Document:

<PAGE>   1
                                                                    Exhibit 10.6

                         SERVICE MARK LICENSE AGREEMENT

        THIS AGREEMENT is entered into on this 31st day of May, 2001 ("Effective
Date"), by and between FAMOUS DAVE'S OF AMERICA, INC., a Minnesota corporation
("Licensor"); and FUMUME, LLC a Delaware Limited Liability Company ("Licensee").

                       BACKGROUND AND CERTAIN DEFINITIONS

        Licensor is the owner of all right, title and interest in and to the
tradename and registered trademarks and the corresponding United States
trademark applications set forth on Schedule A hereto (collectively the
"Licensed Marks"). Licensee desires to use the Licensed Marks in Licensee's
operation of food and entertainment clubs with a live entertainment format which
Licensee owns in Memphis, Tennessee and Chicago, Illinois (such use being
referred to herein as the "Licensed Activities").

                                    AGREEMENT

        NOW, THEREFORE in consideration of the mutual promises and conditions
contained herein, and other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:

1. License Grant. Licensor hereby grants to Licensee, upon the terms and subject
to the conditions hereinafter set forth, a non-exclusive, non-transferable,
royalty-free right and license to use the Licensed Marks solely in connection
with the Licensed Activities. The Licensed Marks shall be used only in
accordance with the following conditions:

         1.l. The Licensed Marks may be used only in a manner consistent with
this Agreement. Licensee shall not expand its activities or operations to
include use of the Licensed Marks beyond the Licensed Activities as described
herein, unless Licensor gives its prior written consent of such expended use of
the Licensed Marks, which consent may be granted or withheld in Licensor's sole
and absolute discretion.

         1.2. Licensee shall faithfully reproduce the design, coloration, and
appearance (as such design, coloration, and appearance may be modified from time
to time by the Licensor) of the Licensed Marks. Licensee shall not modify the
design, coloration, or appearance of the Licensed Marks unless requested to do
so in writing by the Licensor.

         1.3. Licensee shall not use the Licensed Marks as part of, or display
the Licensed Marks in conjunction with, any other names or marks except with
the Licensor's prior written approval.

         1.4. Licensee shall not use the Licensed Marks or any confusingly
similar or diluting mark, word(s) or design, except as expressly authorized in
this Agreement. Licensee shall not attempt to register, or aid any third party
in using or attempting to register, any such mark, word(s), or design.
<PAGE>   2
         1.5. Licensee shall not use the Licensed Marks in any manner that will
indicate that it is using the Licensed Marks other than as a licensee.

         1.6. Licensee shall not have the right to sublicense any of its rights
to use the Licensed Marks except to its wholly owned subsidiaries, FUMUME II,
LLC and FUMUME II, LLC, the entities that will own and operate the clubs in
Memphis and Chicago as referenced in the Background section of this Agreement.
Any such sublicense shall be consistent with the terms hereof.

         1.7. Nothing herein requires Licensee to use or exploit the Licensed
Marks.

2. Quality Control. Licensor, as owner of the Licensed Marks, shall have the
right to control use of the Licensed Marks by Licensee with respect to the
nature and quality of any goods or services on or in connection with which the
Licensed Marks is used by Licensee, as further provided below and elsewhere in
this Agreement:

         2.1. Licensor shall have the right to specify the form and style in
which the Licensed Marks is to be used by Licensee, including appropriate
notices of registration. Licensee shall submit to Licensor all proposed uses of
the Licensed Marks for approval prior to use by Licensee. Licensee shall use the
Licensed Marks in conformance with the standards of proper service mark and
trademark usage so as not to damage or dilute Licensor's intellectual property
rights therein. Upon federal registration of any of the Licensed Marks, Licensee
agrees to make appropriate use of the statutory notice ("R") in connection with
its use of the Licensed Marks. Licensee otherwise agrees to use the appropriate
notice if the Licensed Marks are not Federally registered (i.e., "TM").

         2.2. Licensee acknowledges the high standards of quality and excellence
established by Licensor with respect to the Licensed Marks. Licensee agrees that
its use of the Licensed Marks in connection with the Licensed Activities shall,
at all times, be of sufficient quality so as to maintain such high standards and
to reflect well upon Licensor. Licensee agrees to permit Licensor to
periodically inspect Licensee's premises, methods of operations and business and
financial records during normal business hours and upon reasonable advance
notice, to ensure Licensee's compliance with this Agreement.

         2.3. Licensee agrees that at all times it shall comply with the
standards, provisions and specifications of all applicable federal, state and
local laws and regulations regarding use of the Licensed Marks and as specified
by Licensor.

3.    Licensor's Ownership & Rights to Licensed Marks.

         3.1. It is acknowledged and agreed that, as between Licensor and
Licensee, the Licensed Marks are the sole property of Licensor; and that
Licensee's use of the Licensed Marks may incidentally benefit Licensor. Nothing
contained herein shall create, nor shall be construed as an assignment of, any
right, title or interest in or to the Licensed Marks to Licensee, other than the
grant in Section 1; it being acknowledged and agreed that all other right, title
and interest in and to the Licensed Marks is expressly reserved by Licensor.
Prior to any use of the Licensed Marks with the marks, symbols, logos or designs
owned or used by Licensee in connection with the

                                       2
<PAGE>   3
Licensed Activities, the parties shall mutually agree upon the presentation of
such Licensee mark(s) and the Licensed Marks.

         3.2. Licensee shall keep the Licensed Marks free from all liens,
mortgages, or other encumbrances; and shall not take any action that might
invalidate the Licensed Marks or adversely affect the goodwill connected
therewith.

         3.3. Licensee agrees that it shall not attack or otherwise challenge
the title, validity or any other rights of Licensor in and to the Licensed
Marks, shall not claim any ownership rights in the Licensed Marks other than the
license granted herein, and shall not file any application to register or obtain
registration of the Licensed Marks. Licensee acknowledges and agrees that
Licensor shall have the sole right to file an application to register and to
obtain registration for the Licensed Marks. Licensee further agrees to cooperate
fully, at Licensor's expense, with Licensor in filing such application and
obtaining such registration, including providing Licensor with specimens of use
of the Licensed Marks and executing any documents reasonably requested by
Licensor. Licensee agrees to cooperate with Licensor (at Licensor expense) in
protecting, enforcing and defending the Licensed Marks. In the event that
Licensee seeks registration of its marks in combination with the Licensed Marks,
Licensor may, in its sole discretion, allow registration of its Licensed Marks
in such combination upon the mutual written agreement of the parties.

         3.4. Licensee agrees to notify Licensor in writing of any
infringements, imitations, claims or other problems with respect to the Licensed
Marks that come to Licensee's attention. Licensor shall have the sole right, but
not the obligation, to take any action on account of any such imitations,
imitation, claim or problem. Licensee agrees not to institute any suit nor take
any other action on account of such infringements, imitations, claims or
problems without the prior express written consent of Licensor. Licensor shall
be solely responsible for, and may exercise its discretion in, deciding whether
to apply for and prosecute applications for registration of the Licensed Marks
in any jurisdiction and whether to maintain any such registrations for such
Licensed Marks.

         3.5. From time to time, Licensor may change the appearance of its
Licensed Marks or add new Licensed Marks. Upon written notice of such changes
and additions, Licensee may adopt the changed or new Licensed Marks or may
continue to use the current versions of the Licensed Marks. However, Licensee
shall use the updated and changed versions of the Licensed Marks no later than
1) one year after notification of change, or 2) upon the depletion of materials
bearing such current versions of the Licensed Marks, whichever is earlier. Any
notification concerning a change to a Licensed Mark or an addition of a Licensed
Mark shall be deemed to be an amendment to Schedule A to add the new Licensed
Mark as of the date of such notification, provided such notification cannot
otherwise alter, modify, amend or change any term or condition of this
Agreement.

         3.6. In the event that Licensee acquires, as a result of the exercise
of any rights provided under this Agreement, any rights in the Licensed Marks
and any improvements thereto, it agrees to assign and hereby assigns all such
rights to Licensor. The parties acknowledge that, as between Licensee and
Licensor, Licensor is the sole and exclusive owner of the Licensed Marks,
subject to the license provided hereunder. To the extent that Licensee should
create or acquire

                                       3
<PAGE>   4
any rights in any new inventions, trade secrets, know how, or intellectual
property which improve or enhance the Licensed Marks, then Licensee shall
promptly disclose the same to Licensor and the same shall become part of the
Licensed Marks subject to Licensee's license under this Agreement. Licensee
agrees to take all action requested by Licensor, as Licensor expense, to
transfer any such right or title in such property to Licensor.

4. Goodwill. Licensee recognizes the value of Licensor goodwill associated
with the Licensed Marks. Licensee agrees that its use of the Licensed Marks and
any goodwill arising therefrom may incidentally benefit Licensor.

5. Representations and Warranties. Licensor represents and warrants to Licensee
that:

         5.1. Licensor is a corporation duly organized, validly existing and in
good standing under the laws of the State of Minnesota.

