Document:

Exhibit 10.4

                                 PROMISSORY NOTE

$405,530                                                       November 2, 2000

I.       PROMISE TO PAY

         1. For value received,  the  undersigned  PaperClip  Software,  Inc., a
Delaware  corporation (the "Maker"),  hereby promises to pay to Access Solutions
International,  Inc.,  a  Delaware  corporation  at  650  Ten  Rod  Road,  North
Kingstown, Rhode Island 02852 ("Access"), or its permitted assigns (collectively
with Access, the "Payee"),  the principal sum of Four Hundred Five Thousand Five
Hundred  Thirty  ($405,530)  Dollars  without  interest  except  as  hereinafter
provided.

         2. Maker shall pay this note in thirty-five  consecutive  equal monthly
installments of Eleven Thousand Two Hundred  Sixty-Four and 72/100  ($11,264.72)
Dollars  commencing  on January 1, 2001 and  continuing  on the same day of each
successive  month  thereafter  with a thirty  sixth  and  final  payment  of all
indebtedness evidenced hereby on December 1, 2003.

         3. If the  indebtedness  evidenced  hereby  is not paid as and when due
(including  without limitation payment being due as a result of the acceleration
of the  repayment of the  indebtedness  hereby),  the  indebtedness  outstanding
hereunder  shall bear  interest  from the date such  payment  was due at fifteen
(15%) percent per annum.

         4. The  repayment  of the  indebtedness  evidenced  by this note may be
accelerated  at the  election  of the Payee,  upon the  happening  of any of the
following events:

                  (a) The Maker shall (i) discontinue its business (as evidenced
by a resolution of Maker's Board of Directors or  stockholders),  (ii) apply for
or consent to the appointment of a receiver, trustee, custodian or liquidator of
it or any of its property, (iii) admit in writing its inability to pay its debts
as they mature,  except for the  obligations  set forth on Schedule  2.10 of the
Disclosure  Schedules of the Series A Preferred Stock Purchase Agreement between
Maker and Payee dated November 2, 2000,  (iv) make a general  assignment for the
benefit of  creditors,  (v) be  adjudicated  a bankrupt or  insolvent  or be the
subject of an order for relief under Title 11 of the United  States Code or (vi)
file a voluntary  petition  in  bankruptcy,  or a petition or an answer  seeking
reorganization  or an  arrangement  with  creditors or to take  advantage of any
bankruptcy,  reorganization,  insolvency,  readjustment of debt,  dissolution or
liquidation law or statute, or an answer admitting the material allegations of a
petition filed against it in any such proceeding under any such law;

                  (b) There  shall be filed  against  the  Maker an  involuntary
petition  under  any  bankruptcy,   reorganization  or  insolvency  law  of  any
jurisdiction,  whether  now or  hereafter  in effect if,  within one hundred and
eighty days (180)  following the service on the Maker of any such petition,  the
same shall not have been discharged, released or vacated;

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                  (c) The Maker shall sell or transfer  substantially all of its
assets or business units to someone other than Access;

                  (d)  The  Maker  shall  fail  to pay  any  payment  obligation
contained in this Note within five (5) days of when due;

                  (e) The  Maker  shall  be in  default  of any  other  material
obligation contained in this Note or in the Security Agreement dated January 29,
1997,  as amended,  which  default has not been cured within ten (10) days after
the receipt by Maker of notice  thereof  from Payee,  or, if such default is not
capable of being cured within ten days, Maker has not begun efforts satisfactory
to Payee to cure such default within such ten-day period.

         5. Maker may prepay this Note at any time after  having  given at least
thirty (30) days prior written notice to Payee.

         6. Payment of principal  and interest  hereunder  are payable in lawful
money of the United  States of America at the office of the Payee at the address
set forth above or at such other address as Payee shall  designate  from time to
time.

         7. All agreements  between the Maker and the Payee are hereby expressly
limited  so that in no  contingency  or event  whatsoever,  whether by reason of
acceleration of maturity of the indebtedness or otherwise, shall the amount paid
or agreed to be paid to the Payee for the use,  forbearance  or detention of the
indebtedness  evidenced  hereby  exceed the  maximum  amount  which the Payee is
permitted to receive under applicable law. If, for any circumstances whatsoever,
fulfillment of any provision  hereof,  at the time performance of such provision
shall be due,  shall involve  exceeding  such amount,  then the obligation to be
fulfilled shall  automatically be reduced to the limit of such validity,  and if
from any  circumstance the Payee should ever receive as interest an amount which
would exceed such maximum amount,  such amount which would be excessive interest
shall be applied to the reduction of the principal  balance evidenced hereby and
not to the payment of interest.  As used herein, the term "applicable law" shall
mean the law in effect as of the date  hereof,  provided,  however,  that in the
event there is a change in the law which results in a higher permissible rate of
interest,  then this Note shall be governed by such new law as of its  effective
date.  This  provision  shall  control every other  provision of all  agreements
between the Maker and the Payee.

         8. This Note and all  transactions  hereunder  and/or  evidenced herein
shall be governed  by, and  interpreted  and  construed in  accordance  with the
substantive laws of the State of Delaware, without reference to conflicts of law
issues. The parties also agree that any and all actions concerning or related to
this Note and the subject  matter  hereof shall only be brought in the courts of
the State of Rhode  Island,  including  the federal  courts for the  District of
Rhode  Island,  and that said  courts  shall have  exclusive  jurisdiction  with
respect to such  actions.  MAKER AND PAYEE EACH HEREBY WAIVES TRIAL BY JURY WITH
RESPECT TO ANY PROCEEDING INVOLVING THIS NOTE.

         9. If this  Note  shall not be paid when due and shall be placed by the
holder  hereof  in the  hands of any  attorney  for  collection,  through  legal
proceedings or otherwise,  the Maker will pay reasonable  attorneys' fees to the

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holder  hereof  together  with  reasonable  costs and  expenses  of  collection,
including,  without  limitation,  any such attorneys'  fees,  costs and expenses
relating to any  proceedings  with  respect to the  bankruptcy,  reorganization,
insolvency, readjustment of debt, dissolution or liquidation of the Maker or any
party to any agreement or instrument securing this Note.

         10. The Maker hereby waives  presentment,  demand,  notice of dishonor,
protest  and all other  demands  and notices in  connection  with the  delivery,
acceptance, performance and enforcement of this Note.

         11. This Note is secured by and  entitled to the benefits of a Security
Agreement dated January 29, 1997.

         12. To evidence the fact that it has executed this Note, Maker may send
a copy of the executed Note to Payee by facsimile  transmission.  Maker shall be
deemed  to  have  executed  this  Note  on  the  date  it  sent  such  facsimile
transmission.  In such event, Maker shall deliver to Payee the executed Note for
receipt on the next business day.

II       COVENANTS

         1. So long as this Note is outstanding  the Maker  covenants and agrees
as follows:

                  (a) The Maker  shall  maintain  in full  force and  effect its
existence as a Delaware corporation, its rights and franchises and all licenses,
permits,  and other rights to use  trademarks,  trade names,  copyrights,  trade
secrets,  patents or  processes  owned or possessed by it and deemed by it to be
necessary to the conduct of its  business  and shall comply with all  applicable
laws  and  regulations,   whether  now  in  effect  or  hereinafter  enacted  or
promulgated by any governmental authority having jurisdiction.

                  (b) The Maker shall duly pay and discharge or cause to be duly
paid and discharged,  before the same becomes  delinquent,  all taxes (including
all employment and payroll taxes),  assessments and other  governmental  charges
imposed  upon it or any of its  properties  or in  respect of its  franchise  or
income; provided,  however, that (unless and until foreclosure,  distraint, sale
or any similar  proceeding shall have been commenced) no such tax or charge need
be paid if being  contested  in good  faith  by  proper  proceedings  diligently
conducted and if such reservation or other  appropriate  provisions,  if any, as
shall be required by generally accepted accounting  principles,  shall have been
made therefore.

                  (c) The Maker will promptly notify the Payee in writing of any
litigation against it that has been instituted or is pending,  or to the Maker's
knowledge threatened,  the outcome of which might have a material adverse affect
on the Maker's financial conditions, business or operations.

                  (d) Upon  request of the Payee,  the Maker  will  provide  the
Payee with copies of all filings made by the Maker with federal  (including  the
Securities  and  Exchange  Commission),  state or local  governmental  bodies or
agencies.

         2. The Maker covenants  that, so long as this Note is outstanding,  the
Maker shall not do any of the following:

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                  (a)  Create,  incur,  assume or permit to exist any  mortgage,
pledge, lien or other encumbrance on any of its properties or assets whether now
owned or hereafter acquired;  provided, however, that the foregoing restrictions
shall not apply to:

                           (i)   liens   for   taxes,   assessments   and  other
governmental charges and levies not yet delinquent or thereafter payable without
penalty  or  interest  or (if  foreclosure,  distraint,  sale or  other  similar
proceeding  shall not have been  commenced)  being  contested  in good  faith by
appropriate  proceedings  diligently  conducted,  if such  reservation  or other
appropriate  provision,  if any,  as shall be  required  by  generally  accepted
accounting principles shall have been made therefore;

                           (ii) purchase money security interests;

                           (iii) liens of  carriers,  warehousemen,  materialmen
and mechanics  incurred in the ordinary  course of business for sums not yet due
or being  contested  in good  faith and by  appropriate  proceedings  diligently
conducted,  if such reservation or other appropriate provision, if any, as shall
be required by generally  accepted  accounting  principles  shall have been made
therefore;

                           (iv)  liens,  encumbrances,  pledges,  or deposits of
personal property incurred in the ordinary course of business in connection with
workmen's  compensation,   unemployment  insurance  and  other  social  security
programs or to secure  performance of statutory  obligations,  surety and appeal
bonds,  performance  or return of money  bonds and other  obligations  of a like
nature (exclusive of obligations for the payment of money borrowed);

                           (v) liens  arising from  attachments,  judgments  and
similar  liens  arising in  connection  with court  proceedings,  so long as the
execution thereof shall be stayed or other appropriate relief therefrom shall be
obtained pending appeal; or

                           (vi)  existing  liens  securing  this  Note  and that
certain convertible note issued by the Maker to Payee dated on or about December
19, 1996.

