Document:

DATED 2000

                 ELTRAX SYSTEMS PTY LIMITED                             (1)

                 AREMISSOFT (HK) CORPORATION LIMITED                    (2)

                 ELTRAX INTERNATIONAL INC                               (3)

                 VERSO TECHNOLOGIES, INC (formerly named
                 Eltrax Systems Inc)                                    (4)

                 AREMISSOFT CORPORATION                                 (5)

           -----------------------------------------------------------

                        ASSET SALE AND PURCHASE AGREEMENT
                      Relating to the sale and purchase of
             ELTRAX SYSTEMS PTY LIMITED, a beneficially wholly-owned
                     subsidiary of Eltrax International Inc

           -----------------------------------------------------------

                                   Robertsons
                             57th Floor, The Center
                             99 Queen's Road Central
                                    Hong Kong
                                 Ref: CDIG/80220

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                                      INDEX

                                                                      Page No:

1.       Definitions
2.       Sale and Purchase of the Business
3.       Consideration
4.       Completion
5.       Excluded Assets and Liabilities
6.       Conduct of the Business
7.       Debts and Liabilities
8.       Risk and Liabilities
9.       Title
10.      Stocks and Cash Float
11.      Warranties by the Vendor
12.      Employees
13.      Vendor's Undertakings
14.      Guarantees
15.      Conditions
16.      Properties
17.      Generally
18.      Notices
19.      Execution

Schedule 1 - Warranties
Schedule 2 - Transferring Employees
Schedule 3 - Agreed Liabilities
Schedule 4 - Debts
Schedule 5 - The Property
Schedule 6 - Provisions relating to the Property

Appendix 1 - Computer Software Licences
Appendix 2 - Equipment
Appendix 3 - Fixtures and Fittings

<PAGE>

THIS AGREEMENT is made the             day of                    2000

BETWEEN:

(1)  ELTRAX  SYSTEMS PTY LIMITED a company  incorporated  under the laws of Hong
     Kong whose registered  office is at 2nd Floor, VIP Commercial  Centre,  120
     Canton Road, Kowloon, Hong Kong ("the Vendor")

(2)  AREMISSOFT (HK) CORPORATION  LIMITED a company  incorporated under the laws
     of Hong Kong  whose  registered  office is at Room  5705,  The  Center,  99
     Queen's Road Central, Hong Kong ("the Purchaser")

(3)  ELTRAX  INTERNATIONAL INC a corporation  incorporated under the laws of the
     state of  Pennsylvannia  US whose  principal  place of  business  is at 400
     Galleria Parkway, Suite 300 Atlanta, GA30339, U.S.A.  (Incorporation number
     25-1369276) ("Eltrax International")

(4)  VERSO  TECHNOLOGIES,  INC,  formerly named Eltrax Systems Inc a corporation
     incorporated  under the laws of the state of Minnesota  US whose  principal
     place of business is at 400 Galleria Parkway,  Suite 300 Atlanta,  GA30339,
     U.S.A. (Incorporation No: 41-1484525) ("Verso")

(5)  AREMISSOFT  CORPORATION  a corporation  incorporated  under the laws of the
     State of  Delaware US whose  principal  place of business is at [216 Haddon
     Street,  Suite 607, Westmont,  NJ 08108]  (Incorporation  No:2902859) ("the
     Purchaser's Parent Company")

WHEREAS:

(A)  The Vendor is  beneficially  owned in its entirety by Eltrax  International
     whose holding company is Verso and the Vendor inter alia,  provides turnkey
     hardware and software solutions and services to the hospitality industry in
     the Peoples' Republic of China, Hong Kong,  Macau,  Japan,  South Korea and
     Taiwan.

(B)  The Purchaser's Parent Company and Verso (inter alia) have agreed under the
     terms of the Head Agreement (as defined below) that the Purchaser's  Parent
     Company will purchase  certain of the Assets and the Agreed  Liabilities of
     Eltrax  International as provided in and on the terms of the Head Agreement
     and  pursuant  thereto it has been  agreed that the Vendor will sell to the
     Purchaser the Business (as defined  below) upon the terms and conditions of
     this Agreement

NOW IT IS HEREBY AGREED as follows: -

1.   DEFINITIONS

     1.1  In this  Agreement  the  following  words  and  expressions  have  the
          following meanings unless inconsistent with the context:

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     "Accounting Date" means 30th September 2000;

     "Accounts" means the accounts  relating to the Business  incorporated  into
          the  audited  financial  statements  of the Vendor for the  accounting
          reference  period  ended on the  Accounting  Date  comprising  balance
          sheet,  profit and loss account,  notes,  the director's and auditor's
          reports and costs flow statement;

     "Agreed Form" means in relation to any documents  such document in the form
          agreed  between  the  parties  and   initialled  by  the   Purchasers'
          Solicitors   and  the   Vendors'   Solicitors   for  the   purpose  of
          identification;

     "Agreed Liabilities" the aggregate  amount  owed  by  the    Vendor  at the
          Completion  Date in  connection  with the Business to or in respect of
          trade  creditors  which are set out in Schedule 3 to be assumed by the
          Purchaser pursuant to Clause 7.3 and in addition any liabilities to be
          included in the  Completion  Accounts  which the  Purchaser  agrees in
          writing to assume in connection  with the Business (but  excluding any
          liabilities  relating  to any other  division  of the  Vendor and also
          excluding  any direct or  indirect  costs or  liabilities  incurred in
          connection  with the sale and purchase of the Business  whether  under
          this Agreement or otherwise);

     "Assets" means all the property assets and rights of the Vendor used in the
          conduct of  Business as at the  Completion  Date to be bought and sold
          pursuant  to Clause  2.1 below,  including,  but not  limited  to, the
          Properties,  all intellectual  property and software  products used in
          the  Business and all other Assets of the Vendor save for the Excluded
          Assets;

     "Balance Sheet Date" means the 30th September 2000;

     "Business" means the  business of providing  turnkey  hardware and software
          solutions and services to the hospitality  industry  carried on by the
          Vendor at the date hereof and at the Completion Date;

     "Business Contracts" means the Customers Contracts,  Supplier Contracts and
          the Lease Contracts;

     "Business Day" means any day which is not a Saturday,  a Sunday or a Public
          Holiday in Hong Kong;

<PAGE>

     "Business  Information"  means all  information,  know-how  and  techniques
          (whether or not  confidential and in whatever form held under the name
          of the Vendor) which in any way relates to:-

               (i)  all or any part of the Business or Assets ;

               (ii) any products  manufactured  and/or sold or services rendered
                    by the business;

               (iii)any  formulas,  designs,  specifications,   drawings,  data,
                    manuals or instructions;

               (iv) the  operations,  management,  administration,  or financial
                    affairs of the Business  (including  any  business  plans or
                    forecasts,   information   relating   to   future   business
                    development or planning  information  relating to litigation
                    or legal advice); and

               (v)  the sale or marketing  of any of the  products  manufactured
                    and/or sold or services rendered by the business,  including
                    but without  limiting the generality of the foregoing words,
                    customer  names and lists,  sales and marketing  information
                    including  but not  limited  to  targets,  sales and  market
                    shares statistics, market surveys and reports on research.

     "Business Name" means Eltrax Systems Pty Ltd.;

     "CashFloat"  means any cash  balances  held at the  Effective  Date for the
          purpose of reimbursing  out-of-pocket  expenses in connection with the
          Business;

     "Completion" means the  completion of the sale and purchase of the Business
          and the Assets in accordance with Clause 4;

     "Completion  Accounts" means the accounts  prepared in accordance with GAAP
          incorporating  the  Assets to be  acquired  under  clause  2.1 and the
          Agreed Liabilities as at 30th September 2000;

     "Completion  Date"  means  the date on which the sale and  purchase  of the
          Business is completed in  accordance  with clause 4.1 but shall not in
          any event be prior to  satisfaction  or warrant of the  conditions  to
          Completion set forth in clause 15;

     "Completion Time" means the time at which the Completion actually occurs;

     "Confidential Information" means information of every kind concerning or in
          any way relating to the  customers,  business  transactions,  business
          methods, records, forms, charges, financial affairs, trade secrets and
          knowhow of the Business other than information  which is in the public
          domain.

<PAGE>

     "Computer Software  Licences" means the computer  software licences held by
          the Vendor as listed in  Appendix 1 together  with the  benefit of all
          guarantees given to the Vendor in respect thereof or relating thereto;

     "Computer Systems" means all computer hardware, software and networks owned
          or used by the Business  including  all  arrangements  relating to the
          provision of maintenance  and support,  security,  disaster  recovery,
          facilities management, bureau and online services to the Business;

     "Consideration"  means the total purchase price payable by the Purchaser to
          the Vendor for the Business and Assets hereby agreed to be sold for US
          Dollars Five Hundred and Eighty Thousand (US$580,000);

     "Creditors" means all trade and other debts,  accrued charges and all other
          amounts  owing by the Vendor in  connection  with the  business on the
          Completion  Date to the extent  taken into  account in the  Completion
          Accounts  together  with such debts as have  properly been incurred in
          the  ordinary  course of  business  between  30th  September  2000 and
          Completion;

     "Customer Cash" means all cash sums  belonging or referable to customers or
          potential  customers of the Business  which are held or deposited with
          the Vendor as  deposits  for or  advances  of  instalment  payments in
          relation to, any Business contract or so held or deposited in relation
          to any future contract to order which any such customer may place with
          the Business in the future;

     "Customer  Contracts"  means all  those  contracts,  engagements  or orders
          entered  into  on or by the  Completion  Date by or on  behalf  of the
          Vendor  with  its  customers  for the  sale,  loan or hire of goods or
          equipment or provision  of services by the Vendor in  connection  with
          and in the ordinary  course of business which at the  Completion  Date
          remain to be  performed  in whole or in part by the Vendor  including,
          without  limiting the  generality  of the  foregoing  words,  or those
          contracts,  particulars  of  which  are set out in  Schedule  1 to the
          Disclosure Letter;

     "Debts" means the  aggregate  amount  owed to the Vendor at the  Completion
          Date in connection with goods and services supplied in the Business by
          or in respect of trade  debtors  including  (but  without  limitation)

<PAGE>

          those trade  debtors set out in Schedule 4 and in addition any debtors
          in  connection  with the  Business to be  included  in the  Completion
          Accounts  which  have  fallen  due  between  30th  September  2000 and
          Completion  to be  assigned  to the  Purchaser  pursuant  to a Deed of
          Assignment of Debts in the Agreed Form;

     "Disclosed" means fully and fairly disclosed to the Purchaser expressly for
          the purposes of this  Agreement in the  Disclosure  Letter and for the
          purposes of this  definition the  expression  "fully and fairly" means
          that a matter shall be Disclosed  only if it has been  Disclosed  with
          reference  to a  particular  Warranty  identified  by  its  number  in
          Schedule 1 with  sufficient  particularity  to enable the Purchaser to
          assess the full impact on the business of the matter disclosed;

     "Disclosure  Letter" the letter  disclosing  exceptions  to the  Warranties
          dated the date hereof and written and  delivered  by the Vendor to the
          Purchaser in the Agreed Terms;

     "the Eltrax Guarantors" means Eltrax International and Verso;

     "Equipment"  means  the  loose  equipment  comprising  furniture  plant and
          machinery computer hardware software facsimile filing systems archives
          and any other equipment  wherever situate  belonging to the Vendor and
          used in connection with the Business including,  without limitation to
          the generality of the foregoing,  all those items particulars of which
          are set out in Appendix 2;

     "Excluded  Assets"  means the assets  listed in Clause 5 which are owned by
          the Vendor and excluded from the sale;

     "Excluded Employees" means all employees other than Transferring  Employees
          if any;

     "Fixtures and Fittings"  means the fixtures (other than the Fixed Plant and
          Equipment),  furniture, utensils, templates,  implements, chattels and
          equipment  wherever  situate  belonging  to the  Vendor  and  used  in
          connection  with the business  including,  without  limitation  to the
          generality of the foregoing,  all those items particulars of which are
          set out in Appendix 3;

     "GAAP" generally accepted accounting  principles,  as in effect on the date
          of any statement,  report or determination  that purports to be, or is

<PAGE>

          registered  to  be,   prepared  or  made  in   accordance   with  GAAP
          consistently  applied  throughout  the periods to which  reference  is
          made;

     "Goodwill" means the goodwill of the Vendor in connection with the Business
          including the exclusive right for the Purchaser to represent itself as
          carrying on the Business in  succession  to the Vendor,  and under the
          names and in connection  with products of the Business under the trade
          names  Eltrax  Systems and all other trade names of the  Business  but
          excluding  "Eltrax"  and "Eltrax  Hospitality"  and all other  trading
          names and styles of the Vendor;

     "HeadAgreement" means the Agreement between the Purchaser's  Parent Company
          and Eltrax  Systems  and Eltrax  Hospitality  Group Inc.  by virtue of
          which those  parties have agreed to purchase  all acquired  assets and
          assume the assumed  liabilities for the  consideration  (as such terms
          are  defined  in the Head  Agreement)  and upon the  terms of the Head
          Agreement;

     "Hong Kong"  means  the  Hong  Kong  Special  Administrative Region  of the
          People's Republic of China;

     "Information"  means  other  than  the  Retained   Records  all  stationery
          promotional material brochures sales publications advertising material
          terms of business  and all other  written or printed  material  issued
          solely in connection with the Business and owned by the Vendor;

     "Intellectual  Property  Rights" means  patents,  know-how,  registered and
          unregistered  trademarks and service marks (including any trade, brand
          or business name and any distinctive  sounds used to differentiate the
          goods or services of the business),  domain names, registered designs,
          registered  rights,  utility  models,  copyright  (including  all such
          rights in computer software and hardware, the business information and
          any databases),  moral rights and topography rights, (in each case for
          the full period  thereof and all  extensions  and  renewals  thereof),
          applications  for any of the  foregoing and the right to apply for any
          of the  foregoing  in any part of the  world  and any  similar  rights
          situated in any  country;  and the benefit  (subject to the burden) of
          any and all agreements,  arrangements  and licences in connection with
          any of the  foregoing and without  prejudice to the  generality of the
          foregoing the rights to use, assign,  licence or grant rights over any
          trade or service  mark of the Vendor or any member of the Vendor  save

<PAGE>

          for "Eltrax" and "Eltrax Hospitality";

     "Leases" means the leases of the Properties  brief details of which are set
          out in Schedule 5;

     "Lease Contracts" means those contracts and other contractual  arrangements
          (including,  without limitation,  finance leases, but excluding leases
          of real  property)  entered  into by or on  behalf  of the  Vendor  in
          connection  with the Business and which remain  unperformed  as at the
          Effective Date pursuant to which tangible assets used by the Vendor in
          or in connection  with the Business at that date (together "the Leased
          Assets")  have been  supplied  to or are held by the Vendor on hire or
          other rental,  lease,  licence,  hire purchase, or in other terms such
          that title thereto does not pass or has not passed to the Vendor;

     "Liabilities"  means  the  liabilities  of the  Vendor in  relation  to the
          Business  outstanding  at the  Completion  Date  save  for the  Agreed
          Liabilities;

     "Properties" means the leasehold properties held by the Vendor described in
          Schedule 5;

     "Purchaser's  Group" means the holding  company of the Purchaser and all of
          the subsidiaries of such holding company;

     "Purchaser's Solicitors" means Messrs Robertsons of 57th Floor, The Center,
          99 Queen's Road Central, Hong Kong;

     "Records"  means all sale and  purchase  records  and  lists of  customers,
          suppliers, agents, distributors and prospective customers,  contracts,
          correspondence,  data,  information  reports,  all consultancy reports
          prepared for the Vendor or its customers,  personnel,  payroll, orders
          for services and other books and records in whatever form the same are
          maintained  (including computer programmes) in respect of the Business
          as are within the power possession or control of the Vendor and as may
          exist but  excluding  the Retained  Records and any other  records the
          Vendor is required  to retain  including  (without  limit) all records
          which relate both to the Business and other  operations  or businesses
          of the Vendor;

     "Retained Records" means records and other documents of the Vendor relating
          to the Business required to be retained by the Vendor by law;

<PAGE>

     "Landlord" means the person or  corporation  for the time being entitled to
          the  reversion  expectant  on the term  granted by the Lease and shall
          include any superior landlord and the freeholder of the Property;

     "Stock" all unsold products and stock in trade,  raw materials,  components
          and work in progress of the Business at the Completion Date;

     "Supplier  Contracts"  means all  those  contracts,  engagements  or orders
          entered into on or prior to the completion Date by or on behalf of the
          Vendor  for the  supply or sale of goods to the  Vendor in  connection
          with  and  in  the  ordinary  course  of  the  Business  which  at the
          Completion Date remain to be performed in whole or in part;

     "Third Party  Rights"  means  rights of the Vendor  against  third  parties
          arising out of the Business in respect of manufacturer's or supplier's
          warranties guarantees and other contractual obligations and assurances
          (express or implied) in  relation  to Stock,  Equipment  and  Computer
          Systems so far as the Vendor  can  assign the same but  excluding  any
          claim or right by the Vendor in respect of taxation or insurance;

     "Transferring Employees" means the employees listed in Schedule 2;

     "Vendor's  Group"  means the  holding  company of the Vendor and all of the
          subsidiaries of such holding company;

     "Vendor's  Solicitors  S.H.  Chan  & Co.  of  18th  Floor,  China  Overseas
          Building, 139 Hennessy Road, Hong Kong;

     "Warranties" the warranties  representations  and undertakings given by the
          Vendor and  guaranteed by the Eltrax  Guarantors set out in Schedule 1
          to this Agreement.

     1.2  The  schedules  and  appendices  attached  hereto  form  part  of this
          Agreement  and have the same force and effect as if expressly  set out
          in the body of this  Agreement  and any  reference  to this  Agreement
          includes the schedules, appendices and the recitals hereto

     1.3  In this Agreement and its schedules:

          1.3.1 words and expressions defined in the Companies Ordinance, Cap 32
               of the Laws of Hong Kong shall have a like meaning herein

<PAGE>

          1.3.2 reference to any statute or  statutory  provision  includes  any
               statute or  statutory  provision  which amends or replaces or has
               amended or replaced it or which it has  replaced and includes any
               subordinate legislation made under the relevant statute except to
               the extent  that any  amendment  or  modification  enacted  after
               today's date would extend or increase the liability of the Vendor
               under the Warranties

          1.3.3 the paragraph headings and index are for reference purposes only
               and shall not affect interpretation

          1.3.4 unless otherwise stated a reference to a clause or schedule is a
               reference to the clause or schedule so numbered in this Agreement

          1.3.5 unless the context otherwise requires words importing one gender
               include  the other  genders  and  words  importing  the  singular
               include the plural and vice versa

2.   SALE AND PURCHASE OF THE BUSINESS

     2.1  Subject to the  provisions  of this  Agreement  the Eltrax  Guarantors
          shall procure that and the Vendor shall sell and the  Purchaser  shall
          purchase for the  Consideration  with effect from the Completion  Date
          the Business as a going  concern and the Assets and without  prejudice
          to the  generality  of the  foregoing  the  Assets  shall  include  in
          particular the following assets of the Business (if any):

          2.1.1 the Goodwill;

          2.1.2 the Properties;

          2.1.3 Equipment and Fixtures and Fittings;

          2.1.4 the benefit (subject to the burden) of the Business Contracts;

          2.1.5 the benefit  (subject to the  burden) of the  Computer  Software
               Licences (including for the avoidance of doubt the benefit of all
               guarantees  given to the  Vendor in respect  thereof or  relating
               thereto);

          2.1.6 the Stock;

          2.1.7 the Intellectual Property Rights;

          2.1.8 the Cash Float;

          2.1.9 the Computer Systems;

          2.1.10 the Lease Contracts;

<PAGE>

          2.1.11 without in any way limiting the generality of the foregoing all
               other assets (if any) of the Vendor of whatever  nature  employed
               in the Business at the Completion Date but excluding the Excluded
               Assets;

          2.1.12 cash in hand and at bank and all cheques  and other  securities
               representing the same

     2.2  The Purchaser's  Parent Company shall procure that Purchaser shall pay
          to the Vendor the  Consideration as consideration  for the sale of the
          Business as a going concern and the Assets on the Completion Date

3.   CONSIDERATION:

     3.1  The  Consideration  payable for the sale by the Vendor of the Business
          and the Assets  shall be the sum of US Dollars Five Hundred and Eighty
          Thousand  (US$580,000)  being  the  aggregate  of  the  values  of the
          Goodwill,  the  Properties,  the Fixtures and  Fittings,  the Business
          Contracts,  the Computer Software Licences,  the Intellectual Property
          Rights, the Computer Systems, the Lease Contracts,  Motor Vehicles and
          the Stocks less the Agreed Liabilities and Cash Float.

