<PAGE>

                                   EXHIBIT 4.3
THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR
SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR
AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.


                       COMPUTERIZED THERMAL IMAGING, INC.

                          COMMON STOCK PURCHASE WARRANT

                   1. ISSUANCE; CERTAIN DEFINITIONS. In consideration of good
and valuable consideration, the receipt of which is hereby acknowledged by
COMPUTERIZED THERMAL IMAGING, INC., a Nevada corporation (the "Company"), BEACH
BOULEVARD, L.L.C. or registered assigns (the "Holder") is hereby granted the
right to purchase at any time until 5:00 P.M., New York City time, on December
31, 2004 (the "Expiration Date"), Two Hundred Sixty Thousand Four Hundred
Seventeen (260,417) fully paid and nonassessable shares of the Company's Common
Stock, $0.001 par value per share (the "Common Stock"), at an initial exercise
price per share (the "Exercise Price") of $2.028 per share, subject to further
adjustment as set forth herein. This Warrant is being issued pursuant to the
terms of that certain Securities Purchase Agreement, dated as of December 20,
2001 (the "Agreement"), to which the Company and Holder (or Holder's predecessor
in interest) are parties. Capitalized terms not otherwise defined herein shall
have the meanings ascribed to them in the Agreement.

                   2.   EXERCISE OF WARRANTS.

                        2.1  GENERAL.

                        (a) This  Warrant is exercisable in whole or in part
at any time and from time to time. Such exercise shall be effectuated by
submitting to the Company (either by delivery to the Company or by facsimile
transmission as provided in Section 8 hereof) a completed and duly executed
Notice of Exercise (substantially in the form attached to this Warrant
Certificate) as provided in this paragraph. The date such Notice of Exercise is
faxed to the Company shall be the "Exercise Date," provided that the Holder of
this Warrant tenders this Warrant Certificate to the Company within five (5)
business days thereafter. The Notice of Exercise shall be executed by the Holder
of this Warrant and shall indicate the number of shares then being purchased
pursuant to such exercise. Upon surrender of this Warrant Certificate, together
with appropriate payment of the Exercise Price for the shares of Common Stock
purchased, the Holder shall be entitled to receive a certificate or certificates
for the shares of Common Stock so purchased.

                        (b) If the Notice of Exercise form elects a "cashless"
exercise, the Holder shall thereby be entitled to receive a number of shares of
Common Stock equal to (x) the excess of the Current Market Value (as defined
below) over the total cash exercise price of the portion of the Warrant then
being exercised, divided by (y) the Market Price of the Common Stock as of the

<PAGE>

trading day immediately prior to the Exercise Date. For the purposes of this
Warrant, the terms (Q) "Current Market Value" shall be an amount equal to the
Market Price of the Common Stock as of the trading day immediately prior to the
Exercise Date, multiplied by the number of shares of Common Stock specified in
such Notice of Exercise Form, and (R) "Market Price of the Common Stock" shall
be the closing price of the Common Stock as reported by the Reporting Service
for the relevant date.

                        (c) If the Notice of Exercise form elects a "cash"
exercise, the Exercise Price per share of Common Stock for the shares then being
exercised shall be payable in cash or by certified or official bank check.

                        (d) The Holder shall be deemed to be the holder of the
shares issuable to it in accordance with the provisions of this Section 2.1 on
the Exercise Date.

                        2.2  LIMITATION ON EXERCISE.  Notwithstanding the
provisions of this Warrant, the Agreement or of the other Transaction
Agreements, in no event (except (i) as specifically provided in this Warrant as
an exception to this provision, (ii) while there is outstanding a tender offer
for any or all of the shares of the Company's Common Stock, or (iii) at the
Holder's option, on at least sixty-five (65) days' advance written notice from
the Holder) shall the Holder be entitled to exercise this Warrant, or shall the
Company have the obligation to issue shares upon such exercise of all or any
portion of this Warrant to the extent that, after such exercise the sum of (1)
the number of shares of Common Stock beneficially owned by the Holder and its
affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of the unexercised portion of the Warrants or other
rights to purchase Common Stock or through the ownership of the unconverted
portion of the Debentures or other convertible securities), and (2) the number
of shares of Common Stock issuable upon the exercise of the Warrants with
respect to which the determination of this proviso is being made, would result
in beneficial ownership by the Holder and its affiliates of more than 4.99% of
the outstanding shares of Common Stock (after taking into account the shares to
be issued to the Holder upon such exercise). For purposes of the proviso to the
immediately preceding sentence, beneficial ownership shall be determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended
(the "1934 Act"), except as otherwise provided in clause (1) of such sentence.
The Holder, by its acceptance of this Warrant, further agrees that if the Holder
transfers or assigns any of the Warrants to a party who or which would not be
considered such an affiliate, such assignment shall be made subject to the
transferee's or assignee's specific agreement to be bound by the provisions of
this Section 2.2 as if such transferee or assignee were the original Holder
hereof.

