Exhibit 10.48 LOAN Borrower: Universe2U Canada Inc. Lender: Frank Servedio Amount: $200,000 CDN Date of Loan: November 14, 2001 Use of Proceeds: Operations Maturity: February 18, 2002 Interest Rate Extension 60-day extension upon payment of a fee of $10,000 CDN Penalty provisions 500,000 shares if the loan is not repaid by the end of the first 60-day period and an additional 250,000 shares if the loan is not repaid by the end of the second 60-day period Expenses Company pays all associated expenses to establish the loan Stock Payment At maturity or repayment, 45,000 common shares of UTOU common stock Please confirm your acceptance of the Loan on the terms stated above by signing and returning to us the enclosed copy of this Agreement, whereupon this Agreement shall become a binding agreement between us. Very truly yours, FRANK SERVEDIO By: /s/ Frank Servedio Name: Frank Servedio Agreed to this 18 day of Feb., 2002. UNIVERSE2U INC. By:/s/ Kim Allen Name: Kim Allen Title: CEO