4.   COMPLETION

     4.1  Completion  shall take place on the Completion  Date at the offices of
          the  Purchaser's  Solicitors or at such other place as the parties may
          agree on Completion at the Completion Time whereupon the  transactions
          set out in Clause 4.2 and 4.3 shall take place

     4.2  The Eltrax  Guarantors  shall  procure and the Vendor shall deliver or
          cause to be delivered to the Purchaser:

          4.2.1 a Deed of Assignment of the  Intellectual Property Rights in the
               Agreed Form duly executed by the Vendor

          4.2.2 a Deed of Assignment  of the  Goodwill  in the Agreed  Form duly
               executed by the Vendor

          4.2.3 a Deed of  Assignment  of the  Debts  in the  Agreed  Form  duly
               executed by the Vendor

          4.2.4 the Equipment, the Computer  Systems and all other of the Assets
               as are capable of passing by delivery

          4.2.5 such documents as shall be reasonably  necessary or  appropriate
               to complete the sale and purchase of the Assets and vest title in
               them in the Purchaser

          4.2.6 the Records

          4.2.7 the Stock

<PAGE>

          4.2.8 the Business Contracts  which the Vendor  hereby  assigns to the
               Purchaser

          4.2.9 the Business Information and the Information

          4.2.10 the Computer Software Licences

          4.2.11 an assignment of the Leases and the Landlord's consent relating
               to the assignment of the Leases

          4.2.12 deeds of release in respect of all charges mortgages debentures
               and other security  interests  created by the Company (if any) or
               to which any of the Assets are subject in terms  satisfactory  to
               the Purchaser (if any)

     4.3  The Purchaser shall pay in cleared funds as the Vendor shall direct by
          giving 48 hours prior written notice the Consideration.

     4.4  The Purchaser shall not be obliged to complete the purchase of any of
         the  Assets  unless the  purchase  of all the  Assets is  completed  in
         accordance with this Agreement (and completion of the Head Agreement is
         effected).

     4.5  The Vendor  undertakes  with the  Purchaser to allow the  Purchaser on
          reasonable  notice access to or copies of such of the Retained Records
          relating  to  the  period  before  Completion  as  the  Purchaser  may
          reasonably  require  in order to  comply  with any  legal  obligations
          imposed on the Purchaser  after  Completion and the Vendor  undertakes
          that it shall give such  reasonable  assistance  to the  Purchaser  as
          shall be agreed by the Purchaser  and the Vendor after the  Completion
          Date to  facilitate  the  transition  of the Business to the Purchaser
          including  if  requested  by the  Purchaser  attending  meetings  with
          customers of the Business

5.   EXCLUDED ASSETS AND LIABILITIES

There shall be excluded  from the sale and purchase of the Business and retained
by the Vendor:

     5.1  all the statutory  books and  statutory  records of the Vendor and the
          Retained Records

     5.2  any amounts  recoverable  by the Vendor in respect of taxation paid or
          payable by the Vendor in connection  with matters or events  occurring
          on or before the Completion Date

     5.3  the Liabilities

6.   CONDUCT OF THE BUSINESS

     6.1  The  Vendor  shall  carry  on the  Business  as a  going  concern  and
          prudently and in an efficient and  business-like  manner from the date
          of this agreement to the Completion Date and during such period shall:

<PAGE>

          6.1.1 not sell or dispose of any of the Assets or remove any  physical
               Assets of the Business  from the  Property  save in the course of
               normal day to day trading;

          6.1.2 use its  best   endeavours  to  maintain  the  trade  and  trade
               connection  of the Business and shall not by any action  omission
               default or neglect knowingly damage or risk damage to the same;

          6.1.3 settle the debts incurred  by it in the  course of the  Business
               including   (without   limitation)   salaries   wages  and  other
               emoluments payable to the employees of the Business;

          6.1.4 not enter  into  any   material   contract   or  incur   capital
               expenditure  (other than as disclosed in writing to the Purchaser
               prior to the date of this  Agreement  or  except  with the  prior
               written consent of the Purchaser or at its request);

          6.1.5 not in any way depart from the ordinary course of the day-to-day
               conduct of the Business either as regards the scope or the manner
               of conducting the same;

          6.1.6 not enter into any  unusual or abnormal contract  or  commitment
               which is material to the Business;

          6.1.7 not grant or create  or agree to grant or  create  any  mortgage
               charge  debenture or other  incumbrance  over of affecting any of
               the Assets;

          6.1.8 not permit any or its insurances to lapse or do  or omit  to  do
                any thing  which  would  make any  policy of  insurance  void or
                voidable.

     6.2  The  Purchaser  shall  take over the  Business  with  effect  from the
          Completion Date and shall assume  responsibility for the management of
          the Business in all respects.

7.   DEBTS AND LIABILITIES

     7.1  The Vendor shall assign the Debts to the Purchaser on Completion  Date
          by  executing a Deed of  Assignment  in the Agreed Form as provided in
          clause 4.2.3.

     7.2  The Vendor shall be solely  responsible for and in the ordinary course
          of   business   shall   discharge   the   Liabilities   promptly   and
          notwithstanding  Completion shall be responsible for all debts payable
          by and claims  accruing or  outstanding  against it in relation to the
          Business at Completion Date (save for the Agreed Liabilities) which it
          hereby agrees to discharge and satisfy in a timely manner. In relation
          to any claim  made by a third  party the  Vendor  will  promptly  give
          notice  thereof  to the  Purchaser  and will not take any steps  which
          might damage the commercial  interests of the Purchaser  without prior
          consultation  with  and  the  approval  of  the  Purchaser  not  to be
          unreasonably withheld or delayed

     7.3  The  Purchaser  shall  be  responsible  for  discharge  of the  Agreed
          Liabilities in accordance  with their terms as from Completion and for
          the  avoidance  of  doubt  where  it is  determined  that  any  listed
          Liability in Schedule 3 should not have been an Agreed  Liability then

<PAGE>

          such liability  shall be deleted from the Agreed  Liabilities  for all
          the purposes of this Agreement and be treated as a Liability

     7.4  The  Purchaser  shall  fully  and   effectively   indemnify  and  keep
          indemnified  the  Vendor  on  demand  against  all  demands,   claims,
          liabilities, costs and expenses properly incurred by it in relation to
          the Agreed Liabilities

8.   RISK AND LIABILITIES

     8.1  The assets rights and property to be sold  pursuant to this  Agreement
          shall be at the sole risk of the Purchaser from the Completion Time

     8.2  Save for the  Agreed  Liabilities  and the  other  obligations  of the
          Purchaser  assumed hereunder the Vendor hereby undertakes to indemnify
          and hold harmless the Purchaser from and against any and all

          8.2.1 losses costs  liabilities  and  expenses  arising  out  of or in
               connection  with the  ownership  or carrying  on of the  Business
               arising or relating to all periods up to or on Completion and any
               and all actions  suits  proceedings  claims  demands  assessments
               awards and judgements in respect  thereto and (save in respect of
               work in progress and  unfinished  products and any steps required
               to be taken by the Purchaser under Clause 6.2)

          8.2.2 liabilities arising  under  or in  respect  of  all  contractual
               commitments entered into by the Vendor in respect of the Business
               (save as  provided  in Clause  2.1.4 in respect  of the  Business
               Contracts)

     8.3  The  Purchaser  covenants  with the Vendor that it will pay,  satisfy,
          discharge,  and  fulfil  all  costs,  claims,  expenses,  liabilities,
          obligations and  undertakings  whatsoever  relating to the Business in
          respect of any period  commencing  after Completion and will indemnify
          and hold harmless the Vendor in respect of the same

     8.4  After Completion the Purchaser shall meet and discharge all claims for
          fulfilment  of  warranties  given by the  Vendor  in  relation  to the
          Business to customers  which have been  disclosed to the  Purchaser or
          are normal  warranties  given in the  ordinary  course of the Business
          which arise after that date in respect of products sold or supplied or
          services  provided by the Vendor before  Completion  and the Purchaser
          shall   indemnify  the  Vendor  against  all   reasonable   costs  and
          liabilities incurred by the Vendor under such warranties

     8.5  All rents,  rates,  gas, water,  electricity and telephone charges and
          other outgoings ("the Outgoings") relating to or payable in respect of
          the  Business  up to and  including  Completion  shall be borne by the
          Vendor  and  after  Completion  telephone  charges  and the  Outgoings
          relating  to or payable in respect of the  Business  shall be borne by
          the Purchaser and all rents,  royalties and other periodical  payments
          receivable  in respect of the Business  which are  attributable  to or
          arise by reference to the period after  Completion shall belong to and
          be payable to the  Purchaser.  The Outgoings  and payments  receivable
          including Customer Cash shall be apportioned on a like basis, provided

<PAGE>

          that any of the Outgoings or payments  receivable  which are referable
          to the extent of the use of any property or right shall be apportioned
          according to the extent of such use

     8.6  Where any amounts fall to be  apportioned  under this  Agreement,  the
          Vendor  shall  provide  the   Purchaser   with  full  details  of  the
          apportionments,   together   with   supporting   vouchers  or  similar
          documentation,  and in the absence of dispute the appropriate  payment
          shall be made by or to the  Vendor  forthwith.  If the  amount  of any
          apportionment is in dispute,  the provisions of Clause 8.7 shall apply
          for resolving the dispute and the amount determined in accordance with
          that  clause  shall  be paid  within  14  days  of the  determination,
          together with  interest  calculated on a daily basis (as well after as
          before judgment), from Completion until the date of actual payment, at
          the rate of two per cent per annum  above the prime  rate from time to
          time of the Hong Kong & Shanghai Banking Corporation Limited

     8.7  Any dispute with respect to the determination of the value of any
         apportionments  under Clause 8.6 shall be referred for final settlement
         to a firm of chartered  accountants nominated jointly by the Vendor and
         the Purchaser or, failing such nomination  within 14 days after request
         by either  the Vendor or the  Purchaser,  nominated  at the  request of
         either  of them by the  President  for the time  being of the Hong Kong
         Society of Accountants.  The accountants  shall be entitled to call for
         and inspect the working papers of the Vendor's  auditors and such other
         documents as they may reasonably  consider  necessary.  In making their
         determination,  the  accountants  shall  act  as  experts  and  not  as
         arbitrators, their decision shall (in the absence of manifest error) be
         final and binding on the parties and their fees shall be borne and paid
         by the Vendor and the Purchaser in such  proportions as the accountants
         determine

     8.8  The Vendor shall be granted by the  Purchaser  the right during normal
          business  hours  to  inspect  on  reasonable  notice  all the  Records
          relating  to the  Business  which the Vendor  considers  necessary  to
          consider such  apportionments  provided that the Vendor shall keep the
          same  confidential  and not  divulge  or  disclose  the  same  save as
          required by law

     8.9  The Vendor shall  maintain all such of the Retained  Records which are
          retained  by it on  Completion  for a period  of not less than 7 years
          from Completion

9.   TITLE

     9.1  The Leases shall be assigned by the Vendor to the  Purchaser  pursuant
          to the terms and conditions set out in Schedule 6

     9.2  The Eltrax  Guarantors  shall  procure  that they and the Vendor shall
          take all  necessary  steps and  generally  co-operate  fully  with the
          Purchaser  to ensure that it obtains the full  benefit of the Business
          and the Assets and shall  execute such  documents  and take such other
          steps as are  reasonably  necessary  or  appropriate  for  vesting its
          rights and  interests in the Business and the Assets in the  Purchaser
          and as requested by the Purchaser

<PAGE>

     9.3  In so far as the Assets comprise the benefit of the Business Contracts
          or the  Computer  Software  Licences  or Computer  arrangements  which
          cannot be effectively assigned to the Purchaser without the consent of
          a third party or except by agreement or novation:-

          9.3.1 the Vendor and the Purchaser shall use all reasonable endeavours
               to obtain such consent in order to procure a novation;

          9.3.2 unless and until such  consent is obtained or any such  contract
               is novated  the  Purchaser  shall for its own  benefit and to the
               extent that such Customer Contracts or Computer Software Licences
               complete  arrangements  (as the case may be)  permit  perform  on
               behalf of the  Vendor  and the  Vendor  shall  hold the  relevant
               Customer  Contract or Computer  Software  Licence as bare trustee
               for the  Purchaser  (and subject to 9.3.3) for nil  consideration
               and shall sub-contract any work arising from the Contracts to the
               Purchaser to the intent that the Vendor does not benefit from the
               Customer Contracts

          9.3.3 if and to the extent that any Customer Contract  incorporates  a
               prohibition  against holding on trust or any agency  arrangement,
               pending  the  obtaining  of such  consents,  the  Vendor  and the
               Purchaser will make such other arrangements between themselves as
               may be  permissible to implement so far as possible the effect of
               the  transfer  of the  benefit  and the  burden of such  Customer
               Contracts to the Purchaser to the intent that the Vendor does not
               benefit  from and incurs no  expense  in respect of the  Customer
               Contracts

     9.4  The Purchaser shall indemnify and hold harmless the Vendor against all
          costs,  claims,  liabilities and expenses  arising out of the Customer
          Contracts  (but not in the event that the same arises from a breach or
          default  by  the  Vendor)  or the  Computer  Software  Licences  after
          Completion

10.  STOCKS AND CASH FLOAT

     10.1 The parties shall jointly  procure that as soon as practicable  and in
          any event within 21 days of the Completion Date:-

          10.1.1 the value of the Stock as at the Completion  Date is determined
               upon  the  same  basis  as for  the  purposes  of the  Completion
               Accounts, but reduced by the amount of any prepayment or deposits
               received  by the  Vendor  or  payable  to it under  the  Customer
               Contracts prior to the Transfer Date;

          10.1.2 the amount of the Cash Float is determined.

     10.2 Any  dispute  with  respect to the  determination  of the value of the
          Stocks or the amount of the Cash  Float  shall be  referred  for final
          settlement to a firm of chartered accountants nominated jointly by the
          Vendor and the  Purchaser or,  fairly such  nomination  within 14 days
          also request by either the Vendor or the  Purchaser,  nominated at the
          request of either of them by the  President  for the time being of the
          Hong Kong Society of Accountants. The accountants shall be entitled to

<PAGE>

          call for and inspect the working  papers of the Vendor's  auditors and
          such other  documents as they may reasonably  consider  necessary.  In
          making their  determination,  the accountants shall act as experts and
          not as  arbitrators,  their decision shall (in the absence of manifest
          error) be final and  binding  on the  parties  and their fees shall be
          borne and paid by the Vendor and the Purchaser in such  proportions as
          the accountants determine.

     10.3 The amounts agreed or determined under the foregoing sub-clauses shall
          (to the  extent  agreed) be paid to the  Vendor  forthwith  upon their
          being agreed and (as to any balance) upon the amount being determined.

     10.4 The  Vendor  shall  be  liable  for  payment  of all sums  which  were
          outstanding at the Completion Date in respect of items included in the
          Stock.

11.  WARRANTIES BY THE VENDOR

     11.1 The Vendor warrants to the Purchaser that subject to matters Disclosed
          in the Disclosure  Letter and in this Agreement the Warranties set out
          in  Schedule  1 at the  date  of  this  Agreement  are  (and  will  at
          Completion be) true and accurate in all respects

     11.2 The rights and  remedies of the  Purchaser in respect of any breach of
          the Warranties  shall not be affected by Completion,  by the Purchaser
          failing to exercise or delaying  the  exercise of any of its rights or
          remedies or by any other event or matter whatsoever

     11.3 Where any Warranty  refers to the  awareness or knowledge  information
          and belief of the Vendor the Vendor  undertakes  that it has  procured
          that the  directors of the Vendor have made  reasonable,  diligent and
          proper enquiry into the subject matter of that Warranty

     11.4 If the Vendor pays to the  Purchaser  an amount in respect of a breach
          of the Warranties and the Purchaser subsequently recovers from a third
          party a sum which is in respect of that  breach  the  Purchaser  shall
          forthwith  pay to the Vendor so much of the amount  paid by the Vendor
          as does not exceed  the sum  recovered  from the third  party less all
          reasonable  costs  charges and expenses  incurred by the  Purchaser in
          recovering that sum from the third party and any applicable tax

12.  EMPLOYEES

     12.1 The parties  declare that it is their  intention that the contracts of
          employment of the  Transferring  Employees shall be transferred to the
          Purchaser with effect from Completion

     12.2 All  salaries  and  other  emoluments  relating  to  the  Transferring
          Employees shall be borne by the Vendor up to and including  Completion
          and by the Purchaser thereafter and all necessary apportionments shall
          be made

     12.3 The Vendor shall  indemnify the Purchaser  against each and every cost
          claim  liability  expense or demand which  relates to or arises out of
          any act or  omission  by the Vendor or any other  event or  occurrence
          prior to the date of  Completion  and which the Purchaser may incur in

<PAGE>

          relation  to any  contract of  employment  and  collective  agreements
          concerning the Transferring Employees including without limitation any
          such matter relating to or arising out of:

          12.3.1 the Vendor's rights powers duties and/or  liabilities  under or
               in connection  with any such contract of employment  and any such
               collective   agreements   (which   rights  powers  duties  and/or
               liabilities are or will be transferred to the Purchaser)

          12.3.2 anything done or omitted before Completion by or in relation to
               the Vendor in respect of any contract of  employment  or any such
               collective  agreements  or any person  employed  in the  Business
               which is deemed to have been done or omitted by or in relation to
               the Purchaser

          12.3.3 the Vendor's  failure to pay to any  Transferring  Employee any
               sums due in respect of the period prior to Completion

          12.3.4 any  claim by any  trade  union,  staff  association,  employee
               representative   or  staff  body  recognised  by  the  Vendor  or
               Transferring   Employees   in  respect  of  all  or  any  of  the
               Transferring  Employees  arising out of the  Vendor's  failure to
               comply with its legal  obligations  to such trade  unions,  staff
               associations,   employee   representatives,   staff   bodies   or
               Transferring Employees

          12.3.5 any claim by any of the Excluded  Employees or any other former
               existing   or  future   employee   of  the  Vendor   (other  than
               Transferring  Employees)  against  the  Purchaser  concerning  or
               relating to any matter whatever  including without limitation any
               claim  by such  Excluded  Employees  that  their  employment  has
               transferred  to the  Purchaser  or arising  from any  termination
               which the Purchaser effects of such Excluded Employees

          12.3.6 any claim by any of the  Transferring  employees made before or
               after the date of  Completion  for severance pay as a consequence
               of such Transferring  Employee  declining to accept employment by
               the Purchaser as contemplated by this Agreement

     12.4 The Purchaser  shall  indemnify the Vendor against each and every cost
          claim liability  expense or demand arising from any act or omission by
          the Purchaser in relation to a Transferring  Employee  occurring after
          the date of Completion

     12.5 The parties hereby agree and acknowledge  that the Excluded  Employees
          shall be deemed not to transfer  with the Business and shall remain in
          the employ of the Vendor.

<PAGE>

13.  VENDOR'S UNDERTAKINGS

For the purpose of assuring to the  Purchaser  the full  benefit of the Business
the Vendor covenants with the Purchaser that the Vendor shall not and the Eltrax
Guarantors as a separate  covenant shall not and shall procure that each company
in the Vendor's Group shall not:-

     13.1 use in any way,  for their own  account  or the  account  of any other
          party,  nor  disclose  to any third  party,  Confidential  Information
          relating to the  Business or any clients or  customers of the Business
          or any Assets or  information  which are the subject of this Agreement
          save as may be  required  by law or which  enters  the  public  domain
          (through no fault of the Vendor)

     13.2 publish any technical descriptions of Confidential  Information beyond
          those published and authorised for disclosure by the Purchaser save as
          may be required by law or which enters the public  domain  (through no
          fault of the Vendor)

     13.3 for  three  (3)  years  following  the  Completion,  either on its own
          account or through or in  conjunction  with any other person  anywhere
          within  Hong  Kong or  anywhere  else in the  world  unless  otherwise
          authorised by the Purchaser in writing directly or indirectly

          13.3.1 solicit,  interfere with,  approach or endeavour to entice away
               from the  Purchaser  any person who is now or has during the last
               two (2) years  preceding the Completion been a client or customer
               or  employee  or  contractor  of the  Vendor in  relation  to the
               Business

          13.3.2 participate in the ownership, management, operation, or control
               of, or have any  financial  interest in or be connected  with, or
               engage in or aid or knowingly  assist anyone else, in the conduct
               of any business in competition with the Business

14.  GUARANTEES

     14.1 In  consideration  of the Purchaser  entering into this  Agreement the
          Eltrax Guarantors  hereby jointly and severally  guarantee the due and
          full  performance  by  the  Vendor  of  its  duties   obligations  and
          undertakings   under  this  Agreement  and  hereby  undertake  to  the
          Purchaser  that if the Vendor  shall fail in any  respect to fulfil or
          shall  be in  breach  of  any  of its  duties  obligations  warranties
          representations  covenants or  undertakings  the Purchaser shall be at
          liberty to act and each of the Eltrax Guarantors shall be liable as if
          they were the party principally bound thereby

     14.2 In  consideration as aforesaid the Eltrax  Guarantors  hereby covenant
          with the Purchaser that they will indemnify and at all times hereafter
          keep the Purchaser fully indemnified  against all losses damages costs
          and expenses  which may be incurred or suffered by it by reason of any
          default  on the part of the  Vendor  in  making  the  payments  and in
          performing  and observing the  agreements  and  conditions on its part
          herein contained

     14.3 The Eltrax Guarantors  hereby agree that any duty obligation  covenant
          warranty  agreement or  undertaking  expressed in this Agreement or in
          the Schedules to be a duty obligation  covenant Warranty  agreement or
          undertaking  of  the  Vendor  shall  be  and  be  construed  as a duty
          obligation  covenant Warranty  agreement and undertaking of the Eltrax
          Guarantors and the Vendor jointly and severally

<PAGE>

     14.4 The guarantees,  covenants and agreements  contained in this clause 14
          shall be a  continuing  security and shall not be affected by any time
          or indulgence granted by the Purchaser to the Vendor

     14.5 Each  reference  herein to the  Eltrax  Guarantors  shall be deemed to
          include their respective  successors all of whom shall be bound by the
          provision hereof

15.  CONDITIONS

     This  Agreement  and  Completion  is  conditional  upon  the  exchange  and
     completion of the Head Agreement and all subsidiary agreements contemplated
     by the parties thereto under that Agreement.

