Document:

EXHIBIT 10.69
                             Subscription Agreement

<TABLE>
<CAPTION>

Name                               Date                Amount              Signatory
----                               ----                ------              ---------
<S>                                <C>                 <C>                 <C>
Alfred Hahnfeldt *                 Oct 01. 1999        $  250,000          Alfred Hahnfeldt
Southridge Capital Management LLC  Oct 01. 1999        $  250,000
Striker Capital Ltd.               Oct 01. 1999        $  250,000

Alfred Hahnfeldt *                 Nov 01. 1999        $  250,000          Alfred Hahnfeldt
Southridge Capital Management LLC  Nov 01. 1999        $  250,000
Striker Capital Ltd.               Nov 01. 1999        $  250,000
</TABLE>

*    This document has been filed.

<PAGE>

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

                          SWISSRAY INTERNATIONAL, INC.

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

THE SECURITIES  OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED,  OR ANY,  STATE  SECURITIES  LAWS AND ARE BEING OFFERED AND
SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION  REQUIREMENTS OF SUCH LAWS.
THE SECURITIES ARE SUBJECT TO RESTRICTIONS OF TRANSFERABILITY AND RESALE AND MAY
NOT BE  TRANSFERRED  OR RESOLD  EXCEPT AS PERMITTED  UNDER SUCH LAWS PURSUANT TO
REGISTRATION OR AN EXEMPTION  THEREFROM.  THE SECURITIES HAVE NOT BE APPROVED OR
DISAPPROVED BY THE SECURITIES  AND EXCHANGE  COMMISSION OR ANY OTHER  REGULATORY
AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE
MERITS OF THIS  OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING  MATERIALS.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

                          Maximum Offering: $1,500,000

   This offering consists of 1,000,000 shares of Swissray International, Inc.
                                  common stock

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

                             SUBSCRIPTION AGREEMENT

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

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                             SUBSCRIPTION PROCEDURES

     A total of 1,000,000  shares (the "Shares") of the common stock of SWISSRAY
INTERNATIONAL,  INC., (the  "Company") are being offered in an aggregate  amount
not to exceed $1,500,000. The Shares will be transferable to the extent that any
such  transfer is permitted by law.  This  offering is being made in  accordance
with the exemption from registration under Section 4(2) of the Securities Act of
1933, as amended (the "Act") and Rule 506 of Regulation D promulgated  under the
Act (the "Offering").

     The  Investor   Questionnaire   is  designed  to  enable  the  Investor  to
demonstrate the minimum legal  requirements  under federal and state  securities
laws to purchase the Shares.  The Signature Page for the Investor  Questionnaire
and  the  Subscription  Agreement  contain   representations   relating  to  the
subscription.

     Also  included  is an  Internal  Revenue  Service  Form W-9:  "Request  for
Taxpayer Identification Number and Certification" for U.S. citizens or residents
of the U.S. for U.S. federal income tax purposes only. (Foreign investors should
consult  their tax  advisors  regarding  the need to complete  Internal  Revenue
Service Form W-9 and any other forms that may be required).

     If you are a foreign  person or  foreign  entity,  you may be  subject to a
withholding  tax equal to 30% of any dividends paid by the Company.  In order to
eliminate  or reduce  such  withholding  tax you may submit a properly  executed
I.R.S.  Form 4224  (Exemption  from  Withholding  of Tax on  Income  Effectively
Connected  with the  Conduct of a Trade or  Business  in the  United  States) or
I.R.S. Form 1001 (Ownership  Exemption or Reduced Trade  Certificate),  claiming
exemption from  withholding or eligibility  for treaty benefits in the form of a
lower rate of withholding tax on interest or dividends.

     Payment must be made by wire transfer as provided below:

Immediately  available  funds  should be sent via wire  transfer  to the  escrow
account  stated  below  and  the  completed  subscription  documents  should  be
forwarded to the Escrow Attorney. Your subscription funds will be deposited into
a non-interest bearing escrow account of Joseph B. LaRocco,  Esq., Escrow Agent,
at First Union Bank of  Connecticut,  Stamford,  Connecticut.  In the event of a
termination  of  the  Offering  or  the  rejection  of  this  subscription,  all
subscription funds will be returned without interest.  The wire instructions are
as follows:

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     First Union Bank of Connecticut
     Executive Office
     300 Main Street, P. 0. Box 700
     Stamford, CT 06904-0700

     ABA #:         021101108
     Swift #:       FUNBUS33
     Account #:     20000-2072298-4
     Acct. Name:    Joseph B. LaRocco, Esq. Trustee Account

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<PAGE>

                             SUBSCRIPTION AGREEMENT

THE SECURITIES  OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND ARE BEING OFFERED AND SOLD
IN RELIANCE ON EXEMPTIONS FROM THE  REGISTRATION  REQUIREMENTS OF SUCH LAWS. THE
SECURITIES ARE SUBJECT TO RESTRICTIONS OF TRANSFERABILITY AND RESALE AND MAY NOT
BE  TRANSFERRED  OR RESOLD  EXCEPT AS  PERMITTED  UNDER  SUCH LAWS  PURSUANT  TO
REGISTRATION OR AN EXEMPTION  THEREFROM.  THE SECURITIES HAVE NOT BE APPROVED OR
DISAPPROVED BY THE SECURITIES  AND EXCHANGE  COMMISSION OR ANY OTHER  REGULATORY
AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE
MERITS OF THIS  OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING  MATERIALS.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

To:  Swissray International, Inc.

     This Subscription Agreement is made between Swissray  International,  Inc.,
("Company" or "Seller") a New York corporation,  and the undersigned prospective
purchaser  ("Purchaser")  who is subscribing  hereby for the Company's shares of
common  stock  (the  "Shares").  The Shares  being  offered  will be  separately
transferable,  to the extent that any such  transfer is permitted  by law.  This
subscription is submitted to you in accordance with and subject to the terms and
conditions  described in this Subscription  Agreement together with any Exhibits
thereto,  relating to an offering (the  "Offering")  of up to 1,000,000  Shares.
This Offering is comprised of an offering of the Shares to accredited  investors
in accordance  with the exemption  from  registration  under Section 4(2) of the
Securities  Act of 1933,  as amended (the "Act"),  and Rule 506 of  Regulation D
promulgated under the Act ("Regulation D").

1.   SUBSCRIPTION.

     (a)  The  undersigned  hereby  irrevocably  subscribes  for and  agrees  to
purchase  _________  Shares for  __________.  The  Purchaser  entering into this
Subscription Agreement shall pay the purchase price for the Shares by delivering
immediately  available  good  funds in United  States  Dollars  per the  written
instructions  of the Company or it's  attorney.  The closing  shall be deemed to
have  occurred  on the date the  funds  are  wired  out per the  Company  or its
attorney's written  instructions,  which date the parties agree was October 19,
1999.

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<PAGE>

     (b) Upon  receipt by the  Company of the  requisite  payment for the Shares
being  purchased the Shares so purchased will be forwarded by the Company to the
Purchaser  and the  name of such  Purchaser  will be  registered  on the  Shares
transfer  books of the Company as the record  owner of such  Shares.  The Escrow
Agent  shall not be liable for any action  taken or omitted by him in good faith
and in no event shall the Escrow Agent be liable or  responsible  except for the
Escrow Agent's own gross negligence or willful misconduct.  The Escrow Agent has
made no  representations  or warranties in connection with this  transaction and
has not been involved in the  negotiation  of the terms of this Agreement or any
matters relative thereto.  Seller and Purchaser each agree to indemnify and hold
harmless the Escrow Agent from and with respect to any suits, claims, actions or
liabilities arising in any way out of this transaction  including the obligation
to defend any legal action  brought which in any way arises out of or is related
to this Agreement. The Escrow Agent is not rendering securities advice to anyone
with respect to this  proposed  transaction;  nor is the Escrow Agent opining on
the compliance of the proposed transaction under applicable securities law.

2.   REPRESENTATIONS AND WARRANTIES.

     The  undersigned  hereby  represents  and warrants to, and agrees with, the
Company as follows:

     (a) The  undersigned  has been  furnished  with, and has carefully read the
applicable form of  Registration  Rights  Agreement  annexed hereto as Exhibit A
(the "Registration Rights Agreement"),  and is familiar with and understands the
terms of the  Offering.  With respect to tax and other  economic  considerations
involved in his investment,  the undersigned is not relying on the Company.  The
undersigned  has  carefully  considered  and has, to the extent the  undersigned
believes  such   discussion   necessary,   discussed   with  the   undersigned's
professional legal, tax, accounting and financial advisors the suitability of an
investment  in the Company,  by  purchasing  the Shares,  for the  undersigned's
particular tax and financial  situation and has  determined  that the investment
being made by the undersigned is a suitable investment for the undersigned.

     (b) The undersigned  acknowledges  that all documents,  records,  and books
pertaining to this investment which the undersigned has requested  includes Form
10-K for the  fiscal  year  ended  June 30,  1999 and  Forms  10-Q for the three
preceding  quarters ended (the "Disclosure  Documents") have been made available
for  inspection  by  the  undersigned  or  the  undersigned  has  access  to the
Disclosure Documents.

     (c) The  undersigned  has had a reasonable  opportunity to ask questions of
and receive answers from a person or persons acting on behalf of

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<PAGE>

the Company concerning the Offering and all such questions have been answered to
the full satisfaction of the undersigned.

     (d) The undersigned will not sell or otherwise  transfer the Shares without
registration  under the Act or applicable  state securities laws or an exemption
therefrom.  The  Shares  have not been  registered  under  the Act or under  the
securities  laws of any states.  The Shares are to be  registered by the Company
pursuant to the terms of the Registration  Rights  Agreement  attached hereto as
Exhibit  A and  incorporated  herein  and made a part  hereof.  The  undersigned
represents that the  undersigned is purchasing the Shares for the  undersigned's
own account, for investment and not with a view to resale or distribution except
in compliance  with the Act. The undersigned has not offered or sold any portion
of the Shares being acquired nor does the undersigned have any present intention
of dividing  the Shares with others or of  selling,  distributing  or  otherwise
disposing of any portion of the Shares either  currently or after the passage of
a fixed or determinable  period of time or upon the occurrence or  nonoccurrence
of any  predetermined  event or  circumstance in violation of the Act. Except as
provided in the Registration Rights Agreement,  the Company has no obligation to
register the Shares.

