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<p span style="font-family: 'Times New Roman', serif" align="center">U.S. SECURITIES AND EXCHANGE COMMISSION</p span>
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<p span style="text-decoration: underline" align="center">Washington, D.C. 20549</p span></p span></p>
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<p span style="font-family: 'Times New Roman', serif" align="center">FORM S-8</p span>
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<p span style="font-family: 'Times New Roman', serif" align="center">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</p span></p>
<p style="margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif">&#160;</p span></p>
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<p span style="text-decoration: underline; font-weight:bold; font-family:Times New Roman, serif" align="center">
<font size="5">NETTEL HOLDINGS, INC.</font></p span>
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<font size="2">(Exact name of registrant as specified in charter)</font></p span></p>
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<p span style="text-decoration: underline; font-family:Times New Roman, serif">Florida</p span></p>
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<p span style="text-decoration: underline; font-family:Times New Roman, serif">65-0827278 </p span></p>
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&nbsp;</p span>
<p span style="font-family: 'Times New Roman', serif; font-style:italic">
<font size="2">(State or other jurisdiction of incorporation
or organization)</font></p span></p>
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&nbsp;</p span>
<p span style="font-family: 'Times New Roman', serif; font-style:italic">
<font size="2">(I.R.S. Employer Identification No.)</font></p span></p>
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<p span style="text-decoration: underline; font-family:Times New Roman, serif">2500 Columbia House Blvd., Vancouver,
     Washington 98661</p span></p>
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<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">Michael Nguyen </p span>
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<p span style="text-decoration: underline; font-family:Times New Roman, serif; margin-top:1; margin-bottom:1">2500 Columbia House Blvd., Vancouver,
Washington 98661</p span>
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<p span style="text-decoration: underline; font-family:Times New Roman, serif; margin-top:1; margin-bottom:1">(360) 696-3412</p span></p>
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&nbsp;</p>
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<p span style="font-family: 'Times New Roman', serif; font-style:italic">
<font size="2">(Address of Registrant's Principal
Executive Offices)</font></p span></p>
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&nbsp;</p>
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<p span style="font-family: 'Times New Roman', serif; font-style:italic">
<font size="2">(Name, address and telephone number of
agent for service)</font></p span></p>
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<p style="text-align: center; margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-weight: bold"><p span style="font-family: 'Times New Roman', serif">
<p span style="font-size: 15pt" align="center">NETTEL HOLDINGS, INC. AMENDED 2003 EMPLOYEE
BENEFIT PLAN</p span>
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<p style="text-align: center; margin-bottom: 0.01in; margin-top: 0.01in"><i>
<p span style="font-size: 10pt" align="center">(Full title of the plan)</p span></i></p span></p>
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<p style="text-align: center; margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt"><p span style="text-decoration: underline">&nbsp;</p span>
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1" align="center">Copies of all communications to:</p span>
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<p style="margin-top: 1; margin-bottom: 1" align="center"></p>
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<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1" align="center">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1" align="center">11300 W. Olympic Blvd., Suite 800</p span>
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<p span style="font-size: 12pt; margin-top:1; margin-bottom:1" align="center">Los Angeles, California 90064</p span>
<p style="margin-top: 1; margin-bottom: 1" align="center"></p span>
<p style="margin-top: 1; margin-bottom: 1" align="center"></p>
<p style="text-align: center; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1" align="center">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1" align="center">Facsimile (310) 312-6680</p span></p span></p>
<p style="text-align: center; margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">&#160;</p span></p span></p>
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<p style="text-align: center; margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">
<p span style="font-weight: bold" align="center">CALCULATION OF REGISTRATION FEE</p span></p span></p span></p>
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<p span style="font-size: 12pt; font-family:Times New Roman, serif"><p span style="font-weight: bold">Title of
Securities to be
registered</p span></p span></p>
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<p span style="font-size: 12pt; font-family:Times New Roman, serif"><p span style="font-weight: bold">Amount to be
registered</p span></p span></p>
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<p span style="font-size: 12pt; font-family:Times New Roman, serif"><p span style="font-weight: bold">Proposed
maximum
offering price
per share</p span></p span></p>
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<p span style="font-size: 12pt; font-family:Times New Roman, serif"><p span style="font-weight: bold">Proposed
maximum
offering price</p span></p span></p>
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<td class="table3column5" width="20%" style="padding-top: 0.0758333in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-right: 0.0758333in solid #7f7f7f; border-top: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid" align="center" valign="bottom"><p>
<p span style="font-size: 12pt; font-family:Times New Roman, serif"><p span style="font-weight: bold">Amount of
registration
fee</p span></p span></p>
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&nbsp;</p>
<p>
<p span style="font-size: 12pt; font-family:Times New Roman, serif">Common Stock</p span></p>
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<p span style="font-size: 12pt; font-family:Times New Roman, serif">&nbsp;&nbsp;</p span></p>
<p>
<p span style="font-size: 12pt; font-family:Times New Roman, serif">&nbsp;1,500,000 (1)</p span></p>
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&nbsp;</p>
<p>
<p span style="font-size: 12pt; font-family:Times New Roman, serif">$0.51 (2)</p span></p>
</td>
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&nbsp;</p>
<p>
<p span style="font-size: 12pt; font-family:Times New Roman, serif">$765,000 (2)</p span></p>
</td>
<td class="table3column5" width="20%" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-right: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" align="center"><p>
&nbsp;</p>
<p>
<p span style="font-size: 12pt; font-family:Times New Roman, serif">$70.38</p span></p>
</td>
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<td class="table3column1" width="20%" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" align="center"><p>
&nbsp;</p>
<p>
<p span style="font-weight: bold; font-size:12pt; font-family:Times New Roman, serif">TOTAL</p span></p>
</td>
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&nbsp;</p>
<p>
<p span style="font-weight: bold; font-size:12pt; font-family:Times New Roman, serif">
1,500,000</p span></p>
</td>
<td class="table3column3" width="20%" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" align="center"><p>
&nbsp;</p>
<p>
<p span style="font-weight: bold; font-size:12pt; font-family:Times New Roman, serif">$0.51</p span></p>
</td>
<td class="table3column4" width="20%" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" align="center"><p>
&nbsp;</p>
<p>
<p span style="font-weight: bold; font-size:12pt; font-family:Times New Roman, serif">$765,000</p span></p>
</td>
<td class="table3column5" width="20%" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-right: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" align="center"><p>
&nbsp;</p>
<p>
<p span style="font-weight: bold; font-size:12pt; font-family:Times New Roman, serif">
$70.38</p span></p>
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<p style="margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">&nbsp;</p span><p span style="font-size: 12pt">(1) In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration
statement also covers an indeterminate amount of interests to be offered or sold pursuant
to the employee benefit plan described herein.</p span></p span></p>
<p style="margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"></p span></p>
<p style="margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">(2) The proposed maximum offering price per share of Common Stock and the proposed
maximum aggregate offering price are calculated solely for the purpose of determining
the registration fee pursuant to Rule 457(h) under the Securities Act of 1933. The fee for
the shares being registered is based upon the closing price of the Common Stock on
August 6, 2003, which was $0.51 per share, as reported on by Nasdaq.</p span></p span></p>
<p style="margin-top: 0.01in">&#160;</p>
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<p style="margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">&#160;</p span></p span></p>
<p style="text-align: center; margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">
<p span style="font-weight: bold" align="center">TABLE OF CONTENTS</p span>
<p align="center"></p span>
<p align="center"></p span>
<p align="center"></p>
<p style="margin-bottom: 0.01in; margin-top: 0.01in" align="center">
<p span style="font-family: 'Times New Roman', serif" align="center">
<p span style="font-size: 12pt" align="center">
<p align="center"></p span>
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<p style="margin-bottom: 0.01in; margin-top: 0.01in" align="center">
<p span style="font-size: 12pt; font-weight:700; font-family:Times New Roman, serif" align="center">PART I INFORMATION REQUIRED IN SECTION 10(A) PROSPECTUS</p span></p>
<p style="margin-bottom: 0.01in; margin-top: 0.01in">
<p span style="font-size: 12pt; font-family:Times New Roman, serif; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 1. Plan Information</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 2. Registrant Information and Employee Plan Annual Information</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-size: 12pt; font-weight:700; font-family:Times New Roman, serif; margin-top:1; margin-bottom:1">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-size: 12pt; font-family:Times New Roman, serif; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 3. Incorporation of Documents by Reference</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 4. Description of Securities</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
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<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 5. Interests of Named Experts and Counsel</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 6. Indemnification of Directors and Officers</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 7. Exemption for Registration Claimed</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 8. Exhibits</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;Item 9. Undertakings</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Signatures</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Exhibit 4.1</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Exhibit 5.1</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Exhibit 23.1</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Exhibit 23.2</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Exhibit 24.1</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-top: 1; margin-bottom:1">&#160;</p>
