<PAGE>

                                                                     Exhibit 4.7

                       THIRD AMENDMENT OF LOAN DOCUMENTS
                       ----- --------- -- ---- ---------

          THIS THIRD AMENDMENT OF LOAN DOCUMENTS (this "Amendment") is made as
of July 5, 2001, to be effective as of June 30, 2001, by and among the following
   ------
parties:

          1.        SOUTHTRUST BANK ("Bank");

          2.        COLOR IMAGING, INC. ("Delaware Color");

          3.        LOGICAL IMAGING SOLUTIONS, INC. ("Logical"), a California
                    corporation;

          4.        COLOR IMAGE, INC. ("Georgia Color"), a Georgia corporation;
                    and

          5.        ALOREX CORP. ("Alorex"), a New York corporation.


                                   RECITALS:
                                   --------

          1.   Revolving Loans. Delaware Color, Logical, Georgia Color and
               ---------------
Alorex (collectively, jointly and severally, "Borrower"), are jointly and
severally indebted to Bank under and in regard to various loans, including but
not limited to the following loans (collectively, the "Revolving Loans"):

               a.   Revolving Loan (the "First Revolving Loan") in the maximum
principal amount of One Million Five Hundred Thousand Dollars ($1,500,000)
evidenced by Revolving Note (as amended and modified, the "First Revolving
Note") dated as of June 24, 1999, from Georgia Color to Bank, as amended by
Revolving Note Modification Agreement dated as of May 5, 2000, Second Revolving
Note Modification Agreement dated as of August 30, 2000, Third Revolving Note
Modification Agreement dated as of November 30, 2000, and Fourth Revolving Note
Modification Agreement dated as of the date hereof; and subject to Loan and
Security Agreement (as amended and modified, the "Revolving Loan Agreement")
dated as of May 5, 2000, between Georgia Color and Bank, as amended and affected
by Amendment of Loan Documents dated as of August 30, 2000 and Second Amendment
of Loan Documents dated as of November 30, 2000; and

               b.   Revolving Loan (the "Second Revolving Loan") in the maximum
principal amount of Five Hundred Thousand Dollars ($500,000), evidenced by Line
of Credit Promissory Note (as amended and modified, the "Second Revolving Note")
from Georgia Color to Bank dated as of May 5, 2000, as amended and restated by
Amended and Restated Line of Credit Promissory Note dated as of August 30, 2000,
as amended by Revolving Note Modification Agreement dated as of November
30, 2000, and as further amended by Second Revolving Note Modification Agreement
dated as of the date hereof, subject to the Revolving Loan Agreement.

          2.   Amendments. Borrower has requested that Bank agree to extend the
               ----------
maturity of both the First Revolving Loan and the Second Revolving Loan. Bank
has agreed to such requests, subject to execution and delivery of this Amendment
and the terms and conditions set forth herein.

          NOW, THEREFORE, the parties hereto, intending to be legally bound,
agree that (a) the foregoing recitals are true and correct and are incorporated
herein by this reference, (b) any capitalized terms utilized herein, not defined
herein but defined in the Revolving Loan Agreement shall have the definitions
ascribed thereto in the Revolving Loan Agreement and (c) further as follows:
<PAGE>

          1.   Extension. The definition of "Commitment Period" set forth in
               ---------
Article 1 of the Revolving Loan Agreement is hereby amended by inserting
"December 31, 2001" in lieu of "June 30, 2000" therein.