     (e) The undersigned  recognizes that an investment in the `Shares  involves
substantial risks, including loss of the entire amount of such investment.

     (f) Legends.

          (i) The undersigned  acknowledges  that each certificate  representing
     the Shares unless registered pursuant to the Registration Rights Agreement,
     shall be stamped or otherwise imprinted with a legend  substantially in the
     following form:

     THE SECURITIES  EVIDENCED BY THIS  CERTIFICATE MAY NOT BE OFFERED
     OR SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED
     OF EXCEPT (i)  PURSUANT TO AN  EFFECTIVE  REGISTRATION  STATEMENT
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED,  (ii) TO THE EXTENT
     APPLICABLE,  RULE 144 UNDER THE ACT (OR ANY  SIMILAR  RULE  UNDER
     SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES),  OR (iii) IF
     AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

     NOTWITHSTANDING THE FOREGOING,  THESE SECURITIES ARE ALSO SUBJECT
     TO THE  REGISTRATION  RIGHTS  SET  FORTH IN EACH OF THAT  CERTAIN
     SUBSCRIPTION AGREEMENT AND

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<PAGE>

     REGISTRATION  RIGHTS  AGREEMENT BY AND BETWEEN THE HOLDER  HEREOF
     AND THE  COMPANY,  A COPY  OF  EACH  IS ON FILE AT THE  COMPANY'S
     PRINCIPAL EXECUTIVE OFFICE.

          (ii)  The  Shares  shall  contain  the  following   legend  until  the
     effectiveness of Registration Statement:

     "No sale,  offer to sell or transfer of the securities  represented by this
     certificate shall be made unless a registration statement under the Federal
     Securities Act of 1933, as amended, with respect to such securities is then
     in effect or an exemption from the registration  requirement of such Act is
     then in fact applicable to such securities."

          (iii)  After the  effective  date of the  Registration  Statement  the
     Shares shall not bear any restrictive legend.

     (g) If this Subscription Agreement is executed and delivered on behalf of a
corporation,  (i) such  corporation  has the full legal  right and power and all
authority  and  approval  required  (a) to execute  and  deliver,  or  authorize
execution and delivery of, this Subscription Agreement and all other instruments
(including,  without limitation, the Registration Rights Agreement) executed and
delivered by or on behalf of such corporation in connection with the purchase of
the Shares and (b) to purchase  and hold the Shares:  (ii) the  signature of the
party signing on behalf of such  corporation  is binding upon such  corporation;
and (iii)  such  corporation  has not been  formed for the  specific  purpose of
acquiring the Shares,  unless each beneficial  owner of such entity is qualified
as an accredited  investor within the meaning of Rule 501(a) of Regulation D and
has submitted information substantiating such individual qualification.

     (h) The undersigned  shall indemnify and hold harmless the Company and each
stockholder, executive, employee, representative,  affiliate, officer, director,
agent (including  Counsel) or control person of the Company,  who is or may be a
party or is or may be threatened to be made a party to any threatened pending or
contemplated action, suit or proceeding, whether civil, criminal, administrative
or  investigative,   by  reason  of  or  arising  from  any  actual  or  alleged
misrepresentation  or  misstatement  of facts or omission to  represent or state
facts  made or alleged to have been made by the  undersigned  to the  Company or
omitted or  alleged to have been  omitted  by the  undersigned,  concerning  the
undersigned or the undersigned's  subscription for and purchase of the Shares or
the undersigned's  authority to invest or financial  position in connection with
the  Offering,   including,  without  limitation,  any  such  misrepresentation,
misstatement  or  omission  contained  in  this  Subscription   Agreement,   the
Questionnaire  or any  other  document  submitted  by the  undersigned,  against
losses,  liabilities  and expenses for which the  Company,  or any  stockholder,
executive, employee,

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<PAGE>

representative,  affiliate,  officer,  director,  agent  (including  Counsel) or
control  person of the  Company has not  otherwise  been  reimbursed  (including
attorneys'  fees  and  disbursements,  judgments,  fines  and  amounts  paid  in
settlement)  actually and reasonably  incurred by the Company,  or such officer,
director   stockholder,   executive,   employee,   agent  (including   Counsel),
representative, affiliate or control person in connection with such action, suit
or proceeding.

     (i) The  undersigned is not  subscribing  for the Shares as a result of, or
pursuant to, any advertisement, article, notice or other communication published
in any  newspaper,  magazine or similar  media or broadcast  over  television or
radio or presented at any seminar or meeting.

     (j) The undersigned or the undersigned's  representatives,  as the case may
be, has such knowledge and experience in financial,  tax and business matters so
as to enable the  undersigned to utilize the  information  made available to the
undersigned in connection  with the Offering to evaluate the merits and risks of
an  investment  in the Shares and to make an informed  investment  decision with
respect thereto.

     (k) The  Purchaser  is  purchasing  the  Shares  for its  own  account  for
investment,  and not with a view  toward  the  resale  or  distribution  thereof
Purchaser  is  neither  an  underwriter  of,  nor a dealer in, the Shares or the
Common Stock issuable upon conversion  thereof and is not  participating  in the
distribution or resale of the Shares.

     (l) There has never  been  represented,  guaranteed,  or  warranted  to the
undersigned by any broker,  the Company,  its officers,  directors or agents, or
employees or any other person, expressly or by implication (i) the percentage of
profits  and/or  amount  of or  type  of  consideration,  profit  or  loss to be
realized,  if any, as a result of the  Company's  operations;  and (ii) that the
past performance or experience on the part of the management of the Company,  or
of any other person, will in any way result in the overall profitable operations
of the Company.

3.   SELLER REPRESENTATIONS.

     (a)  Concerning  the  Securities.  The  issuance,  sale and delivery of the
Shares have been duly authorized by all required corporate action on the part of
Seller, and when issued,  sold and delivered in accordance with the terms hereof
and thereof for the consideration expressed herein and therein, will be duly and
validly issued and  enforceable in accordance  with their terms,  subject to the
laws of bankruptcy and creditors' rights generally.

     (b) Authority to Enter Agreement.  This Agreement has been duly authorized,
validly  executed  and  delivered on behalf of Seller and is a valid and binding
agreement in accordance with its terms, subject to general principals of

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equity and to bankruptcy or other laws  affecting the  enforcement of creditors'
rights generally.

     (c)  Non-contravention.  The execution and delivery,  of this Agreement and
the   consummation  of  the  issuance  of  the  Shares,   and  the  transactions
contemplated  by this Agreement do not and will not conflict with or result in a
breach by Seller of any of the terms or  provisions  of, or constitute a default
under,  the articles of  incorporation  or by-laws of Seller,  or any indenture,
mortgage,  deed of trust,  or other  material  agreement or  instrument to which
Seller is a party or by which it or any of its  properties  or assets are bound,
or any existing  applicable law, rule, or regulation of the United States or any
State thereof or any  applicable  decree,  judgment,  or order of any Federal or
State court,  Federal or State regulatory body,  administrative  agency or other
United States  governmental  body having  jurisdiction over Seller or any of its
properties or assets.

     (d)  Company  Compliance.  The Company  represents  and  warrants  that the
Company  and  its  subsidiaries  are:  (i) in  full  compliance,  to the  extent
applicable,  with all reporting  obligations under either Section 13(a) or 15(d)
of the Securities Exchange Act of 1934;  excepting that the Company acknowledges
that it did not  timely  file its Form 10-K for its  fiscal  year ended June 30,
1998, and its Form 10-Q for the fiscal quarter ended September 30, 1998, both of
which were subsequently  filed on December 3,1998,  (ii) not in violation of any
term or provision of its Certificate of Incorporation  or by-laws;  (iii) not in
default  in the  performance  or  observance  of any  obligation,  agreement  or
condition contained in any bond,  debenture (excepting for reservation of number
of shares  required if all  Debentures  were to be converted  and  excepting for
registration  of underlying  shares as same relates to preexisting  debentures),
note or any other evidence of  indebtedness  or in any mortgage,  deed of trust,
indenture or other  instrument  or  agreement to which they are a party,  either
singly  or  jointly,  by which it or any of its  property  is bound or  subject.
Furthermore,  the  Company  is not  aware of any other  facts,  which it has not
disclosed which could have a material adverse effect on the business, condition,
(financial  or  otherwise),  operations,  earnings,  performance,  properties or
prospects of the Company and its subsidiaries taken as a whole.

     (e) Pending  Litigation.  Except as otherwise disclosed in Exhibit B, there
is (i) no  action,  suit or  proceeding  before or by any court,  arbitrator  or
governmental body now pending or, to the knowledge of the Company, threatened or
contemplated  to which the  Company  or any of its  subsidiaries  is or may be a
party  or to  which  the  business  or  property  of the  Company  or any of its
subsidiaries  is or may be  bound  or  subject,  (ii)  no  law,  statute,  rule,
regulation,  order or ordinance that has been enacted,  adopted or issued by any
Governmental Body or that, to the knowledge of the Company, has been proposed by
any   Governmental   Body  adversely   affecting  the  Company  or  any  of  its
subsidiaries, (iii) no injunction, restraining order or order of any nature by a
federal,  state or foreign court or Governmental Body of competent  jurisdiction
to

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which the Company or any of its subsidiaries is subject issued that, in the case
of clauses (i), (ii) and (iii) above, (x) is reasonably likely, singly or in the
aggregate,  to result in a material  adverse effect on the business,  condition,
(financial  or  otherwise),  operations,  earnings,  performance,  properties or
prospects of the  Company,  and its  subsidiaries  taken as a whole or (y) would
interfere  with or  adversely  affect  the  issuance  of the  Shares or would be
reasonably  likely to render this  Subscription  Agreement or the Shares, or any
portion thereof invalid or unenforceable.

