Document:

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                                                                   EXHIBIT 10.11

                                                               Execution Version

                THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into
effective as of December 26, 2000, by and between ZixIt Corporation, a Texas
corporation (the "Company"), and David P. Cook ("Employee").

                                    RECITALS

         A. The Company desires to provide for the continued employment of
Employee.

         B. Employee is willing to continue to serve the Company on the terms
and conditions provided in this Agreement.

         THEREFORE, in consideration of the covenants and agreements contained
in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement
agree as follows:

         1. Employment. The Company shall employ Employee, and Employee accepts
such employment, on the terms and conditions set forth in this Agreement.

         2. Term. Subject to Section 8 and the other terms and conditions in
this Agreement, the employment of Employee by ---- the Company as provided in
Section 1 will be for a term commencing the date hereof and expiring the close
of business on December 31, 2003.

         3. Position and Duties. Employee shall serve in such executive officer
positions with the Company with such duties as may be assigned to him from
time-to-time by the Board of Directors (the "Board") of the Company; provided,
however, Employee shall not be assigned any duty or position which will
necessitate a change in the location of his home (presently in Dallas, Texas).
Employee is currently the Company's President and Chief Executive Officer.
Employee shall devote substantially all his working time and efforts to the
business and affairs of the Company. Notwithstanding the foregoing, Employee may
spend reasonable amounts of time on personal, civic, and charitable activities
that do not interfere with the performance of his duties and responsibilities to
the Company. In addition, Employee may, subject to prior approval by the Board,
spend reasonable amounts of time serving on boards of directors for other
companies, provided that such service does not constitute or create a conflict
of interest.

         4. Compensation. As compensation for Employee's employment under this
Agreement, beginning January 1, 2001, during the term of Employee's employment
under this Agreement the Company agrees to pay Employee a salary of $41,666.67
per month, payable

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semi-monthly. As additional compensation, the Company is also granting to
Employee an option to purchase 500,000 shares of the common stock of the
Company, at an option exercise price of $6.0625 per share; with vesting to occur
pro-rata and annually over a three year period, subject to accelerated vesting
under the circumstances specified in the option agreement (the "Option
Agreement:") being entered into between the parties contemporaneous with this
Agreement.

         5. Expenses and Services. During the term of Employee's employment
under this Agreement, Employee shall be entitled to receive prompt reimbursement
for all reasonable expenses incurred by Employee by reason of his employment,
provided that such expenses are incurred and accounted for in accordance with
reasonable policies and procedures established by the Company and in effect when
the expenses are incurred. The Company shall furnish Employee with office space,
secretarial assistance, office supplies, office equipment, and such other
facilities and services as are suitable to Employee's position and adequate for
the performance of his duties.

         6. Confidential Information. Employee recognizes and acknowledges that
Employee will have access to confidential information of the Company and its
Affiliates (as defined in the Option Agreement), including, without limitation,
customer information, lists of suppliers and costs, information concerning the
business and operations of the Company and its Affiliates, and proprietary data,
information, concepts and ideas (whether or not patentable or copyrightable)
relating to the business of the Company and its Affiliates, as applicable.
Employee agrees not to disclose such confidential information, except as may be
necessary in the performance of Employee's duties, to any person, nor use such
confidential information in any way, unless Employee has received the written
consent of the Company or unless such confidential information becomes public
knowledge through no wrongful act of Employee. Upon termination of Employee's
employment for any reason, Employee shall promptly deliver to the Company all
drawings, manuals, letters, notebooks, customer lists, documents, records,
equipment, files, computer disks or tapes, reports or any other materials
relating to the business of the Company and its Affiliates, and all copies, that
are in Employee's possession or under Employee's control. Confidential
Information shall not include information that constitutes general skills,
knowledge, and experience acquired by Employee before and/or during his
employment with the Company. The parties agree that the ownership of
intellectual property that is created, conceived, developed, and the like by
Employee during the term of Employee's employment with the Company will be
governed by applicable law. Employee will render to the Company such assistance
as may be reasonably necessary to evidence and protect the ownership of its
intellectual property. If such assistance is required after Employee's
separation from employment with the Company, reasonable compensation will be
paid to Employee for such assistance. The term "Affiliate" shall have the
meaning given it in the Option Agreement.

         7. Rights under Certain Plans. During the term of Employee's employment
under this Agreement, Employee will be entitled to participate in the insurance
and employee benefit plans and programs maintained by the Company and its
Affiliates applicable to officer employees on the same basis as other officer
employees of the Company or its Affiliates, as applicable, subject only to the
possible substitution by or on behalf of the Company or its Affiliates of other
plans or programs providing substantially similar or increased benefits for
Employee. Employee

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will also be entitled to reasonable vacation time (not to exceed six weeks),
with no reduction in compensation, in keeping with Employee's duties and
responsibilities to the Company.

         8. Early Termination. Either Employee or Company may terminate
Employee's employment under this Agreement with or without cause upon ten days'
written notice to the other.

         9. Certain Effects of Termination. At any such time when Employee shall
no longer be in the employ of the Company, any successor in interest to the
Company or any of their respective Affiliates, Employee shall, within the period
prescribed by applicable law, subject to the terms and conditions of any
applicable insurance or employee benefit plan, receive payments in satisfaction
of any and all other wages, benefits, pensions, or other remunerations which
shall then be payable to, or vested on behalf of, Employee.

         10. Non-competition. Employee agrees and covenants that Employee will
not, during the term hereof and for a period of 18 months after Employee ceases
to be employed by the Company:

                  (A) compete, directly or indirectly, with any business or
         businesses conducted by the Company during the term hereof. For
         purposes of this Agreement, "Competition" shall include, without
         limitation, engaging in any business, whether as proprietor, partner,
         joint venturer, employee, agent, officer, or holder of more than five
         percent (5%) of any class of equity ownership of a business enterprise,
         that is competitive with any business or businesses conducted by the
         Company for the period or at the time the employee ceases employment.
         This non-competition provision is not intended to preclude Employee
         from participating in computer, software, or Internet-based businesses
         generally, provided that such participation is not otherwise in
         violation of this provision.

                  (B) solicit to do, or do, competing business with any
         then-current customer of the Company or any person that has been a
         customer within the six months preceding the date of Employee's
         separation from employment with the Company.

                  (C) solicit to hire, or hire, any then-current key employee of
         the Company, except by way of general advertising.

         Although the Company and Employee have, in good faith, used their best
efforts to make the non-competition covenants reasonable in all pertinent
respects, and it is not anticipated, nor is it intended, by either party to this
Agreement that any arbitrator or court will find it necessary to reform any
non-competition covenant to make it reasonable in all pertinent respects, the
Company and Employee understand and agree that if an arbitrator or court
determines it necessary to reform any non-competition covenant in order to make
it reasonable in all pertinent respects, damages, if any, for a breach of the
non-competition covenant, as so reformed, will be deemed to accrue to the
Company as and from the date of such a breach only and so far as the damages for
such breach related to an action which accrued within the scope of the
non-competition covenant as so reformed.

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         11. Waiver. No waiver of any provision of this Agreement shall be
deemed, or shall constitute, a waiver of any other provision, whether or not
similar, nor shall any waiver constitute a waiver of any continuing or
succeeding breach of such provision, a waiver of the provision itself, or a
waiver of any right under this Agreement. No waiver shall be binding unless
executed in writing by the party making the waiver.

         12. Limitation of Rights. Nothing in this Agreement, except as
specifically stated in this Agreement, is intended to confer any rights or
remedies under or by reason of this Agreement on any persons other than the
parties to it and their respective permitted successors and assigns and other
legal representatives, nor is anything in this Agreement intended to relieve or
discharge the obligation or liability of any third persons to any party to this
Agreement, nor shall any provision give any third persons any right of
subrogation or action over or against any party to this Agreement.

         13. Remedies. Employee hereby agrees that a violation of the provisions
of Section 6 or 10 hereof would cause irreparable injury to the Company for
which it would have no adequate remedy at law. Accordingly, in the event of any
such violation, the Company shall be entitled to preliminary and other
injunctive relief. Any such injunctive relief shall be in addition to any other
remedies to which the Company may be entitled at law or in equity, or otherwise.

         14. Notice. Any consent, notice, demand, or other communication
regarding any payment required or permitted hereby must be in writing to be
effective and shall be deemed to have been received on the date delivered, if
personally delivered, or the date received, if delivered otherwise, addressed to
the applicable party at the address for such party set forth below or at such
other address as such party may designate by like notice:

                         The Company:

                         ZixIt Corporation
                         2711 North Haskell Avenue
                         Suite 2850, LB 36
                         Dallas, Texas 75204-2911, Attn:  General Counsel

                         Employee:

                         David P. Cook
                         2711 North Haskell Avenue
                         Suite 2850, LB 36
                         Dallas, Texas 75204-2911

         15. Inconsistent Obligations. Employee represents and warrants that
Employee has not previously assumed any obligations inconsistent with those of
this Agreement.

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         16. Entirety and Amendments. This Agreement and the Option Agreement
embody the entire agreement between the parties and supersede all prior
agreements and understandings relating to the subject matter hereof, including
the Employment Agreement, effective as of April 29, 1998, by and between Amtech
Corporation d/b/a AMTC Corporation, a Texas corporation (the "Company"), and
Employee, and may be amended only by an instrument in writing executed by the
parties.

         17. Successors and Assigns. This Agreement will be binding upon and
inure to the benefit of the parties to this Agreement and any successors in
interest to the Company following a Change of Control (as defined in the Option
Agreement), but otherwise, neither this Agreement nor any rights or obligations
under this Agreement may be assigned by Employee (except in the case of the
death of Employee) or (b) by the Company.

         18. Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Texas (excluding its
conflict of laws rules) and applicable federal law.

         19. Cumulative Remedies. No remedy in this Agreement conferred upon any
party is intended to be exclusive of any other benefit or remedy, and each and
every such remedy shall be cumulative and shall be in addition to every other
benefit or remedy given under this Agreement or now or hereafter existing at law
or in equity or by statute or otherwise. No single or partial exercise by any
party of any right, power, or remedy under this Agreement shall preclude any
other or further exercise thereof.

         20. Disputes. During the pendency of any disputes under this Agreement
and unless specifically enjoined by a court of competent jurisdiction or an
arbitrator, the Company will continue to make all payments to Employee and
provide all benefits to Employee that are described in this Agreement until such
dispute is finally resolved without right of appeal.

         21. Multiple Counterparts. This Agreement may be executed in a number
of identical counterparts, each of which constitute collectively, one agreement;
but in making proof of this Agreement, it shall not be necessary to produce or
account for more than one counterpart.

