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                                                                   EXHIBIT 10.47

THE SHARES BEING SUBSCRIBED FOR HEREIN HAVE NOT BEEN REGISTERED WITH THE UNITED
STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED, (THE "1933 ACT") OR THE SECURITIES COMMISSION OF ANY STATE UNDER ANY
STATE SECURITIES LAW. THEY ARE BEING OFFERED PURSUANT TO AN EXEMPTION FROM
REGISTRATION PURSUANT TO SECTION 4(2) OF THE 1933 ACT. THE SHARES MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS THE SHARES ARE REGISTERED UNDER
THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL IS
OBTAINED WHICH IS REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH OFFERS, SALES
AND TRANSFERS MAY BE MADE PURSUANT TO AN AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THOSE LAWS.

                            STOCK PURCHASE AGREEMENT

                   THIS STOCK PURCHASE AGREEMENT (the "Agreement") is made as of
the 20th day of December, 2000, by and between Bionutrics, Inc., a Nevada
corporation (the "Company"), and Ropart Investments LLC (the "Investor").

THE PARTIES HEREBY AGREE AS FOLLOWS:

         1.        Purchase and Sale of Stock.

                   1.1 Sale and Issuance of Stock. On the basis of the
representations, warranties and agreements contained herein and subject to the
terms and conditions herein set forth, the Company may issue and sell to
Purchaser 500,000 (five hundred thousand) shares of its Common Stock, $.001 par
value, at $1.00 per share (the "Shares"), together with warrants to purchase up
to a number of shares equal to 10% of the number of Shares purchased (the
"Investor Warrants"), based on a minimum draw down of $100,000 per draw down.
The Company agrees to issue and sell to the Investor and, in consideration of
and in express reliance upon the representations, warranties, covenants, terms
and conditions of this Agreement, the Investor agrees to purchase that number of
the Shares to be issued in connection with each draw down.

                   1.2 The Shares. The Company has authorized and has reserved
and covenants to continue to reserve, free of preemptive rights and other
similar contractual rights of stockholders, a sufficient number of its
authorized but unissued shares of its Common Stock to cover the Shares to be
issued in connection with all draw downs requested under this Agreement.

                   1.3 Initial Closing. The closing of the transaction
contemplated by this Agreement (the "Initial Closing") shall be deemed to have
occurred when this Agreement has been executed by both the Investor and the
Company.

         2.       Representation and Warranties of the Company. The Company
hereby represents and warrants to the Investor as follows:
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                   2.1 Organization, Good Standing and Qualification. The
Company is a corporation validly existing and in good standing under the laws of
the State of Nevada and has all requisite power and authority to own or lease
and operate its properties and assets and to carry on its business as now
conducted. The Company is duly qualified to transact business and is in good
standing in each jurisdiction in which the failure to so qualify would have a
material adverse effect on its business, operations, prospects, condition
(financial or other), or properties.

                  2.2 Capitalization. The authorized capital of the Company
consists of:

                           (i) Common Stock. 45,000,000 shares of common stock
("Common Stock"), par value $.001, of which 21,471,525 shares are issued and
outstanding as of October 31, 2000. The Company has subscriptions or agreements
outstanding to issue 950,000 shares of Common Stock.

                           (ii) Preferred Stock. 5,000,000 shares of preferred
stock ("Preferred Stock"), par value $.001, none of which is outstanding. The
Preferred Stock may be issued from time to time in one or more series and the
Board of Directors is authorized to fix the rights and terms relating to
dividends, conversion, voting, redemption, liquidation preferences and any other
rights, preferences, privileges and restrictions applicable to each such series.
The Company has agreed to issue 591,850 shares of Series A Convertible Preferred
Stock, convertible at a conversion value of $1.35 per share.

                  2.3 Warrants, Options and Other Rights.

                           (i) Warrants and Options. As of the date hereof,
there were outstanding warrants to purchase up to 1,480,000 shares of Common
Stock. The Company has agreed to issue warrants for 2,000,000 shares of Common
Stock. As of the date hereof, options in the amount of 1,825,144 shares were
outstanding and held by current employees, officers, and directors pursuant to
the Company's Stock Option Plan and 686,667 were outstanding and held by former
directors and employees and others.

                           (ii) Equity Line. The Company has arranged for an
equity line for up to 4,000,000 shares pursuant to a Common Stock Purchase
Agreement entered into September 7, 2000 together with warrants for up to an
additional 17.5% of the amount invested.

                           (iii) Right of Repurchase. At any time and for a
period of three years from October 28, 2000, the Company may repurchase the
150,000 shares that are the subject of a Stock Acquisition Agreement dated
October 28, 2000 between the Company and Macropower Development Limited at fair
market value but for no less than $1.00 nor more than $3.00.

                           (iv) Registration Rights. The Company has agreed to
register for resale 550,000 shares of Common Stock under terms of a stock
purchase agreement and warrant agreement both dated October 25, 2000 between the
Company and Tamarack International Limited. The Company has agreed to register
for resale up to 4,225,000 shares of Common Stock plus shares underlying
warrants up to an additional 17.5% of the amount invested under terms of a
Registration Rights Agreement entered into between the Company and Justicia
dated September 7, 2000 in connection with an equity line extended to the
Company. The Company has agreed to register for resale 560,000 shares of Common
Stock and any shares issued pursuant to liquidated damages provisions under a
registration rights agreement between the Company and AMRO International dated
September 20, 2000. Registration statement no. 333-32638 on

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\Form S-3 relating to 330,000 shares of common stock issuable upon the exercise
of warrants and options was filed with the SEC in satisfaction of registration
rights and is effective as of March 22, 2000.

