Document:

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                                                                   EXHIBIT 10.12

         THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE
         NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE
         SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED
         EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
         SECURITIES ACT OF 1933, OR AN OPINION OF COUNSEL SATISFACTORY TO THE
         COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD
         PURSUANT TO RULE 144 UNDER SUCH ACT.

                        WARRANT TO PURCHASE COMMON STOCK
                        OF TOREADOR RESOURCES CORPORATION

WARRANT NO. 025                                         VOID AFTER APRIL 7, 2008

                  This Warrant is issued to Barclays Bank PLC ("Holder") by
Toreador Resources Corporation, a Delaware corporation (the "Company"), on April
14, 2003 (the "Warrant Issue Date"). This Warrant is issued pursuant to the
terms of that certain Letter Agreement dated March 25, 2003, by the Company and
Barclays Capital, an affiliate of the Holder.

                  1.       Purchase Shares. Subject to the terms and conditions
hereinafter set forth, the Holder is entitled, upon surrender of this Warrant at
the principal office of the Company (or at such other place as the Company shall
notify the holder hereof in writing), to purchase from the Company up to One
Hundred Thousand (100,000) fully paid and nonassessable shares of Common Stock,
par value $0.15625, of the Company, as constituted on the Warrant Issue Date
(the "Common Stock"). The number of shares of Common Stock issuable pursuant to
this Section 1 (the "Shares") shall be subject to adjustment pursuant to Section
7 hereof.

                  2.       Exercise Price. The purchase price for the Shares
shall be US$3.52 per share, as adjusted from time to time pursuant to Section 7
hereof (the "Exercise Price").

                  3.       Exercise Period. This Warrant shall be exercisable
commencing six months after the Warrant Issue Date and shall expire and be of no
further force or effect at 4:30 pm (Dallas time) on April 7, 2008 (the
"Expiration Date").

                  4.       Method of Exercise. While this Warrant remains
outstanding and exercisable in accordance with Section 3 above, the Holder may
exercise, in whole or in part, the purchase rights evidenced hereby. Such
exercise shall be effected by:

                           (a)      the surrender of the Warrant, together with
a duly executed copy of the form of Notice of Election attached hereto, to the
Secretary of the Company at its principal office; and

                           (b)      the payment to the Company of an amount
equal to the aggregate Exercise Price for the number of Shares being purchased
by certified check or bank draft.

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                  5.       Certificates for Shares. Upon the exercise of the
purchase rights evidenced by this Warrant, one or more certificates for the
number of Shares so purchased shall be issued as soon as practicable thereafter
(with appropriate restrictive legends, if applicable), and in any event within
thirty (30) days of the delivery of the Notice of Election.

                  6.       Issuance of Shares. The Company covenants that the
Shares, when issued pursuant to the exercise of this Warrant, will be duly and
validly issued, fully paid and nonassessable.

                  7.       Adjustment of Exercise Price and Number of Shares.
The number of and kind of securities purchasable upon exercise of this Warrant
and the Exercise Price shall be subject to adjustment from time to time as
follows:

                           (a)      Subdivisions, Combinations and Other
Issuances. If the Company shall at any time prior to the expiration of this
Warrant subdivide its Common Stock, by split-up or otherwise, or combine its
Common Stock, or issue additional shares of its Common Stock as a dividend or
distribution with respect to any shares of its Common Stock, the number of
Shares issuable on the exercise of this Warrant shall forthwith be
proportionately increased in the case of a subdivision or stock dividend or
distribution, or proportionately decreased in the case of a combination.
Appropriate adjustments shall also be made to the purchase price payable per
share, but the aggregate purchase price payable for the total number of Shares
purchasable under this Warrant (as adjusted) shall remain the same. Any
adjustment under this Section 7(a) shall become effective at the close of
business on the date the subdivision or combination becomes effective, or as of
the record date of such dividend or distribution, or in the event that no record
date is fixed, upon the making of such dividend or distribution.

                           (b)      Reclassification, Reorganization and
Consolidation. In case of any reclassification, capital reorganization, or
change in the Common Stock of the Company (other than as a result of a
subdivision, combination, or stock dividend provided for in Section 7(a) above),
then, as a condition of such reclassification, reorganization, or change, lawful
provision shall be made, and duly executed documents evidencing the same from
the Company or its successor shall be delivered to the Holder, so that the
Holder shall have the right at any time prior to the expiration of this Warrant
to purchase, at a total price equal to that payable upon the exercise of this
Warrant, the kind and amount of shares of stock and other securities and
property receivable in connection with such reclassification, reorganization, or
change by a holder of the same number of shares of Common Stock as were
purchasable by the Holder immediately prior to such reclassification,
reorganization, or change. In any such case appropriate provisions shall be made
with respect to the rights and interest of the Holder so that the provisions
hereof shall thereafter be applicable with respect to any shares of stock or
other securities and property deliverable upon exercise hereof, and appropriate
adjustments shall be made to the purchase price per share payable hereunder,
provided the aggregate purchase price shall remain the same.

                           (c)      Carry Over of Adjustments. No adjustment of
the Exercise Price shall be made if the amount of such adjustment shall be less
than 1% of the Exercise Price in effect immediately prior to the event giving
rise to the adjustment, provided, however, that in such case any adjustment that
would otherwise be required then to be made shall be carried forward and shall
be

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made at the time of and together with the next subsequent adjustment which,
together with any adjustment so carried forward, shall amount to at least 1% of
the Exercise Price.

                           (d)      Discretionary Reduction in Exercise Price.
The Company may at any time or from time to time reduce the Exercise Price of
the Warrant.

                           (e)      Notice of Adjustment. Upon any adjustment of
the number of Shares and upon any adjustment of the Exercise Price, then and in
each such case the Company shall give written notice thereof to the Holder,
which notice shall state the Exercise Price and the number of Shares or other
securities subject to the unexercised Warrant resulting from such adjustment,
and shall set forth in reasonable detail the method of calculation and the facts
upon which such calculation is based. Upon the request of the Holder there shall
be transmitted promptly to the Holder a statement of the firm of independent
certified accountants retained to audit the financial statements of the Company
to the effect that such firm concurs in the Company's calculation of the change.

                           (f)      Other Notices. In case at any time prior to
the Expiration Date:

                                    (i)      the Company shall declare any
                                             dividend or distribution upon its
                                             shares of Common Stock payable in
                                             shares;

                                    (ii)     the Company shall offer for
                                             subscription pro rata to the
                                             holders of its shares of Common
                                             Stock any additional shares of any
                                             class or other rights;

                                    (iii)    there shall be any capital
                                             reorganization or reclassification
                                             of the capital stock of the
                                             Company, or consolidation,
                                             amalgamation or merger of the
                                             Company with, or sale of all or
                                             substantially all of its assets to,
                                             another corporation; or

                                    (iv)     there shall be a voluntary
                                             dissolution, liquidation or
                                             winding-up of the Company,

then, in any one or more of such cases, the Company shall give to the Holder (A)
at least 10 days' prior written notice of the date on which a record date shall
be taken for such dividend, distribution or subscription rights or for
determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, amalgamation, sale, dissolution,
liquidation or winding-up and (B) in the case of any such reorganization,
reclassification, consolidation, merger, amalgamation, sale, dissolution,
liquidation or winding-up, at least 10 days' prior written notice of the date
when the same shall take place. Such notice in accordance with the foregoing
clause (A) shall also specify, in the case of any such dividend, distribution or
subscription rights, the date on which the holders of shares of Common Stock
shall be entitled thereto, and such notice in accordance with the foregoing
clause (B) shall also specify the date on which the holders of shares of Common
Stock shall be entitled to exchange their shares of Common Stock for securities
or other property deliverable upon such reorganization, reclassification,
consolidation, merger, amalgamation, sale, dissolution, liquidation or
winding-up, as the case may be.

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                           (g)      Shares to be Reserved. The Company will at
all times keep available, and reserve out of its authorized shares of Common
Stock, solely for the purpose of issue upon the exercise of the Warrant, such
number of Shares as shall then be issuable upon the exercise of the Warrant. The
Company will take all such actions as may be necessary to ensure that all such
Shares may be so issued without violation of any applicable requirements of any
exchange upon which the shares of Common Stock of the Company may be listed or
in respect of which the shares of Common Stock are qualified for unlisted
trading privileges. The Company will take all such actions as are within its
power to ensure that all such Shares may be so issued without violation of any
applicable law.

                  8.       No Fractional Shares or Scrip. No fractional shares
or scrip representing fractional shares shall be issued upon the exercise of
this Warrant, but in lieu of such fractional shares the Company shall make a
cash payment therefor on the basis of the Exercise Price then in effect.

                  9.       No Stockholder Rights. Prior to exercise of this
Warrant, the Holder shall not be entitled to any rights of a stockholder with
respect to the Shares, including (without limitation) the right to vote such
Shares, receive dividends or other distributions thereon, exercise preemptive
rights or be notified of stockholder meetings, and such holder shall not be
entitled to any notice or other communication concerning the business or affairs
of the Company. However, nothing in this Section 9 shall limit the right of the
Holder to be provided the Notices required under this Warrant.

