Document:

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                                                                   EXHIBIT 4.1

                         REGISTRATION RIGHTS AGREEMENT
                         -----------------------------

Dated as of December 14, 1999

Parties:  MG SECURITIES GROUP, INC. with an address at 900 Jackson Street, Suite
          450, Dallas Texas 75202 ("MG");

          The investors (the "Investors") of Financing Shares (as defined
          herein) and Warrant Shares (as defined herein) whose names appear on
          the signature pages of this Agreement (whether as original signatories
          or hereinafter added as signatories to this Agreement); and

          LIFEF/X, INC., with an address at 331 Dudley Road, Newton, MA 02459
          (the "Company").

     WHEREAS, the Company desires to issue and sell 6,000,000 of the Company's
Units consisting of 6,000,000 shares of the Company's common stock (the "Common
Stock"), pursuant to Subscription Agreements with the Company (the "Financing
Shares"), and the right to purchase 60,000 shares of Common Stock, pursuant to
Warrants granted by the Company (the "Warrant Shares") in connection with the
private placement of the Company's Units described in that certain Private
Placement Memorandum, dated October 29, 1999, as amended and supplemented (the
"Private Placement");

     WHEREAS, the Company has granted Warrants to MG, the placement agent in the
Private Placement as compensation in connection with the Private Placement, the
right to purchase 100,000 shares of the Company's Common Stock (the "Placement
Agent Shares") (the Financing Shares, Warrant Shares and Placement Agent Shares
are collectively referred to herein as the "Registrable Securities");

     WHEREAS, the Company has as of the date herewith issued and sold an
aggregate of 2,983,000 of the Company's Units to the Investors who are original
signatories of this Agreement;

     WHEREAS, the Company desires to hereinafter issue and sell to additional
Investors the balance of the Company's Units;

     WHEREAS, the parties to this Agreement desire that upon the issuance and
sale of the balance of the Company's Units to each additional Investor, each
additional Investor be bound by the terms and conditions of this Agreement and
execute a counterpart of this Agreement;

     WHEREAS, MG and the Investors acknowledge that the Company has granted
certain demand registration rights covering certain shares of the Company's
Common Stock held by Safeguard Scientific (Delaware), Inc. and its affiliates
pursuant to that certain Registration Rights Agreement, dated of even date
herewith (the "Safeguard Registration Rights Agreement"); and

     WHEREAS, the Company has undertaken to register the Registrable Securities,
under the terms set forth herein.
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     NOW, THEREFORE, the Company, MG and the Investors hereby covenant and agree
as follows:

     Certain Definitions.  As used in this Agreement, the following terms shall
     -------------------
have the following respective meanings:

     "Commission" shall mean the Securities and Exchange Commission, or any
other federal agency at the time administering the Securities Act.

     "Common Stock" shall mean the Common Stock, $0.001 par value, of the
Company, as constituted as of the date of this Agreement.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended,
or any similar federal statute, and the rules and regulations of the regulations
of the Commission thereunder, all as the same shall be in effect at the time.

     "Register," "registered" and "registration" shall mean a registration
effected by preparing and filing a registration statement or statements or
similar documents in compliance with the Securities Act and the declaration or
ordering of effectiveness of the registration statement or other document by the
Commission.

     "Requisite Period" shall mean, with respect to a firm commitment
underwritten public offering the period commencing on the effective date of the
registration statement and ending on the date each underwriter has completed the
distribution of all securities purchased by it, and, with respect to any other
registration, the period commencing on the effective date of the registration
statement and ending on the earlier of the date on which the sale of all
Registrable Securities covered thereby is completed and 180 days after such
effective date.

     "Securities Act" shall mean the Securities Act of 1933, as amended, or any
similar federal statue, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

     Capitalized terms not defined herein shall have the meanings set forth in
the Subscription Agreements and the Warrants.

     1.   Registration.
          ------------

          1.1. Registration Statement.  Pursuant to Section 2 hereof, the
               ----------------------
Company shall file a registration statement (the "Registration Statement") as
soon as practicable but in no event later than 150 days after the date hereof
covering the Registrable Securities.  The obligation of the Company under this
Section 1.1 shall be limited to one registration statement.

          1.2. Incidental Registration.  MG and the Investors have the right to
               -----------------------
request the inclusion of the Registrable Securities as part of any other
registration of securities filed by the Company (other than in connection with a
transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to
Forms S-4 or S-8).  In the event of such a proposed registration, the Company
shall furnish MG and the Investors with not less than thirty (30) days written
notice thereof prior to the proposed date of filing of such registration
statement. Such notice to MG and

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the Investors shall continue to be given for each registration statement filed
by the Company until such time as all of the Registrable Securities have been
sold by MG and the Investors. MG and the Investors shall exercise the incidental
rights provided for herein by giving written notice, within fifteen (15) days of
the receipt of the Company's notice of its intention to file a registration
statement. Upon such exercise, the Company will use its best efforts to cause
the Registrable Securities as to which registration has been requested, subject
to any cutbacks imposed by the Company's managing underwriter (if any), to be
included in the securities to be covered by such registration statement to be
filed by the Company, all to the extent and under the conditions such
registration is permitted by the Securities Act. Notwithstanding anything to the
contrary set forth herein, the Company may withdraw any registration statement
referred to in this Section 1.2 which it initially proposed to file in its sole
discretion without thereby incurring any liability to MG or the Investors. The
Company shall cause any registration statement filed pursuant to the above
incidental rights to remain effective for the Requisite Period.