         23. Descriptive Headings. The headings, captions, and arrangements used
in this Agreement are for convenience only and shall not be deemed to limit,
amplify, or modify the terms of this Agreement, nor affect the meaning hereof.

         23. Arbitration. The Company and the Employee agree to the resolution
by binding arbitration of all claims, demands, causes of action, disputes,
controversies, or other matters in question ("Claims") arising out of this
Agreement or the Employee's employment (or its termination), whether sounding in
contract, tort, or otherwise and whether provided by statute or common law, that
the Company may have against the Employee or that the Employee may have against
the Company or any Affiliate or any benefit plans of the Company or any
Affiliate or any fiduciaries, administrators, and affiliates of any of such
benefit plans, or their respective officers, directors, employees, or agents in
their capacity as such. This agreement to arbitrate shall not

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limit the Company's or the Employee's right to seek equitable relief, including,
but not limited to, injunctive relief and specific performance in a court of
competent jurisdiction. Claims covered by this agreement to arbitrate include,
but are not limited to, claims by the Employee for breach of this Agreement,
wrongful termination, discrimination (based on age, race, sex, disability,
national origin, or other factor), and retaliation. The only Claims otherwise
within the definition of Claims that are not covered by this Section 23 are: (1)
any administrative actions that the Employee is permitted to pursue under
applicable law that are not precluded by virtue of the Employee having entered
into this Section 23; (2) any Claim by the Employee for workers' compensation
benefits or unemployment compensation benefits; or (3) any Claim by the Employee
for benefits under a Company or Affiliate pension or benefit plan that provides
its own non-judicial dispute resolution procedure.

         Claims shall be submitted to arbitration and finally settled under the
Employment Dispute Resolution Rules of the American Arbitration Association
("AAA") in effect at the time the written notice of the Claim is received. An
arbitrator shall be selected in the manner provided for in the Employment
Dispute Resolution Rules of the AAA, except that the parties agree that the
arbitrator shall be an attorney licensed in the state where the arbitration is
being conducted. If any party refuses to honor its obligations under this
agreement to arbitrate, the other party may compel arbitration in either federal
or state court. The arbitrator will have exclusive authority to resolve any
dispute relating to the interpretation, applicability, enforceability, or
formation of this agreement to arbitrate, including, but not limited to, any
claim that all or part of this Agreement is void or voidable and any claim that
an issue is not subject to arbitration. The arbitration will be held in Dallas
County, Texas. The arbitrator shall issue a written decision that identifies the
factual findings and principles of law upon which any award is based. The award
and findings of such arbitrator shall be conclusive and binding upon the
parties. Any and all of the arbitrator's orders, decisions, and awards may be
enforceable in, and judgment upon any award rendered by the arbitrator may be
confirmed and entered by, any federal or state court having jurisdiction. The
Company shall pay all costs and expenses of its advisors and expert witnesses,
and Employee shall pay all costs and expenses of his advisors and expert
witnesses. The costs and expenses of the arbitration proceedings will be paid by
the non-prevailing party or as the arbitrator otherwise determines. Discovery
will be permitted to the extent directed by the arbitrator. EMPLOYEE UNDERSTANDS
THAT BY AGREEING TO SUBMIT CLAIMS TO ARBITRATION, HE GIVES UP THE RIGHT TO SEEK
A TRIAL BY COURT OR JURY AND THE RIGHT TO APPEAL A COURT OR JURY DECISION AND
FORGOES ANY AND ALL RELATED RIGHTS HE MAY OTHERWISE HAVE UNDER FEDERAL AND STATE
LAWS.

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                                   Signatures

         To evidence the binding effect of the covenants and agreements
described above, the parties to this Agreement have executed this Agreement on
the dates set forth below, to be effective as of the date first above written.

                                      THE COMPANY:

                                      ZIXIT CORPORATION

                                      /s/ Ronald A. Woessner
                                      ------------------------------------------
                                      Ronald A. Woessner
                                      Senior Vice President

                                      Date: 1/12/01
                                           -------------------------------------

                                      EMPLOYEE:

                                      /s/ David P. Cook
                                      ------------------------------------------
                                      David P. Cook

                                      Date: 1/15/2001
                                           -------------------------------------

                                       7<PAGE>   1
                                                                   EXHIBIT 10.23

                                                                     FINAL DRAFT

                              INVESTMENT AGREEMENT

                                     BETWEEN

                               MAPTUIT CORPORATION

                                     - AND -

                                ZIXIT CORPORATION

                                STIKEMAN ELLIOTT
                              COMMERCE COURT WEST,
                                   SUITE 5300,
                                TORONTO, ONTARIO
                                     MSL 1B9
                                     CANADA

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                             Page
                                                             ----
<S>                                                            <C>
1.       INTERPRETATION.........................................1
2.       SUBSCRIPTIONS FOR SHARES...............................6
3.       REPRESENTATIONS AND WARRANTIES.........................7
4.       COVENANTS OF THE CORPORATION..........................22
5.       CLOSINGS AND CONDITIONS PRECEDENT TO CLOSINGS.........25
6.       PUBLIC ANNOUNCEMENTS..................................27
7.       NOTICES...............................................27
8.       GENERAL PROVISIONS....................................29
</TABLE>

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       THIS AGREEMENT dated and effective the 6(th) day of December, 2000.

BETWEEN:

               MAPTUIT CORPORATION, a corporation incorporated under the laws of
               the Province of Ontario,

               (hereinafter called the "Corporation")

               - and -

               ZIXIT CORPORATION, a corporation incorporated under the laws of
               Texas, USA,

               (hereinafter called the "Investor")

       WITNESSES THAT WHEREAS:

A.     terms defined in Section 1 hereof are used in these recitals with their
       defined meanings;

B.     the Corporation is engaged in the business of providing wireline and
       wireless Internet service for mapping, direction and location-based
       services to its customers; and

C.     the Investor wishes to invest an aggregate of $3,000,000 in the
       Corporation upon and subject to the terms and conditions hereinafter set
       forth.

       NOW THEREFORE in consideration of the mutual covenants and agreements
contained herein and for good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged by each of the parties), the
parties hereto covenant and agree each with the others as follows:

1.  INTERPRETATION

1.1 Definitions. Where used in this Agreement, the following words and phrases
have the following meanings:

       (a)    "Affiliate" has the meaning set forth in Section 1(1) of the OBCA
              and is deemed to include a family trust;

       (b)    "Agreement" means this Agreement and all amendments made hereto by
              written agreement between the Corporation and the Investor;

       (c)    "Articles" means the articles of incorporation of the Corporation,
              as amended, a true copy of which is attached hereto as Schedule
              "A";

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       (d)    "Assets" means the undertaking, property and rights of the
              Corporation as a going concern, of every kind and description and
              wheresoever situated;

       (e)    "Balance Sheet" means the balance sheet of the Corporation as at
              the Balance Sheet Date;

       (f)    "Balance Sheet Date" means October 31, 2000;

       (g)    "Business" means the Corporation's business of providing wireline
              and wireless Internet service for mapping, direction and
              location-based services to its customers;

       (h)    "Business Day" means a day other than a Saturday, Sunday or
              statutory holiday in Toronto, Ontario;

       (i)    "Business Plan" means the Maptuit.com Business Plan dated December
              n, 2000 provided to the Investor;

       (j)    "OBCA" means the Business Corporations Act (Ontario), as amended;

       (k)    "Common Shares" means any of the common shares in the capital of
              the Corporation having the rights and privileges described in the
              Articles;

       (l)    "Closing" means the closing of the Subscription referred to in
              Section 2 hereof and the concurrent execution and delivery of the
              Transaction Documents;

       (m)    "Closing Date" means the date hereof;

       (n)    "Confidential Information" means any information, whether or not
              reduced to writing, including but not limited to a formula,
              pattern, compilation, programme, method, technique or process, or
              information contained or embodied in a product, device or
              mechanism and any research, analysis or plan related to the
              Business or any other business opportunity considered by the
              Corporation or a Subsidiary, which is used, or may be used, in the
              Corporation's or any Subsidiaries' trade or business, including
              but not limited to the Business, is of value to the Corporation or
              a Subsidiary and is not generally known by competitors or other
              participants in that trade or business;

       (o)    "Constating Documents" means the Articles and the by-laws of the
              Corporation, together with any amendments thereto or replacements
              thereof;

       (p)    "Conversion Shares" means the maximum number of Common Shares
              issuable to the Investor upon conversion of the Subscribed Shares
              in accordance with the rights, privileges, restrictions and
              conditions applicable thereto;

       (q)    "Corporation" means Maptuit Corporation (formerly, Maptuit.com
              Inc.), its successors and permitted assigns;

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       (r)    "Damages" has the meaning set forth in Section 4.3 hereof;

       (s)    "Environmental Laws" means any applicable federal, provincial,
              state, municipal, and local laws, statutes, ordinances, by-laws,
              regulations and orders, directives and decisions, approvals of any
              Governmental Authority related to environmental, health,
              occupational safety and product liability matters, in effect from
              time to time;

       (t)    "Financial Statements" means the unaudited Balance Sheet, income
              statement and statement of changes in financial position of the
              Corporation, each for the eleven- month period ended on the
              Balance Sheet Date, copies of which are attached hereto as
              Schedule "B";

       (u)    "Founders" means, collectively, William Tapscott, Robert Tapscott,
              Richard Turek Jr., Ronald Blewitt and Max Stevens-Guille;

       (v)    "Governmental Authority" means all applicable federal, provincial
              or state and municipal agencies, ministries, departments, boards,
              bureaus, commissions, inspectors and officials;

       (w)    "Governmental Charges" means all Taxes, customs, duties, rates,
              levies, assessments, reassessments and other charges, together
              with all penalties, interest and fines with respect thereto,
              payable to any Governmental Authority, or other foreign government
              or Governmental Authority;

       (x)    "Governmental Regulations" means all laws, statutes, regulations,
              codes, by-laws, orders, covenants, judgments, ordinances, decrees,
              treaties, directives, guidelines, restrictions, policies or plans
              (whether domestic, foreign or international) of all Governmental
              Authorities having jurisdiction over the matter and/or person then
              being referred to;

       (y)    "Incentive Compensation Plan" means a duly approved incentive
              compensation plan, director and employee stock option plan, share
              purchase plan or profit sharing plan or similar arrangement with
              or for directors, officers, senior management, employees or
              shareholders of the Corporation or of the Subsidiary, as may, from
              time to time, be adopted by the Board of Directors of the
              Corporation;

       (z)    "Intellectual Property" means all intellectual property and
              industrial property of the Corporation and the Subsidiary of every
              nature, including all patents and applications therefor,
              inventions, trade-marks, trade names, copyrights, Software,
              industrial designs (whether registered or unregistered),
              topographies, trade secrets, confidential information, know-how,
              show-how, concepts, data, and information used in or required for
              the full, complete and proper carrying on of the Business;