                  10.      Participation in Rights Distribution. If at any time,
while this Warrant, or any portion thereof, is outstanding and unexpired, the
Company shall issue to all holders of its Common Stock rights (the "Rights")
entitling the holders thereof to purchase shares of Common Stock, the Company
also shall issue to the Holder identical Rights, with such number of Rights to
be issued to the Holder being based on the number of shares of Common Stock
which Holder would then be entitled to receive if this Warrant had been
exercised in full immediately prior to the issuance of the Rights. Prior to
issuing the Rights, the Company shall provide notice to the Holder as set forth
in Section 7(f). In connection with issuing the Rights, the Company will take
all necessary corporate action to at all times keep available and reserve out of
its authorized shares of Common Stock the number of shares of Common Stock
issuable upon exercise of the Rights.

                  11.      Transfers of Warrant. The Holder of the Warrants may
transfer this Warrant only in compliance with all applicable federal and state
securities laws; provided however, that this Warrant may only be transferred by
the Holder to a maximum of five individuals or entities. No subsequent transfer
of this Warrant by any assignee of the Holder shall be permissible, without the
prior written consent of the Company. In order for a transferee of this Warrant
to receive any of the benefits of such Warrant, the Company must have received
notice of such transfer, pursuant to Section 16 hereof, in the form of
assignment attached hereto, accompanied by an opinion of counsel, which opinion
shall be reasonably acceptable to the Company, that an exemption from
registration of this Warrant under the Securities Act of 1933, as amended, and
under any applicable state securities law is available.

                  12.      Replacement. Upon receipt of evidence satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant and,
if requested by the Company, upon delivery of a bond of indemnity satisfactory
to the Company (or, in the case of mutilation, upon surrender of

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this Warrant), the Company will issue to the Holder a replacement warrant
(containing the same terms and conditions as this Warrant).

                  13.      Successors and Assigns. The terms and provisions of
this Warrant shall inure to the benefit of, and be binding upon, the Company and
the Holder hereof and their respective successors and permitted assigns as set
forth in Section 11.

                  14.      Amendments and Waivers. Any term of this Warrant may
be amended and the observance of any term of this Warrant may be waived (either
generally or in a particular instance and either retroactively or
prospectively), with the written consent of the Company and the Holder.

                  15.      Assumption of Warrant. If at any time, while this
Warrant, or any portion thereof, is outstanding and unexpired there shall be (A)
the acquisition of the Company by another entity by means of any transaction or
series of related transactions (including, without limitation, any
reorganization, merger or consolidation) that results in the transfer of fifty
percent (50%) or more of the outstanding voting power of the Company; or (B) a
sale of all or substantially all of the assets of the Company, then, as a part
of such acquisition, sale or transfer, lawful provision shall be made so that
the Holder shall thereafter be entitled to receive upon exercise of this
Warrant, during the period specified herein and upon payment of the Exercise
Price then in effect, the number of shares of stock or other securities or
property of the successor corporation resulting from such acquisition, sale or
transfer which a holder of the shares deliverable upon exercise of this Warrant
would have been entitled to receive in such acquisition, sale or transfer if
this Warrant had been exercised immediately before such acquisition, sale or
transfer, all subject to further adjustment as provided in this Section 15; and,
in any such case, appropriate adjustment (as determined by the Company's Board
of Directors in its sole discretion) shall be made in the application of the
provisions herein set forth with respect to the rights and interests thereafter
of the Holder to the end that the provisions set forth herein (including
provisions with respect to changes in and other adjustments of the number of
Warrant Shares the Holder is entitled to purchase) shall thereafter be
applicable, as nearly as possible, in relation to any shares of Common Stock or
other securities or other property thereafter deliverable upon the exercise of
this Warrant.

                  16.      Notices. All notices required under this Warrant
shall be deemed to have been given or made for all purposes (i) upon personal
delivery, (ii) upon confirmation receipt that the communication was successfully
sent to the applicable number if sent by facsimile; (iii) one day after being
sent, when sent by professional overnight courier service, or (iv) five days
after posting when sent by registered or certified mail. Notices to the Company
shall be sent to the principal office of the Company (or at such other place as
the Company shall notify the Holder hereof in writing). Notices to the Holder
shall be sent to the address of the Holder on the books of the Company (or at
such other place as the Holder shall notify the Company hereof in writing).

                  17.      Captions. The section and subsection headings of this
Warrant are inserted for convenience only and shall not constitute a part of
this Warrant in construing or interpreting any provision hereof.

                  18.      Governing Law. This Warrant shall be governed by the
laws of the State of Delaware.

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                  IN WITNESS WHEREOF, Toreador Resources Corporation caused this
Warrant to be executed by an officer thereunto duly authorized.

                                             TOREADOR RESOURCES CORPORATION

                                             By: /s/ DOUGLAS W. WEIR
                                                 -------------------------------
                                             Name: Douglas W. Weir
                                                   -----------------------------
                                             Title: Chief Financial Officer
                                                    ----------------------------

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                          FORM OF ELECTION TO EXERCISE

         The undersigned hereby irrevocable elects to exercise the number of
Warrants of TOREADOR RESOURCES CORPORATION set out below for the number of
Shares (or other property or securities subject thereto) as set forth below:

         (a)      Number of Shares to be Acquired:                    __________

         (b)      Exercise Price per Share:                           __________

         (c)      Aggregate Purchase Price [(a) multiplied by (b)]:   __________

and hereby tenders a certified check, bank draft or cash for such aggregate
purchase price, and directs such Shares to be registered and a certificate
therefore to be issued as directed below.

                           DATED this _______ day of ________________, _____.

                                       Per: ____________________________________

Direction as to Registration
Name of Registered Holder:          _____________________________________
Address of Registered Holder:       _____________________________________
                                    _____________________________________
                                    _____________________________________
                                    _____________________________________

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                               FORM OF ASSIGNMENT

             (To be executed by the registered holder if such holder
                        desires to transfer the Warrant.)

         FOR VALUE RECEIVED ______________________________ hereby sells, assigns
and transfers unto________________________ .

                  (Please print name and address of transferee)

this Warrant, together with all right, title and interest therein, and does
hereby irrevocably constitute and appoint ______________________________
Attorney, to transfer the within Warrant on the books of the within-named
Company, with full power of substitution.

Dated: __________________, 200_

                                 Signature_____________________________________
                                 (Signature must conform in all respect to name
                                 of holder as specified on the face of the
                                 Warrant.)

                                 ______________________________________________
                                 (Insert Social Security or Other Identifying
                                 Number of Holder)

                                       8<PAGE>
                                                                   EXHIBIT 10.58

                          PURCHASE AGREEMENT NO. 470563

         THIS AGREEMENT is made as of this 29th day of June, 2001, between
General Electric Company, a corporation organized under the laws of the State of
New York, acting through its GE Medical Systems business ("Buyer" or "GEMS"),
and Colorado MEDtech, Inc. ("CMED"), a corporation organized under the laws of
the State of Colorado ("Seller").

         WHEREAS, Seller manufactures MR subsystem components; and

         WHEREAS, Buyer wishes to have Seller use such experience and expertise
to manufacture products for Buyer in accordance with the requirements of Buyer
as more fully set forth in the terms and conditions of this Agreement, including
its Attachments and schedules.

         NOW THEREFORE, Seller and Buyer agree as follows:

1. INTRODUCTION

         (a) Scope. THIS AGREEMENT AND ANY ATTACHMENTS OR SCHEDULES STATE THE
TERMS AND CONDITIONS UNDER WHICH SELLER SHALL SELL TO BUYER, AND BUYER SHALL
PURCHASE FROM SELLER, THOSE PRODUCTS IDENTIFIED ON SCHEDULE 1(a) HERETO, AS WELL
AS ALL COMPONENTS, SPARE PARTS, SERVICE TOOLS, MANUALS, SOFTWARE LICENSES, DATA
AND RELATED INTERFACES WITH RESPECT THERETO (THE "PRODUCTS"). UNLESS OTHERWISE
EXPRESSLY STATED, REFERENCES TO THIS "AGREEMENT" INCLUDE ANY ATTACHMENTS OR
SCHEDULES.

         (b) Parties. Seller expressly acknowledges that this Agreement is not
intended to govern or obligate any business, division or affiliate of Buyer
other than Buyer's GE Medical Systems business, and that the term "Buyer" as
used herein shall refer to the GE Medical Systems business and to no other
business, division or affiliate of General Electric Company.

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                                      -2-

         (c) Documents. The following attachments shall be considered an
integral part of this Agreement (the "Attachments"). The provisions of each
Attachment shall be incorporated by reference into and be deemed to be a part of
this Agreement:

         Schedule 1(a) - Products and Prices

         Schedule 3(a) - GE Offer to Extend Finished Goods Liability, dated
                         June 21, 2001

         Schedule 3(b) - GE Purchase Order No. 806537

         Schedule 8(e) - GE Purchase Order Terms and Conditions

         Schedule 15 - Non-Disclosure Letter Agreement dated June 18, 2001

         Schedule 19(a) - GE Medical Systems SRFD II RF Amplifier & Interface
                          Purchase Specification Doc. No. 2230683PSP Rev. F

         Schedule 19(b) - Purchase Orders for 3 prototype units and 10
                          pre-production SRFDII units

2. TERM

         (a) Initial Term. The term of this Agreement is from July 1, 2001
through December 31, 2002, (the "Initial Term").