                  (b)  Create,  incur,  assume  or  otherwise  become  or remain
liable, directly or indireclty,  for any manner of indebtedness or liability for
borrowed funds (other than funds  previously  borrowed  pursuant to that certain
convertible note dated on or about December 16, 1996),whether by loan, guaranty,
mortgage,  or  otherwise,  provided  that:  (i)  existing  factoring  or  credit
arrangements  shall be  permitted  to remain in effect  and the Maker may obtain
credit pursuant  thereto,  and (ii) accounts payable and accrued expensees shall
no be deemed to be obligations for borrowed funds.

                  (c) Merge with or into any person other than Access;

                  (d) Directly or indirectly sell, lease or otherwise dispose of
any material  part of its  properties,  assets,  rights,  permits,  licenses and
franchises  to any person  other than Access,  except in the ordinary  course of
business.

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                  (e) Sell or  otherwise  dispose  of any  capital  stock of any
subsidiary or permit any  subsidiary to sell or otherwise  dispose of any of its
equity interests or capital stock;

                  (f)  Make  any  advance  or  loan  to  any  person,   firm  or
corporation,  except  intercompany  advances and  reasonable  travel or business
expenses  advanced to the Maker's  employees in the ordinary course of business,
or invest in, acquire or hold any securities of any other person or firm, except
shares of its  subsidiaries  and bank  certificates of deposit,  which are fully
insured by an agency of the United States,  or direct  obligations of the United
States.

                  (g) Issue any  additional  capital stock (other than as may be
required upon the exercise of any currently outstanding options and warrants) or
any options or warrants to purchase such capital stock or securities convertible
into such capital stock.

         IN WITNESS  WHEREOF,  the Maker has caused  this Note to be executed by
its duly authorized officer as of the date first above written.

                                PAPERCLIP SOFTWARE, INC.

                                By:_____________________________________________

                                Title:__________________________________________

                                       5Exhibit 10.5

                   SERIES A PREFERRED STOCK PURCHASE AGREEMENT

         This Series A Preferred  Stock Purchase  Agreement  (this  "Agreement")
dated as of  November  2, 2000,  is by and among  PaperClip  Software,  Inc.,  a
Delaware corporation (the "Company") and Access Solutions International, Inc., a
Delaware corporation ("Purchaser).

         WHEREAS,  the  Company and  Purchaser  were  parties to the  Management
Agreement, dated as of November 12, 1997, between the Company and Purchaser (the
"Management  Agreement")  pursuant to which Purchaser  advanced the Company from
November 12, 1997  through  August 1998 an amount  equal to  $1,920,721.51  (the
"Advances");

         WHEREAS, pursuant to the terms of the Management Agreement, interest on
Advances as of December 31, 1999 was  $384,785.62  (together  with the Advances,
the "Advanced Amount");

         WHEREAS,  the Company  owes the  Purchaser  an  additional  $300,000 in
management fees under the Management Agreement (the "Unpaid Management Fees");

         WHEREAS,  the Company and the Purchaser desire to exchange the Advanced
amount  owed  by the  Company  to the  Purchaser  for  3,649,543  shares  of the
Company's  Series A  Preferred  Stock,  $.01 par value per share (the  "Series A
Preferred  Stock"),  and the  Purchaser  desires to waive the Unpaid  Management
Fees, upon the terms and conditions set forth in this Agreement.

         NOW  THEREFORE,  in  consideration  of the  foregoing and of the mutual
agreements  and  covenants  contained  herein,  and for other good and  valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, each intending to be legally bound, do hereby agree as follows:

         Capitalized  terms used in this  Agreement  are  defined in Section 8.1
hereof.

         1. Sale and Purchase of Purchased Securities.

                  1.1  Consideration  for  Purchased  Securities  and  Waiver of
Management  Fees. The Company and Purchaser  hereby stipulate and agree that the
Advance  Amount as of the date hereof is  $2,305,506.10  and that the  aggregate
amount  of  the  Unpaid   Management   Fees  is   $300,000.   Purchaser   hereby
unconditionally waives the Unpaid Management Fees.

                  1.2. Agreement to Sell and Purchase Purchased Securities.  The
Purchaser hereby agrees,  subject to all of the terms and conditions  hereof and
in  reliance  on the  representations  and  warranties  set forth or referred to
herein, to accept in full payment of the Advance Amount,  and the Company hereby
agrees to issue and sell to Purchaser in lieu of payment of the Advance  Amount,
3,649,543  shares of the  Company's  Series A  Preferred  Stock.  The  shares of
capital stock issued and sold pursuant to this Agreement shall be referred to as

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"Purchased  Securities,"  which term as used in this Agreement also includes any
securities issued or issuable with respect to the original Purchased  Securities
by way of a stock  dividend,  stock  split,  combination  or division of shares,
recapitalization,  merger,  consolidation,  reorganization,  or the like and any
securities into which any of the original Purchased  Securities are converted or
for which any of the original Purchased Securities are exchanged.

                  1.3.  Closing.  The  closing of the  purchase  and sale of the
Purchased  Securities (the "Closing") will take place at the offices of Boisseau
Dean & Gyorgy LLP, 155 South Main Street,  Providence  RI 02903,  simultaneously
with the execution and delivery of this Agreement,  or at such other time, date,
and place as the Company and  Purchaser may agree (the date on which the Closing
actually occurs, the "Closing Date").

                  1.4  Closing  Deliveries.  At  the  Closing:

                           (a) The Company will deliver to Purchaser one or more
stock  certificates  representing  the  Purchased  Securities  to be sold to and
purchased by Purchaser pursuant to this Agreement, registered in the Purchaser's
name (or if requested by the Purchaser, its nominee) in the Company's records.

                           (b) The Company will deliver to the Purchaser each of
the following documents:

                                    (1) The Registration Rights Agreement,  duly
executed  by the  Company  and each  other  party,  other  than  the  Purchaser,
necessary to make each such agreement valid, binding and enforceable.

                                    (2)  (i)  a  copy  of  its   Certificate  of
Incorporation,  with all  Amendments,  certified as of a date not more than five
business  days before the Closing  Date,  by the Secretary of State of Delaware,
and (ii) a certificate of the Secretary of State of Delaware, dated as of a date
not more than five business  days before the Closing  Date,  with respect to the
legal existence and good standing of the Company in Delaware

                                    (3) A certificate  of its  Secretary,  dated
the Closing Date,  certifying  (i) the absence of any  amendments to its charter
documents (or proceedings  therefor) since the date of the certificate  referred
to in Section  1.4(b)(2)(i)  above,  (ii) attached copies of its by-laws,  (iii)
attached resolutions of its board of directors, with respect to the transactions
hereby  contemplated  or otherwise  to be effected at the Closing,  and (iv) the
incumbency of its officers and directors.

                                    (4) The  written  legal  opinion  of Swidler
Berlin Shereff  Friedman,  LLP, counsel to the Company,  dated as of the Closing
Date,  addressed to  Purchaser,  and  substantially  in the form of the attached
Exhibit A.

                                    (5) A  certificate  of the  Chief  Executive
Officer of the  Company,  dated as of the  Closing  Date,  certifying  as to the
accuracy  of the  representations  and  warranties  of the  Company set forth in
Section 2 as of such date.

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                           (c) The Purchaser will deliver to the Company each of
the following documents:

                                    (1) A certificate  of its  Secretary,  dated
the Closing Date, certifying (i) attached resolutions of its board of directors,
with respect to the transactions hereby contemplated or otherwise to be effected
at the Closing, and (ii) the incumbency of its officers and directors; and

                                    (2) A  certificate  of the  Chief  Executive
Officer of the  Company,  dated as of the  Closing  Date,  certifying  as to the
accuracy of the  representations  and  warranties  of the Purchaser set forth in
Section 3 as of such date.

         2. Representations and Warranties of the Company.

         In order to induce the  Purchaser to enter into this  Agreement  and to
purchase the Purchased Securities, the Company hereby represents and warrants to
Purchaser  as  follows,  in each case as of the date  hereof and subject to such
exceptions as are set forth in the attached Disclosure Schedule.

                  2.1. Organization and Authority.  The Company is a corporation
duly  organized,  validly  existing,  and in good standing under the laws of the
State of Delaware.  The Company has all requisite  corporate power and authority
to own or lease and operate its  properties  and to carry on its business as now
conducted and as proposed to be conducted in the near term.

                  2.2.  Corporate  Power;  Binding  Effect.  The Company has all
requisite  power and full legal right to execute and deliver this  Agreement and
the Other  Agreements,  and to  perform  all of its  obligations  hereunder  and
thereunder  in accordance  with the  respective  terms hereof and thereof.  This
Agreement,  such Other Agreements,  and the transactions contemplated hereby and
thereby have been duly approved and authorized by all requisite corporate action
on the part of the  Company,  and this  Agreement  has been  duly  executed  and
delivered  by the Company and  constitutes,  and each of such Other  Agreements,
when  executed and  delivered by the Company at the  Closing,  will  constitute,
legal, valid, and binding obligations of the Company,  enforceable against it in
accordance with their respective terms. The execution, delivery, and performance
by the Company of this  Agreement and such Other  Agreements in accordance  with
their  respective  terms,  and  the  consummation  by  it  of  the  transactions
contemplated  hereby or thereby,  will not result (with or without the giving of
notice  or the lapse of time or both) in any  conflict,  violation,  breach,  or
default, or the creation of any Lien, or the termination, acceleration, vesting,
or  modification  of any right or  obligation,  under or in  respect  of (x) the
charter documents or by-laws of it, (y) any judgment,  decree,  order,  statute,
rule,  or  regulation  binding  on or  applicable  to the  Company,  or (z)  any
agreement or  instrument to which the Company is a party or by which the Company
or any of its assets is or are bound.