                           (v) Right of First Refusal. Pursuant to Section 4.12
of the Stock Purchase Agreement entered into as of September 7, 2000 between
Bionutrics and Justicia Holdings Limited, the Company has granted a right of
first refusal to participate in any subsequent financing for cash at a discount
to market price of the Company's securities. The Company is further prohibited
from agreeing to any equity line type of financing for sale of securities at a
discount to the then market price for the earlier of two years from the
effective date of a registration statement relating to Justicia's equity line or
60 days after the purchase of all shares under the Justicia equity line.

                  2.4 Valid Issuance of Shares. All of the outstanding shares of
the Company's stock, and shares to be issued pursuant to outstanding
subscriptions, have been, and will be, duly and validly authorized and issued,
are fully paid and nonassessable, and no further approval or authority of the
stockholders or the directors of the Company will be required by the Company for
the issuance of the Shares. The Company has duly and validly authorized and
reserved for issuance shares of Common Stock sufficient in number for the
issuance of the Shares at each draw down. The Shares when issued and paid for in
accordance with the terms of this Agreement will be duly and validly issued,
fully paid and nonassessable and will be free of restrictions on transfer other
than restrictions on transfer under applicable state and federal securities
laws.

                   2.5 Financial Statements. Except as otherwise stated in the
notes thereto, the audited financial statements contained in the Form 10-K for
the year ended October 31, 1999 consisting of an Independent Auditors' Report
dated December 30, 1999, Consolidated Balance Sheets as of October 31, 1999 and
1998, and the related Consolidated Statements of Operations, Stockholders'
Equity and Cash Flows for the years ended October 31, 1999, 1998 and 1997, and
the Form 10-Qs filed for the quarters ending January 31, 2000, April 30, 2000,
and July 31, 2000 have been prepared in conformity with United States generally
accepted accounting principles applied, except as stated therein, on a
consistent basis. Such financial statements fairly present the financial
position and result of operations and changes in financial position of the
Company as of the dates and for the periods indicated.

                           Except as reflected in such financial statements and
the notes thereto, the Company has no liabilities, absolute or contingent,
material to the operations, business, prospects, assets, properties or condition
(financial or other) of the Company, other than (i) ordinary course liabilities
incurred since the last date of such financial statements in connection with the
conduct of the business of the Company, and (ii) obligations under contracts and
commitments incurred in the ordinary course of business and not required under
United States generally accepted accounting principles to be reflected in the
financial statements, which, in both cases, individually or in the aggregate,
are not material to the financial condition or operating results of the Company.

                   2.6 No Conflict with Other Instruments. The execution,
delivery and performance of this Agreement by the Company, and the consummation
of the transactions herein contemplated, do not and will not: (i) conflict with
or constitute a breach of, permit the termination of, constitute a default
under, or violation of (A) the Articles of Incorporation, as amended, or bylaws
of the Company, (B) any material agreement, indenture, mortgage, deed of trust
or other material instrument or agreement or undertaking by which the Company is
bound or to which any of its properties is subject, or, (C) to the knowledge of
the

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Company, a violation of any law, administrative regulation, or court decree to
which the properties or assets of the Company is subject; or (ii) result in the
creation or imposition of any material lien, charge or encumbrance upon the
property or assets of the Company.

                   2.7 Authorization. The Company has the corporate power and
authority to enter into this Agreement and to perform all of its obligations
hereunder. The execution, delivery and performance of this Agreement by the
Company have been duly authorized by all necessary corporate actions, and this
Agreement constitutes a legal, valid, binding and enforceable obligation of the
Company, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation, conservatorship,
receivership or similar laws relating to, or affecting generally the enforcement
of, creditors' rights and remedies or by other equitable principles of general
application. No consent, approval, authorization or order of any court or
governmental agency or board or any other third party, or registration,
qualification, designation or filing with any Federal, state or local authority
is required to consummate the transactions contemplated by this Agreement.

         3.       Representations and Warranties of Investor. By executing this
Agreement, Investor hereby represents and warrants to and covenants with the
Company as follows:

                  3.1 Authorization. Investor has the power and authority to
enter into this Agreement and to purchase the Shares being sold to it hereunder.
The execution, delivery and performance of this Agreement by Investor and the
consummation by it of the transactions contemplated hereby have been duly
authorized by all necessary corporate action and this Agreement constitutes a
valid, binding and enforceable obligation of Investor.

                  3.2 Legal Investment and Compliance with Laws. The purchase of
the Shares by Investor is legally permitted by all laws and regulations to which
Investor is subject and all consents, approvals, authorizations of or
designations, declarations, or filings in connection with the valid execution
and delivery of this Agreement by Investor or the purchase of the Shares by
Investor has been obtained, or will be obtained. Investor hereby represents that
it has satisfied itself as to the full observance of the laws of its
jurisdiction in connection with any purchase of Shares, including the income tax
and other tax consequences, if any, which may be relevant to the purchase,
holding, redemption, sale, or transfer of the Shares.

                  3.3 Financial Risks. The Investor acknowledges that it is able
to bear the financial risks associated with an investment in the Shares and that
it has been given full access to such records of the Company and the
subsidiaries and to the officers of the Company and the subsidiaries as it has
deemed necessary or appropriate to conduct its due diligence investigation. The
Investor is capable of evaluating the risks and merits of an investment in the
Shares by virtue of its experience as an investor and its knowledge, experience,
and sophistication in financial and business matters and the Investor is capable
of bearing the entire loss of its investment in the Shares. The Investor is an
"accredited investor" as defined in Regulation D promulgated under the
Securities Act.