         (b) Extensions. Buyer and Seller may mutually agree to extend the
Initial Term for an additional 1.5 year period ending June 30, 2004 (the
"Extension Term"). In such event, the Initial Term and the Extension Term, if
any, shall be referred to herein as the "Term". Buyer must notify Seller in
writing of its intention to extend the Initial Term on or before Dec 31, 2002.

3. QUANTITIES

         (a) Forecast. Buyer shall provide Seller with forecasts for required
Products. Such forecasts, however, shall not be binding in any way on Buyer. Any
such forecast may be modified at any time by Buyer in its sole discretion.
Forecasts shall not be binding until Buyer issues a signal or Purchase Order,
signed acknowledgment requesting a release, Supplier Signal or other such
binding commitment to purchase specified quantities ("Releases"). Additional
material Seller orders to GE forecasts are covered under Buyer's "Offer to
Extend Finished Goods Liability," attached as Schedule 3(a) hereto.

         (b) Commitment. Buyer shall be liable to Seller for any Kanban
requirements, finished goods, work in process or ordered material that cannot be
cancelled for any

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                                      -3-

Products included in a Release. Except as set forth in purchase orders issued
pursuant to Schedule 3(a), Buyer shall not be responsible or in any way liable
to Seller or any third party with respect to any material commitments or
production arrangements in excess of the amounts or in advance of the times
necessary to meet Buyer's delivery schedules set forth in its Releases. Except
as set forth in purchase orders issued pursuant to Schedule 3(a), Buyer may
cancel any outstanding Release at any time, in its sole discretion, and shall
only be liable for finished goods, work in process or ordered materials that
cannot be cancelled for the withdrawn Release.

4. PRICING

         (a) Price Protection. The market-basket prices specified in Schedule
1(a) for the Products related to this Agreement (the "the Prices") are firm
through Dec 31, 2002 and include all packaging and bar code labeling which Buyer
may request from time to time. In no event shall the Prices be increased by
Seller without the express written consent of Buyer.

         (b) Software/Firmware. The Price includes a perpetual, paid-up,
worldwide, non-exclusive, irrevocable license to Buyer and its customers or
users of Buyer's products containing Products to use, in the operation,
maintenance and repair of the Products, any software and/or firmware supplied by
Seller to Buyer.

5. RELEASES

         (a) Acceptance. Seller shall be deemed to have accepted a Release upon
acknowledgement by Seller. Seller may not reject outright any Release of Buyer,
and in its acknowledgement of Buyer's Release shall confirm delivery dates or
propose alternatives to Buyer.

         (b) Changes. Buyer may increase the individual weekly Release
quantities by up to ten percent (10%) and accelerate delivery dates that are
further out than twenty-five (25) days without penalty, except that Buyer shall
be liable for those Products and materials described in Section 3(b); and
further provided that no change to a Release shall be effective until
acknowledged by Seller. In the event Buyer proposes to change a Release by an
amount greater than that set forth in the prior sentence, Seller and Buyer shall
mutually determine a price and delivery adjustment to apply to the Product
falling outside of such parameters.

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                                      -4-

6.  INTELLECTUAL PROPERTY

         (a) Buyer's Property. Buyer will not provide Seller with any property
under this agreement.

         (b) Seller's Property. Neither this Agreement nor the sale of Products
from Seller to Buyer shall transfer title of any of Seller's intellectual
property rights to Buyer. Seller shall remain the exclusive owner of all of its
intellectual property rights (including, without limitation, any patent,
trademark, trade secret, or copyright) in and to the Products and any
documentation or training materials provided by Seller to Buyer. Buyer shall not
manufacture, duplicate, reverse engineer, or decompile the hardware, software,
or any part of the Product or information relating thereto.

         (c) License. Seller grants to Buyer and its customers or users of
Buyer's products containing Products a perpetual, paid-up, worldwide,
non-exclusive, irrevocable license to use, in the operation, maintenance and
repair of the Products, any software and/or firmware supplied by Seller to
Buyer.

         (d) Protection of Rights. No rights are granted to Seller, by Buyer,
under any of Buyer's patents, copyrights, trade secrets or other property rights
except as may be expressly agreed to by Buyer. Seller will not use or
incorporate into Products any intellectual property of others without their
written permission. Without limiting Seller's indemnity with respect to
intellectual property, if the use of a Product or any part thereof is enjoined
by a court, Seller will, at Buyer's option and Seller's expense, either procure
for Buyer the right to continue using the Product or part, replace the same with
a non-infringing equivalent, or remove the Product, refund the purchase price
and reimburse Buyer for any related costs incurred by Buyer.

         (e) Customer Copies. Unless agreed otherwise in writing by Buyer, each
Product delivered by Seller shall have associated with it a manual or other form
of documentation containing all applicable software license(s), software
documentation other than source code, spare part lists, theory of operation,
service troubleshooting diagnostics, and instructions necessary for the
installation, operation, maintenance and repair of the Product. The
documentation shall be in a format and language acceptable to Buyer, and shall
be delivered immediately to Buyer upon Buyer's request. Prices for such
documentation are listed on Schedule 1(a).

<PAGE>
                                      -5-

7. INSTALLED BASE SERVICE AND REPAIR

         Seller shall maintain for ten years from the last shipment of a Product
the capability to replace or repair (which may include re-engineering) the
Product and furnish documentation, spare parts, service tools and instruments
necessary to service the Product effectively.

8. COMMERCIAL TERMS

         (a) Transportation. Seller shall ship Products to Buyer using Buyer's
designated carrier with transportation charges billed directly to Buyer by the
carrier. Seller shall not pay premium transportation charges unless authorized
by Buyer in writing. Seller shall list any unauthorized charges not otherwise
billed to Buyer as a separate line item on Seller's invoice. If Seller ships
Products by an unauthorized method or carrier, Seller shall pay any resulting
increased freight costs. Seller shall release rail or truck shipments at the
lowest valuation permitted and will not declare value on Products shipped.

         (b) Title and Risk of Loss. Title and risk of loss will pass to Buyer
when the Products are delivered to Buyer's designated carrier. All shipments
shall be F.O.B., place of shipment.

         (c) Shipments. Seller agrees to make shipments in the quantities and at
the times specified in any Release. Each shipment shall include a packing list
that contains the Purchase Order number, product identification, quantity
shipped, date of shipment and such other information as Buyer may require.
Unless otherwise expressly stated, time is of the essence. In the event any
shipment is not made on the date and in the quantity set forth on the Release,
Buyer may:

         (i)      return to Seller some or all of the Products in the shipment
                  at Seller's risk and expense, including without limitation
                  warehouse or handling cost;

         (ii)     purchase substitute products elsewhere and charge Seller with
                  any resulting loss; or

         (iii)    direct Seller to make an expedited shipment of additional or
                  replacement Products, with the difference in cost between any
                  expedited routing and the Release routing to be paid by
                  Seller.

Buyer shall consult with Seller prior to exercising any of the remedies
available to Buyer in this subsection.

<PAGE>
                                      -6-

Seller agrees to notify Buyer immediately if Seller ever has reasonable cause to
suspect that any Product will not be delivered as ordered, or a shipment will
not be made as scheduled.

         (d) Inspection And Rejection. Products are subject to Buyer's right of
inspection and rejection for compliance with applicable specifications. Unless
Buyer provides notice of rejection to Seller within a reasonable time, the
Product shall be deemed accepted. In the event that Buyer rejects the Product
pursuant to this Section 8(d), the warranty period for such particular unit
shall be extended by the period of time the particular unit is in transit and
held by Seller. The making of any payment does not restrict Buyer's right to
make a warranty claim with respect to defects in Products. Seller agrees to
provide and maintain inspection and process control systems acceptable to Buyer
with respect to the manufacture of Products, and Seller agrees to keep and make
available complete records of all of Seller's inspection work and process
control work for the life of the Products, as defined by Buyer. Buyer may
inspect the Products at any place of manufacture during production without
waiving its right subsequently to reject or revoke acceptance for undiscovered
or latent defects. Buyer's failure to inspect and accept or reject Products will
not relieve Seller from any obligations.

         (e) Conflicting Terms. The provisions of this Agreement, when in
conflict or inconsistent with the terms and conditions of any purchase order or
with Buyer's Standard Terms and Conditions, shall supersede such other terms and
conditions.

9. INVOICES/PAYMENT

         (a) Content of Invoice. Seller's invoices shall contain the Release
number, item number on such release, GEMS part number, invoice quantity, unit of
measure, unit price, total invoice amount, name of Seller, phone number, address
to which remittance should be sent, and such other information as may be
required by Buyer.

         (b) Payment. Payment terms shall be 1% 15 net 60 days after receiving
both the Product and an invoice prepared in accordance with the terms of this
Agreement.

10. WARRANTY/REPAIR

(a)      Warranty.  Seller represents and warrants that the Products will:

                  (i)      be owned by Seller and free of all liens, claims or
                           encumbrances;

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                                      -7-

                  (ii)     conform strictly to all express specifications,
                           drawings, plans, instructions, samples or other
                           descriptions; and

                  (iii)    be free from defects in design, material and
                           workmanship, whether latent or otherwise for twelve
                           (12) months from date of delivery to Buyer.