<hr>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: center; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 1. PLAN INFORMATION</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">See Item 2 below.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL
INFORMATION</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">The documents containing the information specified in Part I, Items 1 and 2, will be
delivered to each of the participants in accordance with Form S-8 and Rule 428
promulgated under the Securities Act of 1933. The participants shall be provided a
written statement notifying them that upon written or oral request they will be provided,
without charge, (i) the documents incorporated by reference in Item 3 of Part II of the
registration statement, and (ii) other documents required to be delivered pursuant to Rule
428(b). The statement will inform the participants that these documents are incorporated
by reference in the Section 10(a) prospectus, and shall include the address (giving title or
department) and telephone number to which the request is to be directed.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">A copy of any document or part hereof incorporated by reference in this Registration
Statement but not delivered with this Prospectus or any document required to be
delivered pursuant to Rule 428(b) under the Securities Act will be furnished without
charge upon written or oral request. Requests should be addressed to 11300 W. Olympic
Blvd., Suite 800, Los Angeles, California 90064.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top:1">&#160;</p>
<p style="margin-top: 1; margin-bottom: 1">
<br>
<br>
</p>
<p style="margin-top: 1; margin-bottom:1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: center; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">PART II</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: center; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">The following documents filed by the Company under the Securities Exchange Act of
1934 (the "Exchange Act") are incorporated herein by reference:</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(a) The Registrant's Annual Report on Form 10-KSB for the year ended  December 31,
2002 as filed on April 15, 2003 and subsequent Quarterly Report on Form 10-QSB for
the quarter ended March 31, 2003, as filed on May 16, 2003.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since
the end of the fiscal year covered by the financial statements contained in the Form 10-KSB referred to in (a) above.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">In addition, all documents subsequently filed pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by reference into
this registration statement and to be a part hereof from the date of filing of such
documents.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Any statement contained in a document incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent
that a statement contained in a subsequently filed document which is also incorporated by
reference herein modified or superseded such statement.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 4. DESCRIPTION OF SECURITIES</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Not applicable.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Other than as set forth below, no named expert or counsel was hired on a contingent
basis, will receive a direct or indirect interest in the small business issuer, or was a
promoter, underwriter, voting trustee, director, officer, or employee of the Registrant.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Dieterich &amp; Associates has given an opinion on the validity of the securities being
registered hereunder. Principals in this law firm are eligible to receive shares of the
Company's common stock pursuant to this Form S-8 registration statement.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">The Certificate of Incorporation, as amended, limits the liability of its directors to the
fullest extent permitted by the Florida General Corporation law. Specifically, the
directors will not be personally liable for monetary damages for breach of fiduciary duty
as directors, except for liability (i) for any breach of the duty of loyalty to us or our
shareholders, (ii) for acts or omissions not in good faith or that involve intentional
misconduct or a knowing violation of law, or (iii) for any transaction from which the
director derived an improper personal benefit.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">The bylaws of the Company provide for the indemnification of the officers and directors
to the maximum extent permitted by Florida law.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Not applicable.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 8. EXHIBITS</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">The Exhibits required by Item 601 of Regulation S-B, and an index thereto, are attached.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">ITEM 9. UNDERTAKINGS</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">The undersigned Company hereby undertakes:</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(i) To include any prospectus required by Section 10(a) (3) of the Securities Act of 1933;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(ii) To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which
individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such
information in the registration statement.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">(4) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;(5) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers, and controlling persons of the Company pursuant to
the foregoing provisions, or otherwise, the Company has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other that the payment by the Company of
expenses incurred or paid by a director, officer, or controlling person of the Company in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer, or controlling person of the Company in the successful defense of that action suit,
or proceeding) is asserted by such director, officer, or controlling person in connection
with the securities being registered, the Company will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of
such issue.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: center; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">SIGNATURES</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Portland, State of
Oregon, on August 8, 2003.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: center; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;NETTEL HOLDINGS, INC.&#160;&#160;&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: right; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">/s/ Michael Nguyen&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: right; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Michael Nguyen, President&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<hr>
<p style="text-align: center; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">SPECIAL POWER OF ATTORNEY</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">The undersigned constitute and appoint Michael Nguyen their true and lawful attorney-in-fact and agent with full power of substitution, for him and in his name, place, and
stead, in any and all capacities, to sign any and all amendments, including post-effective
amendments, to this Form S-8 Registration Statement, and to file the same with all
exhibits thereto, and all documents in connection therewith, with the U.S. Securities and
Exchange Commission, granting such attorney-in-fact the full power and authority to do
and perform each and every act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that such attorney-in-fact may lawfully do or cause to
be done by virtue hereof.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated:</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<div style="margin-left: -0.0108333in">
<table width="577" cellpadding="6" cellspacing="0">
<tr>
<td class="table4column1" width="246" style="padding-top: 0.0758333in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-top: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid" align="center" valign="middle">
<p style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">Signature</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
</td>
<td class="table4column2" width="96" style="padding-top: 0.0758333in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-top: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid" align="center" valign="middle">
<p style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">Title</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
</td>
<td class="table4column3" width="171" style="padding-top: 0.0758333in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-right: 0.0758333in solid #7f7f7f; border-top: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid" align="center" valign="middle">
<p style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">Date</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
</td>
</tr>
<tr>
<td class="table4column1" width="246" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" valign="middle">
<p style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">/s/ Michael Nguyen</p span>
<p style="margin-top: 1; margin-bottom: 1"> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-top: 1; margin-bottom:1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">Michael Nguyen</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
</td>
<td class="table4column2" width="96" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" valign="middle">
<p style="margin-top: 1; margin-bottom: 1">&nbsp;</p>
<p style="margin-top: 1; margin-bottom: 1">
<p span style="font-size: 12pt; font-family:Times New Roman, serif; margin-top:1; margin-bottom:1">President, Chief Executive
Officer, Chairman of the
Board of Directors</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
</td>
<td class="table4column3" width="171" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-right: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" align="center" valign="middle">
<p style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">August
8, 2003</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
</td>
</tr>
<tr>
<td class="table4column1" width="246" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" valign="middle"><p style="margin-bottom: 0.01in; margin-top: 0.01in">&nbsp;</p>
<p style="margin-bottom: 0.01in; margin-top: 0.01in">
<p span style="font-size: 12pt; font-family:Times New Roman, serif"><p span style="text-decoration: underline">/s/ Tam Bui</p span></p span></p>
<p style="margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">Tam Bui</p span></p span></p>
</td>
<td class="table4column2" width="96" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" valign="middle"><p><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">Director</p span></p span></p>
</td>
<td class="table4column3" width="171" style="padding-top: 0in; padding-bottom: 0.0758333in; border-left: 0.0758333in solid #7f7f7f; border-right: 0.0758333in solid #7f7f7f; border-bottom: 0.0758333in solid #7f7f7f" valign="middle"><p><p span style="font-family: 'Times New Roman', serif"><p span style="font-size: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;August
8, 2003</p span></p span></p>
</td>
</tr>
</table>
</div>
<p style="margin-top: 0.01in">&#160;</p>
<p style="margin-bottom: 0.01in; margin-top: 0.01in"><p span style="font-family: 'Times New Roman', serif">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: center; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="font-weight: bold; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">EXHIBIT INDEX</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
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<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
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<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">
<p span style="text-decoration: underline; margin-top:1; margin-bottom:1">Exhibit No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Description</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1">&#160;</p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2003 Amended Employee Benefit Plan, dated August 7, 2003