       (aa)   "Investor" means ZixIt Corporation or its successors or permitted
              assigns;

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       (bb)   "Investor's Solicitors" means Stikeman Elliott, Toronto, Ontario;

       (cc)   "Material Contracts" means, (i) every agreement, contract or
              obligation requiring payment by or to the Corporation or the
              Subsidiary of an amount in any one year in the aggregate of
              $25,000; (ii) every agreement or contract which has any material
              direct or indirect effect (by license, assignment or otherwise) on
              the Assets, Intellectual Property or Business of the Corporation;
              and (iii) every agreement or contract with any directors,
              officers, shareholders, consultants or key employees of the
              Corporation or the Subsidiary; including the agreements listed in
              Schedule "D" hereto but excluding employment contracts;

       (dd)   "Preferred Shares" means any of the Class A Preference Shares in
              the capital of the Corporation having the rights, privileges,
              restrictions and conditions set forth in the Articles;

       (ee)   "Proprietary Rights Agreement" means the proprietary rights
              agreement, in the form attached hereto as Schedule "K", entered
              into between the Corporation and each of the Founders;

       (ff)   "Registration Rights Agreement" means the amended and restated
              registration rights agreement between the Corporation, the
              Investor and certain other securityholders of the Corporation
              dated as of the date hereof;

       (gg)   "Securityholders' Agreement" means the amended and restated
              securityholders' agreement made among the Corporation, the
              Investor and the other securityholders of the Corporation dated
              March 8, 2000, as amended and restated on September 27, 2000 and
              the date hereof, in the form of Schedule "C" attached hereto;

       (hh)   "Shares" means shares of any class in the capital stock of the
              Corporation;

       (ii)   "Software" means the computer programs, including object code,
              source code, manuals and other written material, developed and/or
              owned by the Corporation or the Subsidiary necessary for the
              Corporation to carry on its Business;

       (jj)   "Subscribed Shares" means the 1,800 Preferred Shares subscribed
              for by the Investor as set forth in Section 2.1 hereof;

       (kk)   "Subscription Funds" means $3,000,000 to be received by the
              Corporation from the Investor pursuant to the purchase and sale of
              the Subscribed Shares;

       (ll)   "Subscription Price" means the consideration payable by the
              Investor, as set forth in Section 2.1 hereof, pursuant to the
              purchase and sale of the Subscribed Shares;

       (mm)   "subsidiary" has the meaning set forth in section 1(1) of the
              OBCA;

       (nn)   "Subsidiary" means Maptuit USA, Inc.;

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<PAGE>   7

       (oo)   "Taxes" means, in relation to any person, any and all taxes
              (including any and all fines, interest and penalties in respect
              thereof) of any nature imposed, levied, withheld or assessed on or
              with respect to the income, profits or gains or the capital of
              such person (including, without limitation, any federal or state
              income or sales taxes, corporation capital tax, customs or excise
              duties or municipal license fees, and any taxes and other
              deductions required to be withheld from any payment made to any
              person) by Canada or any province thereof, the United States of
              America or any state thereof or any political subdivision or
              taxing authority thereof or therein, or by any other country or
              any political subdivision or taxing authority thereof or therein;

       (pp)   "Time of Closing" means 11:00 a.m. (Toronto time) on the Closing
              Date or such other time on the Closing Date as the parties may
              mutually agree upon in writing; and

       (qq)   "Transaction Documents" means, collectively, this Agreement, the
              Registration Rights Agreement and the Securityholders' Agreement.

1.2 Legislation. Any reference to a provision in any legislation is a reference
to that provision as now enacted, and as amended, re-enacted or replaced from
time to time, and in the event of such amendment, re-enactment or replacement
any reference to that provision shall be read as referring to such amended,
re-enacted or replaced provision.

1.3 Headings. The division of this Agreement into Sections and the insertion of
headings are for convenience of reference only and shall not affect the
construction or interpretation of this Agreement. The terms "this Agreement",
"hereof", "hereunder" and similar expressions refer to this Agreement and not to
any particular Section or other portion hereof and include any agreement
supplemental hereto. Unless something in the subject matter or context is
inconsistent therewith, references herein to Sections and Paragraphs are to
Sections and Paragraphs of this Agreement.

1.4 Extended Meanings. In this Agreement words importing the singular number
only shall include the plural and vice versa, words importing the masculine
gender shall include the feminine and neuter genders and vice versa and words
importing persons shall include individuals, partnerships, associations, trusts,
unincorporated organizations and corporations.

1.5 Accounting Principles. Wherever in this Agreement reference is made to a
calculation to be made in accordance with generally accepted accounting
principles (referred to herein as "GAAP"), such reference shall be deemed to be
to the generally accepted accounting principles of the Canadian Institute of
Chartered Accountants or in such other statement by such other entity as may be
approved by a significant segment of the accounting profession in Canada,
applicable as at the date on which such calculation is made or required to be
made in accordance with GAAP.

1.6 Currency. All references to currency herein are to lawful money of the
United States of America.

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1.7 Schedules. The following are the Schedules annexed hereto and incorporated
by reference and deemed to be part hereof:

        Schedule A - Articles
        Schedule B - Financial Statements
        Schedule C - Form of Securityholders' Agreement
        Schedule D - Material Contracts
        Schedule E - Non-Arm's Length Contracts
        Schedule F - Pre-Closing Capitalization
        Schedule G - Post-Closing Capitalization
        Schedule H - Liabilities
        Schedule I - Founder Agreements
        Schedule J - Intellectual Property
        Schedule K - Form of Proprietary Rights Agreement
        Schedule L - Employment Contracts/Consulting Agreements

2.  SUBSCRIPTIONS FOR SHARES

2.1 Subscription. Subject to the terms and conditions of this Agreement, the
Investor agrees to subscribe for and purchase from the Corporation, and the
Corporation agrees to allot and issue to the Investor, the Subscribed Shares for
an aggregate subscription price of $3,000,000 (the "Subscription Price").

        Furthermore, the Investor agrees to invest an additional $2,000,000 (the
"Additional Investment") in the Corporation prior to March 30, 2001, subject to
the following: (i) the valuation of the Corporation for the Additional
Investment, shall be that negotiated between the Corporation and the Investor or
that established in one or more arms-length series of connected investment
transactions that result in aggregate proceeds to the Corporation of at least
$2,000,000; and (ii) the Additional Investment may be made, in the Investor's
sole discretion, in cash or the Investor's common stock (valued at the time of
the Additional Investment based on the 10-day weighted average closing price of
the Investor's common stock immediately prior to such investment); if the
Additional Investment is made in the form of the Investor's common stock, the
shares will be privately issued and the Corporation may request that they be
publicly registered under the U.S. Securities Act of 1933, as amended, upon the
later of (x) three months following the date of issuance or (y) June 30, 2001.
The Additional Investment shall be made pursuant to a separate investment
agreement containing customary representations, warranties, and covenants.

2.2 Payment of Subscription Price. At the Closing, the Investor shall deliver to
the Corporation payment by way of wire transfer, a certified cheque, bank draft
or solicitor's trust cheque representing the Subscription Price payable to the
Corporation as set out in Section 2.1 as payment in full for the Subscribed
Shares being issued on the Closing Date.

2.3 Use of Subscription Funds. The Subscription Funds shall be applied by the
Corporation to fund working capital requirements, hire additional personnel,
marketing, sales and for research and development.

                                       6
<PAGE>   9

        Any material variation of the use of the Subscription Funds set out
above shall require the prior written consent of the Investor, such consent not
to be unreasonably withheld.

3.  REPRESENTATIONS AND WARRANTIES

3.1 Representations and Warranties of the Corporation. The Corporation
represents and warrants to and in favour of the Investor as follows:

       (a)    Incorporation and Registration. Each of the Corporation and the
              Subsidiary is a corporation duly incorporated and validly existing
              under the laws of its jurisdiction of incorporation and has all
              necessary corporate power, authority and capacity to own its
              property and assets and to carry on its business as currently
              conducted. Neither the nature of its activities or business nor
              the location or character of the property owned, operated or
              leased by the Corporation or the Subsidiary requires the
              Corporation or the Subsidiary to be registered, licensed or
              otherwise qualified as a foreign corporation or to be in good
              standing in any jurisdiction other than the Province of Ontario in
              the case of the Corporation and the State of Colorado and
              Massachusetts in the case of the Subsidiary, in each case where it
              is duly registered, licensed or otherwise qualified and in good
              standing for such purpose.

       (b)    Subsidiaries. The Corporation has no subsidiary other than the
              Subsidiary nor any interest in any body corporate, partnership,
              joint venture or other entity and it is not a party to any
              agreement, option or commitment to acquire any shares or
              securities of any body corporate, partnership, trust, joint
              venture or other entity. The Corporation beneficially owns,
              directly or indirectly, all of the issued and outstanding shares
              in the capital of the Subsidiary free and clear of all mortgages,
              liens, charges, pledges, security interests, encumbrances, claims
              or demands of any kind whatsoever, all of such shares have been
              fully authorized and validly issued and are outstanding as fully
              paid and non-assessable shares and no person has any right,
              agreement or option, present or future, contingent or absolute, or
              any right capable of becoming a right, agreement or option, for
              the purchase from the Corporation of any interest in any of such
              shares or for the issue or allotment of any unissued shares in the
              capital of the Subsidiary or any other security convertible into
              or exchangeable for such shares.

       (c)    Constating Documents. The Corporation has delivered to the
              Investor herewith a true copy of the Constating Documents of the
              Corporation and the Subsidiary certified by an officer of the
              Corporation, including any and all amendments thereto and such
              Constating Documents as so amended are in full force and effect
              and no amendments are being made to the same, except as may be
              otherwise contemplated in this Agreement.

       (d)    Corporate Records and Minute Books. The Corporation has made
              available to the Investor, the corporate records and minute books
              of the Corporation and the Subsidiary. The minute books include
              complete and accurate minutes of all meetings of the directors or
              shareholders of the Corporation and the Subsidiary, as

                                       7
<PAGE>   10

              applicable, held to date or resolutions passed by the directors or
              shareholders on consent, since the date of incorporation. The
              share certificate book, register of shareholders, register of
              transfers and register of directors of the Corporation and the
              Subsidiary are complete and accurate.

       (e)    Books and Records. The Corporation has made available to the
              Investor all financial books and records of the Corporation and
              the Subsidiary. Such books and records fairly and correctly set
              out and disclose in all material respects the financial position
              of the Corporation and the Subsidiary and all material financial
              transactions relating to the Corporation and the Subsidiary have
              been accurately recorded in such financial books and records.