         5.2. Licensor has full corporate authority to execute this Agreement,
and the terms and conditions hereof have been duly authorized by all requisite
corporate authority and will not result in a violation of any of the provisions
of Licensor corporate charter, bylaws or any agreement to which Licensor is a
party.

         5.3. Licensor has not entered into any arrangements nor granted to any
third party any rights, which arrangements or rights are currently in effect,
that are inconsistent with the license granted herein.

         5.4. All Licensed Marks shown as registered or being registered in
Schedule A have been registered, all pending registrations and applications have
been properly made and filed and all maintenance, renewal and other fees
relating to the registrations or applications are current.

         5.5. To the knowledge of Licensor, no other person or entity is
infringing the Licensed Marks.

         5.6. There are no claims or litigation, or to the knowledge of Licensor
inquiries or investigation, challenging or threatening to challenge the right,
title and interest of Licensor with respect to its continued use and right to
preclude others from using any of the Licensed Marks.

         5.7. All Licensed Marks are valid, enforceable and in good standing,
and to the knowledge of Licensor, there are no equitable or statutory defenses
to enforcement based on any act or omission of Licensor.

EXCEPT AS PROVIDED IN THIS SECTION 5, LICENSOR PROVIDES THE LICENSED MARKS "AS
IS" AND MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND WHETHER EXPRESS OR
IMPLIED WITH RESPECT TO THE LICENSED MARKS INCLUDING TITLE AND NONINFRINGEMENT.

6. Indemnification

         6.1. By Licensor. Licensor shall, at its own expense, defend any claim
or action instituted against Licensee, its officers, directors, agents, and
employees, which is based on an allegation

                                       4
<PAGE>   5
of infringement of any trademark or copyright based on Licensee's use of the
Licensed Marks in a manner which is consistent with the Licensed Marks
registrations and this Agreement or as directed by Licensor. Licensor shall
indemnify and defend Licensee, its officers, directors, agents and employees
from and against any and all losses, costs, actions, suits, claims, demands or
prosecutions, of whatever nature, including reasonable attorneys' fees and
expenses, arising from or relating to (i) any such claim or action, (ii) any
breach of any representation or warranty by Licensor, or (iii) any breach of
this Agreement. Such indemnification obligation is expressly conditioned upon 1)
Licensee notifying Licensor promptly of any such claim, and 2) giving Licensor
control over the defense and settlement of the claim, and 3) providing requested
assistance to Licensor, at Licensor expense, in defending the claim. This
Section shall survive the termination of this Agreement. In the event of any
third-party claim, Licensor reserves the right, at its option, to obtain a
license for Licensee to continue to use the Licensed Marks or a mark similar to
such Licensed Mark.

         6.2. By Licensee. Licensee shall indemnify and defend Licensor, its
officers, directors, agents, and employees from and against all losses, costs,
actions, suits, claims, demands, or prosecutions, of whatever nature, including
reasonable attorneys' fees and court costs, arising from or out of any breach of
any term of this Agreement, misuse or unauthorized use of the Licensed Marks, or
any injury, damage, death or other occurrence to any person or property arising
or resulting directly or indirectly out of the packaging, labeling, advertising,
sale, marketing, distribution, or the possession, use or consumption of any
products or provision of services developed from, based on, or using any
Licensed Marks at any time (except for those claims covered by Section 6.1 or
except if the foregoing activities are taken by Licensee at the direction of
Licensor. Such indemnification obligation is expressly conditioned upon Licensor
1) notifying Licensee of any such claim, 2) giving Licensee control over the
defense of the claim, and 3) providing reasonable assistance to Licensee in
defending the claim. This Section shall survive the termination of this
Agreement.

7. Insurance. Both parties shall maintain in full force and effect at all times
throughout the Term hereof a policy or policies, insuring itself, of commercial
general liability insurance, including contractual liability, advertising
liability, product defects, other tort with broad form vendor's endorsement,
with combined single limits of not less than Five Million Dollars
($5,000,000.00). Such party shall deliver to the other party a certificate or
certificates of insurance evidencing satisfactory coverage within ten (10) days
of the Effective Date of this Agreement. The other party shall receive from the
party obtaining the insurance notice of cancellation or of any material adverse
change in coverage at least thirty (30) days prior to the effective date
thereof.

8. Term; Termination. Unless terminated earlier in accordance with this Section
8, this Agreement shall commence as of the Effective Date continue perpetually.
However, either party may immediately terminate this Agreement in the event of
the occurrence of any of the following events of default:

         8.1. the failure of the other party to strictly comply with any
provision of this Agreement, if such noncompliance is not remedied within thirty
(30) days after written notice of such default is received; or

                                       5
<PAGE>   6
         8.2. both of the Memphis or Chicago clubs are sold by Licensee or the
lease for such Memphis and Chicago clubs has terminated; or

         8.3. the franchise Agreement for the Memphis and Chicago clubs between
the Licensee and HCK Licensing, Inc. of any even date herewith has terminated;
or

         8.4. the dissolution, termination of existence, or Licensee's
abandonment of the Licensed Activities.

9. Rights and Duties Upon Termination. Upon termination of this Agreement for
any reason: (a) the license granted herein shall immediately cease, (b) all
rights granted to Licensee hereunder and all goodwill associated with the
Licensed Marks shall forthwith revert to Licensor, (c) Licensee shall
immediately cease and desist from further use of the Licensed Marks or any
further reference thereto (either directly or indirectly), and (d) Licensee
shall not resume any use of the Licensed Marks or any service mark or trademark
or name confusingly similar thereto. Section 3.6,5,6,8,9 and 10 shall survive
any termination of this Agreement.

10. Miscellaneous.

         10.1 Non-Assignability. The license granted hereunder is personal to
Licensee and none of the rights or obligations of this Agreement may be
assigned, sold, sublicensed or otherwise transferred by Licensee or by operation
of law without the prior written consent of Licensor, except in the case of a
merger, consolidation, or sale transferring substantially all of the assets of
Licensee provided such assignee agrees in writing to all the terms set forth in
this Agreement. Any attempt to assign or transfer any of the rights, duties, or
obligations under this Agreement in contravention of this Section shall be void.

         10.2 Relationship of the Parties. Nothing contained in this Agreement
shall be construed to imply a joint venture, partnership or principal-agent
relationship between the parties; and neither party, by virtue of this
Agreement, shall have any right, power, or authority, expressed or implied, to
act on behalf of or enter into any undertaking binding the other party. This
Agreement shall not be construed to create rights, expressed or implied, on
behalf of, or for the use of, any parties other than Licensor and Licensee; and
Licensor and Licensee shall not be obligated, separately or jointly, to any
third parties or any third party beneficiaries by virtue of this Agreement.

         10.3 Not a Franchise. The parties acknowledge and agree that this
Agreement is not intended to create a franchise relationship. The parties
further acknowledge that should the parties ever desire to create a franchise
relationship, Licensor will provide Licensee with a franchise offering circular
in a manner and time frame required by federal law, before the parties execute
such franchise agreement.

         10.4 Non-Waiver. No term or provision of this Agreement shall be deemed
waived or any breach excused, unless such wavier or consent shall be in writing
and signed by the party claimed by the other to have waived or consented. Any
consent by any party to, or waiver of a breach by the other, whether express or
implied, shall not constitute a consent to, waiver of, or excuse for any other
different or subsequent breach.

                                       6
<PAGE>   7
         10.5 Entire Agreement. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter contained herein and
supersedes all previous negotiations or proposals; and may only be modified by
an agreement executed in writing by both parties hereto.

         10.6 Severability. The invalidity, illegality or unenforceability of
any one or more of the provisions of this Agreement shall in no way affect or
impair the validity, legality or enforceability of the remaining provisions
hereof, which shall remain in full force and effect. Any invalid, illegal or
unenforceable provisions shall be deemed to be severed from the Agreement.

         10.7 Notices. All notices, requests, demands and other communications
hereunder to a party hereto shall be in writing and shall be deemed to have been
duly given when delivered by hand or sent by certified mail (postage prepaid),
telecopy (which shall be confirmed in writing) to such party at its address set
forth below, or such person or address as such party may specify by similar
notice to the other parties hereto:

         In the case of a notice to be given to Licensor:

         Famous Dave's of America, Inc.
         7657 Anagram Drive
         Eden Prairie, MN 55344
         Attention: Martin O'Dowd
         Facsimile: 952-294- 1301

         In the case of a notice to be given to Licensee:

         FUMUME, LLC
         7657 Anagram Drive
         Eden Prairie, MN 55344
         Attention: Martin O'Dowd

         With a copy to:

         Lifestyle Ventures, LLC
         119 South Main, Suite 600
         Memphis, TN 38103
         Attention: Kerissa Hollis

         Or to such other addresses as either party may furnish to the other
from time to time in accordance with the provisions of this Section.

         10.8 Relief. Because any use of the Licensed Marks in violation of this
Agreement would irreparably diminish the value of the Licensed Marks, and which
violation(s) would not be compensable by monetary damages alone, Licensee agrees
that Licensor will have the right to enforce this Agreement and any of its
provisions by injunction, specific performance, or a restraining order without
prejudice to any other rights and remedies that Licensor may have for

                                       7
<PAGE>   8
breach of this Agreement. Each of the parties irrevocably consents and submits
to personal jurisdiction and venue federal district and state courts in
Hennepin County, Minnesota, for all purposes of this Section 10.8.

