Document:

STOCK PURCHASE AGREEMENT               Exhibit 10.20

      AGREEMENT dated as of the 18th day of August, 2006 (this "Agreement"), by
and between Azzurri Group, LLC, a Florida limited liability company, with an
address at 3589 NW 61st Circle, Boca Raton, FL 33496 ("Investor"), and Magnitude
Information Systems, Inc., a Delaware corporation with an address at 401 Route
24, Chester, NJ 07930 ("Magnitude").

                                   WITNESSETH:

 WHEREAS, Magnitude desires to sell and Investor desires to purchase (i) twelve
   million five hundred thousand (12,500,000) shares (the "Shares") of common
  stock, par value $.0001 ("Common Stock") of Magnitude, and (ii) warrants (the
  "Warrants") to purchase an additional six million two hundred fifty thousand
 (6,250,000) shares of Magnitude's Common Stock (the "Warrant Shares") pursuant
                 to the terms and conditions of this Agreement.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained
and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged,

      IT IS AGREED:

4. Recitals. The parties hereby adopt as part of this Agreement each of the
recitals which is set forth above in the WHEREAS clauses, and agree that such
recitals shall be binding upon the parties hereto by way of contract and not
merely by way of recital or inducement and such WHEREAS clauses are hereby
confirmed and ratified as being accurate by each party as to itself.

5. Securities.

      Simultaneously with the execution of this Agreement, Magnitude shall issue
and deliver the Shares to Investor. On February 18, 2007, Magnitude shall issue
to Investor the Warrants in the form annexed hereto and made a part hereof as
Exhibit "A". If the Investor has not received the Warrants on or prior to March
5, 2007, Magnitude agrees to increase the number of shares of Common Stock which
may be purchased pursuant to the exercise of the Warrants by one (1%) percent
for each business day that said issuance and delivery is delayed.

6. Purchase Price.

      The total aggregate purchase price for the Shares and the Warrants (the
"Purchase Price") shall be two hundred fifty thousand ($250,000.00) dollars.

8. Magnitude's Representations, Warranties and Covenants. Magnitude represents,
warrants and covenants that:

      A. Corporate Status. Magnitude is a corporation duly organized, validly
existing and in good standing pursuant to the laws of the State of Delaware,
with all requisite power and authority to carry on its business as presently
conducted in all jurisdictions where presently conducted, to enter into this
Agreement and to consummate the transactions set forth in this Agreement.

      B. Authority. Magnitude has the full right, power and legal capacity to
enter into this Agreement and to consummate the transactions contemplated
hereby. This Agreement constitutes the valid and legally binding obligation of
Magnitude, enforceable in accordance with its terms and conditions. The
execution and delivery of this Agreement by Magnitude and the consummation by it
of the transactions contemplated hereby have been duly approved and authorized
by all necessary action of the Board of Directors of Magnitude, and no further
authorization shall be necessary on the part of Magnitude for the performance
and consummation by Magnitude of the transactions contemplated hereby. The
execution, delivery and performance of this Agreement in accordance with its
terms does not and shall not require approval, consent or authorization of any
third party, including any governmental agency or authority or any political
subdivision thereof.

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      C. Compliance with the Law and Other Instruments. The business and
operations of Magnitude have been and are being conducted in accordance with all
applicable laws, rules, and regulations of all authorities which affect
Magnitude or its properties, assets, businesses or prospects. The performance of
this Agreement shall not result in any breach of, or constitute a default under,
or result in the imposition of any lien or encumbrance upon any property of
Magnitude or cause an acceleration under any arrangement, agreement or other
instrument to which Magnitude is a party or by which any of its assets are
bound. In addition, the performance of this Agreement shall not trigger
additional rights in any third parties, including, but not limited to, any
anti-dilution rights in Magnitude. Magnitude has performed all of its
obligations which are required to be performed by it pursuant to the terms of
any such agreement, contract, or commitment.