                  2.3. Subsidiaries.  The Company does not have any Subsidiaries
or own any legal and/or beneficial interests in any other person.

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                  2.4. Foreign  Qualification.  The Company is duly qualified to
do business and in good standing as a foreign  corporation in each  jurisdiction
in which the  character of its  properties  owned or leased or the nature of its
activities makes such  qualification  necessary (other than any jurisdictions in
which the failure so to qualify or be in good standing would not,  either in any
case or in the aggregate,  have a Material Adverse Effect, with respect to which
jurisdiction(s) this representation is not made).

                  2.5.     Capitalization.

                           (a) Immediately  after the Closing,  giving effect to
the  sale  and  purchase  of the  Purchased  Securities  provided  for  in  this
Agreement,  the authorized and outstanding capital stock and other securities of
the Company will be as set forth in Section 2.5(a) of the  Disclosure  Schedule.
All such outstanding shares of capital stock were when issued, and the Purchased
Securities  will  be,  duly   authorized,   validly  issued,   fully  paid,  and
nonassessable, and free and clear of Liens.

                           (b) Except as contemplated  hereby or as set forth in
Section  2.5(b) of the  Disclosure  Schedule,  the Company does not have, is not
bound by, and has no  obligation  to grant or enter  into,  any (i)  outstanding
subscriptions,  options,  warrants,  calls,  commitments,  or  agreements of any
character  calling  for it to issue,  deliver,  or sell,  or cause to be issued,
delivered,  or  sold,  any  shares  of its  capital  stock or any  other  equity
security,  or  any  securities  described  in  the  following  clause,  or  (ii)
securities  convertible  into,  exchangeable  for, or representing  the right to
subscribe for, purchase, or otherwise acquire any shares of its capital stock or
any other equity security.

                           (c) Except as contemplated  hereby or as set forth in
Section  2.5(c) of the Disclosure  Schedule,  the Company (i) has no outstanding
obligations,  contractual  or otherwise,  to  repurchase,  redeem,  or otherwise
acquire any shares of capital  stock or other equity  securities of the Company,
(ii) is not a party to or bound by, and has no  knowledge  of, any  agreement or
instrument  relating to the voting of any of its securities,  and (iii) is not a
party to or bound by any agreement or instrument  under which any person has the
right to require it to effect,  or to include any securities held by such person
in, any registration under the Securities Act.

                           (d) The Company has duly  reserved and will  continue
at all times to reserve,  solely for the purpose of issuance upon  conversion of
shares  of  Series A  Preferred  Stock,  a number  of  shares  of  Common  Stock
sufficient  to cover the  conversion  of all such  shares of Series A  Preferred
Stock.  The shares of Common  Stock  issuable  upon  conversion  of the Series A
Preferred  Stock have been duly  authorized  and reserved for issuance and, when
issued upon conversion of the Series A Preferred Stock,  will be validly issued,
fully paid and nonassessable, and will be free and clear of all Liens.

                  2.6.  Lawful  Issuance;  No Consents.  All of the  outstanding
shares of the Company's  capital  stock and all options and other  securities of
the Company were offered,  issued,  and sold, and the Purchased  Securities have
been offered and at the Closing will be issued and sold, in compliance  with (i)
all  applicable  preemptive  br  similar  rights  of all  persons,  and (ii) all
applicable  provisions  of the  Securities  Act and the  rules  and  regulations
thereunder,  and  all  applicable  state  securities  laws  and  the  rules  and
regulations thereunder. No person has any valid right to rescind any purchase of

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any shares of capital stock or other  securities  of the Company.  Except as set
forth in  Section  2.6 of the  Disclosure  Schedule,  no  consent,  approval  or
authorization of, or declaration,  filing or registration with, any governmental
or regulatory authority or other party is required to be made or obtained by the
Company in connection  with the execution and delivery of this  Agreement or the
Other  Agreements  or,  the  performance  by  the  Company  of  its  obligations
hereunder,  thereunder or under the Company's  Certificate of Incorporation,  as
amended.

                  2.7.  Financial  Statements.  The Company has delivered to the
Purchaser copies of its annual report as of December 31, 1999 on Form 10-KSB and
its  quarterly  report as of June 30,  2000 on Form  10-QSB  (collectively,  the
"Financial  Statements").  The  Financial  Statements  are true and  correct and
fairly  present the  financial  condition of the Company as of their  respective
dates, and the statements of income  contained  therein are true and correct and
fairly present the results of operations of the Company for the periods  covered
thereby; in each case in accordance with GAAP.

                  2.8. Absence of Certain Changes.  Since June 30, 2000,  except
as disclosed in Section 2.8 of the Disclosure Schedule, there has not been:

                           (a)  any  (i)  acquisition  (by  purchase,  lease  as
lessee,  license as licensee,  or otherwise) or disposition  (by sale,  lease as
lessor,  license as  licensor,  or  otherwise)  by the  Company of any  material
properties  or  assets,  or (ii)  other  transaction  by,  or any  agreement  or
commitment on the part of, the Company,  other than those in the ordinary course
of  business  that have not caused and will not cause,  either in any case or in
the aggregate, a Material Adverse Effect;

                           (b) any material  change in the condition  (financial
or otherwise), properties, assets, liabilities, investments, revenues, expenses,
income,  operations,  business,  or prospects  of the Company,  or in any of its
relationships with any suppliers, customers, or other third parties with whom it
has financial,  commercial, or other business relationships,  other than changes
in the  ordinary  course of  business  that have not  caused and will not cause,
either in any case or in the aggregate, a Material Adverse Effect;

                           (c) any  transaction  by the Company  with any of its
Affiliates,  other  than  the  payment  of  compensation  and  reimbursement  of
reasonable  employee  travel and other  business  expenses  in  accordance  with
existing employment arrangements and usual past practices;

                           (d) any damage,  destruction, or loss, whether or not
covered by insurance,  that, either in any case or in the aggregate, has caused,
or could reasonably be expected to cause, a Material Adverse Effect;

                           (e) any declaration, setting aside, or payment of any
dividend  or  any  other  distribution  (in  cash,  stock,  and/or  property  or
otherwise) in respect of any shares of the capital stock or other  securities of
the Company;

                           (f) any  issuance of any shares of the capital  stock
or other  securities  of the  Company,  or any  direct or  indirect  redemption,
purchase, or other acquisition by the Company of any shares of its capital stock
or other securities;

                                       5
<PAGE>

                           (g) any material  change in the officers,  directors,
key employees, or independent contractors of the Company;

                           (h) any  labor  trouble  or  claim  of  unfair  labor
practices  involving  the  Company,  any increase in the  compensation  or other
benefits  payable or to become payable by the Company to any of its  Affiliates,
or to any of the respective officers,  employees,  or independent contractors of
the Company,  or any bonus payments or arrangements  made to or with any of such
officers, employees, or independent contractors;

                           (i) any  forgiveness or  cancellation  of any debt or
claim by the  Company  or any  waiver by the  Company  of any right of  material
value,  other than compromises of accounts  receivable in the ordinary course of
business;

                           (j) any  incurrence  or any  payment,  discharge,  or
satisfaction  by  the  Company  of  any  other   Indebtedness  or  any  material
obligations or material liabilities,  whether absolute, accrued,  contingent, or
otherwise (including without limitation liabilities,  as guarantor or otherwise,
with  respect to  obligations  of others),  other than (A)  current  liabilities
included in the Financial  Statements,  (B) current liabilities to persons other
than  Affiliates  of the  Company  incurred  since  the  date of such  Financial
Statements in the ordinary  course of business,  and (C) current  liabilities to
persons  other than  Affiliates of the Company  incurred in connection  with the
transactions  contemplated  hereby and described in the Disclosure  Schedule and
other liabilities in the ordinary course of business;

                           (k) any incurrence, discharge, or satisfaction of any
Lien (i) by the Company,  or (ii) on any of the capital stock, other securities,
properties, or assets owned or leased by the Company;

                           (l) any  change in the  financial  or tax  accounting
principles, practices, or methods of the Company; or

                           (m) any agreement, understanding, or commitment by or
on behalf of the  Company,  or by or on  behalf  of its  respective  Affiliates,
directors,  officers, employees, agents, or representatives,  whether in writing
or otherwise, to do or permit any of the things referred to in this Section 2.8.

                  2.9.     Properties, Leases, Etc.

                           (a)  Title  to  Properties;   Condition  of  Personal
Properties.  The Company has (i) good and marketable  title to all of the assets
and  properties  owned  by it,  including  without  limitation  all  assets  and
properties  reflected in the Financial  Statements  (in each case  excluding any
assets and  properties  sold or  otherwise  disposed  of to  persons  other than
Affiliates in the ordinary  course of business  since the date of such Financial
Statements), (ii) good and marketable title to the lessee interest in all assets
and properties leased by it as lessee,  and (iii) full right to hold and use all

                                       6
<PAGE>

of the respective  assets and properties  used in or necessary to its businesses
and  operations,  in each case all free and clear of all Liens.  All such assets
and  properties  are in good  condition  and  repair,  reasonable  wear and tear
excepted,  and are adequate and sufficient in all material  respects to carry on
its business as presently  conducted and as proposed to be conducted in the near
term.

                           (b) No Owned Real  Properties.  The Company  does not
own any real property or any interest  (other than a leasehold  interest) in any
real property.