             (filed herewith).</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Opinion Re: Legality (filed herewith).</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">23.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Consent of Accountants (filed herewith).</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">23.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Consent of Counsel (included in Exhibit 5).</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">24.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Special Power of Attorney (see signature page).</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman', serif; margin-top:1; margin-bottom:1">
<p span style="font-size: 12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<hr>
<p style="margin-top: 1; margin-bottom: 1"><font face="Times New Roman">
<br>
</font>
</p>
<p style="text-align: center; margin-top:1; margin-bottom:1">
<p span style="font-family: 'Times New Roman'; font-weight:bold; margin-top:1; margin-bottom:1"><font size="3">NETTEL HOLDINGS, INC. AMENDED 2003 EMPLOYEE BENEFIT PLAN</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 1. INTRODUCTION
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">1.1 Establishment. Effective as provided in Section 17, Nettel Holdings,
Inc., a Florida corporation (the "Company"), hereby adopts this amended
plan of stock-based compensation for selected Eligible Participants of
the Company and affiliated corporation. This amended plan shall be known
as the Nettel Holdings, Inc. 2003 Employee Benefit Plan, as amended (the
"Plan"). </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">1.2 Purpose. The purpose of this Plan is to promote the best interest of
the Company, and its stockholders by providing a means of non-cash
remuneration to selected Eligible Participants. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 2. DEFINITIONS
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">The following definitions shall be applicable to the terms used in this
Plan: </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.1 "Affiliated Corporation" means any corporation that is either a
parent corporation with respect to the Company or a subsidiary
corporation with respect to the Company (within the meaning of Sections
424(e) and (f), respectively, of the Internal Revenue Code). </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.2 "Code" means the Internal Revenue Code of 1986, as it may be amended
from time to time. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.3 "Committee" means a committee designated by the Board of Directors
to administer this Plan or, if no committee is so designated, the Board
of Directors. Any Committee member who is also an Eligible Participant
may receive an Option or Stock Award only if he abstains from voting in
favor of a grant to himself, and the grant is determined and approved by
the remaining Committee members. The Board of Directors, in its sole
discretion, may at any time remove any member of the Committee and
appoint another Director to fill any vacancy on the Committee. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.4 "Common Stock" means the Company's $.001 par value common stock.</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">&#160;</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.5 "Company" means Nettel Holdings, Inc., a Florida corporation.
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.6 "Effective Date" means the effective date of this Plan, as set forth
in Section 17 hereof. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.7 "Eligible Participant" means any employee, director, officer,
consultant, or advisor of the Company who is determined (in accordance
with the provisions of Section 4 hereof) to be eligible to receive an
Option or Stock Award hereunder.</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">&#160;</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.8 "Option" means the grant to an Eligible Participant of a right to
acquire shares of Common Stock. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.9 "Plan" means this Nettel Holdings, Inc. 2003 Employee Benefit Plan
dated August 7, 2003. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">2.10 "Stock Award" means the grant to an Eligible Participant of shares
of Common Stock issuable directly under this Plan rather than upon
exercise of an Option. Wherever appropriate, words used in this Plan in
the singular may mean the plural, the plural may mean the singular, and
the masculine may mean the feminine. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 3. ADOPTION AND ADMINISTRATION OF THIS PLAN
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Upon adoption by the Company's Board of Directors, this Plan became
effective as of August 7, 2003. In the absence of contrary action by the
Board of Directors, and except for action taken by the Committee
pursuant to Section 4 in connection with the determination of Eligible
Participants, any action taken by the Committee or by the Board of
Directors with respect to the implementation, interpretation or
administration of this Plan shall be final, conclusive and binding. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 4. ELIGIBILITY AND AWARDS
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">The Committee shall determine at any time and from time to time after
the effective date of this Plan: (i) the Eligible Participants; (ii) the
number of shares of Common Stock issuable directly or to be granted
pursuant to an Option; </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">(iii) the price per share at which each Option may be exercised, in cash
or cancellation of fees for services for which the Company is liable, if
applicable, or the value per share if a direct issue of stock pursuant
to a Stock Award; and (iv) the terms on which each Option may be
granted. Such determination, as may from time to time be amended or
altered at the sole discretion of the Committee. Notwithstanding the
provisions of Section 3 hereof, no such determination by the Committee
shall be final, conclusive and binding upon the Company unless and until the Board of Directors has approved
the same; provided, however, that if the Committee is composed of a
majority of the persons then comprising the Board of Directors of the
Company, such approval by the Board of Directors shall not be necessary.</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 5. GRANT OF OPTION OR STOCK AWARD
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Subject to the terms and provisions of this Plan, the terms and
conditions under which an Option or Stock Award may be granted to an
Eligible Participant shall be set forth in a written agreement (i.e., a
Consulting Agreement, Services Agreement, Fee Agreement, or Employment
Agreement) or, if an Option, a written Grant of Option. (The form shall
be determined by the Committee, in its sole discretion, or may be
determined by the Board of Directors)</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 6. TOTAL NUMBER OF SHARES OF COMMON STOCK
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">The total number of shares of Common Stock reserved for issuance by the
Company either directly as Stock Awards or underlying Options granted
under this Plan shall not be more than 1,500,000, approved by the Board
of Directors on August 7, 2003. The total number of shares of Common
Stock reserved for such issuance may be increased only by a resolution
adopted by the Board of Directors and amendment of this Plan. Such
Common Stock may be authorized and un-issued or reacquired Common Stock
of the Company. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 7. PURCHASE OF SHARES OF COMMON STOCK
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">7.1 As soon as practicable after the determination by the Committee and
approval by the Board of Directors (if necessary, pursuant to Section 4
hereof) of the Eligible Participants and the number of shares an
Eligible Participant may be issued directly as a Stock Award or eligible
to purchase pursuant to an Option, the Committee shall give written
notice thereof to each Eligible Participant, which notice may be
accompanied by the Grant of Option, if appropriate, to be executed by such Eligible Participant. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">7.2 The negotiated cost basis of stock issued directly as a Stock Award
or the exercise price for each Option to purchase shares of Common Stock
pursuant to paragraph 7.1 shall be as determined by the Committee, it
being understood that the price so determined by the Committee may vary
from one Eligible Participant to another. In computing the negotiated
direct issue price as a Stock Award or the Option exercise price per share of Common Stock, the Committee shall
take into consideration, among other factors, the restrictions set forth
in Section 11 hereof. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 8. TERMS AND CONDITIONS OF OPTIONS
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">The Committee shall determine the terms and conditions of each Option
granted to Eligible Participants, which terms shall be set forth in
writing. The terms and conditions so set by the Committee may vary from
one Eligible Participant to another. In the event that all the Committee
approves an Option permitting deferred payments, the Eligible
Participant's obligation to pay for such Common Stock may be evidenced
by a promissory note executed by such Eligible Participant and
containing such modifications thereto and such other provisions as the Committee, in its sole discretion, may determine. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 9. DELIVERY OF SHARES OF COMMON STOCK UPON EXERCISE OF OPTION
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">The Company shall deliver to each Eligible Participant such number of
shares of Common Stock as such Eligible Participant is entitled to
receive pursuant to a Stock Award or elects to purchase upon exercise of
the Option. Such shares, which shall be fully paid and nonassessable
upon the issuance thereof (unless a portion or all of the purchase price
shall be paid on a deferred basis) shall be represented by a certificate
or certificates registered in the name of the Eligible Participant and
stamped with an appropriate legend referring to the restrictions thereon, if any. Subject to the terms and provisions of the
Florida Statutes and the written agreement to which he is a party, an
Eligible Participant shall have all the rights of a stockholder with
respect to such shares, including the right to vote the shares and to
receive all dividends or other distributions paid or made with respect
thereto (except to the extent such Eligible Participant defaults under a
promissory note, if any, evidencing the deferred purchase price for such
shares), provided that such shares shall be subject to the restrictions
hereinafter set forth. In the event of a merger or consolidation to which the Company is a party, or of any other
acquisition of a majority of the issued and outstanding shares of Common
Stock of the Company involving an exchange or a substitution of stock of
an acquiring corporation for Common Stock of the Company, or of any
transfer of all or substantially all of the assets of the Company in
exchange for stock of an acquiring corporation, a determination as to whether the stock of the acquiring corporation so
received shall be subject to the restrictions set forth in Section 11
shall be made solely by the acquiring corporation. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 10. RIGHTS OF EMPLOYEES; ELIGIBLE PARTICIPANTS
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">10.1 Employment. Nothing contained in this Plan or in any Option or
Stock Award granted under this Plan shall confer upon any Eligible
Participant any right with respect to the continuation of his or her
employment by the Company or any Affiliated Corporation, or interfere in
any way with the right of the Company or any Affiliated Corporation,
subject to the terms of any separate employment agreement to the
contrary, at any time to terminate such employment or to increase or
decrease the compensation of the Eligible Participant from the rate in existence at the time of the grant of an Option or Stock Award.
