<PAGE>


                                                                EXHIBIT 10.12

The Company also issued another Common Stock Purchase Warrant, substantially 
identical in all material respects to this Exhibit 10.12, except for the 
following details:

             Investor
             --------

             NP Partners

                   THE TRANSFER OF THIS WARRANT IS SUBJECT TO
            RESTRICTIONS CONTAINED HEREIN. THE SECURITIES REPRESENTED
      HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE
       BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD,
       TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
        STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
         AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
         COUNSEL, IN GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
         REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR
                UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

                        IMAGING TECHNOLOGIES CORPORATION

                          Common Stock Purchase Warrant

To Purchase 100,000 Shares of                                 September 18, 1998
the Common Stock of
Imaging Technologies Corporation

     THIS CERTIFIES that, for value received, Olympus Securities, Ltd. or its
registered assigns (the "Holder"), is entitled to purchase from Imaging
Technologies Corporation, a Delaware corporation (hereinafter called the
"Corporation"), up to 100,000 shares (subject to adjustment as provided in
Section 4) (the "Warrant Shares") of fully paid and non-assessable Common Stock
of the Corporation (the "Common Stock"), subject to the provisions and upon the
terms and conditions set forth herein.

     1. TERM OF WARRANT. Subject to the terms and conditions set forth herein,
this Warrant shall be exercisable, in whole or in part, during the term
commencing on the date hereof (the "Exercise Date") and ending at 5:00 p.m.
Pacific Daylight Time on the date three (3) years after the Exercise Date (the
"Exercise Period").

     2. EXERCISE PRICE. The exercise price at which this Warrant may be
exercised shall be $2.025 per share of Common Stock (the "Exercise Price), as
adjusted from time to time pursuant to Section 4 hereof. The parties hereto
acknowledge that this in no way is an attempt to identify the fair market value
of shares of Common Stock, but is rather an arbitrary assignment of value for
the purposes of this Warrant only.

     3.   EXERCISE OF WARRANT.

          (a) Subject to the terms and conditions hereof, this Warrant may be
exercised by the Holder, in whole or in part, at any time during the Exercise
Period by (i) delivery of the completed purchase form annexed hereto, which
purchase form shall specify the number of Warrant Shares to be purchased, (ii)
payment to the Corporation of an amount equal to the 



<PAGE>


Exercise Price multiplied by the number of Warrant Shares as to which the
Warrant is being exercised (plus any applicable issue or transfer taxes) (the
"Aggregate Exercise Price") in cash or by check or wire transfer, and (iii) the
surrender of this Warrant, at the principal office of the Corporation; provided,
that if such Warrant Shares are to be issued in any name other than that of the
Holder, such issuance shall be deemed a transfer and the provisions of Section
13 shall be applicable; provided, further, that in no event shall the Holder be
entitled to exercise this Warrant for a number of Warrant Shares in excess of
that number of Warrant Shares, which, upon giving effect to such exercise, would
cause the aggregate number of shares of Common Stock beneficially owned by the
Holder and its affiliates to exceed 4.9% of the outstanding shares of the Common
Stock following such exercise. For purposes of the foregoing proviso, the
aggregate number of shares of Common Stock beneficially owned by the Holder and
its affiliates shall include the number of shares of Common stock issuable upon
exercise of this Warrant with respect to which the determination of such proviso
is being made, but shall exclude shares of Common Stock which would be issuable
upon (i) exercise of the remaining, unexercised Warrants beneficially owned by
the Holder and its affiliates and (ii) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Company beneficially owned
by the Holder and its affiliates (including, without limitation, any convertible
notes or preferred stock) subject to a limitation on conversion or exercise
analogous to the limitation contained herein. Except as set forth in the
preceding sentence, for purposes of this paragraph, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended. In the event of any exercise of the rights represented by this
Warrant in compliance with this Section 3(a), a certificate or certificates for
the Warrant Shares so purchased, in such denominations as may be requested by
the Holder and registered in the name of, or as directed by, the Holder, shall
be delivered at the Corporation's expense to, or as directed by, the Holder as
soon as practicable after such rights shall have been so exercised, and in any
event no later than three business days after such exercise.

