EXHIBIT 10.18


                            THE RESEARCH WORKS, INC.
                  623 Ocean Avenue, Sea Girt, New Jersey 08750
                         Telephone: (732) 682-4950 Web:
                             www.stocksontheweb.com





November 28, 2003


Mr. Steven D. Rudnik
Chief Executive Officer
Magnitude Information Systems, Inc.
401 State Route 24
Chester, New Jersey 07930


Dear Steven:

This letter agreement (the "Agreement") will confirm our understanding regarding
the engagement of THE RESEARCH WORKS, INC. ("RW"), a New Jersey corporation,  to
provide  equity  research  services  to  MAGNITUDE   INFORMATION  SYSTEMS,  INC.
("Client") a Delaware corporation.

Whereas RW is an independent  research firm that provides research services with
respect to the securities of its clients, and whereas Client has publicly traded
securities  and desires RW to provide equity  research  services with respect to
its common stock, in  consideration of the mutual covenants herein contained and
other good and valuable consideration,  the receipt and sufficiency of which are
hereby acknowledged, RW and Client hereby agree as follows:

1.   TERM.  The term of this  Agreement  ("Term")  shall commence on the date of
     your  signing of this  Agreement  and shall  continue  through the one-year
     anniversary  of the release of the first RW equity  research  report on the
     Client  ("End of the Full  Term"),  unless  either  party  terminates  this
     Agreement,  with or without cause,  at an earlier date ("Early  Termination
     Date") upon  delivery  of written  notice to the other party at the address
     set forth hereinbelow.

2.   RW  SERVICES.  RW  shall  prepare  an  equity  research  report  on  Client
     ("Report")  in  substantially  the same form as  samples  of RW's  research
     reports  presently  displayed  at RW's Web  site  (www.stocksontheweb.com).
     Client shall have no editorial  control over the opinions  expressed in the
     Report, and RW shall not supply a draft copy of the Report to Client.

     RW shall  complete and post a copy of the  finished  Report at its Web site
     within two (2) months of the date of this  Agreement  and shall  update the
     Report on its Web site on  approximately  a monthly basis for the remainder
     of the Term.  Client may make suggestions for changes regarding the factual
     content of the Report at any time after


Initials: WJR             ; Client [GRAPHIC]

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     the  initial  Report  is  posted  on RW's  Web  site,  but RW is  under  no
     obligation  to accept  such  proposed  changes,  and RW  retains  exclusive
     control over the opinions expressed in the Report.

     Following the initial posting of the Report on its Web site, RW shall print
     and   distribute   the  Report  at  its  own  expense  to  individual   and
     institutional   investors   whom   RW   believes   have  an   interest   in
     small-capitalization  stocks.  The date of such  printing and  distribution
     shall be at RW's sole  discretion.  RW shall  also  mail 100  copies of the
     Report to Client,  and Client shall have permission to duplicate the Report
     at its own expense or to purchase  additional original copies from RW for a
     nominal fee.

     FEE. In  consideration  of RW's services,  the Client shall pay to RW a fee
     ("Fee")  consisting of eight hundred thousand  (800,000) shares of Client's
     common  stock.  This Fee is due and payable upon the date on which you sign
     this  Agreement.  The shares  shall be issued in  certificate  form for The
     Research  Works,  Inc.  (623  Ocean  Avenue,  Sea  Girt,  NJ  08750;  tax #
     22-3173901).

     RW  acknowledges  that the common shares issued  pursuant to this Agreement
     (a) have not been  registered  under the Securities Act of 1933, as amended
     (the  "Act"),   (b)  cannot  be  offered  or  sold  except  pursuant  to  a
     registration  statement  under the Act or an  exemption  from  registration
     under the Act,  and (c) are being  acquired for  investment  and not with a
     view to the distribution  thereof.  RW represents that it is an "accredited
     investor" as such term is defined by Rule 501 (a) of  Regulation D and also
     acknowledges  that its officers and directors are capable of evaluating the
     merits and risks of an investment in Client's common shares.

     The Client  agrees to  piggy-back  the  registration  of the shares  issued
     pursuant to this  Agreement  onto the first  registration  statement  filed
     subsequent to the date on which the Client signs this Agreement.

     Should the Client  terminate  this  Agreement  prior to the End of the Full
     Term for any reason other than RW's failure to perform in  accordance  with
     the terms set forth in this Agreement,  then no portion of the Fee shall be
     refunded to the Client,  except,  however,  that the Client may cancel this
     Agreement  without  penalty  within  five  (5)  business  days of  Client's
     entering into this  Agreement,  provided  that the Client  provides RW with
     written  notice  of such  cancellation  in  accordance  with  the  terms of
     Paragraph 6 of this Agreement.

     Should the Client  terminate  this  Agreement  prior to the End of the Full
     Term for RW's failure to perform in accordance  with the terms set forth in
     this  Agreement,  then a  percentage  of the Fee shall be  refunded  to the
     Client;  this  percentage  is the  product  of 50% times the  result of the
     division  of the number of days from the Early  Termination  Date until the
     End of the Full Term by the  number of days  from the  commencement  of the
     Term until the End of the Full Term.


Initials: WJR ____ ; Client   A L/


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     Notwithstanding the foregoing,  Client shall recover the entire Fee from RW
     if Client  terminates  this Agreement  based on RW's failure to release the
     initial Report in accordance with the time and manner mandated by Paragraph
     2.