Whether an authorized leave of absence shall constitute termination of
employment shall be determined by the Committee at the time. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">10.2 Non-transferability. No right or interest of any Eligible
Participant in an Option or Stock Award shall be assignable or
transferable during the lifetime of the Eligible Participant, either
voluntarily or involuntarily, or subjected to any lien, directly or
indirectly, by operation of law, or otherwise, including execution,
levy, garnishment, attachment, pledge or bankruptcy. However, the Board of Directors may, in its sole discretion, permit transfers to
family members if and to the extent such transfers are permissible under
applicable securities laws. In the event of an Eligible Participant's
death, an Eligible Participant's rights and interest in an Option or
Stock Award shall be transferable by testamentary will or the laws of
descent and distribution, and delivery of any shares of Common Stock due
under this Plan shall be made to, and exercise of any Options may be
made by, the Eligible Participant's legal representatives, heirs or
legatees. If in the opinion of the Committee a person entitled to
payments or to exercise rights with respect to this Plan is unable to
care for his or her affairs because of mental condition, physical
condition, or age, payment due such person may be made to, and such
rights shall be exercised by, such person's guardian, conservator or
other legal personal representative upon furnishing the Committee with
evidence satisfactory to the Committee of such status. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 11. GENERAL RESTRICTIONS
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">11.1 Representations. Eligible Participants to whom an Option or Stock
Award is granted shall represent to the Company and agree, that as a
condition of exercising such Option, or receiving such Stock Award, in
substance and form satisfactory to the Company and its counsel that such
person is acquiring the Common Stock subject to the Option or Stock
Award for his or her own account for investment and not with any present
intention of selling or otherwise distributing the same, other than
pursuant to an effective registration statement under the Securities
Act, and to such other effects as the Company deems necessary or
appropriate in order to comply with federal and applicable state securities laws.</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">&nbsp;</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Shares shall not be issued under the Plan unless the issuance and
delivery of such shares complies with (or is exempt from) all applicable
requirements of law, including (without limitation) the Securities Act,
the rules and regulations promulgated thereunder, state securities laws
and regulations, and the regulations of any stock exchange on which the
Company's securities may then be listed, and the Company has obtained
the approval of or a favorable ruling from any governmental agency that the Company determines to be necessary
or advisable.</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">11.2 Restrictions on Transfer of Common Stock. The shares of Common
Stock issuable directly as a Stock Award or upon exercise of an Option
may not be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement or pursuant to an
exemption from registration, the availability of which is to be
established to the satisfaction of the Company, and any certificates
representing shares of Common Stock will bear a legend to that effect.
However, the Company may, in the sole discretion of the Board of Directors, register under the Securities Act some or all of the shares
of Common Stock reserved for issuance under this Plan. Special resale
restrictions may, however, continue to apply to officers, directors,
control shareholders and affiliates of the Company and such persons will
be required to obtain an opinion of counsel as regards their ability to
resell shares received pursuant to this Plan. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">11.3 Compliance with Securities Laws. Each Option or Stock Award shall
be subject to the requirement that if at any time counsel to the Company
shall determine that the listing, registration or qualification of the
shares of Common Stock subject to such Option or Stock Award upon any
securities exchange or under any state or federal law, or the consent or
approval of any governmental or regulatory body, is necessary as a
condition of, or in connection with, the issuance or purchase of shares
thereunder, such Option or Stock Award may not be accepted or exercised
in whole or in part unless such listing, registration, qualification,
consent or approval shall have been effected or obtained on conditions acceptable to the Committee. Nothing
herein shall be deemed to require the Company to apply for or to obtain
such listing, registration or qualification. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">11.4 Changes in Accounting Rules. Notwithstanding any other provision of
this Plan to the contrary, if, during the term of this Plan, any changes
in the financial or tax accounting rules applicable to Options or Stock
Awards shall occur that, in the sole judgment of the Committee, may have
a material adverse effect on the reported earnings, assets or
liabilities of the Company, the Committee shall have the right and power
to modify as necessary, or cancel, any </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">then outstanding and unexercised Options.
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 12. COMPLIANCE WITH TAX REQUIREMENTS
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Each Eligible Participant shall be liable for payment of all applicable
federal, state and local income taxes incurred as a result of the
receipt of a Stock Award or an Option, the exercise of an Option, and
the sale of any shares of Common Stock received pursuant to a Stock
Award or upon exercise of an Option. The Company may be required,
pursuant to applicable tax regulations, to withhold taxes for an
Eligible Participant, in which case the Company's obligations to deliver shares of Common Stock upon the exercise of any Option granted
under this Plan or pursuant to any Stock Award, shall be subject to the
Eligible Participant's satisfaction of all applicable federal, state and
local income and other income tax withholding requirements. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 13. PLAN BINDING UPON ASSIGNS OR TRANSFEREES
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">In the event that, at any time or from time to time, any Option or Stock
Award is assigned or transferred to any party (other than the Company)
pursuant to the provisions of Section 10.2 hereof, such party shall take
such Option or Stock Award pursuant to all provisions and conditions of
this Plan, and, as a condition precedent to the transfer of such
interest, such party shall agree (for and on behalf of himself or
itself, his or its legal representatives and his or its transferees and
assigns) in writing to be bound by all provisions of this Plan. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 14. COSTS AND EXPENSES
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">All costs and expenses with respect to the adoption, implementation, interpretation and administration of this Plan shall be borne by the
Company.
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 15. CHANGES IN CAPITAL STRUCTURE OF THE COMPANY
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Appropriate adjustments shall be made to the number of shares of Common
Stock issuable pursuant to an incomplete or pending Stock Award that has
not yet been delivered or upon exercise of any Options and the exercise
price thereof in the event of: (i) a subdivision or combination of any
of the shares of capital stock of the Company; (ii) a dividend payable
in shares of capital stock of the Company; (iii) a reclassification of
any shares of capital stock of the Company; or (iv) any other change in the capital structure of the Company. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 16. PLAN AMENDMENT, MODIFICATION AND TERMINATION
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">The Board, upon recommendation of the Committee or at its own
initiative, at any time may terminate and at any time and from time to
time and in any respect, may amend or modify this Plan, including: </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">(a) Increase the total amount of Common Stock that may be awarded under
this Plan, except as provided in Section 15 of this Plan; </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">(b) Change the classes of persons from which Eligible Participants may
be selected or materially modify the requirements as to eligibility for
participation in this Plan; </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">(c) Increase the benefits accruing to Eligible Participants; or
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">(d) Extend the duration of this Plan.
