<PAGE>

                                                                     Exhibit 4.8

THIS COMMON STOCK PURCHASE WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"); OR UNDER ANY APPLICABLE LAW OR
REGULATION OF ANY STATE.  THIS COMMON STOCK WARRANT MAY NOT BE SOLD, OFFERED,
ASSIGNED OR TRANSFERRED UNLESS THE WARRANT IS REGISTERED UNDER THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS, OR SUCH OFFERS, SALES, ASSIGNMENTS AND
TRANSFERS ARE MADE PURSUANT TO THE AVAILABLE EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF THOSE LAWS. 


                               VISUAL EDGE SYSTEMS INC.

                            COMMON STOCK PURCHASE WARRANT

                                                         DATED:  August 20, 1997

-------------------------------------------------------------------------------
                                           No.1
Number of Common Shares:  75,000           Holder: Vision Financial Group, Inc.
Purchase Price:           $10.00                   1100 Liberty Avenue
Expiration Date:          August 20, 2000          Pittsburgh, PA 15222

                          For identification only.
           The governing terms of this Warrant are set forth below.
-------------------------------------------------------------------------------

    Visual Edge Systems Inc., a Delaware corporation (the "Company"), hereby
certifies that, for value received, Vision Financial Group, Inc. or assigns
(each a "Holder"), is entitled, subject to the terms set forth below, to
purchase from the Company at any time or from time to time after the date hereof
and prior to August 20, 2000 (the "Exercise Period"), at the Purchase price
hereinafter set forth, seventy-five thousand (75,000) fully paid and
nonassessable shares of Common Stock (as hereinafter defined) of the Company. 
The number and character of such shares of Common Stock and the Purchase Price
are subject to adjustment as provided herein.

    This Warrant (this "Warrant"; such term to include any warrants issued in
substitution therefor) is issued in connection with that certain Letter (the
"Letter"), dated of even date herewith between the initial Holder hereof and the
Company.

    The purchase price per share of Common Stock issuable upon exercise of this
Warrant (the "Purchase Price") shall initially be $10.00; provided, however,
that the Purchase Price shall be adjusted from time to time as provided herein.

    As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

<PAGE>

         (a)  The term "Company" shall include Visual Edge Systems Inc. and any
    entity that shall succeed or assume the obligations of such corporation
    hereunder.

         (b)  The term "Common Stock" includes (a) the Company's common stock,
    $.01 par value per share, (b) any other capital stock of any class or
    classes (however designated) of the Company, authorized on or after such
    date, the holders of which shall have the right, without limitation as to
    amount, either to all or to a share of the balance of current dividends and
    liquidating dividends after the payment of dividends and distributions on
    any shares entitled to preference, and the holders of which shall
    ordinarily, in the absence of contingencies, be entitled to vote for the
    election of a majority of directors of the Company (even though the right
    so to vote has been suspended by the happening of such a contingency) and
    (c) any other securities into which or for which any of the securities
    described in (a) or (b) may be converted or exchanged pursuant to a plan of
    recapitalization, reorganization, merger, sale of assets or otherwise.

         (c)  The term "Other Securities"  refers to any stock (other than
    Common Stock) and other securities of the Company or any other person
    (corporate or otherwise) that the holder of this Warrant at any time shall
    be entitled to receive, or shall have received, on the exercise of this
    Warrant, in lieu of or in addition to Common Stock, or that at any time
    shall be issuable or shall have been issued in exchange for or in
    replacement of Common Stock or Other Securities pursuant to Section 4 or
    otherwise.

1.  Exercise of Warrant.

    1.1. Method of Exercise.  This Warrant may be exercised in whole or in part
(but not as to a fractional share of Common Stock), at any time and from time to
time during the Exercise Period, by the Holder hereof by delivery of a notice of
exercise (a "Notice of Exercise") substantially in the form attached hereto as
Exhibit A via facsimile to the Company.  Promptly thereafter the Holder shall
surrender this Warrant to the Company at its principal office, accompanied by
payment of the Purchase Price multiplied by the number of shares of Common Stock
for which this Warrant is being exercised (the "Exercise Price").  Payment of
the Exercise Price shall be made by check or bank draft payable to the order of
the Company or by wire transfer to the account of the Company.  If the amount of
the payment received by the Company is less than the Exercise Price, the Holder
will be notified of the deficiency and shall make payment in that amount within
five (5) business days.  In the event the payment exceeds the Exercise Price,
the Company will promptly refund the excess to the Holder.  Upon exercise, the
Holder shall be entitled to receive, promptly after payment in full, one or more
certificates, issued in the Holder's name or in such name or names as the Holder
may direct, subject to the limitations on transfer contained herein, for the
number of shares of Common Stock so purchased.  The shares so purchased shall be
deemed to be issued as of the close of business on the date on which the Company
shall have received from the Holder payment of the Exercise Price (the "Exercise
Date").