                  3.4 Access to Information. Investor acknowledges that it has
received the Company's Form 10-K for the period ended October 31, 1999 and Forms
10-Q for the three quarters subsequent thereto (the "Offering Documents"), and
is familiar with and understands the operations of the Company.

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                           (a) Investor understands and acknowledges that the
Offering Documents provided in connection with this investment have been
prepared by the Company. Accordingly, Investor understands and acknowledges that
no independent investment banking firm or legal counsel have passed upon or
assumed any responsibility for the accuracy, completeness or fairness of the
information contained in the Offering Documents.

                           (b) Investor understands and acknowledges that any
financial projections provided in connection with this investment and have not
been prepared by independent accountants and are based on numerous assumptions
regarding sales, revenues and expenses and other factors which may not be
realized in the future.

                           (c) Investor acknowledges that it has been encouraged
to rely upon the advice of its legal counsel and accountants or other financial
advisers with respect to the financial, tax and other considerations relating to
the purchase of the Shares and has been offered, during the course of
discussions concerning the purchase of the Shares, the opportunity to ask such
questions and inspect such documents concerning the Company and its business and
affairs as Investor has requested so as to understand more fully the nature of
the investment and to verify the accuracy of the information supplied.

                           (d) Investor represents and warrants that, in
determining to purchase the Shares, it has relied solely upon the documents
provided and the advice of its advisors with respect to the tax, foreign and
U.S., and other consequences involved in purchasing the Shares.

                  3.5 Acquisition for Investment and Unregistered Nature of the
Shares.

                           (a) Investor represents and warrants that the Shares
to be acquired are being acquired for its own account without a view to public
distribution or resale and that Investor has no contract, understanding,
agreement or arrangement to sell or otherwise transfer or dispose of the Shares
or any portion thereof to any other person.

                           (b) Investor understands that the Shares have not
been registered under the 1933 Act, or the securities laws of any state and are
subject to substantial restrictions on resale or transfer.

                           (c) Investor agrees that it will not sell or
otherwise transfer or dispose of the Shares or any portion thereof unless such
Shares are registered under the 1933 Act and any applicable state securities
laws, or unless Investor obtains an opinion of counsel which is reasonably
satisfactory to the Company that such Shares may be sold in reliance on an
exemption from such registration requirements.

                           (d) Investor understands that (i) the Company has no
obligation to register any Shares for resale or transfer under the 1933 Act or
any state securities laws and has made no representation that it will file the
necessary reports or publish the necessary information as required by Rule 144
under the 1933 Act that would make available an exemption from the registration
requirements of any such laws for the resale or transfer of the Shares; (ii) the
Company may place a legend on any certificates representing the Shares
indicating that the Shares may not be transferred except in accordance with an
exemption from the 1933 Act; (iii) the Company will not register a transfer not
made in accordance with an exemption from the 1933 Act; and (iv) Investor
therefore may be precluded from selling or

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otherwise transferring or disposing of any of the Shares or any portion thereof
for an indefinite period of time or at any particular time.

                  3.6 Further Representations and Understandings.

                           (a) Investor understands that no federal or state
agency including the Securities and Exchange Commission, the Arizona Corporation
Commission or the securities commission or authorities of any other state has
approved or disapproved the Shares, passed upon or endorsed the merits of the
offering or the accuracy or adequacy of the documents, or made any finding or
determination as to the fairness of the Shares for public investment and any
representation to the contrary is a criminal offense.

                           (b) Investor understands that the Shares are being
offered and sold in reliance on specific exemptions or exclusions from the
registration requirements of federal and state laws and that the Company is
relying upon the truth and accuracy of the representations, warranties,
agreements, acknowledgments and understandings set forth herein in order to
determine the suitability of Investor to acquire the Shares.

                           (c) Investor represents and warrants that the
information set forth herein concerning Investor is true and correct.

         4.       Registration Rights.

                  4.1 Demand Registration Statement. At any time during which
Investor is subject to the time, volume restrictions, or manner of sale
limitations under Rule 144 under the 1933 Act ("Rule 144"), or any successor
rule or regulation, the Company will, on one occasion, (i) prepare and file a
Registration Statement under the 1933 Act on Form S-3 covering the Shares
together with shares issuable upon exercise of warrants issued pursuant to
Section 8.2 of this Agreement (the "Securities"), (ii) use its best efforts to
have such Registration Statement rendered effective under the 1933 Act as soon
as practicable thereafter, and (iii) take such action as may be necessary to
have such Registration Statement remain effective under the 1933 Act, free of
material misstatements or omissions, for the period required to sell such
Securities in compliance therewith. The Company shall bear all fees,
disbursements and out-of-pocket expenses incurred in connection with the
preparation and filing of such Registration Statement, including any amendment
or supplement thereto necessary to cause the same to remain free of material
misstatements or omissions during the period the Registration Statement remains
effective under the 1933 Act, except as provided in Section 4.7 hereof.

                  4.2 "Piggyback" Registration Rights. If at anytime during
which Investor is subject to the time, volume restrictions, or manner of sale
limitations under Rule 144, or any successor rule or regulation, the Company
undertakes to file a registration statement under the 1933 Act covering the sale
of shares of Common Stock by the Company or the sale of shares of Common Stock
held or to be held by any party other than Investor (other than on Form S-4,
Form S-8, other inappropriate form or any other successor or comparable form),
on each such occasion the Company shall give Investor at least 30 days' prior
written notice of the initial filing of that registration statement (the "Filing
Notice"). Upon written request to the Company from Investor within ten (10) days
of the date of mailing of the Filing Notice, the Company shall, upon the
approval of the underwriters of the offering covered by the registration
statement, include the Securities then owned by Investor in that registration
statement, on the same terms and conditions as the other shares listed in that
registration.