      D. No Approval. No approval of any third party including, but not limited
to, any governmental authority is required in connection with the consummation
of the transactions set forth in this Agreement.

      E. Survival. The covenants, representations and warranties made by
Magnitude in or in connection with this Agreement shall survive the execution
and delivery of this Agreement and the consummation of the transactions
described herein, it being agreed and understood that each of such covenants,
representations and warranties is of the essence to this Agreement and the same
shall be binding upon Magnitude and inure to Investor and its successors and
assigns.

      F. Complete Disclosure. Magnitude has no knowledge that any covenant,
representation or warranty of Magnitude which is contained in this Agreement or
in a writing furnished or to be furnished pursuant to this Agreement or in
Magnitude's filings with the Securities and Exchange Commission contains or
shall contain any untrue statement of a material fact, omits or shall omit to
state any material fact which is required to make the statements which are
contained herein or therein, not misleading.

      G. Notification of an Event. If, any event occurs or any event known to
Magnitude relating to or affecting Magnitude shall occur as a result of which
(i) any provision of this Article "4" of this Agreement at that time shall
include an untrue statement of a fact, or (ii) this Article "4" of this
Agreement shall omit to state any fact necessary to make the statements herein,
in light of the circumstances under which they were made, not misleading,
Magnitude shall immediately notify Magnitude pursuant to Paragraph "C" of
Article "10" of this Agreement.

      H. No Defense. It shall not be a defense to a suit for damages for any
misrepresentation or breach of a covenant, representation or warranty that
Investor knew or had reason to know that any covenant, representation or
warranty in this Agreement contained untrue statements.

9. Investor's Representations, Warranties and Covenants. Investor represents,
warrants and covenants that:

      A. Status. Investor is a limited liability company duly organized, validly
existing and in good standing pursuant to the laws of the State of Florida, with
all requisite power and authority to carry on its business as presently
conducted in all jurisdictions where presently conducted, to enter into this
Agreement and to consummate the transactions set forth in this Agreement.

      B. Authority. Investor has the full right, power and legal capacity to
enter into this Agreement and to consummate the transactions contemplated
hereby. This Agreement constitutes the valid and legally binding obligation of
Investor, enforceable in accordance with its terms and conditions. The execution
and delivery of this Agreement by Investor and the consummation by it of the
transactions contemplated hereby have been duly approved and authorized by all
necessary action of the Board of Directors of Investor, and no further
authorization shall be necessary on the part of Investor for the performance and
consummation by Investor of the transactions contemplated hereby. The execution,
delivery and performance of this Agreement in accordance with its terms does not
and shall not require approval, consent or authorization of any third party,
including any governmental agency or authority or any political subdivision
thereof.

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      C. Compliance with the Law and Other Instruments. The performance of this
Agreement shall not result in any breach of, or constitute a default under, or
result in the imposition of any lien or encumbrance upon any property of
Investor or cause an acceleration under any arrangement, agreement or other
instrument to which Investor is a party or by which any of its assets are bound.
Investor has performed all of its obligations which are required to be performed
by it pursuant to the terms of any such agreement, contract, or commitment.

      D. Accredited Investor. Investor is an "accredited investor" as that term
is defined in Rule 501(a) of Regulation D promulgated under the Securities Act
of 1933, as amended (the "Act"), including, but not limited to, an entity in
which each of the equity owners qualifies under one or more of the following:
(1) a net worth exceeding one million ($1,000,000) dollars, either individually
or jointly with his or her spouse, (2) an income exceeding two hundred thousand
($200,000) dollars in each of the two most recent years, with a reasonable
expectation of reaching the same income level in the current year, or (3) a
joint income with his or her spouse exceeding three hundred thousand ($300,000)
dollars in each of the two most recent years, with a reasonable expectation of
reaching the same joint income level in the current year.

