COMMON
STOCK PURCHASE AGREEMENT

This Common Stock Purchase Agreement
("Agreement"), dated May 10, 2005, made by and between Financial Technology
Research Corporation, a Colorado corporation, entitled to receive mail at 5485
West Flamingo Road, Suite 162, Las Vegas, Nevada 89103 ("Seller"), and Randolph
S. Hudson, an individual principally residing in the State of New York, entitled
to receive mail at Post Office Box 202, Wyoming, New York 14591 (the
"Purchaser"), with reference to the following facts, covenants, terms,
provisions, and conditions:



|AGREEMENT
|---------

NOW, THEREFORE, for good and valuable
consideration, the receipt of which is hereby acknowledged, the Parties (the
Seller and the Purchaser, when hereinafter referred to collectively) agree as
follows:

|1. | SALE OF SHARES; DELIVERIES. In exchange for Purchaser's cash
      consideration, evidenced by a promise to pay, which is given herewith, and
      for the covenants and conditions set forth therein, Seller shall sell and
      transfer to Purchaser 1,000,000 (One Million) shares of the common stock
      of Mercosur Telephone & Telegraph Co., Inc., ade factoDelaware corporation
      ("Mercosur" and "Mercosur Stock", respectively) owned and held by Seller.
      Upon transfer in accordance with the terms of this Agreement, the Mercosur
      Stock will be fully paid and non- assessable. At the Closing, the Seller
      shall deliver to the Purchaser a certificate or certificates representing
      the Mercosur Stock, duly endorsed by Seller and issued to Purchaser, and
      accompanied by appropriate stock powers, with Medallion Signature
      Guarantee affixed by an authorized United States banking corporation in
      accordance with the applicable governance rules promulgated under the
      Securities Transfer Agents Medallion Program.
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|  

|2. |  | PAYMENT                                                                                                   |  | FOR |  | THE |  | SHARES; |  | PURCHASER |  | CLOSING |  | CONDITIONS.
|-- |  | --------------------------------------------------------------------------------------------------------- |  | --- |  | --- |  | ------- |  | --------- |  | ------- |  | -----------
|   |  | Contemporaneously on the date hereof, Purchaser has issued a
      promissory note (the "Note")          
|   |  | in
      principal the amount of $35,000 (Thirty-five Thousand and 00/100 Dollars)
      to the Seller as
|   |  | full and complete payment for the Mercosur Stock. Purchaser
      hereby acknowledges receipt            
|   |  | of
      such payment by acceptance of the Note, and of that certain pledge and
      security           
|   |  | agreement that operates concomitantly with the
      Note.                                                |  |     |  |    

The obligation of the Purchaser to consummate the
transactions to be performed by him in connection with the closing hereunder
(the "Closing") is subject to satisfaction of the following
conditions:

|(i)  | each of the conditions to closing under that certain Common
      Stock Purchase Agreement, dated the date hereof, by and between Purchaser
      and Seller shall have been satisfied and the parties thereto shall have
      executed and delivered this Agreement and the transactions contemplated by
      this Agreement shall have closed or be closing simultaneously with the
      Closing of the transactions contemplated by this Agreement;
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|    
|(ii) | the
      representations and warranties of Seller set forth in this Agreement shall
      be true and correct in all material respects at and as of the Closing
      Date, Seller shall have performed                                                                                                                                                                                                                                                 
|    

Mercosur
Common Stock Purchase Agreement, May 10, 2005, Page 1 of 7

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|   | and complied with all of its covenants hereunder in all
      material respects through the Closing, Seller shall have procured any
      third party consents necessary to consummate the transactions contemplated
      hereby and Seller shall have delivered to Purchaser an officer's
      certificate, executed by the President of Seller, certifying as to the
      foregoing.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|3. | PURCHASER REPRESENTATIONS AND WARRANTIES. In order to induce
      Seller to accept this Agreement, Purchaser hereby represents and warrants
      to Seller, as follows:                                                                                                                                                                                                                
|  
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                      
|  
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                      
|  
|   | (c)                                                                                                                                                                                                                                                                                                                                                                                      
|  
|   | (d)                                                                                                                                                                                                                                                                                                                                                                                      
|  
|   | (e)                                                                                                                                                                                                                                                                                                                                                                                      
|  
|   | (f)                                                                                                                                                                                                                                                                                                                                                                                      
|  

