<PAGE>   1
                                  EXHIBIT 10.18


                          SECURITIES PURCHASE AGREEMENT

                  THIS SECURITIES PURCHASE AGREEMENT, dated as of December 29,
1999 (this "Agreement"), is entered into by and between iBIZ TECHNOLOGY CORP., a
Florida corporation (the "Company"), and Globe United Holdings, Inc., a British
Virgin Islands corporation (the "Purchaser").

                              W I T N E S S E T H:

                  WHEREAS, the Company and the Purchaser are executing and
delivering this Agreement in reliance upon the exemptions from registration
provided by Regulation D ("Regulation D") promulgated by the Securities and
Exchange Commission (the "Commission") under the Securities Act of 1933, as
amended (the "Securities Act"), and/or Section 4(2) of the Securities Act;

                  WHEREAS, the Purchaser wishes to purchase, and the Company
wishes to issue and sell, for an aggregate purchase price of $1,000,000 upon the
terms and conditions of this Agreement, $1,000,000 aggregate principal amount
(the "Debentures") of the Company's 7% Convertible Debentures which Debentures
shall be in the form attached as Exhibit A, and warrants (the "Warrants") to
purchase 200,000 shares of the Company's Common Stock, par value $.001 per share
(the "Common Stock"); and

                  WHEREAS, the Debentures are convertible into shares of the
Company's Common Stock on the terms set forth therein, and the Warrants (which
shall be in substantially the form attached as Exhibit B) may be exercised for
the purchase of Common Stock, on the terms set forth therein.

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

      1.         AGREEMENT TO PURCHASE; PURCHASE PRICE

                           a. PURCHASE OF DEBENTURES. Purchaser hereby agrees to
         purchase from the Company, and the Company hereby agrees to issue and
         sell to the Purchaser, the Debentures and the Warrants for an aggregate
         purchase price of $1,000,000 which shall be payable on the date hereof
         in next day funds.

                           b. CLOSINGS. The Debentures and Warrants to be
         purchased by Purchaser hereunder, in definitive form, and in such
         denominations as
<PAGE>   2
         Purchaser or its representative, if any, may request upon at least
         forty-eight hours' prior notice to the Company, shall be delivered by
         or on behalf of the Company for the account of Purchaser, against
         payment by the Purchaser of the aggregate purchase price of $1,000,000
         therefor by wire transfer to an account of the Company, all at the
         offices of Laufer, Halberstain & Karish, 39 Broadway, 14th Floor, New
         York, New York 10006, New York time on the date hereof, or at such
         other time and date as Purchasers or their representative, if any, and
         the Company may agree upon in writing, such date being referred to
         herein as the "Closing Date."

       2.       REPRESENTATIONS AND WARRANTIES OF THE PURCHASER; ACCESS TO
                  INFORMATION; INDEPENDENT INVESTIGATION

                  The Purchaser represents and warrants to, and covenants and
agrees with, the Company as follows:

                           a. The Purchaser is (i) experienced in making
         investments of the kind described in this Agreement and the related
         documents, (ii) able, by reason of the business and financial
         experience of its management, to protect its own interests in
         connection with the transactions described in this Agreement and the
         related documents, and (iii) able to afford the entire loss of its
         investment in the Debentures and Warrants.

                           b. All subsequent offers and sales of the Debentures
         and Warrants and the Common Stock issuable upon conversion or exercise
         of, or in lieu of interest payments on, the Debentures and Warrants, it
         shall have purchased shall be made pursuant to an effective
         registration statement under the Securities Act or pursuant to an
         applicable exemption from such registration.

                           c. The Purchaser understands that the Debentures and
         the Warrants are being offered and sold to it in reliance upon
         exemptions from the registration requirements of the United States
         federal securities laws, and that the Company is relying upon the truth
         and accuracy of the Purchaser's representations and warranties, and the
         Purchaser's compliance with its agreements, each as set forth herein,
         in order to determine the availability of such exemptions and the
         eligibility of the Purchaser to acquire the Debentures and the
         Warrants.

                           d. The Purchaser: (A) has been provided with
         sufficient information with respect to the business of the Company and
         such documents relating to the Company as the Purchaser has requested
         and Purchaser has carefully reviewed the same including, without
         limitation, the Company's Form 10-SB (the "Form 10") filed with the
         Securities and Exchange

                                       2
<PAGE>   3
         Commission on October 13, 1999 (the "Commission") as amended by
         Amendment No. 1 filed with the Commission on December 1, 1999 and
         Amendment No. 2 filed with the Commission on December 15, 1999, (B) has
         been provided with such additional information with respect to the
         Company and its business and financial condition as the Purchaser, or
         the Purchaser's agent or attorney, has requested, and (C) has had
         access to management of the Company and the opportunity to discuss the
         information provided by management of the Company and any questions
         that the Purchaser had with respect thereto have been answered to the
         full satisfaction of the Purchaser.

                           e. The Purchaser has the requisite corporate power
         and authority to enter into this Agreement and the registration rights
         agreement, dated as of the date hereof, between the Company and the
         Purchaser (the "Registration Rights Agreement").

                           f. This Agreement and the Registration Rights
         Agreement and the transactions contemplated hereby and thereby, have
         been duly and validly authorized by the Purchaser; and such agreements,
         when executed and delivered by each of the Purchaser and the Company
         will each be a valid and binding agreement of the Purchaser,
         enforceable in accordance with their respective terms, except to the
         extent that enforcement of each such agreement may be limited by
         bankruptcy, insolvency, reorganization, moratorium, fraudulent
         conveyance or other similar laws now or hereafter in effect relating to
         creditors' rights generally and to general principles of equity.

       3.       REPRESENTATIONS OF THE COMPANY

                  The Company represents and warrants to the Purchaser that:

                           a. ORGANIZATION. The Company is a corporation duly
         organized, validly existing and in good standing under the laws of the
         State of Florida. Each of the Company's subsidiaries, if any, is a
         corporation duly organized, validly existing and in good standing under
         the laws of its respective jurisdiction. Each of the Company and its
         subsidiaries, if any, is duly qualified as a foreign corporation in all
         jurisdictions in which the failure to so qualify would have a material
         adverse effect on the Company and its subsidiaries taken as a whole.
         Schedule 3a lists all subsidiaries of the Company and, except as noted
         therein, all of the outstanding capital stock of all such subsidiaries
         is owned of record and beneficially by the Company.

