Time Note Agreement between FORTEL Inc. and William R. Lonergan (June 22, 2001)

Summary

FORTEL Inc. agrees to pay William R. Lonergan $50,000 plus 18% annual interest, with the full amount due by September 20, 2001. If FORTEL Inc. fails to pay on time, it must also cover reasonable attorney fees and collection costs. The agreement is signed by FORTEL Inc.'s President & CEO and Acting CFO.

EX-10.34 5 a2068723zex-10_34.htm TIME NOTE - LONERGAN Prepared by MERRILL CORPORATION
QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.34

TIME NOTE

For the value received, FORTEL Inc. promises to pay to the order of William R. Lonergan, the sum of Fifty Thousand ($50,000.00) dollars, payable with interest thereon at the rate of 18% per annum on the unpaid balance.

The entire sum of principal and accrued interest shall be fully payable on September 20, 2001.

In the event of default, FORTEL Inc. agrees to pay all reasonable attorney fees and costs of collection.

Signed under seal this 22nd day of June, 2001.

	FORTEL Inc.
	By:		/s/ ASA W. LANUM Asa W. Lanum, President & CEO
	By:		/s/ ROMEO R. DIZON Romeo R. Dizon, Acting CFO

QuickLinks