                                      -2-

<PAGE>

        1.2. Regulation D Restrictions.  The Holder hereof represents 
    and warrants to the Company that it has acquired this Warrant and 
    anticipates acquiring the shares of Common Stock issuable upon 
    exercise of the Warrant solely for its own account for investment 
    purposes and not with a view to or for distributing such securities 
    unless such distribution has been registered with the Securities 
    and Exchange Commission or an applicable exemption is available 
    therefor.  At the time this Warrant is exercised, the Company may 
    require the Holder to state in the Notice of Exercise such 
    representations concerning the Holder as are necessary or 
    appropriate to assure compliance by the Holder with the Securities 
    Act.
    
        1.3. Company Acknowledgment.  The Company will, at the time of 
    the exercise of this Warrant, upon the request of the Holder 
    hereof, acknowledge in writing its continuing obligation to afford 
    to the Holder any rights to which the Holder shall continue to be 
    entitled after such exercise in accordance with the provisions of 
    this Warrant.  If the Holder shall fail to make any such request, 
    such failure shall not affect the continuing obligation of the 
    Company to afford to the Holder any such rights.
    
        1.4.Limitation on Exercise.  Notwithstanding the rights of the 
    Holder to exercise all or a portion of this Warrant as described 
    herein, such exercise rights shall be limited solely in the manner 
    set forth in the Purchase Agreement as if such provisions were 
    specifically set forth herein.
 
    2.  Delivery of Stock Certificates, etc., on Exercise.  As soon as 
practicable after the exercise of this Warrant, the Company at its expense 
(including the payment by it of any applicable issue, stamp or transfer taxes 
upon issuance to the Holder) will cause to be issued in the name of and 
delivered to the Holder to hereof, or, to the extent permissible hereunder, 
to such other person as the Holder may direct, a certificate or certificates 
for the number of full paid and nonassessable shares of Common Stock (or 
Other Securities) to which the Holder shall be entitled on such exercise, 
plus, in lieu of any fractional share to which the Holder would otherwise be 
entitled, cash equal to the such fraction multiplied by the then applicable 
Purchase Price, together with any other stock or other securities and 
property (including cash, where applicable ) to which the Holder is entitled 
upon such exercise pursuant to Section 1 or otherwise.

    3.  Adjustment for Dividends in Other Stock Property, etc., 
Reclassification, etc.  In case at any time or from time to time the holders 
of Common Stock (or Other Securities) shall have received, or (on or after 
the record date fixed for the determination of stockholders eligible to 
receive) shall have become entitled to receive, without payment therefor, 
other or additional stock or other securities or property (other than cash) 
by way of dividend or any cash (excluding cash dividends payable solely out 
of earnings or earned surplus of the Company), or other or additional stock 
or other securities or property (including cash) by way or spin-off, 
split-up, reclassification, recapitalization, combination of shares or 
similar corporate rearrangement other than additional shares of Common Stock 
(or Other Securities) issued as a stock dividend or in a stock split 
(adjustments in respect of which are provided for in Section 5), then and in 
each such event, the

                                       -3-

<PAGE>


Holder of this Warrant, on the exercise hereof as provided in Section 1 shall 
be entitled to receive the amount of stock and other securities and property 
(including cash in the cases referred to in subdivisions (b) and (c) of this 
Section 3) that the  Holder would have been entitled to receive on the 
effective date of such event if the Holder had so exercised this Warrant 
immediately prior thereto, giving effect to all adjustments called for during 
such period by Sections 4 and 5.