      E. Securities. Investor acknowledges that the receipt of the Shares by
Investor is for its own account, is for investment purposes only, and is not
with a view to, nor for offer or sale in connection with, the distribution of
the Shares. Investor understands that none of the Shares have been registered
under the Act or the securities laws of any state and, therefore, cannot be sold
unless they are subsequently registered under the Act and any applicable state
securities laws or exemptions from registration thereunder are available.
Investor further understands that only Magnitude can take action to register the
Shares.

      F. Economic Risk. The Investor is able to bear the economic risk of an
investment in the Shares, Warrants and Warrant Shares (the "Securities") for an
indefinite period of time, including the risk of total loss of such investment,
and the Investor recognizes that an investment in the Securities involves a high
degree of risk. The Investor understands that the Securities have not been
registered under the Act, or the securities laws of any state and, therefore,
cannot be sold unless they are subsequently registered under the Act and any
applicable state securities laws or exemptions from registration thereunder are
available. The Investor further understands that only Magnitude can take action
to register the Securities.

      G. Restrictive Legend. Investor understands that the Shares shall bear the
following restrictive legend until the Shares are registered pursuant to
Paragraph "A" of Article "6" of this Agreement:

            "These Shares have not been registered under the Securities Act of
      1933, as Amended, having been acquired for investment purposes only and
      not with a view to distribute. They may not be sold or offered for in
      absence of an effective registration statement as to the Shares under the
      Securities Act of 1933, as Amended, or an opinion of counsel satisfactory
      to the corporation and an exemption from the Securities Act of 1933, as
      Amended, is available and that such registration is not required, or in
      the alternative that such Shares may be sold under Rule 144, as
      promulgated by the Securities and Exchange Commission of the United
      States."

      H. No Approvals. No approval of any third party including, but not limited
to, any governmental authority is required in connection with the consummation
of the transactions set forth in this Agreement.

      I. Survival. The covenants, representations and warranties made by
Investor in or in connection with this Agreement shall survive the execution and
delivery of this Agreement and the consummation of the transactions described
herein, it being agreed and understood that each of such covenants,
representations and warranties is of the essence to this Agreement and the same
shall be binding upon Investor and inure to Magnitude and its successors and
assigns.

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      J. Complete Disclosure. Investor has no knowledge that any covenant,
representation or warranty of Investor which is contained in this Agreement or
in a writing furnished or to be furnished pursuant to this Agreement contains or
shall contain any untrue statement of a material fact, omits or shall omit to
state any material fact which is required to make the statements which are
contained herein or therein, not misleading.

      K. Notification of an Event. If, any event occurs or any event known to
Investor relating to or affecting Investor shall occur as a result of which (i)
any provision of this Article "5" of this Agreement at that time shall include
an untrue statement of a fact, or (ii) this Article "5" of this Agreement shall
omit to state any fact necessary to make the statements herein, in light of the
circumstances under which they were made, not misleading, Investor shall
immediately notify Magnitude pursuant to Paragraph "C" of Article "10" of this
Agreement.

      L. No Defense. It shall not be a defense to a suit for damages for any
misrepresentation, or breach of, a covenant, representation or warranty that
Magnitude knew or had reason to know that any covenant, representation or
warranty in this Agreement contained untrue statements.

      M. No Reliance. The Investor's decision to enter into this Agreement was
based entirely upon its own research, and not upon any representations made to
the Investor by Magnitude.

10. Registration.

      A. Magnitude shall, without cost or expense to the Investor, file for the
registration of all of Investor's Shares and Warrant Shares within ninety (90)
days after the date of execution of this Agreement. If Magnitude has not filed
for the registration of the Investor's Shares and Warrant Shares within ninety
(90) days after the date of execution of this Agreement, Magnitude shall issue
an additional forty five thousand (45,000) shares of Common Stock to the
Investor for each subsequent business day until such filing is made. Once such
filing is made, Magnitude shall use good faith efforts to make the registration
effective. If the registration is not effective within ninety (90) days after
filing, Magnitude shall issue an additional forty five thousand (45,000) shares
of Common Stock to the Investor for each subsequent business day until the
registration becomes effective.