Seller agrees to extend to Buyer's customers and Buyer (and to cooperate with
Buyer to enforce) any warranties received from Seller's suppliers.

         (b) Intellectual Property Representation. Seller represents and
warrants that the Products will not knowingly infringe any U.S. or foreign
patent, registered U.S. copyright, or registered U.S. trademark of a third
party.

         (c) Return of Non-conforming or Defective Product. Buyer may return any
non-conforming or defective Product to Seller. Seller will repair or replace, at
its option, any Product which Seller determines was properly used and maintained
and was not in compliance with the warranty in Section 10(a) during the warranty
period. Any product returned must have a Return Material Authorization (RMA)
number obtained from Seller to allow processing and tracking of the return. Any
such Product shall be returned to Seller's facility or authorized service
center, with all transportation charges paid by Seller as specified in the RMA
and the risk of loss passing to Seller when the Product is delivered to the
carrier of Buyer's choice. Buyer shall reimburse Seller for all shipping charges
for non-warranty returns.

         (d) Limitation of Warranty. SELLER MAKES NO OTHER GUARANTEES OR
WARRANTIES WHATSOEVER, AND THIS WARRANTY IS IN LIEU OF ALL OTHER WARRANTIES,
EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE.

         (e) Limitation of Liability. SELLER'S MAXIMUM LIABILITY ARISING OUT OF
ITS PERFORMANCE UNDER THIS AGREEMENT, WHETHER IN CONTRACT OR IN TORT, INCLUDING
NEGLIGENCE, IS LIMITED TO THE LESSER OF $500,000 OR REFUND OF THE COMPENSATION
RECEIVED BY SELLER UNDER THIS AGREEMENT. IN NO EVENT WILL SELLER BE LIABLE FOR
ANY LOST PROFITS OR INCIDENTAL OR CONSEQUENTIAL DAMAGES REGARDLESS OF WHETHER
SELLER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR ANY CLAIM
AGAINST BUYER BY ANY OTHER PARTY.

<PAGE>
                                      -8-

11. INDEMNIFICATION

         (a) Seller's Indemnification. Seller agrees to defend, indemnify and
hold Buyer and Buyer's customers harmless from and against any and all claims
(including without limitation claims for infringement of intellectual property,
breach of contract, death or injury to a person or injury to property, or other
tort claims), liabilities, damages (whether direct or indirect, incidental or
consequential) and expenses (including court costs and attorneys' fees) arising
out of or relating to the breach by Seller of any covenant, representation or
warranty, or from any act or omission of Seller or Seller's agents, employees or
subcontractors. Buyer will notify Seller of any such claim, suit or proceeding
and will assist Seller (at Seller's expense) in the defense of the same.

         (b) Buyer's Indemnification. Buyer agrees to defend, indemnify and hold
Seller harmless from and against any and all claims (including without
limitation claims for infringement of intellectual property, breach of contract,
death or injury to a person or injury to property, or other tort claims),
liabilities, damages (whether direct or indirect, incidental or consequential)
and expenses (including court costs and attorneys' fees) arising out of or
relating to the breach by Buyer of any covenant, representation or warranty, or
from any act or omission of Buyer or Buyer's agents, employees or
subcontractors. Seller will notify Buyer of any such claim, suit or proceeding
and will assist Buyer (at Buyer's expense) in the defense of the same.

12. COMPLIANCE

         (a) General. Seller shall comply with all applicable laws and
regulations in furnishing Products. Such laws may include, but not be limited
to, United States and foreign medical device laws, labor laws, employment
opportunity laws, environmental laws and product safety laws.

         (b) Product Certification. Seller shall maintain at its expense UL,
IEC, CE and CSA or equivalent listings acceptable to Buyer for all Products.
Unless otherwise agreed to in writing, if a party proposes a change in purchase
specifications pursuant to Article 13, such party shall be responsible for any
additional product certification costs that may be necessary.

         (c) Product is a Component. The parties agree that the Products are
components, and not medical devices, as those terms are used in the FDA's
Quality System Regulation ("QSR"). As such, the manufacture of the Products
shall not be required to be in compliance with the QSRs. Buyer is responsible
for obtaining approval or clearance from the FDA or other governmental agencies
for products containing the Products or into

<PAGE>
                                      -9-

which the Products are integrated. Buyer shall provide Seller with a copy of the
approval or clearance letter allowing commercial distribution of the products
containing the Products. Seller shall cooperate in providing, as required,
information to governmental agencies in order to obtain and maintain necessary
approvals. Buyer's documentation retention of manufacturing quality records will
be in accordance with QSRs.

         (d) Buyer shall be responsible for recall and field corrective action
involving the Product or any Buyer product that contains a Product. Payment of
any costs associated with a recall or field corrective action shall be discussed
and mutually agreed-upon by the parties.

         (e) Buyer will, if Buyer deems it necessary, advise Seller of any
complaints, as that term is defined in the QSRs, involving the Products, and
Seller will determine whether an investigation is needed, and, if required,
conduct an investigation.

13. CHANGES IN PURCHASE SPECIFICATIONS

         (a) Buyer-Proposed Changes. Buyer may propose changes in the Products
relating to this Agreement by submitting the proposed changes (identifying those
changes which it deems mandatory to make the Product suitable for use) to the
agreement manager of Seller, utilizing the Product Change Notice (PCN). Seller
shall respond in writing to the agreement manager of Buyer within ten (10) days
after receipt of such changes with the following information, as applicable: (i)
lead time required to implement proposed changes; (ii) impact of proposed
changes on pricing of Product, including parts and tools; (iii) impact of
proposed changes on inventory, scrap material and work in process; and (iv)
non-recurring engineering charges to implement proposed changes. Within no more
than ten (10) days after Buyer receives Seller's response to Buyer's proposed
changes, the parties shall begin negotiations with respect to the changes to the
Products and any related changes to the price and delivery schedules. If the
parties fail to negotiate appropriate changes to the Agreement, the terms in
effect prior to the commencement of the negotiations shall remain in full force
and effect. Buyer shall pay for all costs Seller incurs in connection with
changes to the Products, including, without limitation, those required in order
to comply with applicable regulatory requirements. At Seller's request, Buyer
shall provide written certification that the requested change does not require
prior clearance or approval by the Food and Drug Administration (FDA). If FDA
approval or clearance is required, Buyer shall obtain the approval or clearance
before the change is implemented.

         (b) Seller-Proposed Changes. Seller may not make any changes to the
Product without obtaining Buyer's written Product Change Notice (PCN). Seller
may not make

<PAGE>
                                      -10-

any manufacturing process or engineering design changes to any Product delivered
to Buyer without submitting a Supplier Change Notice (SCN), at least ninety (90)
days before the change is implemented. If Seller makes any such change to a
Product without such documentation, Seller shall, in addition to any other
costs, expenses or damages incurred by Buyer, be responsible for labor and
material costs to repair or replace said Product at Buyer's facility or Buyer's
customer site regardless of whether the Product is in or out of warranty.

14. TERMINATION

         If there is a material breach of any material term of this Agreement by
Seller or Buyer and Seller or Buyer, respectively, fails to correct such breach
within thirty (30) days after receiving written notice of such breach from the
other party, the other party may terminate this Agreement and all unfilled
Releases without any liability except for the price of any Products previously
delivered and accepted by Buyer (subject to any set-off available to Buyer);
provided, however, that this shall not limit Buyer's obligations under purchase
orders containing the provisions required by the document attached as Schedule
3(a). Buyer may also terminate this Agreement immediately by giving written
notice to Seller if Seller fails to meet its financial obligations as they
become due, or if any proceeding under the bankruptcy or insolvency laws is
brought against Seller, or a receiver is appointed for Seller or Seller makes an
assignment for the benefit of creditors. Any such termination shall not relieve
Seller of its obligations and Buyer shall retain all legal and equitable
remedies after such termination. A material breach by Seller shall include,
without limitation, the failure by Seller to comply with any product quality and
delivery obligations.

15. INFORMATION

         The parties have entered into that certain Non-disclosure Agreement
("NDA") dated June 18, 2001, a copy of which is attached hereto, and that NDA is
incorporated herein and shall terminate three (3) years after the termination of
this Agreement.

16. AGREEMENT MANAGER/NOTICES

         (a) Managers. Each party shall appoint an agreement manager as the
point of contact for all matters relating to performance of this Agreement.
Buyer's agreement manager shall be John Harold and Seller's agreement manager
shall be Christopher Cone.

<PAGE>
                                      -11-

Either party may change its agreement manager by providing notice of such change
to the other party.