     2.   Registration Procedures.
          -----------------------

          2.1. If and whenever the Company is required by the provisions hereof
to effect the registration of any Registrable Securities under the Securities
Act, the Company will, as expeditiously as possible:

               (a)  prepare and file with the Commission a registration
statement with respect to such securities, and, with respect to the registration
required under Section 1.1, use its best efforts to cause the Registration
Statement to become effective not later than 150 days from the date hereof and
to remain effective for the Requisite Period;

               (b)  prepare and file with the Commission such amendments to the
registration statement and supplements to the prospectus used in connection
therewith as may be necessary to keep the registration statement effective for
the Requisite Period and comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by the
registration statement in accordance with the intended method of disposition set
forth in the registration statement for such period;

               (c)  furnish to each seller of Registrable Securities and to each
underwriter such number of copies of the registration statement and the
prospectus included therein (including each preliminary prospectus) as such
persons reasonably may request in order to facilitate the intended disposition
of the Registrable Securities covered by the registration statement;

               (d)  use its best efforts (i) to register or qualify the
Registrable Securities covered by the registration statement under the
securities or "blue sky" laws of such jurisdictions as the sellers of
Registrable Securities or, in the case of an underwritten public offering, the
managing underwriter reasonably shall request, (ii) to prepare and file in those
jurisdictions such amendments (including post effective amendments) and
supplements, and take such other actions, as may be necessary to maintain such
registration and qualification in effect at all times for the period of
distribution contemplated thereby and (iii) to take such further action as may
be necessary or advisable to enable the disposition of the Registrable
Securities in such jurisdictions, provided, that the Company shall not for any
such purpose be required to

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qualify generally to transact business as a foreign corporation in any
jurisdiction where it is not so qualified or to consent to general service of
process in any such jurisdiction;

               (e)  immediately notify each seller of Registrable Securities and
each underwriter under the registration statement, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the
happening of any event of which the Company has knowledge as a result of which
the prospectus contained in the registration statement, as then in effect,
includes any untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing and promptly amend or
supplement the registration statement to correct any such untrue statement or
omission;

               (f)  notify each seller of Registrable Securities of the issuance
by the Commission of any stop order suspending the effectiveness of the
registration statement or the initiation of any proceedings for that purpose and
make every reasonable effort to prevent the issuance of any stop order and, if
any stop order is issued, to obtain the lifting thereof at the earliest possible
time;

               (g)  permit a single firm of counsel designated as selling
stockholders' counsel by the holders of a majority in interest of the
Registrable Securities being registered to review the Registration Statement and
all amendments and supplements thereto for a reasonable period of time prior to
their filing (provided, however, that in no event shall the Company be required
to reimburse legal fees in excess of $25,000 for the Registration Statement
pursuant to this Section 2.1(g)) and the Company shall not file any document in
a form to which such counsel reasonably objects;

               (h)  make generally available to its security holders as soon as
practicable, but not later than 90 days after the close of the period covered
thereby, an earnings statement (in form complying with the provisions of Rule
158 under the Securities Act) covering a 12-month period beginning not later
than the first day of the Company's next fiscal quarter following the effective
date of the registration statement;

               (i)  if the offering is an underwritten offering, enter into a
written agreement with the managing underwriter selected in the manner herein
provided in such form and containing such provisions as are usual and customary
in the securities business for such an arrangement between such underwriter and
companies of the Company's size and investment stature, including, without
limitation customary indemnification and contribution provisions;

               (j)  if the offering is an underwritten offering, at the request
of any seller of Registrable Securities, use its best efforts to furnish to such
seller on the date that Registrable Securities are delivered to the underwriters
for sale pursuant to such registration: (i) a copy of an opinion dated such date
of counsel representing the Company for the purposes of such registration,
addressed to the underwriters, and (ii) a copy of a letter dated such date from
the independent public accountants retained by the Company, addressed to the
underwriters;

               (k)  make available for inspection by each seller of Registrable
Securities and any attorney, accountant or other agent retained by such seller,
all financial and

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other records, pertinent corporate documents and properties of the Company, and
cause the Company's officers, directors and employees to supply all information
reasonably requested by any such seller, attorney, accountant or agent in
connection with the registration statement;

               (l)  take all other reasonable actions necessary to expedite and
facilitate the registration of the Registrable Securities pursuant to the
registration statement.

          2.2. In connection with the registration hereunder, the sellers of
Registrable Securities will furnish to the Company in writing such information
and documentation with respect to themselves and the proposed distribution by
them as reasonably shall be necessary in order to assure compliance with federal
and applicable state securities laws.

          2.3. If the registration pursuant to this Agreement is in connection
with an underwritten public offering by the Company, the sellers of Registrable
Securities (a) hereby agree to enter into a written agreement with the managing
underwriter selected by the Company in such form and containing such provisions
as are customary in the securities business for such an arrangement between such
underwriter and companies of the Company's size and investment stature, (b)
hereby appoint MG to act as their agent to negotiate the terms of any
restriction on the right of such sellers to sell their Registrable Securities
which shall be imposed by the managing underwriter for such offering; provided,
however, that sellers holding a majority of the Registrable Securities to be
registered shall approve any terms so negotiated, (c) agree to provide such
information and execute such documents as may reasonably be required in
connection with such registration, (d) agree to sell the Registrable Securities
on the basis provided in any underwriting arrangements and (e) agree to complete
and execute all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements, which arrangements shall not be inconsistent herewith.

          2.4. If the Registration Statement has not been declared effective
within 150 days of the date hereof, then the Company shall pay liquidated
damages pro rata to the Investors as follows: one (1%) percent of the initial
purchase price of the Units paid by the Investors in the Private Placement for
the Units for each full 30 day period until the Registration Statement has been
declared effective. Each Investor shall be entitled to a pro rata portion of
such liquidated damages based on the number of Units purchased by such Investor
as compared to the total Units sold by the Company. The liquidated damages
payable hereunder shall be payable in cash promptly upon notice to the Company
delivered pursuant to Section 9 hereof and shall be prorated for any portion of
a 30 day period for which such liquidated damages are due and payable. MG shall
not be entitled to any liquidated damages hereunder.

     3.   Expenses.  All expenses incurred by the Company in complying with this
          --------
Agreement, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel and independent public
accountants for the Company, fees and expenses (including counsel fees) incurred
in connection with complying with state securities or "blue sky" laws, fees of
the National Association of Securities Dealers, Inc., fees of transfer agents
and registrars and fees and disbursements of one counsel for the sellers of
Registrable Securities for the Registration Statement (subject to the limitation
in Section 2.1(g)), but excluding any Selling Expenses, are called "Registration
Expenses". All underwriting discounts

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<PAGE>

and selling commissions applicable to the sale of Registrable Securities are
called "Selling Expenses".