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                  4.3 Cooperation with Company. Investor will cooperate with the
Company in all respects in connection with this Section, including timely
supplying all information reasonably requested by the Company (which shall
include all information regarding the Investor and proposed manner of sale of
the Securities required to be disclosed in the Registration Statement) and
executing and returning all documents reasonably requested in connection with
the registration and sale of the Securities and entering into and performing its
obligations under any underwriting agreement, if the offering is an underwritten
offering, in usual and customary form, with the managing underwriter or
underwriters of such underwritten offering

                  4.4 Termination of Registration Rights. The Company's
obligation under this Section 4 to register the Securities held by Investor
shall terminate upon the earlier of (i) the date that all of the Securities have
been sold pursuant to the Registration Statement, (ii) the date the Investor
receives an opinion of counsel to the Company, which opinion shall be reasonably
acceptable to the Investor, that the Securities may be sold under the provisions
of Rule 144 without limitation as to volume, (iii) the date when all Securities
have been otherwise transferred to persons who may trade such Securities without
restriction under the 1933 Act, and the Company has delivered a new certificate
or other evidence of ownership for such securities not bearing a restrictive
legend, or (iv) the date when all Securities may be sold without any time,
volume or manner limitations pursuant to Rule 144(k) or any similar provision
then in effect under the 1933 Act in the opinion of counsel to the Company,
which counsel shall be reasonably acceptable to the Investor.

                  4.5 Underwriters. If any of the Securities owned by Investor
are to be registered pursuant to this Section 4 and are to be sold through an
underwriter or underwriters, Investor acknowledges that the Company may enter
into any agreements with any underwriter or underwriters which the Company deems
appropriate. Selection of underwriters shall be solely at the discretion of the
Company. Investor agrees that, as a condition to having the Securities eligible
for registration pursuant to this Section 4 registered in connection with that
sale, it shall execute and deliver any and all agreements, certificates or other
documents reasonably required by the Company in connection with the registration
and sale of those Securities.

                  Notwithstanding anything contained in this Section 4 to the
contrary, the Company's underwriter or underwriters shall have the right to
delay any registration requested under this Section 4 for a reasonable period of
time, if, in good faith, it or they believe an offering or registration of the
Securities would not be in the Company's best interests. The determination of a
reasonable period of time as used in this Section 4 shall be determined by
mutual agreement between the underwriter and the Company.

                  4.6 Indemnification. The Company agrees to indemnify and hold
harmless the Investor against any and all losses, claims, damages, liabilities
and expenses, which Investor may suffer arising out of any untrue statement of a
material fact in a Registration Statement filed in connection with the
registration rights granted by this Section 4, or arising out of any omission to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading; provided, however, that the Company will not
be liable to the extent that such losses, claims, damages, liabilities or
expenses arise out of any untrue statement or omission which has been made
therein or omitted therefrom in reliance upon information relating to the
Investor furnished in writing to the Company by the Investor for use in
connection therewith.

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                  4.7 Fees and Commissions. All underwriting and/or brokerage
  discounts, fees and commissions in respect of the registration of the
  Securities under this Section 4 and applicable transfer taxes payable upon
  sale of the Securities, and any counsel fees or disbursements for counsel for
  Investor and out-of-pocket expenses of Investor in connection with the
  registration of Securities under this Section 4 shall be paid and borne by
  Investor.

         5.       Conditions to Obligations of the Company to Sell the Shares.
The obligation hereunder of the Company to issue and sell the Shares to the
Investor is subject to the satisfaction or waiver, as of each settlement date
following a draw down, of each of the conditions set forth below. These
conditions are for the Company's sole benefit and may be waived by the Company
at any time in its sole discretion:

                  5.1 Representations and Warranties Correct. All of the
representations and warranties of Investor contained in this Agreement shall be
true and correct in all material respects as of each settlement date with the
same effect as if made on the date hereof.

                  5.2 Performance of Covenants and Agreements. All of the
covenants and agreements of Investor contained in this Agreement and required to
be performed on or before a settlement date shall have been performed in all
material respects to the reasonable satisfaction of the Company.

                  5.3 Legal Action.

                           (a) There shall not have been instituted any material
legal proceeding seeking to prohibit the consummation of the transactions
contemplated by this Agreement.

                           (b) None of the parties hereto shall be prohibited in
any order, writ, injunction or decree of any governmental body of competent
jurisdiction from consummating the transactions contemplated by this Agreement,
and no material action or proceeding shall then be pending which questions the
validity of this Agreement, any of the transactions contemplated hereby or any
action which has been taken by any of the parties in connection herewith or in
connection with any of the transactions contemplated hereby.

         6.        Conditions to Obligations of Investor.  The obligations of
Investor under this Agreement to purchase Shares are subject to satisfaction of
the following conditions at or prior to each settlement date, any of which may
be waived by Investor.

                  6.1 Representations and Warranties Correct. All of the
representations and warranties of the Company contained in this Agreement shall
be true and correct in all material respects as of each settlement date with the
same effect as if made on the date hereof.

                  6.2 Performance of Covenants and Agreements. All of the
covenants and agreements of the Company contained in this Agreement and required
to be performed on or before a settlement date shall have been performed in all
material respects to the reasonable satisfaction of the Investor.

                  6.3 Legal Action.

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                           (a) There shall not have been instituted or
threatened any legal proceedings seeking to prohibit the consummation of the
transactions contemplated by this Agreement, or to obtain damages from Investor
with respect thereto.

                           (b) None of the parties hereto shall be prohibited by
any order, writ, injunction or decree of any governmental body of competent
jurisdiction from consummating the transactions contemplated by this Agreement,
and no action or proceeding shall then be pending which questions the validity
of this Agreement, any of the transactions contemplated hereby or any action
which has been taken by any of the parties in connection herewith or in
connection with any of the transactions contemplated hereby.