    4.  Adjustment for Reorganization, Consolidation, Merger, etc.

        4.1. Reorganization, etc.  In case at any time or from time to 
    time, the Company shall (a) effect a reorganization, (b) 
    consolidate with or merge into any other person or (c) transfer all 
    or substantially all of its properties or assets to any other 
    person under any plan or arrangement contemplating the dissolution 
    of the Company, then, in each such case, the Holder of this 
    Warrant, nor the exercise hereof as provided in Section 1 at any 
    time after the consummation of such reorganization, consolidation 
    or merger or the effective date of such dissolution, as the case 
    may be, shall receive, in lieu of the Common Stock (or Other 
    Securities) issuable on such exercise prior to such consummation o 
    such effective date, the stock and other securities and property 
    (including cash) to which the Holder would have been entitled upon 
    such consummation or in connection with such dissolution, as the 
    case may be, if the Holder had so exercised this Warrant, 
    immediately prior thereto, all subject to further adjustment 
    thereafter as provided herein.
    
        4.2. Dissolution.  In the event of any dissolution of the 
    Company following the transfer of all or substantially all of its 
    properties or assets, the Company, prior to such dissolution, shall 
    at its expense deliver or cause to be delivered the stock and other 
    securities and property (including cash, where applicable) 
    receivable by the Holder of this Warrant after the effective date 
    of such dissolution pursuant to this Section 4 to a bank or trust 
    company, as trustee for the Holder or Holders of this Warrant.
    
        4.3. Continuation of Terms.  Upon any reorganization, 
    consolidation, merger or transfer (and any dissolution following 
    any transfer) referred to in this Section 4, this Warrant shall 
    continue in full force and effect and the terms hereof shall be 
    applicable to the shares of stock and other securities and property 
    receivable on the exercise of this Warrant after the consummation 
    of such reorganization, consolidation or merger to the effective 
    date of dissolution following any such transfer, as the case may 
    be, and shall be binding upon the issuer of any such stock or other 
    securities, including, in the case of any such transfer, the person 
    acquiring all or substantially all of the properties or assets of 
    the Company, whether or not such person shall have expressly 
    assumed the terms of this Warrant as provided in Section 7.

    5.  Adjustment for Extraordinary Events.  The Purchase Price to be paid 
by the Holder upon exercise of this Warrant shall be adjusted in case at any 
time or from time to time the Company should (i) subdivide the outstanding 
shares of Common Stock into a greater number of shares, (ii) consolidate the 
outstanding shares of Common Stock into a smaller number of shares, (iii) 
issue

                                      -4-

<PAGE>

shares of Common Stock or securities convertible into or exchangeable for 
shares of Common Stock as a dividend to all or substantially all holders of 
shares of Common Stock or (iv) issue by reclassification of shares of Common 
Stock or any shares of capital stock of the Company.

    6.  Redemption.

        6.1. Voluntary Redemption.  The Company may at any time, at its 
    option and following at least ten (10) days prior written notice to 
    the Holder, redeem (each, a "Redemption") for cash from funds 
    legally available therefor, up to 50% of the Warrants for a 
    redemption price per share (the "Redemption Price") equal to $.01 
    per share of Common Stock (or Other Securities) issuable upon 
    exercise of this Warrant (the "Warrant Shares") on the Redemption 
    Date (as hereinafter defined) if the Stock Price (as hereinafter 
    defined) is equal to or in excess of $15.00, provided, that if the 
    Stock Price is equal to or in excess of $20.00, then the Company 
    may redeem up to 100% of the total number of Warrant Shares 
    underlying this Warrant. 
    
        As used herein, "Stock Price" shall mean the closing bid price 
    for the Common Stock (as specified by Bloomberg, L.P.) during the 
    20 trading days ending three days prior to the date on which the 
    Company delivers the Redemption Notice.
    
        6.2. Notice of Redemption.  If the Company elects to redeem any 
    or all of this Warrant pursuant to the terms hereof, the Company 
    shall give not less than ten (10) days prior written notice of such 
    Redemption (the "Redemption Notice") to the Holder (together with 
    each of the other holders of the warrants of the same class hereof) 
    at such Holder's address as it appears on the books and records of 
    the Company by facsimile transmission (if such Holder shall have 
    provided a facsimile number), and the Warrant Shares then subject 
    to Redemption and not otherwise converted prior to the Redemption 
    Date shall, on the date which is ten (10) days after the deposit of 
    Redemption Notice (the "Redemption Date"), cease to be outstanding 
    and the rights of the Holders and owners thereof shall be limited 
    to payment of the Redemption Price thereof.  The Company shall 
    deliver the Redemption Price to the Holders in cash or by wire 
    transfer as indicated by the Holder within two (2) business days of 
    the Redemption Date. The Redemption Price shall (in the reasonable 
    discretion of the Board of Directors of the Company) be adjusted to 
    take into account any stock split or other similar event.
     
