AGREEMENT TO RESCIND STOCK PURCHASE


     THIS AGREEMENT TO RESCIND STOCK PURCHASE (this  "Agreement"),  entered into
this 17th day of March, 2000, effective as of the 27th day of December, 1999, by
and between Greystone Funding Corporation,  a Virginia corporation (the "Buyer")
and Schick  Technologies,  Inc., a Delaware  corporation  (the  "Stockholder" or
"Schick").

                              W I T N E S S E T H:

     WHEREAS, on December 27, 1999 the Stockholder sold to Buyer 468,000 shares,
no par  value per share of the  outstanding  capital  stock  (the  "Stock"),  of
Photobit Corporation (the "Company"); and

     WHEREAS,  on  December  27,  1999 the Buyer  purchased  the Stock  from the
Stockholder  by paying the  Stockholder  $1,000,000  in cash and  executing  and
delivery to  Stockholder  its  promissory  note in the amount of  $872,000  (the
"Note");

     WHEREAS,  in  order  to  induce  the  Buyer  to  purchase  the  Stock,  the
Stockholder  issued to the Buyer warrants to purchase 2,000,000 shares of common
stock of Schick Technologies,  Inc. ("Schick Common Stock") at an exercise price
of $0.75 per share;

     WHEREAS,  the Buyer and  Stockholder  desire to rescind the Stock purchase,
return the Stock to Stockholder, cancel the Note and convert the $1,000,000 cash
purchase price into the initial  advance under that certain Amended and Restated
Loan Agreement dated as of December 27, 1999 among the Buyer,  Schick and Schick
Technologies, Inc., a New York corporation (the "Loan Agreement").

     NOW,  THEREFORE,  in consideration of the premises and the mutual covenants
herein contained, the parties hereby agree as follows:

     1.  Rescission of Stock Purchase.  The Buyer and the  Stockholder  agree to
rescind the  purchase  of the Stock by Buyer from  Stockholder  effective  as of
December 27, 1999. The Buyer agrees to return the Stock to the Stockholder.  The
Stockholder  agrees to mark the Note  "Cancelled"  and  return it to Buyer.  The
Buyer and  Stockholder  agree  that the  $1,000,000  cash  portion  of the Stock
purchase price shall be retained by Schick as the initial advance under the Loan
Agreement.

     2.  Amendments  and  Modifications.  No amendment or  modification  of this
Agreement  shall be valid  unless  made in writing and signed by or on behalf of
the party to be charged therewith.

     3.  Governing Law;  Jurisdiction.  The parties hereto hereby consent to the
jurisdiction  of all  courts  of the  State of New York  and the  United  States
District  Court  for  the  Southern  District  of New  York,  as  well as to the
jurisdiction  of all courts from which an appeal may be properly taken from such
courts,  for the purpose of any suit, action or other proceeding  arising



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out of or with respect to this  Agreement,  the Note,  the  Warrants,  any other
agreements, instruments,  certificates or other documents executed in connection
herewith  or  therewith,  or any  of the  transactions  contemplated  hereby  or
thereby, or any of the parties' obligations hereunder or thereunder. The parties
hereto hereby  expressly waive any and all objections  which they may have as to
venue in any of such  courts,  and also  waive  trial by jury in any such  suit,
action or proceeding. The Buyer or Stockholder may file a copy of this Agreement
as evidence of the foregoing waiver of right to jury trial.

     4.  Counterparts.  This  Agreement  may be executed  simultaneously  in any
number of  counterparts,  each of which shall be deemed an original,  but all of
which together shall constitute one and the same instrument.

     5. Entire Agreement;  Waivers.  This Agreement and the other agreements and
instruments  referred  to herein  constitute  the entire  agreement  between the
parties  pertaining  to the  subject  matter  hereof,  and  supersede  all prior
agreements or understandings as to such subject matter. No party hereto has made
any  representation or warranty or given any covenant to the other except as set
forth in this Agreement,  and the other  agreements and instruments  referred to
herein. No waiver of any of the provisions of this Agreement shall be deemed, or
shall constitute, a waiver of any other provisions,  whether or not similar, nor
shall any waiver  constitute  a  continuing  waiver.  No waiver shall be binding
unless executed in writing by the party making the waiver.

                                       2

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     IN WITNESS  WHEREOF,  the parties have executed this Agreement on and as of
the date first set forth above.

                   Buyer:
                                    GREYSTONE FUNDING CORPORATION


                                    By:
                                        -----------------------------
                                        Name:  Robert Barolak
                                        Title: Vice President


                   Stockholder:
                                    SCHICK TECHNOLOGIES, INC.

                                    By:
                                        -----------------------------
                                        Name:  David Schick
                                        Title: CEO