         10.9 Governing Law; Dispute Resolution, This Agreement shall be
governed by the substantive laws of the State of Minnesota without regard to the
application of conflicts of law principles. All disputes or controversies
arising out of this Agreement or any breach hereof, except as slated in Section
10.8, shall be finally settled under the Commercial Arbitration Rules
established by the American Arbitration Association then in effect. The
exclusive venue for any such arbitration shall be as follows: (i) if Licensee
commences any arbitration then such arbitration shall take place in Minneapolis,
Minnesota, (ii) if Licensor commences any arbitration then such arbitration
shall take place in Memphis, Tennessee. The decision of the arbitrators shall be
final and binding and judgment on the award may be entered in any court of
competent jurisdiction. The arbitrators shall be instructed to state the reasons
for their decisions, including finding of fact and law. The arbitrators shall be
bound by the warranties, indemnities, limitations of liability, and other
provisions of this Agreement. Discovery as permitted by the Federal Rules of
Civil Procedure then in effect will be allowed in connection with arbitration to
the extent consistent with the purpose of the arbitration and as allowed by the
arbitrators. The decision or award of the arbitrators shall set forth the basis
for the decision or award, and shall be final, nonappealable and binding upon
the parties and may be enforced and executed upon in any court having
jurisdiction over the party against whom the enforcement of such decision or
award is sought. Each party shall bear its own arbitration costs and expenses
and all other costs and expenses of the arbitration shall be divided equally
between the parties. Nothing in this Section 10.9 shall prevent Licensor from
seeking other relief stated in Section 10.8.

       IN WITNESS WHEREOF, the  parties have caused this Agreement to be
executed by their duly authorized officers on the date first set forth above.

                                       FAMOUS DAVE'S OF AMERICA, INC.

Date:   6/16/01                        By:   /s/ Martin J. O'Dowd
       --------                            ------------------------
                                       Its:  Pres. and CEO

Date:   6/16/01                        FUMUME, LLC
       -------                         Lifestyle Ventures, LLC, Member
                                       By:   /s/ Andrew Revella
                                           ------------------------
                                       Its:  President and Chief Manager

                                       8
<PAGE>   9
                           SCHEDULE A - LICENSED MARKS

<TABLE>
<CAPTION>
MARK                                                                REGISTRATION NO.            REGISTRATION DATE
----                                                                ----------------            -----------------

<S>                                                             <C>                             <C>
ALL AMERICAN BBQ FEAST                                              2,015,372                      11/12/96
FAMOUS DAVE'S BBQ SHACK                                             2,013,652                      11/05/96
GOLDEN SPIT ROASTED                                                 2,013,653                      11/05/96
HICKORY PIT ROASTED BARBEQUE                                        2,060,146                      05/06/97
                                                                (Supplemental Register)
MAY YOU ALWAYS BE SURROUNDED BY                                     2,196,326                      10/13/98
GOOD FRIENDS AND GREAT BARBEQUE
(SM)
I'M NOT FAMOUS, IT'S THE RIBS                                       2,160,936                      05/26/98
MAY YOU ALWAYS BE SURROUNDED BY                                     2,042,996                      03/11/97
GOOD FRIENDS AND GREAT BBQ
RICH & SASSY                                                        2,076,892                      07/08/97
FAMOUS DAVE'S BBQ SAUCE                                             2,073,251                      06/24/97
FAMOUS DAVE'S BAR B QUE and Design (Dave                            2,161,520                      06/02/98
likeness)(TM)
FAMOUS DAVE'S BAR B QUE and Design (Dave                            2,170,879                      07/07/98
likeness) (SM)
FAMOUS DAVE'S BBQ SHACK and Design of                               2,163,463                      06/09/98
Pig (SM)
FAMOUS DAVE'S BBQ SHACK and Design of                               2,170,878                      07/07/98
Pig (TM)
FAMOUS DAVE'S and Design of Pig (TM)                                2,187,168                      09/08/98
FAMOUS DAVE'S and Design of Pig (SM)                                2,170,880                      07/07/98
MISCELLANEOUS DESIGN DAVE LIKENESS                                  2,233,234                      03/23/99
THE CABIN STORE and Design                                          2,006,025                      10/08/96
THE CABIN STORE                                                     2,990,146                      07/30/96
BUTT-ROCKIN' BLUES                                                  2,265,793                      07/27/99
DEVIL'S SPIT                                                        2,283,165                      10/05/99
FAMOUS DAVE'S (stylized) (TM)                                       2,364,913                      07/04/00
FAMOUS DAVE'S (stylized) (SM)                                       2,360,550                      06/20/00
SWEET HOME CHICAGO                                                  2,336,602                      03/28/00
HOME OF THE BIG SLAB                                                2,417,905                      01/02/01
</TABLE>

<TABLE>
<CAPTION>
  MARK                                                              SERIAL NO.                     FILING DATE
  ----                                                              ----------                     -----------

<S>                                                                 <C>                            <C>
SQUEALS ON WHEELS                                                   75/420,495                     01/20/98
WEAR LOOSE PANTS                                                    76/056,467                     05/25/00
PLEASE LIMIT FINGER LICKING TO YOUR OWN                             76/056,473                     05/25/00
HANDS
FAMOUS DAVE'S                                                       76/039,793                     05/02/00
FAMOUS DAVE'S                                                       76/039,792                     05/02/00
SWEET & ZESTY                                                       76/056,472                     05/25/00
IF YOU'RE LICKIN' YOUR LIPS. YOU'RE LICKIN' THE                     76/114,076 I                   08/22/00
BLUES
</TABLE>

                                       9<PAGE>   1

                                                                   EXHIBIT 10.27

INTERNATIONAL FINANCIAL
SERVICES CORPORATION

                                1113 S. MILWAUKEE AVENUE, LIBERTYVILLE, IL 60048
                                           (847) 549-0100     FAX (847) 549-0119

LESSEE: SIGMATRON INTERNATIONAL, INC.  LEASE NO. ALWAYS REFER TO: #00-280
                                       CONTACT: MS. LINDA BLAKE
ADDRESS: 2201 LANDMEIER ROAD           PHONE #: 847-956-8000
         ELK GROVE VILLAGE, IL  60007  EQUIPMENT LOCATION IF OTHER THAN LESSEE:
                                       SMT UNLIMITED L.P.
                                       47650 WESTINGHOUSE DR., FREMONT, CA 94539
TYPE OF COMPANY:  CORPORATION
--------------------------------------------------------------------------------
             EQUIPMENT LEASED AS LISTED ON THE ATTACHED SCHEDULE "A"

TERM:             60
PERIODS ARE:      MONTHLY
TOTAL # OF LEASE PAYMENTS: 60
EFFECTIVE DATE: SEE PARAGRAPH 25

$14,190.00 per period for the first 60 periods.
----------                          --
ADVANCE RENTALS, $28,380.00 payable at the signing of this lease to be applied
to the last two rental payments.
       ------------------------

--------------------------------------------------------------------------------
                                ACCEPTANCE NOTICE

INTERNATIONAL FINANCIAL SERVICES CORPORATION
1113 Milwaukee Avenue
Libertyville, IL  60048

GENTLEMEN:

         All items referred to above were received by us and were and are in
good order and condition and acceptable to us. The decals, labels, etc., if
required and supplied have been affixed to the above items. We approve payment
by you to the supplier. Lessee hereby certifies that the lessor has fully and
satisfactorily performed all covenants and conditions to be performed by it
under said lease agreement as of the date hereof.

<TABLE>
<CAPTION>

                                               Very Truly Yours,

<S>                                     <C>
                                        LEASE DATED 5th DAY OF December              2000
VENDOR:  This acceptance must                                  ---------------------------
be signed by lessee and returned
to us before your invoice can           LESSEE NAME: SIGMATRON INTERNATIONAL, INC.
be paid.                                             -----------------------------------------------

                                        SIGNED BY:   /s/ Gary R. Fairhead
                                                   -------------------------------------------------

LESSEE'S ORIGINAL SIGNATURE IN          TITLE:      President / CEO
INK IS REQUIRED ON LEASE                     -------------------------------------------------------
PAGES 1,2,3,4,5 - MUST BE                    (INDICATE CORPORATE OFFICE, GENERAL PARTNER, OWNER, ETC)
ORIGINAL SIGNATURES
                                        DATE:  12/5/00
                                            --------------------------------------------------------
</TABLE>

                              ACCEPTANCE NOTICE - 3

<PAGE>   2

                                                                   EXHIBIT 10.27

INTERNATIONAL FINANCIAL
SERVICES CORPORATION

<TABLE>
<CAPTION>

<S>                                    <C>
                                1113 S. MILWAUKEE AVENUE, LIBERTYVILLE, IL 60048
                                           (847) 549-0100     FAX (847) 549-0119

LESSEE: SIGMATRON INTERNATIONAL, INC.        LEASE NO. ALWAYS REFER TO: #00-280
                                             CONTACT: MS. LINDA BLAKE
ADDRESS: 2201 LANDMEIER ROAD                 PHONE #: 847-956-8000
         ELK GROVE VILLAGE, IL 60007    EQUIPMENT LOCATION IF OTHER THAN ADDRESS OF LESSEE:
                                             SMT UNLIMITED L.P., 47650 WESTINGHOUSE DR.,
                                             FREMONT, CA  94539
TYPE OF COMPANY: CORPORATION
--------------------------------------------------------------------------------

             EQUIPMENT LEASED AS LISTED ON THE ATTACHED SCHEDULE "A"

TERM:             60
PERIODS ARE:      MONTHLY
TOTAL # OF LEASE PAYMENTS: 60
EFFECTIVE DATE: SEE PARAGRAPH 25

$14,190.00 per period for the first 60 periods
----------                          --
ADVANCE RENTALS, $28,380.00 payable at the signing of this lease to be applied
to the last two rental payments.