          3.1. The Company will pay all Registration Expenses in connection with
the registration statements filed hereunder, and the Selling Expenses in
connection with each the registration statements shall be borne by the
participating sellers of Registrable Securities in proportion to the number of
Registrable Securities sold by each or as they may otherwise agree.

     4.   Indemnification and Contribution. (a) In the event of a registration
          --------------------------------
of any of the Registrable Securities under the Securities Act pursuant to the
terms of this Agreement, the Company will indemnify and hold harmless and pay
and reimburse, each seller of such Registrable Securities thereunder, and each
other person, if any, who controls such seller within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which such seller, underwriter or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact
contained in the registration statement under which such Registrable Securities
were registered under the Securities Act pursuant hereto or any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, or any violation or alleged violation of
the Securities Act or any state securities or blue sky laws and will reimburse
each such seller, and each such controlling person for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, that the
Company will not be liable in any such case if and to the extent that any such
loss, claim, damage or liability arises out of or is based upon the Company's
reliance on an untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with information furnished by any such
seller, any such underwriter or any such controlling person in writing
specifically for use in the registration statement or prospectus.

               (b)  In the event of a registration of any of the Registrable
Securities under the Securities Act pursuant hereto each seller of such
Registrable Securities thereunder, severally and not jointly, will indemnify and
hold harmless the Company, each person, if any, who controls the Company within
the meaning of the Securities Act, each officer of the Company who signs the
registration statement and each director of the Company against all losses,
claims, damages or liabilities, joint or several, to which the Company or such
officer, director or controlling person may become subject under the Securities
Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon reliance on any
untrue statement or alleged untrue statement of any material fact contained in
the registration statement under which such Registrable Securities were
registered under the Securities Act pursuant hereto or any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereof, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, and will reimburse the Company and each
such officer, director and controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action, provided, that such seller will
be liable hereunder in any such case if and only

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<PAGE>

to the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in reliance upon and in conformity with information
pertaining to such seller, as such, furnished in writing to the Company by such
seller specifically for use in the registration statement or prospectus, and
provided, that the liability of each seller hereunder shall be limited to the
proceeds received by such seller from the sale of Registrable Securities covered
by the registration statement. Notwithstanding the foregoing, the indemnity
provided in this Section 4(b) shall not apply to amounts paid in settlement of
any such loss, claim, damage, liability or expense if such settlement is
effected without the consent of such indemnified party.

               (c)  Promptly after receipt by an indemnified party hereunder of
notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party hereunder,
notify the indemnifying party in writing thereof, but the omission so to notify
the indemnifying party shall not relieve it from any liability which it may have
to such indemnified party other than under this Section 4 and shall only relieve
it from any liability which it may have to such indemnified party under this
Section 4 if and to the extent the indemnifying party is materially prejudiced
by such omission. In case any such action shall be brought against any
indemnified party and it shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate in and, to the
extent it shall wish, to assume and undertake the defense thereof with counsel
reasonably satisfactory to such indemnified party, and, after notice from the
indemnifying party to such indemnified party of its election so to assume and
undertake the defense thereof, the indemnifying party shall not be liable to
such indemnified party under this Section 4 for any legal expenses subsequently
incurred by such indemnified party in connection with the defense thereof other
than reasonable costs of investigation and of liaison with counsel so selected,
provided, that if the defendants in any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably
concluded based upon written advise of his counsel that there may be reasonable
defenses available to it which are different from or additional to those
available to the indemnifying party or if the interests of the indemnified party
reasonably may be deemed to conflict with the interests of the indemnifying
party, the indemnified party shall have the right to select a separate counsel
and to assume such legal defenses and otherwise to participate in the defense of
such action, with the expenses and fees of such separate counsel and other
expenses related to such participation to be reimbursed by the indemnifying
party as incurred.

               (d)  In order to provide for just and equitable contribution to
joint liability under the Securities Act in any case in which either (i) any
seller of Registrable Securities exercising rights under this Agreement, or any
controlling person of any such holder, makes a claim for indemnification
pursuant to this Section 4 but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case notwithstanding the fact that
this Section 4 provides for indemnification in such case, or (ii) contribution
under the Securities Act may be required on the part of any such seller or any
such controlling person in circumstances for which indemnification is provided
under this Section 4; then, and in each such case, the Company and such seller
will contribute to the aggregate losses, claims, damages or liabilities to which
they may be subject (after contribution from others) in such proportion so that
such seller is responsible for the portion

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<PAGE>

represented by the percentage that the public offering price of its Registrable
Securities offered by the Registration Statement bears to the public offering
price of all securities offered by the Registration Statement, and the Company
is responsible for the remaining portion; provided, that, in any such case, (A)
no such seller will be required to contribute any amount in excess of the public
offering price of all such Registrable Securities offered by it pursuant to the
registration statement and (B) no person or entity guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any person or entity who was not guilty of
such fraudulent misrepresentation.

     5.   Changes in Capital Stock.  If, and as often as, there is any change in
          ------------------------
the capital stock of the Company by way of a stock split, stock dividend,
combination or reclassification, or through a merger, consolidation,
reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions hereof so that the rights and
privileges granted hereby shall continue with respect to the capital stock as so
changed.

     6.   Rule 144 Reporting.  With a view to making available the benefits of
          ------------------
certain rules and regulations of the Commission which may at any time permit the
sale of the Registrable Securities to the public without registration, at all
times after 90 days after any registration statement covering a public offering
of securities of the Company under the Securities Act shall have become
effective, the Company agrees to:

          6.1. make and keep public information available, as those terms are
understood and defined in Rule 144 under the Securities Act:

          6.2. file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;
and

          6.3. furnish to each seller of Registrable Securities forthwith upon
request a written statement by the Company as to its compliance with the
reporting requirements of such Rule 144 and of the Securities Act and the
Exchange Act, a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed by the Company as such
seller may reasonably request in availing itself of any rule or regulation of
the Commission allowing such seller to sell any Registrable Securities without
registration.

     7.   Representations and Warranties of the Company.  The Company represents
          ---------------------------------------------
and warrants to the Investor as follows:

          7.1. The execution, delivery and performance of this Agreement by the
Company have been duly authorized by all requisite corporate action and will not
violate any provision of law, any order of any court or other agency of
government, the Articles of Incorporation or By-laws of the Company or any
provision of any indenture, agreement or other instrument to which it or any or
its properties or assets is bound, conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any such
indenture, agreement or other instrument or result in the creation or imposition
of any lien, charge or encumbrance of any nature whatsoever upon any of the
properties or assets of the Company or its subsidiaries.