                           b. CAPITALIZATION. On the date hereof, the authorized
         capital of the Company consists of 100,000,000 shares of Common Stock,
         par value $.001 per share, of which 26,671,380 shares are issued and
         outstanding. Schedule 3b sets forth all of the options, warrants and
         convertible securities of the Company, and any other rights to acquire
         securities of the Company

                                       3
<PAGE>   4
         (collectively, the "Derivative Securities") which are outstanding on
         the date hereof, including in each case (i) the name and class of such
         Derivative Securities, (ii) the issue date of such Derivative
         Securities, (iii) the number of shares of Common Stock of the Company
         into which such Derivative Securities are convertible as of the date
         hereof, (iv) the conversion or exercise price or prices of such
         Derivative Securities as of the date hereof, (v) the expiration date of
         any conversion or exercise rights held by the owners of such Derivative
         Securities and (vi) any registration rights associated with such
         Derivative Securities. Schedule 3b also sets forth all registration
         rights associated with the Common Stock.

                           c. CONCERNING THE COMMON STOCK AND THE WARRANTS. The
         Debentures and Warrants, and Common Stock issuable upon conversion of,
         or in lieu of interest payments on, the Debentures, and upon exercise
         of the Warrants so issued, when issued, shall be duly and validly
         issued, fully paid and non-assessable, will not be subject to
         preemptive rights and will not subject the holder thereof to personal
         liability by reason of being such a holder. There are currently no
         preemptive rights of any stockholder of the Company, as such, to
         acquire the Debentures or the Warrants, or the Common Stock issuable to
         the Purchaser pursuant to the terms of the Debentures or the Warrants.

                           d. REPORTING COMPANY STATUS. The Company files
         reports with the Commission pursuant to Section 15(d) of the Securities
         Exchange Act of 1934, as amended (the "Exchange Act"). The Company has
         duly filed all materials and documents required to be filed pursuant to
         all reporting obligations under either Section 13(a) or 15(d) of the
         Exchange Act. The Common Stock is listed and traded on the OTC Bulletin
         Board ("OTC"), and, except as described in Schedule 3m the Company is
         not aware of any pending or contemplated action or proceeding of any
         kind to suspend the trading of the Common Stock.

                           e. AUTHORIZED SHARES. The Company has available a
         sufficient number of authorized and unissued shares of Common Stock as
         may be necessary to effect the conversion of the Debentures and the
         exercise of the Warrants. The Company understands and acknowledges the
         potentially dilutive effect to the Common Stock of the issuance of
         shares of Common Stock upon the conversion of the Debentures and the
         exercise of the Warrants. The Company further acknowledges that its
         obligation to issue shares of Common Stock upon conversion of the
         Debentures and upon exercise of the Warrants is absolute and
         unconditional regardless of the dilutive effect that such issuance may
         have on the ownership interests of other stockholders of the Company
         and notwithstanding the commencement of any case under 11 U.S.C.
         Section 101 et seq. (the "Bankruptcy Code"). In the event the Company
         becomes a debtor under the Bankruptcy Code, the Company hereby waives
         to

                                       4
<PAGE>   5
         the fullest extent permitted any rights to relief it may have under 11
         U.S.C. Section 362 in respect of the conversion of the Debentures and
         the exercise of the Warrants. At the direction of Purchaser, the
         Company agrees, without cost or expense to the Purchaser, to take or
         consent to any and all action necessary to effectuate relief under 11
         U.S.C. Section 362.

                           f. LEGALITY. The Company has the requisite corporate
         power and authority to enter into this Agreement and the Registration
         Rights Agreement, and to issue and deliver the Debentures, the Warrants
         and the Common Stock issuable upon conversion of, or in lieu of
         interest payments on the Debentures and the exercise of the Warrants.

                           g. TRANSACTION AGREEMENTS. This Agreement, the
         Registration Rights Agreement, the Debentures and the Warrants
         (collectively, the "Primary Documents"), and the transactions
         contemplated hereby and thereby, have been duly and validly authorized
         by the Company; this Agreement has been duly executed and delivered by
         the Company and this Agreement is, and the other Primary Documents,
         when executed and delivered by the Company, will each be, a valid and
         binding agreement of the Company, enforceable in accordance with their
         respective terms, except to the extent that enforcement of each of the
         Primary Documents may be limited by bankruptcy, insolvency,
         reorganization, moratorium, fraudulent conveyance or other similar laws
         now or hereafter in effect relating to creditors' rights generally and
         to general principles of equity.

                           h. NON-CONTRAVENTION. The execution and delivery of
         this Agreement and each of the other Primary Documents, and the
         consummation by the Company of the transactions contemplated by this
         Agreement and each of the other Primary Documents, does not and will
         not conflict with or result in a breach by the Company of any of the
         terms or provisions of, or constitute a default under, the Articles of
         Incorporation or By-laws of the Company, or any indenture, mortgage,
         deed of trust or other agreement or instrument to which the Company or
         any of its subsidiaries is a party or by which they or any of their
         properties or assets are bound, or any existing applicable law, rule,
         or regulation or any applicable decree, judgment or order of any court
         or United States or foreign federal or state regulatory body,
         administrative agency, or any other governmental body having
         jurisdiction over the Company, its subsidiaries, or any of their
         properties or assets. Except as set forth on Schedule 3(h), neither the
         filing of the registration statement required to be filed by the
         Company pursuant to the Registration Rights Agreement nor the offering
         or sale of the Debentures or the Warrants as contemplated by this
         Agreement gives rise to any rights, other than those which have been
         waived or satisfied on or prior to the date hereof, for or relating to
         the registration of any shares of the Common Stock. Schedule 3(h)(1)
         hereto lists all material

                                       5
<PAGE>   6
         agreements and instruments to which the Company or any of its
         subsidiaries is a party or by which any of their properties or assets
         are bound.

                           i. APPROVALS. No authorization, approval or consent
         of any court, governmental body, regulatory agency, self-regulatory
         organization, stock exchange or market or the stockholders of the
         Company is required to be obtained by the Company for the entry into or
         the performance of this Agreement and the other Primary Documents.

                           j. SEC FILINGS. None of the reports or documents
         filed by the Company with the Commission contained, at the time they
         were filed, any untrue statement of a material fact or omitted to state
         any material fact required to be stated therein, or necessary to make
         the statements made therein, in light of the circumstances under which
         they were made, not misleading.