Subject to filing post-effective amendments, updating its financial statement
disclosures, Magnitude shall utilize its best efforts to keep the registration
effective until such time as Investor has sold its Shares and Warrant Shares or
the Shares and Warrant Shares are eligible to be transferred without restriction
pursuant to the provisions of Rule 144(k) which was promulgated by the
Securities and Exchange Commission pursuant to Section 4(1) of the Act.
Magnitude agrees to provide an opinion of counsel within five (5) business days
with respect to any sales of the Shares by Investor if such sale is permissible
under Rule 144(k). If Magnitude fails to timely provide or approve a legal
opinion pursuant to this Paragraph "A" of this Article "6" of this Agreement,
Magnitude agrees to pay Investor five hundred ($500.00) dollars per day for each
day that said opinion or approval is delayed. Magnitude acknowledges that it
would be extremely difficult or impracticable to determine Investor's actual
damages and costs resulting from the delay in providing an opinion or approval
for said sale of securities and the inclusion herein of any such late charges or
fees are the agreed upon liquidated damages representing a reasonable estimate
of those damages and costs and do not constitute a penalty.

      B. All expenses in connection with preparing and filing any registration
statement under Paragraph "A" of this Article "6" of this Agreement shall be
borne in full by Magnitude; provided, however, that Investor shall pay any and
all underwriting commissions and expenses and the fees and expenses of any legal
counsel selected by Investor to represent it with respect to the sale of
Securities.

11. Covenants of Magnitude. Magnitude covenants and agrees as follows:

      A. Magnitude shall continuously remain a reporting company under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") and will file
with the SEC on a timely basis all reports, statements and other materials
required to be filed by Magnitude to remain a reporting company under the
Exchange Act.

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      B. The Common Stock of Magnitude shall continuously be listed on a
national securities exchange, or traded on the NASDAQ National Market, the
NASDAQ Small Cap Market, or the Over the Counter Bulletin Board (the "OTCBB").

      C. Magnitude shall, at its cost, provide the appropriate opinion letters
to be issued by Magnitude's counsel in compliance with the provisions of Rule
144 which was promulgated by the Securities and Exchange Commission pursuant to
Section 4(1) of the Act, as amended, with respect to the transfer or sale of the
securities of Magnitude owned by Investor, if such transfer or sale is
permissible under Rule 144. Magnitude shall provide the appropriate opinion
letters within five (5) business days of request via e-mail notification or
facsimile notification by Investor. Furthermore, Magnitude shall notify its
transfer agent that Mintz & Fraade, P.C. is authorized to issue said opinion
letters. Magnitude shall also promptly provide any and all necessary information
and authorization to said transfer agent so that said transfer agent may
immediately honor such opinion and permit the transfer or sale of such
securities.

      D. If Magnitude fails to timely provide or approve a legal opinion
pursuant to Paragraph "C" of this Article "7" of this Agreement, Magnitude
agrees to pay Investor five hundred ($500.00) dollars per day for each day that
said opinion or approval is delayed. Magnitude acknowledges that it would be
extremely difficult or impracticable to determine Investor's actual damages and
costs resulting from the delay in providing an opinion or approval for said sale
of securities and the inclusion herein of any such late charges or fees are the
agreed upon liquidated damages representing a reasonable estimate of those
damages and costs and do not constitute a penalty.

      E. Magnitude shall increase its number of authorized shares within six (6)
months after the date of execution of this Agreement, so that it shall have
sufficient authorized and unissued shares to issue all of the Warrant Shares.

8. Legal Fees. Magnitude shall pay to Mintz & Fraade, P.C., the Investor's
counsel, all of its legal fees and expenses with respect to representing the
Investor with respect to the stock purchase which is the subject of this
Agreement. Mintz & Fraade, P.C. has agreed with Magnitude to accept, and
Magnitude has agreed to pay to Mintz & Fraade, P.C. for its services, the
following:

      (A). Magnitude shall issue a warrant to Mintz & Fraade, P.C. to acquire
one hundred eighty seven thousand five hundred (187,500) shares of Common Stock
of Magnitude, with such warrant having an exercise price of $.0001 per share.

