including a company&#146;s
balance sheet, income statement, and cash flow statement. At least one member of the Audit
Committee shall have past employment experience in finance or accounting, requisite
professional certification in accounting, or any other comparable experience or background
which results in the individual&#146;s financial sophistication, including being or having been a
chief executive officer, chief financial officer or other senior officer with financial
oversight responsibilities, or who otherwise qualifies as an &#147;audit committee financial
expert&#148; under Item 401(h) of Regulation&nbsp;S-B promulgated under the Exchange Act. No member of
the Audit Committee may accept any consulting, advisory, or other compensatory fee from the
Company other than for board service, and no member of the Audit Committee may be an
affiiliated person of the Company as defined in SEC Rules.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Meetings</I>. The Audit Committee shall meet at least quarterly or more frequently as the Audit
Committee requires. The Audit Committee has the authority to ask members of management or
others to attend the meetings and provide pertinent information as necessary.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Reporting and Minutes</I>. The Audit Committee shall provide copies of minutes of meetings of
the Audit Committee to the Board of Directors. All notices of meetings shall be provided to
the Company&#146;s management in order for payment of any applicable meeting fees and expenses to
be made. The Audit Committee shall report to the entire Board of Directors the discussions
held with management. The Audit Committee shall report committee actions to the Board of
Directors with such recommendations as the Audit Committee may deem appropriate.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Review of Charter</I>. The Audit Committee shall review its charter on an annual basis and
recommend any changes to the Board of Directors for approval. The Audit Committee shall
publish this Charter whenever it is revised or at least every three years in accordance with
SEC rules and regulations.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>PROXY<BR>
CENUCO, INC.</B>


<P align="left" style="font-size: 10pt">This proxy is solicited on behalf of the Board of Directors of Cenuco, Inc., a Delaware
corporation (the &#147;Company&#148;), for the Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;), to be
held at the Holiday Inn Hotel &#038; Suites located at 1950 Glades Rd., Boca Raton, Florida, on January
27, 2005 at 10:00&nbsp;a.m. (EST). The undersigned hereby appoints Steven Bettinger and Robert Picow and
each of them as the true and lawful attorneys, agents and proxies of the undersigned, with full
power of substitution, to represent and to vote all shares of common stock of the Company held of
record by the undersigned on December&nbsp;6, 2004, at the Annual Meeting, and at any adjournments
thereof. Any and all proxies heretofore given are hereby revoked.


<P align="left" style="font-size: 10pt">When properly executed, this proxy will be voted as designated by the undersigned. If no choice is
specified, the proxy will be voted: (i)&nbsp;FOR the election of the nominees to the Board of Directors
named in Proposal 1; (ii)&nbsp;FOR the ratification of Salberg &#038; Company, P.A. as the Company&#146;s
independent auditor for the fiscal year ending June&nbsp;30, 2005 in Proposal 2; and (iii)&nbsp;FOR or
AGAINST any other proposals to be considered at the Annual Meeting, in the judgment of the
proxyholders.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>THE PROPOSAL TO ELECT THE FOLLOWING DIRECTORS TO THE BOARD OF DIRECTORS OF THE COMPANY.
(INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH,
OR OTHERWISE STRIKE, THAT NOMINEE&#146;S NAME IN THE LIST BELOW.)</TD>
</TR>

</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR ALL NOMINEES LISTED BELOW
EXCEPT AS MARKED TO THE CONTRARY.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WITHHOLD AUTHORITY<BR>
TO VOTE FOR ALL<BR>
NOMINEES BELOW</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Robert Picow<BR>
Steven M. Bettinger<BR>
Andrew Lockwood<BR>
Jack Phelan


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>THE PROPOSAL TO RATIFY THE SELECTION OF SALBERG &#038; COMPANY, P.A. AS THE COMPANY&#146;S INDEPENDENT
AUDITOR FOR THE FISCAL YEAR ENDING JUNE 30, 2005.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> FOR
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> ABSTAIN</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IN THEIR DISCRETION, THE PROXYHOLDERS ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS THAT
MAY PROPERLY COME BEFORE THE ANNUAL MEETING.</TD>
</TR>

</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> FOR
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> ABSTAIN</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Please sign exactly as your name appears below. When shares are held by joint tenants, both should
sign. When signing as attorney, as executor, administrator, trustee or guardian, please give the
full title as such. If a corporation, please sign in full corporate name by President or other
authorized officer. If a partnership, please sign in partnership name by authorized person.