         (b) Addresses. Any notice required under this Agreement shall be sent
by fax (with the original to promptly follow by applicable national mail service
or a nationally recognized overnight courier), or by a nationally recognized
overnight courier. Notices will be deemed given on the date delivered to the
recipient if sent by fax or overnight courier (it being agreed that the sender
shall retain proof of transmission or delivery, as the case may be). Notices
shall be sent to the persons identified below (or as otherwise directed in
writing by a party):

         Buyer:            GE Medical Systems
                           P.O. Box 414
                           Milwaukee, WI  53201
                           Attention:  John Harold, W-262/548-2459
                           Fax:  262/544-3084
                           Email: john.Harold@med.ge.com

         Seller:           CMED Imaging and Power Systems
                           1811 Lefthand Circle
                           Longmont, CO 80501
                           Attention:  Chris Cone, 303/485-5990 x1254
                           Fax:  303/485-5991
                           Email: cxc@cmed.com

                           With a copy to

                           Colorado MEDtech, Inc.
                           6175 Longbow Drive
                           Boulder, CO 80301
                           Attn:  General Counsel
                           Fax: 303-581-1010
                           Email: pjensen@cmed.com

17.  DISPUTE RESOLUTION

         Any dispute, controversy or claim relating to this Agreement (a
"Dispute") will be resolved first through good faith negotiations between the
parties. If the parties are unable to resolve the Dispute, either party may
submit the Dispute for resolution by mediation pursuant to the Center for Public
Resources Model Procedure for Mediation of

<PAGE>
                                      -12-

Business Disputes as then in effect. The mediation shall be conducted in New
York City. Mediation will continue for at least thirty (30) days unless the
mediator chooses to withdraw sooner. At the request of either party, the
mediator will be asked to provide an evaluation of the Dispute and the parties'
relative positions. Each party shall bear its own costs of mediation effort. If
the Dispute cannot be resolved through mediation, either party may commence an
action to resolve the Dispute in the Commercial Division of the New York State
court in New York County, it being agreed that the parties submit to the
jurisdiction of that court. The prevailing party shall be entitled to receive
from the other party its attorneys' fees, experts' fees, costs and expenses. THE
PARTIES EXPRESSLY WAIVE AND FOREGO ANY RIGHT TO TRIAL BY JURY.

18. GENERAL MATTERS

         (a) The relationship between Buyer and Seller is that of independent
contractors. Neither party shall do anything which has the effect of creating an
obligation by the other party to a third party.

         (b) Seller shall not issue any press release or announcement, use any
of Buyer's products or its name in promotional activity, or otherwise publicly
announce or comment on this Agreement without Buyer's prior written consent.

         (c) This Agreement may not be assigned by Seller without the express
written consent of Buyer.

         (d) This Agreement may be modified only by a writing signed by the
agreement managers for both parties.

         (e) The parties expressly acknowledge that the laws of the state of New
York, except its conflict of law rules, will govern this Agreement and any
dispute hereunder.

         (f) All provisions relating to any warranties, covenants or
indemnification or any other provision that would inherently survive the
termination of this Agreement shall survive the termination of this Agreement.
No claim may be brought by either party more than three (3) years after
termination of this Agreement or any amendment thereto.

19. SPECIFIC MATTERS REGARDING SRFDII PROJECT

         (a) Seller is currently developing a new product, referred to by the
parties as SRFDII. When delivered to Buyer, the SRFDII shall conform to the GE
Medical Systems

<PAGE>
                                      -13-

SRFD II RF Amplifier & Interface Purchase Specification Doc. No. 2230683PSP Rev.
F, attached as Schedule 19(a) hereto (as modified by mutual agreement, the
"SRFDII Specifications").

         (b) In consideration for (i) the pricing concessions provided by Seller
to Buyer as set forth in Schedule 1(a); and (ii) the rebates set forth in
Schedule 19(e), Buyer shall purchase from Seller:

                  (i)      Three (3) prototype SRFDII units @ $33,000 ea.
                           deliverable September, 2001. For the purposes of this
                           Agreement, "prototype unit" shall mean a unit that
                           meets the basic performance specifications as set
                           forth by Buyer. These units shall be largely
                           compliant with Buyer's purchase specifications in
                           terms of form-factor and electrical performance. This
                           unit shall be built and tested by Seller under
                           pre-release documentation and should not be
                           considered "sellable" by Buyer.

                  (ii)     Ten (10) pre-production SRFDII units @ $22,000 ea.
                           (delivery intended by December 31, 2001 and to be
                           mutually agreed to by the parties at the time Buyer
                           submits the purchase order). For the purposes of this
                           Agreement, "pre-production unit" shall mean a unit
                           which is in compliance with Buyer's purchase
                           specifications. These units shall be "sellable" by
                           Buyer.

                  (iii)    Two Hundred (200) production SRFDII units @$17,500
                           ea. (GE is committed to receive the 200 units by
                           6/30/02) (delivery dates shall be mutually agreed to
                           by the parties at the time Buyer submits the purchase
                           order).

                  (iv)     One Hundred (100) production SRFDII units @ $16,250
                           ea. (GE is committed to receive the 100 units by
                           12/31/02) (delivery dates shall be mutually agreed to
                           by the parties at the time Buyer submits the purchase
                           order).

Buyer shall add the production units referenced in this subsection to its
Release system not later than November 24, 2001.

The SRFDII prototype and pre-production units will be delivered to Buyer "as
is", and without the warranties set forth in Section 10(a) of this Agreement. At
such time as Buyer submits Releases for production units of the SRFDII as set
forth in Section 19(b)(iii) and (iv), the production SRFDII units shall be
Products under this Agreement and all provisions of this Agreement (other than
Section 19(c)) shall apply to the SRFDII.

         (c) Seller agrees that its delivery of Products to Buyer under this
Agreement will meet Buyer's 90% on-time delivery requirement (excluding
Buyer-caused lateness) for the

<PAGE>
                                      -14-

current basket of goods and services (does not pertain to SRFDII). "Buyer's 90%
on-time delivery requirement" shall mean a score of 90% or more on the GE
Scorecard for deliveries of all Products under this Agreement. If Seller cannot
maintain an average score of 90% over a rolling four-month period for on-time
delivery performance for Products, Buyer retains the right to cancel its
commitment to purchase SRFDII units as set forth in Section 19(b) above.

         (d) Buyer agrees to exclusively use Seller's System Support Modules
("SSMs") in Seller's production of its .35 T, .70 T, 1.0 T and 1.5 T MR systems
until December 31, 2002.

         (e) In consideration for Buyer's agreement to purchase the items set
forth in Section 19(b)(i)-(iv), and to reimburse Buyer for its costs associated
with designing the SRFDII into Buyer's products, Seller shall make rebates to
Buyer as set forth in Schedule 19(e) (the "Rebates"). In the event Seller does
not for any reason fully comply with its obligations under Section
19(b)(i)-(iv), Buyer will return to Seller all savings in excess of $300,000
that Buyer has received through the application of the Rebates and the pricing
reflected in Schedule 1(a).

<PAGE>
                                      -15-

         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first written above.

COLORADO MEDTECH, INC.                    GENERAL ELECTRIC COMPANY,
                                          ACTING THROUGH ITS GE
                                          MEDICAL SYSTEMS BUSINESS

By:  /s/ Stephen K. Onody                 By: /s/ John Harold
    ---------------------                     --------------------------
Name: Stephen K. Onody                    Name: John Harold
Title:  CEO                               Title:  Global Sourcing Leader

<PAGE>

                                  SCHEDULE 1(a)

                               PRODUCTS AND PRICES

<Table>
<Caption>
                                                                                QTY.         PRICE
                                                     CURRENT                  (7/1/01-      STARTING       GE
GE ITEM NO.                DESCRIPTION                PRICE      DISCOUNT     12/31/01)      7/1/01      SAVINGS
------------     -------------------------------     -------     --------     ---------     --------     --------
<S>              <C>                                 <C>         <C>          <C>           <C>          <C>
2160200-43       1.5T/1.0T SSM MODULE                $ 7,300       5.5%           480       $  6,899     $192,720
2255388          1.5T RFI MODULE                     $ 2,249       5.0%           419       $  2,137     $ 47,094
46-305000P1      TUBE ASSY ERBTEC# 86 013 2679       $ 4,842       4.0%            74       $  4,648     $ 14,410
2160200-10       HV POWER SUPPLY BOARD               $ 3,605       4.0%            54       $  3,461     $  7,787
2194013          1T RFI MODULE                       $ 1,755       5.0%            73       $  1,667     $  6,423
46-305000P57     DOOR KNOB CAPACITOR                 $ 55.97       4.0%          2484       $  53.73     $  5,561
46-305000P3      TUBE ASSEMBYERBTEC# 176 1000        $   576       4.0%           230       $    553     $  5,308
46-271962P1      RF AMP                              $19,885       4.0%             5       $ 19,090     $  3,818
2271206          .35T RFI MODULE                     $ 2,249       5.0%            28       $  2,137     $  3,149
2244580          .7T RFI MODULE                      $ 1,710       5.0%            30       $  1,625     $  2,565
46-305000P31     SOLID ST BD ERBTEC# 86 013 2502     $ 4,378       4.0%            14       $  4,203     $  2,522
2160200-44       CABLE COVER                         $  8.50       4.0%          5792       $   8.16     $  1,969
2160200-5        CPD MODULE ERBTEC PART # 550015     $ 3,130       4.0%            14       $  3,005     $  1,803
46-305000P30     AC SWITCHING MODULE                 $ 2,800       4.0%            13       $  2,688     $  1,478
2160200-4        1T UPGRADE                          $ 8,900       5.0%             2       $  8,455     $  1,068
46-305000P24     BLOWER ASM ERBTEC# 86 013 3001      $   470       4.0%            56       $    451     $  1,060
2160200-2        1.5T UPGRADE                        $ 8,600       5.0%             2       $  8,170     $  1,032
                                                                                                         --------
                                                                                               TOTAL     $299,768
</Table>