         7.       Legends. The certificates evidencing any of the Shares shall
be endorsed with the legend set forth below, and Investor covenants that
Investor shall not transfer the shares represented by any such certificate
without complying with the restrictions on transfer described in the legend
endorsed on such certificate:

         THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE UNITED
         STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT
         OF 1933, AS AMENDED, (THE "1933 ACT") OR THE SECURITIES COMMISSION OF
         ANY STATE UNDER ANY STATE SECURITIES LAW. THEY WERE OFFERED PURSUANT TO
         AN EXEMPTION FROM REGISTRATION PURSUANT TO SECTION 4(2) OF THE 1933
         ACT. THE SHARES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
         UNLESS THE SHARES ARE REGISTERED UNDER THE 1933 ACT AND APPLICABLE
         STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IS OBTAINED WHICH IS
         REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH OFFERS, SALES AND
         TRANSFERS MAY BE MADE PURSUANT TO AN AVAILABLE EXEMPTION FROM THE
         REGISTRATION REQUIREMENTS OF THOSE LAWS.

         8.       Draw Down.

                  8.1 Draw Down Terms. Subject to the satisfaction of the
conditions set forth in this Agreement, the parties agree as follows:

                           (a) The Company, may, in its sole discretion, issue
and exercise a draw down at any time until December 31,2001 (the "Termination
Date"), which draw down the Investor will be obligated to accept.

                           (b) The price per share shall be $1.00 per Share.

                           (c) The minimum investment amount shall be $100,000
and the maximum investment amount shall be $500,000.

                  8.2 Warrants. In lieu of a minimum draw down commitment by the
Company, the Investor shall receive (i) at the Initial Closing, a warrant
certificate to purchase up to 70,000 shares of

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Common Stock (the "Initial Warrant") and (ii) at each settlement date for each
draw down, a warrant certificate to purchase up to a number of shares of Common
Stock equal to 10% of the Shares purchased at such draw down (each an "Investor
Warrant") (the Initial Warrant and the Investor Warrants hereinafter
collectively referred to as the "Warrants"). The Warrants shall have a term from
their date of issuance of three (3) years. The exercise price of the Warrant
shall be $1.00 per share. The Warrants shall be in the form of Exhibit A hereto.

                  8.3 Notice of Draw Down.

                           (a) The Company must inform the Investor by
delivering a draw down notice, via facsimile transmission, as to the investment
amount of the draw down the Company wishes to exercise. The settlement date for
each draw down shall occur within three business days of the delivery of the
notice.

                           (b) On or before each settlement date, the Shares
purchased by the Investor shall be delivered to Greenberg Traurig, LLP, counsel
for the Company, on the Investor's behalf. Upon the Company delivering whole
shares of Common Stock to such counsel on the Investor's behalf, the Investor
shall wire transfer immediately available funds to the Company's designated
account on such day. Investor shall provide such counsel with instructions for
the delivery of the Shares and the names in which Shares are to be registered.

                  8.4 Failure to Draw Down. In the event the Company does not
exercise its right to fully draw down under this Agreement, then on the
Termination Date, Investor shall have the right to purchase up to 100,000 shares
of Common Stock at $1.00 per share, such number of shares together with Shares
purchased pursuant to draw downs not to exceed 500,000 shares of Common Stock.
No Investor Warrants shall be issued in connection with the exercise of this
right.

         9.       Miscellaneous.

                  9.1 Notices. All notices or other communications given or made
hereunder shall be in writing and shall be deemed delivered personally to the
party being given notice or by facsimile, overnight courier service or by
registered or certified mail, return receipt requested, postage prepaid if to
Investor at its address set forth herein or if to the Company at 2425 East
Camelback Road, Suite 650, Phoenix, Arizona 85016 or at such other address as
may have been furnished by the Company to Investor.

                   9.2 Construction. Notwithstanding the place where this
Agreement may be executed by any of the parties hereto, the parties expressly
agree that all terms and provisions hereof shall be construed in accordance with
and governed by the laws of the State of Arizona without giving effect to
principles of conflicts of law.

                   9.3 Entire Agreement; Amendments and Waiver. This Agreement
and the Warrant sets forth the entire understanding of the parties with respect
to the transactions contemplated hereby, and neither party shall be bound by nor
deemed to have made any representations and/or warranties except those contained
herein or incorporated herein by reference. The provisions of this Agreement may
be amended and the Company may take any action herein prohibited, or omit to
perform any act herein required to be performed by it, only if the Company has
obtained the written consent of Investor.

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                  9.4 Successors and Assigns. Except as otherwise provided
herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective heirs, estate, successors and assigns of the
parties. Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and
assigns any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement.

                  9.5 Headings. The terms used in this Agreement shall be
deemed to include the masculine and the feminine in the singular and the plural
as the context requires. The headings in this Agreement are for reference
purposes only and shall not be deemed to have any substantive effect.

                  9.6 Survival of Representations and Warranties. All
representations and warranties contained herein will survive the execution and
delivery of this Agreement and delivery of and payment for the Shares regardless
of any investigation made by or on behalf of the parties.

                  9.7 Counterparts. 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.

                  9.8 Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, such provision shall be
excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms.

                  IN WITNESS WHEREOF, the parties hereby have executed this
Agreement as of the date indicated above.

                                           ROPART INVESTMENTS LLC

                                           By:  /s/ Robert B. Goergen
                                                --------------------------------
                                           Its: Managing Member
                                                --------------------------------

                                           BIONUTRICS, INC.