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

                       EQUIPMENT DISCLAIMER AND AGREEMENT

</Table>

INTERNATIONAL FINANCIAL SERVICES CORPORATION
1113 Milwaukee Avenue
Libertyville, IL  60048

GENTLEMEN:

This will advise that LESSEE is aware of its obligations with reference to
the above lease and that LESSEE agrees in its name to enforce all warranties,
agreements, or representations, if any, which may be made by the supplier to
LESSEE. LESSEE agrees that INTERNATIONAL FINANCIAL SERVICES CORPORATION makes no
expressed or implied warranties as to any matter whatsoever, including, without
limitation the condition of the equipment, its merchantability or its fitness
for any particular purpose except as set forth in the LEASE. No defect or
unfitness of equipment shall release LESSEE of the obligation to pay rental
payments or of any other obligations under this lease agreement.

                                               Very Truly Yours,

<TABLE>
<CAPTION>
<S>                                    <C>
                                                     LEASE DATED 5th DAY OF December    , 2000
                                                                 ---        ------------    -----------------------

                                                     LESSEE NAME:    SIGMATRON INTERNATIONAL, INC.
                                                                     ----------------------------------------------

                                                     SIGNED BY:        /s/ Gary R. Fairhead
                                                                       --------------------------------------------

                                                     TITLE:            President / CEO
                                                              -----------------------------------------------------
LESSEE'S ORIGINAL SIGNATURE IN INK IS REQUIRED ON             (INDICATE CORPORATE OFFICE, GENERAL PARTNER, OWNER, ETC)
LEASE PAGES 1,2,3 ,4,5 - MUST BE ORIGINAL
SIGNATURES                                           DATE:             12/5/00
                                                              -----------------------------------------------------

</TABLE>

                     EQUIPMENT DISCLAIMER AND AGREEMENT - 4

<PAGE>   3

                                                                   EXHIBIT 10.27

INTERNATIONAL FINANCIAL
SERVICES CORPORATION

                                1113 S. MILWAUKEE AVENUE, LIBERTYVILLE, IL 60048
                                           (847) 549-0100     FAX (847) 549-0119

<Table>
<Caption>
<S>                                    <C>
LESSEE:  SIGMATRON INTERNATIONAL, INC.      LEASE NO. ALWAYS REFER TO: #00-280
                                            CONTACT: MS. LINDA BLAKE
ADDRESS: 2201 LANDMEIER ROAD                PHONE #: 847-956-8000
         ELK GROVE VILLAGE, IL 60007    EQUIPMENT  LOCATION  IF  OTHER  THAN  ADDRESS  OF LESSEE:
                                            SMT UNLIMITED L.P., 47650 WESTINGHOUSE DR.
                                            FREMONT, CA  94539
</TABLE>

TYPE OF COMPANY: CORPORATION
--------------------------------------------------------------------------------

             EQUIPMENT LEASED AS LISTED ON THE ATTACHED SCHEDULE "A"

TERM:             60
PERIODS ARE:      MONTHLY
TOTAL # OF LEASE PAYMENTS: 60
EFFECTIVE DATE: SEE PARAGRAPH 25

$14,190.00 per period for the first 60 periods
----------                          --
ADVANCE RENTALS, $28,380.00 payable at the signing of this lease to be applied
to the last two rental payments.

                            LESSEE'S ACKNOWLEDGEMENT

INTERNATIONAL FINANCIAL SERVICES CORPORATION
1113 Milwaukee Avenue
Libertyville, IL  60048

GENTLEMEN:

As Lessee under the lease referred to above with International Financial
Services Corporation, the undersigned hereby acknowledges the Lessor's right to
assign its interest under the Lease and that Assignee does not assume any of the
obligations of the Lessor thereunder, consents to any such assignment and, in
consideration of the assignee having advanced funds to the Lessor to finance the
equipment described in the Lease, and in consideration of Assignee"s covenant
with Lessee that so long as Lessee is not in default under the Lease, Lessee
will quietly possess the Equipment, free of interference from third parties,
agrees as follows: (a) that its obligation to pay directly to the Assignee the
amounts (whether designated as rentals or otherwise) which become due from the
Lessee as set forth in the Lease so assigned shall be absolutely unconditional
and shall be payable in strict accordance with the Lease, and it promises so to
pay the same notwithstanding any defense, set-off or counterclaim whatsoever,
whether by reason of breach of the Lease, the exercise of any right or option
thereunder, or otherwise, which it may or might now or hereafter have as against
the Lessor (the Lessee reserving its right to have recourse directly against the
Lessor on account of any such defense, set-off or counterclaim); and (b) that,
subject to and without impairment of the Lessee's leasehold rights in and to the
Equipment described in said Lease, Lessee holds said Equipment and the
possession thereof for the Assignee to the extent of the Assignee's rights
therein. There shall be only one executed counterpart of this lease marked
"Original" and all other counterparts shall be marked "Duplicate." To the extent
that Lease constitutes chattel paper (as defined in the Uniform Commercial Code)
no security interest in this lease may be created through the transfer or
possession of any counterpart other than the original.

<Table>
<Caption>
<S>                                                  <C>
                                                              Very Truly Yours,

                                                     LEASE DATED 5th DAY OF December, 2000
                                                                 ---        --------    ---------

                                                     LESSEE NAME:    SIGMATRON INTERNATIONAL, INC.
                                                                     ----------------------------------------------

                                                     SIGNED BY:  /s/ Gary R. Fairhead
                                                              -------------------------------------------------------

                                                     TITLE:            President/CEO
                                                              --------------------------------------------------------
LESSEE'S ORIGINAL SIGNATURE IN INK IS REQUIRED ON             (INDICATE CORPORATE OFFICE, GENERAL PARTNER, OWNER, ETC)
LEASE PAGES 1,2,3 ,4,5 - MUST BE ORIGINAL
SIGNATURES                                           DATE:             12/5/00
                                                              --------------------------------------------------------
</TABLE>

                           LESSEE"S ACKNOWLEDGMENT - 5
<PAGE>   4

                                                                   EXHIBIT 10.27

                                   CERTIFICATE

     The undersigned, being a duly elected and acting Secretary of SigmaTron
International, Inc., a Delaware corporation (the "Corporation"), does hereby
certify that:

     1.   Attached hereto as Exhibit A is a true and correct copy of resolutions
     unanimously and duly adoped by the Board of Directors of the Corporation at
     a meeting held on December 5, 2000, and that said resolutions have not been
     altered and remain in full force and effect as of the date hereof.

     2.   The following persons are the duly elected and acting officers of the
     Corporation in the capacities set forth opposite their signatures and the
     facsimiles of their signatures are true and correct as of the date hereof:

                           Gary R. Fairhead
                                            ------------------------------------
                           President and Chief Executive Officer

                           Linda K. Blake
                                            ------------------------------------
                           Vice President and Finance, Treasurer and Secretary

     Witnesseth my hand and corporate seal of SigmaTron International, Inc. this
5th  day of December, 2000.
----        --------

                                                 /s/Linda K. Blake
                                                 --------------------------
                                                 Linda K. Blake
                                                 Secretary

(SEAL)

<PAGE>   5

                                                                   EXHIBIT 10.27

                                    Exhibit A

         RESOLVED, that the Company shall acquire under a 60 month lease from
International Financial Services Corporation ("IFS") certain equipment to be
subleased to the Company's affiliate, SMT Unlimited L.P. ("SMT"), at an
aggregate cost of approxiamtely $665,000, on terms that are similar to terms
heretofore applicable to leases between IFS and the Company and the subleases
between the Company and SMT, respectively.

         FURTHER RESOLVED, that Gary R. Fairhead, President and Chief Executive
Officer of the Company alone, or with the secretary of the company, be and he is
hereby authorized and directed to negotiate, execute and deliver on behalf of
the Company such purchase, lease, sublease and financing documents,
certificates, affidavits or instruments related thereto, as he, in his sole
discretion, shall deem reasonable and appropriate to carry out the transactions
described herein.

         FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the
Company, be and she is hereby authorized and directed to certify to IFS or its
successors or assigns the foregoing resolutions.

<PAGE>   6

                                                                   EXHIBIT 10.27

INTERNATIONAL FINANCIAL
SERVICES CORPORATION

<TABLE>
<CAPTION>

                                1113 S. MILWAUKEE AVENUE, LIBERTYVILLE, IL 60048
                                           (847) 549-0100     FAX (847) 549-0119

<S>                                    <C>
LESSEE: SIGMATRON INTERNATIONAL, INC.      LEASE NO. ALWAYS REFER TO: #00-280

ADDRESS: 2201 LANDMEIER ROAD               CONTACT: MS. LINDA BLAKE,
         ELK GROVE VILLAGE, IL  60007      PHONE #: 847-956-8000
                                       EQUIPMENT LOCATION IF OTHER THAN ADDRESS OF LESSEE:
                                           SMT UNLIMITED L.P., 47650 WESTINGHOUSE DR.
TYPE OF COMPANY:  CORPORATION              FREMONT, CA  94539
</TABLE>
--------------------------------------------------------------------------------

             EQUIPMENT LEASED AS LISTED ON THE ATTACHED SCHEDULE "A"

TERM:             60
PERIODS ARE:      MONTHLY
TOTAL # OF LEASE PAYMENTS: 60
EFFECTIVE DATE: SEE PARAGRAPH 25

$14,190.00 per period for the first 60 periods
----------                          --
ADVANCE RENTALS, $28,380.00 payable at the signing of this lease to be applied
to the last two rental payments.

--------------------------------------------------------------------------------
                          TERMS AND CONDITIONS OF LEASE

1. LEASE. LESSOR hereby leases to LESSEE and LESSEE hereby hires and takes from
LESSOR, the personal property set forth on the EQUIPMENT Schedule above and any
Schedule attached hereto with all accessories incorporated therein and/or
affixed thereto, hereinafter referred to as EQUIPMENT.
2. RENTALS. During and for the original term hereof LESSEE hereby agrees to pay
LESSOR as and for rental of the EQUIPMENT the amounts specified above as monthly
or other calendar period rental multiplied by the number of months or periods
specified above. The first rental payment shall be made on the effective date as
set forth above. In the event the effective date is omitted when the LEASE is
executed by the LESSEE, the LESSOR is authorized to and shall insert the
effective date of this LEASE which shall be the date of delivery of EQUIPMENT.
Subsequent monthly or other period rental payments shall be due on the same day
of subsequent months or other calendar periods as the effective date of this
LEASE. All payments shall be made at the office of the LESSOR at 1113 S.
Milwaukee Avenue, Libertyville, IL 60048, or as otherwise directed by the LESSOR
or assignee in writing.
3. TERM. The original term of this LEASE shall commence on the date that the
EQUIPMENT is delivered to LESSEE and shall terminate upon the expiration of the
number of months, or other calendar periods, set forth above from said date.
Said rent shall be payable monthly in advance.
4. EQUIPMENT AND LIABILITY. LESSOR, at the request of LESSEE, has ordered or
shall order the EQUIPMENT described above from a supplier selected by LESSEE.
LESSOR shall not be liable for specific performance of this LEASE or for
damages, if , for any reason, supplier fails to accept such order or delays or
fails to fill the order. LESSEE agrees to accept such EQUIPMENT and to complete
the acceptance notice provided by LESSOR. 5. PLACE OF USE; INSPECTION. LESSEE
shall keep the EQUIPMENT at its place of business as specified above. LESSEE
covenants and agrees not to allow the use of EQUIPMENT by other than the
employees of the LESSEE and covenants and agrees not to rent or sublet the
EQUIPMENT or any part thereof to others for their own use. Whenever requested by
LESSOR, LESSEE shall promptly advise LESSOR as to the exact location of the
EQUIPMENT. LESSOR, from time to time, may enter the premises where the EQUIPMENT
is located and inspect same upon 1 business day"s notice and subject to LESSEE"s
security rules.
6. ADVANCE RENTALS. At the LESSOR'S option any advance rentals made hereunder
may be applied by LESSOR to cure any default of LESSEE. LESSEE will from time to
time promptly provide any additional credit or financial information that the
LESSOR deems necessary to this transaction.
7. DISCLAIMER OF WARRANTY. LESSOR not being the manufacturer or the supplier of
the EQUIPMENT, nor a dealer in similar equipment, has not made and does not make
any representation warranty or covenant, express or implied, with respect to the
design, condition, durability, suitability, fitness for use or merchantability
of the EQUIPMENT in any respect. As between LESSOR and LESSEE, the EQUIPMENT
shall be accepted and leased by LESSEE "AS IS" and "WITH ALL FAULTS". LESSEE
agrees to settle all such claims directly with the supplier and will not assert
any such claims or defenses against LESSOR or LESSOR'S assignee. LESSOR assigns
to, authorizes and appoints LESSEE to enforce, in its own name and at its own
expense, any claim, warranty, agreement or representation which may be made
against the supplier, but LESSOR assumes no obligation as to the extent or
enforceability thereof. LESSOR agrees to cooperate with LESSEE in the
enforcement of any manufacturer warranty to the extent LESSOR"S cooperation is
necessary under the terms of any such warranty. No defect or unfitness of the
EQUIPMENT, loss or damage thereto or any other circumstances shall relieve
LESSEE of its obligations under this LEASE which are absolute and unconditional.
In no event shall LESSOR or LESSEE be liable for any consequential damages.
Supplier is not an agent of LESSOR and no employee of supplier is authorized to
waive, supplement or otherwise alter, any provision of this LEASE.
8. ERRORS IN ESTIMATED COST. The amount of each rent payment and the advance
rental initially set forth above are based upon the estimated total cost of the
EQUIPMENT (excluding taxes, transportation and any other charges) which is an
estimate, and each shall be adjusted proportionally if the actual cost of the
EQUIPMENT differs from said estimate. LESSEE hereby authorizes LESSOR to correct
the figures set forth above when the actual cost is known. If the actual cost of
the EQUIPMENT differs from the estimated cost by more than ten percent
(10%)thereof, however, either party at its option may terminate this LEASE by
giving written notice to the other party within fifteen (15) days after
receiving notice of the actual cost or the corrected rent.
9. USE AND RETURN OF EQUIPMENT. The LESSEE shall exercise due and proper care in
the use, repair and servicing of the EQUIPMENT and at all times and at its
expense shall keep and maintain the leased property in good working condition,
order, and repair. LESSEE may alter and upgrade the EQUIPMENT provided that such
alteration or upgrade does not reduce the value or impair the capability of the
EQUIPMENT. LESSEE shall have the right to remove any such alteration or upgrade
before returning the EQUIPMENT to LESSOR so long as the removal does not damage
the EQUIPMENT. LESSEE shall bear all costs associated with the acquisition,
installation and removal of any such alteration or upgrade. Upon the expiration
or termination of this LEASE, LESSEE at its sole expense shall forthwith
properly pack and return the EQUIPMENT to LESSOR, or to such place designated by
LESSOR within 30 miles of EQUIPMENT location, in the same condition as when
received by LESSEE, reasonable wear and tear alone excepted. All replacement
parts, incorporated in or affixed to the EQUIPMENT after the commencement of
this LEASE shall become the property of LESSOR.
10. TITLE; LIENS; TAXES. The Equipment is, and shall at all times be and remain
(i) the sole and exclusive property of LESSOR; and the LESSEE shall have no
right, title or interest therein or thereto except as expressly set forth in
this LEASE; (ii) personal property notwithstanding that the EQUIPMENT or any
part thereof may now be or hereafter become, in any manner affixed or attached
to or imbedded in, or permanently resting upon, real property or any building
thereon. LESSEE agrees to affix nameplates or decals to the EQUIPMENT indicating
LESSOR'S ownership thereof if requested and supplied by LESSOR.
THIS LEASE IS SUBJECT TO THE TERMS AND CONDITIONS PRINTED ABOVE AND ON THE
FOLLOWING PAGES AND RIDERS WHICH ARE MADE PART THEREOF AND WHICH LESSEE
ACKNOWLEDGES THAT IT HAS READ. IN WITNESS WHEREOF THE LESSEE HAS HEREBY
EXECUTED THIS NON CANCELLABLE LEASE THIS 5thDAY OF December    2000
                                         ---       -----------   --
<TABLE>
<CAPTION>

<S>                                                  <C>
ACCEPTED          12/5     2000                      LESSEE NAME:      SIGMATRON INTERNATIONAL, INC.
         ------------------  --                                        -----------------------------------------------
INTERNATIONAL FINANCIAL SERVICES CORP., Lessor                SIGNED BY:        /s/ Gary R. Fairhead
                                                                        ----------------------------------------------
BY       /s/ Maxine Sopych                           TITLE:                      President / CEO
  ------------------------------------------                  --------------------------------------------------------
TITLE    Funding Manager                                      (INDICATE CORPORATE OFFICE, GENERAL PARTNER, OWNER, ETC)
     ---------------------------------------