                           k. STABILIZATION. Neither the Company, nor, to the
         knowledge of the Company, any of its affiliates, has taken or may take,
         directly or indirectly, any action designed to cause or result in, or
         which has constituted or which might reasonably be expected to
         constitute, the stabilization or manipulation of the price of the
         shares of Common Stock.

                           l. ABSENCE OF CERTAIN CHANGES. Except as disclosed in
         the Company's public filings with the Commission, since the filing of
         Amendment No. 2 to the Form 10, there has been no material adverse
         change nor any material adverse development in the business,
         properties, operations, financial condition, prospects, outstanding
         securities or results of operations of the Company.

                           m. FULL DISCLOSURE. Other than as set forth in
         Schedule 3m, there is no fact known to the Company that has not been
         disclosed in writing to the Purchaser (i) that could reasonably be
         expected to have an adverse effect upon the condition (financial or
         otherwise) or the earnings, business affairs, properties or assets of
         the Company or (ii) that could reasonably be expected to materially and
         adversely affect the ability of the Company to perform the obligations
         set forth in the Primary Documents.

                           n. TITLE TO PROPERTIES; LIENS AND ENCUMBRANCES. The
         Company has good and marketable title to all of its material properties
         and assets, both real and personal, and has good title to all its
         leasehold interests, in each case subject only to mortgages, pledges,
         liens, security interests, conditional sale agreements, encumbrances or
         charges created in the ordinary course of business.

                                       6
<PAGE>   7
                           o. PATENTS AND OTHER PROPRIETARY RIGHTS. The Company
         has sufficient title and ownership of all patents, trademarks, service
         marks, trade names, internet domain names, copyrights, trade secrets,
         information, proprietary rights and processes necessary for the conduct
         of its business as now conducted and as proposed to be conducted, and
         such business does not and would not conflict with or constitute an
         infringement on the rights of others.

                           p. PERMITS. The Company has all franchises, permits,
         licenses and any similar authority necessary for the conduct of its
         business as now conducted, the lack of which would materially and
         adversely affect the business or financial condition of the Company.
         The Company is not in default in any respect under any of such
         franchises, permits, licenses or similar authority.

                           q. ABSENCE OF LITIGATION. Except as disclosed in the
         Company's public filings with the Commission, there is no action, suit,
         proceeding, inquiry or investigation before or by any court, public
         board or body pending or, to the knowledge of the Company or any of its
         subsidiaries, threatened against or affecting the Company or any of its
         subsidiaries, in which an unfavorable decision, ruling or finding would
         have an adverse effect on the properties, business, condition
         (financial or other) or results of operations of the Company and its
         subsidiaries, taken as a whole, or the transactions contemplated by the
         Primary Documents, or which would adversely affect the validity or
         enforceability of, or the authority or ability of the Company to
         perform its obligations under, the Primary Documents.

                           r. NO DEFAULT. Each of the Company and its
         subsidiaries is not in default in the performance or observance of any
         obligation, covenant or condition contained in any indenture, mortgage,
         deed of trust or other instrument or agreement to which it is a party
         or by which it or its property may be bound which default could result
         in a material adverse effect on the Company.

                           s. TRANSACTIONS WITH AFFILIATES. Except as disclosed
         in the Company's public filings with the Commission, there are no
         agreements, understandings or proposed transactions between the Company
         and any of its officers, directors or affiliates that, had they existed
         on the date Amendment No. 2 to the Form 10 was filed, would have been
         required to be disclosed in the Company's Form 10 or an amendment
         thereto.

                           t. EMPLOYMENT MATTERS. The Company is in compliance
         in all respects with all presently applicable provisions of the
         Employee Retirement Income Security Act of 1974, as amended, including
         the regulations and published interpretations thereunder ("ERISA");___
         no

                                       7
<PAGE>   8
         "reportable event" (as defined in ERISA) has occurred with respect to
         any "pension plan" (as defined in ERISA) for which the Company would
         have any liability; the Company has not incurred and does not expect to
         incur liability under (i) Title IV of ERISA with respect to termination
         of, or withdrawal from, any "pension plan" or (ii) Sections 412 or 4971
         of the Internal Revenue Code of 1986, as amended, including the
         regulations and published interpretations thereunder (the "Code"); and
         each "pension plan" for which the Company would have any liability that
         is intended to be qualified under Section 401(a) of the Code is so
         qualified in all material respects and nothing has occurred, whether by
         action or by failure to act, which would cause the loss of such
         qualification.

                           u. INSURANCE. The Company maintains property and
         casualty, general liability, personal injury and other similar types of
         insurance that is adequate, consistent with industry standards and the
         Company's historical claims experience. The Company has not received
         notice from, and has no knowledge of any threat by, any insurer (that
         has issued any insurance policy to the Company) that such insurer
         intends to deny coverage under or cancel, discontinue or not renew any
         insurance policy covering the Company or any of its Subsidiaries
         presently in force.

                           v. TAXES. All applicable tax returns required to be
         filed by the Company and each of its subsidiaries have been prepared
         and filed in compliance with all applicable laws, or if not yet filed
         have been granted extensions of the filing dates which extensions have
         not expired, and all taxes, assessments, fees and other governmental
         charges upon the Company, its subsidiaries, or upon any of their
         respective properties, income or franchises, shown in such returns and
         on assessments received by the Company or its subsidiaries to be due
         and payable have been paid, or adequate reserves therefor have been set
         up if any of such taxes are being contested in good faith; or if any of
         such tax returns have not been filed or if any such taxes have not been
         paid or so reserved for, the failure to so file or to pay would not in
         the aggregate have a material adverse effect on the business or
         financial condition of the Company and its subsidiaries, taken as a
         whole. The Company is disputing certain tax penalties and interest
         thereon as set forth on Schedule 3v hereto.

                           w. FOREIGN CORRUPT PRACTICES ACT. Neither the Company
         nor any of its directors, officers or other employees has (i) used any
         Company funds for any unlawful contribution, endorsement, gift,
         entertainment or other unlawful expense relating to any political
         activity; (ii) made any direct or indirect unlawful payment of Company
         funds to any foreign or domestic government official or employee; (iii)
         violated or is in violation of any provision of the Foreign Corrupt
         Practices Act of 1977, as amended; or (iv)

                                       8
<PAGE>   9
         made any bribe, rebate, payoff, influence payment, kickback or other
         similar payment to any person.

