Document:

EXHIBIT 10.2
                                                                    ------------
                                  AMENDMENT TO
                    LOAN AGREEMENT AND RELATED LOAN DOCUMENTS

         This AMENDMENT dated as of this 30th day of October, 2000 to Loan
Agreement dated December 18, 1996, as amended to date, (as amended, the "Loan
Agreement") and to the Loan Documents (as defined in the Loan Agreement and as
amended to date), is by and among PRESSTEK, INC., a Delaware corporation with a
principal place of business at 8 Commercial Street, Hudson, New Hampshire 03051
(the "Borrower"), LASERTEL, INC., an Arizona corporation with a principal place
of business at 7775 North Casa Grande Highway, Tucson, Pima County, Arizona
85745 ("Lasertel" or the "Guarantor"), and CITIZENS BANK NEW HAMPSHIRE, a bank
organized under the laws of the State of New Hampshire with a place of business
at 875 Elm Street, Manchester, New Hampshire 03101 (the "Bank").

                                   WITNESSETH:
                                   ----------

         WHEREAS, the Bank has extended a certain revolving line of credit loan
to the Borrower in the principal amount of up to Ten Million Dollars
($10,000,000.00) (the "Revolving Line of Credit Loan") and a certain mortgage
term loan to the Borrower in the principal amount of Six Million Nine Hundred
Thousand Dollars ($6,900,000.00) ("Term Loan") pursuant to the Loan Agreement
and certain Loan Documents; and

         WHEREAS, the Borrower has requested, and the Bank has agreed, to (i)
increase the principal amount available under the Revolving Line of Credit Loan
by $6,000,000 to up to $16,000,000, (ii) extend a second mortgage term loan to
the Borrower in the principal amount of Four Million Dollars ($4,000,000.00)
(the "Mortgage Loan") to be evidenced by a Term Promissory Note of Borrower to
the Bank of near or even date herewith in the principal amount of Four Million
Dollars ($4,000,000.00) (the "Mortgage Note"), which Mortgage Loan is to be (x)
secured by a Mortgage and Security Agreement and Collateral Assignment of Leases
and Rents, and by a Deed of Trust, Assignment of Leases, Security Agreement, and
Fixture Filing, each between the Borrower and Bank, all of near or even date
(collectively, the "Second Mortgage") and (y) guaranteed under a certain
Guaranty Agreement of Guarantor of even date (the "Guaranty"), which Guaranty is
to be secured by Guarantor's Security Agreement to Bank of even date, (iii)
modify certain provisions pertaining to the Borrower's financial covenants
contained in the Loan Agreement, (iv) release Delta V Technologies, Inc. as a
guarantor, and (v) add Lasertel, Inc. as a guarantor of the Obligations, all
upon and subject to the terms and conditions of the Loan Agreement and the Loan
Documents, as the same are amended hereby. All capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Loan Agreement
and/or the Loan Documents, as the case may be.

         NOW, THEREFORE, in consideration of the premises contained herein, the
Borrower, the Guarantor, and the Bank hereby agree as follows:
<PAGE>

         1.       AMENDMENT OF LOAN AGREEMENT.
                  ----------------------------

         A. Section I. of the Loan Agreement shall be and hereby is deleted in
its entirety and replaced with the following:

       I. REVOLVING LINE OF CREDIT. The BANK shall make available to the
       BORROWER the Revolving Line of Credit Loan in the maximum principal
       amount of up to Sixteen Million Dollars ($16,000,000.00), as evidenced by
       the Revolving Line of Credit Promissory Note made by the BORROWER payable
       to the order of the BANK in the maximum principal amount of up to Sixteen
       Million Dollars ($16,000,000.00) of even date herewith. The Revolving
       Line of Credit Loan shall be upon and subject to the terms and conditions
       set forth in the Revolving Line of Credit Note, the other Loan Documents,
       and this Agreement.

       A. Maximum Available Amount. The maximum amount available to the BORROWER
       from time to time under the Revolving Line of Credit Loan shall be the
       lesser of (1) the amount set forth in the Note evidencing such Revolving
       Line of Credit Loan, or (2) an amount equal to the aggregate of (a) the
       applicable percentage of the sum of BORROWER's Acceptable Accounts and
       (b) the applicable percentage of the value of BORROWER's Acceptable
       Inventory, up to the maximum dollar amount, if any, all as set forth and
       defined in Section I of Schedule A attached hereto, less the aggregate
       face amount of all letters of credit outstanding from time to time issued
       by the BANK in favor of BORROWER. The maximum amount available to
       BORROWER under the Revolving Line of Credit Loan as determined from time
       to time under the formula set forth in clauses (2) (a) and (b) above is
       hereinafter referred to as the BORROWER's "Borrowing Base". The BORROWER
       agrees that the Bank may, at any time or times, lower the applicable
       percentages of Acceptable Accounts and Acceptable Inventory for purposes
       of determining the Borrowing Base to such percentages as the BANK may
       determine in a commercially reasonable manner to be appropriate based
       upon any material deterioration of the BORROWER's condition, financial or
       otherwise, and/or of the condition or quality of the Collateral (as
       hereinafter defined). At no time shall the aggregate principal amount
       outstanding under the Revolving Line of Credit Loan exceed Sixteen
       Million Dollars ($16,000,000.00).

       B. Advances. The Revolving Line of Credit Loan shall be disbursed,
       advanced, readvanced, and repaid as provided in the Revolving Line of
       Credit Note and this Agreement. BORROWER may request advances in a
       minimum amount of Two Hundred Fifty Thousand Dollars ($250,000.00) (each
       such separate advance being

                                       2
<PAGE>

       hereinafter referred to as an "Advance" and all such advances being
       collectively referred to as the "Advances") , in writing from time to
       time in accordance with the provisions of this Agreement and such other
       procedures as the BANK may from time to time specify in an amount such
       that (i) the aggregate amounts of all Advances outstanding under the
       Revolving Line of Credit Loan do not exceed the maximum available amount
       as set forth in Section I. A. above, and (ii) there shall not be more
       than six (6) separate Advances (including automatic rollover Advances)
       outstanding under the Revolving Line of Credit Loan at any one time. The
       BANK shall be under no obligation to make any Advance (automatic or
       otherwise) at any time or times during which an Event of Default has
       occurred or is existing under this Agreement or the Loan Documents, or if
       any condition exists which, if not cured, would with the passage of time
       or the giving of notice, or both, constitute such an Event of Default. At
       the time of each Advance and readvance under the Revolving Line of Credit
       Loan, BORROWER shall immediately become indebted to the BANK for the
       amount thereof. Each such Advance or readvance may be credited by the
       BANK to any deposit account of BORROWER with the BANK, be paid to
       BORROWER, or applied to any Obligation, as the BANK may in each instance
       elect. BORROWER authorizes the BANK to charge any account which BORROWER
       maintains with the BANK for any payments which BORROWER may or must make,
       or customarily makes, to the BANK from time to time.