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<PAGE>

          7.2. This Agreement has been duly executed and delivered by the
Company and constitutes the legal, valid and binding obligation of the Company,
enforceable in accordance with its terms.

     8.   Assignment of Registration Rights.  The rights to have the Company
          ---------------------------------
register Registrable Securities pursuant to this Agreement may be assigned by MG
or any Investor to transferees or assignees of such securities; provided, that
such assignment is for at least ten percent (10%) of the initial number of
Registrable Securities issued by the Company to each holder of Registrable
Securities in connection with the Private Placement, and the Company is, within
a reasonable time after such transfers, furnished with written notice of the
name and address of such transferee or assignee and the securities with respect
to which such registration rights are being assigned. The terms "MG" or
"Investor", as the case may be, as used in this Agreement shall include such
permitted assignees.

     9.   Miscellaneous.
          -------------

               (a)  All covenants and agreements contained in this Agreement by
or on behalf of any of the parties hereto shall bind and inure to the benefit of
the respective successors and assigns of the parties hereto (including without
limitation transferees of any Registrable Securities), whether so expressed or
not.

               (b)  All notices, requests, consents and other communications
hereunder shall be in writing and shall be delivered in person, mailed by
certified or registered mail, return receipt requested, or sent by telecopier or
telex, addressed (i) if to the Company, at 331 Dudley Road, Newton, MA 02459;
(ii) if to MG, at 900 Jackson Street, Suite 450, Dallas, Texas 75202; (iii) if
to any other party hereto, at the address of such party set forth beneath such
party's signature to this Agreement; and (iv) if to any subsequent holder of
Registrable Securities, to it at such address as may have been furnished to the
Company in writing by such holder; or, in any case, at such other address or
addresses as shall have been furnished in writing to the Company (in the case of
a holder of Registrable Securities) or to the holders of Registrable Securities
(in the case of the Company) in accordance with the provisions of this
paragraph.

               (c)  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York applicable to contracts
entered into and to be performed wholly within said State.

               (d)  Any judicial proceeding brought against any of the parties
to this Agreement on any dispute arising out of this Agreement of any matter
related hereto shall be brought in the courts of the State of New York or in the
United States District Court for the Southern District of New York, and, by
execution and delivery of this Agreement, each of the parties hereto accepts for
itself and himself the process in any such action or proceeding by the mailing
of copies of such process to it, at its or his address as set forth in Section
9(b) and irrevocably agrees to be bound by any judgment rendered thereby in
connection with this Agreement. Each party hereto irrevocably waives to the
fullest extent permitted by law any objection that it or he may now or hereafter
have to the laying of the venue of any judicial proceeding brought in such
courts and any claim that any such judicial proceeding has been brought in an
inconvenient forum. The foregoing consent to jurisdiction shall not constitute

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<PAGE>

general consent to service of process in the State of New York for any purpose
except as provided above and shall not be deemed to confer rights on any person
other than the respective parties to this Agreement.

               (e)  This Agreement may not be amended or modified without the
written consent of the Company and the holders of at least a majority of the
Registrable Securities.

               (f)  Failure of any party to exercise any right or remedy under
this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof. No waiver shall be effective
unless and until it is in writing and signed by the party granting the waiver.

               (g)  This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

               (h)  Other than registration rights granted under the Safeguard
Registration Rights Agreement, the Company shall not grant to any third party
any registration rights more favorable than or inconsistent with any of those
contained herein, or which would in any way, adversely affect the rights of
holders of Registrable Securities hereunder, so long as any of the registration
rights under this Agreement remains in effect.

               (i)  If any provision of this Agreement shall be held to be
illegal, invalid or unenforceable, such illegality, invalidity or
unenforceability shall attach only to such provision and shall not in any manner
affect or render illegal, invalid or unenforceable any other provision of this
Agreement, and this Agreement shall be carried out as if any such illegal,
invalid or unenforceable provision were not contained herein.

            [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

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<PAGE>

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

                                        LIFEF/X, INC.

                                        By: /s/ Richard A. Guttendorf
                                           ________________________________
                                           Name:  Richard A. Guttendorf
                                           Title: Chief Financial Officer

                                        MG SECURITIES GROUP, INC.

                                        By: /s/ Michael Andersen
                                           _________________________
                                           Name:  Michael Andersen
                                           Title: President

                        [REGISTRATION RIGHTS AGREEMENT]
<PAGE>

                                        ADDITIONAL INVESTOR:

Dated as of February 2, 2000            __________________________________
                                        Name of Investor

                                        __________________________________
                                        Signature

                                        __________________________________
                                        Title, if applicable

                                        Address:

                                        __________________________________
                                        __________________________________
                                        __________________________________

                                        No. of Units:_____________________

                        [REGISTRATION RIGHTS AGREEMENT]<PAGE>

                                                            EXHIBIT 4.2

                            FIN SPORTS U.S.A., INC.
                            SUBSCRIPTION AGREEMENT
                          (Revised November 24, 1999)

Fin Sports U.S.A., Inc.
5525 South 900 East, Suite 110
Salt Lake City, Utah 84117
Attn: President

Ladies and Gentlemen:

1.  Subscription. The undersigned (the "Purchaser"), intending to be legally
bound, hereby irrevocably agrees to purchase from Fin Sports U.S.A., Inc. (the
"Company") the number of units (the "Units") set forth on the signature page
hereof, at a purchase price of $3.00 per Unit, each consisting of one share of
common stock, par value $.001 per share, of the Company (the "Common Stock" or
the "Shares") and a warrant (the "Warrant") to purchase .01 share of Common
Stock at an exercise price of $7.50 (the "Transaction").

2.  Payment. The Purchaser encloses herewith a check payable to, or will
immediately make a wire transfer payment to the Escrow Agent in the full amount
of the purchase price of the Units being subscribed for. To request wire
transfer instructions, please contact Mr. Mark MacCloskey; telephone no. (214)
761-0789. Such funds will be held for the Purchaser's benefit, and will be
returned promptly, without interest, penalty, expense or deduction if this
Subscription Agreement is not accepted by the Company.