     This Agreement shall automatically terminate on the expiry of 6 months from
     the date hereof and all rights and  obligations  of the parties  shall save
     for accrued rights cease to have effect  immediately  on such date,  unless
     before that date the above mentioned condition has been fulfilled.

     The assignment of the Leases is conditional  (unless and to the extent that
     the Purchaser  waives such  condition in relation to the Property by notice
     in  writing  given to the  Vendor  at any  time)  upon the  consent  of the
     respective  Landlords for the time being under the Lease to the  assignment
     of the Leases to the Purchaser ("the  Landlords'  Consent") being obtained.
     The Vendor has  applied to the  Landlords  for the  Landlords'  Consent and
     shall  keep  the  Purchaser   fully   informed  of  the  progress  of  such
     application.

     The Vendor will use best  endeavours to obtain the  Landlords'  Consent and
     satisfy  any lawful  and  reasonable  requirements  of the  Landlords  as a
     condition of obtaining the Landlords' Consent.

16.  PROPERTIES

     The provisions of Schedule 6 shall more  particularly  apply in relation to
     the assignment of the Properties.

17.  GENERALLY

          17.1.1 Except as required by law and any such announcements made or to
               be made to the staff of the Vendor no  announcements of the terms
               of this Agreement  shall be made by any party without the consent
               of the others and  pending  any  agreed  announcement  each party
               shall use its best endeavours to keep the same confidential

          17.1.2 The exercise of or the failure to exercise any right (including
               a right of  rescission)  conferred on any party by this Agreement
               shall  not  constitute  a waiver  of that or any  other  right or
               remedy available to that party

<PAGE>

          17.1.3 If any  provision of this  Agreement  is held by any  competent
               authority to be invalid or unenforceable in whole or in part this
               Agreement  shall continue to be valid as to its other  provisions
               and the remainder of the affected provision

          17.1.4 This Agreement shall be governed by and construed in accordance
               with Hong Kong law and the parties  irrevocably submit to the non
               exclusive  jurisdiction  of the Courts of Hong Kong and waive any
               objection to proceedings in such courts on grounds of venue or on
               the grounds that proceedings have been brought in an inconvenient
               forum

     17.2 All  obligations  which  remain  to be  performed  after  the  date of
          Completion  shall  continue  in full force and effect  notwithstanding
          Completion and shall not merge in the assurance to the Purchaser

     17.3 This Agreement  shall be binding upon and enure for the benefit of the
          successors of the parties but shall not be  assignable,  save that the
          Purchaser may at any time assign all or any part of the Assets

     17.4 This Agreement, together with any documents referred to in it,
         constitutes  the whole  agreement  between the parties  relating to its
         subject  matter  and  supersedes  and  extinguishes  any prior  drafts,
         agreements, undertakings,  representations,  warranties, assurances and
         arrangements  of any  nature,  whether in writing or oral,  relating to
         such subject matter

     17.5 The Purchaser  acknowledges that it has not been induced to enter into
          this Agreement by any representation,  warranty,  promise or assurance
          by the Vendor or any other  person  save for those  contained  in this
          Agreement.  The Purchaser  agrees that (except in respect of fraud) it
          shall  have no right  or  remedy  in  respect  of any  representation,
          warranty,  promise  or  assurance  save for  those  contained  in this
          Agreement

     17.6 No  variation  of this  Agreement  shall be  effective  unless made in
          writing and signed by each of the parties

     17.7 Each party shall bear its own costs  arising  out of or in  connection
          with the preparation, negotiation and implementation of this Agreement

18.  NOTICES

     18.1 Any notice  required to be given by any party hereto to another  shall
          be in writing and shall be delivered  personally at or sent by prepaid
          first class post addressed in each case to the address given herein or
          such  other  address  as may from  time to time be  notified  for this
          purpose  and any notice so served by post shall be deemed to have been
          served 48 hours  after the time at which it was  posted and in proving
          such  service  it shall be  sufficient  to prove  that the  notice was
          properly  addressed  and  posted  as a first  class  letter.  A notice
          delivered by courier shall be deemed to be given personally and:-

          18.1.1 at the time of delivery if it is delivered  before  6.00pm on a
               Business Day; and

<PAGE>

          18.1.2 in any other case at 9.00am on the next following Business Day.

          (a)  If to Vendor, addressed as follows:

                  Eltrax Systems Pty Limited
                  2nd Floor, VIP Commercial Centre
                  120 Canton Road
                  Kowloon
                  Hong Kong

                  with a copy to:

                  Derek S. Adolf/Lise Barrera
                  Jaffe Raitt
                  Jaffe Raitt Heuer & Weis S.P.L.
                  One Woodward Avenue,
                  Suite 2400, Detroit Michigan, 48226, U.S.A.

                  Gary Y.H. Yeong
                  S.H. Chan & Co.,
                  18/F China Overseas Building,
                  139 Hennessy Road,
                  Wanchai, Hong Kong

          (b)  If to Purchaser, addressed as follows:

                  AremisSoft  (HK)  Corporation  Limited,  5705 The  Center,
                  99 Queen's Road Central,
                  Central, H.K.

                  with copies to:

                  Scott Bartel,
                  Bartel Eng Linn & Schroder,
                  300 Capitol Mall,
                  Suite 1100,
                  Sacramento,
                  California, 95814, U.S.A.

                  Christopher  Gordon,  Robertsons,
                  57th Floor, The Center,
                  99  Queen's Road Central, H.K.

          (c)  if to the Eltrax Guarantors, addressed as follows:

                  Verso Technologies, Inc.
                  400 Galleria, Suite 300,
                  Atlanta, GA30339,
                  U.S.A.
                  Attn: William P. O'Reilly, Chairman

<PAGE>

          (d)  if to the parent company, addressed as follows:

                  AremisSoft   Corporation,
                  216  Haddon  Street,   Suite  607,
                  Westmont, NJ08108,
                  U.S.A.
                  Attn: Roys Poyiadjis, CEO

          or to such  other  individual  or  address  as any  party  hereto  may
          designate for itself  following the giving of prior written  notice as
          provided herein

     18.2 Each of Eltrax  International  and Verso hereby  appoint those persons
          named at Clause 18.1(a) in Hong Kong as their process agent to receive
          and acknowledge on its behalf any writ,  summons,  order,  judgment or
          other  court  documents  (together   "Processes")   relating  to  this
          Agreement  and such parties  further  confirm that any such  Processes
          shall be sufficiently served to such process agent if delivered to the
          address  maintained by it in Hong Kong from time to time for receiving
          notices herein.

19.  EXECUTION

     19.1 This  Agreement may be signed in any number of copies or  counterparts
          (and by different  parties hereto on separate copies or counterparts),
          each of which when so signed and  delivered  shall be an original  but
          all the counterparts  shall  nevertheless  constitute one and the same
          instrument.

AS WITNESS the hands of the Parties the day and year first above written

<PAGE>

                                   SCHEDULE 1

(The Warranties)

1.   THE VENDOR

1.1  The  Vendor  is and will at  Completion  be  entitled  to enter  into  this
     Agreement with the Purchaser and the Vendor has full power and authority to
     sell the Assets to the Purchaser without obtaining the consent of any third
     party.

1.2  Compliance with the terms of this Agreement,  and any document entered into
     by the Vendor in accordance with it, does not and will not conflict with or
     result in a breach of any of the  provisions of the Vendor's  Memorandum or
     Articles of Association.

1.3  The Vendor has at all times  carried on the  business  in all  respects  in
     accordance  with its Memorandum  and Articles of  Association  for the time
     being in force and any other documents to which it is or has been a party.

1.4. The Vendor has not disposed of or agreed to dispose of or granted or agreed
     to grant any security or other  encumbrance in respect of any of the Assets
     and the  Vendor  shall  sell the  Assets to the  Purchaser  with full title
     guarantee free from all charges liens and encumbrances.

2.   ACCOUNTS

2.1  The Accounts have been prepared in accordance with the  requirements of all
     relevant statutes and generally accepted accounting principles consistently
     applied and comply  with all current  standard  statements  of  accountancy
     practice applicable to a Hong Kong company and show a true and fair view of
     the state of  affairs  of the  Vendor  at the  Balance  Sheet  Date and the
     profits or losses for the period ended on such date.

2.2  To the extent  required by the Companies  Ordinance and the relevant  SSAPs
     proper  provision  or  reserve  has  been  made  in the  Accounts  for  all
     liabilities  and  capital  commitments  of the Company  outstanding  at the
     Balance Sheet Date whether  contingent  quantified  disputed or not and the
     Statutory  Accounts are not affected by any unusual or  non-recurring  item
     (as relate to the Business).

2.3  For the purposes of the Accounts the  Company's  assets have been valued on
     bases in all  material  respects  consistent  with  those  adopted  for the
     purpose of the audited  accounts of the Company in respect of the beginning
     and end of each of the last  three  preceding  accounting  periods  and the
     bases and policies of accounting of the Company  adopted for the purpose of
     preparing  the  Accounts  are the same as those  adopted for the purpose of
     preparing the audited accounts for such periods.

2.4  The  Completion  Accounts have been prepared in accordance  with  generally
     accepted  accounting  principles  and  reflect  a true and fair view of the
     state of affairs of the Business  and truly and fairly  disclose all assets
     and the Agreed Liabilities of the Business at the date to which they relate

<PAGE>

     and apply bases and  policies of  accounting  which have been  consistently
     applied in the Accounts (save that such  Completion  Accounts have not been
     audited)  and  there  have  been  no  material   changes  and  no  material
     deterioration  in the  financial  position of the Company since the Balance
     Sheet Date other than as disclosed  in the  Accounts  and no  extraordinary
     items have occurred during the periods between the date of the Accounts and
     Completion.

3.   VENDOR'S BOOKS AND RECORDS

3.1  All of the Vendor's accounts,  books, ledgers,  financial and other records
     of every kind  relating  to the  Business  have been  fully and  accurately
     maintained in accordance with generally accepted  accounting  practices and
     standards and there are no material  inaccuracies or  discrepancies  of any
     kind  contained  or  reflected in them or in any of them in relation to its
     fixed assets, debtors, creditors, work-in-progress and other current assets
     of the Business  (including without prejudice to the generality the Assets,
     the  Equipment,  the Debts and the Stock) and  liabilities  (including  the
     Agreed  Liabilities  and the  Liabilities)  in relation to the Business and
     will be fully written up to the date of Completion.

4.   CONSEQUENCE OF ACQUISITION OF THE BUSINESS BY THE PURCHASER

The acquisition of the Business and/or the Assets by the Purchaser or compliance
with the terms of this Agreement will not:

4.1  (so  far as the  Vendor  is  aware  without  having  made  enquiry  of such
     following  persons)  cause any person who normally  does  business with the
     Business not to continue to do so on the same basis as previously;

4.2  relieve any person of any  contractual  obligation  to the  Business or the
     Vendor in respect of the  Business  or enable any person to  determine  any
     such obligation enjoyed by the Business;

4.3  give  rise to or cause  to  become  exercisable  any  right of  pre-emption
     relating to the Business or any of the Assets nor;

4.4  result  in a  breach  of or  constitute  a  default  under  (i) the  terms,
     conditions  or provisions of any agreement or instrument or (ii) any order,
     judgment or decree of any court or governmental  agency to which the Vendor
     is a party or by which the Vendor is bound in relation to the Business;

and to the best of the knowledge and belief of the Vendor  (without  having made
enquiry  of the  customers)  the  relationship  of the  Business  with  clients,
customers,  suppliers  and  employees  will  not be  adversely  affected  by the
execution, completion and/or implementation of this Agreement.

5.   THE ASSETS

5.1  Ownership of Assets

     5.1.1 The Vendor owns absolutely at Completion all the Assets.

<PAGE>

     5.1.2 The Vendor has not  disposed of or agreed to dispose of or granted or
          agreed to grant any security or other encumbrance in respect of any of
          the Assets.

5.2  Assets sufficient for the Business

     5.2.1 The assets comprise all assets now used in the Business and which are
          necessary for the continuation of the Business now carried on.

     5.2.2 The work in progress is at its normal level  having regard to current
          orders  included in the Customer  Contracts  and to orders  reasonable
          anticipated from customers of the Business.

     5.2.4 The stocks of all materials,  packaging  materials and finished goods
          included in the stocks are not  excessive and are adequate in relation
          to the current trading requirements of the Business.

5.3  Equipment

     5.3.1 Appendix 2 contains full and accurate details of the Equipment.

     5.3.2 The Equipment and other equipment :-

          (a)  are in a proper state of repair and  condition  and  satisfactory
               working order;
          (b)  have been regularly and properly maintained; and
          (c)  are  adequate  for and not  surplus  to the  requirements  of the
               business.

5.5  Document Stamps

     All documents  which in any way effect the right,  title or interest of the
     Vendor in or to any of the  assets and which  attract  stamp duty have been
     duly stamped within the requisite period for stamping.

5.6  None of the Assets is subject to any option,  lien or  encumbrances  or any
     agreement  or  commitment  to give or create any of the  foregoing  and the
     Assets are the sole unencumbered absolute property of the Vendor.

5.7  There has been no  exercise,  purported  exercise  or claim for any charge,
     lien,  encumbrance or equity over any of the Assets and there is no dispute
     directly or indirectly relating to any of the Assets.

5.8  The Vendor has not  purchased  any of the Assets on terms that  property in
     them does not pass until full payment is made by it to the seller.

6.   TRADING

6.1  Business and Financial Position

<PAGE>

     6.1.1 Since the Accounting Date:-

          (a)  the Business has been  continued in the normal  course as regards
               its nature, extent and manner of carrying it on;
          (b)  neither the turnover nor the financial or trading business of the
               Business has deteriorated;
          (c)  the  Vendor  has not  borrowed  or raised  any money or taken any
               financial  facility in relation  to the  Business  except for the
               overdraft   facilities   from  its  bankers   specified   in  the
               Disclosures;
          (d)  the Vendor has paid the  Creditors of the business in  accordance
               with their respect credit terms and there are no amounts owing by
               the Vendor which have been due for more than six weeks.

     6.1.2 So far as the Vendor is aware the trading  prospects of the  Business
          have  not  been  adversely  effected  as a  result  of  any  event  or
          circumstance which has arisen since the Accounting Date.

     6.1.3 Since the  Accounting Date the  Vendor has not  deliberately  done or
          omitted to do anything which might prejudice or effect the Goodwill.

6.2  Existing Suppliers and Customers

     6.2.1 So far as the Vendor is aware:-

          (a)  no supplier of the business has, in the past three years,  ceased
               or  (as a  result  of the  acquisition  of  the  business  by the
               Purchaser  or for any other  reason)  will  cease  supplying  the
               Business  or  may  substantially   reduce  its  supplies  to  the
               Business;
          (b)  no  customer  of the  Business  has,  in the  past  three  years,
               terminated  or  materially  reduced,  or will (as a result of the
               acquisition  of the  Business by the  Purchaser  or for any other
               reason) terminate or materially reduce, its relationship with the
               Business.

6.3  Licences and Consents

     6.3.1 The Vendor has obtained all  necessary  Licences and Consents for the
          proper  carrying  on of the  Business  and is not in  breach of any of
          their terms or conditions.

     6.3.2 Details of  all of the  licences  and  consents  are  set  out in the
          disclosures  and the Vendors knows of no reason why they should not be
          capable of being  transferred or obtained by the Purchaser without the
          necessity for any special arrangement or expense.

6.4  Insurance

     6.4.1 All the Assets of an insurable  nature  are and have at all  material
          times been insured in amounts  representing  the full  replacement  or
          reinstatement  value of them  against  fire and other  risks  normally

<PAGE>

          insured  against by a person carrying on business of the same class as
          the Business.

     6.4.2 All insurances  relating to the Business and the Assets are currently
          in full force and effect and  nothing  has been  deliberately  done or
          omitted to be done which  could make any policy of  insurance  void or
          voidable.

     6.4.3 Subject to any provision in the Completion  Accounts the Debts at the
          date  hereof  will  realise  their  full  face  value  and be good and
          collectable in the ordinary course of business.

6.5  Joint Ventures

     6.5.1 The Vendor:-

          6.5.1.1 is not and  has  not  been a party  to any  joint  venture  or
               consortium or any  partnership  arrangements  or agreement or any
               agreement or arrangement for sharing  commissions or other income
               related to the Business;

          6.5.1.2  does  not  conduct  and  has not  conducted  any  part of the
               Business  through a branch,  agency  or  permanent  establishment
               outside of Hong Kong.

6.6  Agreements concerning the Business

     6.6.1 There have been no arrangements  and understandings  (whether legally
          enforceable or not) between the Vendor and any person who is, directly
          or indirectly,  a shareholder or the beneficial  owner of any interest
          in the  Vendor  or any  company  in which  the  Vendor  is  interested
          relating  to the  management  of the  Business  or  the  ownership  or
          transfer of the  ownership  or the letting of any of the Assets or the
          provision of finance, goods, services or other facilities to or by the
          Vendor or otherwise in any way relating to the Business or the Assets.

     6.6.2 compliance with  the  terms of this  Agreement  does not and will not
          conflict with or result in the breach of any of the terms,  conditions
          or  provisions  of any  agreement or instrument to which the Vendor is
          now a party.

7.   MATERIAL CONTRACTS

The Vendor is not in  relation to the  Business  and/or the Assets a party to or
subject to any legally binding agreement, transaction,  obligation,  commitment,
arrangement or liability  which is material in terms of the trading or financial
position of the Business which:

7.1  is incapable of complete  performance in accordance with its terms within 6
     months after the date on which it was entered into or undertaken or;

<PAGE>

7.2  is known by the  Vendor  to have  been  likely  to  result in a loss to the
     Vendor on completion of performance if the Vendor had not sold the Business
     pursuant to this Agreement or;

7.3  subject to force majeure could not readily be fulfilled or performed by the
     Vendor on time and without undue or unusual expenditure of money and effort
     if the Business was not sold or;

7.4  other  than in  respect of work  carried  out  between  the  exchange  of a
     contract and  completion of that contract is a contract under which payment
     has already been received by the Vendor but which requires the  performance
     of services by the Purchaser after the date of Completion or;

7.5  involves or is likely to involve obligations, restrictions, expenditure, or
     receipts  of an  unusual,  onerous  or  exceptional  nature  and not in the
     ordinary course of the Business or;

7.6  other than normal  leasing  agreements in respect of office  equipment is a
     lease,  loan  agreement  or a contract for hire or rent,  hire  purchase or
     purchase by way of credit sale or periodical payment or;

6.7  involves  or is likely to involve  the supply of services by the Vendor the
     aggregate  value of which will  represent  in excess of 10% of the turnover
     for the last accounting period of the Vendor or;

7.8  will require the Purchaser to pay any commission, finder's fees, royalty or
     similar payment or;

7.9  in any way restricts the Vendor's freedom to carry on the whole or any part
     of the Business in Hong Kong or elsewhere in such manner as it thinks fit.

8.   THE BUSINESS CONTRACTS

8.1  Disclosure of contracts

     The  Business  Contracts,  the  Computer  Software  Licences,  the Customer
     Contracts, the Lease Contracts and the Leases (together referred to in this
     clause  as  "the  Contracts")   constitute  all  the  contracts  and  other
     engagements,  whether  written or oral,  referable to the Business to which
     the Vendor is now a party,  apart from the  contracts of  employment of the
     employees.

8.2  Nature of Contracts

     None of the Contracts :

     8.2.1 is of an unusual, abnormal or onerous nature;

     8.2.2 is for a fixed term of more than six months;

<PAGE>

     8.2.3 is of a long term nature (that it is say incapable of performance  in
          accordance  with its terms  within six months  after the date which it
          was entered into or undertaken);

     8.2.4 is incapable  of  termination  in  accordance  with its  terms by the
          Purchaser on 60 days' notice or less;

     8.2.5 is of a loss making  nature (that is to say known to have been likely
          to result in a loss to the Vendor on completion of  performance if the
          Vendor had not sold the Business);

     8.2.6 is not  capable  of  being  readily  fulfilled  or  performed  by the
          Purchaser on time  without  undue or unusual  expenditure  of money or
          personnel;

     8.2.7 will involve payment by the Purchaser by reference to fluctuations in
          the index of retail prices;

     8.2.8 was entered into in any way  otherwise  than in the normal  course of
          Business.