       (f)    Bankruptcy, etc. No bankruptcy, insolvency or receivership
              proceedings have been instituted or are pending against the
              Corporation or the Subsidiary and each of the Corporation and the
              Subsidiary is able to pay its debts as they become due in the
              usual course of its business.

       (g)    Due Authorization, etc. The Corporation has all necessary
              corporate power, authority and capacity to enter into the
              Transaction Documents and to do all such acts and things as are
              required to be done, observed or performed by it, in accordance
              with the terms of the Transaction Documents. The Corporation has
              taken all necessary action to authorize the execution, delivery
              and performance of the Transaction Documents and to observe the
              provisions of each in accordance with their terms. No
              authorization or approval or other action by, and no notice to or
              filing with, any Governmental Authority or regulatory body or
              other person including the shareholders of the Corporation is
              required for the due execution, delivery or performance by the
              Corporation of any of the Transaction Documents except for
              authorizations, approvals, actions, notices or filings which have
              been duly obtained or made and are in full force and effect.

       (h)    Absence of Conflicting Agreements. Neither the Corporation nor the
              Subsidiary is a party to, bound or affected by or subject to any
              indenture, mortgage, lease, agreement, obligation, instrument,
              shareholders agreement, constating document provision, resolution
              of directors or shareholders, statute, regulation, order,
              judgment, decree, license, permit, law or rule which would be
              violated, contravened, breached by or under which default would
              occur or a lien, claim, restriction or encumbrance would be
              created as a result of the execution and delivery of any of the
              Transaction Documents or the carrying out of the Corporation's
              obligations hereunder or thereunder.

       (i)    Enforceability of Obligations. When executed and delivered, the
              Transaction Documents will constitute valid and legally binding
              obligations enforceable against the Corporation in accordance with
              their respective terms subject, however, to limitations with
              respect to enforcement imposed by law in connection with
              bankruptcy or similar proceedings and to the extent that equitable
              remedies such as

                                       8
<PAGE>   11

              specific performance and injunction are in the discretion of the
              court from which they are sought.

       (j)    Valid Allotment and Issue. Upon receipt of the Subscription Price
              by the Corporation on the Closing Date, the Subscribed Shares will
              be duly and validly created, authorized, allotted and issued as
              fully paid and non-assessable, in compliance with all securities
              laws; the Investor will be the registered owner of the Subscribed
              Shares and, except as provided in the Transaction Documents, will
              be free and clear of all pre-emptive rights, mortgages, liens,
              charges, security interests, adverse claims, pledges and demands
              whatsoever arising by reason of the acts or omissions of the
              Corporation.

       (k)    Pre-Closing Capital Stock. The capital stock of the Corporation is
              as set forth in Schedule "F" hereto. All of the issued Shares have
              been duly and validly issued in compliance with applicable
              securities laws and are outstanding as fully paid and non
              assessable shares in the capital stock of the Corporation. The
              legal and beneficial owners of the issued and outstanding Shares
              are set forth therein. To the best of the Corporation's knowledge,
              each shareholder holds title to its respective Shares, free and
              clear of all agreements, mortgages, pledges, charges, hypothecs,
              claims, liens, security interests, encumbrances and rights of
              other persons, except as disclosed in the Transaction Documents,
              and such Shares constitute all of the issued and outstanding
              Shares of the Corporation.

       (l)    Post-Closing Capital Stock. After giving effect to the
              transactions contemplated for the Closing Date, the capital stock
              of the Corporation shall be as set forth in Schedule "G" hereto.
              All of the issued Shares shall have been duly and validly issued
              in compliance with applicable securities laws and will be
              outstanding as fully paid and non-assessable shares in the capital
              stock of the Corporation.

       (m)    Convertible Securities. Other than as set out in Schedule "E", no
              person, other than pursuant to this Agreement, the
              Securityholders' Agreement and the Registration Rights Agreement
              and the obligations hereunder and thereunder and other than the
              granting of stock options to employees, has any agreement,
              contract, option or any right or privilege capable of becoming an
              agreement or option, including convertible securities, warrants,
              options or other convertible obligations or other rights to
              purchase, of any nature, binding upon, or which at any time in the
              future may become binding upon, the Corporation:

              (i)    for the subscription, allotment, issue, purchase or
                     acquisition by any means of any unissued Shares;

              (ii)   for the subscription, allotment, issue, purchase or
                     acquisition by any means of any other debt or equity
                     securities of the Corporation, whether issued or unissued;

              (iii)  for the conversion of any instruments or securities of the
                     Corporation; or

                                       9
<PAGE>   12

              (iv)   for the registration or offer to purchase (public or
                     private) of any Shares or any other debt or equity
                     securities of the Corporation.

       (n)    No Shareholders/Voting Agreement. There are no shareholders'
              agreement or other agreements governing the voting, holding or
              sale of Shares of the Corporation or the management of the affairs
              of the Corporation, other than the Securityholders' Agreement.

       (o)    No Dividends/Redemption. etc. No dividends have been declared or
              paid on or in respect of any Shares and no other distribution on
              any Shares or other securities has been made by the Corporation
              since the Balance Sheet Date. The Corporation has not redeemed,
              purchased or otherwise acquired or agreed to acquire any of its
              Shares since the Balance Sheet Date.

       (p)    Financial Statements. The Financial Statements have been prepared
              in accordance with GAAP and present fairly:

              (i)    all of the assets, liabilities and financial position of
                     the Corporation as at the Balance Sheet Date (other than
                     certain equipment listed as assets on balance sheet which
                     is leased by the Corporation); and

              (ii)   the sales, earnings, results of operations and cash flows
                     and changes in financial position of the Corporation for
                     the six-month period ended as at the Balance Sheet Date.

       (q)    Absence of Changes. Since the Balance Sheet Date and except for
              the transactions contemplated by this Agreement, there has not
              been:

              (i)    any change in the condition, operations or prospects of the
                     business, assets or financial condition of the Corporation
                     or the Subsidiary which has been, or in the aggregate would
                     be, materially adverse to the Business, Assets, properties
                     or future prospects of the Corporation and the Subsidiary,
                     taken as a whole; or

              (ii)   any damage, destruction, loss, labour trouble, threat of
                     litigation, governmental investigation or other event,
                     development or condition of any character (whether or not
                     covered by insurance) materially or adversely affecting the
                     Business, Assets, properties or future prospects of the
                     Corporation and the Subsidiary, taken as a whole.

       (r)    Absence of Unusual Transactions. Since the Balance Sheet Date and
              except for the transactions contemplated by this Agreement and the
              agreements listed in Schedule "I", neither the Corporation nor the
              Subsidiary has:

              (i)    transferred, assigned, sold or otherwise disposed of any of
                     the assets shown or reflected in the Balance Sheet or
                     cancelled any debts,

                                       10
<PAGE>   13

                     entitlements or claims except, in each case, in the
                     ordinary and usual course of business and which, in the
                     aggregate, exceed $10,000;

              (ii)   incurred or assumed any obligation or liability (fixed or
                     contingent), except those listed in Schedule "H" and except
                     unsecured current obligations and liabilities incurred in
                     the ordinary and usual course of business which do not in
                     the aggregate exceed $10,000;

              (iii)  except as set out in Schedule "E", issued or sold any
                     Shares or any warrants, bonds, debentures or other
                     securities of the Corporation or the Subsidiary or issued,
                     granted or delivered any right, option or other commitment
                     for the issuance of any such securities (other than stock
                     options granted to employees) or reduced or increased the
                     stated capital of any class of Shares;

              (iv)   discharged or satisfied any lien or encumbrance, or paid
                     any obligation or liability (fixed or contingent) other
                     than liabilities included in the Balance Sheet and
                     liabilities incurred since the Balance Sheet Date in the
                     ordinary and usual course of business or as contemplated
                     elsewhere in this Agreement;

              (v)    directly or indirectly, declared or made any payment of any
                     dividend or other distribution in respect of any Shares or
                     purchased, redeemed or otherwise acquired any such Shares
                     thereof or effected any subdivision, consolidation or
                     reclassification of any such Shares;

              (vi)   suffered an operating loss or any extraordinary loss,
                     waived or omitted to take any action in respect of any
                     rights of substantial value, or entered into any commitment
                     or transaction not in the ordinary and usual course of
                     business where such loss, rights, commitment or transaction
                     is or would be material in relation to the Business,
                     Assets, properties or future prospects of the Corporation
                     and the Subsidiary, taken as a whole;

              (vii)  granted any bonuses, whether monetary or otherwise, or made
                     any general wage or salary increases in respect of
                     personnel which it employs which do not, in the aggregate,
                     exceed $10,000 or changed the terms of employment in
                     respect of any personnel except in the usual and normal
                     course of business and consistent with past practice;

              (viii) mortgaged, pledged, subjected to lien, granted a security
                     interest in or otherwise encumbered any of the Assets or
                     its property, whether tangible or intangible;

              (ix)   purchased, leased or otherwise acquired any fixed asset or
                     piece of mobile equipment exceeding, in the aggregate,
                     $10,000;

                                       11
<PAGE>   14

              (x)    removed any auditor or director or terminated any officer
                     or other senior employee, whether of the Corporation or the
                     Subsidiary;

              (xi)   compromised or settled any litigation, proceeding or other
                     governmental action relating to the Business, the
                     Corporation or the Subsidiary; or

              (xii)  authorized, agreed or otherwise become committed to do any
                     of the foregoing.

       (s)    Extent of Liabilities. The Corporation has no liabilities (whether
              accrued, absolute, contingent or otherwise) of any kind except as
              disclosed in Schedule "H" and except for liabilities incurred in
              the ordinary course of business since the Balance Sheet Date,
              which are consistent with past practice, and which would require
              the expenditure or payment by the Corporation in excess of
              $10,000, none of which has been, or in the aggregate would be,
              materially adverse to the Business, Assets, properties or future
              prospects of the Corporation and the Subsidiary, taken as a whole.

       (t)    Non-Arm's Length Agreements. No director or officer, former
              director or officer, shareholder or employee of the Corporation or
              any other person not dealing at arm's length with the Corporation
              is a party or is otherwise bound by any agreement, contract or
              obligation between such person and the Corporation except as
              disclosed in Schedule "E".

       (u)    No Guarantees. Neither the Corporation nor the Subsidiary is bound
              by any agreement, assurance, bond, undertaking or guarantee under
              or pursuant to which it has guaranteed or endorsed the debts,
              obligations or liabilities of any other person.