<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade>
NUMBER OF<BR>
SHARES OWNED
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade>
SIGNATURE</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade>

(TYPED OR PRINTED NAME)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade>
SIGNATURE IF HELD JOINTLY</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
<HR align="center" size="1" noshade>
(TYPED OR PRINTED NAME)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DATED:&nbsp;_______________________________________</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">This proxy may be revoked at any time before it is voted at the meeting. Please mark, sign, date
and return this proxy promptly.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g92519g9251901.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g92519g9251901.gif
M1TE&.#EAN@`^`/<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\```
M````"``(``@(``@("!`(`!`0`!`0"!`0$!`0&!@0`!@8"!@8&"$8`"$A`"$A
M""$A(2$I""DA""DI`"DI""DI*3$I$#$Q,3DY"#DY.4(Y"$(Y$$)""$)"$$)"
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M]__W____]____P``````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````/_[\*"@I("`@/\```#_
M`/__````__\`_P#______R'Y!```````+`````"Z`#X`AP```(````"``("`
M````@(``@`"`@,#`P,#<P*;*\```````"``(``@(``@("!`(`!`0`!`0"!`0
M$!`0&!@0`!@8"!@8&"$8`"$A`"$A""$A(2$I""DA""DI`"DI""DI*3$I$#$Q
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M&/?O"/?O$/?O&/?O(??O]_?W[_?W]__W____]____P``````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````/_[\*"@I("`@/\```#_`/__````__\`_P#______PC^`.T('$BP
MH,&#"!,J7,BPH<.'$"-*9`A@HL6+&#-JW,BQH\>/#>O025BG#LB3*%.J1&@%
M!XH0,&/*G$ES!)*5.'/J;%C$`H"?0(,*'0JTQ\Z(78H`48+FJ%.(2"3\9``A
M`H2K6+-JA1#4Z-.%5F*,H+%#1H@=<[ZJ1?@!:(DH4*;(G4NW+I4,1=>R1&%#
M#)HY<\+22*M7KY2@*]:4>>.FL>/'C]]T`/JCL,$8,N;88/&BKQB;EM<6"7HB
M"Q<O6[*H7LUZM98->4,+M*+!BIT02KJ\D&&G"(NFLIT*">H``X8,&8PK7[X<
M;VS90EBD#<%D#@X:=L1\L!W\Z'"BX,/^__0JNZS`$)Q1V)[SX4!W[^+#+R!*
M/C20%].%*-'`Q`Z:#U)<A,8!.[R`P@@LX*"$&`\%!H0,!Z(@0Q'<,<3$A5T(
MA`83.+`P`@HQ"%$A0=_]1($)*9#@''@@D.!B`\\9)(82FWT8PPX'$-;0A@4>
MR((-2#!XT`$?9-B>'3388(<2*``GD1(L.#"4`Z`Q9(4,/@VE05\+H2$E`#O8
M(4646J)54(D`N'#&&F;H(-X0991QA@=`^7#0'#V$0)0$,03($!(H?"E4"$`X
M2=`(88;@GA`OH,%"?0^A08.@X.&@XT$]Q7=D0F@`M4.FX35*8E`NN,%&&SF(