     Should RW terminate this Agreement  prior to the End of the Full Term, then
     a percentage  of the Fee shall be refunded to the Client;  this  percentage
     shall be the product of 50% times the result of the  division of the number
     of days from the Early  Termination  Date until the End of the Full Term by
     the number of days from the  commencement  of the Term until the End of the
     Full Term.

     Notwithstanding the foregoing,  RW shall refund the entire Fee to Client if
     RW terminates this Agreement prior to the release of the initial Report for
     any reason other than Client's  failure to perform in  accordance  with the
     terms set forth in this Agreement.

4.   CLIENT'S  REPRESENTATIONS  AND COVENANTS.  Client  represents and covenants
     that:

     (a) it will not use the Report in connection  with any offering of Client's
     securities in any private placement  memoranda or in any prospectus without
     the prior written consent of RW;

     (b) it and its principals  will keep  confidential  their  knowledge of the
     pending release of the Report;

     (c) it will  distribute  the Report only in its entirety and in  conformity
     with all securities laws;

     (d) it will cease any distribution of the Report when facts or management's
     expectations are materially  different from those presented or estimated in
     such Report;

     (e) it has  received  a copy  of RW's  brochure  and  Part  II of RW's  ADV
     application,  both of which  are  available  for  viewing  at RW's web site
     (www.stocksontheweb.com); and

     (f)  it  will  indemnify  and  hold  RW and  its  officers,  employees  and
     independent  contractors  harmless  from  and  against  any  loss,  damage,
     liability, or expense (including reasonable attorneys' fees and other costs
     of litigation,  regardless of outcome) arising out of or in connection with
     (i) any breach of the  representations and covenants made by Client in this
     Paragraph 4, (ii) false or misleading information provided to RW by Client,
     or (iii) claims relating to the purchase and/or sale of Clients' securities
     arising from RW's relationship  with Client.  Such  indemnifications  shall
     continue for a period of five (5) years beyond the end of the Term.

Initials: WJR             ; Client [GRAPHIC]

<PAGE>


5.   ARBITRATION.  Any dispute between RW and Client, either during or after the
     Term,  shall be subject to binding  arbitration  before a  three-arbitrator
     panel in accordance with the rules of the American Arbitration Association.
     Prior to the selection of the arbitrators of the binding  arbitration,  the
     parties  shall  first  attempt  non-binding  mediation  before  a  mediator
     selected by said Association.  Each party shall bear its own costs relating
     to such mediation, including attorney's fees and expenses. In the event the
     parties  are  unable to  resolve  the  dispute  through  mediation  and the
     arbitrators  reach a decision in favor of one of the parties then the other
     party shall be responsible for all costs of the first party relating to the
     arbitration, including attorney's fees and expenses, subject however to the
     discretion  of the  arbitrators  to  reallocate  these costs if cause is so
     found by the  arbitrators.  Unless another location is mutually agreed upon
     by both parties,  the mediation  and  arbitration  are to take place in the
     State of New Jersey.

6.   NOTICES.  Notices to RW are to be  delivered  to  William J.  Ritger at the
     address in this  letterhead.  Notices to the Client are to be  delivered to
     the  individual to whom this letter is directed,  at the inside  address of
     this letter.  The parties to this  Agreement may change these  addresses by
     giving written notice.

7.   IMPAIRED  PROVISION.  If any  provision of this  Agreement is held invalid,
     illegal or unenforceable in any respect (an "Impaired Provision"),

     (a) such Impaired  Provision  shall be  interpreted  in such a manner as to
     preserve, to the maximum extent possible, the intent of the parties,

     (b) the validity,  legality and enforceability of the remaining  provisions
     shall not in any way be affected or impaired thereby, and

     (c) such decision shall not affect the validity, legality or enforceability
     of such Impaired Provision under other circumstances.  The parties agree to
     negotiate  in good faith and agree upon a provision to  substitute  for the
     Impaired  Provision in the circumstances in which the Impaired Provision is
     invalid, illegal or unenforceable.

8.   ENTIRE AGREEMENT. This Agreement sets forth the entire understanding of the
     parties  hereto with respect to the subject  matter hereof and shall not be
     modified, except by a written document signed by the parties.

9.   PARAGRAPH  HEADINGS.  The  paragraph  headings  used in this  Agreement are
     included  solely  for  convenience  and  shall  not  affect  or be  used in
     connection with the interpretation of this Agreement.

10.  GOVERNING  LAW.  This  Agreement  shall be  governed  by and  construed  in
     accordance  with the laws of the State of New Jersey  without regard to the
     principles of conflict of laws.



Initials: WJR             ; Client /


<PAGE>


11.  Facsimile  copies.  Duly executed  facsimile copies are fully binding under
     any and all applicable laws.

Please  confirm your  agreement  with the foregoing by signing and returning one
copy of this letter to the  undersigned  whereupon  this letter  shall  become a
binding  Agreement.  The offer to enter into this Agreement shall expire 14 days
from the date of this letter.


Very truly yours,

THE RESEARCH WORKS, INC.


By: /s/ William J. Ritger
    ---------------------------
    William J. Ritger President




MAGNITUDE^INFORMATION SYSTEMS, INC.

            [GRAPHIC]


By: /s/ Joerg H. Klaube
    -----------------------------
    Joerg H. Klaube
    Chief Financial Officer



Date:  November 28, 2003


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REMINDER: Please remember to initial each page.






[GRAPHIC]

Initials: WJR       ; Client