Mercosur
Common Stock Purchase Agreement, May 10, 2005, Page 2 of 7

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|   | third parties, if any, necessary in order to consummate the
      transaction or transactions contemplated by this Agreement were
      obtained.                        
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | (g)                                                                                                                                                                      
|  
|   | (h)                                                                                                                                                                      
|  
|4. | SELLER REPRESENTATIONS AND WARRANTIES. In order to induce
      Purchaser to accept this Agreement, Seller hereby represents and warrants
      to Purchaser, as follows:
|  
|   | (a)                                                                                                                                                                      
|  
|   | (b)                                                                                                                                                                      
|  
|   | (c)                                                                                                                                                                      
|  

Mercosur
Common Stock Purchase Agreement, May 10, 2005, Page 3 of 7

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|    | shares were issued and outstanding, and there were authorized
      1,000,000 (One Million) shares of preferred stock, par value $0.0001 per
      share, of which none were issued. There were no outstanding options,
      warrants, or other rights to acquire shares of common stock or shares of
      preferred stock and there were no preemptive rights granted or extended to
      the holders thereof. Except for the issuance pursuant to this Agreement,
      there were no existing commitments, either actual or contingent, to issue
      additional shares of the common or preferred Stock of Mercosur to any
      person. Seller holds the Mercosur Stock, free and clear of any
      restrictions on transfer and free and clear of any taxes, security
      interests, options, warrants, purchase rights, contracts, commitments,
      equities, claims, and demands. Seller is not party to any option, warrant,
      purchase right, or other contract or commitment that could require Seller
      to sell, transfer, or otherwise dispose of the Mercosur Stock other than
      this Agreement. Seller is not party to any voting trust, proxy, or other
      agreement or understanding with respect to the voting of the Mercosur
      Stock. Upon delivery of the Mercosur Stock hereunder to Purchaser,
      Purchaser will be the absolute owner of the Mercosur Stock, free, clear,
      and discharged of and from all liens and encumbrances, with the singular
      exception of the evidence of indebtedness to Seller by Purchaser in
      accordance with the terms and conditions set forth and contained in this
      Agreement, in that certain Note, and in that certain pledge and security
      agreement, each and all of which operate in accordance with this
      Agreement. As the result of the consummation of the transaction or
      transactions contemplated hereby, the Purchaser will own approximately
      ninety and six-tenths percent (90.6%) of the issued and outstanding common
      stock of Mercosur. Mercosur's corporate franchise with the State of
      Delaware is subject to reinstatement and renewal with the Division of
      Corporations of the Delaware Secretary of State's Office, as Mercosur was
      voided for its failure to renew its corporate existence by its failure to
      file and pay its Annual Delaware Franchise Tax Report, and, for its
      failure to file its annual report, as required by Delaware law. Mercosur's
      most recently Board of Directors concur and certify together with the
      Seller that Mercosur, as ade factoDelaware corporation, is eligible for
      reinstatement, upon the payment of its delinquent Delaware taxes and
      associated fees and by its filing of its delinquent reports.
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|   
|(d) | REPRESENTATIONS AND WARRANTIES OF MERCOSUR IN COMMON STOCK
      PURCHASE AGREEMENT. Each representation and warranty of Mercosur by Seller
      contained in the Common Stock Purchase Agreement is true and correct as of
      the date hereof and will be true and correct as of the Closing hereunder
      and thereunder and Seller hereby makes such representations and warranties
      to Purchaser to the same extent, and with the same effect, as Mercosur
      made them to Purchaser in the Common Stock Purchase Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|(e) | ACCURACY AND SURVIVAL OF REPRESENTATIONS. Each representation
      and warranty of Seller contained herein and all information furnished by
      Seller is true, correct, and complete in all respects. All representations
      and warranties set forth above will be true, correct and complete in all
      respects on and as of the date of the transfer of the Mercosur Stock by
      Seller to Purchaser, as if made on and as of such date and shall survive
      such transfer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   