                   3.   RESERVATION OF SHARES. The Company hereby agrees that at
all times during the term of this Warrant there shall be reserved for issuance
upon exercise of this Warrant such number of shares of its Common Stock as shall
be required for issuance upon exercise of this Warrant (the "Warrant Shares").

                   4.   MUTILATION OR LOSS OF WARRANT. Upon receipt by the
Company of evidence satisfactory to it of the loss, theft, destruction or

<PAGE>

mutilation of this Warrant, and (in the case of loss, theft or destruction)
receipt of reasonably satisfactory indemnification, and (in the case of
mutilation) upon surrender and cancellation of this Warrant, the Company will
execute and deliver a new Warrant of like tenor and date and any such lost,
stolen, destroyed or mutilated Warrant shall thereupon become void.

                   5.   RIGHTS OF THE HOLDER. The Holder shall not, by virtue
hereof, be entitled to any rights of a stockholder in the Company, either at law
or equity, and the rights of the Holder are limited to those expressed in this
Warrant and are not enforceable against the Company except to the extent set
forth herein.

                   6.   PROTECTION AGAINST DILUTION AND OTHER ADJUSTMENTS.

                        6.1  ADJUSTMENT MECHANISM. If an adjustment of the
Exercise Price is required pursuant to this Section 6, the Holder shall be
entitled to purchase such number of additional shares of Common Stock as will
cause (i) the total number of shares of Common Stock Holder is entitled to
purchase pursuant to this Warrant, multiplied by (ii) the adjusted Exercise
Price per share, to equal (iii) the dollar amount of the total number of shares
of Common Stock Holder is entitled to purchase before adjustment multiplied by
the total Exercise Price before adjustment.

                        6.2  CAPITAL ADJUSTMENTS. In case of any stock split or
reverse stock split, stock dividend, reclassification of the Common Stock,
recapitalization, merger or consolidation, or like capital adjustment affecting
the Common Stock of the Company, the provisions of this Section 6 shall be
applied as if such capital adjustment event had occurred immediately prior to
the date of this Warrant and the original Exercise Price had been fairly
allocated to the stock resulting from such capital adjustment; and in other
respects the provisions of this Section shall be applied in a fair, equitable
and reasonable manner so as to give effect, as nearly as may be, to the purposes
hereof. A rights offering to stockholders shall be deemed a stock dividend to
the extent of the bargain purchase element of the rights.

                        6.3  ADJUSTMENT FOR SPIN OFF. If, for any reason, prior
to the exercise of this Warrant in full, the Company spins off or otherwise
divests itself of a part of its business or operations or disposes all or of a
part of its assets in a transaction (the "Spin Off") in which the Company does
not receive compensation for such business, operations or assets, but causes
securities of another entity (the "Spin Off Securities") to be issued to
security holders of the Company, then

              (a) the Company shall cause (i) to be reserved Spin Off Securities
         equal to the number thereof which would have been issued to the Holder
         had all of the Holder's unexercised Warrants outstanding on the record
         date (the "Record Date") for determining the amount and number of Spin
         Off Securities to be issued to security holders of the Company (the
         "Outstanding Warrants") been exercised as of the close of business on
         the trading day immediately before the Record Date (the "Reserved Spin
         Off Shares"), and (ii) to be issued to the Holder on the exercise of
         all or any of the Outstanding Warrants, such amount of the Reserved
         Spin Off Shares equal to (x) the Reserved Spin Off Shares multiplied by
         (y) a fraction, of which (I) the numerator is the amount of the

<PAGE>

         Outstanding Warrants then being exercised, and (II) the denominator is
         the amount of the Outstanding Warrants; and

              (b) the Exercise Price on the Outstanding Warrants shall be
         adjusted immediately after consummation of the Spin Off by multiplying
         the Exercise Price by a fraction (if, but only if, such fraction is
         less than 1.0), the numerator of which is the average Closing Bid Price
         of the Common Stock for the five (5) trading days immediately following
         the fifth trading day after the Record Date, and the denominator of
         which is the average Closing Bid Price of the Common Stock on the five
         (5) trading days immediately preceding the Record Date; and such
         adjusted Exercise Price shall be deemed to be the Exercise Price with
         respect to the Outstanding Warrants after the Record Date.