          2.   Conditions. Bank's agreements set forth herein are subject to and
               ----------
conditioned upon satisfaction of the following conditions to Bank's
satisfaction:

               a.   Bank Fee. Bank's receipt of an extension and amendment fee
                    --------
                    of $__________;


               b.   Costs. Payment by Borrower of all Bank's costs and expenses
                    -----
in regard to the investigation, review and approval of this transaction, the
preparation of this Amendment and all documents and agreements required hereby
and the administration thereof, including, without limitation, (i) all legal
fees, expenses and disbursements and other actual third-party expense
reimbursements incurred or sustained by Bank in connection with this
transaction, (ii) all travel, appraisal, audit, search and filing fees incurred
or sustained by Bank in connection with this transaction or the administration
of the Loans and this Amendment; (iii) all recording and filing fees,
intangibles taxes, documentary and revenue stamps, other taxes or other expenses
and charges payable in connection with this Amendment or any agreements or
instruments executed in connection herewith and (iv) all costs, expenses
(including fees and expenses of outside consultants), related to the
administration of the transactions contemplated hereby.

               c.   Patent Assignment. Evidence of recording in US Patent Office
                    -----------------
of Patent Assignment from Michael W. Brennan to Borrower regarding United States
Letters Patent Number 5,834,150 entitled "Solvent Vapor Fixing Methods and
Process Color Toners for Use in Same".

               d.   Other Documents. The execution and delivery of such other
                    ---------------
documents and agreements as Bank shall require to evidence and consummate the
transactions described herein.

          4.   General Provisions.
               ------------------

               a.   Legal Counsel. Borrower acknowledges and agrees that legal
                    -------------
counsel to Bank does not represent Borrower as Borrower's attorney, that
Borrower has retained (or has had an opportunity to retain) counsel of its own
choice and has not and will not rely upon any advice from Bank's counsel. In no
event shall Borrower's reimbursement of expenses pursuant to this Amendment
(even if effected by payment directly by Borrower to Bank's counsel) be deemed
to establish any attorney-client relationship between Borrower and Bank's
counsel.

               b.   No Waiver. The execution and delivery of this Amendment does
                    ---------
not constitute, and shall not be construed as, a waiver by Bank of any default
or Event of Default under any document, agreement or instrument. No delay or
omission of Bank or any subsequent holder of the obligations of Borrower to Bank
to exercise any right, remedy, power or privilege after the occurrence of such
default or Event of Default shall be construed as a waiver of any such default,
or acquiescence therein.

               c.   Headings. The headings of the articles, sections, paragraphs
                    --------
and subdivisions of this Amendment are for convenience of reference only, are
not to be considered a part hereof, and shall not limit or otherwise affect any
of the terms hereof.

               d.   Survival of Covenants; Reaffirmation. All covenants,
                    ------------------------------------
agreements, representations and warranties made herein and in certificates or
reports delivered pursuant hereto shall be deemed to have been material and
relied on by Bank, notwithstanding any investigation made by or on behalf of
Bank, and shall survive the execution and delivery to Bank of this Amendment.
All the terms and conditions of the instruments and agreements amended by this
Amendment are hereby ratified, affirmed and approved as herein amended. Obligors
here reaffirm and restate each and every warranty and representation set forth
in

                                       2
<PAGE>

the Loan Documents, as amended by this Amendment. This Amendment shall not
constitute a novation of the indebtedness evidenced by the Loan Documents.

               e.   Continuing Obligation; Benefits. This Amendment, and each
                    -------------------------------
and every provision hereof, is a continuing obligation and shall (i) be binding
upon each of the parties hereto and their respective heirs, representatives,
successors and assigns, and (ii) inure to the benefit of and be enforceable by
the parties hereto and their respective heirs, representatives, successors and
assigns; provided, that none of Obligors may assign all or any part of this
         --------
Amendment without the prior written consent of Bank, which consent may be
granted or withheld in the sole discretion of Bank.

               f.   Controlling Law. This Amendment shall be governed by and
                    ---------------
construed in accordance with the laws of the State of Georgia.

               g.   Standard of Review. Any document, writing or instrument
                    ------------------
required or permitted to be delivered to Bank under this Amendment shall be
deemed satisfactory only if approved by Bank in the exercise of its sole
discretion, and any act or approval permitted to be done by Bank under this
Amendment shall be in Bank's sole discretion.