       C. Sublimit for Standby Letter of Credit. At the BORROWER's request, the
       BANK shall issue standby letters of credit (each a "Letter of Credit")
       under the Revolving Line of Credit Loan (i) to Fuji Photo Film, Inc. in
       face amounts which in the aggregate do not exceed Six Million Dollars
       ($6,000,000.00) at any time (the "Fuji Letter of Credit") and (ii) in
       face amounts which in the aggregate do not exceed Sixteen Million Dollars
       ($16,000,000.00) less the aggregate face amount of the Fuji Letters of
       Credit outstanding. The maximum amount available to the BORROWER from
       time to time under the Revolving Line of Credit Loan under Section I. A.
       above shall be reduced by the aggregate face amount of all such Letters
       of Credit then outstanding. Each Letter of Credit shall be issued in
       accordance with the terms set forth in the letter of credit instrument in
       favor of a single beneficiary designated by the BORROWER, all in
       accordance with and subject to the BANK's customary practices and
       procedures. BORROWER shall reimburse BANK immediately for all payments
       made under the Letter of Credit issued on behalf of the BORROWER.
       BORROWER hereby authorizes the BANK to automatically advance funds to
       BANK, at BANK's sole discretion, under the Revolving Line of Credit to
       reimburse BANK for any payments made under the Letter of Credit issued on
       behalf of the BORROWER. Additionally, upon the occurrence of either (i) a
       Review Date as to which the Revolving Line of Credit is not renewed or
       (ii) an Event of Default hereunder, the BORROWER shall pay to the BANK on
       demand the full amount of the then outstanding face amount of

                                       3
<PAGE>

       the Letter of Credit. The BANK shall be entitled to hold the full amount
       so paid to the BANK by BORROWER pursuant to the preceding sentence until
       the sooner to occur of (A) the termination or expiration without renewal
       or extension of the then current outstanding Letters of Credit without
       further liability to the BANK thereunder, whereupon the BANK shall,
       provided that there are no other outstanding Obligations, pay over the
       amount then held by BANK hereunder to BORROWER, or (B) the BORROWER's
       becoming obligated to reimburse the BANK for a payment made under the
       Letters of Credit, whereupon the BANK shall be authorized to pay over to
       itself such amount as is required to satisfy in full the reimbursement
       obligation of the BORROWER and to retain the balance of the amount held
       by the BANK until the occurrence of the event specified in clause (A)
       above. BORROWER further agrees to execute and deliver such further
       applications, documents and agreements as may be required by BANK from
       time to time in connection with the issuance of each Letter of Credit.
       The obligations of payment of BORROWER outstanding from time to time
       hereunder shall be evidenced by the Revolving Line of Credit Promissory
       Note of even date herewith.

       D. Review and Repayment. The Revolving Line of Credit Loan shall be
       subject to review and, at the sole option and discretion of the BANK,
       renewal on October 31, 2002, and, if renewed, thereafter on each
       subsequent anniversary of such date (October 31, 2002, and each
       anniversary thereof to which the Revolving Line of Credit Loan is
       renewed, being a "Review Date"). IF THE REVOLVING LINE OF CREDIT LOAN IS
       NOT RENEWED BY THE BANK AS AFORESAID ON ANY REVIEW DATE, THE ENTIRE
       AMOUNT OF OUTSTANDING PRINCIPAL, ACCRUED INTEREST AND OTHER CHARGES
       PAYABLE THEREUNDER SHALL BE DUE AND PAYABLE BY BORROWER ON SUCH REVIEW
       DATE. BORROWER ACKNOWLEDGES AND AGREES THAT THE BANK HAS NO OBLIGATION OR
       COMMITMENT TO RENEW THE REVOLVING LINE OF CREDIT LOAN ON ANY REVIEW DATE.
       NOTWITHSTANDING THE FOREGOING, OR ANY PROVISION OF THE REVOLVING LINE OF
       CREDIT NOTE, ANY OF LOAN DOCUMENTS OR HEREIN TO THE CONTRARY, THE
       REVOLVING LINE OF CREDIT LOAN IS AND SHALL BE PAYABLE UPON DEMAND BY THE
       BANK UPON THE OCCURRENCE OF AN EVENT OF DEFAULT.

       E. Interest Rate. The principal balance of each Advance outstanding from
       time to time under the Revolving Line of Credit Loan shall, unless
       BORROWER otherwise elects the Prime Rate (as defined below) to apply to
       such Advance, bear interest during the Advance Term (as defined below)
       therefor at a fixed rate equal to the LIBOR Rate (as defined below) plus
       one and one-half percent (1.5%) per annum. As used herein, for each
       Advance the term "LIBOR Rate" shall mean the rate as

                                       4
<PAGE>

       determined by the BANK on the basis of the offered rates for deposits in
       U.S. dollars for a thirty (30), ninety (90) or one hundred eighty (180)
       day period, as the case may be, which appear on the Telerate page 3750 or
       Reuter's LIBOR page as of 11:00 a.m. London time on the date that is two
       (2) Banking Days preceding the first day of the Advance Term for such
       Advance. If such rate does not appear on the Telerate page 3750 or
       Reuter's LIBOR page, the rate for that date will be determined on the
       basis of the offered rates for deposits in U.S. dollars for a thirty
       (30), ninety (90) or one hundred eighty (180) day period, as the case may
       be, which are offered by four major banks in the London interbank market
       at approximately 11:00 a.m. London time on the date that is two (2)
       Banking Days preceding the first day of the Advance Term for such
       Advance. The principal London office of each of the four major BANKS in
       the London interbank market will be requested to provide a quotation of
       its U.S. dollar deposit offered rate. If at least two such quotations are
       provided, the rate for that date will be the arithmetic mean of all such
       quotations. If fewer than two quotations are provided as requested, the
       rate for that date will be determined on the basis of the rates quoted
       for loans in U.S. dollars to leading European BANKS for a thirty (30),
       ninety (90) or one hundred eighty (180) day period, as the case may be,
       offered by major BANKS in New York City at approximately 11:00 a.m., New
       York City time, on the date that is two (2) Banking Days preceding the
       first day of the Advance Term for such Advance. In the event that the
       Board of Governors of the Federal Reserve System shall impose a Reserve
       Percentage on the BANK with respect to LIBOR deposits of the BANK, then
       for any period during which such Reserve Percentage shall apply, the
       LIBOR Rate shall be equal to the amount determined above divided by an
       amount equal to 1 minus the Reserve Percentage actually maintained by the
       BANK. In the event of any such imposition of a Reserve Percentage, the
       BORROWER may elect by written notice to the BANK to have the entire
       principal amount of all outstanding Advances bear interest at the Prime
       Rate (as hereinafter defined). For purposes hereof, "Reserve Percentage"
       means the rate (expressed as a decimal) at which the BANK is required to
       maintain reserves under Regulation D of the Board of Governors of the
       Federal Reserve System against Eurodollar liabilities outstanding.
       Interest shall be calculated and charged daily on the basis of actual
       days elapsed over a three hundred sixty (360) day banking year. The
       "Advance Term" for each Advance shall be one or more periods of thirty
       (30), ninety (90) or one hundred eighty (180) days each (but in no event
       beyond the maturity date or next Review Date for the Loan or portion
       thereof to be subject to such Interest Rate) beginning on the Banking Day
       elected by the BORROWER for such Advance to be made. BORROWER shall
       notify BANK in writing at least two (2) Banking Days in advance of the
       date upon which the BORROWER desires the Advance to be made. BORROWER's
       notice to BANK as aforesaid shall specify the amount requested to be
       advanced under the Revolving Line of Credit Loan and the date such
       Advance is to be made (which must be a Banking Day). The entire principal
       amount of each