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Any Option or other Stock Award granted to a Eligible Participant prior
to the date this Plan is amended, modified or terminated will remain in
effect according to its terms unless otherwise agreed upon by the
Eligible Participant; provided, however, that this sentence shall not
impair the right of the Committee to take whatever action it deems
appropriate under Section 11 or Section 15. The termination or any
modification or amendment of this Plan shall not, without the consent of
a Eligible Participant, affect his rights under an Option or other Stock
Award previously granted to him. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 17. EFFECTIVE DATE OF THIS PLAN
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">17.1 Effective Date. This Plan is effective as of August 7, 2003, the
date it was adopted by the Board of Directors of the Company. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">17.2 Duration of this Plan. This Plan shall terminate at midnight on
August 6, 2008, which is the day before the fifth anniversary of the
Effective Date, and may be extended thereafter or terminated prior
thereto by action of the Board of Directors; and no Option or Stock
Award shall be granted after such termination. Options and Stock Awards
outstanding at the time of this Plan termination may continue to be
exercised, or become free of restrictions, in accordance with their terms. </font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">SECTION 18. BURDEN AND BENEFIT
</font> </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">The terms and provisions of this Plan shall be binding upon, and shall
inure to the benefit of, each Eligible Participant, his executives or
administrators, heirs, and personal and legal representatives.</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<font face="Times New Roman">
<br>
</font>
</p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Dated as of August 7, 2003.</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
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<font face="Times New Roman">
<br>
</font>
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Approved by the Board of Directors of Nettel Holdings, Inc. on August 7,
2003.</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1"><font face="Times New Roman">
<br>
</font>
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">Michael Nguyen, Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tam Bui, Director</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p align="justify" style="margin-top: 1; margin-bottom: 1">
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1"><font size="3">/s/ Michael Nguyen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Tam Bui</font></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
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<font face="Times New Roman">
<br>
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<hr align="justify">
<p style="margin-bottom: 1; margin-top:1" align="justify">
<p span style="font-weight: bold; font-family:Times New Roman; font-size:12pt; margin-top:1; margin-bottom:1">EXHIBIT 5.1 - OPINION RE: LEGALITY</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-weight: bold; font-family:Times New Roman; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: justify; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">[Dieterich &amp; Associates Letterhead]</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">August 8, 2003</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Nettel Holdings, Inc.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">2500 Columbia House Blvd., </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Vancouver, Washington 98661</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Gentlemen,</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">We refer to the Registration Statement on Form S-8 (the "Registration Statement") to be
filed by NETTEL HOLDINGS, INC. ("Company") with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the "Act"). The Registration
Statement relates to an aggregate of 1,500,000 shares of the Common Stock of the
Company (the "Shares") pursuant to the 2003 Amended Employee Benefit Plan.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">As counsel for the Company, we have examined such corporate records, documents and
such question of law as we have considered necessary or appropriate for purposes of this
opinion and, upon the basis of such examination, advise you that in our opinion, all
necessary corporate proceedings by the Company have been duly taken to authorize the
issuance of the Shares and that the Shares being registered pursuant to the Registration
Statement, when issued will be duly authorized, legally issued, fully paid and non-assessable. This opinion does not cover any matters related to any re-offer or re-sale of
the shares by and Plan Beneficiaries, once properly and legally issued pursuant to the
Plan as described in the Registration Statement.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement. This consent is not to be construed as an admission that we are a person
whose consent is required to be filed with the Registration Statement under the
provisions of the Act. This opinion is not to be used, circulated, quoted or otherwise
referred to for any other purpose without our prior written consent. This opinion is based
on our knowledge of the law and facts as of the date hereof. This opinion does not
address or relate to any specific state securities laws. We assume no duty to communicate
with the Company in respect to any matter, which comes to our attention hereafter.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Cordially,</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">/s/ Christopher Dieterich</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Christopher Dieterich, Esq.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-top: 1; margin-bottom:1" align="justify"><font face="Times New Roman">&#160;</font></p>
<hr align="justify">
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-weight: bold; font-family:Times New Roman; font-size:12pt; margin-top:1; margin-bottom:1">EXHIBIT 23.1 - CONSENT OF ACCOUNTANTS</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-weight: bold; font-family:Times New Roman; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-top: 1; margin-bottom:1" align="justify"><font face="Times New Roman">&#160;</font></p>
<p style="text-align: justify; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Grassano Accouting, P.A.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: justify; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">900 North Federal Highway, Suite 160</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: justify; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Boca Raton, Florida 33432-2754</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: justify; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Phone (561) 395-0330</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: justify; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Fax (561) 395-2081</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 0.01in; margin-bottom: 1; margin-top: 1" align="justify">
<font face="Times New Roman">&#160;</font></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="text-align: justify; margin-bottom: 1; margin-top: 1">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">CONSENT OF INDEPENDENT ACCOUNTANTS</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">We consent to the incorporation by reference in the registration statement on Form S-8 of
Nettel Holdings, Inc. of our report dated April 11, 2003 on our audit of the consolidated
financial statements of Nettel Holdings, Inc., formerly Bio Standard Corporation, as of
December 31, 2002, and the results of its operations and cash flows for the year ended
December 31, 2002.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="text-decoration: underline; font-family:Times New Roman; font-size:12pt; margin-top:1; margin-bottom:1">/s/ Grassano  </p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">Grassano Accounting, P.A.</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">August 7, 2003</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-top: 1; margin-bottom:1" align="justify"><font face="Times New Roman">&#160;</font></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-family: 'Times New Roman'; font-size:12pt; margin-top:1; margin-bottom:1">&#160;<p span style="font-weight: bold; margin-top:1; margin-bottom:1">Exhibit 23.2 - Consent of Counsel (included in Exhibit 5)</p span>
<p style="margin-top: 1; margin-bottom: 1"></p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
<p style="margin-bottom: 1; margin-top: 1" align="justify">
<p span style="font-weight: bold; font-family:Times New Roman; font-size:12pt; margin-top:1; margin-bottom:1">&#160;Exhibit 24.1 - Special Power of Attorney (see signature page)</p span>
<p style="margin-top: 1; margin-bottom: 1"></p>
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<p span style="font-weight: bold; font-family:Times New Roman; font-size:12pt; margin-top:1; margin-bottom:1">&#160;</p span>
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{"company-data": {"conformed-name": "NETTEL HOLDINGS INC", "cik": "0001084883", "assigned-sic": "6199", "irs-number": "650873448", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-107879", "film-number": "03837284"}, "business-address": {"street1": "2500 COLUMBIA HOUSE", "street2": "BOULEVARD", "city": "VANCOUVER", "state": "WA", "zip": "98661", "phone": "360-696-3412"}, "mail-address": {"street1": "2500 COLUMBIA HOUSE", "street2": "BOULEVARD", "city": "VANCOUVER", "state": "WA", "zip": "98661"}, "former-company": [{"former-conformed-name": "BIO STANDARD CORP", "date-changed": "20020515"}, {"former-conformed-name": "ROYAL FINANCE INC", "date-changed": "20010302"}, {"former-conformed-name": "GONETGEN COM INC", "date-changed": "20000711"}]}
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
NETTEL HOLDINGS, INC.
(Exact name of registrant as specified in charter)
Florida
65-0827278
(State or other jurisdiction of incorporation
or organization)
(I.R.S. Employer Identification No.)
2500 Columbia House Blvd., Vancouver,
     Washington 98661
Michael Nguyen
2500 Columbia House Blvd., Vancouver,
Washington 98661
(360) 696-3412
(Address of Registrant's Principal
Executive Offices)
(Name, address and telephone number of
agent for service)
NETTEL HOLDINGS, INC. AMENDED 2003 EMPLOYEE
BENEFIT PLAN
(Full title of the plan)
Copies of all communications to:
11300 W. Olympic Blvd., Suite 800
Los Angeles, California 90064
Facsimile (310) 312-6680
CALCULATION OF REGISTRATION FEE
Title of
Securities to be
registered
Amount to be
registered
Proposed
maximum
offering price
per share
Proposed
maximum
offering price
Amount of
registration
fee
Common Stock
1,500,000 (1)
$0.51 (2)
$765,000 (2)
$70.38
TOTAL
1,500,000
$0.51
$765,000
$70.38
(1) In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration
statement also covers an indeterminate amount of interests to be offered or sold pursuant
to the employee benefit plan described herein.