<Table>
<Caption>
GE PART NO.                  DESCRIPTION                             PRICE
-----------     ---------------------------------------------      ---------
<S>              <C>                                               <C>
2160200-45       .75/.35T SSM MODULE                               $7,300.00
2160200-12       BUCK H BRIDGE POWER SUPPLY BOARD                  $2,263.00
46-305000P8      IPA INPUT BOARD ASSEMBLY                          $1,603.00
46-305000P60     PA LOADING CCAPACITOR 5KV VACCUUM VARIABLE        $1,350.00
2124498-13       PANEL BRD ER450157 00                             $  887.00
46-305000P10     MTR 3&4 ASM ERBTEC 86 013 2903                    $  854.00
2292491          BACKPLANEINTERFACE BOARD                          $  603.00
46-305000P19     PA PHS DETBDERBTEC 3486 013 3200                  $  360.00
46-305000P61     IPA TUNING CAPACITOR                              $  295.00
46-305000P12     LV XFORMER                                        $  211.00
46-305000P17     FILTER BRD 86 013 2602                            $  180.00
2279054          PROGRAMMED PROM P/N 550061 04                     $  168.00
46-305000P63      LOAD CAP ERBTEC 86 013 2608                      $  158.00
46-179988P293    RESISTOR ERBTEC #109 5170                         $  100.00
46-305000P11     FAN ERBTEC #326 0003                              $   96.00
2160200-14       FAN ERBTEC #3260009                               $   96.00
2124497-46       CABLE D SUB MRI SERIAL PORT                       $   88.00
46-305000P27     PRESUR XDUCRERBTEC# 319 9002                      $   65.00
2124498-17       MEPS FAND ER326 0007 AND 2124498 18 MEPS FAN      $   62.00
2192953          #510061 01 RF/PEN CABINET FOR MR HORIZAN          $   57.00
46-305000P25     ALUM ELC CAPER125 4125                            $   48.00
2179256          CAPACITOR ERBTEC 125 2780                         $   36.00
2280293          TRANSFORMER510218 00                              $   30.00
2124498-21       LATCH                                             $   27.00
46-320103P1      FIRMWARE KIT                                      $   22.00
2124498-14       PLUG ASM                                          $   22.00
2179261          CAPACITOR ERBTEC 125 2450                         $   18.00
2124498-34       AIR FILTER                                        $   15.00
</Table>

<PAGE>

                                  SCHEDULE 3(a)

                  GE'S OFFER TO EXTEND FINISHED GOODS LIABILITY

[Letterhead of GE Medical Systems]
General Electric Company
P.O. Box 414, Milwaukee, WI 53201-0414

June 21, 2000

Christopher Cone
Colorado MEDtech
1811 Lefthand Circle
Longmont, CO 80501

Re:  Offer to Extend Finished Goods Liability

Dear Mr. Cone:

In our ongoing commitment to improve productivity, reliability and quality, GE
Medical Systems (GEMS) is currently involved in several Six Sigma projects to
improve its forecasting and ordering processes. As part of that effort, GEMS has
chosen a few select suppliers who will receive additional ordering assurances
and commitments by GEMS if those suppliers agree to assist GEMS with its
processes. You have been chosen as one of those suppliers, and as a selected
supplier, GEMS would like to extend its liability to you on forecasted products
in order for GEMS to avoid potential shortages on those products listed in
Attachment A.

As you are aware, historically, GEMS has provided you with forecasts of required
products and has then followed those forecasts with firm commitments for
delivery. As a result, GEMS has only been liable for products ordered as part of
the firm commitments and not as a result of the long-term forecasts. According
to suppliers we have surveyed, this process can result in shortages and delayed
delivery dates due to the suppliers' longer lead times for second tier supplier
parts. In order to avoid shortages and missed delivery dates due to these
reasons, GEMS is committing to its total forecasted product quantities through
June 30, 2002.

GEMS has issued purchase order 806537 to you as a firm commitment pursuant to
which GEMS shall purchase from you the quantities specified in Attachment A to
this letter. This commitment by GEMS serves to authorize your firm to commit to
both the materials and capacity required to ensure product availability through
June 30, 2002.

<PAGE>

                                      -2-

Purchase order 806537 shall incorporate by reference the following:

         ADVANCE FUNDING AUTHORIZATION FOR ELECTRONIC ASSEMBLY PROCUREMENTS

         THIS PURCHASE ORDER IS FUNDED IN AN AMOUNT OF $7,627,235 AS
         AUTHORIZATION TO CMED TO 1) ADVANCE ORDER COMPONENT PARTS, 2) ADDRESS
         CAPACITY CONSTRAINTS, AND 3) FACILITATE THE SUBSEQUENT MANUFACTURE OF
         THE ASSEMBLIES DELINEATED HEREIN PER THE SIGNAL REQUIREMENTS. THIS PO
         REPRESENTS A "SNAPSHOT" OF THE SUPPLIER SIGNAL SYSTEM FORECAST AS OF
         THE DATE HEREIN AND DEFINES OUR COMMITMENT IN TERMS OF THE QUANTITIES
         FOR EACH ASSEMBLY SPECIFIED THROUGH MARCH 31, 2002. THIS PO REFLECTS
         THE PROJECTED DELIVERY PROFILE AND WILL BE ADJUSTED THROUGH SIGNAL
         UPDATES. THE PRODUCTS LISTED HEREIN WILL BE DELIVERED AND INVOICED AS
         PART OF COMPLETED ASSEMBLIES AS SIGNALED THROUGH THE GEMS SUPPLIER
         SIGNAL SYSTEM. GEMS SHALL BE LIABLE FOR THE TOTAL AMOUNT OF FINISHED
         GOODS LISTED IN THE PO AS SET FORTH IN THE OFFER TO EXTEND FINISHED
         GOODS LIABILITY BETWEEN GEMS AND CMED DATED JUNE 21, 2001.

GEMS will continue to update the Supplier Signal System forecast each month as
part of its normal course of business. If at any time GEMS anticipates that the
total requirements for any assembly(ies) on Attachment A exceed the current
commitment level, you will be so notified and discussions will ensue to
determine, jointly, the best course of action.

This PO represents the total amount of products GEMS-MR plans on purchasing from
CMED and this PO is not to be shipped or billed against.

In return for this commitment by GEMS, you agree to the total quantity and
nominal weekly run rate identified under Attachment A, with material to be
delivered as pulled by weekly signals which will be within a +/- 25% band around
the nominal weekly run rate. To ensure that this objective is achieved, you
shall provide ongoing, bi-weekly feedback on the following performance
objectives: order placement and receipt (specifically for long lead time
components) proactive identification of obsolescence issues, and identification
of capacity constraints and the actions taken to resolve them.

In return for the commitment by CMED, GEMS shall purchase and take into
inventory by or before June 30, 2002 the quantity of remaining products listed
on Attachment A not previously purchased under purchase order No. 806537.

We are confident that such a firm commitment on our part will enable you to
successfully meet the end-of-year challenges ahead of us. Should you have any
questions with respect to the above, please contact me at your earliest
convenience.

Best regards,

/s/ John Harold

John Harold
Global Sourcing Leader--MR/CT Subsystems

Enclosures

<PAGE>

                                      -3-

                                  ATTACHMENT A

                         Blanket Purchase Order Schedule

<Table>
<Caption>
       GE Part No.        Description        Current Price    12 Month Qty      Total Spend
       -----------        -----------        -------------    ------------      -----------
<S>                    <C>                   <C>              <C>               <C>
       2160200-43         1.5T/1T SSM            7300             750           5,475,000
         2255388        1.5T RFI Module          2249             475           1,068,275
        2160200-2      1.5T Upgrade kits         8170               0                  --
       2160200-45         .35T/.7T SSM           7300             100             730,000
         2194013         1T RFI Module           1667              80             133,360
         2244580         .7T RFI Module          1625              70             113,750
         2271206        .35T RFI Module          2137              50             106,850
                                                                                ---------
                                                                                7,627,235
</Table>

<PAGE>

                                  SCHEDULE 3(b)

                            PURCHASE ORDER NO. 806537

[GE logo]         Purchase Order  No. 806537
                  Purchase Order Change Number 1

From:    GE Medical Systems
         Post Office Box 414
         Milwaukee, WI 53201

To:      Colorado MEDtech, Inc.
         410 S. Sunset Bldg D
         Longmont, CO 80501

Payment terms: Net 60 days

Transportation
F.O.B. Shipping Point
Shipping terms: collect
Title passage: buyers dock

Tax %: 0.0

Document issue date: 06-26-01

Note: This is a change to the above referenced purchase order

         Change purchase order:  order special charges

         Set up charge: 7627235.00

Note: Acceptance of this order is expressly limited to the terms and conditions
of purchase printed on reverse side.