                           (c) Leased Properties.  The Disclosure  Schedule sets
forth a complete  and  correct  description  of all  leases of real or  personal
property with annual rent greater than $10,000 under which the Company is lessor
or lessee.  Complete and correct  copies of all such leases and all  amendments,
supplements,  and modifications  thereto have been made available by the Company
to the Purchaser for inspection.  Each such lease is valid and subsisting and no
event or condition exists that constitutes,  or after notice or lapse of time or
both would  constitute,  a default  thereunder by the Company or, to the best of
the Company's  knowledge,  the other party thereto except to the extent any such
defaults,  individually  or in the  aggregate,  do not have a  material  adverse
effect on the Company.  The Company's respective leasehold interests are subject
to no Lien, and the Company is in quiet possession of the properties  covered by
such leases.  No provision of any real  property  lease or sublease to which the
Company is a party  restricts  the  Company's  right to remove at the end of the
applicable lease term any machinery,  equipment, or leasehold improvements.  The
Company has established adequate reserves,  which are reflected in the Financial
Statements,  for the anticipated costs of any property renovation and repairs to
their  leased  premises  required  to be  performed  or  paid  for  by  it  upon
termination of any of its leases of real property.

                  2.10. Indebtedness. Except as disclosed in Section 2.10 of the
Disclosure  Schedule,  the  Company  is  not  in  default  with  respect  to any
outstanding Indebtedness or any instrument or agreement relating thereto, and no
such  Indebtedness or any instrument or agreement  relating  thereto purports to
limit the  issuance of any  securities  by the Company or its  operation  of any
business.  Complete  and  correct  copies  of  all  instruments  and  agreements
(including all amendments,  supplements,  waivers, and consents) relating to any
Indebtedness  of the  Company  have been made  available  by the  Company to the
Purchaser for inspection.

                  2.11. Absence of Undisclosed Liabilities.  Except as set forth
in  Section  2.11 of the  Disclosure  Schedule  or to the  extent  reflected  or
reserved against in the Financial Statements, or incurred after the date thereof
in the ordinary  course of business other than in connection  with  transactions
with Affiliates, or incurred in connection with the transactions contemplated by
this  Agreement and  described in the  Disclosure  Schedule,  the Company has no
material  liabilities or obligations of any nature,  whether accrued,  absolute,
contingent,  or otherwise (including without limitation liabilities as guarantor
or otherwise with respect to obligations of others) and whether due or to become
due.

                  2.12. Tax Matters.

                           (a) Filing of Tax Returns  and Payment of Taxes.  The
Company has timely filed with the appropriate taxing authorities all Tax Returns
required to be filed by it, each such Tax Return has been prepared in compliance
with all  applicable  laws and  regulations,  all such Tax  Returns are true and

                                       7
<PAGE>

accurate in all material respects,  and copies of all Tax Returns have been made
available  to the  Purchaser  for  inspection.  All Taxes due and payable by the
Company have been paid,  and the Company  will not be liable for any  additional
Taxes in respect of any taxable period ending on or before the Closing Date and,
with respect to any taxable year or period beginning before and ending after the
Closing Date, the portion of such taxable year or period ending on and including
the  Closing  Date  ("Pre-Closing  Periods")  in  an  amount  that  exceeds  the
corresponding reserve therefor, if any, reflected in the Financial Statements in
accordance  with GAAP.  No claim has ever been made by a taxing  authority  in a
jurisdiction  where the Company  does not pay Tax or file Tax  Returns  that the
Company is or may be subject to Taxes assessed by such  jurisdiction.  There are
no Liens for Taxes  (other than  current  Taxes not yet due and  payable) on the
assets of the Company.

                           (b)  Audit  History,  Extensions,  Etc.  There  is no
action, suit, taxing authority proceeding,  or audit with respect to any Tax now
in progress,  pending,  or to the best of the Company's  knowledge,  threatened,
against or with respect to the Company.  No deficiency or proposed adjustment in
respect  of Taxes  that has not been  settled  or  otherwise  resolved  has been
asserted  or assessed  by any taxing  authority  against the Company nor has the
Company  received  any notices from any taxing  authority  relating to any issue
which  could  affect the Tax  liability  of the  Company.  The  Company  has not
consented  or been  requested to consent to extend the time in which any Tax may
be assessed or collected by any taxing authority.  The Company has not requested
or been  granted an extension of the time for filing any Tax Return to a date on
or after the Closing Date.

                           (c) Membership in Affiliated Groups, Etc. The Company
has never been a member of any Affiliated  Group, or filed or been included in a
combined,  consolidated, or unitary Tax Return. The Company is not a party to or
bound by any Tax sharing or allocation  agreement,  nor does it have any current
or potential  contractual  obligation to indemnify any other person with respect
to Taxes.

                           (d) Withholding  Taxes.  The Company has withheld and
paid over to the proper authorities all Taxes required to have been withheld and
paid by it in connection  with amounts paid or owing to any employee,  creditor,
independent contractor, or other person.

                           (e) Excess  Parachute  Payment.  The Company is not a
party to any agreement  that would require the Company or any affiliate  thereof
to make any payment  that would  constitute  an "excess  parachute  payment" for
purposes of Sections 280G and 4999 of the code.

                  2.13.  Litigation,  Etc. Except as set forth in the Disclosure
Schedule, no litigation,  arbitration, action, suit, proceeding or investigation
(whether conducted by or before any judicial or regulatory body, arbitrator,  or
other person) is pending or, to the best of the Company's knowledge, threatened,
against the Company, nor is there any basis therefor known to the Company.

                  2.14. Safety, Zoning, and Environmental Matters.

                           (a) The Company is not and has not been in  violation
of any applicable statute, law, or regulation relating to occupational health or

                                       8
<PAGE>

safety,  and  no  charge,   complaint,   action,  suit,   proceeding,   hearing,
investigation,  claim,  demand, or notice has been filed or commenced against or
received by it alleging any failure by it to comply with any such statute,  law,
or regulation, nor is there any basis therefor known to the Company.

                           (b)  None of the  real  properties  presently  owned,
leased, or operated by the Company, nor any leasehold  improvements thereto, nor
any business conducted by the Company thereon,  are in material violation of any
applicable land use or zoning  requirements,  including  without  limitation any
building  line or use or  occupancy  restriction,  any  public  utility or other
easement,  any limitation,  condition,  or covenant of record,  or any zoning or
building law, code, or ordinance.

                           (c) The Company is not presently, and has never been,
in material  violation of any judgment,  decree,  order,  statute,  law, permit,
license,  rule, or regulation  pertaining to  environmental  matters,  including
without  limitation  those  arising  under any  Environmental  Laws,  nor has it
received any written notice alleging any such violation.

                           (d)  The  Company  has not  received  any  notice  or
request for information from any third party,  including without  limitation any
federal, state, or local governmental authority, (i) that it has been identified
by the EPA or any state  environmental  regulatory  authority  as a  potentially
responsible  party under  CERCLA with  respect to a site listed on the  National
Priorities  List, 40 C.F.R.  Part 300 Appendix B, or under any equivalent  state
law; (ii) that any Hazardous Substances that it has generated,  transported,  or
disposed  of have been  found at any site at which a  federal,  state,  or local
agency or other  third  party has  conducted  or has  ordered  that it conduct a
remedial  investigation,  removal  or  other  response  action  pursuant  to any
Environmental  Law;  or (iii) that it is or will or may be a named  party to any
claim, action, cause of action, complaint, or legal or administrative proceeding
arising out of any third party's  incurrence  of Damages in connection  with the
release (within the meaning of CERCLA) of any Hazardous  Substances or any other
environmental  matters.  No circumstances exist that could give rise to any such
notice or request for information or to any Damages.

                  2.15.  Labor  Relations.  The Company is in  compliance in all
material  respects  with  all  applicable  federal  and  state  laws  respecting
employment and employment practices,  terms and conditions of employment,  wages
and hours, and nondiscrimination in employment, and is not engaged in any unfair
labor  practice.  There is no charge  pending  or, to the best of the  Company's
knowledge,  threatened,  against or with respect to the Company before any court
or agency and alleging  unlawful  discrimination  in employment  practices,  and
there is no charge of or  proceeding  with regard to any unfair  labor  practice
against it pending before the National Labor Relations Board.  There is no labor
strike,  dispute,  slow-down,  or work stoppage pending or threatened against or
involving  the Company.  None of the  employees of the Company is covered by any
collective  bargaining  agreement,  and no  collective  bargaining  agreement is
currently  being  negotiated by it. No one has  petitioned  within the last five
years, and no one is now petitioning,  for union representation of any employees
of the  Company.  The Company  has not  experienced  any work  stoppage or other
material labor difficulty during the last five years.

                  2.16. Material Contracts. Except for the contracts, agreements
and other  arrangements  listed in Section 2.16 of the  Disclosure  Schedule and
contracts,  agreements, or other arrangements that have been fully performed and

                                       9
<PAGE>

with respect to which the Company has no further obligations or liabilities, the
Company is not a party to or otherwise  bound by (i) any agreement,  instrument,
or  commitment  that may  affect  its  ability to  consummate  the  transactions
contemplated  hereby  or by any of the  Other  Agreements,  or  (ii)  any  other
material agreement, instrument, or commitment; including without limitation any:

                           (a)  agreement  for the  purchase,  sale,  lease,  or
license by or from it of services, products, or assets, requiring total payments
by or to it in excess of $10,000 in any instance,  or entered into other than in
the ordinary course of business;

                           (b)  agreement   requiring  it  to  purchase  all  or
substantially all of its requirements for a particular product or service from a
particular supplier or suppliers,  or requiring it to supply all of a particular
customer's or customers' requirements for a certain service or product;

                           (c) agreement or other  commitment  pursuant to which
it has agreed to indemnify or hold harmless any other person;

                           (d)  (i)  employment   agreement,   (ii)   consulting
agreement,  or  (iii)  agreement  providing  for  severance  payments  or  other
additional rights or benefits (whether or not optional) in the event of the sale
or other change in control of it;

                           (e) agreement  with any current or former  Affiliate,
stockholder,  officer, director, employee, or consultant of the Company, or with
any person in which any such Affiliate has an interest;

                           (f) joint venture or teaming agreement;

                           (g) agreement with any domestic or foreign government
or agency or  executive  office  thereof or any  subcontract  between it and any
third party relating to a contract  between such third party and any domestic or
foreign government or agency or executive office thereof;

                           (h) agreement  imposing  non-competition or exclusive
dealing obligations on it;

                           (i) agreement the  performance of which is reasonably
likely to result in a loss to it.