     (f) Issuance of the Shares.  No action has been taken and no law,  statute,
rule, regulation,  order or ordinance has been enacted, adopted or issued by any
Governmental  Body that  prevents  the  issuance of the Shares;  no  injunction,
restraining  order  or order  of any  nature  by a  federal  or  state  court of
competent  jurisdiction has been issued that prevents the issuance of the Shares
in any jurisdiction; and no action, suit or proceeding is pending against or, to
the best knowledge of the Company, threatened against or affecting, the Company,
any of its  subsidiaries  or, to the best  knowledge of the Company,  before any
court or arbitrator  or any  Governmental  Body that,  if adversely  determined,
would prohibit,  materially  interfere with or adversely  affect the issuance or
marketability of the Shares or render the Subscription  Agreement or the Shares,
or any portion thereof, invalid or unenforceable.

     (g) The Company  shall  indemnify  and hold harmless the Purchaser and each
stockholder,  executive, employee, representative,  affiliate, officer, director
or  control  person of the  Purchaser,  who is or may be a party or is or may be
threatened to be made a party to any threatened, pending or contemplated action,
suit or proceeding, whether civil, criminal, administrative or investigative, by
reason  of  or  arising  from  any  actual  or  alleged   misrepresentation   or
misstatement of facts or omission to represent or state facts made or alleged to
have been made by the  Company  to the  Purchaser  or omitted or alleged to have
been  omitted  by the  Company,  concerning  the  Purchaser  or the  Purchaser's
subscription  for and  purchase of the Shares or the  Purchaser's  authority  to
invest or financial position in connection with the Offering, including, without
limitation,  any such  misrepresentation,  misstatement or omission contained in
this Subscription  Agreement,  the Questionnaire or any other document submitted
by  the  Company,  against  losses,  liabilities  and  expenses  for  which  the
Purchaser, or any stockholder,  executive, employee, representative,  affiliate,
officer,  director or control  person of the Purchaser  has not  otherwise  been
reimbursed  (including attorneys' fees and disbursements,  judgments,  fines and
amounts paid in settlement)  actually and reasonably  incurred by the Purchaser,
or such officer, director,  stockholder,  executive,  employee,  representative,
affiliate or control person in connection with such action, suit or proceeding.

     (h) No  Change.  Other  than  filings  required  by the Blue Sky or federal
securities  law and/or  NASDAQ Rules and  Regulations,  no consent,  approval or
authorization of or designation, declaration or filing with any governmental or

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other regulatory  authority on the part of the Company is required in connection
with the valid  execution,  delivery  and  performance  of this  Agreement.  Any
required  qualification or notification under applicable federal securities laws
and state Blue Sky laws of the offer, sale and issuance of the. Shares, has been
obtained  on or before  the date  hereof or will have been  obtained  within the
allowable period thereafter, and a copy thereof will be forwarded to Counsel for
the Purchaser.

     (i) True  Statements.  Neither this  Agreement  nor any of the  "Disclosure
Documents",  as hereinafter defined, contains any untrue statement of a material
fact or  omits  to  state  any  material  fact  necessary  in  order to make the
statements  contained  herein  or  therein  not  misleading  in the light of the
circumstances  under which such  statements  are made.  There  exists no fact or
circumstances  which, to the knowledge of the Company,  materially and adversely
affects  the  business,  properties  or  assets,  or  conditions,  financial  or
otherwise,  of the  Company,  which has not been set forth in this  Subscription
Agreement or disclosed in such documents.

     (j) The  Purchaser  has been  advised that the Company has not retained any
independent  professionals  to review or comment on this  Offering or  otherwise
protect the  interests of the  Purchaser.  Although the Company has retained its
own  counsel,  neither  such  counsel  nor any other firm,  including  Joseph B.
LaRocco,  Esq., has acted on behalf of the Purchaser,  and the Purchaser  should
not rely on the Company's legal counsel or Joseph B. LaRocco,  Esq. with respect
to any matters herein described.

     (k) Prior Shares  Issued Under or Regulation D. In the past nine months the
Company raised $12,841,200 in Regulation D offerings, including  redemptions and
rollovers.

     (l)  Current  Authorized  Shares.  As  of   October   1,  1999  there  were
50,000,000  authorized shares of Common Stock of which approximately  14,576,031
shares were issued and outstanding.

     (m)   Disclosure Documents.  The Disclosure Documents are all the documents
    (other than  preliminary  materials)  that the Company has been required to
     file with the SEC from June 30, 1997, to the date hereof, exclusive of such
     registration  statements  as have been  filed in  accordance  with  certain
     registration rights agreements.  As of their respective dates, and/or dates
     of amended filings with respect thereto,  none of the Disclosure  Documents
     contained  any untrue  statement  of a material  fact or omitted to state a
     material fact  required to be stated  therein or necessary in order to make
     the statements therein, in light of the circumstances under which they were
     made,  not  misleading,  and no  material  event  has  occurred  since  the
     Company's  filing on Form 10-K for the year ended June 30, 1999 which could
     make any of the disclosures contained therein (as

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<PAGE>

subsequently amended and/or restated) misleading The financial statements of the
Company  included in the  Disclosure  Documents have been prepared in accordance
with generally  accepted  accounting  principles  applied on a consistent  basis
during  the  periods   involved  (except  as  may  be  indicated  in  the  audit
adjustments)  the  consolidated  financial  position  of  the  Company  and  its
consolidated  subsidiaries as at the dates thereof and the consolidated  results
of their  operations  and changes in  financial  position  for the periods  then
ended.

     (n)  Information  Supplied.  The  information  supplied  by the  Company to
Purchaser  in  connection  with the  offering of the Shares does not contain any
untrue  statement of a material fact or omit to state a material fact  necessary
to make the  statements,  in the light of the  circumstances  in which they were
made,  not  misleading.  There  exists no fact or  circumstances  which,  to the
knowledge  of the  Company,  materially  and  adversely  affects  the  business,
properties, assets, or conditions, financial or otherwise, of the Company, which
has not been set forth in this Agreement or disclosed in such documents.

     (o) Non-contravention.  The execution and delivery of this Agreement by the
Company,  the issuance of the Shares, and the consummation by the Company of the
other transactions  contemplated by this Agreement, do not and will not conflict
with or result in a breach by the Company of any of the terms or provisions  of,
or constitute a default under,  the (i) certificate of  incorporation or by-laws
of the Company, (ii) any indenture,  mortgage,  deed of trust, or other material
agreement or instrument to which the Company is a party or by which it or any of
its properties or assets are bound, (iii) any material existing  applicable law,
rule, or regulation or any  applicable  decree,  judgment,  or (iv) order of any
court, United States federal or state regulatory body, administrative agency, or
other  governmental  body  having  jurisdiction  over the  Company or any of its
properties or assets,  except such  conflict,  breach or default which would not
have a material adverse effect on the transactions contemplated herein.

     (p) No Default.  Except as may be set forth in the Company's report on form
10-K for the fiscal year ending June 30, 1999,  the Company is not in default in
the performance or observance of any material obligation, agreement, covenant or
condition contained in any indenture, mortgage, deed of trust or other, material
instrument or agreement to which it is a party or by which it or its property is
bound, and neither the execution of, nor the delivery by the Company of, nor the
performance  by the Company of its  obligations  under,  this  Agreement  or the
Shares,  other than the  conversion  provision  thereof,  will  conflict with or
result in the  breach or  violation  of any of the  terms or  provisions  of, or
constitute  a default or result in the  creation  or  imposition  of any lien or
charge on any  assets or  properties  of the  Company  under,  (i) any  material
indenture, mortgage, deed of trust or other material agreement applicable to the
Company or  instrument  to which the Company is a party or by which it is bound,
(ii)  any  statute  applicable  to  the  Company  or  its  property,  (iii)  the
Certificate  of  Incorporation!  or By-Laws  of the  Company,  (iv) any  decree,
judgment, order, rule or regulation of any court or

                                       12
<PAGE>

governmental  agency  or  body  having  jurisdiction  over  the  Company  or its
properties,  or (v) the  Company's  listing  agreement,  if any,  for its Common
Stock.

     (q) Use of Proceeds.  The Company  represents that the net proceeds of this
offering will be primarily used for working capital.

4.   ISSUANCE OF SHARES AND REGISTRATION.

     (a) Legend.  Upon registration of the Shares,  the Company shall deliver to
the Purchaser, or per the Purchaser's instructions,  the shares of Common Stock,
subject to the following restrictive legend:

     THE  SECURITIES  REPRESENTED  HEREBY  HAVE BEEN  INCLUDED  IN THE
     COMPANY'S   REGISTRATION   STATEMENT  INITIALLY  FILED  WITH  THE
     SECURITIES AND EXCHANGE  COMMISSION ON ______________,  1999, AND
     MAY BE SOLD IN  ACCORDANCE  WITH THE COMPANY'S  PROSPECTUS  DATED
     _______, 1999, WHICH FORMS A PART OF SUCH REGISTRATION STATEMENT,
     OR AN  OPINION OF COUNSEL  OR OTHER  EVIDENCE  ACCEPTABLE  TO THE
     CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

     (b) Opinion Letter.  It shall be the Company's  responsibility  to take all
necessary  actions and to bear all such costs to issue the Certificate of Common
Stock as provided herein,  including the responsibility and cost for delivery of
an opinion  letter to the transfer  agent,  if so required.  The person in whose
name the  certificate of Common Stock is to be registered  shall be treated as a
shareholder  of record on and after the date of issuance.  Upon surrender of any
Share  certificates  that are to be sold in part, the Company shall issue to the
Purchaser new Share Certificates equal to the unsold amount.

