<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>8
<FILENAME>v014719_ex10-3.txt
<TEXT>
                                                                    EXHIBIT 10.3

                        Administration for International
                            Credit & Investment, Inc.
                        12520 High Bluff Drive, Suite 260
                           San Diego, California 92130

                                February 15, 2005

Russell Ingeldew
7911 Herschel Ave., Ste. 410
La Jolla, CA 92037


Dear Russell:

We are  pleased  to offer  you a  full-time  position  with  Administration  for
International Credit & Investment, Inc. ("Employer") as Chief Financial Officer.
Specifics of our offer include:

      1. You will be  employed  by  Employer  for a period of  ninety  (90) days
commencing the date of this letter (the  "Probationary  Period")  subject to the
terms of this letter.  At the end of the  Probationary  Period,  unless Employer
shall have notified you in writing that your employment hereunder is terminated,
you will be employed by  Employer on a full-time  basis  subject to the terms of
this letter, with annual performance  reviews, and shall have the title of Chief
Financial Officer.

      2. You will be compensated at an hourly rate of $125 per hour, paid weekly
on Thursday of each week, before  withholding of federal and state income taxes,
social security, unemployment insurance, and other customary deductions.

      3. The maximum  amount  paid per day will not exceed  eight (8) hours with
all requests  for time off (other than  holidays  observed by all of  Employer's
employees) to be approved in advance by Wolfgang Grabher.  You will perform such
tasks as shall be assigned by Wolfgang Grabher and such tasks as are usually and
customarily performed by persons holding the title of Chief Financial Officer.

      4. You will not be entitled to vacation during the Probationary Period and
for a period of five (5) months  thereafter (the "Initial Year").  After the end
of the Initial Year, you will be entitled to one (1) week of vacation during the
next year of service with Employer, two (2) weeks' vacation each year during the
next three (3) years of service  with  Employer,  and three (3) weeks'  vacation
during each year of service with  Employer  thereafter.  After the  Probationary
Period you will also be  entitled to up to five (5) sick days,  with pay,  which
shall accrue from the date of this  agreement,  and two (2) personal  days.  All
vacation and personal days must be approved in advance by Wolfgang Grabher.  You
will  also be  entitled  to the same paid  holidays  as are  observed  by all of
Employer's employees.


<PAGE>

      5. You will be employed on an "AT WILL" basis.  That is, the terms of your
employment  shall  continue  unless   terminated  by  either  you  or  Employer.
Termination  by  Employer  may be  with  or  without  cause,  at any  time.  The
terminating  party shall give the other party three working days notice prior to
any termination. Employer reserves the right to pay the equivalent of three days
of your salary in lieu of this notice requirement.

      6. All work that you perform for Employer will be performed in our offices
or as mutually agreed otherwise.

      7. This Agreement is governed by the laws of the State of California.

      If the terms of this offer are acceptable to you, please indicate below by
signing and returning one copy of this letter to us.


Sincerely,
Administration for International Credit & Investment, Inc.


By:  /s/ Wolfgang Grabher
    --------------------------
         Wolfgang Grabher, CEO

ACCEPTED AND AGREED TO THIS ____ day of February 2005


 /s/ Russell Ingeldew
-------------------------------
Russell Ingeldew
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