      (B). Magnitude shall issue a warrant to Mintz & Fraade, P.C. to acquire
ninety three thousand seven hundred fifty (93,750) shares of Common Stock of
Magnitude, in the same form as the Warrants, with such warrant having an
exercise price of $.05 per share.

9. Finder's Fee. Magnitude shall pay a finder's fee of twenty five thousand
($25,000) dollars to H.I.S. LLC in connection with this transaction pursuant to
a separate agreement. This finder's fee may only be paid out of (A) Magnitude's
proceeds from subsequent sales of its Common Stock, (B) exercise prices paid to
Magnitude by holders of warrants to acquire its Common Stock and/or (C) future
profits of Magnitude, and may not be paid out of any funds which Magnitude
receives pursuant to this Agreement, including, but not limited to, exercise
prices paid to Magnitude by the Investor for the exercise of Warrants.

10. Miscellaneous.

      O. Headings. Headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement.

      P. Enforceability. If any provision which is contained in this Agreement
should, for any reason, be held to be invalid or unenforceable in any respect
under the laws of any jurisdiction, such invalidity or unenforceability shall
not affect any other provision of this Agreement and this Agreement shall be
construed as if such invalid or unenforceable provision had not been contained
herein.

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      Q. Notices. Any notice or other communication required or permitted
hereunder shall be sufficiently given if sent by (i) mail by (a) certified mail,
postage prepaid, return receipt requested and (b) first class mail, postage
prepaid (ii) overnight delivery with confirmation of delivery or (iii) facsimile
transmission with an original mailed by first class mail, postage prepaid,
addressed as follows:

To Investor:      Azzurri Group, LLC
                  3589 NW 61st Circle
                  Boca Raton, FL 33496
                  Attn:
                  Fax No:

With a copy to:   Mintz & Fraade, P.C.
                  488 Madison Avenue, Suite 1100
                  New York, NY 10022
                  Attn: Frederick M. Mintz, Esq.
                  Fax No.: (212) 486-0701

To Magnitude:     Magnitude Information Systems, Inc.
                  401 Route 24
                  Chester, NJ 07930
                  Attn: Steven Gray
                  Fax No.: (908) 879-7006

With a copy to:   Joseph J. Tomasek, Esq.
                  75-77 N Bridge St.
                  Somerville, NJ 08876
                  Fax No: (908) 429-0040

or in each case to such other address and facsimile number as shall have last
been furnished by like notice. If all of the methods of notice set forth in this
Paragraph "C" of this Article "10" of this Agreement are impossible for any
reason, notice shall be in writing and personally delivered to the aforesaid
addresses. Each notice or communication shall be deemed to have been given as of
the date so mailed or delivered as the case may be; provided, however, that any
notice sent by facsimile shall be deemed to have been given as of the date so
sent if a copy thereof is also mailed by first class mail on the date sent by
facsimile. If the date of mailing is not the same as the date of sending by
facsimile, then the date of mailing by first class mail shall be deemed to be
the date upon which notice is given; provided further, however, that any notice
sent by overnight delivery shall be deemed to have been given as of the date of
delivery.

      R. Governing Law; Disputes. This Agreement shall in all respects be
construed, governed, applied and enforced in accordance with the laws of the
State of New York applicable to contracts made and to be performed therein,
without giving effect to the principles of conflicts of law. The parties hereby
consent to and irrevocably and exclusively submit to personal jurisdiction over
each of them by the Courts of the State of New York in any action or proceeding,
irrevocably waive trial by jury and personal service of any and all process and
specifically consent that in any such action or proceeding, any service of
process may be effectuated upon any of them by certified mail, return receipt
requested, in accordance with Paragraph "C" of this Article "10" of this
Agreement. In the event Investor commences legal action to enforce any of the
terms of this Agreement, Magnitude shall pay all legal fees and costs incurred
by Investor with respect to this Agreement.