(2) The proposed maximum offering price per share of Common Stock and the proposed
maximum aggregate offering price are calculated solely for the purpose of determining
the registration fee pursuant to Rule 457(h) under the Securities Act of 1933. The fee for
the shares being registered is based upon the closing price of the Common Stock on
August 6, 2003, which was $0.51 per share, as reported on by Nasdaq.
TABLE OF CONTENTS
PART I INFORMATION REQUIRED IN SECTION 10(A) PROSPECTUS
Item 1. Plan Information
Item 2. Registrant Information and Employee Plan Annual Information
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption for Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
Signatures
Exhibit 4.1
Exhibit 5.1
Exhibit 23.1
Exhibit 23.2
Exhibit 24.1
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM 1. PLAN INFORMATION
See Item 2 below.
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL
INFORMATION
The documents containing the information specified in Part I, Items 1 and 2, will be
delivered to each of the participants in accordance with Form S-8 and Rule 428
promulgated under the Securities Act of 1933. The participants shall be provided a
written statement notifying them that upon written or oral request they will be provided,
without charge, (i) the documents incorporated by reference in Item 3 of Part II of the
registration statement, and (ii) other documents required to be delivered pursuant to Rule
428(b). The statement will inform the participants that these documents are incorporated
by reference in the Section 10(a) prospectus, and shall include the address (giving title or
department) and telephone number to which the request is to be directed.
A copy of any document or part hereof incorporated by reference in this Registration
Statement but not delivered with this Prospectus or any document required to be
delivered pursuant to Rule 428(b) under the Securities Act will be furnished without
charge upon written or oral request. Requests should be addressed to 11300 W. Olympic
Blvd., Suite 800, Los Angeles, California 90064.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents filed by the Company under the Securities Exchange Act of
1934 (the "Exchange Act") are incorporated herein by reference:
(a) The Registrant's Annual Report on Form 10-KSB for the year ended  December 31,
2002 as filed on April 15, 2003 and subsequent Quarterly Report on Form 10-QSB for
the quarter ended March 31, 2003, as filed on May 16, 2003.
(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since
the end of the fiscal year covered by the financial statements contained in the Form 10-KSB referred to in (a) above.
In addition, all documents subsequently filed pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by reference into
this registration statement and to be a part hereof from the date of filing of such
documents.
Any statement contained in a document incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent
that a statement contained in a subsequently filed document which is also incorporated by
reference herein modified or superseded such statement.
ITEM 4. DESCRIPTION OF SECURITIES
Not applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
Other than as set forth below, no named expert or counsel was hired on a contingent
basis, will receive a direct or indirect interest in the small business issuer, or was a
promoter, underwriter, voting trustee, director, officer, or employee of the Registrant.
Dieterich & Associates has given an opinion on the validity of the securities being
registered hereunder. Principals in this law firm are eligible to receive shares of the
Company's common stock pursuant to this Form S-8 registration statement.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Certificate of Incorporation, as amended, limits the liability of its directors to the
fullest extent permitted by the Florida General Corporation law. Specifically, the
directors will not be personally liable for monetary damages for breach of fiduciary duty
as directors, except for liability (i) for any breach of the duty of loyalty to us or our
shareholders, (ii) for acts or omissions not in good faith or that involve intentional
misconduct or a knowing violation of law, or (iii) for any transaction from which the
director derived an improper personal benefit.
The bylaws of the Company provide for the indemnification of the officers and directors
to the maximum extent permitted by Florida law.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8. EXHIBITS
The Exhibits required by Item 601 of Regulation S-B, and an index thereto, are attached.
ITEM 9. UNDERTAKINGS
The undersigned Company hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) To include any prospectus required by Section 10(a) (3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which
individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such
information in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(4) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(5) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers, and controlling persons of the Company pursuant to
the foregoing provisions, or otherwise, the Company has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other that the payment by the Company of
expenses incurred or paid by a director, officer, or controlling person of the Company in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer, or controlling person of the Company in the successful defense of that action suit,
or proceeding) is asserted by such director, officer, or controlling person in connection
with the securities being registered, the Company will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of
such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Portland, State of
Oregon, on August 8, 2003.
NETTEL HOLDINGS, INC.
/s/ Michael Nguyen
Michael Nguyen, President
SPECIAL POWER OF ATTORNEY
The undersigned constitute and appoint Michael Nguyen their true and lawful attorney-in-fact and agent with full power of substitution, for him and in his name, place, and
stead, in any and all capacities, to sign any and all amendments, including post-effective
amendments, to this Form S-8 Registration Statement, and to file the same with all
exhibits thereto, and all documents in connection therewith, with the U.S. Securities and
Exchange Commission, granting such attorney-in-fact the full power and authority to do
and perform each and every act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that such attorney-in-fact may lawfully do or cause to
be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated:
Signature
Title
Date
/s/ Michael Nguyen
Michael Nguyen
President, Chief Executive
Officer, Chairman of the
Board of Directors
August
8, 2003
/s/ Tam Bui
Tam Bui
Director
August
8, 2003
EXHIBIT INDEX
Exhibit No.                          Description
4.1                                      2003 Amended Employee Benefit Plan, dated August 7, 2003
             (filed herewith).
5.1                                      Opinion Re: Legality (filed herewith).
23.1                                    Consent of Accountants (filed herewith).
23.2                                    Consent of Counsel (included in Exhibit 5).
24.1                                    Special Power of Attorney (see signature page).
NETTEL HOLDINGS, INC. AMENDED 2003 EMPLOYEE BENEFIT PLAN
SECTION 1. INTRODUCTION
1.1 Establishment. Effective as provided in Section 17, Nettel Holdings,
Inc., a Florida corporation (the "Company"), hereby adopts this amended
plan of stock-based compensation for selected Eligible Participants of
the Company and affiliated corporation. This amended plan shall be known
as the Nettel Holdings, Inc. 2003 Employee Benefit Plan, as amended (the
"Plan").
1.2 Purpose. The purpose of this Plan is to promote the best interest of
the Company, and its stockholders by providing a means of non-cash
remuneration to selected Eligible Participants.
SECTION 2. DEFINITIONS
The following definitions shall be applicable to the terms used in this
Plan:
2.1 "Affiliated Corporation" means any corporation that is either a
parent corporation with respect to the Company or a subsidiary
corporation with respect to the Company (within the meaning of Sections
424(e) and (f), respectively, of the Internal Revenue Code).
2.2 "Code" means the Internal Revenue Code of 1986, as it may be amended
from time to time.
2.3 "Committee" means a committee designated by the Board of Directors
to administer this Plan or, if no committee is so designated, the Board
of Directors. Any Committee member who is also an Eligible Participant
may receive an Option or Stock Award only if he abstains from voting in
favor of a grant to himself, and the grant is determined and approved by
the remaining Committee members. The Board of Directors, in its sole
discretion, may at any time remove any member of the Committee and
appoint another Director to fill any vacancy on the Committee.
2.4 "Common Stock" means the Company's $.001 par value common stock.
2.5 "Company" means Nettel Holdings, Inc., a Florida corporation.
2.6 "Effective Date" means the effective date of this Plan, as set forth
in Section 17 hereof.
2.7 "Eligible Participant" means any employee, director, officer,
consultant, or advisor of the Company who is determined (in accordance
with the provisions of Section 4 hereof) to be eligible to receive an
Option or Stock Award hereunder.
2.8 "Option" means the grant to an Eligible Participant of a right to
acquire shares of Common Stock.
2.9 "Plan" means this Nettel Holdings, Inc. 2003 Employee Benefit Plan
dated August 7, 2003.
2.10 "Stock Award" means the grant to an Eligible Participant of shares
of Common Stock issuable directly under this Plan rather than upon
exercise of an Option. Wherever appropriate, words used in this Plan in
the singular may mean the plural, the plural may mean the singular, and
the masculine may mean the feminine.
