Titan Global (TTGH) 10QSB 2004 Q4 Quarterly report (small business)

VENTURES-NATIONAL INCORPORATED
 D/B/A TITAN GENERAL HOLDINGS, INC.

2 Industrial Way
Amesbury MA 01913

                                                                                                                   June 29, 2004

Scott J. Giordano
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154
Direct Dial:  (212) 407-4104
Fax:  (212) 407-4990

                    RE: Ventures-National Incorporated D/B/A Titan General Holdings, Inc.. - Escrow Release Gross Escrow Deposit: $1,500,000

Dear Mr. Giordano:

                    These instructions are given to you pursuant to a Funds Escrow Agreement among Ventures-National Incorporated D/B/A Titan General Holdings, Inc. (the "Company"), Laurus Master Fund, Ltd., and Loeb & Loeb LLP as Escrow Agent. Subject to the terms set forth below, you are instructed to disburse or allocate $1,500,000 of the investor's funds received by you to and on the Company's behalf as follows:

      1.           $1,404,500 - the Company pursuant to the following wire instructions:

                     Bank: Citizens Bank
                     One Citizens Drive
                     Riverside, RI 02915
                     ABA#: 011500120

For Credit to: Titan PCB East, Inc. Account #: 3304008928

       2.          $54,000 - Laurus Capital Management, L.L.C. (management fees)

                    North Fork Bank
                    New York, NY 10022
                    ABA Number: 021-407912

                    For Credit to: Laurus Capital Management, L.L.C.
                    Account Number: 2774045278

       3.          $10,000 - Laurus Capital Management, L.L.C. (due diligence and legal fees:)

                    North Fork Bank
                    New York, NY 10022
                    ABA Number: 021-407912

                    For Credit to: Laurus Capital Management, L.L.C.
                    Account Number: 2774045278

----------------------------------------------------------------------------------------------

      4.           $30,000 - Sichenzia Ross Friedman Ference LLP

                    HSBC Bank USA
                    New York, NY 10022
                    AC of Sichenzia Ross Friedman Ference LLP
                    AC# 629034133
                    ABA# 021001088

       5.          $1,500 - Loeb & Loeb LLP (escrow agent fee)

                    Bank: Citibank, N.A.
                    ABA No: 021000089
                    Acct. No.: 02674308
                    Reference: Laurus Escrow Arrangement

                                                                     Very truly yours,

                                                                     VENTURES-NATIONAL INCORPORATED
                                                                     D/B/A TITAN GENERAL HOLDINGS, INC.

                                                                     By:   /s/ Daniel D. Guimond          
                                                                     Name: Daniel D. Guimond
                                                                     Title: Chief Financial Officer


Accepted and Agreed:

Laurus Master Fund, Ltd.

 /s/ David Grin               
 Name: David Grin
 Title: Partner/Fund Manager