M9T1CDM5ID!7^(\0G@1(*21H?`"AD6-`!(?0@1EJ!T2"=1'/0$)0&-_9`0UL_
M.0`I05$!94&"/70HU4^;'M3I3R]DJ8&$,81`:7UHNO`&8ZF&MRH9<$SVDYT$
M=1%KLR'0T$.!60)@@7O:OG!LLF8).H*N!!W`&1!%[,`"#4)&5(2@,HS810S2
MCCB0%!H`Q8(4ES*!`E`C&$K0MD`Y0$.%:(`*0`@-EWNN&^F"MZH;[;I*D`Q`
M2="#H41J++)`.)1,`\'9]2!H#)=JB`0.-O20XT1BZ/F3D@:AX>_4!LUQ-0"9
M'23&UF%J&Y0$0AR$Q)<.]">0RVO`+!X1K+H+`+P",7&M!#>]FC'^``[06I`5
M@CXK4+1\%X'2:#^%\+-`AV&;M-T_#9Q0%UE^L#C)`"!]Y[P``#$0VVZ'![<;
MK;Y[,U!4'[0#4+P59`-0HB(4=.0H4?R3YPC-@8($&OQ6T.R=+X3S3VH7A'G>
M!QG[4]AV@!XS4:.7/O=`<V3I@,4$82Q!"*D+%'6SQ1]$VT\2^.G1''M;8+[7
MB]]&/M&8?HF#V,TV;%`/0,V_-JEOM/W\4-&3&]T:AZND%>17!Y'"ES1@P(+8
M+G@?L<*U%#>1.7QI.VC(H`8WB`8E7.L%]`.`!MIG!R"@[G-`L0,`^A<Z\`30
M9LT#"G8F@@2@Q(`A)OS)##W"A"\-2R+^72A9"$9`Q"(:<03,PM7/2!:"!@HD
MAP!(78D$`@#_O2UN,`2>X!J"OY_H3R%,@!U(SL8MBQ#P5H-:(E":F!`H2C&%
M5&PA]+!H.H&\[B=EFX@6&4)`%#CQ(F3,G$4.@$:BC,!^&EKC']V(PI\0!`#_
M$\H+ZX@DH.11(G>$H$+Z^$>+!!*$$R%@"(I`RE*:\I1%J$[5%-G&$^[/D8^\
M(ND$.)!,XDXB>UP((7_RPXY`KH`3"6+D2.@0)B[2E3&$92R)PH`DT'%Z`EG=
M\BS"R(74\"<WC.`$$?DW_4C!4!8D'S<C8LQ68NV5%3$(>!KP!-))CVZ(X]I"
ME"`$)G",($K^``H*&`*\+W:$/>3C%T*Z*`'#$41J`/!;0JP`!"1\,X1L1$@U
MDYE.=0X%`E]XY@!!]L<YL(!OVR&(!']B`6)ZM%D&_<CPP)20D_YD?78`'GX4
MDLD=CHR5$D7F%!$R%!4P9I8P1!]08"K2O3%P9!_#HT(.<#?X<40)"W2J0`[P
MI8@.A*G-NJ1!I'`M`(1O(.7,Z3DI:M&+'L$Q[R1()C5W$.#9](EKE*I_ML8"
ME#@*=C_K0E(!(+@':D"A\=JK'R%ZS+'N5(54=,!\@!(!'HRA#1H5J?7,5!`F
M9&E?5=M;YIRJF2_-*B58_0D*E$"8.2`!H2$37Q(E@(,*S:$(")7^@$"-A].#
M3'2GL`1`$$CP@`9<``9+:,P7QD`S6A+$:,V2@?G$`(2N^I,@#ULC$G1T@*U%
ML9,:*4)7'?"M$6A`4-DRR`$T"P`)?.!`%A`4V3A56X/<-H4`X$`5T@F`,&A!
M"V`@KAN:<`/]&I=ZF2SO>4.0+P#$[B`]V*X%/O3=H,B`F!PI`GF'HBA=CH!2
M6BK"'\-J6V2&42@KH"_IV@!9-RQ!!"T(P[G^"U8<='5*,1@G]810X*%8``<0
M[D@7;%!C`'Q@!SGVCQ`X=RP;R!6L&K#`M/Y(8R4SKWI#H5,<SY6%'%1@`2>(
M`A:NL"*Z538&+Q;M=!MB!1M,6%\T("K^3@8DA!WL0`@/A<@<NJ`$(.R@!T6(
M,T,TV,DY\)E$&,YM#69``@K\9#Y8Z4I+9V3G'B#!"MBMV@&$<"\A'"#([PF-
M=0)-WT)N,=.@_HH27J"!"4Q``E*A(JI7;6I3KUH"%M!JJ&>M%L"D`0UR0(,:
M?L+!7L<AUW$8":V'3>QB&_O8R/9($7#`[&8[^]G0CK:TITWM:EO[VM/^:K(=
MHH0>%_+;X`ZWN&\5`NQUH7A"<)(2PG>A)0'AW8\N@I.D,.:!=*'>71`"#IPV
M9^39P:%,D'%#A,#I<1O\X`C?TVPU-+2Z.>"2W?*397EC(!K8RU$S[$((9,V$
M0_[[O#:0P0?^D("$$1`$!4"0@@TBG1"")_SE,$<X?PZB;X',02R#M<,+AM@%
MC7^`XO615P^ZD""#=%P,4OC`+=$@!MB>W',Q\+=$:!SSJEL]/M1!"`O\1ALI
MH"!O+RC+"SH3<IWC0`Q^F>H'6!"#IJ`A!MPY>H&2YO2!H+R$V;P($Y)X];Y;
MG05RU;B?S-.#NFH-")]I$@XH;H$/?"!U,I"`VN:`^+H=4@;=$T@13&YWSS&!