     (c) Once the Common Stock has been  registered,  if the Common Stock is not
delivered  per the  written  instructions  of the  Purchaser,  within  5  (five)
business  days  after  the  Company  receives  the Share  certificates  from the
Purchaser, then in such event the Company shall pay to Purchaser one-half of one
percent  (.50%) in cash,  of the purchase  price of the Shares  delivered to the
Company per each day after the fifth  business day  following the receipt by the
Company that the Common Stock is not delivered.  The Company  acknowledges  that
its failure to deliver the Common Stock within said five (5) business  days will
cause the Initial Investor to suffer damages in an amount that will be difficult
to ascertain.  Accordingly,  the parties agree that it is appropriate to include
in this

                                       13
<PAGE>

Agreement a provision for liquidated damages.  The parties acknowledge and agree
that the liquidated  damages provision set forth in this section  represents the
parties' good faith effort to quantify such damages and, as such, agree that the
form  and  amount  of such  liquidated  damages  are  reasonable  and  will  not
constitute a penalty.  The payment of  liquidated  damages shall not relieve the
Company from its obligations to register the Common Stock and deliver the Common
Stock pursuant to the terms of this Agreement and the Subscription Agreement.

     The Company  shall make any  payments  incurred  under this Section 4(c) in
immediately  available  funds within  three (3)  business  days from the date of
issuance  of  the  applicable  Common  Stock.   Nothing  herein  shall  limit  a
Purchaser's  right to pursue actual  damages for the Company's  failure to issue
and deliver  Common Stock to the  Purchaser  within five (5) business days after
registration  and after the Company  receives  the Share  certificates  from the
Purchaser.

     (d) The Company  shall at all times  reserve and have  available all Common
Stock necessary for  registration of all the Shares  purchased by all Purchasers
of the Shares.  It at any time the Company does not have  sufficient  authorized
but unissued shares of Common Stock available for registration  ("Default",  the
date of such  default  being  referred  to herein as the  "Default  Date"),  the
Company shall issue to the Purchaser all of the shares of Common Stock which are
available.  The  Company  shall  provide  notice  of such  Default  ("Notice  of
Default") to all  Purchasers,  within one (1) business day of such default (with
the original delivered by overnight or two day courier).

     The Company agrees to pay to all Purchasers of outstanding  Shares payments
for a  Default  ("Default  Payments")  in the  amount  of  (N/365) x (.24) x the
initial issuance price of the outstanding  Shares held by each Purchaser where N
= the  number of days  from the  Default  Date to the date  (the  "Authorization
Date") that the Company authorizes a sufficient number of shares of Common Stock
to effect of all remaining Shares. The Company shall send notice ("Authorization
Notice") to each  Purchaser  of  outstanding  Shares that  additional  shares of
Common  Stock have been  authorized,  the  Authorization  Date and the amount of
Purchaser's accrued Default Payments.  The accrued Default shall be paid in cash
which  payments  shall be made to such  Purchaser of  outstanding  Shares by the
fifth day of the following  calendar  month  following  registration  of all the
Shares.

5.   LIMITS ON AMOUNT OF CONVERSION AND OWNERSHIP.

     Notwithstanding the provisions hereof, in no event except with respect to a
conversion  pursuant  to  redemption  by the  Company  if  there is (a) a public
announcement  that 50% or more of the  Company is being  acquired,  (b) a public
announcement that the Company is being merged, or (c) a change in control,

                                       14
<PAGE>

shall the  Purchaser  be  entitled  to own the number of shares of Common  Stock
beneficially  owned by the Purchaser and its  affiliates,  and,  would result in
beneficial  ownership by the Purchaser and its  affiliates of more than 4.99% of
the  outstanding  shares of Common  Stock.  For  purposes  of the  proviso to be
immediately  preceding  sentence,  beneficial  ownership  shall be determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended
(the "1934 Act"),  except as otherwise  provided in clause (15 of such  proviso.
The Purchaser  further agrees that if the Purchaser  transfers or assigns any of
the Shares to a party who or which would not be  considered  such an  affiliate,
such assignment shall be made subject to the transferee's or assignee's specific
agreement to be bound by the provisions of this Section as if such transferee or
assignee were a signatory to the Subscription Agreement.

6.   DELIVERY INSTRUCTIONS.

     Prior to or on the  Closing  Date the Company  shall  deliver to the Escrow
Agent an opinion  letter  signed by counsel for the Company in the form attached
hereto as Exhibit C. Also,  prior to or on the Closing  Date the  Company  shall
deliver to the Escrow Agent a signed  Registration  Rights Agreement in the form
attached hereto as Exhibit A.

7.   UNDERSTANDINGS.

     The undersigned  understands,  acknowledges  and agrees with the Company as
follows:

FOR ALL SUBSCRIBERS:

     (a) This Subscription may be rejected,  in whole or in part, by the Company
in its sole and absolute  discretion at any time before the date set for closing
unless  the  Company  has  given  notice  of  acceptance  of  the  undersigned's
subscription by signing this Subscription Agreement.

     (b) No U.S. federal or state agency or any agency of any other jurisdiction
has made any  finding or  determination  as to the  fairness of the terms of the
Offering for investment nor any recommendation or endorsement of the Shares.

     (c) The  representations,  warranties and agreements of the undersigned and
the Company  contained  herein and in any other writing  delivered in connection
with the  transactions  contemplated  hereby  shall be true and  correct  in all
material respects on and as of the date of the sale of the Shares, and as of the
date of the conversion and exercise  thereof,  as if made on and as of such date
and shall survive the execution and delivery of this Subscription  Agreement and
the purchase of the Shares.

                                       15
<PAGE>

     (d) IN MAKING AN  INVESTMENT  DECISION,  PURCHASERS  MUST RELY ON THEIR OWN
EXAMINATION  OF THE COMPANY AND THE TERMS OF THE OFFERING,  INCLUDING THE MERITS
AND RISKS INVOLVED. THE SHARES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
SECURITIES  COMMISSION  OR  REGULATORY  AUTHORITY.  FURTHERMORE,  THE  FOREGOING
AUTHORITIES  HAVE NOT CONFIRMED  THE ACCURACY OR DETERMINED  THE ADEQUACY OF ANY
MEMORANDUM OR THIS DOCUMENT.  ANY  REPRESENTATION  TO THE CONTRARY IS A CRIMINAL
OFFENSE.

     (e) The  Regulation  D Offering is intended to be exempt from  registration
under the Securities Act by virtue of Section 4(2) of the Securities Act and the
provisions  of  Regulation D  thereunder,  which is in part  dependent  upon the
truth,  completeness  and  accuracy of the  statements  made by the  undersigned
herein and in the Questionnaire.

     (f) It is understood that in order not to jeopardize the Offering's  exempt
status under Section 4(2) of the Securities Act and Regulation D, any transferee
may, at a minimum, be required to fulfill the investor suitability  requirements
thereunder.

     (g) THE SHARES MAY NOT BE  TRANSFERRED,  RESOLD OR  OTHERWISE  DISPOSED  OF
EXCEPT AS PERMITTED  UNDER THE SECURITIES ACT AND  APPLICABLE  STATE  SECURITIES
LAWS,  PURSUANT TO REGISTRATION  OR EXEMPTION  THEREFROM.  PURCHASERS  SHOULD BE
AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL  RISKS OF THIS INVESTMENT
FOR AN INDEFINITE PERIOD OF TIME.

     (h) NASAA UNIFORM LEGEND

     IN  MAKING  AN  INVESTMENT  DECISION  INVESTORS  MUST  RELY  ON  THEIR  OWN
EXAMINATION OF THE PERSON OR ENTITY CREATING THE SECURITIES AND THE TERMS OF THE
OFFERING,  INCLUDING THE MERITS AND RISKS  INVOLVED.  THESE  SECURITIES HAVE NOT
BEEN  RECOMMENDED  BY ANY FEDERAL OR STATE  SECURITIES  COMMISSION OR REGULATORY
AUTHORITY.  FURTHERMORE,  THE  FOREGOING  AUTHORITIES  HAVE  NOT  CONFIRMED  THE
ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT.  ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY  AND  RESALE  AND MAY NOT BE  TRANSFERRED  OR  RESOLD  EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT OF 1933 AND THE APPLICABLE  STATE  SECURITIES
LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE
THAT THEY WILL BE REQUIRED TO

                                       16
<PAGE>

BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

9.   Litigation.

     (a) Forum  Selection  and Consent to  Jurisdiction.  Any  litigation  based
thereon,  or arising out of, under, or in connection with, this agreement or any
course of conduct,  course of dealing,  statements  (whether oral or written) or
actions of the Company or Purchaser shall be brought and maintained  exclusively
in the  courts  of the State of New  York.  The  Company  hereby  expressly  and
irrevocably  submits to the  jurisdiction of the state and federal courts of the
State of New York for the purpose of any such  litigation as set forth above and
irrevocably  agrees  to be bound  by any  final  judgment  rendered  thereby  in
connection with such litigation. The Company further irrevocably consents to the
service of process by registered mail,  postage prepaid,  or by personal service
within or  without  the State of New York.  The  Company  hereby  expressly  and
irrevocably  waives, to the fullest extent permitted by law, any objection which
it may have or hereafter may have to the laying of venue of any such  litigation
brought  in any  such  court  referred  to  above  and any  claim  that any such
litigation has been brought in any  inconvenient  forum.  To the extent that the
Company has or hereafter may acquire any immunity from jurisdiction of any court
or from any legal process (whether  through service or notice,  attachment prior
to judgment, attachment in aid of execution or otherwise) with respect to itself
or its property,  the Company hereby irrevocably waives such immunity in respect
of its obligations under this agreement and the other loan documents.

     (b) Waiver of Jury Trial The  Purchaser and the Company  hereby  knowingly,
voluntarily and intentionally  waive any rights they may have to a trial by jury
in respect of any  litigation  based  hereon,  or arising out of,  under,  or in
connection  with, this agreement,  or any course of conduct,  course of dealing,
statements (whether oral or written) or actions of the Purchaser or the Company.
The Company  acknowledges  and agrees that it has received  full and  sufficient
consideration  for  this  provision  and  that  this  provision  is  a  material
inducement for the Holder entering into this agreement.

     (c)  Submission  To  Jurisdiction.   Any  legal  action  or  proceeding  in
connection with this Agreement or the  performance  hereof may be brought in the
state and federal courts located in the State of New York and the parties hereby
irrevocably  submit to the  non-exclusive  jurisdiction  of such  courts for the
purpose of any such action or proceeding.