      S. Construction. Each of the parties hereto hereby further acknowledges
and agrees that (i) each has been advised by counsel during the course of
negotiations; (ii) each counsel has had significant input in the development of
this Agreement and (iii) this Agreement shall not, therefore, be construed more
strictly against any party responsible for its drafting regardless of any
presumption or rule requiring construction against the party whose attorney
drafted this agreement.

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      T. Entire Agreement. This Agreement and all documents and instruments
referred to herein (i) constitute the entire agreement and supersede all prior
agreements and understandings, both written and oral, among the parties with
respect to the subject matter hereof and thereof, and (ii) are not intended to
confer upon any person other than the parties hereto any rights or remedies
hereunder. Each party hereto agrees that, except for the representations and
warranties contained in this Agreement, neither party makes any other
representations or warranties, and each hereby disclaims any other
representations and warranties made by itself or any of its officers, directors,
employees, agents, financial and legal advisors or other representatives, with
respect to the execution and delivery of this Agreement or the transactions
contemplated hereby, notwithstanding the delivery or disclosure of any
documentation or other information with respect to any one or more of the
foregoing.

      U. Further Assurances. The parties agree to execute any and all such other
further instruments and documents, and to take any and all such further actions
which are reasonably required to effectuate this Agreement and the intents and
purposes hereof.

      V. Binding Agreement. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their heirs, executors, administrators,
personal representatives, successors and assigns.

      W. Non-Waiver. Except as otherwise expressly provided herein, no waiver of
any covenant, condition, or provision of this Agreement shall be deemed to have
been made unless expressly in writing and signed by the party against whom such
waiver is charged; and (i) the failure of any party to insist in any one or more
cases upon the performance of any of the provisions, covenants or conditions of
this Agreement or to exercise any option herein contained shall not be construed
as a waiver or relinquishment for the future of any such provisions, covenants
or conditions, (ii) the acceptance of performance of anything required by this
Agreement to be performed with knowledge of the breach or failure of a covenant,
condition or provision hereof shall not be deemed a waiver of such breach or
failure, and (iii) no waiver by any party of one breach by another party shall
be construed as a waiver of any other or subsequent breach.

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

      Y. Facsimile Signatures. Any signature which is delivered via facsimile
shall be deemed to be an original and have the same force and effect as if such
facsimile signature were the original thereof.

      Z. Modifications. This Agreement may not be changed, modified, extended,
terminated or discharged orally, except by a written agreement specifically
referring to this Agreement which is signed by all of the parties to this
Agreement.

      AA. Exhibits. All Exhibits annexed or attached to this Agreement are
incorporated into this Agreement by reference thereto and constitute an integral
part of this Agreement.

      BB. Severability. The provisions of this Agreement shall be deemed
separable. Therefore, if any part of this Agreement is rendered void, invalid or
unenforceable, such rendering shall not affect the validity or enforceability of
the remainder of this Agreement; provided, however, that if the part or parts
which are void, invalid or unenforceable as aforesaid shall substantially impair
the value of this whole Agreement to any party, that party may cancel, and
terminate this Agreement by giving written notice to the other party.

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

                                        Azzurri Group, LLC

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                        Magnitude Information Systems, Inc.

                                        By:
                                            ------------------------------------
                                            Name: Edward Marney
                                            Title: Chief Executive Officer

                                        8Exhibit 10.21

THIS WARRANT HAS BEEN, AND THE SHARES OF COMMON STOCK WHICH MAY BE PURCHASED
PURSUANT TO THE EXERCISE OF THIS WARRANT (THE "SHARES") WILL BE, ACQUIRED SOLELY
FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY
DISTRIBUTION THEREOF. NEITHER THIS WARRANT NOR THE SHARES (TOGETHER, THE
"SECURITIES") HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR
AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH
DISPOSITION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS
OF THE ACT AND OF ANY APPLICABLE STATE SECURITIES LAWS.