                           x. INTERNAL CONTROLS. The Company maintains a system
         of internal accounting controls sufficient to provide reasonable
         assurances that (i) transactions are executed in accordance with
         management's general or specific authorization; (ii) transactions are
         recorded as necessary to permit preparation of financial statements in
         conformity with generally accepted accounting principles and to
         maintain accountability for assets; (iii) access to assets is permitted
         only in accordance with management's general or specific authorization;
         and (iv) the recorded accountability for assets is compared with
         existing assets at reasonable intervals and appropriate action is taken
         with respect to any differences.

                           y. INVESTMENT COMPANY ACT. The Company is not
         conducting, and will not conduct, its business in a manner which would
         cause it to become, an "investment company," as defined in Section 3(a)
         of the Investment Company Act of 1940, as amended.

                           z. BROKERAGE FEES. Other than an amount equal to
         $100,000 payable by the Company as a placement fee, the Company has not
         incurred any liability for any consulting fees or agent's commissions
         in connection with the offer and sale of the transactions contemplated
         by this Agreement.

                           aa. PRIVATE OFFERING. Subject to the accuracy of the
         Purchaser's representations and warranties set forth in Section 2
         hereof, (i) the offer, sale and issuance of the Debentures and the
         Warrants, (ii) the issuance of Common Stock in lieu of interest
         payments on the Debentures and the Warrants and (iii) the conversion
         and/or exercise of such securities into shares of Common Stock, each as
         contemplated by this Agreement, are exempt from the registration
         requirements of the Securities Act. The Company agrees that neither the
         Company nor anyone acting on its behalf will offer any of the
         Debentures and the Warrants, or any similar securities for issuance or
         sale, or solicit any offer to acquire any of the same from anyone so as
         to render the issuance and sale of such securities subject to the
         registration requirements of the Securities Act. The Company has not
         offered or sold the Debentures or the Warrants by any form of general
         solicitation or general advertising, as such terms are used in Rule
         502(c) under the Securities Act.

                           bb. FULL DISCLOSURE. The representations and
         warranties of the Company set forth in this Agreement (and the
         schedules thereto) do not contain, any untrue statement of a material
         fact or omit any material fact necessary to make the statements
         contained herein, in light of the circumstances under which they were
         made, not misleading.

                                       9
<PAGE>   10
       4.       CERTAIN COVENANTS AND ACKNOWLEDGMENTS

                           a. TRANSFER RESTRICTIONS. The Purchaser acknowledges
         that, except as provided in the Registration Rights Agreement, (1) none
         of the Debentures, the Warrants or the Common Stock issuable upon
         conversion of, or in lieu of interest payments on, the Debentures or
         upon exercise of the Warrants, have been, or are being, registered
         under the Securities Act, and such securities may not be transferred
         unless (A) subsequently registered thereunder or (B) they are
         transferred pursuant to an exemption from such registration; and (2)
         any sale of the Debentures, the Warrants or the Common Stock issuable
         upon conversion or exchange thereof (the "Securities") made in reliance
         upon Rule 144 under the Securities Act may be made only in accordance
         with the terms of said Rule. The provisions of Section 4(a) and 4(b)
         hereof, together with the rights of the Purchaser under this Agreement
         and the other Primary Documents, shall be binding upon any subsequent
         transferee of the Debentures and the Warrants.

                           b. RESTRICTIVE LEGEND. The Purchaser acknowledges and
         agrees that, until such time as the Securities shall have been
         registered under the Securities Act or the Purchaser demonstrates to
         the reasonable satisfaction of the Company that such registration shall
         no longer be required, such Securities shall bear a restrictive legend
         in substantially the following form:

                  THESE SECURITIES (INCLUDING ANY UNDERLYING SECURITIES) HAVE
                  NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
                  AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
                  HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN
                  EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER
                  SAID ACT OR AN OPINION OF COUNSEL OR OTHER EVIDENCE REASONABLY
                  SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION SHALL NO
                  LONGER BE REQUIRED.

                           c. FILINGS. The Company undertakes and agrees that it
         will make all required filings in connection with the sale of the
         Securities to the Purchaser as required by United States laws and
         regulations, or by any domestic securities exchange or trading market,
         and if applicable, the filing of a notice on Form D (at such time and
         in such manner as required by the Rules and Regulations of the
         Commission), and to provide copies thereof to the Purchaser promptly
         after such filing or filings.

                                       10
<PAGE>   11
                           d. NASDAQ LISTING. The Company undertakes and agrees
         that it will file an application with the NASDAQ market within 30 days
         after meeting the criteria required by the NASD Bylaws for listing to
         list the Company's Common Stock (including, but not limited to, all of
         the shares of Common Stock issuable upon conversion of, or in lieu of
         interest payments on, the Debentures, and upon exercise of the
         Warrants) on the NASDAQ Small-Cap Market. The Company further agrees
         and covenants that, once the Company's Common Stock becomes listed on
         the NASDAQ Small-Cap Market it will not seek to have the trading of its
         Common Stock through the NASDAQ Small-Cap Market suspended or
         terminated, will use its best efforts to maintain its eligibility for
         trading on the NASDAQ Small-Cap Market (including, the filing of a
         listing application with NASDAQ to list all of the shares of Common
         Stock issuable upon conversion of, or in lieu of interest payments on,
         the Debentures and upon the exercise of the Warrants) and, if such
         trading of its Common Stock is suspended or terminated, will use its
         best efforts to requalify its Common Stock or otherwise cause such
         trading to resume.

                           e. REPORTING STATUS. So long as the Purchaser
         beneficially owns any of the Securities or any Debentures and any
         shares of Common Stock issuable upon conversion thereof (collectively
         with the Securities, the "Collective Securities"), the Company shall
         timely file all reports required to be filed with the Commission
         pursuant to Section 13 or 15(d) of the Exchange Act and shall not
         terminate its status as an issuer required to file reports under the
         Exchange Act even if the Exchange Act or the rules and regulations
         thereunder would permit such termination.

                           f. STATE SECURITIES FILINGS. The Company shall from
         time to time promptly take such action as the Purchaser or any of its
         representatives, if applicable, may request to qualify the Collective
         Securities for offering and sale under the securities laws (other than
         United States federal securities laws) of the jurisdictions in the
         United States as shall be so identified to the Company, and to comply
         with such laws so as to permit the continuance of sales therein.

                           g. USE OF PROCEEDS. The Company will use all of the
         net proceeds from the issuance of the Debentures and the Warrants to
         make investments in the Company's subsidiaries and for working capital.