                   7.   TRANSFER TO COMPLY WITH THE SECURITIES ACT; REGISTRATION
                        RIGHTS.


                        7.1 TRANSFER. This Warrant has not been registered under
the Securities Act of 1933, as amended, (the "Act") and has been issued to the
Holder for investment and not with a view to the distribution of either the
Warrant or the Warrant Shares. Neither this Warrant nor any of the Warrant
Shares or any other security issued or issuable upon exercise of this Warrant
may be sold, transferred, pledged or hypothecated in the absence of an effective
registration statement under the Act relating to such security or an opinion of
counsel satisfactory to the Company that registration is not required under the
Act. Each certificate for the Warrant, the Warrant Shares and any other security
issued or issuable upon exercise of this Warrant shall contain a legend on the
face thereof, in form and substance satisfactory to counsel for the Company,
setting forth the restrictions on transfer contained in this Section.

                        7.2  REGISTRATION RIGHTS. (a) Reference is made to the
Registration Rights Agreement. The Company's obligations under the Registration
Rights Agreement and the other terms and conditions thereof with respect to the
Warrant Shares, including, but not necessarily limited to, the Company's
commitment to file a registration statement including the Warrant Shares, to
have the registration of the Warrant Shares completed and effective, and to
maintain such registration, are incorporated herein by reference.

                        (b) In addition to the registration rights referred to
in the preceding provisions of Section 7.2(a), effective after the expiration of
the effectiveness of the Registration Statement as contemplated by the
Registration Rights Agreement, the Holder shall have piggy-back registration
rights with respect to the Warrant Shares then held by the Holder or then
subject to issuance upon exercise of this Warrant (collectively, the "Remaining
Warrant Shares"), subject to the conditions set forth below. If, at any time
after the Registration Statement has ceased to be effective, the Company
participates (whether voluntarily or by reason of an obligation to a third
party) in the registration of any shares of the Company's stock (other than a
registration on Form S-8 or on Form S-4), the Company shall give written notice
thereof to the Holder and the Holder shall have the right, exercisable within
ten (10) business days after receipt of such notice, to demand inclusion of all
or a portion of the Holder's Remaining Warrant Shares in such registration
statement. If the Holder exercises such election, the Remaining Warrant Shares
so designated shall be included in the registration statement at no cost or
expense to the Holder (other than any costs or commissions which would be borne

<PAGE>

by the Holder under the terms of the Registration Rights Agreement); provided,
however, that if there is a managing underwriter of the offering of shares
referred to in the registration statement and such managing underwriter advises
the Company in writing that the number of shares proposed to be included in the
offering will have an adverse effect on its ability to successfully conclude the
offering and, as a result, the number of shares to be included in the offering
is to be reduced, the number of Remaining Warrant Shares of the Holder which
were to be included in the registration (before such reduction) will be reduced
pro rata with the number of shares included for all other parties whose shares
are being registered. The Holder's rights under this Section 7 shall expire at
such time as the Holder can sell all of the Remaining Warrant Shares under Rule
144 without volume or other restrictions or limit.

                   8. NOTICES. Any notice or other communication required or
permitted hereunder shall be in writing and shall be delivered personally,
telegraphed, telexed, sent by facsimile transmission or sent by certified,
registered or express mail, postage pre-paid. Any such notice shall be deemed
given when so delivered personally, telegraphed, telexed or sent by facsimile
transmission, or, if mailed, two days after the date of deposit in the United
States mails, as follows:

                           (i)      if to the Company, to:

                                    COMPUTERIZED THERMAL IMAGING, INC.
                                    Two Centerpointe Drive, Suite 450
                                    Lake Oswego, Oregon 97035
                                    ATTN: Bernard Brady, Chief Financial Officer
                                    Telephone No.: (503) 594-1210
                                    Facsimile No.:  (503) 594-1217

                           with a copy to:

                                    Davis Wright Tremaine LLP
                                    1300 SW Fifth Avenue
                                    Portland, OR 97201
                                    Attn: Michael McArthur-Phillips
                                    Telephone No.: (503) 778-5214
                                    Telecopier No.: (503) 778-5299

                           (ii)     if to the Holder, to:

                                    Beach Boulevard L.L.C.
                                    Navigator Management
                                    Harbour House, 2nd Floor
                                    Waterfront Drive
                                    P.O. Box 972
                                    Road Town, Tortola
                                    British Virgin Islands
                                    Attn: David Sims

<PAGE>

                                    Telephone No.: (284) 494-4770
                                    Telecopier No.: (284) 494-4771

                           with a copy to:

                                    Krieger & Prager LLP, Esqs.
                                    39 Broadway
                                    Suite 1440
                                    New York, NY 10006
                                    Attn: Samuel M. Krieger, Esq.
                                    Telephone No.: (212) 363-2900
                                    Telecopier No.  (212) 363-2999

Any party may be notice given in accordance with this Section to the other
parties designate another address or person for receipt of notices hereunder.