          (b) Unless the rights represented by this Warrant shall have expired
or shall have been fully exercised, the Corporation shall, as soon as
practicable and in no event later than ten business days after any exercise and
at its own expense, issue a new Warrant identical in all respects to the Warrant
exercised except (i) it shall represent rights to purchase the number of Warrant
Shares purchasable immediately prior to such exercise under the Warrant
exercised, less the number of Warrant Shares with respect to which such Warrant
is exercised, and (ii) the Holder thereof shall be deemed for all corporate
purposes to have become the Holder of record of such Warrant Shares immediately
prior to the close of business on the date on which the Warrant is surrendered
and payment of the amount due in respect of such exercise and any applicable
taxes is made, irrespective of the date of delivery of certificates evidencing
such Warrant Shares, except that, if the date of such surrender and payment is a
date when the stock transfer books of the Corporation are properly closed, such
person shall be deemed to have become the holder of such Warrant Shares at the
opening of business on the next succeeding date on which the stock transfer
books are open.

          (c) No fractional shares of Common Stock are to be issued upon the
exercise of this Warrant, but rather the number of shares of Common Stock issued
upon exercise of this Warrant shall be rounded up or down to the nearest whole
number.



                                       2
<PAGE>


     4. STOCK SPLITS, CONSOLIDATION, MERGER AND SALE. In the event that before
the issuance of the shares of Common Stock into which this Warrant may be
exercised the outstanding shares of Common Stock shall be split, combined or
consolidated, by dividend, reclassification or otherwise, into a greater or
lesser number of shares of Common Stock, the Exercise Price in effect
immediately prior to such combination or consolidation and the number of shares
purchasable under this Warrant shall, concurrently with the effectiveness of
such combination or consolidation, be proportionately adjusted. If there shall
be effected any consolidation or merger of the Corporation with another
corporation, or a sale of all or substantially all of the Corporation's assets
to another corporation, and if the holders of Common Stock shall be entitled
pursuant to the terms of any such transaction to receive stock, securities or
assets with respect to or in exchange for Common Stock, then, as a condition of
such consolidation, merger or sale, lawful and adequate provisions shall be made
whereby the Holder of this Warrant shall thereafter have the right to receive,
upon the basis and upon the terms and conditions specified herein and in lieu of
the shares of Common Stock immediately theretofore receivable upon the exercise
of such Warrant, such shares of stock, securities or assets as may be issuable
or payable with respect to or in exchange for a number of outstanding shares of
such Common Stock equal to the number of shares of such Common Stock immediately
theretofore so receivable had such consolidation, merger or sale not taken
place, and in any such case appropriate provisions shall be made with respect to
the rights and interests of the Holder to the end that the provisions hereof
shall thereafter be applicable, as nearly as may be, in relation to any shares
of stock, securities or assets thereafter deliverable upon the exercise of this
Warrant. In the event the Corporation shall declare a distribution payable in
securities of other persons, evidences of indebtedness issued by the Corporation
or other persons, assets (excluding cash dividends) or options or rights not
otherwise referred to in this Section 4, then, in each such case, upon exercise
of this Warrant the Holder shall be entitled to a proportionate share of any
such distribution as though the Holder was the holder of the number of shares of
Common Stock of the Corporation issuable upon exercise of this Warrant as of the
record date fixed for the determination of the holders of Common Stock of the
Corporation entitled to receive such distribution.

     5. STOCK TO BE RESERVED. The Corporation will at all times reserve and keep
available out of its authorized Common Stock, solely for the purpose of issue
upon the exercise of this Warrant as herein provided, such number of shares of
Common Stock as shall then be issuable upon the exercise of this Warrant. The
Corporation shall from time to time in accordance with applicable law increase
the authorized amount of its Common Stock if at any time the number of shares of
Common Stock remaining unissued and available for issuance shall not be
sufficient to permit exercise of this Warrant. The Corporation covenants that
all shares of Common Stock which shall be so issued shall be duly and validly
issued and fully paid and nonassessable and free from all taxes, liens and
charges with respect to the issue thereof, and, without limiting the generality
of the foregoing, the Corporation will take all such action as may be necessary
to assure that all such shares of Common Stock may be so issued without
violation of any applicable law or regulation, or of any requirements of any
national securities exchange upon which shares of capital stock of the
Corporation may be listed.