The Company has and made available to the Purchaser for  inspection  correct and
complete  copies (or written  summaries of the material terms of oral agreements
or understandings) of each agreement,  instrument,  and commitment listed in the
Disclosure Schedule,  each as amended to date. Each such agreement,  instrument,
and commitment is a valid,  binding and  enforceable  obligation of the Company,
and to the best of the  Company's  knowledge,  of the  other  party  or  parties
thereto,  and is in full force and effect.  Neither the Company, nor to the best
of its  knowledge,  any other party  thereto,  is, or is considered by any other
party  thereto  to be, in breach of or  noncompliance  with any term of any such
agreement,  instrument,  or  commitment  (nor,  to the  best  of  the  Company's

                                       10
<PAGE>

knowledge, is there any basis for any of the foregoing), except for any breaches
or  noncompliances  that  singly or in the  aggregate  would not have a Material
Adverse Effect. No claim,  change order,  request for equitable  adjustment,  or
request for contract price or schedule  adjustment,  between the Company and any
supplier or  customer,  relating to any  agreement,  instrument,  or  commitment
listed in the  Disclosure  Schedule is pending or, to the best of the  Company's
knowledge, threatened, nor, to the best of the Company's knowledge, is there any
basis for any of the foregoing. No agreement,  instrument,  or commitment listed
in the Disclosure Schedule includes or incorporates any provision, the effect of
which may be to enlarge or accelerate  any of the  obligations of the Company or
to give additional rights to any other party thereto, or will terminate,  lapse,
or in any other way be affected,  by reason of the transactions  contemplated by
this Agreement.

                  2.17.  Employee Benefit Plans. Except for the arrangements set
forth in Section  2.17 of the  Disclosure  Schedule,  the  Company  does not now
maintain or contribute to any pension,  profit-sharing,  deferred  compensation,
bonus, stock option,  share appreciation right,  severance,  group or individual
health,  dental,  medical,  life insurance,  survivor benefit,  or similar plan,
policy or  arrangement,  whether  formal or  informal,  for the  benefit  of any
director, officer,  consultant, or employee of it, whether active or terminated;
nor  has it  ever  maintained  or  contributed  to any  such  plan,  policy,  or
arrangement that was subject to ERISA. Each of the arrangements set forth in the
Disclosure  Schedule is herein  referred to as an "Employee  Benefit Plan." Each
Employee  Benefit Plan is and has been  maintained and operated in compliance in
all  material  respects  with the terms of such  plan and with the  requirements
prescribed  (whether as a matter of  substantive  law or as  necessary to secure
favorable tax treatment) by any and all statutes, governmental, or court orders,
or governmental rules or regulations in effect from time to time,  including but
not limited to ERISA and the Code, and applicable to such plan.

                  2.18. Proprietary Information.

                           (a) Section 2.18(a) of the Disclosure  Schedule lists
all patents, patent applications,  mask works, trademarks,  trade names, service
marks, logos,  registered  copyrights,  and licenses used in or necessary to the
Company's businesses as now being conducted (collectively, and together with any
technology,  know-how,  trade  secrets,  processes,  formulas,  techniques,  and
unregistered  copyrights  used  in  or  necessary  to  the  Company's  business,
"Proprietary  Information").  The Company  owns, or is licensed or otherwise has
the  full and  unrestricted  exclusive  right to use,  without  the  payment  of
royalties or other further consideration,  all Proprietary  Information,  and no
other intellectual property rights,  privileges,  licenses,  contracts, or other
agreements,  instruments,  or evidences of interests are necessary to or used in
the conduct of its business.  All granted and issued  patents and all registered
trademarks  and  service  marks  listed  on  the  Disclosure  Schedule  and  all
copyrights  held by the Company or any of its affiliates are valid,  enforceable
and subsisting.

                           (b) Section 2.18(b) lists all of the Company's rights
to Proprietary  Information  arise under a license or similar  agreement  (other
than for "off-the-shelf' software programs that have not been customized for its
use) and such rights are licensed  exclusively tothe Company except as indicated
in the  Disclosure  Schedule.  No other  person has an  interest  in or right or
license to use any of the Proprietary Information.  To the best of the Company's

                                       11
<PAGE>

knowledge,  none of the Proprietary Information is being infringed by others, or
is subject to any  outstanding  order,  decree,  judgment,  or  stipulation.  No
litigation (or other  proceedings in or before any court or other  governmental,
adjudicatory,  arbitral,  or  administrative  body) relating to any  Proprietary
Information  owned by the Company is pending,  and to the best of the  Company's
knowledge,  no such litigation or proceeding  relating to any other  Proprietary
Information is pending, nor, to the best of the Company's knowledge, threatened.
The Company maintains  reasonable  security measures for the preservation of the
secrecy and proprietary nature of its Proprietary Information.

                           (c)  To the  best  of the  Company's  knowledge:  (i)
Neither the Company nor any of its  employees has infringed or made unlawful use
of, or is infringing or making unlawful use of, any, proprietary or confidential
information of any person,  including without  limitation any former employer of
any  past or  present  employee  or  consultant  of the  Company;  and  (ii) the
activities of the Company's employees in connection with their employment do not
violate any  agreements or  arrangements  that any such employees or consultants
have with any former  employer  or any other  person.  No  litigation  (or other
proceedings  in  or  before  any  court  or  other  governmental,  adjudicatory,
arbitral,  or  administrative  body) charging the Company with  infringement  or
unlawful use of any patent, trademark,  copyright, or other proprietary right is
pending, or to the best of its knowledge, threatened.

                           (d)  To  the  best  of the  Company's  knowledge,  no
officer, director, employee, or consultant of the Company is presently obligated
under or bound by any agreement or instrument, or any judgment, decree, or order
of any court of administrative  agency,  that (i) conflicts or may conflict with
his or her agreements and  obligations to use his or her best efforts to promote
the interests of the Company,  (ii)  conflicts or may conflict with the business
or  operations  of the  Company as  presently  conducted  or as  proposed  to be
conducted in the short term, or (iii) that  restricts or may restrict the use or
disclosure of any information that may be useful to the Company.

                           (e) No owned  Proprietary  Information  is subject to
any outstanding order, judgment, decree, stipulation or agreement restricting in
any material  manner the licensing  thereof by the Company.  The Company has not
entered into any agreement to indemnify  any other person  against any charge of
infringement of any of the Company's  Proprietary  Information.  The Company has
not entered  into any  agreement  granting  any third  person the right to bring
infringement  actions  with  respect  to, or  otherwise  to enforce  rights with
respect to, any Proprietary Information.

                  2.19. Insurance. The Disclosure Schedule lists the policies of
theft, fire,  liability,  worker's  compensation,  life,  property and casualty,
directors' and officers',  and other  insurance owned or held by the Company and
the basis on which such  policies  provide  coverage  (i.e.,  an  incurrence  or
claims-made  basis).  Such policies of insurance are of the kinds and cover such
risks, and are in such amounts and with such deductibles and exclusions,  as are
consistent  with prudent  business  practice.  All such policies are, and at all
times since the  respective  dates set forth in the  Disclosure  Schedule,  have
been, in full force and effect,  are  sufficient  for compliance in all material
respects by the Company with all  requirements  of law and of all  agreements to

                                       12
<PAGE>
which the Company is party,  and provide that they will remain in full force and
effect through the respective  dates set forth in the Disclosure  Schedule,  and
will not terminate or lapse or otherwise be affected in any way by reason of the
transactions contemplated hereby.

                  2.20. Governmental and Other Third-Party Consents. No consent,
approval,  or authorization of, or registration,  designation,  declaration,  or
filing with, any governmental  authority,  federal or other, or any other person
is required on the part of the Company or any of its  Affiliates  in  connection
with its  execution,  delivery,  or  performance of this Agreement or any of the
Other Agreements of any of them, or the consummation by any of them of the other
transactions  contemplated  hereby,  or the  continued  conduct  of the  present
business of the Company after the Closing Date.

                  2.21. Brokers. No finder, broker, agent, or other intermediary
has acted for or on behalf of the Company or any of its Affiliates in connection
with the negotiation or consummation of the  transactions  contemplated  hereby,
and no fee will be payable by the Company to any such person in connection  with
such transactions.

                  2.22.  Compliance  with  Other  Instruments,  Laws,  Etc.  The
Company has complied  with, and is in compliance  with, (i) all laws,  statutes,
governmental regulations, judicial or administrative tribunal orders, judgments,
writs,  injunctions,  decrees,  and similar  commands  applicable  to it and its
business, and all unwaived terms and provisions of all agreements,  instruments,
and  commitments  to which it is a party or to which it or any of its  assets or
properties  is subject,  and (ii) its charter  documents  and  by-laws,  each as
amended to date,except for any  non-compliances  that, both  individually and in
the  aggregate,  have not had and could not  reasonably  be  expected  to have a
Material Adverse Effect.  The Company has not committed,  been charged with, or,
to the best of the Company's  knowledge,  been under  investigation with respect
to, nor does there exist,  any  violation by the Company of any provision of any
federal,  state,  or local  law or  administrative  regulation,  except  for any
violations  that,  both  singly  or in the  aggregate,  do  not  and  could  not
reasonably be expected to have a Material  Adverse  Effect.  The Company has and
maintains all such licenses, permits, and other authorizations from governmental
authorities  as are necessary or desirable for the conduct of its business or in
connection with the ownership or use of its properties,  all of which (except as
specifically  described in the Disclosure Schedule) are in full force and effect
in all material respects, and true and complete copies of all of which have been
made available by the Company to the Purchaser for inspection.