                                       5
<PAGE>

       outstanding Advance shall either be repaid in full as of the end of the
       Advance Term therefor or, if not repaid in full, shall automatically (and
       without requirement of written notification by BORROWER) be deemed a new
       Advance as to which (i) the Advance Term shall commence as of the next
       day after last day of the Advance Term then ending and (ii) the interest
       rate therefor shall be equal to a fixed rate equal to the LIBOR Rate as
       of two (2) Banking Days preceding the first day of such new Advance Term
       plus one and one-half percent (1.5%) per annum. As used herein, the term
       "Prime Rate" shall mean the rate published by The Wall Street Journal
       from time to time under the category "Prime Rate: The Base Rate of
       Corporate Loans posted by at least 75% of the Nation's 30 Largest Banks"
       (the lowest of the rates so published if more than one rate is published
       under this category at any given time) or such other comparable index
       rate selected by the BANK in its sole discretion if The Wall Street
       Journal ceases to publish such rate. The BORROWER acknowledges that the
       Prime Rate is used for reference purposes only as an index and is not
       necessarily the lowest interest rate charged by the BANK on commercial
       loans. Each time the Prime Rate changes the interest rate under the
       Revolving Line of Credit Loan shall change contemporaneously with such
       change in the Prime Rate. Interest shall be calculated and charged daily
       on the basis of actual days elapsed over a three hundred sixty (360) day
       banking year.

       F. Change in Circumstances; Prepayments. Notwithstanding the foregoing,
       if as a result of any change in any foreign or United States law or
       regulation (or change in the interpretation thereof) it is determined by
       BANK that it is unlawful to maintain an Advance, or if any central BANK
       or governmental authority (foreign or domestic) shall assert that it is
       unlawful to maintain a Advance, then such Advance shall terminate and, if
       not then repaid in full, shall bear interest at the Prime Rate. If for
       any reason an Advance is terminated or prepaid prior to the end of an
       Advance Term, the BORROWER shall, upon demand by BANK, pay to BANK any
       amounts required to compensate BANK for any losses, costs, or expenses
       which it may reasonably incur as a result of such termination or
       prepayment, including, without limitation, any losses, costs, or expenses
       incurred by reason of the liquidation or redeployment of deposits or
       other funds acquired by the BANK to fund or maintain such Advance. For
       purposes hereof, a "Banking Day" means a day upon which banks are open
       for business to the general public in New Hampshire, and upon which
       dealings are carried on and banks are open for business in the London
       interbank market.

       G. Purposes. Amounts advanced to BORROWER under the Revolving Line of
       Credit Loan shall be used solely for BORROWER's ordinary working capital
       requirements and general corporate purposes.

                                       6
<PAGE>

       I - A. Term Loan. The BANK shall extend a mortgage term loan to the
       BORROWER in the principal amount of Six Million Nine Hundred Thousand
       Dollars ($6,900,000.00) ("Term Loan") evidenced by a Term Promissory Note
       of BORROWER to BANK dated February 6, 1998 in the original principal
       amount of Six Million Nine Hundred Thousand Dollars ($6,900,000.00)
       ("Term Note"). The Term Note shall bear interest at a fixed rate equal to
       seven and twelve hundredths percent (7.12%) per annum during the first
       five (5) years thereunder (the "Fixed Rate"); and, thereafter, at the
       Term LIBOR-based Rate (as defined below) equal to the LIBOR rate (as
       defined in Section I.D. hereinabove) plus two percent (2%) per annum (the
       "Term LIBOR -based Rate"). Interest shall be calculated and charged daily
       on the basis of actual days elapsed over a three hundred sixty (360) day
       banking year. The Term Loan shall have a term of ten (10) years, be
       payable upon the terms set forth in the Term Note, and shall be otherwise
       subject to the terms and conditions set forth in this Agreement and the
       other Loan Documents. BORROWER may prepay the outstanding principal
       balance of the Term Loan in whole, but not in part, at any time, subject
       to payment by BORROWER to BANK of all prepayment premiums, penalties,
       charges, and reimbursement obligations provided under the Term Note.
       Notwithstanding any other provision of this Agreement or any of the Loan
       Documents, in the event that the BORROWER elects to terminate the
       Revolving Line of Credit Loan for any reason, the BORROWER shall
       immediately pay to BANK all then outstanding principal, and accrued and
       unpaid interest, under the Term Loan and, in connection therewith,
       BORROWER shall pay to BANK all prepayment premiums, penalties, charges,
       and reimbursement obligations provided under the Term Note.

       I - B. Mortgage Loan. The BANK shall extend a mortgage term loan to the
       BORROWER in the principal amount of Four Million Dollars ($4,000,000.00)
       ("Mortgage Loan") evidenced by a Term Promissory Note of BORROWER to BANK
       of near or even date in the original principal amount of Four Million
       Dollars ($4,000,000.00) ("Mortgage Note"). The Mortgage Loan shall bear
       interest at the rate set forth in the Mortgage Note, have a term of ten
       (10) years, be payable upon the terms set forth in the Mortgage Note, and
       shall be otherwise subject to the terms and conditions set forth in this
       Agreement and the other Loan Documents. BORROWER may prepay the
       outstanding principal balance of the Mortgage Loan at any time, subject
       to payment by BORROWER to BANK of all prepayment premiums, penalties,
       charges, and reimbursement obligations provided under the Mortgage Note.
       Notwithstanding any other provision of this Agreement or any of the Loan
       Documents, in the event that the BORROWER elects to terminate the
       Revolving Line of Credit Loan for any reason, the BORROWER shall
       immediately pay to BANK all then outstanding principal, and accrued and
       unpaid interest, under the Mortgage Loan and, in connection therewith,
       BORROWER shall pay to BANK all prepayment

                                       7
<PAGE>

       premiums, penalties, charges, and reimbursement obligations provided
       under the Mortgage Note.

         B. Section VII. Q. entitled "Additional Financial and Other Covenants"
shall be and hereby is deleted in its entirety and replaced with the following:

                                       8
<PAGE>

        1. Funded Debt Ratio. BORROWER shall have, on a consolidated basis with
        Guarantor, a ratio of Funded Debt (as hereinafter defined) to EBITDA (as
        hereinafter defined) of not greater than 2.5:1 as of December 31, 2000
        and as of each fiscal quarter thereafter. "Funded Debt" shall mean all
        indebtedness of BORROWER for borrowed money evidenced by notes, bonds,
        debentures, or similar evidences of indebtedness and which by its terms
        matures more than one year from, or is directly or indirectly renewable
        or extendible at BORROWER's option under a revolving credit or similar
        agreement obligating the lender or lenders to extend credit over a
        period of more than one year from the date of creation thereof, and
        specifically including capital lease obligations, current maturities of
        long-term debt, revolving credit and short-term debt extendible beyond
        one year at the option of the BORROWER, and also including, the
        Obligations, all as determined in accordance with generally accepted
        accounting principles from Borrower's Financial Statements. "EBITDA"
        means BORROWER's earnings for the twelve-month period prior to the date
        of determination, before reduction for interest, taxes, depreciation,
        and amortization expense, during the prior four (4) fiscal quarters
        ending on the date of determination, excluding expenses incurred and
        amounts paid by Borrower in Borrower's fourth fiscal quarter 1999 in
        connection with the settlement of the Current Lawsuits (as defined and
        disclosed on Schedule VI.D. of the Loan Agreement), all as determined in
        accordance with generally accepted accounting principles from BORROWER's
        Financial Statements.