10.  MISCELLANEOUS.

     (a) All pronouns and any variations  thereof used herein shall be deemed to
refer  to the  masculine,  feminine,  impersonal,  singular  or  plural,  as the
identity of the person or persons may require.

                                       17
<PAGE>

     (b) Neither this  Subscription  Agreement nor any provision hereof shall be
waived, modified, changed, discharged,  terminated,  revoked or canceled, except
by an instrument in writing signed by the party  effecting the same against whom
any change, discharge or termination is sought.

     (c) Notices required or permitted to be given hereunder shall be in writing
and shall be deemed to be sufficiently  given when personally  delivered or sent
by registered mail, return receipt requested,  addressed: (i) if to the Company,
at SWISSRAY International,  Inc., 320 West 77th Street, Suite 1A, New York, New
York 10024 with a copy by facsimile and mail to Gary B. Wolff,  P.C.,  747 Third
Avenue,  25th Floor, New York, NY 10017 and (ii) if to the  undersigned,  at the
address  for  correspondence  set forth in the  Questionnaire,  or at such other
address as may have been  specified by written  notice given in accordance  with
this paragraph 10(c).

     (d) This Subscription  Agreement shall be enforced,  governed and construed
in all respects in  accordance  with the laws of the State of New York,  as such
laws are  applied  by New York  courts to  agreements  entered  into,  and to be
performed  in,  New York by and  between  residents  of New  York,  and shall be
binding  upon  the  undersigned,   the  undersigned's   heirs,   estate,   legal
representatives,  successors  and  assigns and shall inure to the benefit of the
Company,  its  successors  and assigns.  If any  provision of this  Subscription
Agreement is invalid or  unenforceable  under any  applicable  statue or rule of
law, then such provisions shall be deemed  inoperative to the extent that it may
conflict  therewith and shall be deemed modified to conform with such statute or
rule of law. Any provision hereof that may prove invalid or unenforceable  under
any law shall not affect the validity or  enforceability  of any other provision
hereof.

     (e)  This  Subscription  Agreement,  together  with  Exhibits  A, B,  and C
attached hereto and made a part hereof,  constitute the entire agreement between
the parties  hereto with respect to the subject matter hereof and may be amended
only by a writing executed by both parties hereto. An executed facsimile copy of
the Subscription Agreement shall be effective as an original.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK)

                                       18
<PAGE>

                          SWISSRAY INTERNATIONAL, INC.

                            CORPORATION QUESTIONNAIRE
                         Investor Name: ________________

     The information contained in this Questionnaire is being furnished in order
to determine whether the undersigned CORPORATION'S  Subscription to purchase the
Shares described in the Subscription Agreement may be accepted.

     ALL   INFORMATION   CONTAINED  IN  THIS   QUESTIONNAIRE   WILL  BE  TREATED
CONFIDENTIALLY.  The  undersigned  CORPORATION  understands,  however,  that the
Company may present this  Questionnaire to such parties as it deems  appropriate
if called upon to establish  that the  proposed  offer and sale of the Shares is
exempt from registration under the Securities Act of 1933, as amended.  Further,
the  undersigned  CORPORATION  understands  that the  offering is required to be
reported to the Securities and Exchange Commission,  NASDAQ and to various state
securities and "blue sky" regulators.

     IN ADDITION TO SIGNING THE SIGNATURE PAGE, THE UNDERSIGNED CORPORATION MUST
COMPLETE FORM W-9 ATTACHED HERETO.

I. PLEASE CHECK EACH OF THE STATEMENTS BELOW THAT APPLIES TO THE CORPORATION.

[ ]
     1.  The  undersigned  CORPORATION:  (a)  has  total  assets  in  excess  of
     $5,000,000;  (b) was not formed for the specific  purpose of acquiring  the
     Shares and (c) has its principal place of business in _______________.

[ ]
     2.  Each of the  shareholders  of the  undersigned  CORPORATION  is able to
     certify that such  shareholder  meets at least one of the  following  three
     conditions:

          (a)  the  shareholder is a natural person whose  individual net worth*
               or joint net worth with his or her spouse exceeds $1,000,000; or

          (b)  the shareholder is a natural person who had an individual income*
               in excess of $200,000 in each of 1997 and 1998 and who reasonably
               expects an individual income in excess of $200,000 in 1999; or

                                       19
<PAGE>

          (c)  Each of the  shareholders of the undersigned  CORPORATION is able
               to  certify  that  such  shareholder  is a  natural  person  who,
               together with his or her spouse, has had a joint income in excess
               of $300,000 in each of 1997 and 1998 and who reasonably expects a
               joint  income  in  excess  of  $300,000   during  1999;  and  the
               undersigned  CORPORATION  has its principal  place of business in
               ________________________.

* For purposes of this  Questionnaire,  the term "net worth" means the excess of
total assets over total liabilities.  In determining  income, an investor should
add to his or her adjusted gross income any amounts  attributable  to tax-exempt
income received, losses claimed as a limited partner in any limited partnership,
deductions claimed for depletion, contributions to IRA or Keogh retirement plan,
alimony payments and any amount by which income from long-term capital gains has
been reduced in arriving at adjusted gross income.

[ ]

     3.   The undersigned CORPORATION is:

          (a) a bank as defined in Section 3(a)(2) of the Securities Act; or

          (b) a savings and loan association or other  institution as defined in
          Section  3(a)(5)(A)  of  the  Securities  Act  whether  acting  in its
          individual or fiduciary capacity; or

          (c) a broker  or  dealer  registered  pursuant  to  Section  15 of the
          Securities Exchange Act of 1934; or

          (d) an insurance company as defined in Section 2(13) of the Securities
          Act; or

          (e) An investment  company registered under the Investment Company Act
          of 1940 or a  business  development  company  as  defined  in  Section
          2(a)(48) of the Investment Company Act of 1940; or

          (f) a small  business  investment  company  licensed by the U.S. Small
          Business  Administration  under  Section  301 (c) or (d) of the  Small
          Business Investment Act of 1958; or

          (g) a private  business  development  company  as  defined  in Section
          202(a) (22) of the Investment Advisors Act of 1940.

                                       20
<PAGE>

II.  OTHER CERTIFICATIONS.

     By signing the Signature Page, the undersigned certifies the following:

     (a) That the  CORPORATION'S  purchase  of the Shares will be solely for the
     CORPORATION'S  own account  and not for the account of any other  person or
     entity; and

     (b) that the  CORPORATION'S  name,  address of principal place of business,
     place of incorporation and taxpayer  identification  number as set forth in
     this Questionnaire are true, correct and complete.

III. GENERAL INFORMATION

     (a) PROSPECTIVE PURCHASER (THE CORPORATION)

Name:

Principal Place of Business: ___________________________________________________

________________________________________________________________________________

Address for Correspondence (if different):           SAME
                                             -------------------
                                             (Number and Street)

________________________________________________________________________________
        (City)                       (State)                      (Zip Code)

Telephone Number: ______________________________________________________________
                         (Area Code)              (Number)

Jurisdiction of Incorporation: _________________________________________________

Date of Formation: _____________________________________________________________

Taxpayer Identification Number: ________________________________________________

Number of Shareholders: ________________________________________________________

     (b)  INDIVIDUAL  WHO IS  EXECUTING  THIS  QUESTIONNAIRE  ON  BEHALF  OF THE
CORPORATION.

Name: __________________________________________________________________________

Position or Title: _____________________________________________________________

                                       21
<PAGE>

                          SWISSRAY INTERNATIONAL, INC.
                           CORPORATION SIGNATURE PAGE

     Your signature on this  Corporation  Signature Page evidences the agreement
by  the  Purchaser  to be  bound  by  the  Questionnaire  and  the  Subscription
Agreement.

     1. The undersigned hereby represents that (a) the Information  contained in
the  Questionnaire  is complete and accurate and (b) the  Purchaser  will notify
SWISSRAY  INTERNATIONAL,  INC.  immediately if any material change in any of the
information  occurs  prior  to the  acceptance  of the  undersigned  Purchaser's
subscription  and  will  promptly  send  SWISSRAY  INTERNATIONAL,  INC.  written
confirmation of such change.

     2. The undersigned  officer of the Purchaser  hereby  certifies that he has
read and understands this Subscription Agreement.

     3. The undersigned  officer of the Purchaser hereby represents and warrants
that he has been  duly  authorized  by all  requisite  action on the part of the
Corporation to acquire the Shares and sign is  Subscription  Agreement on behalf
of Parkdale LLC and, further,  that Parkdale LLC has all requisite  authority to
purchase the Shares and enter into this Subscription Agreement.

-------------------------------         ---------------------------------------
Number of Shares subscribed for                        Date

                                        ---------------------------------------
                                                      (Purchaser)

                                        By:
                                        ---------------------------------------
                                                       (Signature)

                                        Name:
                                        ---------------------------------------
                                                (Please Type or Print)

                                        Title:
                                        ---------------------------------------
                                                (Please Type or Print)

     THE SHARES HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES ACT OF 1933. AS
AMENDED  (THE  "ACT"),  AND MAY NOT BE OFFERED,  SOLD OR  OTHERWISE  TRANSFERRED
UNLESS SUCH  SECURITIES  ARE INCLUDED IN AN  EFFECTIVE'  REGISTRATION  STATEMENT
UNDER THE ACT.

                                       22
<PAGE>

                                 <COPY MISSING>

                                       23
<PAGE>

                             COMPANY ACCEPTANCE PAGE

This Subscription Agreement accepted
and agreed to this ____ day of October, 1999

SWISSRAY INTERNATIONAL, INC.

BY   /s/  Ruedi G. Laupper
     --------------------------------
     Ruedi G. Laupper, its Chairman and President
     duly authorized

                                       24EXHIBIT 10.70
                          Registration Rights Agreement
<TABLE>
<CAPTION>

Name                               Date                      Signatory
<S>                                <C>                     <C>
Alfred Hahnfeldt *                 Oct 01. 1999            Alfred Hahnfeldt
Southridge Capital Management LLC  Oct 01. 1999
Striker Capital Ltd.               Oct 01. 1999

Alfred Hahnfeldt *                 Nov 01. 1999            Alfred Hahnfeldt
Southridge Capital Management LLC  Nov 01. 1999
Striker Capital Ltd.               Nov 01. 1999
</TABLE>

*    This document has been filed.