                   9.   SUPPLEMENTS AND AMENDMENTS; WHOLE AGREEMENT. This
Warrant may be amended or supplemented only by an instrument in writing signed
by the parties hereto. This Warrant contains the full understanding of the
parties hereto with respect to the subject matter hereof and thereof and there
are no representations, warranties, agreements or understandings other than
expressly contained herein and therein.

                   10.  GOVERNING LAW. This Warrant shall be deemed to be a
contract made under the laws of the State of New York for contracts to be wholly
performed in such state and without giving effect to the principles thereof
regarding the 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 Warrant and hereby waives, to the
maximum extent permitted by law, any objection, including any objection based on
FORUM NON CONVENIENS, to the bringing of any such proceeding in such
jurisdictions.

                   11.  JURY TRIAL WAIVER. The Company and the Holder hereby
waive a trial by jury in any action, proceeding or counterclaim brought by
either of the Parties hereto against the other in respect of any matter arising
out or in connection with this Warrant.

                   12.  COUNTERPARTS. This Warrant may be executed in any number
of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one
and the same instrument.

                   13.  DESCRIPTIVE HEADINGS. Descriptive headings of the
several Sections of this Warrant are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

         IN WITNESS WHEREOF, the parties hereto have executed this Warrant as of
the 31st day of December, 2001.

<PAGE>

                       COMPUTERIZED THERMAL IMAGING, INC.

                       By:             /s/ Bernard J. Brady
                                ------------------------------------------------

                                       Bernard J. Brady
                                ------------------------------------------------
                                (Print Name)

                                       Secretary, Treasurer, CFO
                                ------------------------------------------------
                                (Title)

<PAGE>

                          NOTICE OF EXERCISE OF WARRANT

         The undersigned hereby irrevocably elects to exercise the right,
represented by the Warrant Certificate dated as of ____________, ______, to
purchase ____________ shares of the Common Stock, $0.001 par value, of
COMPUTERIZED THERMAL IMAGING, INC. and tenders herewith payment in accordance
with Section 1 of said Common Stock Purchase Warrant.

_        CASH:    $                         = (Exercise Price x Exercise Shares)
                    -----------------------

                  Payment is being made by:
                     ___            enclosed check
                     ___            wire transfer
                     ___            other
_        CASHLESS EXERCISE

<TABLE>
<CAPTION>
                  <S>                                                  <C>
                  Net number of Warrant Shares to be issued to Holder: _________*

                  * based on: Current Market Value - (Exercise Price x Exercise Shares)
                              ---------------------------------------------------------
                                               Market Price of Common Stock
                  where:
                  Market Price of Common Stock ["MP"]         =        $_______________
                  Current Market Value [MP x Exercise Shares] =        $_______________

         It is the intention of the Holder to comply with the provisions of
Section 2.2 of the Warrant regarding certain limits on the Holder's right to
exercise thereunder. Based on the analysis on the attached Worksheet Schedule,
the Holder believe this exercise complies with the provisions of said Section
2.2. Nonetheless, to the extent that, pursuant to the exercise effected hereby,
the Holder would have more shares than permitted under said Section, this notice
should be amended and revised, ab initio, to refer to the exercise which would
result in the issuance of shares consistent with such provision. Any exercise
above such amount is hereby deemed void and revoked.
</TABLE>

<PAGE>

         Please deliver the stock certificate to:





Dated:
       ------------------------

                                             -----------------------------------
                                             [Name of Holder]

                                             By:
                                             -----------------------------------

<PAGE>

                          NOTICE OF EXERCISE OF WARRANT
                               WORKSHEET SCHEDULE


<TABLE>
<CAPTION>
<S>                                                         <C>          <C>
1. Current Common Stock holdings of Holder and Affiliates                _____________
2. Shares to be issued on current exercise                               _____________
3. Other shares eligible to be acquired without restriction              _____________
4. Total [sum of Lines 1 through 3]                                      _____________

5. Outstanding     shares of Common Stock                                _____________
6. Adjustments to Outstanding
         a. Shares from Line 1 not included in Line 5       ____________
         b. Shares to be issued per Line 2                  ____________
         c. Total Adjustments [Lines 6a and 6b]                          _____________
7. Total Adjusted Outstanding [Lines 5 plus 6c]                          _____________

8. Holder's Percentage [Line 4 divided by Line 7]                        _____________%
[Note: Line 8 not to be above 4.99%]
</TABLE>