M@AB15)C]3GIQ:Z`'?^15AKKP`0V$X`/7T[GG>AY3B@/Y+X/[.0JX>70<Y'T@
MISUYV8ATY`8IX<*E3_ZW'?`"-1>LW,U#@12FC_G#$V3Q.J\/KY#^@`89:$Y'
M1R<2\IA^``L(*6K](3Y'T``$OBO__4*ITD*B%B`47)(V5GC!+6NO<Q:X&?&(
MXCTCX"LR("1'9P<]H`$R4"TH]W8#V`,CT'9+8E4;@09#5G#P=W4.L'4L)Q`Q
M(&^5-Q`I5P2SQ00WL6S,U@/TI"-6T`-6`&0"D6^$\8)),F:O97$:%DW/M7Y(
MT"T92'H6(`-,@&D#H01O)1LWYWP<(04[@%`_^'(H5WP*,0<XDFE%(&LI\8(H
MX&U/&!\6H'\"UR!AJ!9C"!)H8`5"$`,?P(5=Z``64"](T`4=N&V6P68V,`*C
M]WX6@`(XX%!S2(>@%AA(4!8LL(88&&Y$W(4>]K(@@-B("S$'8M`%4J`$1=`#
M(?<"'@(3CK>)'P`3*,!V-(`#",,$5M`%".2(J)@1@+&*JYB*KOB*L!B+LF@9
$`0$`.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g92519g9251902.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g92519g9251902.gif
M1TE&.#EAE``Z`/<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\```
M``@("!`0$!@8&"$A(2DI*3$Q,3DY.4)"0DI*2E)24EI:6F-C8VMK:W-S<WM[
M>X2$A(R,C)24E)R<G*6EI:VMK;6UM;V]O<;&QL[.SM;6UM[>WN?GY^_O[_?W
M]____P``````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````/_[\*"@I("`@/\```#_
M`/__````__\`_P#______R'Y!```````+`````"4`#H`AP```(````"``("`
M````@(``@`"`@,#`P,#<P*;*\`````@("!`0$!@8&"$A(2DI*3$Q,3DY.4)"
M0DI*2E)24EI:6F-C8VMK:W-S<WM[>X2$A(R,C)24E)R<G*6EI:VMK;6UM;V]
MO<;&QL[.SM;6UM[>WN?GY^_O[_?W]____P``````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````/_[\*"@I("`@/\```#_`/__````__\`_P#______PC^`%,('$BP
MH,&#"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FR
MI<N7,&/*G$FSILV;.'/JW-D2!<^?&3TX`.&R1(<.)(""],!@00B6*#(T@`#A
M0=*((8@J11B"`0`-/E6BP/`@!`H4$39$-.%`@L"P)T)XT-"!@XF=*!X`H`"5
M@H2[`B]<@(B"`@`/*4Z,P.!@`8#'CC'L#+&@P8B$&#Z$S."@!,$)'!@>."&P
M`X`%'BHT?4!!PX<1)3`PT(H3A04&FA&"F`WR`X,#!$DXN)KP`(`.)7P_?F!A
MPX&PB3M0\*RSJX:$)2)4`'FB`6*"%MS^*LP.`$*#QQ)(0!]8XH+9G2/TTC:(
MH0%UCQ/$#QRQ8#Y!$R!4<%X#^0%@WT$FC,:3"1!<X$!N!H'@0&@$E4`:1D(!