                       Magnitude Information Systems, Inc.

               WARRANT FOR THE PURCHASE OF SHARES OF COMMON STOCK

                                                               February 18, 2007

      THIS CERTIFIES THAT, for value received, Azzurri Group, LLC (the
"Holder"), a Florida limited liability company with an address at 3589 NW 61st
Circle, Boca Raton, FL 33496 is entitled to subscribe for and purchase from
Magnitude Information Systems, Inc. (the "Company"), a Delaware corporation with
an address at 401 Route 24, Chester, NJ 07930, six million two hundred fifty
thousand (6,250,000) shares of the fully paid and nonassessable Common Stock,
$0.0001 par value ("Shares"), of the Company at the price of $.05 per share (the
"Exercise Price") or on a net issuance or "cashless" basis as provided herein,
subject to the provisions and upon the terms and conditions hereinafter set
forth.

      This Warrant is subject to the following terms and conditions:

1. TERM.

      (A) TERM. This Warrant is exercisable by the Holder, in whole or in part,
any time from and after February 18, 2007 and prior to February 18, 2010.

2. METHOD OF EXERCISE; PAYMENT.

      (A) CASH EXERCISE. The purchase rights represented by this Warrant may be
exercised by the Holder, in whole or in part, from time to time at the principal
office of the Company, by delivering a completed and duly executed Notice of
Exercise (attached hereto as Exhibit "A") and by the payment to the Company of
an amount equal to the Exercise Price multiplied by the number of the Shares
being purchased, which amount may be paid, at the election of the Holder, by
wire transfer or check payable to the order of the Company. The person or
persons in whose name(s) any certificate(s) representing Shares shall be
issuable upon exercise of this Warrant shall be deemed to have become the
holder(s) of record of, and shall be treated for all purposes as the record
holder(s) of, the Shares represented thereby (and such Shares shall be deemed to
have been issued) immediately prior to the close of business on the date or
dates upon which this Warrant is exercised, with the Holder having all rights as
a record holder including, but not limited to, all voting rights.

      (B) CASHLESS EXERCISE. Upon cashless exercise of this Warrant, the Company
shall deliver to the Holder (without payment by the Holder of any exercise
price) that number of Shares equal to the quotient obtained by dividing (x), the
intrinsic value of the Warrant, or the portion thereof surrendered for exercise,
at the time this Warrant is exercised (determined by subtracting (i) the
aggregate exercise price of the Shares for which such Warrant or portion thereof
would be exercisable at the time of the cashless exercise, from (ii) the
aggregate Fair Market Value, as set forth in Paragraph "(D)" of this Article "2"
of this Warrant, of the Shares for which such Warrant or portion thereof would
be exercisable at the time of the cashless exercise), by (y), the Fair Market
Value of one Share at the time of the cashless exercise.

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      (C) CASHLESS EXERCISE HOLDER PROCEDURE. The Warrant may be exercised by
the Holder in a cashless exercise, in whole or in part, at any time or from time
to time, prior to its expiration, on any business day, by delivering a signed
Notice of Exercise to the Company, specifying the total number of Shares the
Holder shall purchase pursuant to such cashless exercise and enclosing the
Warrant, marked "CANCELLED".

      (D) FAIR MARKET VALUE. "Fair Market Value" of a Share as of a particular
time (the "Determination Time") shall mean:

(i) If the Company's Common Stock is traded on a national securities exchange or
is quoted on the National Association of Securities Dealers, Inc., Automated
Quotation ("NASDAQ") National Market System, or the NASDAQ Small Cap Market, the
Fair Market Value shall be the average of the closing prices reported for the
ten (10) completed trading days immediately preceding the Determination Time.

(ii) If the Company's Common Stock is not traded on an exchange or on the NASDAQ
National Market System, or the NASDAQ Small Cap Market, but is traded in the
over-the-counter market, the Fair Market Value shall be the average of the
closing prices reported for the ten (10) completed trading days immediately
preceding the Determination Time.