       (v)    Assets. The Corporation has good and marketable title to all of
              the Assets (except Assets under lease, as to which the Corporation
              has good leasehold title), free and clear of any and all claims,
              liens, encumbrances and security interests whatsoever. No person,
              partnership, firm, corporation or other entity other than the
              Corporation owns or has any right in or to any property or Assets,
              which are necessary for or are used by the Corporation in the
              conduct of the Business.

       (w)    Governmental Charges. Each of the Corporation and the Subsidiary
              has paid all Governmental Charges other than Charges which are not
              yet due and deducted and remitted (except to the extent that
              remittances are not yet due) to the relevant governmental
              authority or entity all Taxes, unemployment insurance
              contributions, pension plan contributions and any deductions or
              other amounts which it is required by statute or contract to
              collect and remit to any Governmental Authority or other entities
              entitled to receive payment of such deduction with respect to all
              officers, employees, and service providers of the Corporation and
              the Subsidiary.

                                       12
<PAGE>   15

       (x)    Payment of Taxes. In this Section, a reference to the Corporation
              shall include a reference to every predecessor of the Corporation
              and a reference to the Subsidiary shall include a reference to
              every predecessor of the Subsidiary. As of the date of this
              Agreement, each of the Corporation and the Subsidiary has duly and
              in a timely manner filed all tax returns and reports required by
              law to have been filed by it (except for such tax returns and
              reports with respect to which the failure to timely file would not
              have a material adverse effect), has duly and correctly reported
              all income and other amounts required to be reported and has paid
              all Taxes to the extent that such Taxes have been assessed by the
              relevant taxation authority. Each of the Corporation and the
              Subsidiary has duly and in a timely manner paid all instalments of
              taxes required to be paid by it and has made full provision on its
              books for all Taxes that are not yet due, that will become due and
              which relate to periods ending immediately prior to the date of
              this Agreement. There are no actions, suits, proceedings,
              investigations, audits or claims now pending or threatened or, the
              best of the Corporation's knowledge, contemplated against the
              Corporation or the Subsidiary in respect of any Taxes and there
              are no matters under discussion with any taxation or other
              Governmental Authority relating to any such matters.

       (y)    Directors, Officers, Key Employees and Service Providers. The
              following persons are all of the directors, officers, key
              employees and key service providers of the Corporation:

<TABLE>
<CAPTION>
              Name                                  Title/Office
              ----                                  ------------
<S>                                                 <C>
              Robert Tapscott                       Senior Vice President, Strategy and
                                                    Director
              William Tapscott                      Secretary
              Max Edward Peter Stevens-Guille       Treasurer and Director
              Jeffrey Papows                        President, Chief Executive Officer and
                                                    Director
              Donald Tapscott                       Director and Chairman
              Gregory Wolfond                       Director
              Aris Kekedjian                        Director
              Peter Schwartz                        Director
</TABLE>

              and, without restricting any other representation in this
              Agreement, each of the Founders has entered into the Proprietary
              Rights Agreement.

       (z)    Employment Matters.

              (i)    No employee or consultant of the Corporation or the
                     Subsidiary has breached any agreement such that the
                     Corporation or the Subsidiary, if it had knowledge thereof,
                     would be liable to other parties to the breached agreement
                     for employing or continuing to employ the employee.

                                       13
<PAGE>   16

              (ii)   Neither the Corporation nor the Subsidiary is party to a
                     collective bargaining agreement. To the best of the
                     Corporation's knowledge there are no union organizing
                     efforts being made at the Corporation or the Subsidiary.

              (iii)  Except under the agreements disclosed in Schedule L, there
                     are no policies or plans regarding incentive compensation,
                     stock options, or other terms or conditions of employment
                     or terms or conditions upon which employees or consultants
                     or any individual employee or consultant may elect to be
                     terminated and receive pay in lieu of notice or similar
                     termination compensation (whether in lump sum or
                     otherwise), which are binding upon the Corporation or the
                     Subsidiary, as applicable.

              (iv)   Each of the Corporation and the Subsidiary is operating in
                     full compliance with all laws relating to employees,
                     including employment standards, human rights, occupational
                     health and safety, all pay equity and employment equity
                     legislation and there have been no complaints against the
                     Corporation or the Subsidiary under such laws.

              (v)    There are no complaints or threatened complaints against
                     the Corporation or the Subsidiary before any employment
                     standards branch or tribunal or human rights commission or
                     tribunal, nor, any occurrence which might lead to a
                     complaint under any human rights legislation, employment
                     standards legislation, health and safety legislation,
                     workers' compensation legislation or pay equity
                     legislation.

              (vi)   There are no outstanding decisions or settlements or
                     pending settlements under employment standards, human
                     rights legislation, health and safety legislation, workers'
                     compensation legislation, payment equity legislation or
                     labour relations legislation which place any obligation
                     upon the Corporation or the Subsidiary to do or refrain
                     from doing any act or place a financial obligation on the
                     Corporation or the Subsidiary.

              (vii)  There are no outstanding orders or charges against the
                     Corporation or the Subsidiary under the Workplace Safety
                     and Insurance Act (Ontario) or any other applicable health
                     and safety legislation in any other jurisdiction in which
                     the Business is conducted.

              (viii) All levies, assessments and penalties made against the
                     Corporation or the Subsidiary pursuant to the Workplace
                     Safety and Insurance Act (Ontario) or any other applicable
                     workers' compensation legislation in any other jurisdiction
                     in which the Business is conducted, have been paid by the
                     Corporation, and neither the Corporation nor the Subsidiary
                     has been reassessed under any such legislation during the
                     past 5 years.

                                       14
<PAGE>   17

       (aa)   Patents, Trade Marks and Copyrights. All patents, trade marks,
              trade names, brand names, trade designs, service marks and
              copyrights and all licenses and similar rights and property which
              are necessary or incidental to the conduct of the Business as the
              same is presently being carried on are valid and subsisting and
              held by the Corporation or the Subsidiary with good and marketable
              title and are in good standing free and clear of all security
              interests, claims, liens, objections and infringements of every
              nature and kind and all registrations therefor have been kept
              renewed and are in full force and effect.

       (bb)   Intellectual Property.

              (i)    Schedule "J" sets forth a complete and correct list and
                     brief description of all Intellectual Property which has
                     been registered by or on behalf of the Corporation and the
                     Subsidiary or for which applications for registration have
                     been filed by the Corporation and the Subsidiary or are
                     intended to be filed or used in the carrying on of the
                     Business and no service marks, trade names, trade-marks,
                     patents, whether domestic or foreign, or industrial designs
                     other than the Intellectual Property are used in whole or
                     in part by the Corporation or the Subsidiary.

              (ii)   The Corporation or the Subsidiary is the sole and exclusive
                     registered owner of all right, title and interest in and to
                     the Intellectual Property (with no breaks in the chain of
                     title thereof) and has the sole and exclusive right to use,
                     sell, license, prepare derivative works for, or dispose of,
                     and has the right to bring actions for the infringement or
                     misappropriation of, the Intellectual Property.

              (iii)  The Intellectual Property owned by the Corporation and the
                     Subsidiary is in full force and effect and the Corporation
                     or the Subsidiary, as the case may be, has used the
                     Intellectual Property in such manner as to preserve its
                     rights therein, including proper notices indicating
                     ownership of and/or rights to use the Intellectual
                     Property, to the extent reasonably necessary for the
                     protection of the Intellectual Property.

              (iv)   All directors, officers and employees having access to or
                     knowledge of the Intellectual Property that is of a
                     confidential nature and that is necessary or otherwise used
                     for or in connection with the conduct or operation or
                     proposed conduct or operation of the Business have entered
                     into non- disclosure agreements with the Corporation.

              (v)    All employees of, and service providers to, the Corporation
                     or the Subsidiary who are engaged to or could, in the
                     course of their employment or engagement or otherwise,
                     invent or develop intellectual property have entered into
                     proprietary rights or similar agreements with the
                     Corporation or the Subsidiary, pursuant to which the
                     employee or service provider, as the case may be, assigns
                     to the Corporation or the Subsidiary all

                                       15
<PAGE>   18

                     Intellectual Property, technical information and other
                     information developed and/or worked on by the consultant
                     while employed or engaged with the Corporation or the
                     Subsidiary.

              (vi)   No past or present director, officer, employee or service
                     provider of the Corporation or the Subsidiary is in
                     violation of any term of any non- disclosure, proprietary
                     rights or similar agreement between the Corporation or the
                     Subsidiary and such person.

              (vii)  None of the Founders is in violation or breach of any terms
                     and conditions of the Proprietary Rights Agreement or
                     Section 6 of the Securityholders' Agreement or has
                     previously violated or breached any of the terms or
                     conditions of such agreements.

              (viii) There are no claims of adverse ownership, invalidity or
                     other opposition to or conflict with any Intellectual
                     Property nor of any pending or threatened suit, proceeding,
                     claim, demand, action or investigation of any nature or
                     kind against the Corporation or the Subsidiary relating to
                     the Intellectual Property.

              (ix)   There is no activity in which the Corporation or the
                     Subsidiary is engaged, or any product which the Corporation
                     or the Subsidiary manufactures or sells or any process,
                     method, packaging or material that it employs in carrying
                     on the Business which breaches, violates, infringes or
                     interferes with any intellectual property rights of any
                     third party or requires payment for the use of any patent,
                     trade name, trade secret, trade mark, copyright or other
                     intellectual property right of another person.

              (x)    The execution, delivery and performance of the Transaction
                     Documents will not breach, violate or conflict with any
                     instrument or agreement governing any Intellectual Property
                     right owned, used by or licensed to the Corporation or the
                     Subsidiary, will not cause the forfeiture or termination of
                     any Intellectual Property right owned, used by or licensed
                     to the Corporation or the Subsidiary or in any way exclude
                     the right of the Corporation or the Subsidiary to use,
                     sell, license or dispose of or to bring any action for the
                     infringement or any Intellectual Property right owned, used
                     by or licensed to the Corporation or the Subsidiary (or
                     portion thereof).

       (cc)   Protection of Data Processing and Storage. The data processing
              system used by the Corporation and the Subsidiary adequately meets
              the data processing needs of the business and operations of the
              Corporation and the Subsidiary as presently conducted. The
              Corporation has taken all appropriate action by instruction,
              agreement or otherwise with its employees or other persons
              permitted access to system application programs and data files
              used in the data processing system to protect against unauthorized
              access, use, copying, modification, theft and

                                       16
<PAGE>   19

              destruction of such programs and files. The data processing and
              data storage facilities of the Corporation and the Subsidiary are
              adequate and properly protected.