               h.   Miscellaneous. This Amendment may not be varied, altered,
                    -------------
or amended except by a written instrument executed by an authorized officer of
the Bank. This Amendment may be executed in any number of counterparts, each of
which, when executed and delivered, shall be an original, but such counterparts
shall together constitute one and the same instrument. Any provision in this
Amendment which may be unenforceable or invalid under any law shall be
ineffective to the extent of such unenforceability or invalidity without
affecting the enforceability or validity of any other provisions hereof.

               i.   General Waivers. To the fullest extent permitted by
                    ---------------
Applicable Law, Borrower and all Obligors waive (i) presentment, demand and
protest and notice of presentment, protest, default, nonpayment, maturity,
release, compromise, settlement, extension or renewal of any or all commercial
paper, accounts, contract rights, documents, instruments, chattel paper and
guaranties at any time held by Bank on which Obligors may in any way be liable;
(ii) notice prior to Bank's taking possession or control of any collateral or
any bond or security which might be required by any court prior to allowing Bank
to exercise any of Bank's remedies, including the issuance of an immediate writ
of possession; (iii) the benefit of all valuation, appraisement and exemption
laws; (iv) any right Obligor may have upon payment in full of the Obligations to
require Bank to terminate its security interest in any collateral until the
execution by Obligors of an agreement indemnifying Bank from any loss or damage
Bank may incur as the result of dishonored checks or other items of payment
received by Bank from Obligors or any Account Debtor and applied to the
obligations owed to Bank; and (v) notice of Bank's acceptance hereof or of any
document required hereby.

               j.   Loan Documents. From and after the date hereof, all
                    --------------
references in any of the Georgia Color Loan Documents, the Other Loan Documents
or any other agreements or documents evidencing, securing or otherwise relating
to any of the obligations or liabilities described therein to any document or
agreement amended by this Amendment shall mean and refer to such document or
agreement as amended by this Amendment.

               k.   Representation and Warranty. Borrower, and the individuals
                    ---------------------------
executing this Amendment on behalf of Borrower, represent and warrant to Bank
that (a) each entity constituting Borrower is in existence and in good standing
under the laws of the state of Georgia and their respective states of
organization, (b) the Articles of Incorporation and Bylaws of the entities
constituting Borrower have not been amended since November 30, 2000, and (c) the
execution and delivery of this Amendment have been authorized by all requisite
corporate action by and on behalf of Borrower.

                                       3
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed under seal as of the date first above written.

                                   COLOR IMAGING, INC., a Delaware corporation

                                   By: /s/ Sueling Wang
                                      ---------------------------------------
                                           Sueling Wang, President

                                   Attest: Chia-an Shieh
                                          -----------------------------------
                                           Chia-an Shieh, Assistant Secretary

                                           [CORPORATE SEAL]


                                   LOGICAL IMAGING SOLUTIONS, INC., a California
                                   corporation

                                   By: /s/ Sueling Wang
                                      ---------------------------------------
                                           Sueling Wang, President

                                   Attest: Chia-an Shieh
                                          -----------------------------------
                                           Chia-an Shieh, Assistant Secretary

                                           [CORPORATE SEAL]


                                   COLOR IMAGE, INC., a Georgia corporation

                                   By: /s/ Sueling Wang
                                      ---------------------------------------
                                           Sueling Wang, President

                                   Attest: Chia-an Shieh
                                          -----------------------------------
                                           Chia-an Shieh, Assistant Secretary

                                           [CORPORATE SEAL]


                                   ALOREX CORP., a New York corporation

                                   By: /s/ Sueling Wang
                                      ---------------------------------------
                                           Sueling Wang, President

                                   Attest: Chia-an Shieh
                                          -----------------------------------
                                           Chia-an Shieh, Assistant Secretary

                                           [CORPORATE SEAL]


                                   SOUTHTRUST BANK

                                   By: ILLEGIBLE
                                      ---------------------------------------
                                   Its: COMMERCIAL LOAN OFFICER
                                       --------------------------------------

                                           [BANK SEAL]

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