LESSEE'S ORIGINAL SIGNATURE IN INK IS REQUIRED ON    DATE:                      12/5/00
LEASE PAGES 1,2,3 ,4,5 - MUST BE ORIGINAL SIGNATURES          --------------------------------------------
                                                     LEASE ORIGINAL - 1
</TABLE>

<PAGE>   7

                                                                   EXHIBIT 10.27

LESSEE shall keep the EQUIPMENT free and clear of levies, liens and encumbrances
and shall pay all license and registration fees, assessments, filing or
recording fees, documentary stamp tax, sale/use taxes, personal property taxes,
gross receipt taxes, excise taxes including value added taxes and all other
taxes (local, state and federal) which may now or hereafter be imposed upon the
ownership, leasing, rental, sale, purchase, possession or use of the EQUIPMENT
whether assessed to LESSOR or LESSEE excluding, however, all taxes on or
measured by LESSOR'S net income.
      If such taxes are levied against the LESSOR, the LESSOR shall have the
right, subject to the following paragraph, but not the obligation, to pay any
such taxes, whether levied against the LESSOR or the LESSEE. In such event the
LESSEE shall reimburse the LESSOR therefor within five (5) days after receipt of
invoice and for the failure to make such reimbursement when due the LESSOR shall
have all remedies provided herein with respect to the nonpayment of the rental
hereunder. LESSEE shall give LESSOR immediate notice of any attachment or other
judicial process, liens or encumbrances affecting the EQUIPMENT and shall
indemnify and save LESSOR harmless from any loss or damage caused thereby.
      Notwithstanding the foregoing, LESSEE shall have the right, at its expense
and by appropriate legal proceedings, to contest the validity, applicability or
amount of any fees, assessments or taxes imposed upon the EQUIPMENT provided
that LESSEE shall not cause a tax lien to be levied against the EQUIPMENT or
LESSOR. LESSOR agrees to cooperate with LESSEE in any such contest and will
permit LESSEE to contest the same in the name of LESSOR (if required by law) or
in the name of LESSEE, all at LESSEE"S cost and expense. The non-payment of any
fee, tax or assessment by LESSEE in connection with such contest shall not be
deemed a default hereunder until final determination of such contest and
expiration of any due date established therein.
11. FILING. LESSEE hereby authorizes LESSOR to file financing statements with
respect to the EQUIPMENT or any collateral provided by LESSEE to LESSOR prior to
or following LESSOR's acceptance of this LEASE, in any State of the United
States in which the EQUIPMENT is located. LESSEE shall execute such supplemental
instruments and financing statements if LESSOR deems such to be necessary or
advisable and shall otherwise cooperate to defend the title of the LESSOR by
filing or otherwise. LESSEE, upon demand, shall promptly pay to LESSOR all
filing costs and fees incurred or paid by LESSOR.
12. INSURANCE. Commencing on the date risk passes to LESSOR from the supplier
and continuing until LESSEE has redelivered possession of the EQUIPMENT to
LESSOR, LESSEE, at its expense, shall keep the EQUIPMENT insured against all
risks of loss or damage from every cause whatsoever for the greater of the total
rent for the full term of this LEASE or the full undepreciated replacement value
(new) of the EQUIPMENT, and shall carry public liability insurance, both
personal injury and property damage, covering the EQUIPMENT and its use. All
insurance shall be of a type, form, in amounts, with companies and contain terms
and conditions reasonably satisfactory to LESSOR. Certificates of insurance or
other evidence satisfactory to LESSOR, including the original or certified
copies of the actual policies showing the existence of insurance in accordance
herewith, and the terms, conditions and payments therefor shall be delivered to
LESSOR upon Lessor"s request. Said insurance shall provide for loss, if any,
payable to LESSOR and LESSEE as their interests may appear and shall name LESSOR
as an additional insured for purposes of liability insurance. The proceeds of
insurance payable as a result of loss of or damage to EQUIPMENT shall be
applied, at the option of LESSEE: (a) toward the replacement, restoration or
repair of EQUIPMENT which may be lost, stolen, destroyed or damaged; or (b)
toward payment of the obligations of LESSEE hereunder. In the event the LESSEE
elects to apply insurance proceeds to the repair or to the replacement of the
damaged EQUIPMENT, this LEASE shall continue in full force and effect. In the
event LESSEE elects to apply insurance proceeds to the payment of LESSEE"S
obligations for rent hereunder, the LESSEE's obligations for the rent hereunder
shall be reduced by the amount of such insurance proceeds, but the LESSEE shall
be liable for any additional rents due. Such reduction of rents shall be
allocated solely to the item or items lost, stolen, damaged or destroyed.
13. LOSS; DAMAGE. LESSEE assumes and shall bear the risk of loss and damage to
the EQUIPMENT from every cause whatsoever, whether or not insured. In the event
of any loss or damage to the EQUIPMENT, LESSEE, at the option of LESSEE, shall
(a) place the same in good repair, condition and working order; or (b) replace
the same with new EQUIPMENT; or (c) immediately pay to LESSOR the following
amount: the greater of (x) the total unpaid rentals for the entire term hereof
(discounted to present value at the rate of six (6) percent per annum plus any
amount due LESSOR pursuant to Section 18 hereof or (y) the fair market value of
the EQUIPMENT immediately prior to the loss or damage. Upon such payment,
together with payment of all other sums owing on said LEASE to and including
such payment date, LESSOR will transfer title to the affected EQUIPMENT to
LESSEE "as is", "where is", and without warranty, express or implied but
including the warranty of good and marketable title.
14. INDEMNITY. Lessee does hereby assume liability for and does agree to
indemnify, protect, save and keep harmless LESSOR, and any assignee of LESSOR
from and against any and all liabilities, losses, damages, penalties, claims,
actions, suits, costs, expenses and disbursements, including court costs and
reasonable legal expenses, of whatever kind and nature, imposed on, incurred by
or asserted against LESSOR, and any assignee of LESSOR (whether or not also
indemnified against by any other person) in any way relating to or arising out
of this LEASE or the manufacture, purchase, ownership, delivery, lease,
possession, use, operation, condition, return or other disposition of the
EQUIPMENT by LESSEE, including without limitation any claim alleging latent or
other defects, whether or not discoverable by LESSOR or LESSEE; any claim for
patent, trademark or copyright infringement; any claim arising out of strict
liability in tort; and any taxes for which LESSEE is responsible pursuant to
this LEASE, but excluding any such claims arising from acts or omissions of
LESSOR or its assignees.
15. DEFAULT. Any of the following events or conditions shall constitute an event
of default hereunder; (a) LESSEE'S failure to pay when due any rent or other
amount due hereunder within 30 days after receipt by LESSEE of notice of
default: (b) LESSEE'S default in performing any other term, covenant or
condition hereof if such default is not cured within 30 days after receipt by
LESSEE of notice of default; (c) seizure of any EQUIPMENT under legal process;
(d) the filing by or against LESSEE of a petition for reorganization or
liquidation under the Bankruptcy Code or any amendment thereto or under any
other insolvency law providing for the relief of debtors; (e) the voluntary or
involuntary making of an assignment of a substantial portion of its assets by
LESSEE for the benefit of creditors, appointment of a receiver or trustee for
LESSEE or for any of LESSEE'S asset institution by or against LESSEE of any
formal or informal proceeding for dissolution, liquidation, settlement of claims
against or winding up of the affairs of LESSEE, or the making by LESSEE of a
transfer of all or a material portion of LESSEE's assets or inventory not in the
ordinary course of business and not for equivalent consideration.
16. REMEDIES. Upon LESSEE'S default, LESSOR shall have the right to exercise any
one or more of the following remedies; (a) without affecting LESSOR'S title or
right to possession of the EQUIPMENT, declare due, sue for and recover all rents
and other amounts then accrued or thereafter accruing for the entire lease term,
discounted to present value at 8% per annum or the sum calculated per paragraph
27 below, whichever is greater, (b) require LESSEE to promptly redeliver the
EQUIPMENT in the manner specified in Section 9 hereof; or (c) repossess the
EQUIPMENT without notice, legal process, prior judicial hearing or liability for
trespass (which rights LESSEE hereby voluntarily, intelligently and knowingly
waives). Such return or repossession of EQUIPMENT shall not terminate this LEASE
unless LESSOR so notifies LESSEE in writing. LESSOR, at its option may sell or
re-lease the EQUIPMENT upon such terms as it reasonably determines and apply the
proceeds to LESSEE's obligations hereunder, after deducting from such proceeds
all costs and expenses of repossession and disposition, reasonable attorney's
fees, plus any amounts due LESSOR pursuant to Section 18 hereof. LESSEE shall
promptly pay any resulting deficiency, together with interest at the lesser of
sixteen (16%) percent and LESSOR's reasonable attorneys' fees if legal action is
required to collect such deficiency. If LESSOR is unable to repossess the
EQUIPMENT for any reason, the EQUIPMENT shall be deemed a total loss and LESSEE
shall pay to LESSOR the amount due pursuant to Section 13 (c). All such remedies
are cumulative and may be enforced separately or concurrently and are in
addition to any other rights or remedies available to LESSOR at law or in
equity. The foregoing provisions of this Section 16 are subject to any mandatory
requirement of applicable law then in effect.
17. ASSIGNMENT. Without the prior written consent of LESSOR, LESSEE shall not
assign, transfer, pledge or hypothecate this LEASE and EQUIPMENT or any interest
in this LEASE or in and to the EQUIPMENT or permit its rights under this LEASE
to be subject to any lien, charge or encumbrance of any nature. Notwithstanding
the foregoing, LESSEE may assign the LEASE, the EQUIPMENT and its interest in
this LEASE and the EQUIPMENT to an affiliate or in connection with a sale of all
or substantially all of its assets to, or consolidation with or merger of LESSEE
into, any entity so long as such entity assumes the obligations of LESSEE
hereunder and immediately following such event is, in the reasonable opinion of
LESSOR, no less creditworthy than was LESSEE immediately prior to such event.
LESSOR shall have the right to assign this LEASE or any part thereof. If LESSOR
assigns the rents reserved herein or all or any of the LESSOR's other rights
hereunder, or amounts equal thereto, the right of the assignee to receive the
rentals as well as any other right of the assignee shall not be subject to any
defense, setoff, counterclaim or recoupment which may arise out of any breach or
obligation of LESSOR or by reason of any other indebtedness or liability at any
time owing by LESSOR to LESSEE. All rentals due hereunder shall be payable to
assignee by LESSEE in accordance with the terms hereof. On receipt of
notification of such assignment, LESSEE, subject to its rights hereunder, shall
become the pledgeholder of the EQUIPMENT for and on behalf of the assignee and
will relinquish possession thereof only to the assignee or pursuant to its
written order subject to LESSEE"s rights hereunder. LESSEE, on receiving notice
of any such assignment, shall make payments as may therein be directed.
Following such assignments, the term "LESSOR" shall be deemed to include or
refer to LESSOR'S assignee, provided that no such assignee shall be deemed to
assume any obligation or duty imposed upon LESSOR hereunder and LESSEE shall
look only to LESSOR for performance thereof. There shall be only one executed
counterpart of this LEASE marked "Original" and all other counterparts shall be
marked "Duplicate". To the extent that LEASE constitutes chattel paper (as
defined in the Uniform Commercial Code) no security interest in this lease may
be created through the transfer or possession of any counterpart other than the
original.
18. DEPRECIATION AND INVESTMENT TAX CREDIT INDEMNITY. (THIS SECTION DOES NOT
APPLY IF LESSOR HAS AGREED IN WRITING TO PASS THE INVESTMENT TAX CREDIT (ITC) TO
LESSEE.) If, as to any EQUIPMENT, under any circumstances and for any reason
whatsoever, except through the fault of the LESSOR, LESSOR shall lose or shall
not have the right to claim, or there shall be disallowed or recaptured
(collectively a "loss") (1) any portion of the maximum ITC, allowable under the
Internal Revenue Code of 1954, as amended, for new property with a useful life
equivalent to the lease term for such EQUIPMENT; or (2) any prortion of the
claimed depreciation deductions for such EQUIPMENT, based on the cost thereof,
LESSEE agrees to pay LESSOR upon demand an amount which, in the reasonable
opinion of LESSOR, will cause LESSOR's after tax net yield in respect of such
equipment to equal the net yield that LESSOR would have received if LESSOR had
not suffered such loss.
TERMS AND CONDITIONS OF LEASE #00-280 CONTINUED    LESSEE"S INITIALS __________