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION  RIGHTS  AGREEMENT,  dated  as of October 19, 1999, (This
Agreement"))  is made by and  between  SWISSRAY  INTERNATIONAL,  INC. a New York
corporation (the  "Company"),  and the person named on the signature page hereto
(the "Initial Investor").

                                   WITNESSETH:

     WHEREAS, upon the terms and subject to the conditions,  of the Subscription
Agreement  between  the Initial  Investor  and the  Company  (the  "Subscription
Agreement"),  the Company  has agreed to issue and sell to the Initial  Investor
1,000,000 shares of the company's  common stock,  $.01 par value (the "Shares"),
of the  Company  upon the terms and subject to the  conditions  set forth in the
Subscription Agreement; and

     WHEREAS,  to induce  the  Initial  Investor  to  execute  and  deliver  the
Subscription  Agreement,  the Company has agreed to provide certain registration
rights  under  the  Securities  Act of  1933,  as  amended,  and the  rules  and
regulations  thereunder,  or any similar  successor statute  (collectively,  the
"Securities  Act"),  and applicable  state  securities  laws with respect to the
Conversion Shares;

     NOW,  THEREFORE,  in consideration of the premises and the mutual covenants
contained  herein and other good and  valuable  consideration,  the  receipt and
sufficiency  of which are  hereby  acknowledged,  the  Company  and the  Initial
Investor hereby agrees as follows:

     1. Definitions.

     (a) As used in this Agreement, the following terms shall have the following
meaning:

     (i)  "Closing  Date" means the date the funds are wired out per the Company
or its attorney's  written  instructions,  which the parties agree  was  October
19,1999.

     (ii) "Investor"  means the Initial  Investor and any transferee or assignee
who agrees to become bound by the  provisions  of this  Agreement in  accordance
with Section 9 hereof.

     (iii) "Register,"  "Registered" and "Registration"  refer to a registration
effected by  preparing  and filing a  Registration  Statement or  Statements  in
compliance with the Securities Act and pursuant to Rule 415 under the Securities
Act or any  successor  rule  providing  for offering  securities on a continuous
basis ("Rule 415"),  and the  declaration or ordering of  effectiveness  of such
Registration

                                       1
<PAGE>

Statement by the United States Securities and Exchange Commission (the "SEC").

     (iv) "Registrable Securities" means the Shares.

     (v) "Registration  Statement" means a registration statement of the Company
under the Securities Act.

     (b) As used in this Agreement, the term Investor includes (i) each Investor
(as  defined  above)  and (ii) each  person  who is a  permitted  transferee  or
assignee of the Registrable Securities pursuant to Section 9 of this Agreement.

     (c)  Capitalized  terms used herein and not otherwise  defined herein shall
have the respective meanings set forth in the Subscription Agreement.

     2. Registration.

     (a)  Mandatory  Registration.  The  Company  hereby  grants to the  Initial
Investor   piggy-back   registration   rights  in  the  Company's   most  recent
Registration  Statement.  The Company shall include in its current  Registration
Statement the Registrable  Securities.  Such Registration  Statement shall state
that, in accordance with the Securities  Act, it also covers such  indeterminate
number of  additional  shares of Common Stock as may become  issuable to prevent
dilution resulting from Stock splits, or stock dividends.

     (b)  Underwritten  Offering.  If any  offering  pursuant to a  Registration
Statement pursuant to Section 2(a) hereof involves an underwritten offering, the
Investors acting by majority in interest of the Registrable  Securities  subject
to such  underwritten  offering shall have the right to select one legal counsel
to represent their interests, and an investment banker or bankers and manager or
managers to  administer  the  offering,  which  investment  banker or bankers or
manager  or  managers  shall be  reasonably  satisfactory  to the  Company.  The
Investors  who  hold  the   Registrable   Securities  to  be  included  in  such
underwriting shall pay all underwriting discounts and commissions and other fees
and  expenses  of such  investment  banker or bankers and manager or managers so
selected in  accordance  with this  Section  2(b) (other than fees and  expenses
relating  to  registration  of  Registrable  Securities  under  federal or state
securities  laws, which are payable by the Company pursuant to Section 5 hereof)
with respect to their  Registrable  Securities and the fees and expenses of such
legal counsel so selected by the Investors.

     (c) Payment by the  Company.  If the  Registration  Statement  covering the
Registrable  Securities  required to be filed by the Company pursuant to Section
2(a) hereof is not declared effective within ninety (90) calendar days following
the  Closing  Date,  then the Company  shall pay the Initial  Investor 2% of the
purchase  price paid by the  Initial  Investor  for the  Registrable  Securities

                                       2
<PAGE>

pursuant to the Subscription  Agreement for every thirty day period,  or portion
thereof,  following the ninety (90)  calendar day period until the  Registration
Statement is declared  effective.  Notwithstanding  the  foregoing,  the amounts
payable by the Company  pursuant to this  provision  shall not be payable to the
extent any delay in the  effectiveness  of the  Registration  Statement,  occurs
because  of an act of,  or a  failure  to act or to act  timely  by the  Initial
Investor or its counsel.  The above damages shall  continue until the obligation
is fulfilled  and shall be paid within 5 business days after each 30 day period,
or portion  thereof,  until the  Registration  Statement is declared  effective.
Failure of the  Company to make  payment  within  said 5 business  days shall be
considered a default.

     The  Company  acknowledges  that  its  failure  to  have  the  Registration
Statement  declared  effective  within  said  ninety  (90)  calendar  day period
following the Closing Date, will cause the Initial Investor to suffer damages in
an amount that will be difficult to  ascertain.  Accordingly,  the parties agree
that it is  appropriate  to include in this Agreement a provision for liquidated
damages. The parties acknowledge and agree that the liquidated damages provision
set forth in this section  represents the parties' good faith effort to quantify
such  damages  and, as such,  agree that the form and amount of such  liquidated
damages  are  reasonable  and will not  constitute  a  penalty.  The  payment of
liquidated  damages  shall not  relieve  the  Company  from its  obligations  to
register the Common Stock and deliver the Common Stock  pursuant to the terms of
this Agreement and the Subscription  Agreement.

     3. Obligation of the Company.  In connection  with the  registration of the
Registrable Securities, the Company shall do each of the following:

     (a) Either  include the  Registrable  Securities in the  Company's  current
Registration   Statement  or  file  an  amendment  to  the   Company's   current
Registration Statement to include the Registrable Securities, and thereafter use
its best efforts to cause such  Registration  Statement  relating to Registrable
Securities  to become  effective  the  earlier of (i) five  business  days after
notice  from the  Securities  and  Exchange  Commission  that  the  Registration
Statement may be declared  effective,  or (b) ninety (90) days after the Closing
Date,  and keep the  Registration  Statement  effective  at all times  until the
earliest (the "Registration Period") of (i) the date that is two years after the
Closing  Date  (ii)  the  date  when the  Investors  may  sell  all  Registrable
Securities  under Rule 144 or (iii) the date the  Investors no longer own any of
the  Registrable   Securities,   which  Registration  Statement  (including  any
amendments or supplements thereto and prospectuses  contained therein) shall not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated  therein or necessary to make the statements  therein,  in
light of the circumstances in which they were made, not misleading;

     (b) Prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to the Registration Statement and the

                                       3
<PAGE>

prospectus  used  in  connection  with  the  Registration  Statement  as  may be
necessary  to  keep  the   Registration   effective  at  all  times  during  the
Registration  Period,  and,  during the  Registration  Period,  comply  with the
provisions  of  the  Securities  Act  with  respect  to the  disposition  of all
Registrable  Securities  of the Company  covered by the  Registration  Statement
until such time as all of such  Registrable  Securities have been disposed of in
accordance  with the intended  methods of  disposition  by the seller or sellers
thereof as set forth in the Registration Statement;

     (c) Furnish to each Investor whose  Registrable  Securities are included in
the Registration  Statement and its legal counsel identified to the Company, (i)
promptly  after the same is prepared  and publicly  distributed,  filed with the
SEC, or received by the  Company,  one (1) copy of the  Registration  Statement,
each  preliminary  prospectus and  prospectus,  and each amendment or supplement
thereto, and (ii) such number of copies of a prospectus, including a preliminary
prospectus, and all amendments and supplements thereto and such other documents,
as such Investor may reasonably  request in order to facilitate the  disposition
of the Registrable Securities owned by such Investor;

     (d) Use  reasonable  efforts to (i)  register  and qualify the  Registrable
Securities covered by the Registration  Statement under such other securities or
blue sky laws of such  jurisdictions  as the  Investors  who hold a majority  in
interest of the Registrable  Securities being offered  reasonably request and in
which significant volumes of shares of Common Stock are traded, (ii) prepare and
file  in  those   jurisdictions   such  amendments   (including   post-effective
amendments) and supplements to such  registrations and  qualifications as may be
necessary  to  maintain  the  effectiveness  thereof  at all  times  during  the
Registration  Period,  (iii) take such  other  actions  as may be  necessary  to
maintain such  registrations and qualification in effect at all times during the
Registration  Period,  and (iv) take all other actions  reasonably  necessary or
advisable to qualify the Registrable  Securities for sale in such jurisdictions:
provided,  however,  that  the  Company  shall  not be  required  in  connection
therewith  or as a  condition  thereto  to (A)  qualify  to do  business  in any
jurisdiction  where it would not  otherwise  be required to qualify but for this
Section 3(d), (B) subject itself to general  taxation in any such  jurisdiction,
(C) file a general consent to service of process in any such  jurisdiction,  (D)
provide any  undertakings  that cause more than nominal expense or burden to the
Company or (E) make any change in its  articles of  incorporation  or by-laws or
any then  existing  contracts,  which in each case the Board of Directors of the
Company  determines to be contrary to the best  interests of the Company and its
stockholders;