8.3  The Vendor is not nor (to the best of its  knowledge  and  belief)  will it
     with the lapse of time become:

     8.3.1 in default  under any of the  Contracts  or in  respect  of any other
          obligations  or  restrictions  binding  upon  it in  relation  to  the
          Business nor has it waived any rights or privileges under any of them;

     8.3.2 in default under any  provisions  existing by reason of membership of
          any association or body relating to the Business;

     8.3.3 liable in respect of any  representation or warranty (whether express
          or implied) or matter giving rise to a duty of care on the part of the
          Vendor relating to the Business.

8.4  No threat or claim of  default  under the  Contracts  and/or the Assets has
     been made and is  outstanding  against  the  Vendor  and  there is  nothing
     whereby any of the  Contracts  may be  terminated or rescinded by any other
     party or whereby the terms of them may be worsened or the  Business  and/or
     the Assets  prejudiced as a result of anything done or omitted or permitted
     to be done by the Vendor.

8.5  Neither the Vendor nor any other party to any agreement  with the Vendor is
     in default under such agreement  being a default which would be material in
     the context of the financial or trading  position of the Business or in the
     context  of its  Assets  nor (as far as the  Vendor is aware) are there any
     circumstances likely to give rise to such a default.

8.7  Subject to the  provision  in the  Completion  Accounts  the Vendor has not
     manufactured  or sold  products  which  were or are or will  become  in any
     material  respect  faulty or defective or which did not or do not comply in

<PAGE>

     any material  respect with any warranties or  representations  expressly or
     impliedly  made by the  Vendor  or with  all  applicable  laws  regulations
     standards and requirements.

9.   EMPLOYEES

9.1  Full details in all material  respects  have been supplied to the Purchaser
     and are  annexed as  Schedule/annexure  2 to the  Disclosure  Letter to the
     Purchaser] as to the Transferring Employees' ages, length of service, rates
     of remuneration,  bonus,  commission,  benefits in kind, periods of notice,
     pension and other rights under any retirement  benefits,  life assurance or
     hospital insurance scheme of the Vendor.  Such details will remain true and
     accurate  at  Completion  and the  Vendor  is not  under any legal or moral
     commitment  to  change  or vary any of such  details  and will not prior to
     Completion enter into any such commitment. The information contained in the
     Second Schedule is true and correct in all material respects.  There are no
     stock option or other schemes  either in operation or proposed  whereby any
     of the  Transferring  Employees is or is to be entitled to any shares or to
     any commission or  remuneration  of any sort calculated by reference to the
     turnover profit or sales of the Vendor.

9.2  No liability  has been  incurred by the Vendor and not yet been  discharged
     for  breach of any  contract  of service or  employment  or for  redundancy
     payments or for damages or  compensation  for dismissal or otherwise or for
     failure to comply with any order for  reinstatement or re-engagement of any
     Transferring  Employee  engaged in connection  with the Business or for the
     actual or proposed  termination or suspension of employment or variation of
     any contract of employment of any present or former director or employee of
     the Vendor employed in connection with the Business.

9.3  There are not in existence any  contracts of employment  between the Vendor
     and  any of the  Transferring  Employees  nor  any  consultancy  agreements
     between the Vendor and any of the  Transferring  Employees  which cannot be
     terminated by 3 months' notice or less or (where not reduced in writing) by
     reasonable  notice  without  giving  rise  to  any  claim  for  damages  or
     compensation (other than a statutory redundancy payment or compensation for
     dismissal).  The Vendor has not given nor  received any notice to terminate
     any  contract of  employment  of any of the  Transferring  Employees or any
     other person employed in the Business which expires on or after the date of
     Completion.

9.4  The  Vendor  has not  offered  and will not  prior  to  Completion  offer a
     contract of  employment or for services to any person to be employed in the
     Business or as a consultant to the Business.

9.5  Since  the  Accounting  Date  no  change  has  been  made  in the  rate  of
     remuneration,  emolument,  pension  benefit or other terms of employment of
     any of the employees.

9.6  No current negotiations for any increase in the remuneration or benefits of
     any of the  employees  are  currently or likely within a period of 6 months
     after Completion.

<PAGE>

10.  POWERS OF ATTORNEY

The  Vendor has not given any power of  attorney  or other  authority  (express,
implied or ostensible)  which is still outstanding or effective to any person to
enter into any contract or commitment on its behalf in relation to the Business.

11.  STATUTORY REQUIREMENTS

11.1 At the date of this  Agreement the Vendor is conducting the Business in all
     material respects in accordance with all applicable laws and regulations.

11.2 At the date of this  Agreement  the Vendor is not party to any agreement or
     arrangement  which  infringes or is registrable,  unenforceable  or void or
     which  renders  the Vendor  liable to civil or criminal  proceedings  which
     would have a material adverse effect on the Business

12.  LITIGATION

12.1 All licences,  permits, consents,  registrations,  permission and approvals
     required for  carrying on the  Business now being  carried on by the Vendor
     have been  obtained  and are in full  force  and  effect  and all  reports,
     returns and  information  required by law or as a condition of any licence,
     permit, consent,  registration,  permission or approval to be made or given
     to any person or authority in  connection  with the Business have been made
     or given to the appropriate person or authority and so far as the Vendor is
     aware there is no circumstance  which  indicates that any licence,  permit,
     consent,  registration,  permission or approval is capable of being revoked
     or not renewed.

12.2 The Vendor is not engaged in any  litigation  or  arbitration,  criminal or
     administrative proceeding whether as plaintiff,  defendant or otherwise and
     no such proceedings by or against the Vendor in relation to the Business or
     Assets or in respect of any of its assets has been  threatened or is to the
     best of the Vendor's  knowledge  and belief  pending or expected and to the
     best of the Vendor's  knowledge and belief there is no fact or circumstance
     which could give rise to any such proceedings.

12.3 The Vendor is not a party or subject to the  provisions  of any judgment or
     judicial  order or decree  whether or not contested or subject to appeal in
     relation to the Business.

12.4 The Vendor has not and to the best of the Vendor's  knowledge and belief is
     not alleged to have  committed  of is alleged to be liable for any criminal
     illegal unlawful ultra vires or statutory duty.

13.  INTELLECTUAL PROPERTY

13.1 The Vendor is the beneficial  owner,  registered  proprietor or Licensee of
     the Intellectual Property Rights.

13.2 To the best of the Vendor's knowledge,  information and belief, each of the
     Intellectual Property Rights is valid and enforceable. No act has been done
     or omission  omitted  whereby any of them ceased or might cease to be valid
     or enforceable.

<PAGE>

13.3 The Business does not and is not likely to infringe any patent,  registered
     design,  trademark,  copyright or other intellectual  property right of any
     other person (or would not do so if the same were valid).

13.4 The  Vendor  does not  require  and has not been  granted  any  licence  in
     relation to any Intellectual Property.

13.5 No right has been granted to any person to do anything which would or might
     otherwise infringe any of the Intellectual Property Rights.

13.6 The Vendor has not (except in the normal  course of Business)  disclosed or
     permitted  to be  disclosed  or  undertaken  or arranged to disclose to any
     person  other  than  the  Purchaser  any of its  know-how,  trade  secrets,
     confidential  information,  price lists or lists of  customers or suppliers
     relating to the Business.

14.  PROPERTIES

14.1 Use of Properties

     14.1.1 The Vendor is in  occupation of the  Properties  for the purposes of
          the Business.

     14.1.2 The Vendor does not use or occupy any Properties in connection
            with the Business other than the Properties.

14.2 Encumbrances

         14.2.1   Save  as  specifically  stated  in  Schedule  5  the  Vendor's
                  interest  in  the  Properties  are  free  from  any  mortgage,
                  debenture, charge, lien or other encumbrance.

         14.2.2   The  Properties  are not subject to any  outgoings  other than
                  rent, rates, service charges, management fees, water rates and
                  electricity charges.

         14.2.3   All restrictive covenants to which the leases are subject have
                  been  disclosed  in the  disclosures,  they  have  been  fully
                  observed and performed and any payments in respect of them due
                  and payable have been duly paid.

14.3 Statutory obligations

     14.3.1 The Vendor has complied  with and is complying  with all  applicable
          statutory and bye law requirements with respect to the Properties.

     14.3.2 There is no outstanding and unobserved or unperformed  obligation in
          respect of the  Properties  necessary to comply with the  requirements
          whether formal or informal,  competent authority  exercising statutory
          or delegated powers.

14.4 Adverse order

     14.4.1 There are no  compulsory  purchase  notices,  orders or  resolutions
          affecting the Properties and there are no circumstances likely to lead
          to any being made.

<PAGE>

     14.4.2 There are no closing,  demolition  or clearance  order,  enforcement
          notices or stop  notices  affecting  the  Properties  and there are no
          circumstances likely to lead to any being made.

14.5 Condition of the Properties

     14.5.1 The buildings and other structures on the Properties are in good and
          substantial repair and fit for the purpose for which they are used.

     14.5.2 Each of the Properties enjoys the main services of water,  drainage,
          electricity and gas.

14.6 Additional Leasehold Matters

     14.6.1 The  Vendor  has paid the  rents  and  observed  and  performed  the
          covenants  on the part of the Tenant and the  conditions  contained in
          the Leases and the last  demand (or  receipt  for rent if issued)  was
          unqualified.

     14.6.2 All licences consents and approvals  required from the Landlords and
          any  superior  Landlords  under the Leases have been  obtained and the
          covenants  on  the  part  of the  Tenant  contained  in the  licences,
          consents and approvals have been duly performed and observed.

     14.6.3 There are no rent reviews under the Leases or any superior leases in
          progress.

     14.6.4 There is no outstanding and unobserved or unperformed any obligation
          necessary to comply with any notice or other requirements given by the
          Landlords or any superior  landlords  under the Leases or any superior
          leases.

     14.6.5  There  is no  obligation  to  reinstatement  of the  Properties  by
          removing or dismantling  any  alteration  made to it by the Vendor and
          any predecessor to the Vendor.

15.  MATERIAL INFORMATION

15.1 To the best of the Vendor's knowledge information and belief there is:

     15.1.1 no fact or matter  material to the value of the Assets or materially
          affecting the aggregate value of such Assets; and

     15.1.2 no fact or matter materially affecting the trading of the Business

          which has not been  disclosed to the Purchaser  and the  disclosure of
          which  might   reasonably   be  expected   materially  to  affect  the
          willingness  of the Purchaser to purchase such Assets at the aggregate
          price or the terms upon which the  purchase is made (on the basis that
          the Purchaser  will use such Assets for the purpose of carrying on the
          Business)  and for the  purposes of Clause 14.1 the  aggregate  of any
          claims under this warranty which total less than  HK$78,000  shall not
          be considered material.

<PAGE>

15.2 The  information  contained  in the  recitals  and  the  schedules  to this
     Agreement and the  Disclosure  Letter and all other  information in writing
     given by the Vendor and or the Vendor's  Solicitors in the responses to the
     questionnaire  submitted  by  the  Purchaser's  Solicitors  (including  the
     annotations by the Vendor on such  questionnaire)  and the responses by the
     Vendor's  Solicitors to the Purchaser's  Solicitors  property enquiries was
     when given and will at Completion remain true, complete and accurate in all
     material respects and to the best of its knowledge and belief the Vendor is
     not aware of any fact or matter not in the public domain in relation to the
     Business which renders any such information untrue incomplete inaccurate or
     misleading.

16.  GUARANTEES AND WARRANTIES

The  Vendor  has not given  any  guarantee  indemnity  or  warranty  or made any
representation  in respect of any  Products  or  services  sold or  supplied  or
contracted to be sold or supplied by it or in respect of any other aspect of the
Business save for any guarantee,  indemnity or warranty implied by law and (save
as aforesaid)  has not accepted any  liability or  obligation to service  repair
maintain take back or otherwise do or not do anything in respect of any products
or  services  that would apply  after any such  Products  or services  have been
delivered or supplied by it in connection with the Business.

<PAGE>

                                   SCHEDULE 2

                            (Transferring Employees)

1.       Hong Kong Office

(a)      Joven Lee Raymundo
(b)      John Richmond
(c)      Peter Hallett
(d)      Eddie Chung Ming Fai
(e)      Wan Yeok Seng
(f)      Serman Ma Chui Sing
(g)      Chris Ngow Yen Kong
(h)      Fiana Yam Man Ni

2.       Beijing Office

(a)      Derek Chi Geo Ming
(b)      Alan Zheng Qin Li
(c)      Richard Yan Xu Xin
(d)      Xin Yue
(e)      Tracy Shu Qing

<PAGE>

                                   SCHEDULE 3

                              (Agreed Liabilities)

The Assumed  Liabilities  consist of those known  Liabilities  reflected  in the
accounting records of the Seller to be assumed by the purchaser pursuant to this
Agreement, consisting only of the following:-

(i)               those known and absolute Liabilities reflected in the Acquired
                  Business Balance Sheet,  effected through the operation of the
                  Acquired Business in the ordinary course, and also adjusted to
                  reflect the  cancellation of intercompany  accounts as between
                  the Vendor and any affiliate of Eltrax Systems or the Seller;

(ii)              those known and absolute Liabilities that have arisen (or that
                  arise) and have been  incurred  (or that are  incurred) in the
                  ordinary  course of  business  after  the date of the  Balance
                  Sheet Date and before the date of the  updated  balance  sheet
                  delivered at Closing;

(iii)             those known and absolute Liabilities that have arisen (or that
                  arise) and have been  incurred  (or that are  incurred) in the
                  ordinary  course of  business  between the date of the updated
                  balance sheet delivered at Completion.

                               See attached bundle

<PAGE>

                                   SCHEDULE 4

                                     (Debts)

<PAGE>

                                   SCHEDULE 5

                                (The Properties)

(A)  Office Premises

     (1)  2nd Floor, VIP Commercial Centre,  Nos.116-120  Canton Road,  Kowloon,
          Hong
     Kong

     (2)  No.837,  North Block, Chong Sing Plaza, No.6 Suen Mo Mun Outer Street,
          Beijing

(B)  Residential Premises

     (1)  Flat C, 2nd Floor,  No.12  Observatory  Road  (Front),  Tsim Sha Tsui,
          Kowloon

     (2)  Flat B, 5th Floor,  No.12  Observatory  Road  (Front),  Tsim Sha Tsui,
          Kowloon

     (3)  Flat A, 2nd  Floor,  No.10  Observatory  Road  (Front,  Tsim Sha Tsui,
          Kowloon

     (4)  Flat C, 2nd Floor,  No. 12  Observatory  Road  (Rear),  Tsim Sha Tsui,
          Kowloon

<PAGE>

                                   SCHEDULE 6

                     (Provisions relating to the Properties)

1.       The Properties  are sold for the unexpired  residue of the terms of the
         Leases and at the rents  reserved  and subject to the  covenants on the
         part of the  tenant and the  conditions  which  they  contain  and with
         vacant possession on completion.

2.       Copies of the Leases have been supplied to the  Purchaser,  which shall
         be deemed to purchase with full  knowledge of their  contents and shall
         raise no requisition, enquiry or objection in relation to them.

3.       The  assignments  of the  Leases  shall  be in  consideration  of these
         presents and a covenant on the part of the Purchaser,  as from the date
         of the assignment of the Leases, to pay the rent reserved by the Leases
         and to observe and perform the  covenants on the part of the tenant and
         the  conditions  contained  in the Leases and to  indemnify  the Vendor
         against all claims, demands,  proceedings,  damages, costs and expenses
         arising  out  of or  incidental  to  their  breach,  non-observance  or
         non-performance.

4.1      The Vendor shall use all reasonable  endeavours to obtain, and will pay
         the  incidental  costs for the  Landlords'  Consents and the  Purchaser
         shall   co-operate  in  obtaining   the  licences  by  supplying   such
         information and references as may reasonably be required.

4.2      The Vendor will as soon as  practicable  following  receipt  notify the
         Purchaser in writing of the issue of the Landlords' Consents.

4.3      The Purchaser will offer to covenant  direct with the  Landlords,  with
         effect from the date of the respective  assignments  of the Leases,  to
         pay the rents and observe and perform the  covenants  contained  in the
         Leases.

5.       The following  provisions of this paragraph shall apply with respect to
         the  period  from the  Completion  Date to the dates of the  respective
         assignments  (or to the date of withdrawal of the  Properties  from the
         sale under paragraph 8, as the case may be).

5.1      The Purchaser may enter the  Properties  and occupy them as licensee of
         the Vendor and the Vendor shall hold them upon trust for the  Purchaser
         according to the terms of this Agreement.

5.2      Notwithstanding the capacity of the Purchaser as licensee of the Vendor
         with respect to the  occupation of the office  Properties the Purchaser
         may carry on business on it for its own account.

5.3      The Purchaser shall be responsible  for and if necessary  reimburse the
         Vendor  against all rates,  water rates,  insurance  premiums and other
         outgoings of an annual or recurring nature (apportioned on a day to day
         basis) and also for all gas and electricity consumed on the Properties.

5.4      The  Purchaser  shall pay to the  Vendor  an amount  equal to the rents
         reserved  by the  Leases as and when the rent falls due from the Vendor
         and the Vendor  agrees to pay such rent to the  immediate  Reversioners

<PAGE>

         accordingly  and shall act or conduct  itself in such a manner that the
         covenants  (other than for the  payment of rent and against  alienation
         without  prior  consent)  on the part of the  tenant  contained  in the
         Leases are fully observed and performed and shall  indemnify the Vendor
         against  the  breach,   non-observance  or   non-performance  of  those
         covenants  (excluding  the covenant  against  alienation  without prior
         consent).

5.5      The  Purchaser  shall  bear  all  third  party  public   liability  and
         employer's  liability  risks  attached to the occupation and use of the
         Properties and shall indemnify the Vendor against them.

5.6      The assignment of the Leases shall be completed  within 5 working days
         after the Landlords'  Consents have been obtained.

5.7      If the  Properties  are  withdrawn  from the sale the  Purchaser  shall
         promptly  deliver up vacant  possession of the Properties to the Vendor
         and will cease to be the  Vendor's  licensee and the Vendor shall cease
         to hold the  Properties on trust for the  Purchaser  under the terms of
         this Agreement.

6.       If the Vendor is unable to obtain Landlord's  Consent in respect of any
         of the Properties after using best endeavours so to do the Vendor shall
         not be  obliged  to  apply  to the  Court  for a  declaration  that the
         Landlord's Consent is being unreasonably withheld and the Properties so
         affected  shall be withdrawn from the sale and neither party shall have
         any  claim  against  the  other  in  damages  or for  the  costs  of or
         incidental to the Properties so affected prior to withdrawal.

7.       Until actual completion the Vendor shall pay all rents, service charge,
         insurance  premium and other sums due to the Landlords under the Leases
         and shall keep the  Purchaser  indemnified  from and against all costs,
         claims, damages, liabilities,  expenses or losses arising on account of
         non-payment thereof.

8.       The Vendor shall  indemnify the Purchaser  against the costs of and all
         claims liabilities and expenses arising in relation to the carrying out
         of any  works  or  other  repairs  under  the  Leases  to  ensure  full
         compliance with the tenants'  repairing  obligations up to an amount of
         HK$100,000  identified  by the Landlord  following an  inspection to be
         made by the  Landlord  which the Vendor and  Purchaser  shall use their
         best endeavours to ensure occurs as soon as practically  possible after
         the Completion Date.

<PAGE>

 EXECUTED by                                )
for and on behalf of ELTRAX SYSTEMS         )
PTY LIMITED in the presence                 )
of:-                                        )

EXECUTED by                                 )
for and on behalf of AREMISSOFT (HK)        )
CORPORATION LIMITED                         )
in the presence of:-                        )

EXECUTED by                                 )
for and on behalf of VERSO                  )
TECHNOLOGIES, INC in the                    )
presence of:-                               )

EXECUTED by                                 )
for and on behalf of ELTRAX                 )
SYSTEMS INC in the presence of:-            )

EXECUTED by                                 )
For and on behalf of AREMISSOFT             )
CORPORATION in the presence of:-            )AGREEMENT FOR THE PURCHASE
                               AND SALE OF ASSETS

     This Agreement is made this December 18, 2000, by and among:

(1)  AREMISSOFT  CORPORATION  ("Aremis"),   a  corporation  duly  organised  and
     existing  under the laws of the State of  Delaware,  the  United  States of
     America,  with its  principal  place of business at 216 Haddon Street Suite
     607 Westmont NJ 08108, the United States of America;

(2)  Latin  America One Pte Ltd (the  "Purchaser"),  a company  incorporated  in
     Singapore  with its  registered  office  at 64 Tras  Street  Sulcus  House,
     Singapore 079003;

(3)  VERSO TECHNOLOGIES,  Inc. (formerly known as Eltrax Systems, Inc.) ("VTI"),
     a corporation  duly  organised and validly  existing  under the laws of the
     State of Minnesota,  the United States of America, with its principal place
     of business at 400 Galleria  Suite 300 Atlanta GA 30339,  the United States
     of America; and

(4)  Eltrax Systems Pte Ltd ("ESPL"),  a company  incorporated in Singapore with
     its  registered  office at 64  Tras  Street Sulcus House, Singapore 079003.