John Harold
Buyer

<PAGE>

                                      -2-

[GE logo]         Purchase Order  No. 806537
                  Purchase Order Change Number 11

From:    GE Medical Systems
         Post Office Box 414
         Milwaukee, WI 53201

To:      Colorado MEDtech, Inc.
         410 S. Sunset Bldg D
         Longmont, CO 80501

Payment terms: Net 60 days

Transportation
F.O.B. Shipping Point
Shipping terms: collect
Title passage: buyers dock

Tax %: 0.0

Document issue date: 06-27-01

Note: This is a change to the above referenced purchase order

         Change Item number 01
                  Delivery schedule
                  Remarks

Quantity: 1 pc
Description: 2160200-43  Rev 003
SSM
System Support Module
Erbtec #550020

Price: 7300.00 Ea
Received 06-25-02

The terms of the attached offer to extend finished goods liability dated
June 21, 2001 are incorporated by reference into this purchase order.

John Harold
Buyer

<PAGE>

                                      -3-

[Letterhead of GE Medical Systems]
General Electric Company
P.O. Box 414, Milwaukee, WI 53201-0414

June 21, 2000

Christopher Cone
Colorado MEDtech
1811 Lefthand Circle
Longmont, CO 80501

Re:  Offer to Extend Finished Goods Liability

Dear Mr. Cone:

In our ongoing commitment to improve productivity, reliability and quality, GE
Medical Systems (GEMS) is currently involved in several Six Sigma projects to
improve its forecasting and ordering processes. As part of that effort, GEMS has
chosen a few select suppliers who will receive additional ordering assurances
and commitments by GEMS if those suppliers agree to assist GEMS with its
processes. You have been chosen as one of those suppliers, and as a selected
supplier, GEMS would like to extend its liability to you on forecasted products
in order for GEMS to avoid potential shortages on those products listed in
Attachment A.

As you are aware, historically, GEMS has provided you with forecasts of required
products and has then followed those forecasts with firm commitments for
delivery. As a result, GEMS has only been liable for products ordered as part of
the firm commitments and not as a result of the long-term forecasts. According
to suppliers we have surveyed, this process can result in shortages and delayed
delivery dates due to the suppliers' longer lead times for second tier supplier
parts. In order to avoid shortages and missed delivery dates due to these
reasons, GEMS is committing to its total forecasted product quantities through
June 30, 2002.

GEMS has issued purchase order 806537 to you as a firm commitment pursuant to
which GEMS shall purchase from you the quantities specified in Attachment A to
this letter. This commitment by GEMS serves to authorize your firm to commit to
both the materials and capacity required to ensure product availability through
June 30, 2002.

Purchase order 806537 shall incorporate by reference the following:

<PAGE>

                                      -4-

         ADVANCE FUNDING AUTHORIZATION FOR ELECTRONIC ASSEMBLY PROCUREMENTS

         THIS PURCHASE ORDER IS FUNDED IN AN AMOUNT OF $7,627,235 AS
         AUTHORIZATION TO CMED TO 1) ADVANCE ORDER COMPONENT PARTS, 2) ADDRESS
         CAPACITY CONSTRAINTS, AND 3) FACILITATE THE SUBSEQUENT MANUFACTURE OF
         THE ASSEMBLIES DELINEATED HEREIN PER THE SIGNAL REQUIREMENTS. THIS PO
         REPRESENTS A "SNAPSHOT" OF THE SUPPLIER SIGNAL SYSTEM FORECAST AS OF
         THE DATE HEREIN AND DEFINES OUR COMMITMENT IN TERMS OF THE QUANTITIES
         FOR EACH ASSEMBLY SPECIFIED THROUGH MARCH 31, 2002. THIS PO REFLECTS
         THE PROJECTED DELIVERY PROFILE AND WILL BE ADJUSTED THROUGH SIGNAL
         UPDATES. THE PRODUCTS LISTED HEREIN WILL BE DELIVERED AND INVOICED AS
         PART OF COMPLETED ASSEMBLIES AS SIGNALED THROUGH THE GEMS SUPPLIER
         SIGNAL SYSTEM. GEMS SHALL BE LIABLE FOR THE TOTAL AMOUNT OF FINISHED
         GOODS LISTED IN THE PO AS SET FORTH IN THE OFFER TO EXTEND FINISHED
         GOODS LIABILITY BETWEEN GEMS AND CMED DATED JUNE 21, 2001.

GEMS will continue to update the Supplier Signal System forecast each month as
part of its normal course of business. If at any time GEMS anticipates that the
total requirements for any assembly(ies) on Attachment A exceed the current
commitment level, you will be so notified and discussions will ensue to
determine, jointly, the best course of action.

This PO represents the total amount of products GEMS-MR plans on purchasing from
CMED and this PO is not to be shipped or billed against.

In return for this commitment by GEMS, you agree to the total quantity and
nominal weekly run rate identified under Attachment A, with material to be
delivered as pulled by weekly signals which will be within a +/- 25% band around
the nominal weekly run rate. To ensure that this objective is achieved, you
shall provide ongoing, bi-weekly feedback on the following performance
objectives: order placement and receipt (specifically for long lead time
components) proactive identification of obsolescence issues, and identification
of capacity constraints and the actions taken to resolve them.

In return for the commitment by CMED, GEMS shall purchase and take into
inventory by or before June 30, 2002 the quantity of remaining products listed
on Attachment A not previously purchased under purchase order No. 806537.

We are confident that such a firm commitment on our part will enable you to
successfully meet the end-of-year challenges ahead of us. Should you have any
questions with respect to the above, please contact me at your earliest
convenience.

Best regards,

/s/ John Harold

John Harold
Global Sourcing Leader--MR/CT Subsystems

Enclosures

<PAGE>
                                     - 5 -

                                  ATTACHMENT A

                         Blanket Purchase Order Schedule

<Table>
<Caption>
      GE Part No.       Description        Current Price     12 Month Qty     Total Spend
      -----------       -----------        -------------     ------------     -----------
<S>                  <C>                   <C>               <C>              <C>
      2160200-43        1.5T/1T SSM            7300              750           5,475,000
        2255388       1.5T RFI Module          2249              475           1,068,275
       2160200-2     1.5T Upgrade kits         8170               0                   --
      2160200-45       .35T/.7T SSM            7300              100             730,000
        2194013        1T RFI Module           1667               80             133,360
        2244580       .7T RFI Module           1625               70             113,750
        2271206       .35T RFI Module          2137               50             106,850
                                                                               ---------
                                                                               7,627,235
</Table>

<PAGE>

                                  SCHEDULE 8(e)

                     GE PURCHASE ORDER TERMS AND CONDITIONS

CONTRACT FORMATION

These Terms and Conditions, the provisions of any document referring to these
Terms and Conditions, any attachments thereto, and any samples, drawings or
specifications referred to therein, shall collectively constitute the "Purchase
Order". This Purchase Order shall constitute our offer to purchase from you the
products and services order ("Products"). We may revoke this offer at any time
before your acceptance. Upon acceptance, you agree to sell and deliver Products
to us in accordance with this Purchase Order. You shall be deemed to have
accepted this offer by sending us a written acknowledgement, by delivering any
Product ordered, or by commencement of work on Products to be specially
manufactured for us.

WE HEREBY OBJECT TO AND REJECT THE PROVISIONS OF ANY ACKNOWLEDGEMENT, ORDER
ACCEPTANCE OR INVOICE WHICH ARE INCONSISTENT WITH OR IN ADDITION TO THE
PROVISIONS OF THIS PURCHASE ORDER. THIS PURCHASE ORDER SHALL BE THE COMPLETE AND
EXCLUSIVE CONTRACT BETWEEN US WITH RESPECT TO THE PRODUCTS AND MAY BE MODIFIED
ONLY IN WRITING SIGNED BY OUR AUTHORIZED REPRESENTATIVE AND BY YOU. NO PRIOR
PROPOSAL, QUOTATION, STATEMENTS, FORECASTS, COURSE OF DEALING OR USAGE OF TRADE
WILL BE PART OF THE CONTRACT BETWEEN US.

COMMERCIAL TERMS

Price. Prices for Products are not subject to increase, except as may be
permitted below under "Changes". Price covers the net weight of material, and no
extra charges of any kind (including charges for containers, insurance, packing,
crating, storage, handling or cartage, interest charges, service charges and the
like) will be allowed. Unless prohibited by law, you will separately indicate on
your invoice any tax that is required to be imposed on the sale of Products.

Transportation. You agree to ship Products to us using our designated carrier
with transportation charges billed directly to us by the carrier. We will not
pay premium transportation charges unless authorized by us in writing. You will
list any unauthorized charges not otherwise billed to us as a separate line item
on your invoice. If you ship Products by an unauthorized method or carrier, you
will pay any resulting increased freight costs. You will release rail or truck
shipments at the lowest valuation permitted and will not declare value on
Products shipped.

Title and Risk of Loss. Title and risk of loss will pass to us when the Products
are delivered to our designated carrier. All shipments shall be F.O.B., place of
shipment.

Invoices. Your invoices shall contain the Purchase Order number, item number,
quantity, unit of measure, unit price, total invoice amount, and such other
information as may be required by the Purchase Order or other written
instructions from us.