                  2.23.  Compliance with Securities Laws. Based in part upon the
representations of Purchaser contained herein, the offer, issuance, and delivery
of the Purchased  Securities as  contemplated  by this Agreement are exempt from
the  registration  requirements  of the  Securities  Act,  and are  exempt  from
registration or qualification  under applicable states' securities laws. Neither
the  Company  nor anyone  acting on its  behalf  will  hereafter  offer to sell,
solicit  offers to buy, or sell any  securities  of the Company so as to subject
the offer,  issuance,  and sale of the Purchased  Securities to the registration
requirements of the Securities Act.

         3. Representations and Warranties of Purchaser.

                  2.1.  Organization  and Authority.  Purchaser is a corporation
duly  organized,  validly  existing,  and in good standing under the laws of the

                                       13
<PAGE>

State of Delaware.  Purchaser has all requisite corporate power and authority to
own or lease and  operate  its  properties  and to carry on its  business as now
conducted and as proposed to be conducted in the near term.

                  2.2.  Corporate  Power,  Binding  Effect.  Purchaser  has  all
requisite  power and full legal right to execute and deliver this  Agreement and
the Other  Agreements,  and to  perform  all of its  obligations  hereunder  and
thereunder  in accordance  with the  respective  terms hereof and thereof.  This
Agreement,  such Other Agreements,  and the transactions contemplated hereby and
thereby have been duly approved and authorized by all requisite corporate action
on the  part of  Purchaser,  and  this  Agreement  has been  duly  executed  and
delivered by Purchaser and constitutes,  and each of such Other Agreements, when
executed and  delivered by Purchaser  at the Closing,  will  constitute,  legal,
valid,  and  binding  obligations  of  Purchaser,   enforceable  against  it  in
accordance with their respective terms. The execution, delivery, and performance
by Purchaser of this  Agreement and such Other  Agreements  in  accordance  with
their  respective  terms,  and  the  consummation  by  it  of  the  transactions
contemplated  hereby or thereby,  will not result (with or without the giving of
notice  or the lapse of time or both) in any  conflict,  violation,  breach,  or
default, or the creation of any Lien, or the termination, acceleration, vesting,
or  modification  of any right or  obligation,  under or in  respect  of (x) the
charter documents or by-laws of them, (y) any judgment,  decree, order, statute,
rule, or regulation binding on or applicable to Purchaser,  or (z) any agreement
or instrument to which  Purchaser is a party or by which Purchaser or any of its
assets is or are bound.

                  3.3. Access to Information and Investment  Intent. The Company
has provided  Purchaser with adequate access to financial and other  information
concerning the Company as requested and Purchaser has had the opportunity to ask
questions of and receive  answers from the Company  concerning the  transactions
contemplated   by  this  Agreement  and  to  obtain   therefrom  any  additional
information  necessary to make an informed  decision  regarding an investment in
the  Company.  Purchaser  is  acquiring  the  Purchased  Securities  solely  for
investment  purposes for its own account,  with no intention of  distributing or
reselling any of the Purchased Securities or any interest therein.  Purchaser is
aware that neither the  Purchased  Securities  nor any  interest  therein may be
sold,  pledged,  or otherwise  transferred  unless the Purchased  Securities are
registered  under the  Securities  Act or  qualify  for an  exemption  under the
Securities Act.

         4. Covenants.

         The Company  covenants to Purchaser  that for so long as any  Purchased
Securities  or other  shares of Series A Preferred  Stock are  outstanding,  the
Company will comply (and should it at any time have any Subsidiaries, cause each
of such Subsidiaries to comply) with each of the following covenants,  except to
the  extent  that  such  compliance  may be  waived,  either  generally  or in a
particular instance, by prior written consent of the Majority Holders; provided,
however,  that the covenants set forth in this Section 4.1 shall  terminate when
the shares of Common Stock  issuable upon  exercise of the Purchased  Securities
are eligible to be sold under Rule 144 of the Securities Act. Except as required
by applicable law, Purchaser and each person representing or acting on behalf of
Purchaser  will hold in confidence all  confidential  information of the Company
provided or made available to Purchaser or such person  pursuant to this Section
4 until such time as such information has been publicly  disclosed other than as

                                       14
<PAGE>

a consequence  of any breach by Purchaser or such person of its  confidentiality
obligations hereunder.

                  4.1. Distributions.  The Company will not purchase,  redeem or
otherwise  acquire any shares of its capital stock,  except that the Company may
distribute  stock to holders of its capital stock  pursuant to stock  dividends,
stock splits, recapitalizations,  and similar transactions, may pay dividends on
shares of Series A Preferred  Stock in accordance with the terms of its Articles
of  Incorporation;  and may repurchase shares of Common Stock in accordance with
repurchase  agreements  in  effect  as of the date  hereof  or  approved  by the
Company's Board of Directors.

                  4.2.  Records and  Accounts.  The  Company  will keep true and
accurate  records and books of account in which full,  true, and correct entries
will be  made  so as to  permit  the  preparation  of  financial  statements  in
accordance with GAAP and maintain  adequate  accounts and reserves in accordance
with good  accounting  practice  for all taxes  (including  income  taxes),  all
depreciation,  depletion,  obsolescence, and amortization of its properties, all
contingencies, and all other reserves.

                  4.3.  Corporate  Existence;  Maintenance  of  Properties.  The
Company will preserve and keep in full force and effect its corporate existence,
rights,  and franchises.  The Company will not engage in any business other than
as presently conducted by it and businesses reasonably ancillary thereto, except
with the prior  approval of the Board of Directors  of the Company.  The Company
will  maintain  all of its  properties  used or  useful  in the  conduct  of its
business in good condition,  repair,  and working order and cause to be made all
necessary  repairs,  renewals,   replacements,   betterments,  and  improvements
thereof,  all as in the  judgment of the Company  may be  necessary  so that the
business carried on in connection  therewith may be properly and  advantageously
conducted at all times; provided, however, that nothing in this Section 4.4 will
prevent the Company from  discontinuing  the operation and maintenance of any of
such  properties  if such  discontinuance  is, in the  judgment of the  Company,
desirable  in the  conduct  of  its  business  and  does  not  in the  aggregate
materially adversely affect the business of the Company.

                  4.4.  Insurance.  The Company  will no later than  January 15,
2000,  maintain  insurance of the kinds,  covering the risks and in the relative
proportionate  amounts  usually  carried by  reasonable  and  prudent  companies
conducting businesses similar to that of the Company (such insurance coverage at
all times to be at least as protective as the insurance currently carried by the
Company and described in the Disclosure Schedule).

                  4.5.     Taxes.

                           (a) Tax Returns.  The Company  shall timely file,  or
cause to be timely filed,  all Tax Returns of the Company,  and such Tax Returns
will be accurate and complete tin all material respects.

                           (b)  Payment  of  Taxes.  The  Company  will  pay and
discharge,  or cause to be paid and discharged,  before they become  delinquent,
all Taxes, assessments,  and other governmental charges imposed upon the Company
or any of the  properties,  sales,  or  activities  of the Company,  or any part

                                       15
<PAGE>

thereof,  or upon the  income or  profits  therefrom,  as well as all claims for
labor, materials, or supplies, which, if unpaid might by law give rise to a Lien
upon any of its properties;  provided,  however,  that any such Tax, assessment,
charge,  levy,  or claim need not be paid if the  validity or amount  thereof is
currently  being  contested in good faith by appropriate  proceedings and if the
Company has set aside on its books adequate reserves with respect thereto.

                  4.6. Compliance with Laws, Contracts,  Licenses,  and Permits.
The Company will comply in all material  respects with (a) its charter documents
and  by-laws,  (b)  all  judgments,   decrees,  orders,  statutes,   rules,  and
regulations  binding  on or  applicable  to  the  Company  or  its  business  or
properties,  and (c) any  agreement or  instrument  to which it is a party or by
which it or any of its properties are subject  (including,  without  limitation,
the Other  Agreements).  If at any time any  authorization,  consent,  approval,
permit,  or  license  from  any  officer,  agency,  or  instrumentality  of  any
government  becomes  necessary or required in order that the Company may fulfill
any of its obligations hereunder,  the Company will promptly take or cause to be
taken  all  reasonably   necessary   steps  within  its  power  to  obtain  such
authorization, consent, approval, permit, or license.

                  4.7. Transactions with Affiliates. The Company will not engage
in any  transaction  with any Affiliate on terms more favorable to the Affiliate
than would have been  obtainable by an  unaffiliated  person on an  arms'-length
basis in the ordinary course of business.

                  5.1.  Transfer and Exchange of Capital Stock. The Company,  or
its transfer agent,  will maintain a register in which will be entered the names
and addresses of the holders of the capital stock and the particulars (including
without  limitation the class  thereof) of the respective  capital stock held by
them and of all transfers of shares of capital stock or conversions of shares of
capital  stock from one class to another.  Upon  surrender at such office of any
certificate representing shares of capital stock for registration of conversion,
exchange,  or (subject to  compliance  with the  applicable  provisions  of this
Agreement,  including without limitation the conditions set forth in Section 6.2
hereof)  transfer,  the Company  will  issue,  at its  expense,  one or more new
certificates,  in such denomination or denominations as may be.  requested,  for
shares of such capital  stock and  registered  as such holder may  request.  Any
certificate representing shares of capital stock surrendered for registration of
transfer  will be duly  indorsed,  or  accompanied  by a written  instrument  of
transfer  duly executed by the holder of such  certificate  or his attorney duly
authorized in writing prior to the Company registering the transfer.