                           h. RESERVATION OF COMMON STOCK. The Company will at
         all times have authorized and reserved for the purpose of issuance a
         sufficient number of shares of Common Stock to provide for the
         conversion of the Debentures and the exercise of the Warrants. The
         Company will use its best efforts at all times to maintain a number of
         shares of Common Stock so

                                       11
<PAGE>   12
         reserved for issuance that is no less than two (2) times the maximum
         number that could be issuable upon the conversion of the Debentures and
         the exercise in full of the Warrants.

                           i. SALES OF ADDITIONAL SHARES. The Company shall not,
         directly or indirectly, without the prior written consent of the
         Purchaser, offer, sell, offer to sell, contract to sell or otherwise
         dispose of any shares of its capital stock or any security or other
         instrument convertible into or exchangeable for shares of Common Stock,
         in each case for a period commencing on the date hereof and ending on
         the earlier of (i) one hundred eighty (180) days after the date on
         which a registration statement relating to Common Stock issuable upon
         conversion of any of the Warrants and the Debentures, is declared
         effective by the Securities and Exchange Commission or (ii) the date on
         which Purchaser shall have converted all of the Debentures into Common
         Stock (the "Lock-Up Period"), except that the Company (i) may issue
         securities for the aggregate consideration of at least $7.5 million in
         connection with a bona fide, firm commitment, underwritten public
         offering under the Securities Act; and (ii) may issue shares of Common
         Stock upon the exercise or conversion of currently outstanding options,
         warrants and other convertible securities; (iii) may issue options to
         purchase up to 1,000,000 shares of its Common Stock to its directors,
         officers and employees in connection with its existing stock option
         plans. In addition, the Company agrees that it will not cause any
         shares of its capital stock that are issued in connection with a
         transaction of the type contemplated by such clause (or upon the
         conversion or exercise of other securities that are issued in
         connection with such transaction) or that were issued in connection
         with any financing, acquisition or other transaction that occurred
         prior to the date of this agreement to be covered by a registration
         statement that is declared effective by the Commission until the later
         to occur of (A) the expiration of the Lock-Up Period or (B) the
         registration statement filed by the Company pursuant to its obligations
         under the Registration Rights Agreement has been effective under the
         Securities Act for a period of at least one-hundred and eighty (180)
         days.

                           j. RIGHT OF FIRST REFUSAL. Subject to Section 4(i),
         if during the 18 month period following the Lock-Up Period the Company
         shall desire to sell, offer to sell, contract to sell or otherwise
         dispose of any shares of its capital stock or any security or other
         instrument convertible into or exchangeable for shares of Common Stock
         (collectively, the "Offered Securities") to a prospective investor (the
         "Prospective Investor"), the Company shall notify (the "Offer Notice")
         the Purchasers in accordance with Section 11 hereof of the terms (the
         "Third Party Terms") on which the Company proposes to sell, contract to
         sell or otherwise dispose of the Offered Securities to the Prospective
         Investor. If, within the 5 business day period following the
         Purchaser's receipt of the Offer Notice, the Purchaser desires to

                                       12
<PAGE>   13
         purchase all and not less than all of the Offered Securities on the
         Third Party Terms, the Company shall be required to sell the Offered
         Securities (or any portion thereof so desired by the Purchasers) to the
         Purchaser and the Company shall not be permitted to sell such Offered
         Securities to the Prospective Investor.

                           k. ADDITIONAL REGISTRATION STATEMENTS. At any time
         during the period ending on the first date that follows a period of 180
         consecutive days following the effectiveness of the Registration
         Statement (as defined in the Registration Rights Agreement) during
         which there has been no Blackout Event (as defined in the Registration
         Rights Agreement) relating to such Registration Statement, the Company
         agrees that it will not cause any registration statement (other than
         the Registration Statement) to be declared effective by the Commission.

                           l. STOCKHOLDER APPROVAL. The Company agrees to use
         its best efforts (including obtaining any vote of its stockholders
         required by applicable law or Nasdaq Bylaws) to authorize and approve
         the issuance of the Common Stock issuable upon conversion of the
         Debentures and upon exercise of the Warrants, to the extent that such
         conversion or issuance results in the issuance of 20% or more of the
         Company's outstanding Common Stock; provided, however, that the failure
         to obtain any such stockholder approval shall not limit any of
         Purchaser's rights hereunder or pursuant to any Primary Document.

                           m. OWNERSHIP. At no time shall the Purchaser
         (including its officers, directors and affiliates) maintain in the
         aggregate beneficial ownership (as defined for purposes of Section 16
         of the Securities Exchange Act of 1934, as amended) of shares of Common
         Stock in excess of 4.9% of the Company's outstanding Common Stock
         unless the Purchaser gives the Company at least sixty-one days notice
         that it intends to increase its ownership percentage.

                           n. RETURN OF DEBENTURES ON CONVERSION AND WARRANTS ON
         EXERCISE. (i) Upon any conversion by Purchaser of less than all of the
         aggregate principal amount of Debentures then outstanding, the Company
         shall issue and deliver to Purchaser within three (3) days of the
         Conversion Date (as defined herein), a new certificate or certificates
         for, as applicable, the total principal amount of Debentures which
         Purchaser has not yet elected to convert (with the number of and
         denomination of such new certificate(s) designated by Purchaser).

                           (ii) Upon any partial exercise by Purchaser of
         Warrants, the Company shall issue and deliver to Purchaser within three
         (3) days of the date on which such Warrants are exercised, a new
         Warrant or Warrants

                                       13
<PAGE>   14
         representing the number of adjusted shares of Common Stock covered
         thereby, in accordance with the terms thereof.

                           o. REPLACEMENT DEBENTURES AND STOCK PURCHASE
         WARRANTS. (i) The certificate(s) representing the Debentures held by
         Purchaser shall be exchangeable, at the option of Purchaser, at any
         time and from time to time at the office of Company, for certificates
         with different denominations representing, as applicable, an equal
         aggregate principal amount of Debentures, as requested by Purchaser
         upon surrendering the same. No service charge will be made for such
         registration or transfer or exchange.

                           (ii) The Warrants will be exchangeable, at the option
         of Purchaser, at any time and from time to time at the office of the
         Company, for other Warrants of different denominations entitling the
         holder thereof to purchase in the aggregate the same number of shares
         of Common Stock as are purchasable under such Warrants. No service
         charge will be made for such transfer or exchange.