|5.
      LEGENDS AND RESTRICTIONS.
|----------------------------------

Mercosur
Common Stock Purchase Agreement, May 10, 2005, Page 4 of 7

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|   | (a)                            | COMPLIANCE WITH APPLICABLE SECURITIES LAWS. The transfer of
      the Mercosur Stock being purchased pursuant to this Agreement is governed
      by various United States' Federal and state securities laws. Therefore,
      the resale or transfer of the Mercosur Stock by Purchaser shall only be
      made in compliance with all applicable securities laws of the United
      States and the State of Delaware, and such compliance shall be the
      responsibility of the Purchaser.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-- | ------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|6. | INDEMNITY AGAINST LIABILITIES.
|  
|   | (a)                            | SELLERS INDEMNIFICATION OF PURCHASER. Seller agrees to
      indemnify and hold Purchaser, his counsel, and his agents harmless ("the
      Indemnitees") against and in respect of any and all losses, liabilities,
      damages, and expenses whatsoever, including legal fees, incurred in
      investigating, preparing, or defending against any litigation (whether or
      not involving a third party), commenced or threatened, or any claim
      whatsoever, and any and all amounts paid in settlement of any claim or
      litigation, as and when incurred, (1) arising out of, based upon, or in
      connection with any breach of any representation, warranty, covenant, or
      agreement of Seller contained in this Agreement or of Mercosur contained
      in the Common Stock Purchase Agreement; or (2) arising out of, based upon,
      or in connection with any and all claims relating to the business,
      properties, assets, and/or operations of Mercosur which arose prior to the
      Closing.                                                                                                                                                                           
|  
|   | (b)                            | MERCOSUR'S STOCKHOLDER'S INDEMNIFICATION OF PURCHASER. By
      their execution of this Agreement, Fintek, as controlling stockholder of
      Mercosur, and the Seller, acting severally from Mercosur hereunder, hereby
      agree to indemnify and hold Purchaser, his counsel and his agents harmless
      ("the Indemnitees") against and in respect of any and all losses,
      liabilities, damages, and expenses whatsoever, including legal fees,
      incurred in investigating, preparing, or defending against any litigation
      (whether or not involving a third party), commenced or threatened, or any
      claim whatsoever, and any and all amounts paid in settlement of any claim
      or litigation, as and when incurred, (1) arising out of, based upon, or in
      connection with any breach of any representation, warranty, covenant, or
      agreement of Seller contained in this Agreement or of Mercosur contained
      in the Common Stock Purchase Agreement; or (2) arising out of, based upon,
      or in connection with any and all claims relating to the business,
      properties, assets, and/or operations of Mercosur which arose prior to the
      Closing.
|  
|   | (c)                            | DURATION OF INDEMNIFICATION. The indemnification provided in
      this Section 6 shall only apply to a claim that is commenced or threatened
      within one year from the Closing Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|  
|7. | GENERAL PROVISIONS.           
|  
|   | (a)                            | NOTICES. Except as expressly provided herein, all notices,
      requests, or other communications required hereunder shall be in writing
      and shall be given by personal delivery, international overnight courier
      service, orbycertified or registered
      mail, postage prepaid, return-receipt requested, addressed to the
      respective party at the applicable address set forth herein, or to any
      party at such other addresses as shall be                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|  

Mercosur
Common Stock Purchase Agreement, May 10, 2005, Page 5 of 7

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specified
in writing by such party to the other party in accordance with the terms and
conditions of this section seventh. All notices, requests, or communications
shall be deemed effective upon personal delivery, or seven (7) days following
the deposit of the article in the U. S. Mail, or two (2) business days following
the deposit of the article with any recognized overnight courier or delivery
service.