3.  Acceptance of Subscription. The Purchaser understands and agrees that the
Company in its sole discretion reserves the right to accept or reject this or
any other subscription for Units, in whole or in part, notwithstanding prior
receipt by the Purchaser of notice of acceptance of this subscription. The
Company shall have no obligation hereunder until the Company shall execute and
deliver to the Purchaser an executed copy of this Subscription Agreement. If
this subscription is rejected in whole or the Transaction is terminated all
funds received from the Purchaser will be returned without interest, penalty,
expense or deduction, and this Subscription Agreement shall thereafter be of no
further force or effect. If this subscription is rejected in part, the funds for
the rejected portion of this subscription will be returned without interest,
penalty, expense or deduction, and this Subscription Agreement will continue in
full force and effect to the extent this subscription was accepted.

4.  Private Placement Memorandum. As more fully described in the Private
Placement Memorandum dated October 29, 1999 (the "PPM"), the items set forth in
subsections (a) through (d) below shall be conditions precedent to the purchase
of the Units by Purchaser hereunder. The Purchaser hereby acknowledges that the
PPM is being supplemented and/or amended and restated (the "Amended PPM") to,
among other things, reflect: (i) the reduction of the purchase price per Unit
from $6.00 per Unit to $3.00 per Unit; (ii) the increase in the maximum offering
amount from $12,000,000 to $18,000,000 (6,000,000 Units); and (iii) the grant of
a warrant by PTM to Savage Holdings, Inc., a consultant to the Company, at an
exercise price of $500,000, which, if exercised, will entitle Savage Holdings,
Inc. to receive 166,667 Units at the first closing
<PAGE>

of this offering. If exercised, this warrant exercise price and the Units
issuable to Savage Holdings, Inc. following exercise will be included in the
calculation of the minimum offering ($8,000,000 for 2,666,667 Units) and the
maximum offering ($18,000,000 for 6,000,000 Units).

     Hereinafter, all references to the PPM shall mean the PPM as amended by the
Amended PPM, as appropriate. Any capitalized terms used but not defined herein
shall have the meanings ascribed to such terms in the PPM.

(a)  The Company shall have received subscriptions for a minimum of $8,000,000
in Units;

(b)  At Closing, Purchaser and the Company shall enter into a Registration
Rights Agreement providing that the Company shall file a registration statement
relating to the Shares and the Common Stock underlying the Warrants and use its
best efforts to cause such registration statement to become effective (the date
of such effectiveness, the "Effective Date") within 150 days from the Closing
Date. The Registration Rights Agreement shall provide that if the registration
statement is not declared effective on or before 150th day following the Closing
Date, then the Company shall pay liquidated damages as follows: one (1%) percent
of the initial purchase price of the Units theretofore paid hereunder for each
full thirty (30) day period and prorated for any portion of a 30 day period for
which such liquidated damages are due and payable until the registration
statement has been declared effective.

(c)  The purchase price for the Units shall have been deposited with such third
party escrow agent as may be designated by the Placement Agent, as Escrow Agent.

(d)  The Merger described in the PPM shall have occurred.

5.   Representations and Warranties. The Purchaser hereby acknowledges,
represents, warrants, and agrees as follows:

(a)  The proceeds of this offering, less any deductions for transactional fees
including, but not limited to, legal fees, will be contributed by the Company to
PTM within one business day following the Closing.

(b)  The Purchaser shall not have any direct or indirect interest in the Spin
Off Assets and Liabilities or the proceeds thereof. The Spin Off Assets and
Liabilities will be transferred by PTM to Newco and until such time as this spin
off transaction occurs, PTM will hold the Spin Off Assets and Liabilities and
the proceeds thereof in trust for the benefit of Newco.

(c)  None of the shares of Common Stock offered pursuant to this Subscription
Agreement are registered under the Securities Act of 1933, as amended (the
"Securities Act") or any state securities laws. The Purchaser understands that
the sale of the Units is intended to be exempt from registration under the
Securities Act, by virtue of Section 4(2) and Rule 506 of Regulation D
promulgated thereunder, based, in part, upon the representations, warranties and
agreements of the Purchaser contained in this Subscription Agreement;

                                       2
<PAGE>

(d)  The Purchaser and the Purchaser's attorney, accountant, purchaser
representative and/or tax advisor, if any (collectively, the "Advisors") have
received the PPM, the cover letter (if any) to this Subscription Agreement and
all documents requested by the Purchaser, have carefully reviewed them and this
Subscription Agreement and understand the information contained herein and
therein, and the Purchaser and the Advisors, if any, prior to the execution of
this Subscription Agreement, have had access to the same kind of information
which would be available in a registration statement filed by the Company under
the Securities Act;

(e)  All information concerning PTM contained in the PPM has been provided by
PTM and the officers and directors of the Company have not independently
verified the PTM information and take no responsibility for the PTM information;

(f)  Neither the Securities and Exchange Commission nor any state securities
commission has approved the Units, or passed upon or endorsed the merits of the
Transaction;

(g)  All documents, records, and books pertaining to the investment in the Units
have been made available for inspection by such Purchaser and the Advisors, if
any;

(h)  The Purchaser and the Advisors, if any, have had a reasonable opportunity
to ask questions of and receive answers from a person or persons acting on
behalf of the Company concerning the sale of the Units and the business,
financial condition, results of operations and prospects of the Company and all
such questions have been answered to the full satisfaction of the Purchaser and
the Advisors, if any;

(i)  In evaluating the suitability of an investment in the Company, the
Purchaser has not relied upon any representation or other information (oral or
written) as contained in documents or answers to questions so furnished to the
Purchaser or the Advisors by the Company;

(j)  The Purchaser is unaware of, is no way relying on, and did not become aware
of the sale of the Units through or as a result of, any form of general
solicitation or general advertising including, without limitation, any article,
notice, advertisement or other communication published in any newspaper,
magazine or similar media or broadcast over television or radio, in connection
with the sale of the Units and is not subscribing for Units and did not become
aware of the sale of the Units through or as a result of any seminar or meeting
to which the Purchaser was invited by, or any solicitation of a subscription by,
a person not previously known to the Purchaser in connection with investments in
securities generally;

(k)  The Purchaser has taken no action which would give rise to any claim by any
person for brokerage commissions, finders' fees or the like relating to this
Subscription Agreement or the transactions contemplated hereby.