        6.3. Selection of Warrant Shares.  The Company shall select the 
    Warrants to be redeemed in a Redemption in which not all Warrants 
    of this class are to be redeemed so that the Warrant Shares of each 
    Holder selected for Redemption shall bear the same proportion to 
    the total Warrant Shares owned by that Holder that the proportion 
    of all Warrant Shares selected for Redemption bears to the total 
    number of Warrant Shares.  Should any Warrant Shares required to be 
    redeemed under the terms hereof not be redeemed solely by reason of 
    limitations imposed by law, the applicable Warrant Shares shall be 
    redeemed on the earliest possible date that the applicable Warrant 
    Shares may be redeemed to the maximum extent

                                      -5-

<PAGE>

    permitted by law. Except as set forth above, the Board of Directors
    shall prescribe the manner in which any Redemption shall be effected.

    7.  No Impairment.  The Company will not, by amendment of its Certificate
of Incorporation or through any reorganization, transfer of assets, 
consolidation, merger, dissolution, issue or sale of securities or any other 
voluntary action, avoid or seek to avoid the observance or performance of any 
of the terms of this Warrant, but will at all times in good faith assist in 
the carrying out of all of such terms and in the taking of all such action as 
may be necessary or appropriate in order to protect the rights of the Holder 
of this Warrant against impairment.  Without limiting the generality of the 
foregoing, the Company (a) will not increase the par value of any shares of 
stock receivable on the exercise of this Warrant above the amount payable 
therefor on such exercise, (b) will take all such action as may be necessary 
or appropriate in order that the Company may validly and legally issue fully 
paid and nonassessable shares of stock on the exercise of this Warrant and 
(c) will not transfer all or substantially all of its properties and assets 
to any other person (corporate or otherwise), or consolidate with or merge 
into any other persons or permit any such person to consolidate with or merge 
into the Company (if the Company is not the surviving person), unless such 
other person shall expressly assume in writing and will be bound by all the 
terms of this Warrant.

    8.  Notices of Record Date, etc.  In the event of 

                 (a)  any taking by the Company of a record of the holders 
        of any class or securities for the purpose of determining the 
        holders thereof who are entitled to receive any dividend or other 
        distribution, or any right to subscribe for, purchase or otherwise 
        acquire any shares of stock of any class or any other securities or 
        property, or to receive any other right, or 

             (b)  any capital reorganization of the Company, any 
        reclassification or recapitalization of the capital stock of the 
        Company or any transfer of all or substantially all the assets of 
        the Company to, or consolidation or merger of the Company with or 
        into, any other person, or 

             (c)  any voluntary or involuntary dissolution, liquidation 
        or winding-up of the Company, 

then, in each such event, the Company will mail or cause to be mailed to the
Holder of this Warrant a notice specifying (i) the date on which any such record
is to be taken for the purpose of such dividend, distribution or right, and
stating the amount and character of such dividend, distribution or right, and
(ii) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or
winding-up is to take place, and the time, if any, as of which the holders of
record of Common Stock (or Other Securities) shall be entitled to exchange their
shares of Common Stock (or Other Securities) for securities or other property
deliverable on such reorganization, reclassification, recapitalization,
transfer, consolidation, merger

                                      -6-

<PAGE>

dissolution, liquidation or winding-up.  Such notice shall be mailed at least 
20 days prior to the date specified in such notice on which any action is to 
be taken.

    9.  Reservation of Stock, etc. Issuable on Exercise of Warrant.  The 
Company will at all times reserve and keep available, solely for issuance and 
delivery on the exercise of this Warrant, all shares of Common Stock (or 
Other Securities) from time to time issuable on the exercise of this Warrant.

    10. Exchange of Warrant.  On surrender for exchange of  this Warrant, 
properly endorsed, to the Company, the Company at is expense will issue and 
deliver to or on the order of the holder thereof of a new Warrant of like 
tenor, in the name of such Holder or as such Holder (on payment by such 
holder of any applicable transfer taxes) may direct, calling in the aggregate 
on the face or faces thereof for the number of shares of Common Stock called 
for on the face of the Warrant so surrendered.

    11. Replacement of Warrant.  On receipt of evidence reasonably 
satisfactory to the Company of the loss, theft, destruction or mutilation of 
this Warrant and, in the case of any such loss, theft or destruction of this 
Warrant, on delivery of an indemnity agreement or security reasonably 
satisfactory in form and amount to the Company or, in the case of any such 
mutilation or surrender and cancellation of this Warrant, the Company at its 
expense will execute and deliver, in lieu thereof, a new Warrant of like 
tenor.