                  5.2. Replacement of Purchased  Securities.  In the case of any
loss,  theft,  destruction,  or mutilation of the certificate  representing  any
Purchased Security,  upon receipt of evidence thereof reasonably satisfactory to
the Company,  and (i) in the case of any such loss, theft, or destruction,  upon
delivery  of an  indemnity  bond in such  reasonable  amount as the  Company may
determine, or (ii) in the case of any such mutilation, upon the surrender to the
Company at its principal office of such mutilated  certificate for cancellation,
the Company will execute and deliver, in lieu thereof,  new certificates of like
tenor. Any old stock certificate in lieu of which any such new stock certificate
has been so  executed  and  delivered  by the  Company  will not be deemed to be
outstanding for any purpose of this Agreement or otherwise.

                                       16
<PAGE>

                  5.3.  Reliance  on  Register.  The  Company  may  rely for all
purposes  hereunder on record  ownership  as shown on the register  described in
this  Section 5 (except  to the  extent  that such  register  fails to reflect a
transfer of which the Company received due notice in accordance with Section 6.2
of this Agreement).

                  6.1.  General  Restriction.  The Purchased  Securities and all
securities  issued in exchange  therefor or upon conversion or exercise  thereof
(for  purposes  of  this  Section  6,  the  "Restricted  Securities"),  will  be
transferable  only upon the  satisfaction  of the  conditions  set forth in this
Section 6. Any  transfer or  purported  transfer in  violation of this Section 6
will be void.

                  6.2.  Notice  of  Transfer.  Prior  to  any  transfer  of  any
Restricted  Securities,  the  holder  thereof  will give  written  notice to the
Company  describing  in  reasonable  detail the manner and terms of the proposed
transfer  and the  identity of the proposed  transferee,  accompanied  by (a) an
opinion of Boisseau Dean & Gyorgy LLP or other counsel reasonably  acceptable to
the  Company,  addressed  to the  Company,  that such  transfer  may be effected
without registration of such Restricted Securities under the Securities Act, and
(b) the written  agreement of the proposed  transferee to be bound by all of the
provisions hereof applicable to holders of such Restricted  Securities hereunder
or thereunder.

                  6.3.  Restrictive  Legends.  For  so  long  as  the  Purchased
Securities  remain  subject to the  restrictions  on transfer  set forth in this
Section 6, the  certificates  representing  such Purchased  Securities will bear
restrictive legends in substantially the following forms:

                  "The securities  represented by this certificate have not been
         registered   under  the   Securities  Act  of  1933,  as  amended  (the
         "Securities  Act"), or any other state or federal  securities  statute,
         and may not be  reoffered,  sold,  transferred,  pledged  or  otherwise
         disposed of except  pursuant  to an  effective  registration  statement
         under the Securities Act and any other applicable securities statute or
         in  accordance  with an  applicable  exemption  from  the  registration
         requirements of the Securities Act and any other applicable  securities
         statute."

                  "The securities represented by this certificate are subject to
         certain  restrictions  on  transfer  set forth in a Series A  Preferred
         Stock Purchase Agreement dated as of November 2, 2000, by and among the
         issuer of such securities and the registered holder of this certificate
         (or such holder's  predecessor-in-interest)  and certain others. A copy
         of such  agreement is on file and may be  inspected  by the  registered
         holder of this  certificate  at the principal  executive  office of the
         issuer."

                  6.4. Termination of Restrictions.  The restrictions imposed by
this Section 6 upon the transferability of Restricted  Securities will terminate
as to any particular  Restricted Securities when such Restricted Securities have
been sold pursuant to an effective  registration  statement under the Securities
Act,  or pursuant to Rule 144 under the  Securities  Act or any other  exemption
from the  registration  requirements of the Securities Act pursuant to which the
transferee receives  securities that are not "restricted  securities" within the
meaning of that term as  defined in Rule  144(a)(3)  under the  Securities  Act.
Whenever any of such  restrictions  terminates as to any Restricted  Securities,
the  holder  thereof  will be  entitled  to  receive  from the  Company,  at the
Company's  expense,  new certificates  representing  such Purchased  Securities,
without restrictive legends.

                                       17
<PAGE>

         7. Indemnification.

                  (a) All covenants, agreements, representations, and warranties
made herein or in the Other Agreements or any other document  referred to herein
or delivered to the Purchaser pursuant hereto will be deemed to have been relied
on by  Purchaser,  notwithstanding  any  investigation  made by or on  behalf of
Purchaser,  and will survive the Closing and the  termination  of this Agreement
for the applicable statute of limitations.  The Company will indemnify,  defend,
and hold  harmless  Purchaser,  Purchaser's  partners,  stockholders,  officers,
directors,  employees,  agents,  representatives,  and  the  successors  to  the
foregoing on an after-tax basis from and against any and all Damages incurred by
any of them in any capacity and resulting  from or relating to the breach by the
Company of any of its  representations,  warranties,  covenants,  or  agreements
contained in this Agreement.

                  (b) The  obligations  of the Company under this Section 7 will
survive  transfer  of the  Purchased  Securities  and  the  termination  of this
Agreement.

         8. Definitions.

                  8.1. Certain Defined Terms. For all purposes of this Agreement
the following terms will have the meanings set forth or cross-referenced in this
Section 8:

                  "Affiliate"  means any other  person  directly  or  indirectly
controlling,  controlled by, or under direct or indirect common control with the
Company (or other referenced  person) and includes without  limitation,  (a) any
person who is an officer,  director,  or direct or indirect beneficial holder of
at least 10% of the then  outstanding  capital  stock of the  Company  (or other
referenced  person),  and any of the Family Members of any such person,  (b) any
person of which the Company (or other  referenced  person) and/or its Affiliates
(as defined in clause (a) above),  directly or indirectly,  either  beneficially
own(s) at least 10% of the then outstanding  equity  securities or constitute(s)
at least a 10% equity participant,  (c) in the case of a specified person who is
an individual, Family Members of such person.

                  "Affiliated Group" has the meaning given to it in Section 1504
of the Code, and in addition includes any analogous combined,  consolidated,  or
unitary group, as defined under any applicable  state,  local, or foreign income
Tax law.

                  "CERCLA"  means  the  Comprehensive   Environmental  Response,
Compensation and Liability Act of 1980, as amended.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                  "Common  Stock"  means the  Common  Stock,  $.01 par value per
share, of the Company.

                  "Damages" means all damages, losses, claims, demands, actions,
causes of action, suits, litigations,  arbitrations,  liabilities, Taxes, costs,

                                       18
<PAGE>

and expenses, including without limitation investigatory and court costs and the
fees and. expenses of counsel and experts.

                  "Environmental   Laws"  means,   collectively,   the  Resource
Conservation   and  Recovery  Act,   CERCLA,   the  Superfund   Amendments   and
Reauthorization  Act of 1986, the Federal Clean Water Act, the Federal Clean Air
Act, the Toxic Substances  Control Act, and any and all state or local statutes,
regulations,  ordinances, orders, and decrees relating to health, safety, or the
environment, each, as the case may be, as amended.

                  "EPA" means the United States Environmental Protection Agency.

                  "ERISA" means the Employee  Retirement  Income Security Act of
1974, as amended.

                  "Family  Members"  means,  as applied to any  individual,  any
parent,  spouse,  child, spouse of a child,  grandchild,  sibling,  and/or trust
created for the benefit of any such person(s), each custodian of property of any
such person(s), and/or the estate of any such person(s).

                  "GAAP" means generally accepted accounting principles that are
(i)  consistent  with the  principles  promulgated  or adopted by the  Financial
Accounting  Standards  Board  and  its  predecessors,  (ii)  applied  on a basis
consistent  with  prior  periods,  and (iii)  such  that,  insofar as the use of
accounting principles is pertinent,  a certified public accountant could deliver
an  unqualified  opinion  with  respect to  financial  statements  in which such
principles have been properly applied.

                  "Hazardous Substances" means, collectively, any hazardous
waste, as defined by 42 U.S.C. ss. 6903(5), any hazardous substances as defined
by 42 U.S.C. ss. 9601(14), any pollutant or contaminant as defined by 42 U.S.C.
ss. 9601(33), or any toxic substance, methane gas, oil, or hazardous materials
or other chemicals or substances regulated by any Environmental Laws.

                  "Indebtedness"  means (a) all indebtedness for borrowed money,
whether current or long-term, or secured or unsecured,  (b) all indebtedness for
the deferred  purchase  price of property or services  represented  by a note or
security  agreement,   (c)  all  indebtedness   created  or  arising  under  any
conditional sale or other title retention  agreement (even though the rights and
remedies of the seller or lender  under such  agreement  in the event of default
may be limited to repossession or sale of such property),  (d) all  indebtedness
secured by a purchase  money mortgage or other lien to secure all or part of the
purchase price of property subject to such mortgage or lien, (e) all obligations
under  leases that have been or must be, in  accordance  with GAAP,  recorded as
capital leases in respect of which it is liable as lessee,  (f) any liability in
respect of banker's  acceptances or letters of credit,  and (g) all indebtedness
of any person that is directly or  indirectly  guaranteed by the Company or that
it has agreed (contingently or otherwise) to purchase or otherwise acquire or in
respect of which it has otherwise assured a creditor against loss.

                  "Liens" means any and all liens, claims,  mortgages,  security
interests,  charges,  encumbrances,  and  restrictions  on transfer of any kind,
except,  in the case of references to securities,  any of the same arising under

                                       19
<PAGE>

applicable  securities  laws  solely by reason of the fact that such  securities
were issued pursuant to exemptions from registration under such securities laws.

                  "Majority Holders" means as of the relevant time of reference,
the record holders of at least sixty percent (60%) of the shares of Common Stock
issued or issuable upon conversion of shares of Series A Preferred Stock.

                  "Material   Adverse  Effect"  means,  with  reference  to  the
Company,  a material  adverse effect on the condition  (financial or otherwise),
operations,  business, assets, or prospects of the Company, or on its ability to
consummate the transactions hereby contemplated.

                  "Other Agreement(s)" means all of the agreements, instruments,
certificates,  and other documents executed and delivered by or on behalf of the
Company or any of its Affiliates at the Closing or otherwise in connection  with
this Agreement.