        2. BORROWER shall maintain, on a consolidated basis with Guarantor, Cash
        Equivalents (as hereinafter defined) of not less than $2,500,000.00 at
        all times. For purposes hereof, "Cash Equivalents " shall mean the
        aggregate amount of all cash, bank accounts, certificates of deposit,
        and marketable securities (i.e. equity securities listed on the New York
        or American stock exchanges or quoted on the National Association of
        Securities Dealers Automated Quotation system (NASDAQ), state or
        municipal bonds, or United States Treasury securities) as at the fiscal
        quarter ending on the date of determination, all as determined in
        accordance with generally accepted accounting principals from the
        Financial Statements; and

        3. Net Income. BORROWER shall have, on a consolidated basis with
        Guarantor, Quarterly Net Income greater than zero (0) for each fiscal
        quarter, commencing with the fiscal quarter ending December 31, 2000.
        "Quarterly Net Income" means net income for the fiscal quarter prior to
        the date of determination (determined without including in the
        calculation thereof extraordinary or one-time expenses of the BORROWER),
        all as determined in accordance with generally accepted accounting
        principles from Borrower's Financial Statements.

         C. Schedule A attached hereto as Exhibit A shall be added to the Loan
Agreement and

                                       9
<PAGE>

made a part thereof.

         D. Schedule II to the Loan Agreement shall be deleted in its entirety
and replaced with Schedule I attached hereto as Exhibit B.

         E. Any and all references to the "Loan" or "Loans", the "Obligations"
and "Secured Obligations" in the Loan Agreement and Loan Documents shall include
the Mortgage Loan and the Mortgage Note. The Loan Documents shall include the
Mortgage Note and the Second Mortgage.

         F. For and in consideration of the Bank entering into this Amendment
and extending to the Borrower the Mortgage Loan, the Borrower shall deliver and
cause to be delivered the Second Mortgage to secure the obligations of the
Borrower to the Bank, all in form and substance satisfactory to the Bank and its
legal counsel, together with such certifications of title, liability, casualty,
and title insurances, legal opinions, assignments, and guaranties as the Bank
and its legal counsel may deem necessary and appropriate in connection with the
delivery of the Second Mortgage. In addition, Bank shall have received a
satisfactory market value appraisal of each of the Mortgaged Property located in
Tucson, Arizona and Hudson, New Hampshire (as defined and described in the
Mortgage and the Second Mortgage) indicating a combined loan to value ratio not
greater than seventy five percent (75%), to be performed by an independent
appraiser approved by and engaged by Bank, with the cost to be borne by Borrower
(collectively, the "Appraisal").

         2.       REPLACEMENT OF REVOLVING LINE OF CREDIT NOTE.
                  --------------------------------------------

         To reflect the amendments hereby, the Bank, the Borrower, and the
Guarantor agree that the Note evidencing the Revolving Line of Credit Loan dated
December 18, 1996 shall be substituted and replaced in full by a Replacement
Revolving Line of Credit Promissory Note in the principal amount of up to
Sixteen Million Dollars ($16,000,000.00) made by the Borrower payable to the
order of the Bank in form attached hereto as Exhibit C to be executed and
delivered contemporaneously herewith (the "Replacement Note"), such that the
indebtedness of the Borrower currently due and owing to the Bank under the
Revolving Line of Credit Loan shall hereafter be evidenced by the Replacement
Note.

3.       MORTGAGE NOTE.
         -------------

       To reflect the amendments hereby, Borrower agrees that the Mortgage Loan
shall be evidenced by a Term Note in the principal amount of Four Million
Dollars ($4,000,000.00) made by the Borrower payable to the order of the Bank in
form attached hereto as Exhibit D to be executed and delivered contemporaneously
herewith.

                                       10
<PAGE>

        4.        GUARANTEES.
                  ----------

         The Amended and Restated Guaranty Agreement of Delta V Technologies,
Inc. to the Bank dated February 6, 1998, as amended to date, shall be and hereby
is terminated as of the date hereof, in consideration and exchange for the
guaranty of the Loans by Lasertel, Inc. pursuant to the Guaranty Agreement in
the form attached hereto as Exhibit D to be executed and delivered by Lasertel
contemporaneously herewith (the "Guaranty"). Any and all references to the
Guarantor(s) in this Agreement, the Loan Agreement and the other Loan Documents
shall hereafter mean Lasertel.

        5.       SECURITY AGREEMENTS.
                 -------------------

         The Security Agreement of the Borrower dated December 18, 1996, as
amended to date, shall be and hereby is amended to reflect the terms and
conditions of this amendment and to include among the Secured Obligations under
each such agreement the Mortgage Loan and the Mortgage Note. The Guaranty shall
be secured by a Security Agreement in the form attached hereto as Exhibit E to
be executed and delivered by Lasertel contemporaneously herewith (the "Lasertel
Security Agreement"). Any and all references to the Loan Documents or the
Security Agreement(s) shall include the Lasertel Security Agreement.

         6.      AMENDMENT OF OTHER LOAN DOCUMENTS.
                 ---------------------------------

         Each of the other Loan Documents, whether or not specifically
referenced herein, shall be and hereby is amended to reflect the terms and
conditions of this amendment.

         7.      REAFFIRMATION OF REPRESENTATIONS AND WARRANTIES.
                 -----------------------------------------------

         Borrower hereby confirms, reasserts, and restates all of the
representations and warranties under the Loan Agreement and the Loan Documents,
as amended hereby, as of the date hereof, including without limitation, the
representations and warranties set forth in Article VI of the Loan Agreement.

         8.      REAFFIRMATION OF AFFIRMATIVE COVENANTS.
                 --------------------------------------

         Borrower hereby confirms, reasserts, and restates its Affirmative
Covenants as set forth in Article VII of the Loan Agreement and the Loan
Documents, as amended hereby, as of the date hereof.

         9.      REAFFIRMATION OF NEGATIVE COVENANTS.
                 -----------------------------------

                                       11
<PAGE>

         Borrower hereby confirms, reasserts, and restates its Negative
Covenants as set forth in Article VIII of the Loan Agreement and the Loan
Documents, as amended hereby, as of the date hereof.