                               LEASE ORIGINAL - 1

<PAGE>   8

                                                                   EXHIBIT 10.27

19. ENTIRE AGREEMENT; NON-WAIVER; NOTICES; SEVERABILITY. This LEASE and each
rider hereto initialed by LESSEE contains the entire and only understanding
between LESSOR and LESSEE relating to the subject matter hereof. Any
representation, promises or conditions not contained herein shall not be binding
unless in writing and signed by duly authorized representatives of each party.
No covenant or condition of this LEASE can be waived except by the written
consent of LESSOR. Any notices required to be given hereunder shall be given in
writing at the address of each party herein set forth, or to such other address
as either party may substitute by written notice to the other with a copy of any
such notice sent to LESSEE sent to Henry J. Underwood, Jr., Esq., Defrees &
Fiske, 200 South Michigan, Suite 1100, Chicago, Illinois 60604. Whenever
reference is made herein to the "LEASE," it shall be deemed to include any
Schedules attached hereto identifying all items of EQUIPMENT and the applicable
term and rent, and each rider hereto initialed by LESSEE, all of which
constitute one indivisible lease of equipment to which all the terms and
provisions hereof apply. If any provision of this LEASE is held invalid, such
invalidity shall not affect any other provisions hereof.
20. GENDER; NUMBER; JOINT AND SEVERAL LIABILITY; AUTHORIZATION. Whenever the
context of this LEASE requires, the masculine gender includes the feminine or
neuter and the singular number includes the plural; whenever the word "LESSOR"
is used herein, it shall include all assignees of LESSOR; whenever the word
"herein" is used referring to this LEASE, it shall include the applicable
Schedules hereto and each rider hereto initialed by LESSEE. If there is more
than one LESSEE named in this LEASE, the liability of each shall be joint and
several. LESSEE hereby authorizes LESSOR to insert equipment serial numbers and
other identification in the equipment description, when known.
21. SURVIVAL. LESSEE'S indemnities shall survive the expiration or other
termination of this LEASE.
22. CHOICE OF LAW, SERVICE OF PROCESS. This LEASE shall be binding and effective
on LESSOR only when signed by an officer of LESSOR at its home office in
Libertyville, Illinois, and except for local filing requirements, shall be
governed by Illinois law and shall be deemed to have been made in Libertyville,
Illinois. LESSEE does hereby submit to the jurisdiction of any courts (federal,
state or local) having situs within the State of Illinois with respect to any
dispute, claim or suit arising out of or relating to this LEASE or LESSEE'S
obligations hereunder.
23. QUIET ENJOYMENT. LESSOR represents and warrants to LESSEE that LESSOR has
good title to the EQUIPMENT with the full and unencumbered right to lease the
same to LESSEE. LESSOR covenants with LESSEE that so long as LESSEE is not in
default under this Lease, neither LESSOR nor any third party shall interfere
with LESSEE"S right to quiet possession and enjoyment of the EQUIPMENT. LESSOR
shall protect and defend LESSEE"S right to the quiet possession and enjoyment of
the EQUIPMENT against all claims and liens of LESSOR"S creditors. Upon
expiration of the term of this LEASE and exercise by LESSEE of its purchase
option, LESSOR shall transfer title to the EQUIPMENT to LESSEE pursuant to a
bill of sale providing for LESSOR"S warranty of good and marketable title to the
EQUIMENT but excluding any warranties relating to the physical condition of the
EQUIPMENT, including but not limited to the warranties of merchantability or
fitness for a particular purpose.
24. PURCHASE OPTION. LESSEE shall have the option, exercisable upon notice to
Lessor, to purchase all of the EQUIPMENT for one dollar ($1.00) effective upon
the expiration of the original term of this LEASE.
25. EFFECTIVE DATE OF LEASE. The effective date of this LEASE for purposes of
commencing LESSEE"S obligation to pay monthly rent shall occur upon LESSEE"S
acceptance of the EQUIPMENT.
26. EARLY TERMINATION OPTION. After acceptance of the EQUIPMENT in accordance
with this LEASE, LESSEE shall have the right to terminate its obligations under
this LEASE at any time upon 30 days prior notice to LESSOR and payment of the
balance as set forth on the amortization schedule attached hereto as Exhibit A
opposite the date two months after the pre-payment is effective plus the
Prepayment Penalty set forth on Exhibit A. The amortization schedule shall be
adjusted as necessary if the monthly rental is adjusted under paragraph 27
hereof.
27. RENTAL ADJUSTMENT. When LESSEE accepts the EQUIPMENT, the monthly rental
amount of $14,190.00 will be adjusted in proportion to any increase or decrease
in five year treasury rates from October 27, 2000 until the date of final
funding. Said monthly payment, adjusted as necessary, shall be payable in
advance for 60 months commencing on the first day of the month immediately
following the effective date.
      Whenever any monthly rental payment is not paid when due and continues
unpaid 15 days after notice of non-payment is received by LESSEE, LESSEE agrees
to pay LESSOR on demand (as a fee to offset LESSOR"S collection and
administrative expenses) the greater of twenty-five dollars ($25.00) or three
and one-half percent (3 1/2%) of the overdue amount to the extent permitted by
applicable law.

TERMS AND CONDITIONS OF LEASE #00-280       LESSEE"S INITIALS _____________

                               LEASE ORIGINAL - 1
<PAGE>   9

                                                                   EXHIBIT 10.27

                  INTERNATIONAL FINANCIAL SERVICES CORPORATION
                1113 S. MILWAUKEE AVENUE, LIBERTYVILLE, IL 60048

                         SCHEDULE "A" TO LEASE #00-280

                  AND/OR SECURITY AGREEMENT-MORTGAGE ON GOODS &
                                    CHATTELS
                 AND UNIFORM COMMERCIAL CODE #1 & #3 FILING FORM
                                  DATED 12/5/00
                                        ----------

LESSEE:  Sigmatron International, Inc.