       (dd)   Environmental Matters. In this Section 3.1(dd), a reference to the
              Corporation shall include a reference to every predecessor of the
              Corporation and a reference to the Subsidiary shall include a
              reference to every predecessor of the Subsidiary. All operations
              of the Corporation and the Subsidiary conducted on any real
              property, leased or owned by the Corporation or the Subsidiary and
              such properties themselves while occupied by the Corporation and
              the Subsidiary, have been and are in compliance in all material
              respects with all Environmental Laws. There has been no release by
              the Corporation or the Subsidiary of any hazardous substance as
              defined by the Environmental Laws which is now present in, on or
              under any real property, leased or owned by the Corporation or the
              Subsidiary (including underlying soils and substrata, surface
              water and groundwater) at levels which exceed decommissioning or
              remediation standards under any Environmental Laws or standards
              published or administered by those Governmental Authorities
              responsible for establishing or applying such standards. All
              environmental approvals required to be held by the Corporation or
              the Subsidiary have been obtained, are valid and in full force and
              effect, have been and are being complied with, and there have been
              and are no proceedings commenced or threatened to revoke or amend
              any such environmental approvals. Neither the Corporation nor any
              of its operations has been or is now the subject of any remedial
              order under any Environmental Laws, nor has any investigation or
              evaluation been commenced as to whether any such remedial order is
              necessary or of any threat of any such remedial order or any
              circumstances which could result in the issuance of any such
              remedial order.

       (ee)   Material Contracts. As at the date of this Agreement, all of the
              Material Contracts of the Corporation and the Subsidiary are as
              set out in Schedule "D" hereto, executed copies of which have been
              delivered to the Investor, all such material contracts can be
              fulfilled and performed in all material respects by the
              Corporation and the Subsidiary in the normal course of business
              dealings and are in good standing and no event of default has
              occurred and is continuing and no event has occurred which, with
              the giving of notice, the passing of time or both, would
              constitute an event of default under any Material Contract.

       (ff)   No Rights to Acquire Interest. Except for the Material Contracts
              and except as otherwise set out in this Agreement, there is no
              agreement, option, understanding or commitment, or any right or
              privilege capable of becoming an agreement, for the purchase or
              acquisition of any interest in the Business or the Assets from the
              Corporation or the Subsidiary.

       (gg)   No Other Obligations. Other than the Material Contracts, there are
              no agreements of the Corporation or the Subsidiary, whether
              written or oral, which:

                                       17
<PAGE>   20

              (i)    commit the Corporation or the Subsidiary to capital
                     expenditures or involve liabilities, other than the
                     purchase of inventory in the ordinary course of business,
                     in excess of $25,000;

              (ii)   involve partnerships, joint ventures, granting of marketing
                     rights by or licensing of Intellectual Property of the
                     Corporation or the Subsidiary;

              (iii)  cannot be readily fulfilled or performed in all material
                     respects by the Corporation or the Subsidiary in the normal
                     course of business; or

              (iv)   are not on arm's length terms or are in any way otherwise
                     than in the ordinary and normal course of business, other
                     than those disclosed in Schedule "E".

       (hh)   No Fees. Neither the Corporation nor the Subsidiary is a party to
              or bound by any contract or commitment to pay any royalty, license
              fee or management fee except for the Material Contracts.

       (ii)   No Powers of Attorney. There are no outstanding powers of attorney
              or other authorizations granted by the Corporation or the
              Subsidiary to any third party to bind the Corporation or the
              Subsidiary to any contract, agreement, liability or obligation.

       (jj)   Absence of Litigation, etc. There is not now in progress, pending
              or, threatened or, to the best of the Corporation's knowledge,
              contemplated against the Corporation or the Subsidiary, any
              litigation, action, suit, investigation, claim, complaint or other
              proceeding, including appeals and applications for review, by or
              before any court, tribunal, government agency, commission, board,
              bureau, agency or instrumentality, domestic or foreign, which
              could materially and adversely affect the Corporation or the
              Subsidiary, the Assets or the Business or the Corporation's
              present or prospective ability to perform its obligations under
              any of the Transaction Documents.

       (kk)   Compliance with Laws. The Business has been, and is now being,
              conducted and all of the properties and assets of any and every
              nature and kind whatsoever owned or leased by the Corporation and
              the Subsidiary have been, and are now being, used in compliance
              with all applicable Governmental Regulations of all Governmental
              Authorities having jurisdiction over the Corporation and the
              Subsidiary and no notices have been received that the Business is
              not being conducted or that any of such properties and assets are
              not being used in compliance with all applicable Governmental
              Regulations of all Governmental Authorities having jurisdiction
              over the Corporation and the Subsidiary;

       (ll)   Governmental Consents. No consent, approval or authorization of,
              or declaration or filing with, any Governmental Authority on the
              part of the Corporation or the Subsidiary is required for the
              valid execution and delivery of this Agreement, the

                                       18
<PAGE>   21

              consummation of the transactions contemplated hereby, the valid
              offer, issue, sale and delivery of the Subscribed Shares pursuant
              to this Agreement, or the valid issue and delivery of Common
              Shares issuable upon conversion of the Subscribed Shares. Except
              for consents, approvals, filings or notices that will be timely
              given or timely made at or prior to the Time of Closing, neither
              the Corporation nor the Subsidiary is required to obtain any
              consent, approval or authorization of, or to make any declaration
              or filing with, any Governmental Authority as a condition to the
              valid execution, delivery or performance of any of the Transaction
              Documents or the consummation of the transactions contemplated
              thereby;

       (mm)   Transactions with Affiliates. Except as set forth in Schedule "E"
              hereto, neither the Corporation nor the Subsidiary has any
              agreements, understandings and obligations involving any business
              entities in which a Founder may have a material interest. Except
              as set forth in Schedule "E" hereto, there exists no potential
              material complications relating to any agreement previously
              effected with prior employees, prior consultants or other
              entities;

       (nn)   Insurance. The Corporation has and will carry insurance covering
              its properties and business adequate and customary for the type
              and scope of its properties and the Business. The Corporation has
              not suffered the cancellation of any of its insurance, nor has the
              Corporation been denied insurance which it has applied for or
              requested;

       (oo)   Authorizations. There are no material governmental authorizations
              or permits which are, in any manner, necessary for the Corporation
              or the Subsidiary to conduct the Business as presently or
              previously conducted or for the ownership and use of the Assets in
              compliance with applicable Laws.

       (pp)   Disclosure of Information. The Corporation has made available to
              the Investor and the Investor's Solicitors all documents and
              information pertaining to or affecting the Business insofar as
              such documents and information are known to the Corporation and
              pertain to the Business and the Corporation has not withheld from
              the Investor or the Investor's Solicitors or other professional
              advisers any material documents or information reasonably required
              to make not misleading those documents and that information made
              available by the Corporation to the Investor.

       (qq)   No Untrue Statements. None of the foregoing representations,
              warranties and statements of fact contains any untrue statement of
              material fact or omits to state any material fact necessary to
              make any such representation, warranty or statement not misleading
              to a prospective investor seeking full information concerning the
              matters which are subject of such representations, warranties and
              statements.

                                       19
<PAGE>   22

       (rr)   Resale Restrictions. The resale restrictions pertaining to the
              shares held by other shareholders in the Company are at least as
              restrictive as the resale restrictions described in paragraph
              3.2(f) below pertaining to the Subscribed Shares.

       (ss)   Life Insurance. The Corporation has obtained key-person life
              insurance on each of the Founders in the amount of $1,000,000 with
              the loss payee designated as the Corporation.

       (tt)   Employment Agreements. The Corporation or the Subsidiary has
              entered into employment agreements which include devotion of time
              and confidentiality provisions consistent with the terms and
              conditions of the Proprietary Rights Agreement with each of the
              Founders and other consultants to the Corporation other than
              William Tapscott and Max Stevens-Guille.

       (uu)   Tax Indemnities. The Corporation has entered into agreements with
              William Tapscott and Max Stevens-Guille which provide that such
              persons shall indemnify the Corporation for any Governmental
              Charges or Taxes assessed as a result of such persons being
              considered employees of the Corporation by any relevant taxation
              authority.

3.2 Representations, Warranties and Covenants of the Investor. The Investor
represents and warrants to and in favour of the Corporation as follows:

       (a)    Authority. The Investor has all necessary power, authority and
              capacity to enter into this Agreement and, upon satisfaction or
              waiver of the condition precedents set forth in Section 5.2
              herein, to do all such acts and things as are required to be done,
              observed or performed by it, in accordance with the terms of this
              Agreement.

       (b)    Enforceability of Obligations. When executed and delivered, this
              Agreement will constitute a valid and legally binding obligation
              enforceable against the Investor in accordance with its terms
              subject, however, to limitations with respect to enforcement
              imposed by law in connection with bankruptcy or similar
              proceedings and to the extent that equitable remedies such as
              specific performance and injunction are in the discretion of the
              court from which they are sought.

       (c)    Residence and Purchasing as Principal. The Investor is resident in
              the State of Texas, U.S.A. and the Investor is purchasing the
              Subscribed Shares as principal for such Investor's own account and
              not for the benefit of, or on behalf of, any other person.

       (d)    No Advertisement. To the best of the Investor's knowledge, the
              offer and sale of the Subscribed Shares is not being accompanied
              by an advertisement.

       (e)    Exemptions from Securities Legislation. The Investor acknowledges
              that, as the sale of the Subscribed Shares to the Investor is
              being completed pursuant to

                                       20
<PAGE>   23

              exemptions from the prospectus requirements of applicable
              securities legislation in Canada, except as set forth in paragraph
              4.1(i) the civil remedies provided for in such legislation are not
              available to the Investor, and the Investor may not receive
              information that it would be entitled to under such legislation if
              no prospectus exemption was available and that the Corporation is
              relieved of certain obligations which would otherwise apply under
              applicable securities legislation.

       (f)    Resale Restrictions. The Investor understands the restrictions on
              resale of the Subscribed Shares imposed by applicable securities
              laws and that the certificates representing the Subscribed Shares
              will bear legends denoting certain resale restrictions. The
              Investor shall comply with all applicable resale restrictions. No
              prospectus has been filed with respect to the Subscribed Shares or
              this Agreement with any securities regulatory authority. The
              Investor understands that the Subscribed Shares cannot be sold or
              otherwise distributed in the absence of an exemption from the
              registration and prospectus requirements of applicable provincial
              securities laws.

       (g)    No Market. There is no public market for the Subscribed Shares,
              and there is no certainty that such a market will ever develop.
              There can be no assurance that the Investor will be able to sell
              or dispose of the Subscribed Shares.

       (h)    Purchasing as Principal. The Investor is purchasing the Subscribed
              Shares as principal for its own account and not for the benefit of
              any other person.

       (i)    Primary Purpose. The Investor has not been created nor is it being
              used primarily to permit the purchase of the Subscribed Shares
              without a prospectus in reliance on an exemption from the
              prospectus requirements of applicable securities legislation.