(l)  The Purchaser or the Purchaser representative, as the case may be, together
with the Advisors, if any, have such knowledge and experience in financial, tax,
and business matters, and, in particular, investments in securities, so as to
enable them to utilize the information made available to them in connection with
the sale of the Units to evaluate the merits and risks of an

                                       3
<PAGE>

investment in the Units and the Company and to make an informed investment
decision with respect thereto;

(m)  The Purchaser is not relying on the Company or any of its or agents with
respect to the legal, tax, economic and related considerations of an investment
in the Units, and the Purchaser has relied on the advice of, or has consulted
with, only the Purchaser's own Advisors, if any;

(n)  The Purchaser is acquiring the Units solely for such Purchaser's own
account for investment and not with a view to resale or distribution thereof, in
whole or in part. The Purchaser has no agreement or arrangement, formal or
informal, with any person to sell or transfer all or any of the Units, in whole
or in part, or any securities issuable upon exercise thereof; and the Purchaser
has no plans to enter into any such agreement or arrangement;

(o)  The Purchaser must bear the substantial economic risks of the investment in
the Units indefinitely because none of the Units may be sold, hypothecated or
otherwise disposed of, in whole or in part, unless subsequently registered under
the Securities Act and applicable state securities laws or an exemption from
such registration is available. Legends shall be placed on the share
certificates and warrant certificates to the effect that they have not been
registered under the Securities Act or applicable state securities laws and
appropriate notations thereof will be made in the Company's stock books. Stop
transfer instructions will be placed with the transfer agent of the Shares and
the warrants constituting the Units. It is not anticipated that there will be
any market for resale of the Units and such securities will not be freely
transferable at any time in the foreseeable future. As described in the PPM,
upon the Effective Date, the Purchaser shall be allowed to sell up to ten (10%)
percent of its Shares during each three-month period following the Effective
Date; provided, however, that in the event any Purchaser does not sell its full
10% during any three-month period, such Purchaser may sell the Post-Effective
Date Carry Forward Shares (as defined below) during the following three-month
periods. Post-Effective Carry Forward Shares shall be defined as the difference
between 10% of the Shares held by the Purchaser as of the Effective Date and the
Shares actually sold during any three-month period. The Company has the right to
waive these restrictions if such waiver is beneficial to the Company or will
facilitate an orderly trading market for the Common Stock;

(p)  The Purchaser has adequate means of providing for such Purchaser's current
financial needs and foreseeable contingencies and has no need for liquidity of
the investment in the Units for an indefinite period of time;

(q)  The Purchaser is aware that an investment in the Units involves a number of
very significant risks;

(r)  The Purchaser meets the requirements of at least one of the suitability
standards for an "accredited investor" as set forth on the Accredited Investor
Certification contained herein;

(s)  The Purchaser: (i) if a natural person represents that the Purchaser has
reached the age of 21 and has full power and authority to execute and deliver
this Subscription Agreement and all other related agreements or certificates and
to carry out the provisions hereof and thereof; (ii) if a corporation,
partnership, limited liability company or partnership, association, joint stock

                                       4
<PAGE>

company, trust, unincorporated organization or other entity, such entity was not
formed for the specific purpose of acquiring the Units, such entity is duly
organized, validly existing and in good standing under the laws of the state of
its organization, the consummation of the transactions contemplated hereby is
authorized by, and will not result in a violation of state law or its charter or
other organizational documents, such entity has full power and authority to
execute and deliver this Subscription Agreement and all other related agreements
or certificates and to carry out the provisions hereof and thereof and to
purchase and hold the Units, the execution and delivery of this Subscription
Agreement has been duly authorized by all necessary action, this Subscription
Agreement has been duly executed and delivered on behalf of such entity and is a
legal, valid and binding obligation of such entity; and (iii) if executing this
Subscription Agreement in a representative or fiduciary capacity, it has full
power and authority to execute and deliver this Subscription Agreement in such
capacity and on behalf of the subscribing individual, ward, partnership, trust,
estate, corporation, limited liability company or partnership, or other entity
for whom the Purchaser is executing this Subscription Agreement, and such
individual, ward, partnership, trust, estate, corporation, limited liability
company or partnership, or other entity has full right and power to perform
pursuant to this Subscription Agreement and make an investment in the Company,
and that this Subscription Agreement constitutes a legal, valid and binding
obligation of such entity. The execution and delivery of this Subscription
Agreement will not violate or be in conflict with any order, judgment,
injunction, agreement or controlling document to which the Purchaser is a party
or by which it is bound;

(t)  The Purchaser and the Advisors, if any, had the opportunity to obtain any
additional information, to the extent the Company had such information in its
possession (subject to restrictions as to confidentiality) or could acquire it
without unreasonable effort or expense, necessary to verify the accuracy of such
information and all documents received or reviewed in connection with the
purchase of the Units and have had the opportunity to have representatives of
the Company provide them with such additional information regarding the terms
and conditions of this particular investment and the financial condition,
results of operations, business and prospects of the Company deemed relevant by
the Purchaser or the Advisors, if any, and all such requested information, to
the extent the Company had such information in its possession or could acquire
it without unreasonable effort or expense, has been provided to its full
satisfaction;

(u)  The Purchaser represents to the Company that any information which the
Purchaser has heretofore furnished or furnishes herewith to the Company is
complete and accurate and may be relied upon by the Company in determining the
availability of an exemption from registration under Federal and state
securities laws in connection with the sale of securities as described herein.
The Purchaser further represents and warrants that it will notify and supply
corrective information to the Company immediately upon the occurrence of any
change therein occurring prior to the Company's issuance of the share
certificates and warrant certificates;

(v)  The Purchaser has significant prior investment experience, including
investment in non-listed and non-registered securities. The Purchaser is
knowledgeable about investment considerations in development-stage companies,
such as the Company. The Purchaser has a sufficient net worth to sustain a loss
of its entire investment in the Company in the event such a loss should occur.
The Purchaser's overall commitment to investments which are not readily