     6. ISSUE TAX. The issuance of certificates for shares of Common Stock upon
exercise of this Warrant shall be made without charge to the Holder for any
issuance tax in respect thereof provided that the Corporation shall not be
required to pay any tax which may be payable in 



                                       3
<PAGE>


respect of any transfer involved in the issuance and delivery of any certificate
in a name other than that of the Holder of this Warrant.

     7. CLOSING OF BOOKS. The Corporation will at no time close its transfer
books against the transfer of the shares of Common Stock issued or issuable upon
the exercise of this Warrant in any manner which interferes with the timely
exercise of this Warrant.

     8. NOTICES OF RECORD DATES. In the event of:

          (a) any taking by the Corporation of a record of the holders of any
class of securities for the purpose of determining the holders thereof who are
entitled to receive any dividend or other distribution (other than cash
dividends out of earned surplus), or any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any other right, or

          (b) any capital reorganization of the Corporation, any
reclassification or recapitalization of the capital stock of the Corporation or
any transfer of all or substantially all the assets of the Corporation to or
consolidation or merger of the Corporation with or into any other corporation,
or

          (c) any voluntary or involuntary dissolution, liquidation or
winding-up of the Corporation,

then and in each such event the Corporation will give notice to the Holder of
this Warrant specifying (i) the date on which any such record is to be taken for
the purpose of such dividend, distribution or right and stating the amount and
character of such dividend, distribution or right, and (ii) the date on which
any such reorganization, reclassification, recapitalization, transfer,
consolidation, merger, dissolution, liquidation or winding-up is to take place,
and the time, if any is to be fixed, as of which the holders of record of Common
Stock will be entitled to exchange their shares of Common Stock for securities
or other property deliverable upon such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or
winding-up. Such notice shall be given at least ten (10) days and not more than
ninety (90) days prior to the date therein specified, and such notice shall
state that the action in question or the record date is subject to the
effectiveness of a registration statement under the Securities Act of 1933, as
amended (the "Securities Act") or to a favorable vote of stockholders, if either
is required.

     9. NO STOCKHOLDER RIGHTS OR LIABILITIES. Subject to Sections 4 and 8 of
this Warrant, this Warrant shall not entitle the Holder hereof to any voting
rights or other rights as a stockholder of the Corporation. No provision hereof,
in the absence of affirmative action by the Holder hereof to purchase shares of
Common Stock, and no mere enumeration hereon of the rights or privileges of the
Holder hereof, shall give rise to any liability of such Holder for the Exercise
Price or as a stockholder of the Corporation, whether such liability is asserted
by the Corporation or by creditors of the Corporation.

     10. LISTING. The Corporation shall use its best efforts to cause all of the
shares of Common Stock issuable upon exercise of this Warrant to be approved for
listing on the Nasdaq SmallCap Market. The Corporation shall maintain the Common
Stock's authorization for 



                                       4
<PAGE>


quotation on the Nasdaq National Market, the Nasdaq SmallCap Market, the New
York Stock Exchange, Inc. ("NYSE") or the American Stock Exchange, Inc.
("AMEX"). Neither the Corporation nor any of its subsidiaries shall take any
action which may result in the delisting or suspension of the Common Stock on
the Nasdaq SmallCap Market, the Nasdaq National Market, NYSE or AMEX. The
Corporation shall promptly provide Holder copies of any notices it receives from
the Nasdaq SmallCap Market, the Nasdaq National Market, NYSE or AMEX regarding
the continued eligibility of the Common Stock for listing on such automated
quotation system or securities exchange. The Corporation shall pay all fees and
expenses in connection with satisfying its obligation under this Section 10.