       (j)    Sophisticated Purchaser. The Investor is capable of assessing the
              proposed investment as a result of the Investor's financial or
              investment experience or as a result of advice received from a
              registered person other than the Investor or an affiliate thereof,
              and is able to bear the economic loss of its investment. The
              Investor has such knowledge in financial and business affairs as
              to be capable of evaluating the merits and risks of its investment
              and is able to bear the economic risk of loss of its investment.

       (k)    Reliance on FOFI. The Investor acknowledges that the Business Plan
              includes forecast statements of operations and financial results,
              projections and forward- looking statements. The Investor
              acknowledges that since forecasted, projected and forward-looking
              information is based on assumptions regarding future events,
              actual results will vary and the variations may be material.

3.3 Meaning of "To the best of the Corporation's knowledge". For the purposes of
the representations and warranties contained in Section 3.1, whenever "to the
best of the

                                       21
<PAGE>   24

Corporation's knowledge" is used, it means to the best of the knowledge of the
party or parties referred to after making such diligent inquiry as may be
reasonable under the circumstances.

3.4 Reliance. The Corporation acknowledges that the Investor is relying on the
representations and warranties set forth in Section 3.1 of this Agreement in
advancing the Subscription Funds on the Closing Date, and agrees that such
representations will be true, accurate and correct as of the Time of Closing on
the Closing Date.

3.5 Survival of Representations and Warranties. All representations and
warranties made herein will survive the delivery of this Agreement to the
parties hereto and the completion of the transactions contemplated hereby and,
notwithstanding such completion, will continue in full force and effect for the
benefit of the parties to which such representations and warranties are made
provided, however, that all representations and warranties shall terminate, and
no claim may be made or action commenced in respect of a breach thereof, after
the second anniversary of the Closing Date, other than representations and
warranties contained in Sections 3.1(w) and (x) which shall terminate on the
sixth anniversary of the Closing Date. No investigation at any time made by or
on behalf of any party hereto shall diminish in any respect whatsoever its
rights to rely on the representations and warranties set forth in this
Agreement. All statements contained in any certificate or other instrument
delivered by or on behalf of the Corporation under or pursuant to this Agreement
will constitute representations and warranties made by the Corporation
thereunder.

4.  COVENANTS OF THE CORPORATION

4.1 Covenants of the Corporation. The Corporation covenants and agrees with the
Investor that:

       (a)    The Corporation shall comply, and the Corporation shall cause the
              Subsidiary to comply, with all laws, rules, regulations and
              orders, the non-compliance with which could materially and
              adversely affect the Business or the performance by the
              Corporation of its obligations under this Agreement or any other
              agreement with the Investor, as the case may be.

       (b)    The Corporation will diligently observe and perform or cause to be
              observed and performed all covenants to be observed or performed
              under the Transaction Documents and under any other agreement
              between the Corporation and the Investor, as the case may be.

       (c)    At any reasonable time and from time to time upon reasonable prior
              notice, the Corporation shall permit a representative of the
              Investor, at the reasonable expense of the Corporation, to examine
              and make copies of any abstracts from its records and books of
              account and to visit and inspect the Corporation and the
              Subsidiary and to discuss the affairs, finances and accounts of
              the Corporation and the Subsidiary with any of the directors,
              officers or senior management personnel of the Corporation and the
              Subsidiary.

                                       22
<PAGE>   25

       (d)    The Corporation shall, and shall cause the Subsidiary to, do all
              things necessary to obtain, promptly renew and maintain in good
              standing from time to time, all approvals, leases, licenses,
              permits and consents as are required to own, develop and operate
              the Business, Assets, property and undertaking and perform its
              obligations under this Agreement and all other agreements between
              the Corporation and the Investor, as the case may be.

       (e)    The Corporation shall give notice to the Investor forthwith of the
              occurrence of any material litigation, proceeding or dispute
              affecting the Corporation or the Subsidiary and from time to time
              shall provide the Investor with all reasonable information
              requested by the Investor concerning the status of any such
              litigation, proceeding or dispute.

       (f)    The Corporation shall forthwith give notice to the Investor of any
              fact which, with the giving of notice, lapse of time or otherwise
              may constitute an event of default under any Material Contract or
              other obligation of the Corporation which might have a material
              adverse effect on the Corporation, the Business or Assets.

       (g)    On the Closing, the Corporation shall file all documents and take
              all proceedings required to be taken by it to permit the
              Subscribed Shares to be distributed to the Investor in compliance
              with applicable securities legislation in Canada.

       (h)    The Corporation shall forthwith give notice to the Investor of any
              fact which, with the giving of notice, lapse of time or otherwise
              constitute a breach of the obligations of or an event of default
              by, a Founder under the Proprietary Rights Agreement or Section 6
              of the Securityholders' Agreement. In the event of such breach or
              default, the Corporation shall take all necessary action to
              enforce the rights of the Corporation under the Proprietary Rights
              Agreement or Section 6 of the Securityholders' Agreement.

       (i)    The Corporation hereby grants to the Investor the contractual
              rights of action summarized in the Business Plan.

4.2 Survival of Corporation's Covenants. The covenants of the Corporation set
forth in Section 4.l will survive the completion of the transactions
contemplated by this Agreement and will continue in full force and effect for
the benefit of the Investor for so long as the Investor remains a shareholder of
the Corporation.

4.3 Indemnity. The Corporation shall indemnify and save the Investor and the
director, officers and employees of the Investor harmless of and from any loss,
liability, claim, damage or expense (whether or not involving a third-party
claim) including reasonable legal expenses (collectively, "Damages") suffered
by, imposed upon or asserted against any of the Investor or such other person as
a result of, in respect of, connected with, or arising out of, under, or
pursuant to:

                                       23
<PAGE>   26

       (a)    Any failure of a Founder to perform or fulfil any covenant or
              obligation of such Founder in the Proprietary Rights Agreement or
              Article 6 of the Securityholders' Agreement, or any violation or
              breach by a Founder of terms and conditions of the Proprietary
              Rights Agreement whether arising as of the date hereof or
              thereafter;

       (b)    Any inaccuracy of any representation or warranty given by the
              Corporation contained in Section 3.1(y) or Section 3.1(bb)(vi) or
              (vii) of this Agreement; and

       (c)    Any failure by the Corporation to perform or fulfil the covenant
              of the Corporation contained in Section 4.1(h) of this Agreement.

4.4    Limitations on Indemnity.

       (a)    If the Investor or one of its directors, officers or employees
              (the "Indemnified Party") shall become aware of any claim, demand,
              proceeding or other matter (a "Claim") in respect of which the
              Corporation (the "Indemnifying Party") agreed to indemnify the
              Indemnified Party pursuant to Section 4.3, the Indemnified Party
              shall promptly give written notice thereof to the Indemnifying
              Party. Such notice shall specify with reasonable particularity (to
              the extent that the information is available) the factual basis
              for the Claim and the amount of the Claim, if known. If, through
              the fault of the Indemnified Party, the Indemnifying Party does
              not receive notice of any Claim in time to contest effectively the
              determination of any liability susceptible of being contested, the
              Indemnifying Party shall be entitled to set off against the amount
              claimed by the Indemnified Party the amount of any Damages
              incurred by the Indemnifying Party resulting from the Indemnified
              Party's failure to give such notice on a timely basis.

       (b)    Following receipt of notice from the Indemnified Party of the
              Claim, the Indemnifying Party shall have 30 days to make such
              investigation of the Claim as is considered necessary or
              desirable. For the purpose of such investigation, the Indemnified
              Party shall make available to the Indemnifying Party the
              information relied upon by the Indemnified Party to substantiate
              the Claim, together with all such other information as the
              Indemnifying Party may reasonably request and as is reasonably
              available to the Indemnified Party. If both parties agree at or
              prior to the expiration of such 30-day period (or any mutually
              agreed upon extension thereof) to the validity and amount of such
              Claim, the Indemnifying Party shall immediately pay to the
              Indemnified Party the full agreed upon amount of the Claim,
              failing which the matter shall be referred to binding arbitration
              in such manner as the parties may agree or shall be determined by
              a court of competent jurisdiction.

       (c)    No Claim shall be made pursuant to Section 4.3 until the aggregate
              Damages suffered or incurred by all Indemnified Parties exceed
              $300,000, at which time the Indemnified Parties may make Claims in
              respect of all such Damages, including the first $300,000.

                                       24
<PAGE>   27

       (d)    The maximum liability of the Corporation pursuant to Section 4.3
              shall not exceed $3,000,000.

5. CLOSINGS AND CONDITIONS PRECEDENT TO CLOSINGS

5.1 Closing Arrangements. Subject to the terms and conditions herein, the
transactions contemplated herein shall be closed on the Closing Date at the Time
of Closing at the offices of the Corporation's Solicitors, 1 First Canadian
Place, Suite 4400, Toronto, Ontario, or at such other place or places as may be
mutually agreed upon by the Investor and the Corporation.

5.2 Conditions Precedent of Investor to Closing. The Investor's obligation to
subscribe for and purchase the Subscribed Shares on the Closing Date is
conditional on and subject to the satisfaction of the following conditions
precedent:

       (a)    the board of directors of the Corporation shall have approved and
              authorized the form, execution and delivery of the Transaction
              Documents and the allotment and issuance of the Subscribed Shares,
              the Acceleration Services Shares and the reservation of the
              Conversion Shares;

       (b)    the Corporation shall have fully performed, observed and complied
              with all of the covenants and agreements to be performed, observed
              or complied with in all material respects by them on or before the
              Closing Date;

       (c)    the Investor shall be furnished with such certificates, affidavits
              or statutory declarations of the Corporation, the officers of the
              Corporation, and legal opinions of the solicitors of the
              Corporation as reasonably required and as the Investor or the
              Investor's Solicitors may reasonably think necessary in order to
              establish that the terms, covenants and conditions contained in
              this Agreement to have been performed or complied with in all
              material respects by the Corporation at or prior to the Time of
              Closing have been performed and complied with;

       (d)    the Corporation shall have reconstituted the Board of Directors of
              the Corporation to appoint the Investor Nominee, initially being
              Ronald A. Woessner, in accordance with the Securityholders'
              Agreement and the Corporation shall have entered into an indemnity
              agreement with the Investor nominee in a form satisfactory to the
              Investor;

       (e)    each of the Investor and the Investor's Solicitors shall be
              satisfied, acting reasonably, with the documentation, opinions and
              other certificates and instruments required to be delivered
              pursuant to this paragraph.