    12. Remedies.  The Company stipulates that the remedies at law of the 
Holder of this Warrant in the event of any default by the Company in the 
performance of or compliance with any of the terms of this Warrant are not 
and will not be adequate, and that such terms may be specifically enforced by 
a decree for the specific performance of any agreement contained herein or by 
an injunction against a violation of any of the terms hereof or otherwise.

    13. Negotiability, etc.  This Warrant is issued upon the following terms, 
to all of which each Holder or owner hereof by the taking hereof consents and 
agrees:

                 (a)  title to this Warrant may be transferred by 
        endorsement (by the Holder hereof executing the form of assignment 
        at the end hereof) and delivery in the same  manner as in the case 
        of a negotiable instrument transferable by endorsement and delivery;
        
                 (b)  any person in possession of this Warrant properly 
        endorsed is authorized to represent himself as absolute owner 
        hereof and is empowered to transfer absolute title hereto by 
        endorsement and delivery hereof to a bona fide purchaser hereof for 
        value; each prior taker or owner waives and renounces all of his 
        equities or rights in this Warrant in favor of each such bona fide 
        purchaser, and each such bona fide purchaser shall acquire absolute 
        title hereto and to all rights represented hereby;

                                       -7-

<PAGE>

                 (c)  until this Warrant is transferred on the books of the 
        Company, the Company may treat the registered Holder hereof as the 
        absolute owner hereof for all purposes, notwithstanding any notice 
        to the contrary; and
        
                 (d)  notwithstanding the foregoing, this Warrant may not 
        be sold, transferred or assigned except pursuant to an effective 
        registration statement under the Securities Act or, pursuant to an 
        applicable exemption therefrom (including in accordance with 
        Regulation D promulgated under the Securities Act).

    14. Notices, etc.  All notices and other communications from the Company 
to the Holder of this Warrant shall be mailed by first class registered or 
certified mail, postage prepaid, at such address as may have been furnished 
to the Company in writing by the Holder or, until any the Holder furnishes to 
the Company an address, then to, and at the address of, the last Holder of 
this Warrant who has so furnished an address to the Company.

    15. Miscellaneous.  This Warrant and any term hereof may be changed, 
waived, discharged or terminated only by an instrument in writing signed by 
the party against which enforcement of such change, waiver, discharge or 
termination is sought.  This Warrant shall be construed and enforced in 
accordance with and governed by the internal laws of the State of New York, 
except where the Delaware General Corporation Law applies.  The headings in 
this Warrant are for purposes of reference only, and shall not limit or 
otherwise affect any of the terms hereof.  This Warrant is being executed as 
an instrument under seal.  The invalidity or unenforceability of any 
provision hereof shall in no way affect the validity or enforceability of any 
other provision.

                                [SIGNATURE PAGE FOLLOWS]



                                      -8-

<PAGE>


DATED as of August __, 1997.
                                       VISUAL EDGE SYSTEMS INC.


                                       By:______________________________

                                       Name:____________________________

                                       Title:___________________________





                                      -9-


<PAGE>

                                      EXHIBIT A


                              FORM OF NOTICE OF EXERCISE
                                           
                   (To be executed only upon exercise or conversion
                         of the Warrant in whole or in part)
                                           
To Visual Edge Systems Inc.

    The undersigned registered holder of the accompanying Warrant hereby
exercises such Warrant or portion thereof for, and purchases thereunder,
__________(1) shares of Common Stock  (as defined in such Warrant) and herewith
makes payment therefor of $___________.  The undersigned requests that the
certificates for such shares of Common Stock be issued in the name of, and
delivered to, __________________________ whose address is _____________________
_______________________________________________________.


Dated:________________________



                                       ---------------------------------------
                                       (Name must conform to name of holder
                                       as specified on the face of the Warrant)

                                       By:____________________________________

                                          Name:_______________________________

                                          Title:______________________________

                                       Address of holder:

                                       _______________________________________

                                       _______________________________________

                                       _______________________________________



----------------------------
(1) Insert the number of shares of Common Stock as to which the accompanying 
    Warrant is being exercised. In the case of a partial exercise, a new Warrant
    or Warrants will be issued and delivered, representing the unexercised 
    portion of the accompanying warrant, to the holder surrendering the same.


                                      -10-