     WHEREAS,  Aremis and the Purchaser desire that the Purchaser  acquires,  on
the terms and subject to the conditions reflected below, the Acquired Assets (as
defined below) and the Acquired  Business (as defined below), as a going concern
with effect from the Completion Date; and

     WHEREAS,  VTI and ESPL  believe  that it is  desirable  and in  their  best
interests for ESPL to sell the Acquired Assets and the Acquired  Business to the
Purchaser;

     NOW, THEREFORE, the parties to this Agreement hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

     As used in this Agreement,  the capitalized  terms identified below in this
Article I shall have the meanings indicated, and variants and derivatives of the
following terms shall have correlative  meanings.  To the extent that certain of
the definitions set forth below express  agreements  between or among parties to
this  Agreement,  or contain  representations  or  warranties  or covenants of a
party, the parties agree to the same by execution of this Agreement. The parties
to this  Agreement  agree  that  agreements,  representations,  warranties,  and
covenants  expressed in any part or provision  of this  Agreement  shall for all
purposes  of this  Agreement  be  treated  in the  same  manner  as  other  such
agreements,  representations,  warranties,  and covenants contained elsewhere in
this Agreement,  and the Article or Section of this Agreement  within which such
an  agreement,  representation,  warranty,  or  covenant  appears  shall have no
separate meaning or effect on the same.

1.1  Acquired Assets: The assets to be acquired by the Purchaser pursuant to the
     terms  hereof,  as  identified  on  Section  1.1 of the  Acquired  Business
     Disclosure     Document  attached hereto, including,   but not      limited
     to all  Intellectual  Property  Rights and  Software  Products  used in the
     Acquired  Business,  and all other assets of ESPL,  tangible or

<PAGE>

     intangible (including contractual,  warranty, and other rights), the use or
     value of which is related to the assets so identified.

1.2  Acquired Business:  The businesses of ESPL in which the Acquired Assets are
     utilized, as       described on   Section 1.2 of   the Acquired    Business
     Disclosure Document attached hereto.

1.3  Acquired Business Balance Sheet: The balance sheet as at 31st October, 2000
     or, if  available  prior to  Completion,  the balance  sheet as at the date
     provided  for  in  Section  8.1(8)  included  in  the  Unaudited  Financial
     Statements of the Acquired Business, excluding the Excluded Assets.

1.4  Acquired Business  Disclosure  Document:  The document delivered by ESPL to
     the Purchaser containing certain disclosures relative to this Agreement,  a
     copy of which is attached to this Agreement as Exhibit to Section 1.4.

1.5  Acquired Facilities: All warehouses, stores, plants, production facilities,
     manufacturing  facilities,  fixtures,  and improvements  owned or leased by
     ESPL or otherwise  used in  connection  with the  operation of the Acquired
     Business or leased or subleased to others,  but only to the extent that the
     same consist of the Acquired Assets.

1.6  Affiliate:  When used with  respect  to a person,  an  "affiliate"  of that
     person is a person Controlling, Controlled by, or under common Control with
     that person.

1.7  Agreement:  This  Agreement for the Purchase and Sale of Assets,  including
     all  of  its  schedules  and  exhibits  specifically  referred  to in  this
     Agreement  that  have  been  or are to be  delivered  by a  party  to  this
     Agreement to another such party in connection  with the Transaction or this
     Agreement,  and including all duly adopted amendments,  modifications,  and
     supplements to or of this Agreement and such schedules and exhibits.

1.8  Assumed Liabilities: The Liabilities of ESPL to be assumed by the Purchaser
     pursuant to this Agreement,  as  specifically  identified in Section 1.8 of
     the Acquired Business Disclosure Document, and no other Liabilities.

1.9  Business Day: Any day that is not a Saturday,  Sunday,  Public Holiday or a
     day on which banks in New York, the United States of America,  or Singapore
     are authorized to close.

<PAGE>
1.10 Completion:  The completion of the Transaction,  to take place as described
     in Article II.

1.11 Completion Date: The date on which Completion takes place, as agreed by the
     parties,  but shall not in any event be prior to  satisfaction or waiver of
     the conditions to Completion set forth in Article VIII hereof.

1.12 Completion Time: The time at which Completion actually occurs,  which shall
     take place at 5:00 p.m.,  Singapore  time, on the Completion  Date,  unless
     otherwise agreed by the parties.

1.13 Consideration:  The net  sum of  US$200,000,  exclusive  of any  Goods  and
     Services Tax payable, to be paid by the Purchaser to ESPL or its nominee at
     Completion for the Acquired Assets and the Acquired Business.

1.14 Control:  Generally, the power to direct the affairs of an Entity by reason
     of either (i) owning or controlling  the right to vote a sufficient  number
     of shares of voting stock or other voting interest of such Entity,  or (ii)
     having the right to direct the  general  management  of the affairs of such
     Entity by contract or otherwise.

1.15 Counsel to ESPL:  Joseph Tan Jude  Benny  Anne  Choo,  7 Temasek  Boulevard
     #21-02 Suntec Tower One, Singapore 038987.

1.16 Counsel to the  Purchaser:  Allen & Gledhill,  36 Robinson Road #18-01 City
     House Singapore 068877.

1.17 Entity: A corporation,  partnership, sole proprietorship, joint venture, or
     other form of  organization  formed for the conduct of a business,  whether
     active or passive.

1.18 Excluded Assets:  Notwithstanding  the definition of the Acquired Assets or
     the  Acquired  Business,  the  assets  identified  in  Section  1.18 of the
     Acquired  Business  Disclosure  Document  shall not be  deemed  part of the
     Acquired Assets.

1.19 GAAP: Generally accepted accounting  principles,  as in effect in Singapore
     on the date of any statement,  report or determination that purports to be,
     or  is  required  to  be,  prepared  or  made  in  accordance  with  "GAAP"
     consistently applied throughout the periods to which reference is made.

1.20 Intellectual  Property Rights:  All Software Products  (including,  but not
     limited to, all versions,  renewals,  modifications  and  extensions of any
     Software Products), patents, patent applications,  trade and

<PAGE>

     service  marks,  trade  and  service  mark   registrations,   trade  names,
     copyrights,  licenses, sublicenses,  inventions, trade secrets, technology,
     know-how,  domain names,  customer lists,  prospect lists and other similar
     intangible property.

1.21 Inventories:  The  stock of raw  materials,  work-in-process  and  finished
     goods,  including but not limited to finished  goods  purchased for resale,
     held by ESPL for manufacturing,  assembly, processing,  finishing, sale, or
     resale to others,  from time to time in the ordinary course of the business
     of ESPL in the  form in  which  such  inventories  then  are  held or after
     manufacturing,  assembling, finishing, processing, incorporating with other
     goods or items, refining, or the like.

1.22 Liabilities:   At  any  point  in  time  (the  "Determination  Time"),  the
     obligations of a person or Entity, whether known or unknown,  contingent or
     absolute,  recorded on its books or not,  arising or  resulting  in any way
     from facts, events, agreements,  obligations or occurrences that existed or
     transpired  at a prior point in time,  or resulted from the passage of time
     to the Determination Time.

1.23 Master  Agreement:  The Agreement for the Purchase and Sale of Assets dated
     28th  September,  2000 entered into by Aremis,  VTI and Eltrax  Hospitality
     Group, Inc. ("EHGI") relating to the sale and purchase of the business, and
     certain  assets  and  liabilities  of EHGI,  upon the terms and  conditions
     therein.

1.24 Parent: An Entity which Controls, directly or indirectly, or through one or
     more intermediaries, a Subsidiary.

1.25 Payables: Liabilities of a party arising from the borrowing of money or the
     incurring of obligations for services, merchandise or goods purchased.

1.26 Projections:  The projections of economic results of the Acquired Business,
     prepared  by ESPL on a  monthly  basis  through  31st  December,  2000  and
     delivered to the Purchaser  pursuant to the terms of this  Agreement.  Such
     Projections  include,  separately  and  consolidated,  projected  financial
     results for each separate  business  operation of the Acquired Business and
     for each separate facility of the Acquired Business.

1.27 Proprietary Rights: Trade secrets, copyrights, patents, trademarks, service
     marks,  customer  lists,  and all  similar  types  of  intangible  property
     developed, created or owned by ESPL in connection with the Acquired Assets,
     or used by ESPL in

<PAGE>

     connection with the Acquired Business, whether or not the same are entitled
     to legal protection.

1.28 Receivables:  Accounts receivable,  notes receivable, and other obligations
     appearing  as assets on the books of ESPL,  and  customarily  reflected  as
     assets in balance  sheets of  entities  prepared in  accordance  with GAAP,
     indicating moneys owed to ESPL.

1.29 Senercomm: Senercomm, Inc., a Florida corporation, located at 400 Galleria,
     Suite 300, Atlanta, GA 30339.

1.30 Senercomm  Software  Products:  Senercomm  developed or published  Software
     Products marketed under the "Senercomm" trademark and Intellectual Property
     Rights  to  Senercomm  published  descriptions,  specifications,  technical
     manuals,  and other Senercomm  supporting materials which may exist in text
     or in electronic format, as the same may be modified from time to time.

1.31 Software  Products:  Any  instruction  or  instructions,  in source-code or
     object  code  format,   for  controlling  the  operation  of  any  computer
     processing  unit  together  with all user  documentation  related  thereto.
     Software  Products  include,  but  are not  limited  to,  the  applications
     identified  on the  Schedule to Section  1.1(iv) of the  Acquired  Business
     Disclosure Document.

1.32 Squirrel:  Squirrel Systems,  Inc., a Georgia  corporation,  located at 400
     Galleria, Suite 300, Atlanta, GA 30339.

1.33 Squirrel Software  Products:  All Squirrel  developed or published Software
     Products marketed under the "Squirrel" trademark and Intellectual  Property
     Rights  to  Squirrel  published  descriptions,   specifications,  technical
     manuals, and other Squirrel supporting materials which may exist in text or
     in electronic format, as the same may be modified from time to time.

1.34 Subsidiary:  With  respect to any  Entity,  another  Entity of which  fifty
     percent (50%) or more of the effective voting power, or the effective power
     to elect a majority of the board of directors or similar governing body, or
     fifty percent (50%) or more of the true equity  interest;  is owned by such
     first Entity, directly or indirectly.

1.35 S$: The lawful currency of Singapore.

<PAGE>

1.36 Transaction:  The sale and purchase of the Acquired Assets and the Acquired
     Business,   and  the  assumption  of  the  Assumed  Liabilities,   for  the
     Consideration  as contemplated  by, and subject to the terms and conditions
     of, this Agreement.

1.37 Unaudited Financial Statements:  The balance sheet as at 31st October, 2000
     or (if  available  prior to  Completion)  the balance  sheet as at the date
     provided  for in Section  8.1(8),  the balance  sheet as at 31st  December,
     1999, the income  statement for the period ended 31st October,  2000 or (if
     available prior to Completion) for the period ended as of the date provided
     for in Section  8.1(8),  the  income  statement  for the period  ended 31st
     December,  1999 and the related notes provided therewith,  for the Acquired
     Business,  excluding therefrom the Excluded Assets,  prepared in accordance
     with GAAP, other than the presentation of appropriate  footnote disclosure,
     schedules and the division of equity and inter-company accounts.

1.38 US$: The lawful currency of the United States of America.

<PAGE>

                                   ARTICLE II
                                 THE TRANSACTION

2.1  The Transaction

     On the  Completion  Date,  and  at  the  Completion  Time,  subject  in all
     instances  to each of the terms,  conditions,  provisions  and  limitations
     contained  in this  Agreement,  ESPL  shall  and VTI  shall  cause  ESPL as
     beneficial owner to, sell,  transfer,  convey, and assign to the Purchaser,
     by  instruments  reasonably  satisfactory  in  form  and  substance  to the
     Purchaser and Counsel to the  Purchaser,  and the  Purchaser  shall acquire
     from  ESPL  free and  clear  from all and any  claims,  liens,  charges  or
     encumbrances  (except for the encumbrances  expressly  provided in the Hire
     Purchase  Agreement  dated 10th May,  1999 in  respect of various  computer
     goods  identified  as item 4 on the  Schedule  to Section  1.1(iii)  of the
     Acquired Business Disclosure  Document) whatsoever (i) the Acquired Assets,
     and (ii) the Acquired  Business,  with the exclusive  right to carry on the
     same in  continuation  of or in  succession  to ESPL,  and (iii) assume the
     Assumed  Liabilities,  and only those  Liabilities and no other Liabilities
     whatsoever,  in exchange  for the  Consideration.  VTI and ESPL jointly and
     severally  represent that the Acquired Assets are all the assets reasonably
     necessary for the conduct of the Acquired  Business in the ordinary  course
     (exclusive  of working  capital)  in the same  manner as that in which such
     business  has been  conducted in the  immediate  past,  including,  without
     limitation,  all Proprietary  Rights,  Software  Products and  Intellectual
     Property Rights used in the ordinary  conduct of the Acquired  Business and
     all contract,  warranty, and other intangible rights relating to or arising
     out of the Acquired  Business.  Neither  Aremis nor the Purchaser or any of
     its Affiliates is assuming,  becoming liable for,  agreeing to discharge or
     in any manner becoming in any way responsible for any of the Liabilities of
     VTI  or  ESPL  other  than  the  Assumed  Liabilities.   With  effect  from
     Completion,  Aremis and the Purchaser hereby agree to jointly and severally
     pay,  perform or  discharge  all of the Assumed  Liabilities.  VTI and ESPL
     hereby jointly and severally  represent  that,  prior to and on Completion,
     ESPL holds and will hold absolutely free and clear from all and any claims,
     liens,  charges or  encumbrances  (except in relation to the Hire  Purchase
     Agreement  referred to above)  whatsoever all right,  title and interest to
     and in the Acquired Assets and there are no agreements,  understandings, or
     arrangements  of  VTI or  ESPL  which,  as of or  after  Completion,  would
     materially  and  adversely  affect the  Acquired  Assets  and the  Acquired
     Business,  the  ability  of ESPL to sell,  transfer,  convey and assign the
     Acquired  Assets and the Acquired  Business free and clear from all and any
     claims,  liens,  charges or  encumbrances  (except in  relation to the Hire
     Purchase  Agreement  referred to above)  whatsoever  as provided  herein or
     result in the assumption of any Liabilities by the Purchaser other than the
     Assumed Liabilities.

2.2  Manner of Payment

     Payment of the  Consideration by the Purchaser shall be made in immediately
     available  funds by wire  transfer to such account or accounts of VTI, ESPL
     or of designated  third-parties (it being understood that VTI and ESPL will
     be using a portion of the  Consideration  proceeds to pay  amounts  owed to
     certain  third-parties who have played legal,  financial and other advisory
     roles in connection  with the  Transaction)  as shall have been  adequately
     described  to Aremis  and/or the  Purchaser  in writing not less than three
     Business Days prior to Completion.

<PAGE>

                                   ARTICLE III
                                   COMPLETION

3.1  Completion

     Completion  hereunder  shall  take  place at the  offices of Counsel to the
     Purchaser,  Counsel  to ESPL or at such  place or places as the  parties to
     this Agreement may agree upon, on the Completion Date.

                                   ARTICLE IV
                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

Aremis  and the  Purchaser  hereby  represent  and  warrant  to VTI and  ESPL as
follows:

4.1  Organization

     Aremis is a corporation duly incorporated,  organised, validly existing and
     in good standing under the laws of its jurisdiction of  incorporation.  The
     Purchaser is a company duly  incorporated  and validly  existing  under the
     laws of Singapore,  and has the requisite  corporate power and authority to
     carry on its business as it is now being conducted.

4.2  Authority Relative to This Agreement

     The Purchaser has the requisite corporate power and authority to enter into
     this Agreement and to carry out its  obligations  hereunder.  The execution
     and delivery of this  Agreement and the  consummation  of the  transactions
     contemplated hereby have been duly authorized and approved by the requisite
     level of  corporate  authority  of the  Purchaser,  and no other  corporate
     proceedings on the part of the Purchaser are necessary to approve and adopt
     this  Agreement  or  to  approve  the   consummation  of  the  Transactions
     contemplated  hereby,  including,  without  limitation,   delivery  of  the
     Consideration.  This  Agreement  has been  duly and  validly  executed  and
     delivered by the Purchaser and  constitutes a valid and binding  obligation
     of the Purchaser, enforceable in accordance with its terms.

4.3  Absence of Breach; No Consents

     The  execution,  delivery  and  performance  of  this  Agreement,  and  the
     performance  by the  Purchaser  of its  obligations  hereunder  (except for
     compliance with any regulatory or licensing laws applicable to the business
     of the Purchaser, all of which, to the extent applicable to Purchaser, will
     be satisfied in all material  respects prior to Completion) do not,  except
     as disclosed in Schedule to Section  4.3, (1) conflict  with,  and will not
     result in a breach of, any of the provisions of the Memorandum and Articles
     of Association of the Purchaser;  (2) contravene any Singapore laws, or any
     order,  writ,  judgment,  injunction,   decree,  determination,   or  award
     affecting  or binding  upon Aremis  and/or any of its  Subsidiaries  or the
     Purchaser,  in such a  manner  as to  provide  a  basis  for  enjoining  or
     otherwise preventing consummation of the Transaction;  (3) conflict with or
     result in a breach of or  default  under  any  indenture  or loan or credit
     agreement or any other  agreement or  instrument to which Aremis and/or any
     of its  Subsidiaries  or the  Purchaser is a party,  in such a manner as to
     provide a basis of enjoining or otherwise  preventing  consummation  of the
     Transaction; or (4) require the authorization, consent, approval or license
     of any third  party of such

<PAGE>

     a nature  that the  failure to obtain  the same  would  provide a basis for
     enjoining or otherwise preventing consummation of the Transaction.

4.4  Brokers

     No  broker,  finder or  investment  banker is  entitled  to any  brokerage,
     finder's or other fee or commission in  connection  with this  Agreement or
     the  Transaction  or any  related  transaction  based upon any  agreements,
     written  or  oral,  made  by or on  behalf  of  Aremis  and/or  any  of its
     Subsidiaries or the Purchaser.

                                    ARTICLE V
                 REPRESENTATIONS AND WARRANTIES OF VTI AND ESPL

VTI and ESPL,  jointly  and  severally  represent  and warrant to Aremis and the
Purchaser as follows:

5.1  Organization and Qualification

     VTI is a corporation duly incorporated, organised, validly existing, and in
     good standing under the laws of its jurisdiction of incorporation.  ESPL is
     a  company  duly  incorporated  and  validly  existing  under  the  laws of
     Singapore. ESPL has the requisite corporate power and authority to carry on
     the Acquired Business,  as it is now being conducted.  Each of VTI and ESPL
     is duly qualified as a foreign corporation,  to do business, and is in good
     standing,  in each jurisdiction where the character of the properties owned
     or  leased  by  it,  or  the  nature  of  its  activities,   is  such  that
     qualification as a foreign  corporation in that jurisdiction is required by
     law except where the failure to be so  qualified  would not  reasonably  be
     expected to have a material adverse effect on such Entity's business.

5.2  Authority Relative to This Agreement

     This Agreement has been duly and validly  executed and delivered by VTI and
     ESPL,  and  constitutes  a valid  and  binding  Agreement  of VTI and ESPL,
     enforceable  in  accordance  with its  terms.  Each of VTI and ESPL has all
     requisite corporate power and authority to enter into this Agreement and to
     carry out the Transaction  contemplated  hereby,  and its doing so has been
     duly and sufficiently  authorized,  subject only to governmental regulatory
     approvals  as and to the extent  specifically  set forth  elsewhere in this
     Agreement  and no other  corporate  proceedings  on the part of either  VTI
     and/or ESPL are necessary to approve and adopt this Agreement or to approve
     the consummation of the Transaction contemplated hereby.

5.3  Absence of Breach; No Consents

     The execution, delivery, and performance of this Agreement by VTI and ESPL,
     and  the  performance  by VTI  and  ESPL of  their  respective  obligations
     hereunder,  do not,  (1) except as  identified  in the  Schedule to Section
     5.3.1 of the Acquired Business Disclosure Document, conflict with or result
     in a breach of any of the  provisions of the Articles of  Incorporation  or
     Bylaws,  or Memorandum and Articles of Association,  as the case may be, of
     VTI or ESPL,  respectively;  (2) except as  identified  in the  Schedule to
     Section 5.3.2 of the Acquired Business Disclosure Document,  contravene any
     law, ordinance, rule or regulation in the respective jurisdictions in which
     they have been  incorporated,  or  contravene  any order,  writ,  judgment,
     injunction, decree, determination, or award of any court or other authority
     having  jurisdiction  over,  or cause the

<PAGE>

     suspension  or  revocation  of any  authorization,  consent,  approval,  or
     license, presently in effect, which affects or binds, VTI or ESPL or all or
     any part of the  Acquired  Business,  except  in any such case  where  such
     contravention,  suspension or revocation  will not have a material  adverse
     effect on the business,  condition (financial or otherwise),  operations or
     prospects  of the Acquired  Business  and will not have a material  adverse
     effect  on  the  validity  of  this  Agreement  or on the  validity  of the
     consummation of the  Transaction;  (3) except as identified in the Schedule
     to Section 5.3.3 of the Acquired  Business  Disclosure  Document,  conflict
     with or  result  in a  material  breach of or  default  under any  material
     indenture or loan or credit  agreement or any other agreement or instrument
     to which VTI or ESPL is a party or by which any of the material  properties
     of the Acquired Business may be affected or bound; (4) except as identified
     in the  Schedule  to  Section  5.3.4 of the  Acquired  Business  Disclosure
     Document,  require the authorization,  consent, approval, or license of any
     third  party,  except for those the  failure  of which to obtain  would not
     reasonably  be expected to have a material  adverse  effect on the Acquired
     Business  or the  Acquired  Assets;  or (5)  except  as  identified  in the
     Schedule to Section  5.3.5 of the  Acquired  Business  Disclosure  Document
     constitute grounds for the loss or suspension of any permits,  licenses, or
     other authorizations used in the Acquired Business.