SECTION 3. ADOPTION AND ADMINISTRATION OF THIS PLAN
Upon adoption by the Company's Board of Directors, this Plan became
effective as of August 7, 2003. In the absence of contrary action by the
Board of Directors, and except for action taken by the Committee
pursuant to Section 4 in connection with the determination of Eligible
Participants, any action taken by the Committee or by the Board of
Directors with respect to the implementation, interpretation or
administration of this Plan shall be final, conclusive and binding.
SECTION 4. ELIGIBILITY AND AWARDS
The Committee shall determine at any time and from time to time after
the effective date of this Plan: (i) the Eligible Participants; (ii) the
number of shares of Common Stock issuable directly or to be granted
pursuant to an Option;
(iii) the price per share at which each Option may be exercised, in cash
or cancellation of fees for services for which the Company is liable, if
applicable, or the value per share if a direct issue of stock pursuant
to a Stock Award; and (iv) the terms on which each Option may be
granted. Such determination, as may from time to time be amended or
altered at the sole discretion of the Committee. Notwithstanding the
provisions of Section 3 hereof, no such determination by the Committee
shall be final, conclusive and binding upon the Company unless and until the Board of Directors has approved
the same; provided, however, that if the Committee is composed of a
majority of the persons then comprising the Board of Directors of the
Company, such approval by the Board of Directors shall not be necessary.
SECTION 5. GRANT OF OPTION OR STOCK AWARD
Subject to the terms and provisions of this Plan, the terms and
conditions under which an Option or Stock Award may be granted to an
Eligible Participant shall be set forth in a written agreement (i.e., a
Consulting Agreement, Services Agreement, Fee Agreement, or Employment
Agreement) or, if an Option, a written Grant of Option. (The form shall
be determined by the Committee, in its sole discretion, or may be
determined by the Board of Directors)
SECTION 6. TOTAL NUMBER OF SHARES OF COMMON STOCK
The total number of shares of Common Stock reserved for issuance by the
Company either directly as Stock Awards or underlying Options granted
under this Plan shall not be more than 1,500,000, approved by the Board
of Directors on August 7, 2003. The total number of shares of Common
Stock reserved for such issuance may be increased only by a resolution
adopted by the Board of Directors and amendment of this Plan. Such
Common Stock may be authorized and un-issued or reacquired Common Stock
of the Company.
SECTION 7. PURCHASE OF SHARES OF COMMON STOCK
7.1 As soon as practicable after the determination by the Committee and
approval by the Board of Directors (if necessary, pursuant to Section 4
hereof) of the Eligible Participants and the number of shares an
Eligible Participant may be issued directly as a Stock Award or eligible
to purchase pursuant to an Option, the Committee shall give written
notice thereof to each Eligible Participant, which notice may be
accompanied by the Grant of Option, if appropriate, to be executed by such Eligible Participant.
7.2 The negotiated cost basis of stock issued directly as a Stock Award
or the exercise price for each Option to purchase shares of Common Stock
pursuant to paragraph 7.1 shall be as determined by the Committee, it
being understood that the price so determined by the Committee may vary
from one Eligible Participant to another. In computing the negotiated
direct issue price as a Stock Award or the Option exercise price per share of Common Stock, the Committee shall
take into consideration, among other factors, the restrictions set forth
in Section 11 hereof.
SECTION 8. TERMS AND CONDITIONS OF OPTIONS
The Committee shall determine the terms and conditions of each Option
granted to Eligible Participants, which terms shall be set forth in
writing. The terms and conditions so set by the Committee may vary from
one Eligible Participant to another. In the event that all the Committee
approves an Option permitting deferred payments, the Eligible
Participant's obligation to pay for such Common Stock may be evidenced
by a promissory note executed by such Eligible Participant and
containing such modifications thereto and such other provisions as the Committee, in its sole discretion, may determine.
SECTION 9. DELIVERY OF SHARES OF COMMON STOCK UPON EXERCISE OF OPTION
The Company shall deliver to each Eligible Participant such number of
shares of Common Stock as such Eligible Participant is entitled to
receive pursuant to a Stock Award or elects to purchase upon exercise of
the Option. Such shares, which shall be fully paid and nonassessable
upon the issuance thereof (unless a portion or all of the purchase price
shall be paid on a deferred basis) shall be represented by a certificate
or certificates registered in the name of the Eligible Participant and
stamped with an appropriate legend referring to the restrictions thereon, if any. Subject to the terms and provisions of the
Florida Statutes and the written agreement to which he is a party, an
Eligible Participant shall have all the rights of a stockholder with
respect to such shares, including the right to vote the shares and to
receive all dividends or other distributions paid or made with respect
thereto (except to the extent such Eligible Participant defaults under a
promissory note, if any, evidencing the deferred purchase price for such
shares), provided that such shares shall be subject to the restrictions
hereinafter set forth. In the event of a merger or consolidation to which the Company is a party, or of any other
acquisition of a majority of the issued and outstanding shares of Common
Stock of the Company involving an exchange or a substitution of stock of
an acquiring corporation for Common Stock of the Company, or of any
transfer of all or substantially all of the assets of the Company in
exchange for stock of an acquiring corporation, a determination as to whether the stock of the acquiring corporation so
received shall be subject to the restrictions set forth in Section 11
shall be made solely by the acquiring corporation.
SECTION 10. RIGHTS OF EMPLOYEES; ELIGIBLE PARTICIPANTS
10.1 Employment. Nothing contained in this Plan or in any Option or
Stock Award granted under this Plan shall confer upon any Eligible
Participant any right with respect to the continuation of his or her
employment by the Company or any Affiliated Corporation, or interfere in
any way with the right of the Company or any Affiliated Corporation,
subject to the terms of any separate employment agreement to the
contrary, at any time to terminate such employment or to increase or
decrease the compensation of the Eligible Participant from the rate in existence at the time of the grant of an Option or Stock Award.
Whether an authorized leave of absence shall constitute termination of
employment shall be determined by the Committee at the time.
10.2 Non-transferability. No right or interest of any Eligible
Participant in an Option or Stock Award shall be assignable or
transferable during the lifetime of the Eligible Participant, either
voluntarily or involuntarily, or subjected to any lien, directly or
indirectly, by operation of law, or otherwise, including execution,
levy, garnishment, attachment, pledge or bankruptcy. However, the Board of Directors may, in its sole discretion, permit transfers to
family members if and to the extent such transfers are permissible under
applicable securities laws. In the event of an Eligible Participant's
death, an Eligible Participant's rights and interest in an Option or
Stock Award shall be transferable by testamentary will or the laws of
descent and distribution, and delivery of any shares of Common Stock due
under this Plan shall be made to, and exercise of any Options may be
made by, the Eligible Participant's legal representatives, heirs or
legatees. If in the opinion of the Committee a person entitled to
payments or to exercise rights with respect to this Plan is unable to
care for his or her affairs because of mental condition, physical
condition, or age, payment due such person may be made to, and such
rights shall be exercised by, such person's guardian, conservator or
other legal personal representative upon furnishing the Committee with
evidence satisfactory to the Committee of such status.
SECTION 11. GENERAL RESTRICTIONS
11.1 Representations. Eligible Participants to whom an Option or Stock
Award is granted shall represent to the Company and agree, that as a
condition of exercising such Option, or receiving such Stock Award, in
substance and form satisfactory to the Company and its counsel that such
person is acquiring the Common Stock subject to the Option or Stock
Award for his or her own account for investment and not with any present
intention of selling or otherwise distributing the same, other than
pursuant to an effective registration statement under the Securities
Act, and to such other effects as the Company deems necessary or
appropriate in order to comply with federal and applicable state securities laws.
Shares shall not be issued under the Plan unless the issuance and
delivery of such shares complies with (or is exempt from) all applicable
requirements of law, including (without limitation) the Securities Act,
the rules and regulations promulgated thereunder, state securities laws
and regulations, and the regulations of any stock exchange on which the
Company's securities may then be listed, and the Company has obtained
the approval of or a favorable ruling from any governmental agency that the Company determines to be necessary
or advisable.
11.2 Restrictions on Transfer of Common Stock. The shares of Common
Stock issuable directly as a Stock Award or upon exercise of an Option
may not be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement or pursuant to an
exemption from registration, the availability of which is to be
established to the satisfaction of the Company, and any certificates
representing shares of Common Stock will bear a legend to that effect.