                           p. DIVIDENDS OR DISTRIBUTIONS; PURCHASES OF EQUITY
         SECURITIES. So long as any portion of the Warrants or the Debentures
         remain outstanding, the Company agrees that it shall not (a) declare or
         pay any dividends or make any distributions to any holder or holders of
         Common Stock, or (b) purchase or otherwise acquire for value, directly
         or indirectly, any shares of Common Stock or equity security of the
         Company.

                           q. NO SENIOR INDEBTEDNESS. Other than indebtedness
         relating to a credit line in the aggregate principal amount not in
         excess of $1,000,000, until the expiration of the Lock-up Period, the
         Company agrees that neither the Company nor any direct or indirect
         subsidiary of the Company shall create, incur, assume, guarantee,
         secure or in any manner become liable in respect of any indebtedness,
         or permit any liens, claims or encumbrances to exist against the
         Company or any direct or indirect subsidiary of the Company or any of
         their assets, unless junior to the Debentures in all respects.

                           r. NO AMENDMENT OF CURRENTLY OUTSTANDING DEBENTURES.
         So long as any portion of the Debentures or the Warrants remain
         outstanding, the Company covenants and agrees that the Company shall
         not, without the consent of the Purchaser, amend any of the terms of
         any currently outstanding debentures.

       5.       TRANSFER AGENT INSTRUCTIONS

                           a. The Company warrants that no instruction, other
         than the instructions referred to in this Section 5 hereof prior to the
         registration and sale under the Securities Act of the Common Stock
         issuable upon conversion of the

                                       14
<PAGE>   15
         Debentures or upon exercise of the Warrants, will be given by the
         Company to the transfer agent and that the shares of Common Stock
         issuable upon conversion of, or in lieu of interest payments on, the
         Debentures or upon exercise of the Warrants, shall otherwise be freely
         transferable on the books and records of the Company as and to the
         extent provided in this Agreement, the Registration Rights Agreement
         and applicable law. Nothing in this Section shall affect in any way the
         Purchaser's obligations and agreement to comply with all applicable
         securities laws upon resale of the Collective Securities. If the
         Purchaser provides the Company with an opinion of counsel that
         registration of a resale by the Purchaser of any of the Collective
         Securities in accordance with Section 4(a) of this Agreement is not
         required under the Securities Act, the Company shall permit the
         transfer of the Collective Securities and, in the case of the Common
         Stock, promptly instruct the Company's transfer agent to issue one or
         more certificates for Common Stock without legend in such names and in
         such denominations as specified by the Purchaser.

                           b. Purchaser shall exercise its right to convert the
         Debentures or to exercise the Warrants, by faxing an executed and
         completed Notice of Conversion or Form of Election to Purchase, as
         applicable, to the Company, and delivering within three (3) business
         days thereafter, the original Notice of Conversion (and the related
         original certificates representing the Debentures) or Form of Election
         to Purchase (and the related original Warrants) to the Company by hand
         delivery or by express courier, duly endorsed. Each date on which a
         Notice of Conversion or Form of Election to Purchase is faxed in
         accordance with the provisions hereof shall be deemed a "Conversion
         Date." The Company will transmit the certificates representing the
         Common Stock issuable upon conversion of any Debentures or upon
         exercise of any Warrants (together with the certificates representing
         the Debentures not so converted or the Warrants not so exercised) to
         the Purchaser via express courier as soon as practicable, but in all
         events no later than three (3) business days of the Conversion Date
         relating to Debentures or Warrants (each such delivery date, together
         with the Interest Delivery Date referred to in paragraph c below, is
         referred to herein as a "Delivery Date"). For purposes of this
         Agreement, any conversion of the Debentures or the exercise of the
         Warrants shall be deemed to have been made immediately prior to the
         close of business on the Conversion Date.

                           c. The Company will transmit the certificates
         representing the Common Stock issuable in lieu of any dividends payable
         on any Debentures, to the Purchaser via express courier as soon as
         practicable, but in all events no later than three (3) business days
         after the interest (or dividend) payment date applicable to which such
         Common Stock is delivered (the "Interest Delivery Date").

                                       15
<PAGE>   16
                           d. In lieu of delivering physical certificates
         representing the Common Stock issuable upon the conversion of, or in
         lieu of interest payments (or dividends) on, the Debentures, or upon
         the exercise of the Warrants, provided the Company's transfer agent is
         participating in the Depositary Trust Company (" DTC ") Fast Automated
         Securities Transfer program, on the written request of the Purchaser,
         who shall have previously instructed the Purchaser's prime broker to
         confirm such request to the Company's transfer agent, the Company shall
         cause its transfer agent to electronically transmit such Common Stock
         to the Purchaser by crediting the account of the Purchaser's prime
         broker with DTC through its Deposit Withdrawal Agent Commission
         ("DWAC") system no later than the applicable Delivery Date.

                           e. The Company understands that a delay in the
         issuance of Common Stock beyond the applicable Delivery Date could
         result in an economic loss to the Purchaser. As compensation to the
         Purchaser for such loss, the Company agrees to pay to the Purchaser for
         late issuance of Common Stock upon conversion of, or in lieu of
         interest payments (or dividend payments) on, the Debentures, or upon
         exercise of the Warrants, the sum of $1,000 per day for each (i) 10,000
         shares of Common Stock purchased upon the exercise of Warrants, or (ii)
         10,000 shares of Common Stock purchased upon conversion of Debentures.
         The Company shall pay any payments that are payable to the Purchaser
         pursuant to this Section 5 in immediately available funds upon demand.
         Nothing herein shall limit the Purchaser's right to pursue actual
         damages for the Company's failure to so issue and deliver Common Stock
         to the Purchaser. Furthermore, in addition to any other remedies which
         may be available to the Purchaser, in the event that the Company fails
         for any reason to effect delivery of such Common Stock within five (5)
         business days after the relevant Delivery Date, the Purchaser will be
         entitled to revoke the relevant Notice of Conversion or Form of
         Election to Purchase by delivering a notice to such effect to the
         Company, whereupon the Company and the Purchaser shall each be restored
         to their respective positions immediately prior to delivery of such
         Notice of Conversion or Form of Election to Purchase. For purposes of
         this Section 5, "business day" shall mean any day in which the
         financial markets of New York are officially open for the conduct of
         business therein.