5.3 Waiver or Termination by Investor. The conditions contained in Section 5.2
hereof are inserted for the exclusive benefit of the Investor and may be waived
in whole or in part by the Investor in writing at any time. The Corporation
acknowledges that the waiver by the Investor, as the case may be, of any
condition or any part of any condition shall constitute a waiver only of such
condition or such part of such condition, as the case may be, and shall not
constitute a waiver of any covenant, agreement, representation or warranty made
by the Corporation herein

                                       25
<PAGE>   28

that corresponds or is related to such condition or such part of such condition,
as the case may be. If any of the conditions contained in Section 5.2 hereof are
not fulfilled or complied with as herein provided by the Time of Closing, the
Investor may, at its option, terminate this Agreement by notice in writing to
the Corporation and in such event the Investor shall be released from all
obligations hereunder.

5.4 Conditions Precedent of the Corporation to Closing. The Corporation's
obligation to accept the subscription of the Investor and issue the Subscribed
Shares on the Closing Date is conditional on and subject to the Investor having
tendered its Subscription Price hereunder and the representations and warranties
of the Investor set forth in Section 3.2 being true and correct in all material
respects at the Time of Closing on the Closing Date with the same force and
effect as if made at and as of such time.

5.5 Waiver or Termination by the Corporation. The conditions contained in
Section 5.4 hereof are inserted for the exclusive benefit of the Corporation and
may be waived in whole or in part by the Corporation in writing at any time. If
the conditions contained in Section 5.4 hereof are not fulfilled or complied
with as herein provided, the Corporation may, at or prior to the Time of
Closing, rescind this Agreement by notice in writing to the Investor and in such
event the Corporation shall be released from all obligations hereunder save and
except for the obligations set forth in Section 6.1.

5.6 Documents to be Delivered by the Corporation. At or before the Time of
Closing the Corporation shall execute, or cause to be executed, and shall
deliver, or cause to be delivered, to the Investor the following documents,
instruments and things, all in form and substance satisfactory to the Investor
and the Investor's Solicitors:

       (a)    this Agreement duly executed by the Corporation;

       (b)    a Certificate of Status for the Corporation from the Ministry of
              Consumer and Commercial Relations pursuant to the OBCA dated
              within two Business Days of the Closing Date;

       (c)    a certified copy of the Constating Documents as of the Closing
              Date;

       (d)    to the Investor, a certified copy of the resolutions of the
              directors of the Corporation approving the Transaction Documents
              and the allotment and issuance of the Subscribed Shares;

       (e)    certificates representing the Subscribed Shares, all registered in
              the name of the Investor as set out herein;

       (f)    a receipt to the Investor indicating receipt by the Corporation of
              the Subscription Funds;

       (g)    an opinion of legal counsel for the Corporation in a form
              acceptable to the Investor's Solicitors acting reasonably;

                                       26
<PAGE>   29

       (h)    the Securityholders' Agreement, duly executed by the Corporation
              and all other parties thereto except the Investor;

       (i)    a certified copy of the resolutions of the directors or
              shareholders of the Corporation, as necessary, approving the
              reconstitution of the board of directors of the Corporation and
              the election or appointment, as the case may be, of the Investor's
              nominee as provided for in the Securityholders' Agreement,
              initially being Ronald A. Woessner; and

       (j)    all other documents and instruments requiring execution by the
              Corporation as the Investor may reasonably request pursuant to the
              terms and conditions of this Agreement.

5.7 Documents to be Delivered by the Investor at the Closing Date. At or before
the Time of Closing, the Investor shall execute, or cause to be executed, and
shall deliver, or cause to be delivered, to the Corporation the following
documents, instruments and things, all in form and substance satisfactory to the
Corporation:

       (a)    this Agreement duly executed by the Investor;

       (b)    payment of the Subscription Price as contemplated in Section 2.1
              hereof;

       (c)    the Securityholders' Agreement, duly executed by the Investor; and

       (d)    all other documents and instruments requiring execution by the
              Investor as the Corporation may reasonably request pursuant to the
              terms and conditions of this Agreement.

6.  PUBLIC ANNOUNCEMENTS

6.1 Disclosure by Corporation. The Corporation shall not, without the prior
consent of the Investor, make any disclosure regarding the existence, purpose,
scope, content, terms or conditions of this Agreement or other agreements
relating thereto save to the extent such disclosure comprises information
substantially already publicly available or unless it is necessary for the
Corporation to make such disclosure in order to comply with a statutory
obligation or the requirements of a competent government or statutory agency;
provided that, where practicable, a copy of any proposed announcement or
statement shall be furnished to the Investor 48 hours in advance of the proposed
date of publication. Nothing herein shall prevent disclosure of the terms of
this Agreement to a corporate party's directors, officers, employees or agents
or its financial, legal, accounting or other advisors.

7.  NOTICES

7.1 Notices. Any notice, request or other communication required or permitted to
be given hereunder shall be in writing and shall be delivered in person
(including by courier) or transmitted by telecopier, addressed as follows:

                                       27
<PAGE>   30

       (a)    to the Corporation:

              133 King Street East
              2(nd) Floor
              Toronto, Ontario
              M5C 1G6

              Attention:      Secretary

              Tel. No:        (416) 367-7301           Fax No: (416) 367-7333

              with a copy to:

              Davies, Ward & Beck LLP
              44(th) Floor
              1 First Canadian Place
              Toronto, Ontario
              M5X 1B1

              Attention:      Timothy H. Moran

              Tel. No:       (416) 863-5564            Fax No: (416) 863-0871

       (b)    to the Investor:

              ZixIt Corporation
              2711 N. Haskell Avenue
              Suite 2850, LB 36
              Dallas, Texas  75204

              Attention:     Chief Legal Officer

              Tel. No:       (214) 515-7300            Fax No: (214) 515-7385

                                       28
<PAGE>   31

              with a copy to:

              Stikeman Elliott
              Commerce Court West
              Suite 5300
              Toronto, Ontario  M5L 1B9
              Canada

              Attention:      Richard Clark

              Tel. No:       (416) 869-5546       Fax No: (416) 947-0866

        Any such communication shall be deemed to have been given and received
on the day on which it was delivered or transmitted (or, it such day is not a
Business Day, on the next following Business Day).

        Any party may at any time change its address for service from
time-to-time by giving notice to the other parties in accordance with the
foregoing provisions of this Section 7.1

8.  GENERAL PROVISIONS

8.1 Entire Agreement. This Agreement, including all the Schedules hereto, and
the agreements and other documents to be delivered pursuant hereto, constitutes
the entire agreement among the parties pertaining to the subject matter hereof
and supersedes any and all prior agreements, understandings, negotiations and
discussions, whether oral or written, of the parties and there are no
warranties, representations or other agreements among the parties in connection
with the subject matter hereof except as specifically set forth herein and
therein.

8.2 Waiver. The failure of a party in any one or more instances to insist upon
strict performance of any of the terms of this Agreement or to exercise any
right or privilege arising under it shall not preclude it from requiring by
reasonable notice that any other party duly perform its obligations or preclude
it from exercising such a right or privilege under reasonable circumstances, nor
shall waiver in any one instance of a breach be construed as an amendment of
this Agreement or waiver of any later breach.

8.3 Assignment. The Corporation shall not assign this Agreement or its interest
herein or any part hereof except with the prior written consent of the Investor.

8.4 No Partnership. Neither this Agreement, nor any provisions of this
Agreement, shall be construed as creating a partnership, joint venture or agency
relationship or as granting a franchise.

8.5 Further Assurances. Each of the parties hereto shall from time to time at
the request of any of the other parties hereto and without further
consideration, execute and deliver all such other additional assignments,
transfers, instruments, notices, releases and other documents and

                                       29
<PAGE>   32

shall do all such other acts and things as may be necessary or desirable to
assure more fully the consummation of the transactions contemplated hereby.

8.6 Time. Time shall be of the essence of this Agreement.

8.7 Amendment. This Agreement may be amended or varied only by agreement in
writing signed by each of the parties. Unless the context otherwise so requires,
a reference to this Agreement shall include a reference to this Agreement as
amended or varied from time to time.

8.8 Severability. It is the intention and agreement of the parties that, if any
provision of this Agreement is held to be illegal, invalid or unenforceable in
whole or in part under present or future laws, that provision be curtailed to
the extent required for its validity under the applicable law and, as so
curtailed, shall be enforceable. Alternatively, the parties agree to substitute
for such provision another provision that is legal, valid and enforceable and
achieves the same or similar objectives. If this is not possible, the parties
agree that should any provision of this Agreement be held invalid or
unenforceable, such provision shall be ineffective only to the extent of such
invalidity or unenforceability, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

8.9 Remedies. All remedies, rights, undertakings, obligations or agreements of
the parties arising by law, this Agreement or otherwise shall be cumulative and
none thereof shall be in limitation of any other right, remedy, undertaking,
obligation or agreement of such party. Each party may follow any remedy to which
such party is entitled by law, this Agreement or otherwise concurrently or
successively at that party's option.

8.10 Governing Law and Attornment. This Agreement shall be exclusively governed
by and interpreted in accordance with the laws from time to time in force in
Ontario and the laws of Canada applicable thereto. This Agreement shall be
deemed to have been performed in the Province of Ontario and the courts of the
Province of Ontario shall have non-exclusive jurisdiction to entertain any
action arising under this Agreement. The parties hereto each hereby attorns to
the non-exclusive jurisdiction of the courts of the Province of Ontario.

8.11 Legal Costs. If any action or other proceeding is filed or commenced by any
party hereto against another with respect to the enforcement of this Agreement
or with respect of an alleged breach, default or misrepresentation of any of the
provisions of this Agreement, such party or parties shall, jointly and severally
if there is more than one, be entitled to recover, if successful, their
reasonable lawyers' fees on a solicitor and client basis and all related
reasonable disbursements, Taxes, costs and expenses incurred in that legal
action or proceeding, in addition to any other relief to which such party may be
entitled.

8.12 Benefit of Agreement. This Agreement shall enure to the benefit of and be
binding upon the parties hereto and their respective successors and permitted
assigns.

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<PAGE>   33

8.13 Counterparts. This Agreement may be executed by facsimile and in as many
counterparts as are necessary, each of which shall be deemed to be an original,
and shall be binding on each party when each party hereto has signed and
delivered one such counterpart. When a counterpart of this Agreement has been
executed by each party, all counterparts together shall constitute one
agreement.

        IN WITNESS WHEREOF the parties hereto have executed this Agreement as of
the date first set forth above.

                                              MAPTUIT CORPORATION

                                              Per: /s/ WILLIAM K. TAPSCOTT
                                                  ------------------------------
                                              Per:
                                                  ------------------------------

                                              ZIXIT CORPORATION

                                              Per: /s/ RONALD A. WOESSNER
                                                  ------------------------------

                                              Its: S.V.P.
                                                  ------------------------------

                                       31

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