<PAGE>

                                      -2-

Payments. If an invoice is issued in accordance with the requirements of this
Purchase Order,, unless agreed in writing or otherwise, we will pay the invoice
within sixty (60) calendar days following receipt of both the Product and the
invoice. Under no circumstances will we pay late fees, interest, carrying or
other charges.

Set-Off. We may set-off any amount owed to us from you or any of your affiliates
against any amount payable at any time by us to you.

COMPLIANCE

You represent and warrant that your performance will comply with all applicable
laws and regulations, including those prohibiting bribery or similar payments or
practices, and those related to environmental protection, health and safety. You
further represent and warrant that: (i) you and your suppliers will not use
child, forced or prison labor in connection with the manufacture and supply of
Products; (ii) you and your employees will not offer gifts, bribes, kickbacks,
free travel or other cash or non-cash incentives to our employees; and (iii)
your delivery of Products constitutes your certification that you have complied
with all applicable requirements. You will provide us all information necessary
to enable us to comply with the laws and regulations applicable to our use of
Products.

Without limiting the generality of the foregoing, you represent and warrant tat
the Products and their manufacture will comply with all applicable medical
device laws and regulations, including without limitation good manufacturing
practices.

OTHER TERMS

Our Property. All tools, dies, drawings, plans, data, manufacturing aids,
testing or other equipment or materials, inventions, technology, secrets or
other proprietary information, and all intellectual property rights in the
foregoing, which we furnish to you, or which is developed or acquired at our
expense in the performance of work hereunder, shall be our property. You hereby
assign and agree to assign to us, and to cause your employees to assign to us,
in each case without additional compensation, all such property. All such
property shall be safely maintained separate from your property, and marked
"Property of General Electric Company". You agree not to substitute any property
for our property and not to use such property except for performance of work
hereunder or as authorized by us. You also agree to insure any tangible property
at full replacement cost. Tangible property will be held at your risk and
subject to removal at our written request (in which event you will redeliver
such property to us at your expense in the same condition as originally received
by you, reasonable wear and tear excepted).

Foreign Purchases. Unless agreed otherwise, you shall be the importer of record.
If you are the importer of record, we will not be a party to the importation,
our name will not appear as importer of record on any document, and the
transactions contemplated hereby will be consummated after importation occurs.
At our request, you will state the country of origin on products, packaging or
your invoices, and provide acceptable documentation establishing the country of
origin, including without limitation certificates of origin for Products subject
to the NAFTA preferential duty provisions. If for any reason we are the importer
of record, you

<PAGE>

                                      -3-

represent and warrant that all sales made under this Purchase Order will be at
not less than fair value under the United States Anti-Dumping Law.

Audit Rights. At our request, you will allow us to audit without charge and to
copy at our expense any documents you have relating to the performance of your
obligations under this Purchase Order or other applicable legal requirements.

Trademarks. The names and trademarks of each party shall remain their sole and
exclusive property. If you place one of our trademarks on any Product, or if a
Product is unique to us, such Product will not bear your name or trademark and
will not be sold to anyone else.

Publicity. You may not, without our prior written consent, advertise or publish
the fact that we have contracted to purchase goods or services from you,
disclose information relating to this Purchase Order, or use our name or
trademarks, or the names or trademarks of any of our affiliates or customers.

Work on Our Premises. If you work on our premises or the premises of our
customer, you will comply with any applicable site rules and regulations. Except
to the extent a claim is due solely and directly to our negligence or our
customer's negligence, you will indemnify us and the customer from any claim
which may result in any way from any act or omission of you or your agents,
employees or subcontractors while on our premises or the premises of our
customer.

Insurance. You agree to maintain such public liability insurance (including
without limitation workers compensation, employer's liability, comprehensive
general liability, product liability and property damage insurance) as will
adequately protect us in the event of any liability arising under this Purchase
Order and, upon our request, you will provide us with evidence of such
insurance.

Remedies. The rights and remedies herein are cumulative and in addition to all
other rights and remedies available at law or in equity.

Waiver and Invalidity. Any waiver or renunciation of a claim or right arising
out of breach must be in writing and signed by the injured party. Any failure to
enforce any provision of the Purchase Order may not be construed as a waiver of
such provision or any other provision nor of the right to enforce such
provision. The invalidity, in whole or in part, of any provision hereof shall
not affect the remainder of the provisions.

Assignment. You may not assign any right or delegate any duty hereunder without
our prior written consent. Any attempted assignment or delegation by you will be
void.

Independent Contractor. You will be considered an independent contractor for all
purposes, and shall not be deemed to be our agent, employee or subcontractor
under any circumstance.

Headings. The headings on these Terms and Conditions are for convenience only
and may not be used in the interpretation thereof.

<PAGE>

                                   SCHEDULE 15

                         NON-DISCLOSURE LETTER AGREEMENT

[Letterhead of GE Medical Systems]
General Electric Company
PO Box 414
Milwaukee, WI  53201-0414

Date: June 18, 2001

Address:
Christopher Cone
Colorado MedTech
1811 Lefthand Circle
Longmont, CO 80501

Dear Mr. Cone:

         Discussions are to be entered into between representatives of Colorado
MEDtech, Inc. ("CMED") and General Electric Company (GE) relating to MR
subsystems. Both GE and CMED representatives now believe there is a need to
exchange certain information which is considered to be proprietary to the
respective parties (Proprietary Information). Each party is willing to disclose
its Proprietary Information as necessary under the terms and conditions set
forth below.

         1.       All information disclosed or furnished by one party to the
                  other which the disclosing party deems to be proprietary shall
                  be in writing and clearly identified on its face as being
                  proprietary. Oral disclosures deemed to be proprietary shall
                  be confirmed in writing as proprietary within 30 days by the
                  disclosing party. The receiving party agrees that for a period
                  of three (3) years it shall not disclose such Proprietary
                  Information to any third party nor use such Proprietary
                  Information for any purpose other than to evaluate its
                  interest in the mutual business described above. The receiving
                  party shall protect the information with the same degree of
                  care as it applies to protect its own Proprietary Information.

         2.       Notwithstanding the provisions of Paragraph 1 above, the
                  receiving party shall have no obligations with respect to any
                  information which (i) is or becomes known within the public
                  domain through no act of the receiving party in breach of this
                  Agreement, (ii) was in the possession of the receiving party
                  prior to its disclosure or transfer hereunder and the
                  receiving party can so prove, (iii) is independently developed
                  by the receiving party and the receiving party can so prove,
                  or (iv) is received from another source without any
                  restriction on use or disclosure.

<PAGE>

                                      -2-

         3.       Except for the obligations of the parties with respect to
                  Proprietary Information disclosed prior to expiration or
                  termination, this Agreement shall (unless extended by mutual
                  agreement) expire or terminate at the earliest of the
                  following events:

                  (a) One (1) year after the effective date of the Agreement, or

                  (b) Thirty (30) days after written notice of termination
                  provided by either party to the other.

                  Upon such expiration or termination either party may request
                  from the other party that any and/or all of its documents
                  containing Proprietary Information be returned, and the other
                  party shall so return such documents forthwith. The receiving
                  party may retain a copy of the Proprietary Information for
                  archival purposes.

         4.       No rights to any patents are provided or are to be implied by
                  any provision of this Agreement.

         5.       Nothing in this Agreement shall be construed as precluding the
                  receiving party at any time from independently developing
                  ideas, negotiating with, or entering into any agreement with
                  others relating to the general subject matter of this
                  Agreement; subject, however, to the provisions of paragraphs 1
                  and 2 hereof with respect to disclosure and use of
                  information.

         6.       This letter contains the sole and entire agreement between the
                  parties relating to the subject hereof and any representation,
                  promise, or condition not contained herein, or any amendment
                  hereto shall not be binding on either party unless set forth
                  in a subsequent written agreement signed by an authorized
                  representative of the party to be bound thereby.

         7.       This Agreement shall be construed in accordance with the laws
                  of the State of New York without regard to choice of law
                  provisions.

         If the foregoing provisions are acceptable to you, please signify your
acceptance by signing and returning the enclosed duplicate copy of this letter.
This Agreement shall apply in lieu of and notwithstanding any specific legend or
statement associated with any particular document or information exchanged.

                                            Very truly yours,

GENERAL ELECTRIC COMPANY

By: /s/John Harold
    --------------------------

Title: Global Sourcing Leader
       ----------------------

<PAGE>

                                      -3-

Date:  6/18/2001
       ----------------------

ACCEPTED AND AGREED TO BY

Colorado MEDtech, Inc.

By: /s/ Peter J. Jensen
    --------------------------------------

Title: Vice President of Corporate Affairs

Date: 18 June 01

<PAGE>

                                 SCHEDULE 19(e)

                              CASH REBATE SCHEDULE

<Table>
<Caption>
                        DATE             AMOUNT
                      --------          ---------
<S>                                     <C>
                       7/31/01          $ 50,000
                       8/31/01          $ 50,000
                       9/30/01          $ 50,000
                      10/31/01          $ 50,000
                      11/30/01          $ 50,000
                       12/7/01          $ 50,000
                                        --------
                       TOTAL            $300,000
</Table>

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