                                       12
<PAGE>

         10.      FURTHER REPRESENTATION AND WARRANTIES.
                  -------------------------------------

         The Borrower represents and warrants to the Bank as follows:

         (a) The execution, delivery and performance of this Agreement and the
documents relating hereto (the "Amendment Documents") are within the power of
the Borrower and are not in contravention of any law, the Borrower's Articles of
Incorporation, By-laws or the terms of any other documents, agreements or
undertaking to which the Borrower is a party or by which the Borrower is bound.
No approval of any person, corporation, governmental body or other entity not
provided herewith is required as a prerequisite to the execution, delivery and
performance by Borrower of the Amendment Documents or any of the documents
submitted to the Bank in connection with the Amendment Documents to ensure the
validity or enforceability thereof.

         (b) All necessary corporate action has been taken by the Borrower to
authorize the execution, delivery and performance of the Amendment Documents
which, when executed on behalf of the Borrower, will constitute the legally
binding obligations of the Borrower, enforceable in accordance with their
respective terms.

         11.      NO FURTHER EFFECT.
                  -----------------

         Except as amended hereby, the terms and conditions of the Loan
Agreement and each of the Loan Documents as set forth therein shall remain
unchanged and, as hereby amended, are in full force and effect.

         IN WITNESS WHEREOF, the Borrower, the Guarantor and the Bank have
executed and delivered this Amendment to the Loan Agreement and Related Loan
Documents all as of the day and year first above written.

WITNESS:                                      BORROWER:
                                              PRESSTEK, INC.

/s/ Jennifer McKay Tardif                 By: /s/ Robert W. Hallman
-------------------------                     -------------------------
                                              Robert W. Hallman
                                              President and Chief Executive
                                              Officer

                                       13
<PAGE>

                                              GUARANTOR:
                                              LASERTEL, INC.

/s/ Jennifer McKay Tardif                     By: /s/ Diane L. Bourque
------------------------                          ------------------------
                                              Name: Diane L. Bourque
                                              Title: Secretary, Treasurer

                                              BANK:
                                              CITIZENS BANK NEW HAMPSHIRE

/s/ Vasiliki Canotas                          By: /s/ John Mercier
------------------------                          ------------------------
                                                  John Mercier, Vice President

                                       14
<PAGE>

                                    EXHIBIT A
                                    ---------

                           CITIZENS BANK NEW HAMPSHIRE

                            COMMERCIAL LOAN AGREEMENT

                                   SCHEDULE A
                                   ----------

                            BORROWING BASE PROVISIONS

I. Percentages and Definitions for determination of BORROWER's Revolving Line of
Credit Borrowing Base under Section I. A.

Applicable Percentage of Acceptable Accounts:  75%

Applicable Percentage of Acceptable Inventory: 40%, up to maximum dollar amount
attributable to such inventory at any time of not greater than $3,000,000.00

Definition of Acceptable Accounts: The term "Acceptable Accounts" means those of
the BORROWER's accounts and accounts receivable as the BANK determines to be
satisfactory, in the BANK's sole discretion. Subject to the foregoing,
"Acceptable Accounts" shall not include any service charges or sales or other
taxes and shall be accounts of the BORROWER: (i) which arise in the ordinary
course of BORROWER's business from BORROWER's performance of services or sale of
goods which have been performed or sold; (ii) which are not more than ninety
(90) days old from date of invoice (in the event that fifty percent [50%] of the
accounts receivable from a particular account debtor are over ninety (90) days
old, all of the accounts receivable from that particular account debtor shall be
excluded from Acceptable Accounts); (iii) which are not evidenced by a
promissory note or other instrument; (iv) which are payable in U.S. Dollars; (v)
which are owed by any customer whose principal place of business is within the
United States or any foreign accounts which are FCIA-insured; (vi) which are
owed by any corporation or other entity other than one which is related to the
BORROWER, or is of common ownership with the BORROWER, or could be treated as a
member of the same controlled group of corporations of which the BORROWER is a
member; (vii) which constitute valid, binding, and enforceable obligations of
account debtors which are not subject to any claim, counterclaim, set off,
credit, allowance, or chargeback; (viii) as to which the BORROWER has received
no notice and has no knowledge as to whether the account debtor (or any
guarantor or endorser thereof) is bankrupt or insolvent, or any other facts
which make the collection of the account doubtful; (ix) which are not owed by
any person employed by, or salesman of, the BORROWER; (x) which do not arise out
of the sale by the BORROWER of goods consigned or delivered to the BORROWER on
"sell or return" terms (whether or not compliance has been made with Section
2-326 of the UCC); and (xi) which do not arise out of any sale made on a "bill
and hold", dating, or delayed shipping basis. Accounts payable by BORROWER to
any account debtor shall be

                                       15
<PAGE>

netted against accounts due from such debtor.

Definition of Acceptable Inventory: The term "Acceptable Inventory" shall mean
BORROWER's inventory, valued at the lower of cost on a "first-in/first-out"
basis or fair market value, which is owned and held by BORROWER at its places of
business for sale in the ordinary course of BORROWER's business as presently
conducted by it and which is subject to a valid and prior, fully perfected
security interest of BANK, free of all security interests or liens of any other
person.

        The following inventory will not, in any event, constitute Acceptable
Inventory:

                (a) inventory which is obsolete, not in good condition, not of
        merchantable quality or saleable in the ordinary course of business or
        which is subject to defects which would affect its market value;

                (b)  supplies and packaging materials and labels;

                (c) inventory which BANK, in its sole discretion exercised in
        good faith, determines to be ineligible because of age, type, category,
        or quantity; and

                  (d) inventory in the possession of any person other than
         BORROWER.

BORROWER shall furnish the BANK on a monthly basis, within thirty (30) days of
month end, with a Borrowing Base Certificate substantially in the form attached
hereto as Exhibit A-1, which shall be accompanied by a reconciliation of
accounts, accounts receivable and inventory, and aging reports therefor, all in
a form reasonably acceptable to the BANK.

The acceptance of or characterization by the BANK of any account as an
Acceptable Account or inventory as Acceptable Inventory shall not be deemed a
determination by the Bank as to its actual value nor in any way obligate BANK to
accept any account arising subsequently from such debtor to be, or to continue
to deem such account to be, an Acceptable Account. All accounts and inventory of
BORROWER whether Acceptable Accounts, Acceptable Inventory, or not, shall
constitute Collateral under the Security Agreement.

                                       16
<PAGE>

                           CITIZENS BANK NEW HAMPSHIRE
                                 LOAN AGREEMENT
                                   SCHEDULE A

                                   EXHIBIT A-1

                           BORROWING BASE CERTIFICATE

         The undersigned hereby certifies to Citizens Bank New Hampshire (the
"BANK) pursuant to Schedule A of the Loan Agreement (the "Agreement") dated
December 18, 1996, as amended to date, as follows:

Calculation of Borrowing Base:
-----------------------------

1.      Total Accounts Receivable as of
        _________________, 200__, as per
        attached Aging Report ("Certified
        Accounts")                                                 $

2.      Disqualified Accounts:
        Accounts over 90 days from
        invoice due date                              $
        Intercompany accounts                         $
        Other non-qualifying accounts                 $
        Total Disqualified Accounts                                $

3.      Item 1 minus item 2 ("Acceptable

        Accounts")                                                 $

4.      Advance Rate on Acceptable

        Accounts per Agreement                                         75%
                                                                  --------