       6.       CONDITIONS TO THE COMPANY'S OBLIGATION TO ISSUE THE DEBENTURES
                AND WARRANTS

                  The Purchaser understands that the Company's obligation to
issue the Debentures and the Warrants on the Closing Date to the Purchaser
pursuant to this Agreement is conditioned upon:

                           a. The accuracy on the Closing Date of the
         representations and warranties of the Purchaser contained in this
         Agreement as if made on the

                                       16
<PAGE>   17
         Closing Date and the performance by the Purchasers on or before the
         Closing Date of all covenants and agreements of the Purchasers required
         to be performed on or before the Closing Date.

                           b. The absence or inapplicability of any and all
         laws, rules or regulations prohibiting or restricting the transactions
         contemplated hereby, or requiring any consent or approval which
         shall not have been obtained.

       7.       CONDITIONS TO THE PURCHASERS' OBLIGATION TO PURCHASE THE
                DEBENTURES AND THE WARRANTS

                  The Company understands that the Purchaser's obligation to
purchase the Debentures and the Warrants on the Closing Date is conditioned
upon:

                           a. The accuracy on the Closing Date of the
         representations and warranties of the Company contained in this
         Agreement as if made on the Closing Date, and the performance by the
         Company on or before the Closing Date of all covenants and agreements
         of the Company required to be performed on or before the Closing Date.

                           b. On the Closing Date, the Purchaser shall have
         received an opinion of counsel for the Company, dated the Closing Date,
         in substantially the form as attached in Exhibit D.

                           c. The Company shall have executed and delivered to
         the Purchaser (i) a signed counterpart to the Registration Rights
         Agreement, (ii) the Debentures and (iii) the Warrants.

                           d. On the Closing Date, the Purchaser shall have
         received a certificate executed by the President or the Chairman of the
         Company and by the Chief Financial Officer of the Company, stating that
         all of the representations and warranties of the Company set forth in
         this Agreement are accurate as of the Closing Date and that the Company
         has performed all of its covenants and agreements required to be
         performed under this Agreement on or before the Closing Date.

                           e. On the Closing Date, the Purchaser shall have
         received from the Company such other certificates and documents as it
         or its representatives, if applicable, shall reasonably request, and
         all proceedings taken by the Company in connection with the Primary
         Documents contemplated by this Agreement and the other Primary
         Documents and all documents and papers relating to such Primary
         Documents shall be satisfactory to the Purchaser.

                                       17
<PAGE>   18
                           f. On or prior to the Closing Date, there shall not
         have occurred any of the following: (i) a suspension or material
         limitation in the trading of securities generally on the New York Stock
         Exchange, NASDAQ or the NASDAQ Bulletin Board; (ii) a general
         moratorium on commercial banking activities in New York declared by the
         applicable banking authorities; (iii) the outbreak or escalation of
         hostilities involving the United States, or the declaration by the
         United States of a national emergency or war; or (iv) a change in
         international, political, financial or economic conditions, if the
         effect of any such event, in the judgment of the Purchasers, makes it
         impracticable or inadvisable to proceed with the purchase of the
         Debentures and the Warrants on the terms and in the manner contemplated
         in this Agreement and in the other Primary Documents.

                           g. The Company shall have delivered to the Purchaser
         reimbursement of the Purchaser's out-of-pocket costs and expenses
         incurred in connection with the transactions contemplated by this
         Agreement (including fees and disbursements of the Purchaser's legal
         counsel in an amount not to exceed $17,500).

       8.         INDEMNIFICATION

                  A.       Indemnification of Purchaser by the Company.

                  The Company hereby agrees to indemnify and hold harmless the
Purchaser, its affiliates and their respective officers, directors, partners,
shareholders, employees and members (collectively, the "Buyer Indemnitees"),
from and against any and all losses, claims, damages, judgments, penalties,
liabilities and deficiencies (collectively, "Losses"), and agrees to reimburse
the Buyer Indemnitees for all out-of-pocket expenses (including the fees and
expenses of legal counsel), in each case promptly as incurred by the Buyer
Indemnitees and to the extent arising out of or in connection with:

                  1. any misrepresentation, omission of fact or breach of any of
the Company's representations or warranties contained in this Agreement, the
annexes, schedules or exhibits hereto or any instrument, agreement or
certificate entered into or delivered by the Company pursuant to this Agreement;
or

                  2. any failure by the Company to perform any of its covenants,
agreements, undertakings or obligations set forth in this Agreement, the
annexes, schedules or exhibits hereto or any instrument, agreement or
certificate entered into or delivered by the Company pursuant to this Agreement.

                                       18
<PAGE>   19
                  B.       Indemnification of the Company by Purchaser.

                  Purchaser hereby agrees to indemnify and hold harmless the
Company, its affiliates and their respective officers, directors, partners and
members (collectively, the "Company Indemnitees"), from and against any and all
Losses, and agrees to reimburse the Company Indemnitees for all out-of-pocket
expenses (including the fees and expenses of legal counsel), to the extent
arising out of or in connection with any breach of any of Purchaser's
representations or warranties contained in this Agreement, the annexes,
schedules or exhibits hereto or any instrument, agreement or certificate entered
into or delivered by Purchaser pursuant to this Agreement.

                  C. Third Party Claims. Promptly after receipt by either party
hereto seeking indemnification pursuant to this Section 8 (an "Indemnified
Party") of written notice of any investigation, claim, proceeding or other
action in respect of which indemnification is being sought (each, a "Claim"),
the Indemnified Party promptly shall notify the party against whom
indemnification pursuant to this Section 8 is being sought (the "Indemnifying
Party") of the commencement thereof; but the omission to so notify the
Indemnifying Party shall not relieve it from any liability that it otherwise may
have to the Indemnified Party, except to the extent that the Indemnifying Party
is materially prejudiced and forfeits substantive rights and defenses by reason
of such failure. In connection with any Claim as to which both the Indemnifying
Party and the Indemnified Party are parties, the Indemnifying Party shall be
entitled to assume the defense thereof. Notwithstanding the assumption of the
defense of any Claim by the indemnifying Party, the Indemnified Party shall have
the right to employ separate legal counsel and to participate in the defense of
such Claim, and the Indemnifying Party shall bear the reasonable fees,
out-of-pocket costs and expenses of such separate legal counsel to the
Indemnified Party if (and only if): (x) the Indemnifying Party shall have agreed
to pay such fees, out-of-pocket costs and expenses, (y) the Indemnified Party
and the Indemnifying Party reasonably shall have concluded that representation
of the Indemnified Party by the Indemnifying Party by the same legal counsel
would not be appropriate due to actual or, as reasonably determined by legal
counsel to the Indemnified Party, potentially differing interests between such
parties in the conduct of the defense of such Claim, or if there may be legal
defenses available to the Indemnified Party that are in addition to or disparate
from those available to the Indemnifying Party, or (z) the Indemnifying Party
shall have failed to employ legal counsel reasonably satisfactory to the
Indemnified Party within a reasonable period of time after notice of the
commencement of such Claim. If the Indemnified Party employs separate legal
counsel in circumstances other than as described in clauses (x), (y) or (z)
above, the fees, costs and expenses of such legal counsel shall be borne
exclusively by the Indemnified Party. Except as provided above, the Indemnifying
Party shall not, in connection with any Claim in the same jurisdiction, be
liable for the fees and expenses of more than one firm of legal counsel for the
Indemnified Party (together with appropriate local counsel). The Indemnifying
Party shall not, without the prior written consent of the Indemnified

