CONTRIBUTION AGREEMENT

Exhibit 10.1

CONTRIBUTION AGREEMENT

CONTRIBUTION AGREEMENT dated as of December 14, 2004 by and among IBuyDigital, Inc., a Delaware corporation (hereinafter referred to as the “Corporation”), and Elliot Antebi, Steven Szklarz, Mark Antebi and Barry Antebi (each hereinafter referred to as a “Securityholder” and collectively as the “Securityholders”).

W I T N E S S E T H:

WHEREAS, the Securityholders currently own, and as of the Closing Date (as hereinafter defined) will own, in the aggregate, 100% of the issued and outstanding shares of capital stock of each of the entities set forth on Schedule I attached hereto (the “Entities”); and

WHEREAS, each of the Securityholders desires to transfer and assign to the Corporation all of his respective interest in and to the issued and outstanding shares of capital stock of each of the Entities; and

WHEREAS, the Corporation desires to issue to the Securityholders, and the Securityholders desire to acquire from the Corporation, in exchange for the aforesaid, an aggregate of 12,000,000 shares (collectively, the “Shares”) of the common stock, $.0l par value (“Common Stock”), of the Corporation.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter set forth, the parties hereto hereby agree as follows:

SECTION I

EXCHANGE OF THE SHARES

Subject to the terms and conditions of this Agreement and on the basis of the representations, warranties, covenants and agreements herein contained, the Corporation hereby agrees to issue and convey to each of the Securityholders, and each of the Securityholders subscribes for and agrees to acquire and accept from the Corporation, such number of the Shares as is set forth opposite such Securityholder’s name on Schedule II attached hereto.

In exchange for the aforesaid issuance, conveyance and delivery of such Shares, each of the Securityholders, individually and not in the aggregate, hereby agrees to transfer and assign to the Corporation such shares of capital stock in each of the Entities as is owned by each of the Securityholders as of the Closing Date, in each instance as is set forth on Schedule II attached hereto, all such shares of capital stock together representing, as of the Closing Date, 100% of the issued and outstanding shares of capital stock of each of the Entities.

The Securityholders and the Corporation intend that the transactions contemplated by this Agreement be treated as a tax-free transfer under Section 351 of the Internal Revenue Code of 1986, as amended. The Securityholders and the Corporation hereto agree to file all applicable tax returns on a consistent basis with such treatment.

SECTION II

REPRESENTATIONS, WARRANTIES, COVENANTS

AND AGREEMENTS OF THE CORPORATION

The Corporation represents and warrants to, and covenants and agrees with, the Securityholders, as of the date hereof, that:

A. Organization; Good Standing. The Corporation is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and has full corporate power and authority to own its properties and to conduct the businesses in which it is now engaged.

B. Authority. The Corporation has full corporate power and authority to execute and deliver this Agreement and to perform all of its obligations hereunder, and no consent or approval of any other person or governmental authority is required therefor. The execution and delivery of this Agreement by the Corporation, the performance by the Corporation of its covenants and agreements hereunder and the consummation by the Corporation of the transactions contemplated hereby have been duly authorized by all necessary corporate action. This Agreement constitutes a valid and legally binding obligation of the Corporation, enforceable against the Corporation in accordance with its terms.

C. No Legal Bar; Conflicts. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, violates any provision of the Certificate of Incorporation or By-Laws of the Corporation or any law, statute, ordinance, regulation, order, judgment or decree of any court or governmental agency, or conflicts with or results in any breach of any of the terms of or constitutes a default under or results in the termination of or the creation of any lien pursuant to the terms of any contact or agreement to which the Corporation is a party or by which the Corporation or any of its assets is bound.

D. Capitalization. The authorized capital stock of the Corporation consists of 50,000,000 shares of Common Stock, $0.01 par value per share, and 5,000,000 shares of undesignated Preferred Stock, $0.01 par value per share (the “Preferred Stock”). Immediately following the issuances contemplated hereby, there will be 12,000,000 shares of Common Stock issued and outstanding and no shares of Preferred Stock issued and outstanding. In addition, immediately following the issuances contemplated hereby, there will be no issued or outstanding options, warrants, contracts, calls, commitments or demands of any nature relating to the Corporation’s Common Stock or Preferred Stock. The Shares being issued hereunder have been duly authorized and, when issued to the Securityholders for the consideration herein provided, will be validly issued, fully paid and nonassessable.

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SECTION III

REPRESENTATIONS, WARRANTIES, COVENANTS

AND AGREEMENTS OF THE SECURITYHOLDERS

Each of the Securityholders, individually and not in the aggregate, represents and warrants to, and covenants and agrees with, the Corporation, as of the date hereof, that:

A. Authority. Such Securityholder has the full power, authority and legal right to execute and deliver this Agreement, and to perform his respective covenants and agreements hereunder, and this Agreement constitutes a valid and legally binding obligation of each of them enforceable against each of them in accordance with its terms.

B. Title to Shares. Such Securityholder is, and as of the Closing Date will be, the lawful record and beneficial owner of all of the shares of capital stock of each of the Entities set forth opposite his name on Schedule II attached hereto, free and clear of all pledges, security interests, liens, charges, encumbrances, equities, claims, options or limitations affecting his ability to vote such shares of capital stock or to transfer such shares of capital stock to the Corporation. The shares of capital stock set forth on Schedule II attached hereto constitute, as of the Closing Date, 100% of the issued and outstanding shares of capital stock of each of the Entities. There are no issued or outstanding options, warrants, contracts, calls, commitments or demands of any nature relating to such shares of capital stock. At the Closing, the Corporation will acquire good title to such shares of capital stock free and clear of all pledges, security interests, liens, charges, encumbrances, equities, claims, options or limitations of whatever nature.

C. No Legal Bar; Conflicts. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, violates or will violate any law, statute, ordinance, regulation, order, judgment or decree of any court or governmental agency, or violates or will violate, or conflicts with or will conflict with or will result in any breach of any of the terms of, or constitutes or will constitute a default under or result in the termination of or the creation of any lien pursuant to the terms of any contract, commitment, agreement, understanding or arrangement of any kind to which such Securityholder is a party or by which such Securityholder or any of such Securityholder’s assets is bound.

D. No Litigation. No action, suit or proceeding against such Securityholder relating to the consummation of any of the transactions contemplated by this Agreement nor any governmental action seeking to delay or enjoin any such transactions is pending or threatened.

E. Access to Public Information. Such Securityholder has been given access to all public information relating to the business and affairs of the Corporation which such Securityholder has requested and all additional information which such Securityholder has considered necessary to verify the accuracy of the information so received.

F. Investment Intent. Such Securityholder (i) is an accredited investor within the meaning of Rule 501(a) under the Securities Act of 1933, as amended (the “1933 Act”) or, if not

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such an accredited investor, has, alone or together with a purchaser representative within the meaning of Rule 501(h) under the 1933 Act, such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in securities in general and to an investment in the Corporation in particular, (ii) is aware of the limits on resale imposed by virtue of the nature of the transactions contemplated by this Agreement and (iii) is acquiring the shares of the Corporation hereunder without registration under the 1933 Act in reliance on the exemption from registration contained in Section 4(2) of the 1933 Act, for investment, and not with a view toward, or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling such shares.

G. Economic Risk. Such Securityholder recognizes that the investment in the Common Stock involves a number of significant risks. Such Securityholder is able to bear the substantial economic risks of an investment in the Common Stock for an indefinite period of time, has no need for liquidity in such investment and, at the present time, can afford a complete loss of such investment.

SECTION IV

THE CLOSING