5.      Item 3 times item 4                                        $

6.      Total Acceptable Inventory as of
        _________, 200__, as per attached
        Inventory Statement                                        $

7.      Advance Rate on Acceptable Inventory                           40%
                                                                  --------

                                       17
<PAGE>

8.      Item 6 times Item 7                                       $

        Available Commitment:

9.      Available Commitment under Revolving
        Line of Credit (Lesser of Item 5 plus

        Item 8 or $16,000,000.00)                                 $
               --

Based upon the foregoing calculation made as of the close of business on the
date indicated below, the undersigned hereby requests that the BANK make
advances to BORROWER under the Revolving Line of Credit Loan in accordance with
the provisions of Section I of Schedule A of the Loan Agreement, which advances,
when added to the outstanding principal amount of all other advances under the
Revolving Line of Credit Loan, do not exceed the Available Commitment. Except as
set forth in the accompanying letter, the undersigned hereby reasserts and
restates all representations and warranties set forth in the Agreement as of the
date hereof and certifies that no Event of Default under the Agreement, or any
event which with the passage of time or the giving of notice, or both, would
constitute an Event of Default, has occurred and is continuing. Each capitalized
term used, but not defined herein, shall have the respective meaning set forth
in the Agreement.

        WITNESS the execution hereof on the ____ day of ____________, 200__.

                                         PRESSTEK, INC.

                                         By:

Witness                                     Signature and Title/ Duly Authorized

                                       18
<PAGE>

                                    EXHIBIT B
                                    ---------

                           CITIZENS BANK NEW HAMPSHIRE
                                 LOAN AGREEMENT
                                   SCHEDULE II
                                   -----------

                            FEES PAYABLE BY BORROWER
                            ------------------------

Annual Revolving Line of Credit Fee: $25,000.00 payable on the date hereof and
annually thereafter.

Annual Letter of Credit Fee: 0.75% per annum of the face amount of the each
Letter of Credit issued under the Revolving Line of Credit upon issuance,
renewal, and each anniversary thereof, subject to adjustment as provided in the
Loan Agreement, and other standard bank fees in effect from time to time.

Mortgage Loan Fee:  $12,500.00 payable on the date hereof.

                                       19EXHIBIT 10.3
                                                                    ------------

                               GUARANTY AGREEMENT
                               ------------------

         THIS GUARANTY AGREEMENT made as of the 30 day of October, 2000, is by
LASERTEL, INC., an Arizona corporation, with a principal place of business at
7775 N. Casa Grande Highway, Marana, Arizona 85743 (the "Guarantor") to the
benefit of CITIZENS BANK NEW HAMPSHIRE, a guaranty savings bank organized under
the laws of the State of New Hampshire with an address of 875 Elm Street,
Manchester, New Hampshire 03101 (the "Bank").

                                   WITNESSETH:

         WHEREAS, Guarantor is a wholly-owned subsidiary of PRESSTEK, INC., a
Delaware corporation, with a principal place of business at 8 Commercial Street,
Hudson, New Hampshire 03051 (the "Borrower");

         WHEREAS, the Bank has extended to Borrower a mortgage term loan in the
principal amount of Six Million Nine Hundred Thousand Dollars ($6,900,000.00)
("Term Loan") in accordance with the Loan Agreement dated December 18, 1996,
amended by Amendment to Loan Agreement and Related Loan Documents of even date
between the Bank and the Borrower (as amended, the "Loan Agreement"), evidenced
by a Term Promissory Note in the principal amount of Six Million Nine Hundred
Thousand Dollars ($6,900,000.00) dated February 6, 1998 (the "Term Note")

         WHEREAS, the Bank is this date extending to Borrower a revolving line
of credit loan in the principal amount of up to Sixteen Million Dollars
($16,000,000.00) ("Revolving Line of Credit") and a new mortgage term loan in
the principal amount of up to Four Million Dollars ($4,000,000.00) ("Mortgage
Loan") in accordance with the Loan Agreement, evidenced by a Replacement
Revolving Line of Credit Promissory Note in the principal amount of up to
Sixteen Million Dollars ($16,000,000.00) of even date (the "Revolving Line of
Credit Note") and a Term Promissory Note in the principal amount of Four Million
Dollars ($4,000,000.00) of even date (the "Mortgage Note"), respectively (the
Term Note, the Revolving Line of Credit Note, the Mortgage Note, the Loan
Agreement, and related loan documents between the Borrower and the Bank,
collectively, the "Loan Documents" and the Term Loan, the Revolving Line of
Credit Loan and the Mortgage Loan, collectively, the "Loan"); and

         WHEREAS, as a condition to the Bank agreeing to the extension of the
Revolving Line of Credit and the Mortgage Loan, the Guarantor has agreed to
execute this Guaranty.
<PAGE>

         Accordingly, in consideration for the premises contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Guarantor and the Bank agree as follows (all terms used
herein shall have the meanings given in the Loan Agreement unless expressly
defined herein):

         NOW, THEREFORE, in order to induce the Bank to make the Loan to the
Borrower pursuant to and in accordance with the terms and conditions of the Loan
Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the Guarantor, the Guarantor
hereby covenants and agrees as follows:

         1. Guaranteed Obligations. The Guarantor does hereby irrevocably and
unconditionally guarantee to the Bank the due and punctual payment and
performance of the following obligations (individually, a "Guaranteed
Obligation" and collectively, the "Guaranteed Obligations"):

         (a)      Principal of and premium, if any, and interest on the Term
                  Note, the Revolving Line of Credit Note and the Mortgage Note
                  (collectively, the "Note"), when the same become due and
                  payable, whether on demand or by acceleration or otherwise;

         (b)      Any and all other obligations of the Borrower to the Bank
                  under the Loan Documents, as the same may be amended,
                  modified, extended, renewed, replaced or restated;

         (c)      Any and all obligations of the Guarantor hereunder, including,
                  but not limited to, all costs and expenses (including
                  reasonable attorneys' fees) that may be incurred by the Bank
                  in enforcing this Guaranty or in collecting all or any of the
                  Guaranteed Obligations; and

         (d)      Any and all other indebtedness or obligations of the Borrower
                  to the Bank whether now existing or hereafter arising.

         2. Demand by the Bank. Upon the failure of the Borrower punctually to
pay or perform any Guaranteed Obligation when due, or upon any other Event of
Default specified in the Loan Documents or herein, the Bank may, at its option,
declare all of the Guaranteed Obligations immediately due and payable, and may
make demand upon the Guarantor, or any Guarantor, in the sole discretion of the
Bank, for the payment or performance of such or all Guaranteed Obligation(s),
and the Guarantor binds and obliges itself to make such payment or performance
forthwith upon such demand.