     (e) As promptly as practicable  after becoming aware of such event,  notify
each Investor of the happening of any event of which the Company has  knowledge,
as a result of which the prospectus included in the Registration  Statement,  as
then in effect,  includes any untrue  statement  of a material  fact or omits to
state a  material  fact  required  to be stated  therein  or  necessary  to make

                                       4
<PAGE>

the  statements  therein,  in light of the  circumstances  under which they were
made, not misleading, and uses its best efforts promptly to prepare a supplement
or amendment to the Registration  Statement or other appropriate filing with the
SEC to correct such untrue statement or omission, and deliver a number of copies
of such supplement or amendment to each Investor as such Investor may reasonably
request;

     (f) As promptly as practicable  after becoming aware of such event,  notify
each Investor who holds  Registrable  Securities being sold (or, in the event of
an underwritten  offering, the managing underwriters) of the issuance by the SEC
of any  notice of  effectiveness  or any stop order or other  suspension  of the
effectiveness of the Registration Statement at the earliest possible time;

     (g) Use its commercially  reasonable  efforts,  if eligible,  either to (i)
cause all the Registrable Securities covered by the Registration Statement to be
listed  on a  national  securities  exchange  and on  each  additional  national
securities  exchange on which  securities  of the same class or series issued by
the  Company  are  then  listed,  if any,  if the  listing  of such  Registrable
Securities is then permitted  under the rules of such  exchange,  or (ii) secure
designation  of all  the  Registrable  Securities  covered  by the  Registration
Statement as a National  Association of Securities Dealers Automated  Quotations
System ("NASDAQ") "Small  Capitalization"  within the meaning of Rule 11Aa2-1 of
the SEC under the  Securities  Exchange Act of 1934,  as amended (the  "Exchange
Act"),  and the quotation of the Registrable  Securities on the The Nasdaq Stock
Market or if, despite the Company's  commercially  reasonable efforts to satisfy
the preceding  clause (i) or (ii), the Company is  unsuccessful  in doing so, to
secure NASD  authorization and quotation for such Registrable  Securities on the
over-the-counter  bulletin  board and,  without  limiting the  generality of the
foregoing,  to  arrange  for at least two  market  makers to  register  with the
National  Association of Securities Dealers,  Inc. ("NASD") as such with respect
to such Registrable Securities;

     (h) Provide a transfer agent for the Registrable  Securities not later than
the effective date of the Registration Statement;

     (i)  Cooperate  with the Investors who hold  Registrable  Securities  being
offered to facilitate the timely  preparation and delivery of  certificates  for
the Registrable  Securities to be offered pursuant to the Registration Statement
and  enable  such  certificates  for the  Registrable  Securities  to be in such
denominations  or amounts as the case may be, as the  Investors  may  reasonably
request and registration in such names as the Investors may request; and, within
five (5) business days after a Registration Statement which includes Registrable
Securities is ordered effective by the SEC, the Company shall deliver, and shall
cause legal counsel  selected by the Company to deliver,  to the transfer  agent
for the Registrable  Securities (with copies to the Investors whose  Registrable
Securities are included in such Registration Statement) a form of appropriate

                                       5
<PAGE>

instruction and opinion of such counsel  acceptable for use for each conversion;
and

     (j) Take all other reasonable  actions necessary to expedite and facilitate
distribution  to the  Investor  of the  Registrable  Securities  pursuant to the
Registration Statement.

     4. Obligations of the Investors. In connection with the registration of the
Registrable Securities, the Investors shall have the following obligations;

     (a) It shall be a condition  precedent to the obligations of the Company to
complete  the  registration  pursuant  to this  Agreement  with  respect  to the
Registrable  Securities of a particular Investor that such Investor shall timely
furnish to the  Company  such  information  regarding  itself,  the  Registrable
Securities held by it, and the intended method of disposition of the Registrable
Securities  held  by  it,  as  shall  be  reasonably   required  to  effect  the
registration  of such  Registrable  Securities  and shall  timely  execute  such
documents in connection  with such  registration  as the Company may  reasonably
request.  At least five (5) days prior to the first  anticipated  filing date of
the  Registration  Statement,  the Company  shall  notify  each  Investor of the
information  the  Company  requires  from each  such  Investor  (the  "Requested
Information") if such Investor elects to have any of such Investor's Registrable
Securities included in the Registration  Statement. If at least two (2) business
days  prior to the  filing  date the  Company  has not  received  the  Requested
Information from an Investor (a "Non-Responsive Investor"), then the Company may
file the Registration Statement without including Registrable Securities of such
Non-Responsive Investor;

     (b)  Each  Investor  by  such  Investor's  acceptance  of  the  Registrable
Securities  agrees to cooperate with the Company as reasonably  requested by the
Company  in  connection  with the  preparation  and  filing of the  Registration
Statement hereunder, unless such Investor has notified the Company in writing of
such  Investor's  election  to  exclude  all  of  such  Investor's   Registrable
Securities from the Registration Statement; and

     (c) Each Investor agrees that, upon receipt of any notice `from the Company
of the  happening  of any event of the kind  described  in Section 3(e) or 3(f),
above,  such Investor will  immediately  discontinue  disposition of Registrable
Securities  pursuant to the  Registration  Statement  covering such  Registrable
Securities  until such Investor's  receipt of the copies of the  supplemented or
amended  prospectus  contemplated by Section 3(e) or 3(f) and, if so directed by
the Company,  such investor  shall deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a  certificate  of  destruction)
all  copies in such  Investor's  possession,  of the  prospectus  covering  such
Registrable   Securities  current  at  the  time  of  receipt  of  such  notice.

                                       6
<PAGE>

     5.  Expenses  of  Registration.   All  reasonable   expenses,   other  than
underwriting   discounts   and   commissions   incurred   in   connection   with
registrations,  filing or  qualifications  pursuant to Section 3, but including,
without  limitations,  all  registration,   listing,  and  qualifications  fees,
printers and  accounting  fees,  the fees and  disbursements  of counsel for the
Company, shall be borne by the Company.

     6. Indemnification. In the event any Registrable Securities are included in
a Registration Statement under this Agreement:

     (a) To the extent  permitted by law, the Company  will  indemnify  and hold
harmless each Investor who holds such Registrable Securities,  the directors, if
any, of such Investor,  the officers, if any, of such Investor,  each person, if
any, who controls any Investor  within the meaning of the  Securities Act or the
Exchange  Act (each,  an  "Indemnified  Person"),  against any  losses,  claims,
damages,  liabilities  or  expenses  joint or several)  incurred  (collectively,
"Claims") to which any of them may become subject under the Securities  Act, the
Exchange Act or  otherwise,  insofar as such Claims (or actions or  proceedings,
whether  commenced or threatened,  in respect thereof) arise out of or are based
upon  any  of  the  following   statements,   omissions  or  violations  of  the
Registration   Statement  or  any  post-effective   amendment  thereof,  or  any
prospectus  included  therein:  (i)  any  untrue  statement  or  alleged  untrue
statement  of a material  fact  contained in the  Registration  Statement or any
post-effective  amendment  thereof  or any  prospectus  included  therein or the
omission or alleged  omission to state  therein a material  fact  required to be
stated therein or necessary to make the statements therein not misleading,  (ii)
any untrue statement or alleged untrue statement of a material fact contained in
any  preliminary  prospectus  if  used  prior  to the  effective  date  of  such
Registration  Statement,  or  contained in the final  prospectus  (as amended or
supplemented,  if the Company files any amendment thereof or supplement  thereto
with the SEC) or the omission or alleged  omission to state therein any material
fact  necessary  to  make  the  statements   made  therein,   in  light  of  the
circumstances  under which the  statements  therein were made, not misleading or
(iii) any violation or alleged  violation by the Company of the Securities  Act,
the Exchange Act, any state  securities law or any rule or regulation under the
Securities Act, the Exchange Act or any state securities law (the matters in the
foregoing  clauses (i) through  (iii) being,  collectively,  "Violations").  The
Company shall reimburse the Investors,  promptly,  as such expenses are incurred
and are due and  payable,  for any  reasonable  legal  fees or other  reasonable
expenses incurred by them in connection with investigating or defending any such
Claim.   Notwithstanding   anything  to  the  contrary   contained  herein,  the
indemnification  agreement contained in this Section 6(a) shall not (i) apply to
a Claim  arising out of or based upon a Violation  which occurs in reliance upon
and in conformity with information  furnished in writing to the Company by or on
behalf  of any  Indemnified  Person  expressly  for use in  connection  with the
preparation  of the  Registration  Statement  or any such  amendment  thereof or
supplement thereto, if such prospectus was timely made available by the

                                       7
<PAGE>

Company  pursuant to Section 3(b) hereof;  (ii) with respect to any  preliminary
prospectus,  inure  to the  benefit  of any such  person  from  whom the  person
asserting  any such Claim  purchased  the  Registrable  Securities  that are the
subject thereof (or to the benefit of any person controlling such person) if the
untrue  statement  or omission of material  fact  contained  in the  preliminary
prospectus was corrected in the prospectus, as then amended or supplemented,  if
such  prospectus  was timely made  available by the Company  pursuant to Section
3(b)  hereof;  (iii) be available to the extent such Claim is based on a failure
of the  Investor  to  deliver  or  cause to be  delivered  the  prospectus  made
available by the Company;  or (iv) apply to amounts  paid in  settlement  of any
Claim if such  settlement is effected  without the prior written  consent of the
Company,  which consent shall not be unreasonably  withheld.  Each Investor will
indemnify the Company,  its officers,  directors and agents (including  Counsel)
against  any claims  arising out of or based upon a  Violation  which  occurs in
reliance upon and in  conformity  with  information  furnished in writing to the
Company, by or on behalf of such Investor,  expressly for use in connection with
the preparation of the Registration  Statement,  subject to such limitations and
conditions as are applicable to the  Indemnification  provided by the Company to
this Section 6. Such indemnity shall remain in full force and effect  regardless
of any  investigation  made by or on behalf of the Indemnified  Person and shall
survive the transfer of the Registrable  Securities by the Investors pursuant to
Section 9.