     11. TRANSFER AGENT INSTRUCTIONS. The Corporation shall issue irrevocable
instructions to its transfer agent, and any subsequent transfer agent, to issue
certificates, registered in the name of the Holder or its respective nominee(s),
for the Warrant Shares in such amounts as specified from time to time by the
Holder to the Corporation upon exercise of this Warrant (the "Irrevocable
Transfer Agent Instructions"). Prior to registration of the Warrant Shares under
the Securities Act, all such certificates shall bear the restrictive legend
specified in Section 12 of this Warrant. The Corporation warrants that no
instruction other than the Irrevocable Transfer Agent Instructions referred to
in this Section 11 and the stop transfer instructions to give effect to Section
12 hereof, prior to registration of the Warrant Shares under the Securities Act,
will be given by the Corporation to its transfer agent and that the Warrant
Shares shall otherwise be freely transferable on the books and records of the
Corporation as and to the extent provided in this Warrant and that certain
Subordinated Note Purchase Agreement dated as of the date hereof, among the
Corporation and the entities listed on the signature pages thereto (the
"Subordinated Note Purchase Agreement"). If Holder provides the Corporation with
an opinion of counsel, reasonably satisfactory in form, and substance to the
Corporation, that registration of a resale by such Holder of any of such Warrant
Shares is not required under the Securities Act, the Corporation shall permit
the transfer, and promptly instruct its transfer agent to issue one or more
certificates in such name and in such denominations as specified by such Holder
and without any restrictive legends. The Corporation acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holder
hereof by vitiating the intent and purpose of the transaction contemplated
hereby. Accordingly, the Corporation acknowledges that the remedy at law for a
breach of its obligations under this Section 11 will be inadequate and agrees,
in the event of a breach or threatened breach by the Corporation of the
provisions of this Section 11, that the Holder shall be entitled, in addition to
all other available remedies, to an injunction restraining any breach and
requiring immediate issuance and transfer, without the necessity of showing
economic loss and without any bond or other security being required.

     12.       COMPLIANCE WITH SECURITIES LAWS.

          (a) The Holder of this Warrant, by acceptance hereof, acknowledges
that this Warrant and the shares of Common Stock to be issued upon exercise
hereof (collectively, the "Securities") are being acquired solely for the
Holder's own account for investment only and not with a view towards, or for
resale in connection with, the public sale or distribution thereof, except
pursuant to sales registered or exempted under the Securities Act; provided,
however, that by making the representations herein, the Holder does not agree to
hold any of the Securities for any minimum or other specific term.



                                       5
<PAGE>


          (b) This Warrant and, until such time as the sale of the Warrant
Shares has been registered under the Securities Act, the stock certificates
representing the Warrant Shares, except as set forth below, shall bear a
restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of such stock certificates):

                 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
                 REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
                 AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
                 SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY
                 NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
                 IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
                 FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
                 AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN
                 OPINION OF COUNSEL, IN GENERALLY ACCEPTABLE FORM, THAT
                 REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
                 APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD
                 PURSUANT TO RULE 144 UNDER SAID ACT.


          The legend set forth above shall be removed and the Corporation shall
issue a certificate without such legend to the Holder of the Warrant Shares upon
which it is stamped, if, unless otherwise required by state securities laws, (i)
such Warrant Shares are registered for sale under the Securities Act, (ii) in
connection with a sale transaction, such Holder provides the Corporation with an
opinion of counsel, in a generally acceptable form, to the effect that a public
sale, assignment or transfer of such Warrant Shares may be made without
registration under the Securities Act, or (iii) such Holder provides the
Corporation with reasonable assurances that such Warrant Shares can be sold
pursuant to Rule 144 without any restriction as to the number of securities
acquired as of a particular date that can then be immediately sold. The Holder
acknowledges, covenants and agrees to sell the Warrant Shares represented by a
certificate(s) from which the legend has been removed, only pursuant to (i) a
registration statement effective under the Securities Act, or (ii) advice of
counsel that such sale is exempt from registration required by Section 5 of the
Securities Act.

     13. TRANSFER. Subject to the terms and conditions contained in Section 12
hereof, this Warrant and all rights hereunder are transferable in whole or in
part by the Holder and any successor transferee; provided, however, in no event
shall the aggregate number of transfers of the rights and interests in all of
the Warrants exceed three (3) transfers. The transfer shall be recorded on the
books of the Corporation upon receipt by the Corporation of an assignment form
in the form attached hereto ("Assignment Form"), at its principal office and the
payment to the Corporation of all transfer taxes and other governmental charges,
if any, imposed on such transfer.

     14. PRESENTMENT. Prior to due presentment of this Warrant together with a
completed Assignment Form for registration of transfer, the Corporation may deem
and treat the Holder as 



                                       6
<PAGE>


the absolute owner of the Warrant, notwithstanding any notation of ownership or
other writing thereon, for the purpose of any exercise thereof and for all other
purposes, and the Corporation shall not be affected by any notice to the
contrary.