In order
to become effective, any such Notice shall be given, as follows:

|If to Seller:              |  | Financial Technology
      Research Corporation
|-------------------------- |  | -----------------------------------------------
|                           |  | Suite 162                                      
|                           |  | 5485 West Flamingo
      Road                  
|                           |  | Las Vegas, Nevada
      89102                  
|                          
|Telecopier: (702) 362-5198
|                          
|                           |  | Attention: Neal R.
      Bruckman, President   
|                          
|If to
      Purchaser:     |  | Randolph S.
      Hudson                       
|                           |  | Post Office Box
      202                      
|                           |  | Wyoming, New York
      14591-0202             
|                          
|                           |  | Telecopier: (585)
      486-1288               

|    | A
      change of either party's address or telecopier number shall be given by
      written notice in the manner set forth hereinabove, which is applicable to
      notice hereunder. Rejection or other refusal to accept or the failure to
      deliver due to any change of address or telecopier number of which no
      notice was given, shall not affect the time at which such notice shall be
      deemed to have been given and shall constitute receipt by the intended
      recipient of such communication.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|   
|(b) | JURISDICTION, VENUE AND GOVERNING LAW. This Agreement is
      being made, and performance is to be had, in the City of Rochester, State
      of New York. This Agreement shall be governed by, construed, and enforced
      in accordance with the laws of the United States of America and the State
      of New York (regardless of choice of law principles of that jurisdiction
      or of any other jurisdiction). This Agreement shall be interpreted as if
      it had been jointly prepared by the Parties and in the event of any
      ambiguity, the Agreement shall not be interpreted as if it had been
      prepared by any one party. Any action or proceeding arising in connection
      herewith shall be litigated in the United States' Federal courts located
      in Rochester, New York, and each party hereby waives any right that such
      party may have to assert the Doctrine of ForumNon Conveniensor to object to venue. The
      Parties each hereby stipulate that the courts located in the City of
      Rochester, New York shall have exclusive personal jurisdiction and venue
      over each party for the purpose of litigating any such dispute,
      controversy, or proceeding arising out of or related to this
      Agreement.
|   
|(c) | AMENDMENTS; ENTIRE AGREEMENT. This is the entire agreement
      between the Parties. There are no promises, conditions, covenants, or
      terms, which are not contained                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   

Mercosur
Common Stock Purchase Agreement, May 10, 2005, Page 6 of 7

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|    | herein. This Agreement shall be binding upon and inure to the
      benefit of the Parties and their respective successors, heirs, and
      permitted assigns. This Agreement may not be altered, modified, changed,
      or canceled, except in a writing signed by all Parties.                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(d) | VALIDITY. If any one or more of the provisions (or any part
      thereof) of this Agreement shall be held to be invalid or unenforceable in
      any respect, the validity, legality, and enforceability of the remaining
      provisions (or any part thereof) shall not in any way be affected or
      impaired thereby.                                                                                                                                                                                                                                  
|   
|(e) | TIME OF ESSENCE; COOPERATION. Time is of the essence in the
      performance of the obligations of the Parties in connection with this
      Agreement. Both Parties shall cooperate fully in carrying out the terms of
      this Agreement and shall prepare and execute all documents reasonably
      necessary to carry out the terms of this Agreement.                                                                                                                                                                                                  
|   
|(f) | COUNTERPARTS. This Agreement may be executed in one or more
      counterparts, each of which shall be deemed an original, but all of which
      together shall constitute one agreement. Any party may deliver to the
      other party a facsimile of any part of this Agreement and may deliver such
      facsimile by telecopier to the number of the intended recipient as is set
      forth in section 7(a) hereinabove, as if this Agreement, or any amendments
      or modifications hereto, were executed in the presence of the other
      party.
|   

IN WITNESS WHEREOF, each party hereby executes
this Agreement of the date first set forth above.



|RANDOLPH S.
      HUDSON("Purchaser")
      /s/ Randolph S.
      Hudson
|------------------------------------------------------------------------

_____________________________________________Randolph S.
Hudson,

FINANCIAL
TECHNOLOGY REASEARCH CORPORATION, a Colorado corporation ("Seller")

/s/ Neal R.
Bruckman

______________________________________________Neal R. Bruckman
President

Mercosur
Common Stock Purchase Agreement, May 10, 2005, Page 7 of 7

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