5.4  Brokers

     No broker,  finder,  or  investment  banker is entitled  to any  brokerage,
     finder's,  or other fee or commission in connection  with this Agreement or
     the  Transaction  or any  related  transaction  based upon any  agreements,
     written  or  oral,  made  by or on  behalf  of VTI,  ESPL  or any of  their
     respective Subsidiaries.  ESPL does not have any obligation to pay finder's
     or broker's fees or commissions in connection  with the exercise of options
     to renew or extend real estate leases to which ESPL is a party.

5.5  Financial Statements.

     ESPL has  heretofore  delivered to the Purchaser  the  Unaudited  Financial
     Statements of the Acquired Business.

     All of the historical financial statements contained in such documents were
     prepared  from the books  and  records  of ESPL.  The  Unaudited  Financial
     Statements  were prepared in accordance  with GAAP (as qualified in Section
     1.37 above). Without limiting the foregoing, as of the date of the Acquired
     Business  Balance  Sheet,  ESPL  owned  each  of  the  assets  included  in
     preparation of the Acquired  Business  Balance Sheet,  and the valuation of
     such assets in the Acquired  Business Balance Sheet is consistent with GAAP
     (as qualified in Section 1.37 above); and ESPL had no Liabilities  required
     to be included in the Acquired  Business  Balance Sheet in accordance  with
     GAAP (as  qualified in Section 1.37 above) for which the Acquired  Business
     or any part of the Acquired  Assets is  responsible  or liable,  other than
     those included in the Acquired  Business Balance Sheet, nor any Liabilities
     required  to  be  included  in  the  Acquired  Business  Balance  Sheet  in
     accordance  with GAAP (as  qualified  in Section  1.37 above) in amounts in
     excess of the amounts  included for them in the Acquired  Business  Balance
     Sheet.  From the date hereof through the Completion Date, VTI and ESPL will
     continue to prepare  financial  statements for the Acquired Business on the
     same basis that they have done so in the past,  will  promptly  deliver the
     same to the  Purchaser,  and agree  that from and after such  delivery  the
     foregoing representations will be applicable to each financial statement so
     prepared and delivered.

<PAGE>

5.6  Absence of  Material  Differences  From the  Acquired  Business  Disclosure
     Document

     Except  as  specifically  disclosed  in the  Acquired  Business  Disclosure
     Document in sections corresponding to the subsections below:

     (1)  No Undisclosed Liabilities

          ESPL has no Liabilities relating to or affecting the Acquired Business
          or the Acquired  Assets which are not, to the extent  required by GAAP
          (as qualified in Section 1.37 above), adequately reflected or reserved
          against on the face of the Acquired  Business  Balance  Sheet,  except
          Liabilities  incurred since the date of the Acquired  Business Balance
          Sheet in the ordinary course of business of the Acquired  Business and
          consistent  with past practice.  Without  limiting the foregoing,  (a)
          ESPL is not in any  default or in  breach,  in any  material  respect,
          under any contract, license, mortgage,  indenture, deed or permit held
          or  affecting  the  Acquired  Business,  (b)  there  are no  leasehold
          improvements currently due and owing at any of the Acquired Facilities
          for which the Acquired  Business is or will be responsible,  (c) there
          are no deferred rents due to lessors at or with respect to any of such
          Acquired Facilities, and (d) the Acquired Business Disclosure Document
          sets forth,  as a part  thereof,  each  Liability of or affecting  the
          Acquired  Business  or the  Acquired  Assets in an amount in excess of
          S$17,000  and  each  person  to  whom  the  aggregate  amount  of such
          Liabilities is in excess of S$17,000.

     (2)  No Material Adverse Change, Etc.

          Since the date of the Acquired  Business Balance Sheet,  other than as
          contemplated or caused by this Agreement, there has not been:

          (a)  any material adverse change in the business, condition (financial
               or otherwise), operations, or prospects of the Acquired Business;

          (b)  any damage,  destruction or loss, whether covered by insurance or
               not, having a material adverse effect on the business,  condition
               (financial or otherwise), operations or prospects of the Acquired
               Business,  or  materially  and  adversely  affecting the Acquired
               Assets;

          (c)  any  entry  into  or  termination  of  any  material  commitment,
               contract,   agreement  or  transaction   affecting  the  Acquired
               Business or the Acquired Assets (including,  without  limitation,
               any material  borrowing or capital  expenditure  or sale or other
               disposition  of any  material  asset or  assets)  other than this
               Agreement  and  agreements  executed  in the  ordinary  course of
               business;

          (d)  any  transfer  of or right  granted  under  any  material  lease,
               license,  agreement,  patent, trademark,  trade name or copyright
               included among the Acquired Assets;

          (e)  any sale or other  disposition of any of the Acquired Assets,  or
               any mortgage,  pledge,  charge or imposition of any lien or other
               encumbrance  on any  of the  Acquired  Assets,  or any  agreement
               relating  to any of the  foregoing,  other  than in the  ordinary
               course of business; or

<PAGE>

          (f)  any default or breach in any material respect under any contract,
               license  or  permit  held  by or for or  affecting  the  Acquired
               Business.

          Since  the  date of the  Acquired  Business  Balance  Sheet,  ESPL has
          conducted the Acquired Business only in the ordinary and usual course,
          and without  limiting the foregoing,  no changes have been made in (i)
          executive  compensation  levels,  or (ii) the  manner  in which  other
          employees  of ESPL are  compensated,  or (iii)  supplemental  benefits
          provided to any such  executives  or other  employees of ESPL, or (iv)
          inventory levels of the Acquired Business in relation to sales levels,
          except,  in any such case, in the ordinary  course of business and, in
          any event, without material adverse effect on the business,  condition
          (financial  or  otherwise),  operations,  or prospects of the Acquired
          Business.

     (3)  Taxation

          ESPL has properly and promptly filed (or obtained proper extensions in
          respect  of) all  local and  foreign  income  and  other tax  returns,
          reports,  and  declarations  that are required by applicable law to be
          filed by it and  that  relate  to or in any way  affect  the  Acquired
          Business or the Acquired  Assets except for those the failure of which
          to file would not have an adverse  effect on the Acquired  Business or
          the Acquired Assets,  and has paid, or will pay when due all Singapore
          and foreign income and other taxes properly due (including any amounts
          deferred as a result of an  extension  or  otherwise)  for the periods
          covered by such returns, reports, and declarations.

     (4)  Compliance With Laws

          (a)  The Acquired  Business has been  conducted and operated,  and the
               Acquired  Assets have been used in  substantial  compliance  with
               all,  and ESPL has not  received any notice of any breach of any,
               laws  or  ordinances,   rules,  regulations  and  orders  of  all
               governmental and regulatory  entities for the time being in force
               and applicable to ESPL,  including without  limitation,  the laws
               and  regulations  relevant to the use or utilization of premises,
               or with respect to which compliance is a condition of engaging in
               any  aspect of the  Acquired  Business,  except to the extent the
               failure of which any of the foregoing to be true would not have a
               material adverse effect on the Acquired  Business or the Acquired
               Assets.

          (b)  The Acquired Business has all permits,  licenses,  zoning rights,
               and other  governmental  authorizations  necessary to conduct its
               business as presently conducted, except to the extent the failure
               of the Acquired  Business to have any of the foregoing  would not
               have a material  adverse  effect on the Acquired  Business or the
               Acquired Assets. All such permits,  licenses,  zoning rights, and
               other  governmental  authorizations  (if any) will, as a part and
               consequence of the Transactions,  be transferred to the Purchaser
               at Completion.

     (5)  Litigation

          (a)  No material  investigation,  review or enquiry by or on behalf of
               any governmental department, commission, board, bureau, agency or
               instrumentality  with respect to the Acquired  Business or any of
               the Acquired  Assets or the use thereof is to the best  knowledge
               of ESPL,  pending  or,  threatened  (other than  inspections  and

<PAGE>

               reviews  (if any),  customarily  made of  businesses  such as the
               Acquired   Business),   nor  has  any  governmental   department,
               commission, board, bureau, agency or instrumentality indicated an
               intention to conduct the same.

          (b)  There are no  actions,  suits or  proceedings  pending or, to the
               best of the  knowledge of ESPL,  threatened  against or affecting
               the Acquired  Business or any of the Acquired Assets at law or in
               equity, or before any governmental department, commission, board,
               bureau, agency or instrumentality.

     (6)  Employees

          (a)  There  are  no  collective  bargaining,  bonus,  profit  sharing,
               compensation,  or  other  plans,  agreements,  trusts,  funds  or
               arrangements  maintained  by VTI  or  ESPL  for  the  benefit  of
               directors,  officers  or  employees  of  ESPL  and  there  are no
               employment,    consulting,    severance,    or    indemnification
               arrangements  (except as provided in the  Memorandum and Articles
               of Association of ESPL), agreements or understandings between VTI
               or ESPL on the one hand,  and any  current  or former  directors,
               officers or other employees of ESPL, on the other hand.

          (b)  The Acquired Business  Disclosure Document identifies each person
               whose  annualized  income from ESPL,  on the date of the Acquired
               Business Balance Sheet, exceeded or would exceed on an annualized
               basis,  or  whose  income  from  ESPL in the  fiscal  year  begun
               immediately  thereafter  is at a rate  exceeding,  US$50,000  per
               annum.  ESPL is not, and following  Completion will not be, bound
               by any  express  or  implied  contract  or  agreement  to employ,
               directly  or as a  consultant  or  otherwise,  any person for any
               specific  period  of time or until  any  specific  age  except as
               specified in  agreements  in writing  identified  in the Acquired
               Business   Disclosure   Document  or  executed  pursuant  to  the
               provisions hereof.

     (7)  Ownership of Assets

          (a)  ESPL has (or as of  Completion  will have),  with  respect to the
               Acquired Assets, good, marketable and insurable title, and valid,
               effective and continuing leasehold rights (including licenses) in
               the case of leased or licensed property, to all real property (as
               to which, in the case of owned  property,  such title is freehold
               or in fee simple) and all personal property owned or leased by it
               and  comprising  a part of the  Acquired  Assets or the  Acquired
               Business,  or used by it in the conduct of the Acquired  Business
               in such a  manner  as to  create  the  reasonable  appearance  or
               reasonable  expectations  that the same is owned or leased by it;
               such ownership or leasehold rights are, or at Completion will be,
               free and clear from all and any claims, charges, and encumbrances
               (other than those  customarily  held by a lessor or licensor in a
               lease or license of real  property),  except  liens for taxes not
               yet due and minor  imperfections  of title and  encumbrances,  if
               any, which singularly or in the aggregate, are not substantial in
               amount  and do not  materially  detract  from  the  value  of the
               property subject thereto or materially impair the use thereof; no
               other  person  has  any   ownership  or  similar   right  in,  or
               contractual  or other  right to acquire any such right in, any of
               the Acquired Assets or the Acquired Business;  and such ownership
               or  leasehold  rights  will  be  conveyed  to  the  Purchaser  at
               Completion pursuant to the Transaction.

<PAGE>

          (b)  ESPL  does  not  know  of any  potential  action  by  any  party,
               governmental or other regulatory  entity, and no proceedings with
               respect  thereto have been  instituted  of which ESPL has notice,
               that would  materially  affect ESPL's  ability to use and utilise
               each of the  Acquired  Assets for the  purpose of carrying on the
               Acquired Business. ESPL has not received any default notices from
               any  mortgagee  regarding  any leased  properties of the Acquired
               Business or any leasehold  interests,  which comprise any part of
               the Acquired Assets.

          (c)  Section 1.1 and Section  5.6.12 (and the schedules to both of the
               sections) of the Acquired Business  Disclosure Document contain a
               reasonably detailed listing, as of the date specified therein, of
               all Acquired Assets including, but not limited to:

               (i)  accounts receivable as provided in Section 5.6 (12) below;

               (ii) miscellaneous current assets in excess of S$17,000;

               (iii)prepaid  expenses  in excess of S$17,000  (except  those not
                    related to the Acquired Assets or the Assumed Liabilities);

               (iv) Software Products; and

               (v)  buildings, improvements and leasehold improvements.

     (8)  Proprietary Rights, Software Products and Intellectual Property Rights

          Subject to the  qualifications  in the  Acquired  Business  Disclosure
          Document,

          (a)  ESPL  possesses  full  ownership of, or adequate and  enforceable
               exclusive  long-term  licenses or other  exclusive  rights to use
               (without  payment)  all  of  the  Proprietary  Rights,   Software
               Products  and  Intellectual   Property   Rights,   and  all  such
               ownership,  license  or other  rights  shall be  conveyed  to the
               Purchaser at Completion pursuant to the Transaction; and

          (b)  ESPL has not  received any notice of conflict  which  asserts the
               rights of others with respect to any of the  Proprietary  Rights,
               Software Products or the Intellectual  Property Rights;  and ESPL
               has, in all material  respects,  performed all of the obligations
               required  to be  performed  by it,  and is not in  default in any
               material respect,  under any agreement or arrangement relating to
               any of the Proprietary Rights,  Software Products or Intellectual
               Property Rights.

     (9)  Trade Names

          The   Acquired   Business    Disclosure   Document   identifies   each
          trade/business  name or  other  similar  name  under  which  ESPL  has
          conducted  any part of the  Acquired  Business  or in  which  ESPL has
          utilized  any of  the  Acquired  Assets  during  the  five  (5)  years
          preceding the date of this Agreement.

<PAGE>

     (10) Subsidiaries, Etc.

          No  Subsidiary  of  ESPL,  directly  or  indirectly,  owns  any of the
          Acquired Assets or conducts any part of the Acquired Business. ESPL is
          not a partner of or joint  venturer with any other person or Entity in
          relation to any of the Acquired  Assets or any portion of the Acquired
          Business.

     (11) Facilities

          (a)  To  the  best  of  ESPL's  knowledge  (as  applied  to all of the
               following), the Acquired Facilities are (as to physical plant and
               structure)   structurally   sound   and  none  of  the   Acquired
               Facilities,  nor any of the vehicles or other  equipment  used by
               ESPL in  connection  with the Acquired  Business has any material
               defects  and all of them  are in all  material  respects  in good
               operating  condition and repair and are adequate for the uses for
               which they are being utilised.

          (b)  None of such Acquired Facilities, vehicles or other equipment are
               in need of maintenance  or repairs  except for ordinary,  routine
               maintenance and repairs (normal wear and tear excepted) which are
               not  material  in  nature  or cost.  ESPL is not in any  material
               breach,  violation or default of any lease affecting the Acquired
               Business or the  Acquired  Assets with respect to, or as a result
               of which, the other party, whether lessor, lessee,  sublessor, or
               sublessee  thereto,  has the right to terminate the same and ESPL
               has not received notice of any claim or assertion that ESPL is or
               may be in any such breach, violation or default.

     (12) Accounts Receivable

          All accounts  receivable of ESPL,  reflected in the Acquired  Business
          Balance  Sheet  represent  transactions  in  the  ordinary  course  of
          business,  and are  collectible,  net of any reserves.  As of the date
          specified   therein,   the  Acquired  Business   Disclosure   Document
          specifically  identifies  (a)  the  aging  of  Receivables,  (b)  each
          Receivable in excess of S$17,000,  (c) each Receivable in an amount in
          excess of  S$17,000  that is more than 90 days past due,  and (d) each
          Receivable  from a person or Entity  from whom the  aggregate  of such
          Receivables exceeds S$17,000.

     (13) Inventories

          All Inventories of ESPL,  that are reflected in the Acquired  Business
          Balance Sheet,  are of quality and quantity usable and saleable in the
          ordinary  course of business  except for  obsolete  items and items of
          below-standard quality, all of which, in the aggregate, are immaterial
          in amount.  Items  included in ESPL's  Inventories  are carried in the
          books of ESPL, and are valued on the Acquired  Business  Balance Sheet
          consistent with GAAP (as qualified in Section 1.37 above).

     (14) Contracts

          The Acquired Assets and the Acquired  Business are not affected by any
          contracts,  agreements or understandings,  whether express or implied,
          written or verbal, provided,

<PAGE>

          however,  that the  Acquired  Assets or the  Acquired  Business may be
          affected by, and the Acquired  Business  Disclosure  Document need not
          identify, any such contracts,  agreements, or understandings that fall
          into one of the following categories:

          (a)  those that are terminable on notice of less than  thirty-two (32)
               days and do not  involve  payments  or  obligations  of more than
               S$17,000  in any  period  of  thirty-one  (31)  days or less  (on
               termination or otherwise); or

          (b)  those that  involve  aggregate  payment or  obligation  remaining
               unpaid as of the date of this Agreement of less than S$17,000.

          All items excluded in (b) above represent, in the aggregate, less than
          S$170,000.  Neither VTI nor ESPL is a party to any executory  contract
          to sell or transfer any part of any leasehold interest included in the
          Acquired  Assets  or  utilised  by the  Acquired  Business.  True  and
          accurate  copies of all leases of properties  included in the Acquired
          Assets or utilized by the Acquired Business, including all amendments,
          supplements,  extensions and  modifications  thereof,  have heretofore
          been delivered to the Purchaser by ESPL.

     (15) Accounts Payable

          The accounts payable  reflected on the Acquired Business Balance Sheet
          do, and those  reflected in the most recent  balance sheet included in
          the  Unaudited  Financial  Statements  do, and those  reflected on the
          books of ESPL at the time of Completion will, reflect all amounts owed
          by ESPL in respect of trade  accounts  due and other  Payables  of the
          Acquired  Business or relating to the Acquired Assets,  and the actual
          Liability of ESPL in respect of such obligations was not, and will not
          be, on any of such dates, in excess of the amounts so reflected on the
          balance sheets or the books of the Acquired Business,  as the case may
          be.

     (16) Labor Matters

          To the best of the  knowledge  of ESPL,  there  are no  activities  or
          controversies,  including  without  limitation,  any labour organizing
          activities, election petitions or proceedings, proceedings preparatory
          thereto, unfair labour practice complaints,  labour strikes, disputes,
          slowdowns,  or work stoppages,  pending or, threatened,  affecting the
          employees of ESPL.

     (17) Title to and  Utilization  of Real  Properties  and Leasehold  Estates

          Except as disclosed in the Acquired Business Disclosure Document, ESPL
          owns fee, simple or a valid  leasehold  interest in, all real property
          included in the Acquired Assets and has the unbridled right to use the
          same (other than those  customarily  held by a lessor or licensor in a
          lease or  license  of real  property),  and is not aware of any claim,
          notice  or  threat  to the  effect  that its right to own and use such
          property is subject in any way to any challenge,  claim,  assertion of
          rights,  proceedings toward condemnation or confiscation,  in whole or
          in part,  or is  otherwise  subject  to  challenge.  To VTI and ESPL's
          knowledge, each parcel of real property the ownership of, or leasehold
          interest  in, which is included  among the Acquired  Assets is free of
          any and all  hazardous  wastes,  toxic  substances,  or other types of
          contamination in quantities or conditions requiring  remediation,  and

<PAGE>

          ESPL is not subject to any Liability  resulting from or related to any
          such wastes,  substances or  contaminants  in connection with any such
          property.

     (18) Complete list of Agreements

          (a)  The  Schedule  to  Section  1.1(iii)  of  the  Acquired  Business
               Disclosure  Document contains the full,  complete and entire list
               of  all  existing  agreements  entered  into  or  serviced  by or
               assigned or transferred to ESPL related to the Acquired Business,
               and  forming  part  of the  Acquired  Assets,  including  without
               limitation,  all  agreements  relating  to  leased  property  and
               agreements whereby ESPL has or has been granted  distributorship,
               marketing or licensing  rights or provides any services  relating
               to Software  Products,  including  without  limitation,  Squirrel
               Software  Products and  Senercom  Software  Products,  other than
               those not required to be identified pursuant to Section 5.6(14).