                                       2
<PAGE>

         3. Waiver of Demands, Notices, Diligence, etc. The Guarantor hereby
assents to all the terms and conditions of the Loan Documents and the Guaranteed
Obligations, and waives, to the fullest extent permitted by law, (a) demand for
the payment of the principal of any Guaranteed Obligation or of any claim for
interest or any part thereof (other than the demand provided for in section 2
hereof); (b) notice of the occurrence of any event of default under the Loan
Documents or an event of default under any Guaranteed Obligation; (c) protest of
the nonpayment of the principal of any Guaranteed Obligation or of any claim for
interest or any part of any thereof; (d) notice of presentment, demand and
protest; (e) notice of acceptance of any guaranty herein provided for or of the
terms and provisions thereof or hereof by the Bank; (f) notice of any
indulgences or extensions granted to the Borrower or any person or party which
shall have assumed the obligations of the Borrower; (g) any requirement of
diligence of promptness on the part of the Bank in the enforcement of any of its
rights under the provisions of any Guaranteed Obligations or this Guaranty; (h)
any enforcement of any Guaranteed Obligation; (i) any right which the Guarantor
might have to require the Bank to proceed against any other guarantor of the
Guaranteed Obligations or to realize on any collateral security for the
Guaranteed Obligations; (j) any claims or defenses which the maker of the Note
and the Loan Documents may have respecting the genuineness, validity, regularity
or enforceability of the Note or the Loan Documents, and (k) any and all notices
of every kind and description which may be required to be given by any statute
or rule of law in any jurisdiction. The waivers set forth in this section 3
shall be effective notwithstanding the fact that the Borrower ceases to exist by
reason of its liquidation, merger, consolidation or otherwise. The Guarantor
further warrants and agrees that, to the best of its knowledge and belief, each
of the waivers set forth above is made with Guarantor' full knowledge of its
significance and consequences and that, under the circumstances, the waivers are
reasonable . If any such waiver is determined to be contrary to any applicable
law or public policy, such waiver shall be effective only to the extent
permitted by law or public policy.

         If now or hereafter (a) Borrower shall be or become insolvent, and (b)
the Guaranteed Obligations shall not at all times until paid be fully secured by
collateral pledged by the Borrower, the Guarantor hereby forever waives and
relinquishes in favor of the Bank and the Borrower, and their respective
successors, any claim or right to payment the Guarantor may now have or
hereafter have or acquire against Borrower, by subrogation or otherwise, so that
at no time shall Guarantor become a "creditor" of Borrower within the meaning of
11 U.S.C. 547(b), or any successor provision of the Federal bankruptcy laws.
Guarantor further waives and agrees not to assert or claim at any time any
deductions to the amount guaranteed under this Guaranty for any claim of setoff,
counterclaim, counter demand, recoupment or similar right, whether such claim,
demand or right may be asserted by the Borrower, the Guarantor or both.

                                       3
<PAGE>

         The Guarantor also waives any and all rights or defenses arising by
reason of (a) any "one action" or "anti-deficiency" law or any other law which
may prevent Bank from bringing any action, including a claim for deficiency,
against the Guarantor, before or after the Bank's commencement or completion of
any foreclosure action, either judicially or by exercise of a power of sale; (b)
any election of remedies by Bank which destroys or otherwise adversely affects
Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower
for reimbursement, including without limitation, any loss of rights Guarantor
may suffer by reason of any law limiting, qualifying, or discharging the
Guaranteed Obligations; (c) any disability or other defense of Borrower, of any
other guarantor, or of any other person, or by reason of the cessation of
Borrower's liability from any cause whatsoever other than payment in full in
legal tender of the Guaranteed Obligations; (d) any right to claim discharge of
the Guaranteed Obligations on the basis of unjustified impairment of any
Collateral for the Guaranteed Obligations; (e) any statute of limitations, if at
any time any action or suit brought by Bank against the Guarantor is commenced
there is outstanding Guaranteed Obligations of Borrower to the Bank which are
not barred by any applicable statute of limitations; or (f) any defenses given
to Guarantor at law or in equity other than actual payment and performance of
the Guaranteed Obligations. If payment is made by Borrower, whether voluntary or
otherwise, or by any third party, on the Guaranteed Obligations and thereafter
Bank is forced to remit the amount of that payment to Borrower's trustee in
bankruptcy or to any similar person under any federal or state bankruptcy law or
law for the relief of creditors, the Guaranteed Obligations shall be considered
unpaid for the purpose of enforcement of this Guaranty.

         4. Governing Law; Jurisdiction. This Guaranty Agreement shall be
construed in accordance with and governed by the laws of the State of New
Hampshire. The Guarantor, to the extent that it may lawfully do so, hereby
consents to the jurisdiction of the courts of the State of New Hampshire and the
United States District Court for the State of New Hampshire, as well as to the
jurisdiction of all courts from which an appeal may be taken from such courts,
for the purpose of any suit, action or other proceeding arising out of any of
their obligations hereunder or with respect to the transactions contemplated
hereby, and expressly waive any and all objections they may have as to venue in
any such courts.

         5. Obligations of Guarantor Unconditional. The obligations of the
Guarantor under this Agreement shall be unconditional, irrespective of the
validity, regularity or enforceability of any Guaranteed Obligation, and shall
not be affected by any action taken under any Guaranteed Obligation in the
exercise of any right or remedy therein conferred, or by any failure or omission
on the part of the Bank to enforce any right given thereunder or hereunder or
any remedy conferred thereby or hereby, or by any waiver of any term, covenant,
agreement or condition of any Guaranteed Obligation or this Guaranty, or by any
release of any security or any other guaranty at any time existing for the
benefit of any Guaranteed Obligation, or by any sale, lease or transfer by one
or more Guarantor to any person of any or all of it properties, or by any action

                                       4
<PAGE>

of the Bank granting indulgence or extension to, or waiving or acquiescing in
any default by the Borrower or any Guarantor, or any successor to the Borrower
or any Guarantor or other guarantor or any person or party which shall have
assumed its obligations, or by reason of any disability or other defense of the
Borrower or any Guarantor or any successor to the Borrower or any Guarantor, or
by any modification, alteration, or by any circumstance whatsoever (with or
without notice to or knowledge of the Guarantor) which may or might in any
manner or to any extent vary the risk of the Guarantor hereunder, it being the
purpose and intent of the Guarantor that the obligations of the Guarantor
hereunder shall be absolute and unconditional under any and all circumstances
and shall not be discharged except by payment or performance as herein provided,
and then only to the extent of such payment or performance.

         6. Subordination of Claims of Guarantor. Any claim against the Borrower
or any Guarantor to which the Guarantor may be or become entitled (including,
without limitation, claims by subrogation or otherwise by reason of any payment
or performance by the Guarantor in satisfaction and discharge, in whole or in
part, of it obligations under this Guaranty Agreement) shall be and hereby is
made subject and subordinate to the prior payment or performance in full of the
Guaranteed Obligations.

         7. Notices, etc. All notices, demands and other communications
hereunder shall be mailed by registered or certified mail, return receipt
requested, postage prepaid and shall be effective on the date of the first
attempted delivery thereof by the U. S. Postal Service, as shown on the
registered or certified return receipt for such notice addressed to the parties
at the addresses set forth in the introductory paragraph hereof, or at such
other address as the party to whom such notice or demand is directed may have
designated in writing by like notice to the other party or parties hereto.

         8. Survival of Guaranty, etc. The Guarantor covenants that this
Guaranty Agreement shall be binding upon it and it heirs, legal representatives,
executors, administrators, and permitted assigns. This Guaranty Agreement is
intended to take effect as a sealed instrument.