                                       5
<PAGE>

marketable is not excessive in view of its net worth and financial circumstances
and the purchase of the Units will not cause such commitment to become
excessive. The investment is a suitable one for the Purchaser;

(w)  The Purchaser is satisfied that it has received adequate information with
respect to all matters which it or the Advisors, if any, consider material to
its decision to make this investment;

(x)  The Purchaser acknowledges that to the extent the Purchaser is provided
with any estimates of market size, projected research and development expenses
and regulatory approvals, Purchaser acknowledges that the attainment of any such
projections and estimates cannot be guaranteed by the Company and should not be
relied upon;

(y)  No oral or written representations have been made, or oral or written
information furnished, to the Purchaser, the Purchaser's representative or the
Purchaser's advisors if any, in connection with the sale of the Units which are
in any way inconsistent with the information contained in this Subscription
Agreement;

(z)  Purchaser acknowledges and is aware that (i) the Company has no operating
business and after the merger, as more fully described in the PPM, of the
Company's wholly-owned subsidiary with and into PTM, the Company will have no
business other that that of PTM which shall consist of research and development
of untested technology, and (ii) there is no assurance as to the future
performance of the Company;

(aa) Within five days after receipt of a request from the Company, the Purchaser
will provide such information and deliver such documents as may reasonably be
necessary to comply with any and all laws and ordinances to which the Company is
subject;

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

(cc) The Purchaser acknowledges that the Units have not been registered under
any state's Uniform Securities Act, as amended (the "Acts"), and are subject to
restrictions on transferability and sale of securities as set forth herein. The
Purchaser hereby agrees that such Units will not be transferred or sold without
registration under the Acts or exemptions therefrom;

                                       6
<PAGE>

(dd) (For Connecticut residents only) The Purchaser acknowledges that the Units
have not been registered under the Connecticut Uniform Securities Act, as
amended (the "Connecticut Act"), and are subject to restrictions on
transferability and sale of securities as set forth herein. The Purchaser hereby
agrees that such Units will not be transferred or sold without registration
under the Connecticut Act or exemption therefrom;

(ee) (For Maine residents only) These Units are being sold pursuant to an
exemption from registration with the Bank Superintendent of the State of Maine
under Section 1 0502(2)(R) of Title 32 of the Maine Revised Statutes. These
Units may be deemed restricted securities and as such the holder may not be able
to resell the Units unless pursuant to registration under state or federal
securities laws or unless an exemption under such laws exists;

(ff) (For Missouri residents only) The Purchaser acknowledges that the Units
have not been registered under the Missouri Uniform Securities Act, as amended
(the "Missouri Act") and are subject to restrictions on transferability and sale
of securities as set forth herein. The Purchaser hereby acknowledges that such
Units may be disposed of only through a licensed broker-dealer. It is a felony
to sell securities in violation of Missouri Act;

(gg) (For Texas residents only) The Purchaser hereby acknowledges that the Units
cannot be sold unless they are subsequently registered under the Securities Act
of 1933, as amended, and the Texas Securities Act, or an exemption from
registration is available. The Purchaser further acknowledges that because the
Units are not readily transferable, the Purchaser must bear the economic risk of
his investment for an indefinite period of time; and

(hh) (For ERISA plans only) The fiduciary of the ERISA plan represents that he
has been informed of and understands the Company's investment objectives,
policies and strategies, and that the decision to invest "plan assets" (as such
term is defined in ERISA) in the Company is consistent with the provisions of
ERISA that require diversification of plan assets and impose other fiduciary
responsibilities. The Purchaser fiduciary or Plan (a) is responsible for the
decision to invest in the Company; (b) is independent of the Company or any of
its affiliates; (c) is qualified to make such investment decision, and (d) in
making such decision, the Purchaser fiduciary or Plan has not relied primarily
on any advice or recommendation of the Company or any of its affiliates.

6.   Indemnification. The Purchaser agrees to indemnify and hold harmless the
Company, and  its respective officers, directors, employees, agents, control
persons and affiliates against all losses, liabilities, claims, damages, and
expenses whatsoever (including, but not limited to, any and all expenses
incurred in investigating, preparing, or defending against any litigation
commenced or threatened) based upon or arising out of any actual or alleged
false acknowledgment, representation or warranty, or misrepresentation or
omission to state a material fact, or breach by the Purchaser of any covenant or
agreement made by the Purchaser herein or in any other document delivered in
connection with this Subscription Agreement.

7.   Irrevocability; Binding Effect. The Purchaser hereby acknowledges and
agrees that the subscription hereunder is irrevocable by the Purchaser, except
as required by applicable law, and

                                       7
<PAGE>

that this Subscription Agreement shall survive the death or disability of the
Purchaser and shall be binding upon and inure to the benefit of the parties and
their heirs, executors, administrators, successors, legal representatives, and
permitted assigns. If the Purchaser is more than one person, the obligations of
the Purchaser hereunder shall be joint and several and the agreements,
representations, warranties, and acknowledgments herein shall be deemed to be
made by and be binding upon each such person and such person's heirs, executors,
administrators, successors, legal representatives, and permitted assigns.

8.  Modification. This Subscription Agreement shall not be modified or waived
except by an instrument in writing signed by the party against whom any such
modification or waiver is sought.

9.  Notices. Any notice or other communication required or permitted to be given
hereunder shall be in writing and shall be mailed by certified mail, return
receipt requested, or delivered against receipt to the party to whom it is to be
given (a) if to Company, at the address set forth above, or (b) if to the
Purchaser, at the address set forth on the signature page hereof (or, in either
case, to such other address as the party shall have furnished in writing in
accordance with the provisions of this Paragraph 9). Any notice or other
communication given by certified mail shall be deemed given at the time of
certification thereof, except for a notice changing a party's address which
shall be deemed given at the time of receipt thereof.

10. Assignability. This Subscription Agreement and the rights, interests and
obligations hereunder are not transferable or assignable by the Purchaser and
the transfer or assignment of the Units shall be made only in accordance with
all applicable laws.

