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                                  EXHIBIT 10.3



                                                ____________, 2000


Larry E. Howell
Chief Executive Officer
Precis Smart Card Systems, Inc.
11032 Quail Creek Road, Suite 108
Oklahoma City, OK 73120

         RE:      MERGER AND ACQUISITION AGREEMENT
                  --------------------------------

Dear Mr. Howell:

         You have agreed that Barron Chase Securities, Inc., (the "Finder") may
act as a non-exclusive finder or financial consultant for you in various
transactions in which Precis Smart Card Systems, Inc. (the "Company") may be
involved, including but not limited to, mergers, acquisitions, business
combinations, joint ventures, debt or equity placements or other on-balance or
off-balance sheet corporate transactions. The Company hereby agrees that in the
event that the Finder shall first introduce to the Company another party or
entity, and that as a result of such introduction, a transaction between such
entity and the Company is consummated ("Consummated Transaction"), then the
Company shall pay to the Finder a finder's fee as follows:

         a.       Five percent (5%) of the first $1,000,000 of the consideration
                  paid in such transaction;

         b.       Four percent (4%) of the consideration in excess of $1,000,000
                  and up to $2,000,000;

         c.       Three percent (3%) of the consideration in excess of
                  $2,000,000 and up to $3,000,000;

         d.       Two percent (2%) of any consideration in excess of $3,000,000
                  and up to $4,000,000; and

         e.       One percent (1%) of any consideration in excess of $4,000,000.

         The fee due the Finder shall be paid by the Company in cash and/or in
stock at the closing of the Consummated Transaction as mutually agreed between
the Company and the Finder, without regard to whether the Consummated
Transaction involves payments in cash, in stock, or a combination of stock and
cash, or is made on an installment sale basis. By way of example, if the
Consummated Transaction involves securities of the acquiring entity (whether
securities of the Company, if the Company is the acquiring party, or securities
of another entity, if the Company is the selling party) having a value of
$5,000,000, the consideration to be paid by the Company to the Finder at closing
shall be $150,000.

         In the event that for any reason the Company shall fail to pay to the
Finder all or any portion of the finder's fee payable hereunder when due,
interest shall accrue and be payable on the unpaid balance due hereunder from
the date when first due through and including that date when actually collected
by the Finder, at a rate equal to two (2) points over the prime rate of
Citibank, N.A. in New York, New York, computed on a daily basis and adjusted as
announced from time to time.

         This agreement shall be effective on the date hereof and shall expire
on the fifth anniversary of the date hereof.

         Notwithstanding anything herein to the contrary, if the Company shall,
within 180 days immediately following the termination of the five year period
provided above, conclude a Consummated Transaction with any party introduced by
the Finder to the Company prior to the termination of said five year period, the
Company shall also pay the Finder the fee determined above.


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         The Company represents and warrants to the Finder that the engagement
of the Finder hereunder has been duly authorized and approved by the Board of
Directors of the Company and this letter agreement has been duly executed and
delivered by the Company and constitutes a legal, valid and binding obligation
of the Company.

         This agreement has been executed and delivered in the State of Florida
and shall be governed by the laws of such state, without giving effect to the
conflicts of laws rules thereunder.

         This agreement shall be binding upon, and enforceable against, the
successors and assigns of each of the undersigned.

         Please sign this letter at the place indicated below, whereupon it will
constitute our mutually binding agreement with respect to the matters contained
herein.

                                                Very truly yours,

                                                BARRON CHASE SECURITIES, INC.


                                                BY:
                                                   ----------------------------
                                                Robert T. Kirk, President
Agreed to and Accepted:

PRECIS SMART CARD SYSTEMS, INC.


BY:
   -------------------------------
   Larry E. Howell
   Chief Executive Officer




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