                  "Person" (regardless of whether capitalized) means any natural
person,  entity, or association,  including without  limitation any corporation,
partnership,  limited  liability  company,  government (or agency or subdivision
thereof), trust, joint venture, for proprietorship.

                  "Registration  Rights Agreement" means the Registration Rights
Agreement,  dated as of the Closing Date, between the Company and the Purchaser,
in the form of the attached Exhibit C.

                  "Securities Act" means the Securities Act of 1933, as amended,
or  any  successor  federal  statute,  and  the  rules  and  regulations  of the
Securities and Exchange Commission thereunder,  all as the same are in effect at
the relevant time of reference.

                  "Subsidiary"   means,   with   respect  to  any  person,   any
corporation  a majority  (by number of votes) of the  outstanding  shares of any
class or classes of which are at the relevant time of reference  owned  directly
or indirectly  by such person or by a Subsidiary of such person,  if the holders
of the shares of such class or classes  (a) are  ordinarily,  in the  absence of
contingencies,  entitled to vote for the election of a majority of the directors
(or persons performing similar functions) of the issuer thereof, even though the
right so to vote has been suspended by the happening of such a  contingency,  or
(b) are at the time  entitled,  as such  holders,  to vote for the election of a
majority of the  directors  (or persons  performing  similar  functions)  of the
issuer  thereof,  whether  or not the  right so to vote  exists by reason of the
happening of a contingency.

                  "Tax"  or  "Taxes"  means  all  taxes,  assessments,  charges,
duties,  fees,  levies,  or  other  governmental  charges,  including,   without
limitation, all federal, state, local, foreign and other income, gross receipts,
franchise,  profits,  capital  gains,  estimated,  alternative  minimum,  add-on
minimum,  sales,  use,  transfer,  registration,  value added,  excise,  natural
resources,    severance,   stamp,   occupation,    premium,   windfall   profit,
environmental, customs, duties, real property, personal property, capital stock,
intangibles,  social  security,  unemployment,   disability,  payroll,  license,
employee,  deficiency  assessments,  withholding  and other taxes,  assessments,
charges,  duties,  fees,  levies  or  other  governmental  charges  of any  kind
whatsoever  (whether  payable  directly  or by  withholding  and  whether or not

                                       20
<PAGE>

requiring  the filing of a Tax Return)  including any  interest,  penalties,  or
additions to tax in respect of the foregoing and shall include any liability for
such amounts as a result  either of being a member of a combined,  consolidated,
unitary or  affiliated  group or of a  contractual  obligation  to indemnify any
person or other entity.

                  "Tax Return" means any return, declaration,  report, claim for
refund,  information  return,  or  other  document  (including  any  related  or
supporting estimates, elections, schedules, statements, or information) filed or
required  to be  filed in  connection  with the  determination,  assessment,  or
collection  of any  Tax or the  administration  of  any  laws,  regulations,  or
administrative requirements relating to any Tax.

                  10.2. Terms Defined Elsewhere. The following terms are defined
herein in the sections identified below:

Term                                    Section
Advance Amount                          1.1
Agreement                               Preamble
Financial Statements                    2.7
Closing                                 1.3
Closing Date                            1.3
Company                                 Preamble
Employee Benefit Plan                   2.17(a)
Management Agreement                    1.1
Pre-Closing Periods                     2.12(a)
Proprietary Information                 2.18(a)
Purchased Securities                    1.2
Purchaser                               Preamble
Restricted Securities                   6.1
Unpaid Management Fees                  1.1

         11. Miscellaneous Provisions.

                  11.1. Entire Agreement;  Amendments. This Agreement,  together
with the exhibits and schedules  hereto and the Other  Agreements,  contains the
entire understanding and agreement among the parties, or between or among any of
them, and supersedes any prior understandings or agreements between or among any
of them,  with  respect to the subject  matter  hereof.  This  Agreement  or any
provision hereof may be amended or terminated by the agreement in writing of the
Company and the Majority  Holders.  In the event of any amendment or termination
of this Agreement pursuant to this section,  the Company will give prompt notice
thereof,  in  accordance  with Section 11.2 hereof,  to each holder of Purchased
Securities who has not agreed or consented to such amendment or termination; but
the  Company's  failure to give such notice or delay in doing so will not affect
the validity or effectiveness of any such amendment or termination.

                                       21
<PAGE>

                  11.2. Notices. All notices, requests,  payments,  instructions
or other  documents  to be given  hereunder  will be in  writing  or by  written
telecommunication,  and will be deemed to have been duly given if (i)  delivered
personally  (effective  upon delivery),  (ii) mailed by certified  mail,  return
receipt   requested,   postage  prepaid  (effective  five  business  days  after
dispatch),  if the  recipient is located in the United  States,  (iii) sent by a
reputable,  established  courier  service  that  guarantees  next  business  day
delivery  (effective  the next business day), if the recipient is located in the
United  States,  or  sent by air  mail or by  commercial  express  overseas  air
courier,  with receipt  acknowledged in writing by the recipient (effective upon
the date of such acknowledgment), if the recipient is located outside the United
States,  or (iv) sent by telecopier  followed within 24 hours by confirmation by
one of the  foregoing  methods  (effective  upon  receipt  of  the  telecopy  in
complete,  readable form), addressed as follows (or to such other address as the
recipient party may have furnished to the sending party for the purpose pursuant
to this Section 11.2):

                  (a)      If to the Company:

                           William Weiss, Chief Executive Officer
                           PaperClip Software, Inc.
                           611 U.S. Route 46 West
                           Hasbrouk Heights, NJ 07604
                           Telecopier No. (201) 329-6321

                  with a copy sent at the same time and by the same means to:

                           Richard A. Goldberg, Esq.
                           Swidler Berlin Shereff Friedman, LLP
                           The Chrysler Building
                           405 Lexington Ave.
                           New York, NY 10174
                           Telecopier No.  (212) 891-9598

                  (b)      If to Purchaser:

                           Access Solutions International, Inc.
                           650 Ten Rod Road
                           North Kingstown, RI 02852
                           Telecopier No. (401) 295-1851

with a copy sent at the same time and by the same means to:

                           Charles H. Boisseau, Esq.
                           Boisseau Dean & Gyorgy LLP
                           Suite 300
                           155 South Main Street
                           Providence, RI 02093
                           Telecopier No. (401) 831-7053

                  11.3.  Counterparts.  This  Agreement  may be  executed by the
parties in separate  counterparts,  each of which when so executed and delivered

                                       22
<PAGE>

will be an original,  but all of which together will constitute one and the same
agreement.  In pleading or proving this  Agreement,  it will not be necessary to
produce or account for more than one such counterpart.

                  11.4.  Captions.  The captions of sections or  subsections  of
this Agreement are for reference only and will not affect the  interpretation or
construction of this Agreement.

                  11.5.  Binding  Effect and Benefits.  This Agreement will bind
and inure to the benefit of the parties hereto and their  respective  successors
and  permitted  assigns.  Except as otherwise  provided in this  Agreement,  the
provisions of this Agreement that are for the Purchaser's  benefit will inure to
the  benefit of all  permitted  transferees  of  Purchased  Securities,  and the
applicable  provisions of this  Agreement  that bind the Purchaser will bind all
transferees of Purchased Securities. Nothing in this Agreement is intended to or
will confer any rights or remedies on any person other than the parties  hereto,
their respective successors and permitted assigns.

                  11.6. Further  Assurances.  From time to time on and after the
Closing  Date,  the Company will  promptly  execute and deliver all such further
instruments and assurances,  and will promptly take all such further actions, as
the Purchaser or any of them may reasonably request in order more effectively to
effect or confirm the transactions  contemplated by this Agreement and/or any of
the Other Agreements and to carry out the purposes hereof and thereof.

                  11.7.  Severability.  No invalidity or unenforceability of any
section of this  Agreement  or any portion  thereof  will affect the validity or
enforceability of any other section or the remainder of such section.

                  11.8.  Equitable Relief. Each of the parties acknowledges that
any breach by such party of his, her, or its  obligations  under this  Agreement
would  cause  substantial  and  irreparable  damage  to one or more of the other
parties  and  that  money  damages  would  be  an  inadequate  remedy  therefor.
Accordingly,  each party  agrees  that the other  parties or any of them will be
entitled to an injunction,  specific performance,  and/or other equitable relief
to prevent the breach of such obligations.

                  11.9.  Expenses.  Each party shall bear its own  expenses  and
disbursements   incurred  in  connection  with  the  negotiation,   preparation,
execution,  delivery and  performance  of this  Agreement  and the  transactions
contemplated  herein or therein,  except that at the Closing,  the Company shall
pay 50% all expenses and disbursements  incurred by Purchaser in connection with
the  negotiation,  preparation,  execution,  delivery  and  performance  of this
Agreement  and the  transactions  contemplated  herein  or  therein,  including,
without limitation,  reasonable attorneys' fees and expenses (including, without
limitation,  travel  expenses),  subject to a maximum  payment by the Company of
$5,000.

                  11.10.  Governing  Law and  Choice of  Exclusive  Forum.  This
Agreement will be governed by and  interpreted  and construed in accordance with
the substantive laws of the State of Delaware, without reference to conflicts of
law  issues.  The  parties  also agree that any and all  actions  concerning  or
related to this Agreement and the subject matter hereof shall only be brought in
the courts of the State of Rhode Island,  including  the federal  courts for the

                                       23
<PAGE>

District of Rhode Island, and that said courts shall have exclusive jurisdiction
with respect to such actions.

         IN WITNESS WHEREOF, the Company and Purchaser have executed this Series
A  Preferred  Stock  Purchase  Agreement  under seal on and as of the date first
above written.

PAPERCLIP SOFTWARE, INC.

By:____________________________________

PURCHASER:

ACCESS SOLUTIONS INTERNATIONAL, INC.

By:____________________________________

                                       24

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