However, the Company may, in the sole discretion of the Board of Directors, register under the Securities Act some or all of the shares
of Common Stock reserved for issuance under this Plan. Special resale
restrictions may, however, continue to apply to officers, directors,
control shareholders and affiliates of the Company and such persons will
be required to obtain an opinion of counsel as regards their ability to
resell shares received pursuant to this Plan.
11.3 Compliance with Securities Laws. Each Option or Stock Award shall
be subject to the requirement that if at any time counsel to the Company
shall determine that the listing, registration or qualification of the
shares of Common Stock subject to such Option or Stock Award upon any
securities exchange or under any state or federal law, or the consent or
approval of any governmental or regulatory body, is necessary as a
condition of, or in connection with, the issuance or purchase of shares
thereunder, such Option or Stock Award may not be accepted or exercised
in whole or in part unless such listing, registration, qualification,
consent or approval shall have been effected or obtained on conditions acceptable to the Committee. Nothing
herein shall be deemed to require the Company to apply for or to obtain
such listing, registration or qualification.
11.4 Changes in Accounting Rules. Notwithstanding any other provision of
this Plan to the contrary, if, during the term of this Plan, any changes
in the financial or tax accounting rules applicable to Options or Stock
Awards shall occur that, in the sole judgment of the Committee, may have
a material adverse effect on the reported earnings, assets or
liabilities of the Company, the Committee shall have the right and power
to modify as necessary, or cancel, any
then outstanding and unexercised Options.
SECTION 12. COMPLIANCE WITH TAX REQUIREMENTS
Each Eligible Participant shall be liable for payment of all applicable
federal, state and local income taxes incurred as a result of the
receipt of a Stock Award or an Option, the exercise of an Option, and
the sale of any shares of Common Stock received pursuant to a Stock
Award or upon exercise of an Option. The Company may be required,
pursuant to applicable tax regulations, to withhold taxes for an
Eligible Participant, in which case the Company's obligations to deliver shares of Common Stock upon the exercise of any Option granted
under this Plan or pursuant to any Stock Award, shall be subject to the
Eligible Participant's satisfaction of all applicable federal, state and
local income and other income tax withholding requirements.
SECTION 13. PLAN BINDING UPON ASSIGNS OR TRANSFEREES
In the event that, at any time or from time to time, any Option or Stock
Award is assigned or transferred to any party (other than the Company)
pursuant to the provisions of Section 10.2 hereof, such party shall take
such Option or Stock Award pursuant to all provisions and conditions of
this Plan, and, as a condition precedent to the transfer of such
interest, such party shall agree (for and on behalf of himself or
itself, his or its legal representatives and his or its transferees and
assigns) in writing to be bound by all provisions of this Plan.
SECTION 14. COSTS AND EXPENSES
All costs and expenses with respect to the adoption, implementation, interpretation and administration of this Plan shall be borne by the
Company.
SECTION 15. CHANGES IN CAPITAL STRUCTURE OF THE COMPANY
Appropriate adjustments shall be made to the number of shares of Common
Stock issuable pursuant to an incomplete or pending Stock Award that has
not yet been delivered or upon exercise of any Options and the exercise
price thereof in the event of: (i) a subdivision or combination of any
of the shares of capital stock of the Company; (ii) a dividend payable
in shares of capital stock of the Company; (iii) a reclassification of
any shares of capital stock of the Company; or (iv) any other change in the capital structure of the Company.
SECTION 16. PLAN AMENDMENT, MODIFICATION AND TERMINATION
The Board, upon recommendation of the Committee or at its own
initiative, at any time may terminate and at any time and from time to
time and in any respect, may amend or modify this Plan, including:
(a) Increase the total amount of Common Stock that may be awarded under
this Plan, except as provided in Section 15 of this Plan;
(b) Change the classes of persons from which Eligible Participants may
be selected or materially modify the requirements as to eligibility for
participation in this Plan;
(c) Increase the benefits accruing to Eligible Participants; or
(d) Extend the duration of this Plan.
Any Option or other Stock Award granted to a Eligible Participant prior
to the date this Plan is amended, modified or terminated will remain in
effect according to its terms unless otherwise agreed upon by the
Eligible Participant; provided, however, that this sentence shall not
impair the right of the Committee to take whatever action it deems
appropriate under Section 11 or Section 15. The termination or any
modification or amendment of this Plan shall not, without the consent of
a Eligible Participant, affect his rights under an Option or other Stock
Award previously granted to him.
SECTION 17. EFFECTIVE DATE OF THIS PLAN
17.1 Effective Date. This Plan is effective as of August 7, 2003, the
date it was adopted by the Board of Directors of the Company.
17.2 Duration of this Plan. This Plan shall terminate at midnight on
August 6, 2008, which is the day before the fifth anniversary of the
Effective Date, and may be extended thereafter or terminated prior
thereto by action of the Board of Directors; and no Option or Stock
Award shall be granted after such termination. Options and Stock Awards
outstanding at the time of this Plan termination may continue to be
exercised, or become free of restrictions, in accordance with their terms.
SECTION 18. BURDEN AND BENEFIT
The terms and provisions of this Plan shall be binding upon, and shall
inure to the benefit of, each Eligible Participant, his executives or
administrators, heirs, and personal and legal representatives.
Dated as of August 7, 2003.
Approved by the Board of Directors of Nettel Holdings, Inc. on August 7,
2003.
Michael Nguyen, Director                 Tam Bui, Director
/s/ Michael Nguyen                            /s/ Tam Bui
EXHIBIT 5.1 - OPINION RE: LEGALITY
[Dieterich & Associates Letterhead]
August 8, 2003
Nettel Holdings, Inc.
2500 Columbia House Blvd.,
Vancouver, Washington 98661
Gentlemen,
We refer to the Registration Statement on Form S-8 (the "Registration Statement") to be
filed by NETTEL HOLDINGS, INC. ("Company") with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the "Act"). The Registration
Statement relates to an aggregate of 1,500,000 shares of the Common Stock of the
Company (the "Shares") pursuant to the 2003 Amended Employee Benefit Plan.
As counsel for the Company, we have examined such corporate records, documents and
such question of law as we have considered necessary or appropriate for purposes of this
opinion and, upon the basis of such examination, advise you that in our opinion, all
necessary corporate proceedings by the Company have been duly taken to authorize the
issuance of the Shares and that the Shares being registered pursuant to the Registration
Statement, when issued will be duly authorized, legally issued, fully paid and non-assessable. This opinion does not cover any matters related to any re-offer or re-sale of
the shares by and Plan Beneficiaries, once properly and legally issued pursuant to the
Plan as described in the Registration Statement.
We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement. This consent is not to be construed as an admission that we are a person
whose consent is required to be filed with the Registration Statement under the
provisions of the Act. This opinion is not to be used, circulated, quoted or otherwise
referred to for any other purpose without our prior written consent. This opinion is based
on our knowledge of the law and facts as of the date hereof. This opinion does not
address or relate to any specific state securities laws. We assume no duty to communicate
with the Company in respect to any matter, which comes to our attention hereafter.
Cordially,
/s/ Christopher Dieterich
Christopher Dieterich, Esq.
EXHIBIT 23.1 - CONSENT OF ACCOUNTANTS
Grassano Accouting, P.A.
900 North Federal Highway, Suite 160
Boca Raton, Florida 33432-2754
Phone (561) 395-0330
Fax (561) 395-2081
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement on Form S-8 of
Nettel Holdings, Inc. of our report dated April 11, 2003 on our audit of the consolidated
financial statements of Nettel Holdings, Inc., formerly Bio Standard Corporation, as of
December 31, 2002, and the results of its operations and cash flows for the year ended
December 31, 2002.
/s/ Grassano
Grassano Accounting, P.A.
August 7, 2003
Exhibit 23.2 - Consent of Counsel (included in Exhibit 5)
Exhibit 24.1 - Special Power of Attorney (see signature page)