          (b)  Notwithstanding Section 5.6(18)(a) above, in addition and without
               prejudice  to all and any rights or remedies  available to Aremis
               and the  Purchaser in respect of  misrepresentation  or breach of
               any  representation  or  warranty of VTI and ESPL set out in this
               Agreement,  if at any time before or after  Completion,  it shall
               come to the attention of VTI, ESPL, Aremis or the Purchaser (each
               a "Discovering  Party") that there are other existing  agreements
               related to the Acquired Business, which should have been included
               in the  Schedule  to Section 1.1 (iii) of the  Acquired  Business
               Disclosure  Document,  then the Discovering  Party shall promptly
               notify the other  parties  of such  fact,  and VTI and ESPL shall
               forthwith use commercially  reasonable  efforts to do and execute
               all  such  documents,  acts  and  things  as  the  Purchaser  may
               reasonably request for the purpose of effectively  vesting in the
               Purchaser  the full  benefit  of such  agreements,  at no further
               consideration  or  other  charge  to  the  Purchaser.  Where  the
               consent,  authorisation  or waiver of any third party is required
               for such purpose,  and such consent,  authorisation  or waiver is
               not obtained,  than the Purchaser shall be entitled to act as the
               agent and attorney of ESPL in order to obtain for itself the full
               benefits  of such  agreements  in the  manner  and to the  extent
               provided for in the letter  executed by Aremis and VTI dated 22nd
               November,  2000,  the terms of which are  incorporated  herein by
               reference.

5.7  Full Disclosure

     The documents, certificates and other writings furnished or to be furnished
     by or on behalf of VTI or ESPL to the Purchaser  pursuant to the provisions
     of this  Agreement,  taken together in the  aggregate,  do not and will not
     contain  any untrue  statements  of a material  fact,  or omit to state any
     material fact  necessary to make the  statements  made, in the light of the
     circumstances under which they are made, not misleading.

5.8  Actions Since Balance Sheet Date

     Except as set forth on the Acquired Business Disclosure Document, since the
     date of the Acquired  Business  Balance Sheet,  VTI and ESPL have not taken
     any actions that would be prohibited under the provisions of this Agreement
     (without the prior written consent of the Purchaser) after the date of this
     Agreement.

<PAGE>

                                   ARTICLE VI
                      COVENANTS OF AREMIS AND THE PURCHASER

6.1  Affirmative Covenants

     From the date hereof through the Completion Date,  Aremis shall procure the
     Purchaser to, and the Purchaser will use commercially reasonable efforts to
     satisfy  the  conditions  to  Completion  set forth in this  Agreement  and
     otherwise  to  ensure  the  prompt  and  expedient   consummation   of  the
     Transaction  substantially as contemplated by this Agreement,  and will use
     commercially reasonable efforts to cause the Transaction to be consummated,
     provided in all instances  that the  representations  and warranties of VTI
     and ESPL in this Agreement are and remain true and accurate in all material
     respects  and that the  covenants  and  agreements  of VTI and ESPL in this
     Agreement  are honored and that the  conditions to the  obligations  of the
     Purchaser set forth in this Agreement are not incapable of satisfaction.

6.2  Cooperation

     Aremis and the Purchaser shall reasonably  cooperate with VTI and ESPL, and
     their respective  counsel,  accountants and agents in every way in carrying
     out the  Transactions  contemplated  herein and in delivering all documents
     and instruments deemed reasonably necessary or useful by ESPL.

6.3  Costs

     Whether  or not the  Transaction  is  consummated,  all costs and  expenses
     incurred by Aremis and the Purchaser in connection  with the preparation of
     this Agreement and in preparation for the Transaction  contemplated  hereby
     shall be paid by Aremis and the Purchaser, as the case may be.

6.4  Publicity

     Prior to Completion,  any written news releases by the Purchaser pertaining
     to this Agreement or the Transaction  shall be submitted to ESPL for review
     and approval prior to release by the Purchaser,  and shall be released only
     in a form approved by ESPL, provided, however, that (1) such approval shall
     not be unreasonably withheld by ESPL, and (2) such review or approval shall
     not be required of releases by the Purchaser if it would prevent the timely
     and accurate  dissemination of such press release as required to comply, in
     the judgment of counsel, with any applicable law, rule or policy.

6.5  Offers of Employment

     (1)  The  transfer  of the  employment  of the  employees  of ESPL  who are
          governed by the Singapore  Employment Act, Chapter 91 (the "Employment
          Act")  (the  "Employees")  shall be  governed  by  Section  18A of the
          Employment Act and ESPL and the Purchaser shall each comply with their
          respective obligations under the said Section 18A.

     (2)  In the case of any employees of ESPL falling outside the provisions of
          the Employment Act (the "Executive  Employees"),  ESPL shall terminate
          the  employment of the Executive  Employees with effect from the close
          of  business on  Completion  Date and the  Purchaser  shall offer them
          employment  with  effect  from  the  date  immediately  following  the
          Completion Date, on the basis that:

<PAGE>

          (a)  the  Purchaser's  offer of employment  shall be on the same terms
               and conditions  including but not limited to salary levels, leave
               entitlement  and all other  benefits  as  applied to each of such
               Executive  Employees under the employment  contract  between them
               and ESPL;

          (b)  in computing the period of employment (including  calculations of
               annual  bonuses,  leave  entitlement  and other  benefits) by the
               Purchaser  of  each  such  Executive  Employee  who  accepts  the
               Purchaser's  offer of  employment,  the period of such  Executive
               Employee's  employment  with ESPL and the benefits  including but
               not  limited  to the leave  entitlement  of each  such  Executive
               Employee respectively shall be included; and

          (c)  such Executive  Employees shall not suffer any loss in seniority,
               leave  allowance or other benefits in their  employment  with the
               Purchaser.

          In the event that any Executive Employee shall decline the Purchaser's
          offer  of  employment,   all  claims,  demands,  costs  and  expenses,
          including redundancy, long service and other payments payable (if any)
          shall be borne by ESPL.  ESPL shall use its best  efforts to  persuade
          the Executive Employees to accept the Purchaser's offer of employment.

     (3)  ESPL  shall  perform  and  discharge  all  its  obligations  up to the
          Completion  Date  in  respect  of  all  the  Employees  and  Executive
          Employees  for its own  account up to and  including  Completion  Date
          including,  without limitation,  discharging all wages and salaries of
          the Employees and Executive Employees and all other costs and expenses
          related to their  employment.  Subject to the provisions of Article X,
          VTI and ESPL  shall  fully  indemnify,  defend and hold  harmless  the
          Purchaser and its officers,  directors,  employees and agents from and
          against any and all losses incurred as a result of claims,  actions or
          proceedings brought by any Executive Employee against the Purchaser or
          any of its officers, directors, employees or agents as a result of any
          act or omission of ESPL on or prior to the Completion Date.

6.6  Cooperation

     Purchaser acknowledges that post-Completion,  ESPL intends to be dissolved,
     its assets  liquidated  and its affairs  wound up. Aremis and the Purchaser
     shall reasonably  cooperate with VTI and ESPL and their respective counsel,
     accountants,  agents and representatives in every way in that regard and in
     executing and delivering all documents and  instruments  deemed  reasonably
     necessary  or useful by VTI or ESPL in that  regard.  Without  limiting the
     generality  of the  foregoing,  the  Purchaser  shall allow and cause those
     employees  of ESPL  who are  currently  officers  of  ESPL  and who  become
     employed by the Purchaser in connection  with the  Transaction to remain as
     officers of ESPL, without  compensation,  and shall cause such employees to
     execute and  deliver,  on behalf of ESPL,  the  documents  and  instruments
     contemplated in the immediately preceding sentence and to otherwise further
     the dissolution,  liquidation and winding up of ESPL, as directed by VTI or
     ESPL.  VTI  shall  reimburse  the  Purchaser  for any  and  all  reasonable
     out-of-pocket  expenses  which it incurs  and pays in  connection  with its

<PAGE>

     duties and obligations under this Section 6.6 but VTI shall not be required
     to  reimburse  the  Purchaser  for  the  time  spent  by its  employees  in
     furtherance  of such duties and  obligations.  The Purchaser  shall use its
     best  efforts to retain,  and on request,  shall  provide VTI and ESPL with
     access to or copies of, all documents  which VTI and/or ESPL may reasonably
     request in connection with the  dissolution,  liquidation and winding up of
     ESPL or in  preparing  and filing  any and all tax  returns  and  financial
     statements for any periods ending on or prior to 31st December, 2000, or in
     connection with any audit activities in respect of any periods ending on or
     prior to 31st December, 2000.

                                   ARTICLE VII
                            COVENANTS OF VTI AND ESPL

7.1  Affirmative Covenants

     From the date hereof  through the  Completion  Date, VTI and ESPL will take
     every  action  reasonably  required  of it to  satisfy  the  conditions  to
     Completion  set forth in this  Agreement and otherwise to ensure the prompt
     and expedient consummation of the Transaction substantially as contemplated
     hereby,  and will exert all reasonable  efforts to cause the Transaction to
     be  consummated,  provided in all instances  that the  representations  and
     warranties  of the  Purchaser  in this  Agreement  are and remain  true and
     accurate and that the  covenants  and  agreements  of the Purchaser in this
     Agreement are honoured and that the  conditions to the  obligations  of VTI
     and ESPL set forth in this Agreement are not incapable of satisfaction.

7.2  Non-Competition Agreement

     ESPL  will  execute  a five (5)  year  non-competition  agreement  with the
     Purchaser to preclude ESPL from engaging in any business  competitive  with
     that  of  the  Acquired  Business,  directly  or  indirectly,  alone  or in
     collaboration with others, except with the written consent of the Purchaser
     or as a shareholder  of less than one percent (1%) of the common stock of a
     publicly held company  engaged in one or more of such  businesses  and with
     such other terms as are mutually acceptable to ESPL and the Purchaser.

7.3  Access and Information

     Subject  to  the  terms  and  conditions  of the  existing  confidentiality
     agreement  between  VTI and Aremis (the terms and  conditions  of which are
     incorporated  herein by reference),  between the date of this Agreement and
     the  Completion  Date,  ESPL  shall  afford  to  the  Purchaser  and to the
     Purchaser's  accountants,  counsel,  and other  representatives  reasonable
     access  during  normal  business  hours  throughout  the  period  prior  to
     Completion to all of their and their respective  Subsidiaries'  properties,
     books, contracts,  commitments, records (including, but not limited to, tax
     returns),  and  personnel  relating to the Acquired  Assets or the Acquired
     Business and, during such period,  shall furnish  promptly to the Purchaser
     (1) all written  communications  to its  directors  or to its  shareholders
     generally  relating to the Acquired  Assets or the Acquired  Business,  (2)
     internal monthly financial  statements of the Acquired Business when and as
     available, and (3) all other information relating to the Acquired Assets or
     the Acquired  Business as the  Purchaser  may  reasonably  request,  but no
     investigation pursuant to this Section 7.3 shall affect any representations
     or warranties of VTI or ESPL, or the  conditions to the  obligations of the
     Purchaser  to  consummate  the  Transaction  contained  in this  Agreement.
     Purchaser  and its  representatives  shall use their best efforts to assert
     their rights hereunder in such manner as to minimize  interference with the
     business of VTI and ESPL.

7.4  No Solicitation

     Until  the  Completion  Date  or  the  termination  of  this  Agreement  in
     accordance  with its terms,  VTI, ESPL and those acting on behalf of either
     of them will not,  and VTI and ESPL will each use its best efforts to cause
     its  officers,   employees,  agents,  and  representatives  (including  any
     investment banker) to not, directly or indirectly,  solicit,  encourage, or
     initiate any  discussions  with,  or negotiate or otherwise  deal with,  or

<PAGE>

     provide any  information  to, any person or Entity other than the Purchaser
     and its officers, employees, and agents, in relation to the Acquired Assets
     or  the  Acquired  Business.   VTI  and  ESPL  will  notify  the  Purchaser
     immediately upon receipt of an inquiry,  offer or proposal  relating to any
     of  the  foregoing.   None  of  the  foregoing  shall  prohibit   providing
     information  to others in a manner in keeping with the ordinary  conduct of
     the Acquired Business, or providing information to government authorities.

7.5  Conduct of Business Pending The Transactions

     VTI and ESPL jointly and  severally  covenant and agree with the  Purchaser
     that,  prior to the  consummation  of the Transaction or the termination of
     this Agreement pursuant to its terms,  unless the Purchaser shall otherwise
     consent in writing,  which  consent shall not be  unreasonably  withheld or
     delayed,  and  except  as  otherwise  contemplated  by  this  Agreement  or
     disclosed in the Acquired Business Disclosure  Document,  VTI and ESPL will
     comply with each of the following:

     (1)  The Acquired Business, and the other businesses that relate to, use or
          affect the Acquired  Assets,  if any,  will be  conducted  only in the
          ordinary  and usual  course,  VTI and ESPL shall use their  reasonable
          efforts to keep intact the business  organization  and goodwill of the
          Acquired  Business,  keep  available  the services of the employees of
          ESPL whose principal  activities  relate to the Acquired  Business and
          maintain  relationships,   in  a  manner  reasonably  consistent  with
          historical   practices,    with   suppliers,    lenders,    creditors,
          distributors,  employees,  customers  and others  having  business  or
          financial  relationships  with the Acquired  Business,  and they shall
          immediately  notify  the  Purchaser  of any  event  or  occurrence  or
          emergency  material  to and not in the  ordinary  and usual  course of
          business of, the Acquired  Business or affecting  any material part of
          the Acquired Assets, or any of their Subsidiaries.

     (2)  They shall not create,  incur or assume any  long-term  or  short-term
          indebtedness  for money borrowed or make any capital  expenditures  or
          commitment for capital  expenditures,  affecting the Acquired Business
          or any of the  Acquired  Assets,  except  in the  ordinary  course  of
          business and consistent with past practice.

     (3)  They shall not:

          (a)  adopt,   enter  into,  or  amend  any  bonus,   profit   sharing,
               compensation,   stock  option,  warrant,   pension,   retirement,
               deferred compensation,  employment,  severance,  termination,  or
               other employee benefit schemes, plans, agreements,  trusts, funds
               or  arrangements  for the benefit or welfare of any  employees of
               the Acquired Business; or

          (b)  agree to any material (in  relation to  historical  compensation)
               increase in the compensation  payable or to become payable to, or
               any increase in the  contractual  term of employment of, any such
               employee  except,  with respect to employees who are not officers
               or directors,  in the ordinary  course of business and consistent
               with past practice.

     (4)  They shall not sell, lease, charge,  mortgage,  encumber, or otherwise
          dispose of or grant any interest in any of the Acquired  Assets except
          for sales,  encumbrances  and other  dispositions or grants thereof in
          the  ordinary  course  of  business  of  the  Acquired   Business  and
          consistent  with past  practice and except for liens for taxes not yet

<PAGE>

          due or liens  and  encumbrances  that are not  material  in  amount or
          effect and do not impair the use of the property,  or as  specifically
          provided for or permitted in this Agreement.

     (5)  They  shall not enter  into,  or  terminate,  any  material  contract,
          agreement,  commitment,  or understanding relating to or affecting the
          Acquired Assets or the Acquired Business.

     (6)  They shall not enter into any agreement, commitment, or understanding,
          whether in writing or  otherwise,  with  respect to any of the matters
          referred to in subparagraphs (1) through (5) above.

     (7)  ESPL will,  and VTI will  procure  ESPL to continue  to  properly  and
          promptly file when due (or obtain proper  extensions  with respect to)
          all local,  foreign, and other tax returns,  reports, and declarations
          required  to be filed by it  relating  to the  Acquired  Assets or the
          Acquired  Business,  and will pay when due all taxes and  governmental
          charges  due  (including  any  amounts  deferred  as a  result  of  an
          extension or otherwise) from or payable by it relating to the Acquired
          Assets or the Acquired Business.

     (8)  VTI and ESPL will comply in all  material  respects  with all laws and
          regulations  applicable to the operations of the Acquired Business and
          the utilization of the Acquired Assets.

     (9)  VTI and ESPL will maintain in full force and effect insurance coverage
          relating to the Acquired Assets or the Acquired Business of a type and
          amount consistent with past practice, but not less than that presently
          in effect.

7.7  Cooperation

     VTI  and  ESPL  shall  reasonably  cooperate  with  the  Purchaser  and the
     Purchaser's  counsel,  accountants  and agents in every way in carrying out
     the Transactions  contemplated  herein, and in executing and delivering all
     documents  and  instruments  deemed  reasonably  necessary or useful by the
     Purchaser.

7.8  Costs

     Whether  or not the  Transaction  is  consummated,  all costs and  expenses
     incurred  by VTI and  ESPL  in  connection  with  the  preparation  of this
     Agreement and in the preparation for the Transaction and in connection with
     Completion of the Transaction  contemplated hereby shall be paid by VTI and
     ESPL, as the case may be.

<PAGE>

7.9  Publicity

     Prior to Completion, any written news releases by VTI or ESPL pertaining to
     this Agreement or the  Transaction  shall be submitted to the Purchaser for
     review and  approval  prior to  release  by VTI or ESPL,  and shall only be
     released in a form approved by the Purchaser,  provided,  however, that (1)
     such approval shall not be unreasonably withheld by the Purchaser,  and (2)
     such prior  review or approval  shall not be required of releases by VTI or
     ESPL if it would  prevent  the timely and  accurate  dissemination  of such
     press release as required to comply,  in the judgment of counsel,  with any
     applicable law, rule or policy.

7.10 Updating the Exhibits and Disclosure Documents

     VTI or ESPL shall notify the Purchaser of any changes, additions, or events
     which  may  cause  any  change  in or  addition  to the  Acquired  Business
     Disclosure  Document or any of the schedules or exhibits thereto  delivered
     by them under this Agreement  promptly after the occurrence of the same and
     again at  Completion  by delivery of  appropriate  updates to the  Acquired
     Business Disclosure Document and to all such schedules or exhibits. No such
     notification  made  pursuant  to this  clause  shall be  deemed to cure any
     breach of any  representation or warranty made in this Agreement unless the
     Purchaser  specifically  agrees  thereto  in  writing  nor  shall  any such
     notification  be  considered  to constitute or give rise to a waiver by the
     Purchaser of any condition set forth in this Agreement.

7.11 Payment of Unassumed Liabilities

     ESPL agrees to promptly pay when due, or otherwise to discharge,  up to and
     including the  Completion  Date,  without cost or expense to the Purchaser,
     each and every  Liability of ESPL relating to the Acquired  Business  other
     than the Assumed Liabilities.

                                  ARTICLE VIII
                            CONDITIONS TO COMPLETION

8.1  Conditions to Obligations of the Purchaser

     The obligation of the Purchaser to effect the Transaction  shall be subject
     to the  fulfillment at or prior to Completion of the following  conditions,
     unless Purchaser shall waive such fulfillment:

     (1)  This  Agreement  and the  Transaction  contemplated  hereby shall have
          received those approvals, consents,  authorizations,  and waivers from
          governmental  and other  regulatory  agencies and other third  parties
          (including  lenders,  those  holders of debt  securities  and lessors)
          identified in the Schedule to Section  5.3.4 of the Acquired  Business
          Disclosure  Document,  including  the  expiration  of  any  applicable
          waiting period under any applicable laws.

     (2)  There shall not be in effect a preliminary or permanent  injunction or
          other  order by any  court or other  authority,  which  prohibits  the
          consummation of the Transaction.

     (3)  VTI and ESPL shall have  performed  in all material  respects  each of
          their  agreements  and  obligations  contained in this  Agreement  and

<PAGE>

          required  to be  performed  on or prior to  Completion  and shall have
          complied with all material requirements,  rules and regulations of all
          regulatory   authorities   having   jurisdiction   relating   to   the
          Transaction.

     (4)  No material  adverse  change  shall have taken place in the  business,
          condition  (financial or otherwise),  operations,  or prospects of the
          Acquired  Business  or the  Acquired  Assets  since  the  date  of the
          Acquired  Business Balance Sheet other than those, if any, that result
          from the changes permitted by, and transactions  contemplated by, this
          Agreement.

     (5)  The  representations  and warranties of VTI and ESPL set forth in this
          Agreement  shall be true in all  material  respects  as of the date of
          this  Agreement  and,  except in such  respects as, in the  reasonable
          judgment of the Purchaser,  do not materially and adversely affect the
          business, condition (financial or otherwise), operations, or prospects
          of the Acquired  Business or the Acquired Assets, as of the Completion
          Time as if made as of such time.

     (6)  The  Purchaser  shall have  received  from ESPL, a written  statement,
          executed by a director of ESPL,  dated the Completion  Date, as to the
          satisfaction  of the conditions in paragraphs  (3), (4), and (5) above
          and  including,  as  exhibits,  copies  of all  authorizing  board  of
          directors resolutions and, where necessary,  shareholder  resolutions,
          and true and complete current copies of ESPL's Memorandum and Articles
          of Association.

     (7)  The  Purchaser  shall have  received  from ESPL such  documents,  in a
          reasonably  satisfactory  form and  substance to the  Purchaser and to
          Counsel to the Purchaser, sufficient to transfer title to the Acquired
          Assets to the Purchaser.

     (8)  VTI  and  ESPL  will  use  commercially  reasonable  efforts  to  make
          available to the Purchaser  prior to  Completion an updated  unaudited
          balance sheet and income statement with related notes and schedules as
          of the end of the month  immediately  prior to the Completion Date. If
          those  updated  financial  statements  are produced,  they shall,  for
          purposes  of  the  definition  of  "Unaudited  Financial  Statements,"
          replace and supersede  the balance sheet as at 31st October,  2000 and
          the income statement for the period ended 31st October, 2000, in their
          entirety, for all purposes relevant to this Agreement.