                                       19
<PAGE>   20
         Party (which consent shall not unreasonably be withheld), settle or
         compromise any Claim or consent to the entry of any judgment that does
         not include an unconditional release of the Indemnified Party from all
         liabilities with respect to such Claim or judgment.

                  D.       Other Claims.

                  In the event one party hereunder should have a claim for
indemnification that does not involve a claim or demand being asserted by a
third party, the Indemnified Party promptly shall deliver notice of such claim
to the Indemnifying Party. If the Indemnified Party disputes the claim, such
dispute shall be resolved by mutual agreement of the Indemnified Party and the
Indemnifying Party or by binding arbitration conducted in accordance with the
procedures and rules of the American Arbitration Association. Judgment upon any
award rendered by any arbitrators may be entered in any court having competent
jurisdiction thereof.

       9.         EXPENSES

                  The Company covenants and agrees with the Purchaser that the
Company will pay or cause to be paid the following: (a) the fees, disbursements
and expenses of the Purchaser's counsel in connection with the issuance of the
Collective Securities payable on the Closing Date (not to exceed $17,500), (b)
all expenses in connection with registration or qualification of the Collective
Securities for offering and sale under state securities laws as provided in
Section 4(f) hereof, and (c) all other costs and expenses incident to the
performance of its obligations hereunder which are not otherwise specifically
provided for in this Section, including the fees and disbursements of the
Company's counsel, accountants and other professional advisors, if any. If the
Company fails to satisfy its obligations or to satisfy any condition set forth
in this Agreement, as a result of which the Collective Securities are not
delivered to the Purchaser on the terms and conditions set forth herein, the
Company shall reimburse the Purchaser for any out-of-pocket expenses incurred in
making preparations for the purchase, sale and delivery of the Collective
Securities not so delivered.

       10.        GOVERNING LAW; MISCELLANEOUS

                  This Agreement shall be governed by and interpreted in
accordance with the laws of the State of New York, without regard to principles
of conflict of laws. Each of the parties consents to the jurisdiction of the
federal courts whose districts encompass any part of the City of New York or the
state courts of the State of New York sitting in the City of New York in
connection with any dispute arising under this Agreement or any of the
transactions contemplated hereby, and hereby waives, to the maximum extent
permitted by law, any objection, including any objections based on forum non
conveniens, to the bringing of any such proceeding in such jurisdictions. This
Agreement may be signed in one or more counterparts, each

                                       20
<PAGE>   21
of which shall be deemed an original. The headings of this Agreement are for
convenience of reference only and shall not form part of, or affect the
interpretation of this Agreement. This Agreement and each of the Primary
Documents have been entered into freely by each of the parties, following
consultation with their respective counsel, and shall be interpreted fairly in
accordance with its respective terms, without any construction in favor of or
against either party. If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement or the
validity or unenforceability of this Agreement in any other jurisdiction. This
Agreement shall inure to the benefit of, and be binding upon the successors and
assigns of each of the parties hereto, including any transferees of the Warrants
and the Debentures. This Agreement may be amended only by an instrument in
writing signed by the party to be charged with enforcement. This Agreement
supersedes all prior agreements and understandings among the parties hereto with
respect to the subject matter hereof.

       11.        NOTICES

                  Any notice required or permitted hereunder shall be given in
writing (unless otherwise specified herein) and shall be effective upon personal
delivery, via facsimile (upon receipt of confirmation of error-free
transmission) or two business days following deposit of such notice with an
internationally recognized courier service, with postage prepaid and addressed
to each of the other parties thereunto entitled at the following addresses, or
at such other addresses as a party may designate by five days advance written
notice to each of the other parties hereto.

                  COMPANY:         iBiz Technology Corp
                                   1919 West Lone Cactus
                                   Phoenix, Arizona 85021
                                   Att.: Kenneth W. Schilling, President
                                   Tel.: 623-492-9200
                                   Fax: 623-492-9921

                                   WITH A COPY TO:
                                   Gammage & Burnham
                                   Two North Central Avenue, Suite 1800
                                   Phoenix, AZ 85004

                                   Att: Steven Boatwright, Esq.
                                   Tel.: 602-256-4439
                                   Fax: 602-256-4475

                                       21
<PAGE>   22
                  PURCHASER:       Globe United Holdings, Inc.
                                   Akara Building
                                   Wickhams Cay #1
                                   Road Town Tortola
                                   British Virgin Islands

                                   WITH A COPY TO:
                                   Laufer Halberstam & Karish
                                   39 Broadway, 14th Floor
                                   New York, New York 10006
                                   Attn: Michael J. Halberstam, Esq.
                                   Tel.: (212) 422-8500
                                   Fax: (212) 422-9038
12.      SURVIVAL

                  The agreements, covenants representations and warranties of
the Company and the Purchaser shall survive the execution and delivery of this
Agreement and the delivery of the Securities hereunder.

                  IN WITNESS WHEREOF, this Securities Purchase Agreement has
been duly executed by each of the undersigned.

                                                        iBIZ TECHNOLOGY CORP

                                                        By:_____________________
                                                                Kenneth Shilling
                                                                       President


                                                     GLOBE UNITED HOLDINGS, INC.

                                                        By:_____________________
                                                     Title:    Authorized Person



                                       22
<PAGE>   23
                                  EXHIBIT INDEX

        EXHIBIT A                          FORM OF DEBENTURE
        EXHIBIT B                          FORM OF WARRANTS
        EXHIBIT C                          FORM OF REGISTRATION RIGHTS
                                           AGREEMENT
        EXHIBIT D                          OPINION OF COUNSEL

                                       23