LESSOR:  INTERNATIONAL FINANCIAL SERVICES CORPORATION

EQUIPMENT AS DESCRIBED BELOW:

New Aquastrom 200 Cleaning System, s/n AS2-1104399-01 including the following:
Aqua Loop Basic System Aqua-Loop less ($2000) for ION; Exchange Tank Enclosure;
Configured with the Aqua Loop Dual Cleaner Upgrade Pkg; Retrofit Kit CL-38; A
Three piece drip tray made of matching gray polypropylene that covers the
complete underside of the machine; machine to be configured with the dual
hurricane jet performace option with 15 hp pump upgrade in the wash module;
aquastrom 200 cleaning system located at 47650 Westinghouse Dr., Fremont, CA.
94539

New Omniflo 7 s/n 07-1106315-01 with OmniFlo7;Nitrocool; Insert Atmosphere
Heating Module; Gas Selector Solenoid; Quick Purge; Omni7 Combo Conveyor; Omni
Systems Status Light Tower; Un-Interruptible Power Supply; Additional English
Manuals; English Documentation; Heat Exchange; 480Volt/60Hz; Rev 3.0;customer
requested standard nitor cool & integrated air to liquid heat exchanger located
at 47650 Westinghouse Dr., Fremont, CA. 94539

New Omniflo 10 s/n 010-1106321-01 with Omniflo 10; Insert Atmosphere Heating
Module; Gas Sol Selector Solenoid; Quick Purge; Omni10 Combo Conveyor; Omni
System Status Light Tower; Uninterruptable power supply; additional english
manuals; additional english documentation; heat exchanger; STD Nitrocool; Pin
Chain;480Volt/60 HZ;Rev 3.0; customer requested standard nitrocool & integrated
air to liquid heat exchanger located at 47650 Westinghouse Dr., Fremont, CA
94539.

Fuji CP4 3-4000 Chip Shooters, s/n 777 mfg.3/1994, 12,103 running hours; fully
reconditioned; complete lub & greased; guaranteed fully functional; new exterior
paint located at 47650 Westinghouse Dr., Fremont, CA 94539.

New EKRA E5 Screen Printer, s/n E500469 located at 47650 Westinghouse Dr.
Fremont, CA 94539.

5HP Busch Vacuum System Duplex Unit 12 ea, s/n 106720 located at 2401 Bert Dr.,
Hollister (continued on next page)

Summit  Industrial Equipment

     Including all accessories and attachments thereto and all proceeds thereof.

INTERNATIONAL FINANCIAL
SERVICES CORPORATION                      SIGMATRON INTERNATIONAL, INC.

By:    /s/ Christine Deering              By: /s/ Gary R. Fairhead
       -----------------------------          ---------------------------------
Title: Documentation Mgr.                 Title: President / CEO
       -----------------------------            -------------------------------
SCHEDULE - 2

<PAGE>   10

                                                                  EXHIBIT  10.27

                  INTERNATIONAL FINANCIAL SERVICES CORPORATION
                1113 S. MILWAUKEE AVENUE, LIBERTYVILLE, IL 60048

                           SCHEDULE "A" LEASE #00-280
                  AND/OR SECURITY AGREEMENT-MORTGAGE ON GOODS &
                                    CHATTELS
                AND UNIFORM COMMERICAL CODE # 1 & #3 FILING FORM
                                  DATED 12/5/00
                                        ---------

LESSEE:  SIGMATRON INTERNATIONAL, INC.

LESSOR:  INTERNATIONAL FINANCIAL SERVICES CORPORATION
<TABLE>
<CAPTION>

EQUIPMENT AS DESCRIBED BELOW:
---------------------------------------------------
Line ID    Item Number    Description
---------------------------------------------------
<S>       <C>             <C>                         <C>                  <C>
1.000     8152293141      GA 37-125 AFF 460VYD TE      9.000 118C4-150     1/2" SAFETY VALVE 150PSI EA S
                          SN:  AII365554

2.000     8152293141      GA 37-125 AFF 460VYD TE     10.000 DC104         DECOMPRESSION CHAMBER C EA S
                          SN:  AII365557

3.000     V660-165        VERTICAL 660 GALLON TANK    11.000  CRP-30       CRP CONDENSATE REMEDIATI EA S
                          SN:  8385M

4.000     8102260778      PD 260 FILTER*  NPT         12.000  ICF          INCOMING FREIGHT EA S

5.000     8102260794      QD 260 FILTER*  NPT         13.000 0000000407    INSTALLED AIRPOWER OPTIO EA S
                                                                           SN:  AII365554

6.000     EVT-4           ELECTRONIC TIMED DRAIN      14.000 0000000407    INSTALLED AIRPOWER OPTIO EA S
                                                                           SN:  AII365557

7.000     132H            11/2" X 60" FLEX HOSE

8.000     3               0/300 BACK MOUNT GAUGE

LOCATED AT 2401 BERT DR., HOLLISTER, CA  95023

</TABLE>

  Including all accessories and attachments thereto and all proceeds thereof.

INTERNATIONAL FINANCIAL
SERVICES CORPORATION                        SIGMATRON INTERNATIONAL, INC.

By:    /s/ Christine Deering                By: /s/ Gary R. Fairhead
       ------------------------------          ---------------------------------

Title: Documentation Mgr.                   Title: President / CEO
       ------------------------------              -----------------------------

SCHEDULE -2

<PAGE>   11

                                                                   EXHIBIT 10.27

                  INTERNATIONAL FINANCIAL SERVICES CORPORATION
                1113 S. MILWAUKEE AVENUE, LIBERTYVILLE, IL 60048
                             LIBERTYVILLE, IL 60048
                        (847)549-0100 FAX (847)-549-0119

                   AMENDMENT " A " TO LEASE AGREEMENT #00-280

LESSOR:  INTERNATIONAL FINANCIAL SERVICES CORPORATION ("IFS")
         1113 S. Milwaukee Ave., #301
         Libertyville, IL   60048

LESSEE:  SIGMATRON INTERNATIONAL, INC.

1)       AMEND EQUIPMENT LOCATION TO READ AS FOLLOWS:

47650 WESTINGHOUSE DR., FREMONT, CA 94539 AND 2401 BERT CT., HOLLISTER, CA 95023

All other terms, conditions, guaranties, additional collateral of the lease
between:
                          SIGMATRON INTERNATIONAL, INC.
                          -----------------------------
and INTERNATIONAL FINANCIAL SERVICES CORPORATION remain in full force and
effect.

AGREED:

INTERNATIONAL                            SIGMATRON INTERNATIONAL, INC.
FINANCIAL
SERVICES CORPORATION

By:                                      By:      /s/ Linda K. Blake
     -------------------------------         -----------------------------------

Title:                                   Title:   CFO
       -----------------------------            --------------------------------

Date:                                    Date:    12/7/00
      ------------------------------           ---------------------------------

<PAGE>   12

                                                                   EXHIBIT 10.27

                  INTERNATIONAL FINANCIAL SERVICES CORPORATION
                1113 S. MILWAUKEE AVENUE, LIBERTYVILLE, IL 60048
                             LIBERTYVILLE, IL 70048
                        (847)-549-0100 FAX(847)-549-0119

                    AMENDMENT " B" TO LEASE AGREEMENT #00-280

LESSOR:  INTERNATIONAL FINANCIAL SERVICES CORPORATION ("IFS")
         1113 S. Milwaukee Ave., #301
         Libertyville, IL   60048

LESSEE:  SIGMATRON INTERNATIONAL, INC.

1) AMEND PAYMENTS AS FOLLOWS:

<TABLE>
<CAPTION>

<S>                        <C>
Term: 60                   $14,368.00 per period for the first 60 periods,
      --                   ------------                       --------
Periods are:Monthly        followed by $0.00 per period for for the next 0 periods,
            -------                   -------                            -
Total # of Lease:          followed by $0.00 per period for the next 0 periods. ADVANCE
                                       ------                        -
Payments: 60               RENTALS $28,736.00 payable at the signing of this lease
          --                       ---------
Effective Date:            to be applied to the last two lease payments.
                                            ----------------------------
</TABLE>

All other terms, conditions, guaranties, additional collateral of the lease
between:
                          SIGMATRON INTERNATIONAL, INC.
                          -----------------------------
and INTERNATIONAL FINANCIAL SERVICES CORPORATION remain in full force and
effect.

AGREED:

INTERNATIONAL                       SIGMATRON INTERNATIONAL, INC.
FINANCIAL
SERVICES CORPORATION

By:    /s/ Christine Deering        By:  /s/ Linda K. Blake
     ---------------------------        ----------------------------------------

Title:  Documentation Mgr.          Title:   CFO
       -------------------------           -------------------------------------

Date:   6/25/01                     Date:   12/12/00
      ---------------------               -----------------------------

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