11. Applicable Law. This Subscription Agreement shall be governed by and
construed in accordance with the laws of the State of New York relating to
contracts entered into and to be performed wholly within such State. The
Purchaser hereby irrevocably submits to the jurisdiction of any New York State
court or United States Federal court sitting in New York County over any action
or proceeding arising out of or relating to this Subscription Agreement or any
agreement contemplated hereby, and the Purchaser hereby irrevocably agrees that
all claims in respect of such action or proceeding may be heard and determined
in such New York State or Federal court. The Purchaser further waives any
objection to venue in such State and any objection to an action or proceeding in
such State on the basis of a non-convenient forum. The Purchaser further agrees
that any action or proceeding brought against the Company shall be brought only
in New York State or United States Federal courts sitting in New York County.
THE PURCHASER AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY
DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

12. Blue Sky Qualification. The purchase of Units under this Subscription
Agreement is expressly conditioned upon the exemption from qualification of the
offer and sale of the Shares from applicable Federal and state securities laws.
The Company shall not be required to qualify this transaction under the
securities laws of any jurisdiction and, should qualification be necessary, the
Company shall be released from any and all obligations to maintain this sale,
and may rescind any sale contracted, in the jurisdiction.

                                       8
<PAGE>

13.  Use of Pronouns. All pronouns and any variations thereof used herein shall
be deemed to refer to the masculine, feminine, neuter, singular or plural as the
identity of the person or persons referred to may require.

14.  Confidentiality. The Purchaser acknowledges and agrees that any information
or data it has acquired from or about the Company, not otherwise properly in the
public domain, was received in confidence. The Purchaser agrees not to divulge,
communicate or disclose, except as may be required by law or for the performance
of this Agreement, or use to the detriment of the Company or for the benefit of
any other person or persons, or misuse in any way, any confidential information
of the Company, including any scientific, technical, trade or business secrets
of the Company and any scientific, technical, trade or business materials that
are treated by the Company as confidential or proprietary, including, but not
limited to, ideas, discoveries, inventions, developments and improvements
belonging to the Company and confidential information obtained by or given to
the Company about or belonging to third parties.

15.  Miscellaneous.

(a)  This Agreement constitutes the entire agreement between the Purchaser and
the Company with respect to the subject matter hereof and supersedes all prior
oral or written agreements and understandings, if any, relating to the subject
matter hereof. The terms and provisions of this Agreement may be waived, or
consent for the departure therefrom granted, only by a written document executed
by the party entitled to the benefits of such terms or provisions.

(b)  The Purchaser's representations and warranties made in this Agreement shall
survive the execution and delivery hereof and delivery of the Units.

(c)  Each of the parties hereto shall pay its own fees and expenses (including
the fees of any attorneys, accountants, appraisers or others engaged by such
party) in connection with this Agreement and the transactions contemplated
hereby whether or not the transactions contemplated hereby are consummated.

(d)  This Agreement may be executed in one or more counterparts each of which
shall be deemed an original, but all of which shall together constitute one and
the same instrument.

(e)  Each provision of this Subscription Agreement shall be considered separable
and if for any reason any provision or provisions hereof are determined to be
invalid or contrary to applicable law, such invalidity or illegality shall not
impair the operation of or affect the remaining portions of this Subscription
Agreement.

(f)  Paragraph titles are for descriptive purposes only and shall not control or
alter the meaning of this Subscription Agreement as set forth in the text.

                                       9
<PAGE>

                       Accredited Investor Certification
                       ---------------------------------
                       (Initial the appropriate box(es))

[  ] (i)   I am a natural person who had individual income of more than $200,000
in each of the most recent two years or joint income with my spouse in excess of
$300,000 in each of the most recent two years and reasonably expect to reach
that same income level for the current year ("income", for purposes hereof,
should be computed as follows: individual adjusted gross income, as reported (or
to be reported) on a federal income tax return, increased by (1) any deduction
of long-term capital gains under section 1202 of the Internal Revenue Code of
1986 (the "Code"), (2) any deduction for depletion under Section 611 et seq. of
the Code, (3) any exclusion for interest under Section 103 of the Code and (4)
any losses of a partnership as reported on Schedule E of Form 1040);

[  ] (ii)  I am a natural person whose individual net worth (i.e., total assets
in excess of total liabilities), or joint net worth with my spouse, will at the
time of purchase of the Units be in excess of $1,000,000;

[  ] (iii) The Purchaser is an investor satisfying the requirements of Section
501(a)(1), (2) or (3) of Regulation D promulgated under the Securities Act,
which includes but is not limited to, a selfdirected employee benefit plan where
investment decisions are made solely by persons who are "accredited investors"
as otherwise defined in Regulation D;

[  ] (iv)  The Purchaser is a trust, which trust has total assets in excess of
$5,000,000, which is not formed for the specific purpose of acquiring the Units
offered hereby and whose purchase is directed by a sophisticated person as
described in Rule 506(b)(ii) of Regulation D and who has such knowledge and
experience in financial and business matters that he is capable of evaluating
the risks and merits of an investment in the Units;

[  ] (v)   I am a director or executive officer of Fin Sports U.S.A., Inc.; or

[  ] (vi)  The Purchaser is an entity (other than a trust) in which all of the
equity owners meet the requirements of at least one of the above subparagraphs.

                                       10
<PAGE>

If the Purchaser is an INDIVIDUAL, and if purchased as JOINT TENANTS, as TENANTS
IN COMMON, or as COMMUNITY PROPERTY:

___________________________________               ____________________________
Print Name(s)                                     Social Security Number(s)

___________________________________               ____________________________
Signature(s) of Purchaser(s)

___________________________________
Number of Units/$Amount

____________________       ______________________________________
Date                                              Address

If the purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or
TRUST:

___________________________________               ____________________________
Name of Partnership,                              Federal Taxpayer
Corporation, Limited                              Identification Number
Liability Company or
Trust

Date

By:________________________________               ____________________________
Name:                                             State of Organization

Title:_____________________________               ____________________________
                                                  Address

___________________________________
Number of Units/$Amount

                                       11
<PAGE>

SUBSCRIPTION ACCEPTED AND AGREED TO
this _____ day of _________________

Fin Sports U.S.A., Inc.

By:________________________________
      __________________, President

                                      12

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