     (b) Promptly  after receipt by an Indemnified  Person or Indemnified  Party
under this Section 6 of notice of the commencement of any action  (including any
governmental  action),  such Indemnified Person or Indemnified Party shall, if a
Claim in respect thereof is to be made against any indemnifying party under this
Section  6,  deliver  to  the  indemnifying   party  a  written  notice  of  the
commencement  thereof  and the  indemnifying  party  shall  have  the  right  to
participate in, and, to the extent the  indemnifying  party so desires,  jointly
with any other indemnifying  party similarly  noticed,  to assume control of the
defense thereof with counsel mutually satisfactory to the indemnifying party and
the Indemnified  Person or the Indemnified  Party, as the case may be; provided,
however, that an Indemnified Person or Indemnified Party shall have the right to
retain its own counsel with the  reasonable  fees and expenses to be paid by the
indemnifying  party,  if, in the reasonable  opinion of counsel  retained by the
indemnifying party, the representation by such counsel of the Indemnified Person
or Indemnified  Party and the indemnifying  party would be inappropriate  due to
actual or  potential  differing  interests  between such  Indemnified  Person or
Indemnified  Party and any  other  party  represented  by such  counsel  in such
proceeding.  In such event,  the Company  shall pay for only one separate  legal
counsel for the Investors; such legal counsel shall be selected by the Investors
holding a majority  in interest of the  Registrable  Securities  included in the
Registration  Statement  to which the Claim  relates.  The  failure  to  deliver
written  notice  to the  indemnifying  party  within  a  reasonable  time of the
commencement of any such action shall not relieve such indemnifying party of any
liability to the

                                       8
<PAGE>

Indemnified  Person or  Indemnified  Party  under this  Section 6, except to the
extent that the  indemnifying  party is prejudiced in its ability to defend such
action. The indemnification required by this Section 6 shall be made by periodic
payments  of the  amount  thereof  during  the  course of the  investigation  or
defense,  as such expense,  loss, damage or liability is incurred and is due and
payable.

     7. Contribution. To the extent any indemnification by an indemnifying party
is  prohibited  or limited by law,  the  indemnifying  party  agrees to make the
maximum contribution with respect to any amounts for which it would otherwise be
liable  under  Section 6 to the  fullest  extent  permitted  ,by law;  provided,
however,  that (a) no contribution shall be made under  circumstances  where the
maker would not have been liable for  indemnification  under the fault standards
set  forth in  Section  6; (b) no  seller of  Registrable  Securities  guilty of
fraudulent  misrepresentation  (within  the  meaning  of  Section  11(1)  of the
Securities Act) shall be entitled to contribution from any seller of Registrable
Securities  who was not  guilty of such  fraudulent  misrepresentation;  and (c)
contribution by any seller of Registrable  Securities shall be limited in amount
to the net amount of  proceeds  received  by such  seller  from the sale of such
Registrable Securities.

     8.  Reports  under  Exchange  Act.  With a view to making  available to the
Investors the benefits of Rule 144  promulgated  under the Securities Act or any
other  similar  rule or  regulation  of the SEC that may at any time  permit the
Investors to sell  securities of the Company to the public without  registration
("Rule 144"), the Company agrees to use its reasonable best efforts to:

     (a)  make  and keep  public  information  available,  as  those  terms  are
understood and defined in Rule 144;

     (b) file with the SEC in a timely  manner all reports  and other  documents
required of the Company under the Securities Act and the Exchange Act; and

     (c) furnish to each  Investor  so long as such  Investor  owns  Registrable
Securities,  promptly upon request,  (i) a written statement by the Company that
it has complied with the reporting  requirements of Rule 144, the Securities Act
and the Exchange Act, (ii) a copy of the most recent annual or quarterly  report
of the Company and such other  reports and documents so filed by the Company and
(iii)  such  other  information  as may be  reasonably  requested  to permit the
Investors to sell such securities pursuant to Rule 144 without registration.

     9. Assignment of the  Registration  Rights.  The rights to have the Company
register   Registrable   Securities   pursuant  to  this   Agreement   shall  be
automatically  assigned by the Investors to any transferee of in excess of fifty
(50%) percent or more of the  Registrable  Securities  (or all or any portion of
any

                                       9
<PAGE>

Debenture of the Company which is convertible into such securities) only if: (a)
the Investor  agrees in writing with the  transferee  or assignee to assign such
rights,  and a copy of such  agreement  is  furnished  to the  Company  within a
reasonable time after such  assignment,  (b) the Company is, within a reasonable
time after such transfer or assignment, furnished with written notice of (i) the
name and address of such  transferee  or assignee and (ii) the  securities  with
respect to which such registration rights are being transferred or assigned, (c)
immediately  following  such transfer or assignment  the further  disposition of
such securities by the transferee or assignee is restricted under the Securities
Act and  applicable  state  securities  laws,  and (d) at or before the time the
Company received the written notice  contemplated by clause (b) of this sentence
the transferee or assignee agrees in writing with the Company to be bound by all
of the  provisions  contained  herein.  In the  event of any  delay in filing or
effectiveness of the Registration Statement as a result of such assignment,  the
Company  shall not be liable for any damages  arising  from such  delay,  or the
payments set forth in Section 2(c) hereof.

     10. Amendment of Registration  Rights.  Any provision of this Agreement may
be amended and the observance  thereof may be waived  (either  generally or in a
particular  instance and either  retroactively or prospectively),  only with the
written  consent of the Company and investors who hold a majority in interest of
the Registrable Securities.  Any amendment or waiver effected in accordance with
this Section 10 shall be binding upon each Investor and the Company.

     11. Miscellaneous.

     (a) A person or entity is deemed to be a holder of  Registrable  Securities
whenever such person or entity owns of record such  Registrable  Securities.  If
the Company received conflicting instructions,  notices or elections from two or
more persons or entities with respect to the same  Registrable  Securities,  the
Company shall act upon the basis of  instructions,  notice or election  received
from the registered owner of such Registrable Securities.

     (b) Notices required or permitted to be given hereunder shall be in writing
and shall be deemed to be sufficiently given when personally delivered (by hand,
by courier,  by telephone line facsimile  transmission,  receipt  confirmed,  or
other means) or sent by  certified  mail,  return  receipt  requested,  properly
addressed  and with proper  postage  pre-paid  (i) if to the  Company,  SWISSRAY
International,  Inc.,  320 West 77th Street,  Suite 1A, New York, New York 10024
with copy by fax and mail to Gary B. Wolff, P.C., 747 Third Avenue,  25th Floor,
New York, NY 10017;  (ii) if to the Initial  Investor,  at the address set forth
under  its name in the  Subscription  Agreement,  with a copy to its  designated
attorney and (iii) if to any other  Investor,  at such address as such  Investor
shall have provided in writing to the Company,  or at such other address as each
such party furnishes by notice given in accordance with this Section 11(b),  and
shall be effective,

                                       10
<PAGE>

when  personally  delivered,  upon receipt and, when so sent by certified  mail,
four (4) business days after deposit with the United States Postal Service.

     (c)  Failure  of any party to  exercise  any  right  or remedy  under  this
Agreement or otherwise,  or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

     (d) This Agreement  shall be governed by and interpreted in accordance with
the  laws  of the  State  of New  York.  Each  of the  parties  consents  to the
jurisdiction  of the  state  and  federal  courts  of the  State  of New York in
connection with any dispute  arising under this Agreement and hereby waives,  to
the maximum  extent  permitted by law, any  objection,  including  any objection
based on forum non  coveniens,  to the bringing of any such  proceeding  in such
jurisdictions.  A facsimile transmission of this signed Agreement shall be legal
and binding on all parties  hereto.  This Agreement may be signed in one or more
counterparts,  each of which shall be deemed an  original.  The headings of this
Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement.  If any provision of this Agreement shall
be  invalid  or   unenforceable   in  any   jurisdiction,   such  invalidity  or
unenforceability  shall  not  effect  the  validity  or  enforceability  of  the
remainder of this Agreement or the validity or  enforceability of this Agreement
in any other  jurisdiction.  This Agreement may be amended only by an instrument
in writing signed by the party to be charged with enforcement.

     (e) This Agreement  constitutes  the entire  agreement  among the,  parties
hereto with respect to the subject  matter  hereof.  There are no  restrictions,
promises, warranties or undertakings,  other than those set forth or referred to
herein. This Agreement  supersedes all prior agreements and understandings among
the parties hereto with respect to the subject matter hereof.

     (f) Subject to the  requirements of Section 9 hereof,  this Agreement shall
inure to the benefit of and be binding upon the  successors  and assigns of each
of the parties hereto.

     (g) All  pronouns  and  any  variations  thereof  refer  to the  masculine,
feminine or neuter, singular or plural, as the context may require.

     (h) The headings in this  Agreement are for  convenience  of reference only
and shall not limit or otherwise affect the meaning thereof

     (i) This  Agreement  may be executed in two or more  counterparts,  each of
which shall be deemed an original but all of which shall  constitute one and the
same agreement.  This Agreement,  once executed by a party,  may be delivered to
the other party hereto by telephone  line  facsimile  transmission  of a copy of
this Agreement bearing the signature of the party so delivering this Agreement.

                                       11
<PAGE>

     IN WITNESS  WHEREOF,  the  parties  have caused  this  Registration  Rights
Agreement  to be duly  executed  by their  respective  officers  thereunto  duly
authorized  as of the day and year first above  written.

                                                SWISSRAY  INTERNATIONAL, INC.

                                                By: /s/ Ruedi G. Laupper
                                                   --------------------------
                                                Name: Ruedi G. Laupper
                                                Title: Chairman and President

                                                By:__________________________
                                                Name:
                                                Title:

                                       12
<PAGE>

     IN WITNESS  WHEREOF,  the  parties  have caused  this  Registration  Rights
officers  thereunto  duly  Agreement  to be duly  executed  by their  respective
authorized as of the day and year first above written.

                                                SWISSRAY INTERNATIONAL, INC.

                                                By: _________________________
                                                Name: Ruedi G. Laupper
                                                Title: Chairman and President

                                                PARKDALE LLC

                                                By: /s/ ILLEGIBLE
                                                   ---------------------------
                                                Name: Navigator Management Ltd.
                                                Title: Director

                                       12

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