                                           By:  /s/ Ronald H. Lane
                                                --------------------------------
                                           Its: President

                                       11<PAGE>   1

                                                                   EXHIBIT 10.48

NEITHER THIS WARRANT, NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE
HEREOF, HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR ANY APPLICABLE STATE SECURITIES LAW. SUCH SECURITIES MAY
NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT UNDER
THE SECURITIES ACT AND SUCH APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME
EFFECTIVE WITH REGARD THERETO OR (II) IN THE OPINION OF COUNSEL IN FORM AND
SUBSTANCE REASONABLY ACCEPTABLE TO THE COMPANY, REGISTRATION UNDER THE
SECURITIES ACT AND SUCH APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED IN
CONNECTION WITH A PROPOSED SALE OR TRANSFER.

                                  COMMON STOCK
                                PURCHASE WARRANT

                          For the Purchase of Shares of

                                 Common Stock of

                                BIONUTRICS, INC.

                          (Par Value $0.001 Per Share)

              (Incorporated under the Laws of the State of Nevada)

                  VOID AFTER 5:00 P.M. PST ON DECEMBER 19, 2003

                  Date of Original Issuance: December 20, 2000

         This is to certify that, for value received, Ropart Investments LLC, or
assigns (the "Warrantholder"), is entitled, subject to the terms and conditions
hereinafter set forth, to purchase 70,000 shares of common stock, par value
$0.001 per share (the "Common Stock"), of BIONUTRICS, INC., a Nevada corporation
(the "Company"), for the Warrant Price (as defined below), and to receive a
certificate or certificates for the shares of Common Stock so purchased. This
Warrant is being issued in connection with the terms of that certain Stock
Purchase Agreement dated December 20, 2000, by and between the Warrantholder and
the Company.

         1.       TERMS AND EXERCISE OF WARRANT.

                  (a)      WARRANT SHARES. Warrant Shares (as defined below) may
be acquired in accordance with the terms of this Warrant until the Termination
Date (as defined below). The Warrantholder may exercise this Warrant with
respect to all Warrant Shares effective immediately.

                  (b)      EXERCISE PERIOD. Subject to the terms of this
Warrant, the Warrantholder shall have the right, at any time during the Exercise
Period (as defined below), to exercise this Warrant for any or all Warrant
Shares and to purchase from the Company up to the number of fully paid and
nonassessable shares of Common Stock which the Warrantholder may at the time be
entitled to purchase pursuant to this Warrant. The 70,000 shares of Common Stock
subject to this Warrant and any other securities that the
<PAGE>   2
Company may be required by the operation of Section 3 to issue upon the exercise
hereof are referred to herein as the "Warrant Shares." The "Exercise Period"
shall mean the period commencing on the Date of Original Issuance for such
Warrant Shares and ending at 5:00 P.M., Mountain Standard Time, on December ___,
2003 (the "Termination Date"), or if such date is a day on which banking
institutions are authorized by law to close, then on the next succeeding day
which shall not be such a day. If this Warrant is not exercised on or prior to
the Termination Date, this Warrant shall become void and all rights of the
Warrantholder hereunder shall cease.

                  (c)      METHOD OF EXERCISE. The Warrantholder may exercise
this Warrant by surrender of this Warrant to the Company at its principal office
in Phoenix, Arizona (or at such other address as the Company may designate by
notice in writing to the Warrantholder at the address of the Warrantholder
appearing on the books of the Company or such other address as the Warrantholder
may designate in writing), together with the form of Election to Purchase
included as Exhibit A hereto, duly completed and signed, and upon payment to the
Company of the Warrant Price (as defined in Section 2) multiplied by the number
of Warrant Shares being purchased upon such exercise (the "Aggregate Warrant
Price"), together with all taxes applicable upon such exercise. Payment of the
Aggregate Warrant Price shall be made in cash or by certified check or cashier's
check, payable to the order of the Company.

                  (d)      PARTIAL EXERCISE. At the election of the
Warrantholder, this Warrant shall be exercisable in whole or in part at any
time, and from time to time, during the Exercise Period.

                  (e)      SHARE ISSUANCE UPON EXERCISE. Upon the exercise and
surrender of this Warrant certificate and payment of the Aggregate Warrant
Price, the Company shall issue and cause to be delivered with all reasonable
dispatch to the Warrantholder, in such name or names as the Warrantholder may
designate in writing, a certificate or certificates for the number of full
Warrant Shares so purchased upon the exercise of the Warrant, together with
cash, as provided in Section 4 hereof, with respect to any fractional Warrant
Shares otherwise issuable upon such surrender and, if applicable, the Company
shall issue and deliver a new Warrant to the Warrantholder for the number of
Warrant Shares not so exercised. Such certificate or certificates shall be
deemed to have been issued and any person so designated to be named therein
shall be deemed to have become a holder of such Warrant Shares as of the close
of business on the date of the surrender of the Warrant and payment of the
Aggregate Warrant Price, notwithstanding that the certificates representing such
Warrant Shares shall not actually have been delivered or that the stock transfer
books of the Company shall then be closed.

         2.       WARRANT PRICE. The price per share at which Warrant Shares
shall be purchasable upon the exercise of this Warrant shall be $1.00 per share,
subject to adjustment pursuant to Section 3 hereof (originally and as ---------
adjusted, the "Warrant Price").