     15. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost,
stolen, mutilated or destroyed, the Corporation may, on such terms as to
indemnity or otherwise as it may in its discretion reasonably impose (which
shall, in the case of a mutilated Warrant, include the surrender thereof), issue
a new Warrant of like denomination and tenor as the Warrant so lost, stolen,
mutilated or destroyed.

     16. GOVERNING LAW. This Warrant shall be governed by and interpreted in
accordance with the laws of the State of New York without regard to the
principles of conflict of laws. Each party hereby irrevocably submits to the
non-exclusive jurisdiction of the state and federal courts sitting the City of
New York, borough of Manhattan, for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under
this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.

     17. SUCCESSORS, ASSIGNS. All the terms and provisions of the Warrant shall
be binding upon and inure to the benefit of and be enforceable by the respective
successors and assigns of the parties hereto.

     18. AMENDMENT. This Warrant may only be modified, amended or terminated by
a writing signed by the Corporation and the Holder.

     19. SEVERABILITY. If any provision of this Warrant shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Warrant in that
jurisdiction or the validity or enforceability of any provision of this Warrant
in any other jurisdiction.



                                       7
<PAGE>


               IN WITNESS WHEREOF, the Corporation has caused this Warrant to be
duly executed and delivered on and as of the day and year first above written by
one of its officers thereunto duly authorized.

                                        IMAGING TECHNOLOGIES CORPORATION

Dated:  September 18, 1998              By: /S/  BRIAN BONAR
                                           --------------------
                                           Brian Bonar, President and
                                           Chief Executive Officer

               The undersigned Holder agrees and accepts this Warrant and
acknowledges that it has read and confirms each of the representations contained
in Section 12.

                                        OLYMPUS SECURITIES, LTD.




                                        By: /S/  ILLEGIBLE
                                           --------------------
                                        Its:  AUTHORIZED SIGNATORY

                              Address:  c/o Leeds Management Services
                                        129 Front Street, 5th Floor
                                        Hamilton HM12 Bermuda
                                        Attention:  Anne Dupuy


                [SIGNATURE PAGE TO COMMON STOCK PURCHASE WARRANT]



                                       8
<PAGE>


                                  PURCHASE FORM

(To be executed by the Warrant Holder if he desires to exercise the Warrant in
whole or in part)

To:  Imaging Technologies Corporation

               The undersigned, whose Social Security or other identifying
number is ______________, hereby irrevocably elects the right of purchase
represented by the within Warrant for, and to purchase thereunder,
__________________________ shares of Common Stock provided for therein and
tenders payment herewith to the order of

                        Imaging Technologies Corporation
                                in the amount of

                               $
                                ----------------

The undersigned requests that certificates for such shares be issued as follows:

Name: _______________________________________________________________
Address: ____________________________________________________________
Deliver to: _________________________________________________________
Address: ____________________________________________________________

and, if said number of shares shall not be all the shares purchasable hereunder,
that a new Warrant for the balance remaining of the shares purchasable under the
within Warrant be registered in the name of, and delivered to, the undersigned
at the address stated below

               Address:
                       -----------------------------------




Dated: _____________, 19___

                                  Signature
                                  ----------------------------------------------
                                  (Signature must conform in all respects to the
                                  name of the Warrant Holder as specified on 
                                  the face of the Warrant, without alteration, 
                                  enlargement or any change whatsoever)

<PAGE>


                                   ASSIGNMENT

(To be executed by the Warrant Holder if he desires to effect a transfer of the
Warrant)

               FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ______________________________________________________ whose
Social Security or other identification number is _________________________
[residing/located] at __________________________ the attached Warrant, and
appoints ___________________ residing at



the undersigned's attorney-in-fact to transfer said Warrant on the books of the
Corporation, with full power of substitution in the premises.

Dated: ______________, 19___.

In the presence of:

--------------------------        -------------------------------------------
                                  (Signature must conform in all respects to 
                                  the name of the Warrant Holder as specified
                                  on the face of the Warrant, without 
                                  alteration, enlargement or any change 
                                  whatsoever)