         9. Guarantor's Warranties, Representations, and Covenants. Guarantor
represents and warrants to Bank that (a) no representations or agreements of any
kind have been made to Guarantor which would limit or qualify in any way the
terms of this Guaranty; (b) this Guaranty is executed at Borrower's request and
not at the request of Bank; (c) Guarantor has not and will not, without the
prior written consent of Bank, sell, lease, assign, encumber, hypothecate,
transfer, or otherwise dispose of all or substantially all of Guarantor' assets;
(d) Bank has made no representation to Guarantor as to the creditworthiness of
Borrower; (e) upon Bank's request, Guarantor will provide to Bank financial and
credit information in form acceptable to Bank as Bank may reasonably request,
and all such financial information provided to Bank is true and correct in all
material respects and fairly presents the financial condition of Guarantor as of
the

                                       5
<PAGE>

dates thereof, and no material adverse change has occurred in the financial
condition of Guarantor since the date of the financial statements; (f) Guarantor
has established adequate means of obtaining from Borrower on a continuing basis
information regarding Borrower's financial condition; (g) Guarantor agrees to
keep adequately informed from such means of any facts, events, or circumstances
which might in any way affect Guarantor's risks under this guaranty, and
Guarantor further agrees that, absent a request for information, Bank shall have
no obligation to disclose to Guarantor any information or documents acquired by
Bank in the course of its relationship with Bank; (h) Guarantor has the right,
power, legal capacity, and authority to enter into and to perform its
obligations under this Guaranty; (i) no approval, consent, authorization, filing
or registration is necessary or required in connection with the Guarantor
entrance into and performance of this Guaranty; and, (j) this Guaranty will not
result in the breach of or violate any agreement, decree, order or law. The
Guarantor further warrants, represents, and covenants to and with the Bank that
all of the representations and warranties of the Borrower as set forth in the
Loan Agreement are true and accurate with respect to the Guarantor (other than
the financial covenants), and Guarantor shall observe and comply with all of the
affirmative and negative covenants of Borrower as set forth in the Loan
Agreement(other than the financial covenants), as though the Guarantor were the
Borrower under the Loan Agreement making such warranties, representations, and
covenants.

         10. Counterparts. This Guaranty Agreement may be executed in any number
of counterparts and by the different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original, but all of
the counterparts shall together constitute one and the same instrument.

         11. Attorneys' Fees; Expenses. The Guarantor agrees to pay upon demand
all of the Bank's costs and expenses, including attorneys' fees and legal
expenses (whether or not there is a lawsuit, including attorneys' fees and legal
expenses for bankruptcy proceedings, appeals, and any anticipated post-judgment
collection services), incurred in connection with the enforcement of this
Guaranty.

         12. Interpretation. In all cases where there is more than one Borrower
or Guarantor, then all words used in this Guaranty Agreement in the singular
shall be deemed to have been used in the plural where the context and
construction so require; and where there is more than one Borrower named in this
Guaranty Agreement, or when this Guaranty Agreement is executed by more than one
Guarantor, the words "Borrower" and "Guarantor" respectively shall mean all and
any one or more of them. The words "Guarantor", "Borrower", and "Bank" include
the heirs, successors, assigns, and transferees of each of them. Caption
headings in this Guaranty Agreement are for convenience purposes only and are
not to be used to interpret or define the provisions of this Guaranty Agreement.
If a court of competent jurisdiction finds any provision of this Guaranty
Agreement to be invalid or unenforceable as to any person or circumstance,

                                       6
<PAGE>

such finding shall not render that provision invalid or unenforceable as to any
other persons or circumstances, and all provisions of this Guaranty Agreement in
all other respects shall remain valid and enforceable. If any one or more of the
Borrower or Guarantor are corporations or partnerships, it is not necessary for
Bank to inquire into the powers of Borrower or the Guarantor or of the officers,
directors, partners, or agents acting or purporting to act on their behalf, and
any Guaranteed Obligation made or created in reliance upon the professed
exercise of such powers shall be guaranteed under this Guaranty Agreement.

         13. Waiver. The Bank shall not be deemed to have waived any rights
under this Guaranty Agreement unless such waiver is given in writing and signed
by the Bank. No delay or omission on the part of Bank in exercising any right
shall operate as a waiver of such right or any such other right. A waiver by
Bank of a provision of this Guaranty Agreement shall not prejudice or constitute
a waiver of Bank's right otherwise to demand strict compliance with that
provision or any other provision of this Guaranty Agreement. No prior waiver by
Bank, nor any course of dealing between Bank and the Guarantor, shall constitute
a waiver of any Bank's rights or any of the Guarantor' obligations as to any
future transactions. Whenever the consent of the Bank is required under this
Guaranty Agreement, the granting of such consent by the Bank in any instance
shall not constitute continuing consent to subsequent instances where such
consent is required and in all cases such consent may be granted or withheld at
the sole discretion of the Bank.

         14. Amendment. No alteration of or amendment to this Guaranty Agreement
shall be effective unless given in writing and signed by the party or parties
sought to be charged or bound by the alteration or amendment. This Guaranty
Agreement, together with the Loan Documents constitutes the entire understanding
and agreement of the parties as to the matters set forth in this Guaranty.

         15. Secured Guaranty. The obligations of the Guarantor are intended to
be, and are, secured by a Security Agreement by and between Lasertel, Inc., as
debtor, and the Bank, as secured party, of even date herewith. In addition to
the above described Security Agreement, and any other security given by the
Guarantor to the Bank, upon an Event of Default the Bank is hereby authorized
and empowered, at its option, to appropriate and apply to the payment and
extinguishment of the Guaranteed Obligations, at any time after such liability
becomes payable, any and all moneys or other property of the Guarantor and any
proceeds thereof (including proceeds of sales provided for below) now or
hereafter in the possession of the Bank for any purpose, including safekeeping
or pledge for this or any other liability of the Guarantor, and including any
balance on deposit or otherwise for the account of, to the credit of, or
belonging to the Guarantor. The Bank is further hereby authorized and empowered,
at its option, at any time after any Guaranteed Obligation become payable, to
sell, assign and deliver any securities or property at any time given unto or
left in the possession or custody of the Bank for any purpose (including
safekeeping or pledge for this or any other liability of any of the Guarantors)
by or for the Guarantor, or in which any Guarantor may have an interest, at
public or private sale, for cash

                                       7
<PAGE>

or upon credit, or for future delivery, all at the option of the Bank, without
demand, advertisement or notice, all of which are hereby expressly waived.

         GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY
AGREEMENT AND AGREES TO ITS TERMS.

         IN WITNESS WHEREOF, the parties have executed this Guaranty Agreement
as a sealed instrument as of the date first above written.

                                              LASERTEL, INC.

/s/ Jennifer McKay Tardif                        By: /s/ Diane Bourque
------------------------------                       -----------------------
Witness                                          Name:   Diane Bourque
                                                 Title:     Secretary

The foregoing Guaranty Agreement is hereby accepted:

                                              CITIZENS BANK  NEW HAMPSHIRE

/s/ Vasiliki Canotas                         By: /s/ John Mercier
------------------------------                   ---------------------------
Witness                                          John Mercier, Vice President

                                       8

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