         3.       ADJUSTMENT OF NUMBER OF WARRANT SHARES AND WARRANT PRICE. The
Company agrees to reserve and shall keep reserved for issuance the number of
shares of Common Stock issuable upon exercise of this Warrant. The number of
Warrant Shares purchasable upon the exercise of this Warrant and the Warrant
Price shall be subject to adjustment from time to time upon the happening of
certain events, as follows:

                  (a)      In case the Company shall (1) pay a dividend or make
a distribution in shares of its Common Stock, (2) subdivide its outstanding
Common Stock into a greater number of shares, (3) combine its outstanding Common
Stock into a smaller number of shares, or (4) issue by reclassification of its
Common Stock any shares of capital stock of the Company (other than a change in
par value, or from par value to no par value, or from no par value to par
value), the number of Warrant Shares issuable upon

                                       2
<PAGE>   3
exercise of this Warrant and the Warrant Price in effect immediately prior
thereto shall be adjusted as follows:

                           (i)      The number of Warrant Shares issuable upon
exercise of this Warrant shall be adjusted by multiplying the number of Warrant
Shares issuable upon exercise of this Warrant immediately prior to such
adjustment by a fraction, the numerator of which shall be the number of shares
of Common Stock outstanding immediately after such adjustment, and the
denominator of which shall be the number of shares of Common Stock outstanding
immediately prior to such adjustment; and

                           (ii)     The Warrant Price shall be adjusted by
multiplying the Warrant Price in effect immediately prior to such adjustment by
a fraction, the numerator of which shall be the number of Warrant Shares
issuable upon exercise of this Warrant immediately prior to such adjustment, and
the denominator of which shall be the number of Warrant Shares as so adjusted.

         An adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date in the case of a dividend or distribution
(provided, however, that such adjustments shall be reversed if such dividends or
distributions are not actually paid) and shall become effective immediately
after the effective date in the case of a subdivision, combination or
reclassification. If, as a result of an adjustment made pursuant to this Section
3(a), the Warrantholder shall become entitled to receive shares of two or more
classes of capital stock of the Company, the Board of Directors (whose
determination shall be conclusive and shall be evidenced by a resolution) shall
determine the allocation of the adjusted Warrant Price between or among the
shares of such classes of capital stock.

                  (b)      In case of any reclassification of the outstanding
Common Stock (other than a change in par value, or from par value to no par
value, or from no par value to par value, or as a result of a subdivision,
combination or stock dividend), or in case of any consolidation of the Company
with, or merger of the Company into, another corporation wherein the Company is
not the surviving entity, or in case of any sale of all, or substantially all,
of the property, assets, business and goodwill of the Company, the Company, or
such successor or purchasing corporation, as the case may be, shall provide, by
a written instrument delivered to the Warrantholder, that the Warrantholder
shall thereafter be entitled, upon exercise of this Warrant, to the kind and
amount of shares of stock or other equity securities, or other property or
assets which would have been receivable by such Warrantholder upon such
reclassification, consolidation, merger or sale, if this Warrant had been
exercised immediately prior thereto. Such corporation, which thereafter shall be
deemed to be the "Company" for purposes of this Warrant, shall provide in such
written instrument for adjustments to the Warrant Price which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Section
3.

                  (c)      No adjustment in the number of securities purchasable
hereunder shall be required unless such adjustment would require an increase or
decrease of at least five percent (5%) in the number of securities (calculated
to the nearest full share or unit thereof) then purchasable upon the exercise of
this Warrant; provided, however, that any adjustment which by reason of this
Section 3(c) is not required to be made immediately shall be carried forward and
taken into account in any subsequent adjustment.

                  (d)      For the purpose of this Section 3, the term "Common
Stock" shall mean (i) the class of stock designated as Common Stock of the
Company at October 31, 2000, or (ii) any other class of stock resulting from
successive changes or reclassifications of such Common Stock consisting solely
of changes in par value, or from par value to no par value, or from no par value
to par value. In the event that at any time, as a result of an adjustment made
pursuant to this Section 3, the Warrantholder shall become entitled to purchase
any shares of the Company's capital stock other than Common Stock, thereafter
the

                                       3
<PAGE>   4
number of such other shares so purchasable upon the exercise of this Warrant and
the Warrant Price of such shares shall be subject to adjustment from time to
time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to the shares contained in this Section 3.

                  (e)      Whenever the number of shares of Common Stock and/or
other securities purchasable upon the exercise of this Warrant or the Warrant
Price is adjusted as herein provided, the Company shall cause to be promptly
mailed to the Warrantholder by first class mail, postage prepaid, notice of such
adjustment and a certificate of the Company's chief financial officer setting
forth the number of shares of Common Stock and/or other securities purchasable
upon the exercise of this Warrant, the Warrant Price after such adjustment, a
brief statement of the facts requiring such adjustment, and the computation by
which such adjustment was made.

                  (f)      Irrespective of any adjustments in the Warrant Price
or the number or kind of securities purchasable upon the exercise of this
Warrant, the Warrant certificate or certificates theretofore or thereafter
issued may continue to express the same price or number or kind of securities
stated in this Warrant initially issuable hereunder.

         4.       FRACTIONAL INTEREST. The Company shall not be required to
issue fractional shares upon exercise of this Warrant, but shall pay an amount
in cash equal to the closing price of the Company's Common Stock on the Nasdaq
SmallCap Market or other trading market on the day preceding the date of the
surrender of this Warrant pursuant to Section 1(c) hereof, or if there is no
public market, cash equal to the then fair market value of the shares as
reasonably determined by the Board of Directors of the Company, in its sole
discretion, multiplied by such fraction.

         5.       TRANSFER PROHIBITION. Neither this Warrant nor any rights
hereunder may be sold, exchanged, conveyed, assigned, given, pledged,
hypothecated or otherwise transferred by the Warrantholder.