8.2  Conditions to Obligations of VTI and ESPL

     The obligation of VTI and ESPL to effect the  Transaction  shall be subject
     to the  fulfillment at or prior to Completion of the following  conditions,
     unless VTI and ESPL shall waive such fulfillment:

     (1)  This  Agreement  and the  Transaction  contemplated  hereby shall have
          received those approvals, consents,  authorizations,  and waivers from
          governmental  and other  regulatory  agencies and other third  parties
          (including lenders,  those holders of debt securities and lessors), as
          identified  on  the  attached  Schedule  8.2(1),  required  by  law to
          consummate the Transaction, including the expiration of any applicable
          waiting period under any applicable laws.

     (2)  There shall not be in effect a preliminary or permanent  injunction or
          other  order by any  court or other  authority,  which  prohibits  the
          consummation of the Transaction.

<PAGE>

     (3)  The Purchaser  shall have  performed in all material  respects each of
          its agreements and obligations contained in this Agreement required to
          be performed on or prior to  Completion  and shall have  complied with
          all material  requirements,  rules and  regulations  of all regulatory
          authorities having jurisdiction relating to the Transaction.

     (4)  The  representations and warranties of the Purchaser set forth in this
          Agreement  shall be true in all  material  respects  as of the date of
          this  Agreement  except  in such  respects  as do not  materially  and
          adversely  affect the business of the Purchaser and its  Subsidiaries,
          taken  as a  whole,  as of the  Completion  Date as if made as of such
          date.

     (5)  ESPL shall have received from the Purchaser, an officer's certificate,
          executed by a director of the Purchaser, dated the Completion Date, as
          to the  satisfaction of the conditions in paragraphs (3) and (4) above
          and  including,  as  exhibits,  copies  of all  authorizing  board  of
          directors resolutions,  and where necessary,  shareholder resolutions,
          and true  and  complete  copies  of its  Memorandum  and  Articles  of
          Association.

     (6)  ESPL  shall  have  received  from the  Purchaser  evidence  reasonably
          satisfactory to ESPL and its counsel that the  Consideration has been,
          or is in the process of being,  delivered  in the form of  immediately
          available funds via wire transfer or other means reasonably acceptable
          to ESPL.

                                   ARTICLE IX
                         TERMINATION, AMENDMENT, WAIVER

9.1  Termination

     This Agreement and the  Transaction  may be terminated at any time prior to
     Completion, whether before or after any necessary shareholders approval:

     (1)  By mutual consent of the Purchaser and ESPL;

     (2)  By Aremis, the Purchaser, VTI or ESPL upon the material breach of this
          Agreement by the other; or

     (3)  By either  Aremis  and the  Purchaser  or VTI and ESPL,  upon  written
          notice to the other, if the conditions to such party's  obligations to
          consummate the Transaction,  in the case of Purchaser,  as provided in
          Section 8.1, or, in the case of VTI, and ESPL,  as provided in Section
          8.2,  were  not,  or  cannot  reasonably  be,  satisfied  on or before
          December 29,  20000,  unless the failure of condition is the result of
          the  material  breach  of  this  Agreement  by the  party  seeking  to
          terminate this Agreement.

<PAGE>

9.2  Amendment

     This  Agreement may be amended by Aremis,  the  Purchaser,  VTI and ESPL by
     action taken at any time.  This  Agreement may not be amended  except by an
     instrument in writing signed on behalf of Aremis,  the  Purchaser,  VTI and
     ESPL.

9.3  Waiver

     At any time prior to the Completion Date,  Aremis,  the Purchaser,  VTI, or
     ESPL, by action taken by their  respective  Boards of  Directors,  may, but
     shall not be obligated to, (1) extend the time for the  performance  of any
     of the obligations or other acts of the other parties hereto, (2) waive any
     inaccuracies in the representations  and warranties  contained herein or in
     any document delivered pursuant hereto, or (3) waive compliance with any of
     the agreements or conditions contained herein. Any agreement on the part of
     a party  hereto to any such  extension or waiver shall be valid only if set
     forth in an instrument in writing signed on behalf of such party.

9.4  Relief

     In the  event  of  liability  on the  part  of  any of VTI or  ESPL  to the
     Purchaser in  accordance  with the  provisions of this  Agreement  prior to
     Completion, the parties recognize and acknowledge that monetary measures of
     damages will not reasonably be calculable and that specific performance and
     injunctive relief should therefore be available to the Purchaser.

                                    ARTICLE X
                                    INDEMNITY

10.1 Indemnification of Purchaser

     VTI and ESPL hereby agree to jointly and  severally  indemnify,  defend and
     hold  harmless,  the Purchaser and its officers,  directors,  shareholders,
     managers, members, employees,  independent contractors,  agents, successors
     and assigns (collectively,  the "Purchaser Parties"), for, from and against
     any and  all  liabilities,  losses,  costs  or  expenses  which  any of the
     Purchaser  Parties may suffer or for which any of the Purchaser Parties may
     become  liable and which are based on,  the result of,  arise out of or are
     otherwise related to any of the following:

     (1)  any   inaccuracy   or   misrepresentation   in,   or   breach  of  any
          representation or warranty of VTI or ESPL contained in this Agreement,
          any of the  documents or agreements  executed in connection  with this
          Agreement  (collectively,  the  "Attendant  Documents")  or any  other
          document, certificate, appendix, schedule, list or other instrument to
          be  furnished  by  VTI,  or  ESPL to the  Purchaser  pursuant  to this
          Agreement or any of the Attendant Documents;

     (2)  any  breach or  failure  of VTI or ESPL to  perform  any  covenant  or
          agreement  required to be  performed  by VTI or ESPL  pursuant to this
          Agreement  or  any  of  the  Attendant  Documents  including,  without
          limitation,  ESPL's obligations to pay the unassumed Liabilities under
          Section 7.11 above; or

     (3)  any  and  all  actions,  suits,  proceedings,   demands,  assessments,
          judgments,  costs and expenses,  including reasonable  attorneys' fees
          and consultants' fees (collectively, the "Related Expenses"), incident
          to any of the foregoing.

<PAGE>

10.2 Indemnification of VTI, and ESPL

     Aremis and the Purchaser  hereby agree to jointly and severally  indemnify,
     defend  and  hold  harmless,  VTI,  ESPL  and  their  respective  officers,
     directors,   shareholders,   managers,  members,   employees,   independent
     contractors,  agents,  successors  and assigns  (collectively,  the "Seller
     Parties"), for, from and against any and all liabilities,  losses, costs or
     expenses which any of the Seller Parties may suffer or for which any of the
     Seller  Parties  may  become  liable and which are based on, the result of,
     arise out of or are otherwise related to any of the following:

     (1)  any   inaccuracy   or   misrepresentation   in,   or   breach  of  any
          representation or warranty of Aremis and/or the Purchaser contained in
          this Agreement,  any of the Attendant Documents or any other document,
          certificate,  appendix,  schedule,  list or  other  instruments  to be
          furnished by Aremis  and/or the  Purchaser to VTI or ESPL  pursuant to
          this Agreement or any of the Attendant Documents;

     (2)  any breach or failure of Aremis  and/or the  Purchaser  to perform any
          covenant or agreement  required to be  performed by Aremis  and/or the
          Purchaser pursuant to this Agreement or any of the Attendant Documents
          including,   without   limitation,   Aremis  and/or  the   Purchaser's
          obligations to pay the Assumed Liabilities under Section 2.1 above; or

     (3)  any and all Related Expenses incident to any of the foregoing.

10.3 Remedies Not Exclusive

     The Purchaser  Parties and the Seller Parties shall be entitled to exercise
     and resort to all rights and  remedies for  misrepresentation  or breach as
     are  afforded  at  law  or  in  equity,   including,   without  limitation,
     rescission,  specific performance,  or such other non-monetary remedies and
     relief as may be afforded  under this  Agreement or by a court of competent
     jurisdiction. Neither the existence or exercise of any specific remedies is
     intended to be  exclusive or impair or  otherwise  adversely  affect in any
     manner whatsoever any rights,  remedies or relief otherwise available,  and
     each and every right and remedy will be cumulative and in addition to every
     other   right  and  remedy   provided   in  this   Agreement   or  by  law.
     Notwithstanding  the  foregoing,  other  than  actions  for  fraud or other
     intentional  torts,  the remedies set forth in this Article 10 shall be the
     Purchaser  Parties' and the Seller  Parties'  sole and  exclusive  remedies
     relative to the recovery of economic or monetary damages.

10.4 Procedures

         If any proceedings are instituted or any claim or demand is asserted by
         any person not a party to this Agreement in respect of which any of the
         Purchaser  Parties  or the  Seller  Parties  may  seek  indemnification
         pursuant to this Section 10, the indemnified party shall promptly cause
         written  notice (the  "Notice")  of the  assertion of any such claim or
         demand to be made to the indemnifying party;  provided,  however,  that
         the failure of the  indemnified  party to give prompt  Notice shall not
         relieve the indemnifying party of its obligations hereunder unless, and
         only to the extent that,  such failure caused the damages for which the
         indemnifying party is obligated to be greater than they would have been
         had the indemnified  party given the  indemnifying  party prompt Notice
         hereunder.  Except as otherwise provided herein, the indemnifying party

<PAGE>

          shall have the right,  at its option and expense,  to defend  against,
          negotiate, or settle any such claim or demand, and if the indemnifying
          party  exercises  that  option,  the  indemnifying  party shall not be
          liable  for  the  fees  and  expenses  incurred  after  the  date  the
          indemnifying  party notifies the indemnified party of such exercise by
          a counsel employed by the indemnified party. An indemnifying party may
          not settle any such claim or demand without the written consent (which
          consent shall not be unreasonably withheld, conditioned or delayed) of
          the indemnified  party unless such settlement  requires no more than a
          monetary payment for which the indemnified  party is fully indemnified
          or involves other matters not binding upon the  indemnified  party. An
          indemnifying  party shall not be liable for any settlement of any such
          claim or demand  effected  without its prior  written  consent  (which
          consent shall not be unreasonably  withheld,  conditioned or delayed).
          In the event that the indemnifying  party shall fail to respond within
          seven (7) days after the giving of the  Notice,  then the  indemnified
          party may retain counsel and conduct the defense thereof as it may, in
          its sole discretion,  deem proper, at the sole cost and expense of the
          indemnifying  party.  The parties  agree to cooperate  fully with each
          other in connection with the defense, negotiation or settlement of any
          such legal proceeding, claim or demand.

10.5 Cooperation

     Aremis and the Purchaser shall, and shall cause their accountants, counsel,
     employees and other  representatives to, reasonably  cooperate with VTI and
     ESPL in connection  with any and all disputes which may arise in connection
     with any and all  Liabilities  other  than  the  Assumed  Liabilities  (the
     "Excluded  Liabilities").  VTI and  ESPL  shall  cause  their  accountants,
     counsel,  employees and other representatives to, reasonably cooperate with
     the  Purchaser in connection  with any and all disputes  which may arise in
     connection with any and all of the Assumed  Liabilities.  Without  limiting
     the generality of the foregoing, Aremis and the Purchaser shall cause their
     accountants,   counsel,  employees  and  other  representatives,   to  make
     available to VTI and ESPL,  their  employees,  work papers,  documents  and
     other  information  and materials  reasonably  requested by VTI and ESPL in
     connection  with the  Excluded  Liabilities,  and VTI and ESPL shall  cause
     their respective accountants, counsel, employees and other representatives,
     to make available to the Purchaser,  its employees,  work papers, documents
     and other information and materials  reasonably  requested by the Purchaser
     in  connection  with  the  Assumed   Liabilities.   The  party   requesting
     cooperation  (VTI and ESPL in connection  with the Excluded  Liabilities or
     the Purchaser in  connection  with the Assumed  Liabilities)  shall pay all
     out-of-pocket  expenses  reasonably  incurred  and paid by the  cooperating
     party to  third  parties  in  connection  with  such  cooperative  efforts;
     provided,  however,  that the  party  requesting  cooperation  shall not be
     obligated to reimburse the  cooperating  party for the time spent by any of
     their or their  Affiliates'  employees'  time spent in connection with such
     cooperative efforts.

<PAGE>

10.6 Application of Indemnification Provisions

     The  parties  agree  that the above  indemnification  provisions  and those
     contained in Sections  10.6,  10.7,  10.8 and 10.9 of the Master  Agreement
     shall apply to this Agreement in the manner and subject to the  limitations
     contained  in  Section  10.10 of the  Master  Agreement,  which  Section is
     incorporated herein by reference.

                                   ARTICLE XI
                               GENERAL PROVISIONS

11.1 Collection of Accounts Receivable.

     Upon and after Completion, the Purchaser shall have the right and authority
     to collect all  Receivables  transferred to the Purchaser  pursuant to this
     Agreement  and to  endorse  the  name of ESPL on any  cheques  received  on
     account of any such  Receivables.  VTI and ESPL shall promptly transfer and
     deliver to the Purchaser any cash, cheques or other property which VTI, and
     ESPL may receive in respect of such accounts after the Completion Date. VTI
     and ESPL will cooperate with the Purchaser,  at its reasonable  request, on
     and after the Completion  Date in  endeavoring  to collect all  Receivables
     transferred  to the  Purchaser  by  furnishing,  at  Purchaser's  cost  and
     expense, such information,  testimony and other assistance as the Purchaser
     may  reasonably  require in connection  with  collection of such  accounts.
     Payments  received from  customers in respect of any  Receivables  shall be
     applied to the oldest  outstanding  Receivable  from such customer,  unless
     such customer,  acting on its own volition,  specifically  identifies  such
     payment to a particular  Receivable,  in which case such  payment  shall be
     applied  to the  specified  Receivable.  Aremis  and the  Purchaser  hereby
     jointly  and  severally  agree  not  to  coerce  or  suggest,  directly  or
     indirectly, in any way, to any customer that they identify any payment to a
     particular Receivable, and in the event of any such coercion or suggestion,
     Aremis shall  procure the  Purchaser,  and the  Purchaser  agrees to make a
     credit to ESPL, for any  Receivables  put to VTI or ESPL as provided below,
     in an  amount  equal to five  times  the  amount  of that  Receivable.  The
     Purchaser  shall  use  commercially   reasonable  efforts  to  collect  the
     Receivables  (but shall not be  obligated  hereunder to bring any action to
     collect any Receivables) but if it shall fail to collect the full amount of
     any such  Receivable  within  180  days  after  the  Completion  Date,  the
     Purchaser  shall,  subject to the provisions  contained in Section 10.10 of
     the Master Agreement relating to the putting back of Receivables,  have the
     right to put such  Receivable  to VTI or  ESPL,  whereupon  VTI or ESPL (as
     applicable) shall repurchase such Receivable from the Purchaser at the face
     amount thereof.  Any such put right must be exercised on or before 360 days
     after the  Completion  Date  unless  extended  in  writing  by VTI or ESPL.
     Notwithstanding  the foregoing,  the Purchaser  shall not have the right to
     put to VTI or ESPL (as applicable)  any Receivable  which the Purchaser has
     compromised  or settled  or agreed to accept  payment at less than the face
     amount thereof in full satisfaction  thereof or otherwise given a credit in
     respect  thereof.  Upon a put of a receivable to VTI or ESPL, the Purchaser
     will cooperate with VTI or ESPL, at its reasonable  request, in endeavoring
     to collect  all  Receivables  put to VTI or ESPL by  furnishing,  at VTI or
     ESPL's cost and expense,  such information,  testimony and other assistance
     as VTI or ESPL may reasonably require in connection with collection of such
     accounts.

11.2 Arbitration

     In the event that there  shall be a dispute  arising  out of or relating to
     this  Agreement,  the  Transaction,  any  document  referred  to  herein or

<PAGE>

     centrally  related to the subject matter  hereof,  or the subject matter of
     any of the same,  the parties agree that such dispute shall be submitted to
     binding arbitration in Los Angeles County, California, the United States of
     America,  under the auspices of, and pursuant to the rules of, the American
     Arbitration  Association  as then in effect  (which rules are  incorporated
     herein by reference),  or such other procedures as the parties may agree to
     at the time,  before an arbitrator to be selected  pursuant to the rules of
     the American Arbitration Association.  Any award issued as a result of such
     arbitration  shall be final and binding  between the parties,  and shall be
     enforceable  by any court having  jurisdiction  over the party against whom
     enforcement is sought.

11.3 Notices

     All notices and other communications  required or permitted hereunder shall
     be in writing and shall be deemed given if and when delivered personally or
     three (3) business  days for local  addresses or ten (10) business days for
     overseas  addresses  following  mailing by  registered  or  certified  mail
     (return receipt requested) to the parties at the following  addresses or at
     such other address for a party as shall be specified by like notice given.

     If   to the Purchaser:

     LatinAmerica One Pte Ltd (or its new name as notified by the  Purchaser  to
                                the other parties)
     c/o  Messrs Allen & Gledhill (Attention: Ms Melissa Teo/Mr Sellakumaran)
     36   Robinson Road
     #18-01 City House
     Singapore 068877

     with a required copy to :

     Scott E. Bartel, Esq.
     Bartel Eng Linn & Schroder
     300  Capitol Mall, Suite 1100
     Sacramento, CA 95814

     If   to VTI:

     Verso Technologies, Inc.
     400  Galleria, Suite 300
     Atlanta, GA 30339
     Attn: William P. O'Reilly, Chairman

     with a required copy to:

     William E. Sider, Esq.
     Derek S. Adolf, Esq.
     Jaffe, Raitt, Heuer & Weiss, P.C.
     One  Woodward Avenue, Suite 2400
     Detroit, MI 48226

<PAGE>

     If to ESPL:

     Eltrax Systems Pte Ltd
     64   Tras Street
     Sulcus House
     Singapore 079003
     Attention : Mr Mohamed Rafi
                 Mr John Dagg

11.4 Interpretation

     The headings  contained in this  Agreement are for reference  purposes only
     and  shall not  affect in any way the  meaning  or  interpretation  of this
     Agreement.

11.5 Survival of Representations, Warranties, Etc.

     The representations,  warranties,  covenants, and agreements of the parties
     contained  herein shall survive  Completion  and any  investigation  of the
     other party made prior thereto.  Representations  and  warranties  shall so
     survive for a period of three (3) years from  Completion,  except for those
     contained in Sections  4.1,  4.2,  4.3,  5.1,  5.2,  5.3 and the  indemnity
     provisions in Section 10, which shall survive  indefinitely,  and for those
     contained in Section 5.5 which shall survive until 31st March 2001.

11.6 Entire Agreement

     This  Agreement and the existing  confidentiality  agreement  referenced in
     Section 7.3 constitute the entire agreement and supersedes all of the prior
     agreements,  understandings,  both  written and oral,  between the parties,
     with respect to the subject matter hereof,  except as specifically provided
     otherwise  or  referred  to herein,  so that no such  external  or separate
     agreements  relating to the subject matter of this Agreement shall have any
     effect or be binding,  unless the same is referred to  specifically in this
     Agreement  or is  executed  by the  parties  after  the date  hereof.  This
     Agreement  is not  intended  to confer  upon any  person who is not a party
     hereto,  any rights or remedies.  This  Agreement  shall not be assigned or
     transferred  whether by  operation  of law or otherwise by any party except
     that all or any  part of the  rights  of the  Purchaser  hereunder,  may be
     freely  assigned  by  the  Purchaser  so  long  as the  obligations  of the
     Purchaser under this Agreement remain  obligations of, or their performance
     is unconditionally  guaranteed by, the Purchaser (which must be a guarantee
     of performance, and not just collection, with no duty on the part of VTI or
     ESPL to pursue the assignee first,  and which guarantee must be approved by
     VTI in advance,  which approval will not be unreasonably  withheld).  It is
     acknowledged  and  understood by VTI and ESPL that the Purchaser may assign
     its rights, but not its obligations,  hereunder,  after execution and prior
     to  Completion,   to  one  or  more   wholly-owned   (direct  or  indirect)
     Subsidiaries of the Purchaser.

11.7 Stamp Duties

     The  Purchaser  shall bear all stamp duties (if any) payable in  connection
     with and incidental to this Agreement.

<PAGE>

11.8 Goods and Services Tax

     The  parties  shall  use all  reasonable  endeavours  to  procure  that the
     Transaction is deemed to be a transfer of a business as a going concern for
     the purposes of Section 34 of the Goods and  Services  Tax Act (Cap.  117A)
     and Goods and Services Tax Act (Excluded Transactions) Order 1994.

11.9 Governing Law and Jurisdiction

     This Agreement shall be governed by, and construed in accordance  with, the
     laws of Singapore.

11.10 Execution in Counterparts.

     This Agreement may be executed in two or more  counterparts  which together
     shall  constitute a single  agreement and facsimile  signatures  shall have
     equal dignity with original signatures for all purposes.

 IN WITNESS WHEREOF, the undersigned have caused this Agreement for the Purchase
and Sale of  Assets  to be  signed  on  December  19,  2000 by their  respective
officers thereunto duly authorized.

AremisSoft Corporation:

By:
     Roys Poyiadjis, CEO

The Purchaser:

Latin America One Pte Ltd

By:
     Scott E. Bartel, Director

By:
     Mohamed Rafi, Director

VTI:

Verso Technologies, Inc.:

By:
     Juliet M. Reising , Executive Vice-President

ESPL:

Eltrax Systems Pte Ltd

By:
    [Name]

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