M-A`%%AA$@@83-."``P!(0)H$7VUE$(,6H$5A"F>9<$()#EAPP@DDS%7!`R]6
M9$):!74%''L9>%6>"2B&1MD#ZZEX`@05R&A!:"=T,,$###AP'@,-<,F`=M]=
M9`$$8:&P6)8:?N#``QV<1T$(Y9T(P%,*-9F"AB^=0,$%/D75X@A<;I`:`!=P
M`$(())Q@)T4D\)8"!Q$\T,`"%D1P07P/>$!>`P?H]10(A`Z$@GH$G3#!!"%<
M)M!N8;9DZ@3^T($`06(3$(7"!!1<B-]V*5"F@08+J)5=6YYQ\-@%ID5P%@4,
M>'9`!APTH*&>D`'09V-#IE`"=!\0)Y()%5AP7V(/F*#!D"!8!E((#21U``/.
M.5!!6!TX(!!;Y8U`HF;&@:7O5`MHN,%C!)-VP5[[+9#!0!7X]Q$)$6#0)`HC
MT@:!?AW=&AH)"]@5002Z&N<3!@`P,$(%I_E4@;*%E0S`!`.1<!X`:RI+,@#4
MG4#BO#!"H&I()$B`@:X#G;"`Q`()N123:.5*`:<$&:>85X9ZU2&H':"@`<&A
M"F0!P45J@,$""XAWZV-JI:#F2"=(D+9!&0`PI&UD&E0"6$7_[%#^"0^HM8'/
MJF5-D`</I!#W!20\@#('PDG;05.G`6`!"1]\3;8$'BS@(`<="[3!`BA?-<%U
M(87P@&0'??#``D/JO/!`(3A@`K,7)EXNC`YE`'()#$P0`6H'7)"!!W=50$'<
M]DW@P`8,F%[>;9P!@,'O"SR`8HEC/1:";Z1]_D$&"Y`&J4@2:D#T0#\"JVI7
M]YWP>]S*II`N`/'+K_=!)V2:0J.G@2"<]>:)P&DJ(R^3<<X\7FD`4KB$@@.X
MQ@0HN$`%2$,B#J!@1R<HTL(LP*2N.&PC:O+`HE)P@>DT2R`9F-5`3#,!"`!@
M8?$IF5FTQ@#2829^<1D."NKE&110Q@'^2#%-?U*P-0B88"Y)\6&V(G0T@4A*
M2Q2RP`(HH+F01*L#"8G6`7P3%@J\C2V4.LUS)G":H87@?2,42`F&"*.&P<@O
M?;J`4]YR`.H8Y7P+.4`#Q&."22$.=A>P@`A!\K@/"B1_0QN?0"#P`=)0:P%-
M:5?FZ,<!*E9@!&D4B`;JIC:\I6!@'/C`!&JH$;X=9B`'P!-)2+"R^Q6D/IYI
MS5L@0!0].89F$%B`>;I4&0N\9R$C4.`A)X@^*9;HEQ<QE8$R*9(22$`"X[*;
M`R13`J@)1`*3JP\966>"#F`@!"<XE"H5DL*P<(!._U$4[BYRJQ:B3B4'B,`$
MQEF0#[2+B`[^T-7CRG.`#E#J(C32"BM)<H$&1"N:)NG``VR8$+0L[``.:)7\
M!NE#9BYD+!+PB9[HR1%`'0`#?$F)UB#P-H6PI0.SJQ](.$:A#0@N)#0"RU!$
MR@$@.H1BK&F>2`K#)!A9@*,:N:`#4+"!!^!QI[>!4$/2I;]OL<XG&5`J1(YZ
M$,ZERJ`IT<"$(J+1D41%/$&CZD:T0\()B-4C)I!*CVA"HR%=8(D..2L31Y"Y
MM>Y4CE+-F$6,YQ,0#&8DH,KEZTPBF[_>Y%U/.4$%O`626TT3)0,;[$TN`*M/
M=DA%#O%``UJ4$Q3HU`16P6Q#\L<`QM:DIJ2Q@&%%NY`-H!,GJM4QUNU82UOV
MP.M)):TM:SDF'2/J5K=KC(`#7/E;%5V0`1(MKF@58U'E.O>YT(VN=&D2$``[
`
end

</TEXT>
</DOCUMENT>
</SUBMISSION>