         6.       NO RIGHTS AS SHAREHOLDER; NOTICES TO WARRANTHOLDER. Prior to
the exercise of this Warrant pursuant to the terms hereof, nothing contained in
this Warrant shall be construed as conferring upon the Warrantholder any rights
as a shareholder of the Company, either at law or in equity, including the right
to vote, receive dividends, consent or receive notices as a shareholder with
respect to any meeting of shareholders for the election of directors of the
Company or for any other matter.

         7.       NOTICES. Any notice given pursuant to this Warrant by the
Company or by the Warrantholder shall be in writing and shall be deemed to have
been duly given upon (a) personal delivery, (b) transmitter's confirmation of
the receipt of a facsimile transmission, (c) confirmed delivery by a standard
overnight carrier, or (d) the expiration of three business days after the day
when mailed by United States Postal Service by certified or registered mail,
return receipt requested, postage prepaid at the following addresses:

         If to the Company:

                  Bionutrics, Inc.
                  2425 E. Camelback Road, Suite 650
                  Phoenix, Arizona  85016
                  Attention:  Ronald H. Lane

                                       4
<PAGE>   5
         with a copy to:

                  Greenburg Traurig, LLP
                  One E. Camelback Road, Suite 1100
                  Phoenix, Arizona 85012
                  Attention: Jean E. Harris, Esq.

         If to the Warrantholder:

                  Ropart Investments LLC
                  100 Field Point road
                  Greenwich, Connecticut  06830
                  Attention:  Patricia Elliott

         with a copy to:

                  Finn Dixon & Herling
                  1 Landmark Square
                  Suite 1404
                  Stamford, Connecticut  06901
                  Attention:  Harold B. Finn III, Esq.

         Each party hereto may, from time to time, change the address to which
notices to it are to be transmitted, delivered or mailed hereunder by notice in
accordance herewith to the other party.

         8.       INVESTMENT REPRESENTATION. The Warrantholder hereby represents
to the Company that it is acquiring this Warrant for its own account, as
principal, for investment and not with a view to or the intent to participate
in, directly or indirectly, the resale, assignment, distribution or
fractionalization of all or any part hereof. Further, the Warrantholder shall
furnish the Company an investment letter, in form and substance satisfactory to
the Company, prior to the issuance of any Warrant Shares or other securities
issuable upon the exercise hereof, to the effect that such securities, and any
additional securities of the Company for which such securities may be exercised
or exchanged or into which they may ultimately be converted, if not registered
pursuant to applicable state and federal securities laws, will be acquired for
investment and not with a view to the sale or distribution thereof. The
Warrantholder hereby further represents that it has been provided with, or given
reasonable access to, full and fair disclosure of all material information
regarding the Company, this Warrant, and the Common Stock.

         9.       GENERAL PROVISIONS.

                  (a)      SUCCESSORS. All covenants and provisions of this
Warrant shall bind and inure to the benefit of the respective successors and
assigns of the parties hereto.

                  (b)      CHOICE OF LAW. This Warrant and the rights of the
parties hereunder shall be governed by and construed in accordance with the laws
of the State of Arizona, including all matters of construction, validity,
performance, and enforcement, and without giving effect to the principles of any
Arizona or other conflict-of-law provisions to the contrary.

                  (c)      ENTIRE AGREEMENT. Except as provided herein, this
Warrant, including exhibits, contains the entire agreement of the parties, and
supersedes all existing negotiations, representations or

                                       5
<PAGE>   6
agreements and all other oral, written, or other communications between them
concerning the subject matter of this Warrant.

                  (d)      SEVERABILITY. If any provision of this Warrant is
unenforceable, invalid, or violates applicable law, such provision shall be
deemed stricken and shall not affect the enforceability of any other provisions
of this Warrant.

                  (e)      CAPTIONS. The captions in this Warrant are inserted
only as a matter of convenience and for reference and shall not be deemed to
define, limit, enlarge, or describe the scope of this Warrant or the
relationship of the parties, and shall not affect this Warrant or the
construction of any provisions herein.

         IN WITNESS WHEREOF, the Company caused this Warrant to be duly executed
as of the date first above written.

                                         BIONUTRICS, INC., a Nevada corporation

                                         By: /s/ Ronald H. Lane
                                             -----------------------------------
                                             Ronald H. Lane
                                             President

         The Warrantholder hereby agrees to and accepts the terms and conditions
of this Warrant this _____ day of December, 2000.

                                          FOR ROPART INVESTMENTS LLC

                                          /s/ Robert B. Goergen
                                          --------------------------------------

                                          By:  Robert B. Goergen
                                             -----------------------------------
                                          Its:  Managing Member
                                              ----------------------------------

                                       6
<PAGE>   7
                                    EXHIBIT A

                              ELECTION TO PURCHASE

Bionutrics, Inc.
2425 E. Camelback Road, Suite 650
Phoenix, Arizona 85016

                  The undersigned hereby irrevocably elects to exercise the
right of purchase set forth in the attached Warrant to purchase thereunder
____________________ shares of the Common Stock (the "Warrant Shares") provided
for therein and requests that the Warrant Shares be issued in the name of

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

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

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

-------------------------------------------------
(Please Print Name, Address and SSN or EIN of Shareholder above)

Dated:
      --------------

Name of Warrantholder or Assignee:
                                   ---------------------------------------------
                                                  (Please Print)

Signature:
           ---------------------------------------------------------------------
               (Signature must conform in all respects to name of
               holder as specified on the face of the Warrant.)

Address:
        -------------------------------------------------------------------

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

Aggregate Warrant Price Paid: $
                               ------------------

Method of payment:
                   -------------------------------------------------------------
                                        (Please Print)

--------------------------------------------------------------------------------
Medallion Signature Guarantee (required if an assignment of Warrant Shares
acquired on exercise is made upon exercise.)

                                       7

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