      (E) STOCK CERTIFICATES. In the event of any exercise of the rights
represented by this Warrant, certificates for the Shares so purchased shall be
delivered to the Holder within ten (10) business days after said exercise and,
unless this Warrant has been fully exercised or has expired, a new Warrant
representing the rights to acquire Shares with respect to which this Warrant
shall not have been exercised shall also be issued to the Holder within such
time. If the Company fails to deliver the Shares so purchased, and if
applicable, a new Warrant, to the Holder pursuant to this Paragraph "(E)" of
this Article "2", the Company shall pay the Holder five hundred ($500) dollars
per day for each late day of delivery. The Company acknowledges that it would be
extremely difficult or impracticable to determine the Holder's actual damages
and costs resulting from a delay in providing such certificates and/or new
Warrant and the inclusion herein of any such late charges or fees are the agreed
upon liquidated damages representing a reasonable estimate of those damages and
costs and do not constitute a penalty.

3. STOCK FULLY PAID; RESERVATION OF SHARES. All of the Shares issuable upon the
exercise of the rights represented by this Warrant will, upon issuance and
receipt of the Exercise Price therefor, be fully paid and nonassessable, and
free from all preemptive rights, rights of first refusal or first offer, taxes,
liens and charges with respect to the issuance thereof. The Company shall
increase its authorized shares within six (6) months after the date of this
Warrant such that the Company shall at all times thereafter have authorized and
reserved for issuance sufficient Shares to provide for the exercise of the
rights represented by this Warrant.

4. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES. Subject to the provisions
of Article "2" hereof, the number and kind of Shares purchasable upon the
exercise of this Warrant and the Exercise Price therefor shall be subject to
adjustment from time to time upon the occurrence of certain events, as follows:

      (A) RECLASSIFICATION, CONSOLIDATION OR MERGER. In case of any
reclassification of the Common Stock (other than a change in par value, or as a
result of a subdivision or combination), or in case of any consolidation or
merger of the Company with or into another corporation (other than a
consolidation or merger with another corporation in which the Company is a
continuing corporation and in which the Company's stockholders immediately
preceding such consolidation or merger own at least 50% of the voting securities
of the Company following such consolidation or merger and which does not result
in any reclassification of the Shares issuable upon exercise of this Warrant),
or in case of any sale of all or substantially all of the assets of the Company,
the Company, or such successor or purchasing corporation as the case may be,
shall execute a new Warrant, providing that the holder of this Warrant shall
have the right to exercise such new Warrant, and procure upon such exercise and
payment of the same aggregate Exercise Price, in lieu of the Shares theretofore
issuable upon exercise of this Warrant, the kind and amount of shares of stock,
other securities, money and property receivable upon such reclassification,
change, consolidation, sale of all or substantially all of the Company's assets
or merger by a holder of an equivalent number of Shares. Such new Warrant shall
provide for adjustments that shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Paragraph "(A)" of this Article "4" of
this Warrant. The provisions of this Paragraph "(A)" of this Article "4" of this
Warrant shall similarly apply to successive reclassifications, consolidations,
mergers, sales, leases or conveyances.

                                        2

<PAGE>

      (B) STOCK SPLITS, DIVIDENDS AND COMBINATIONS. In the event that the
Company shall at any time subdivide the outstanding Shares, issue warrants or
options to purchase Shares at less than the then current market value, or issue
a stock dividend on its outstanding Shares, the number of Shares issuable upon
exercise of this Warrant immediately prior to such subdivision or to the
issuance of such stock dividend shall be proportionately increased, and the
Exercise Price shall be proportionately decreased, and in the event that the
Company shall at any time combine the outstanding Shares, the number of Shares
issuable upon exercise of this Warrant immediately prior to such combination
shall be proportionately decreased, and the Exercise Price shall be
proportionately increased, effective at the close of business on the date of
such subdivision, issuance of warrants or options, stock dividend or
combination, as the case may be.

      (C) All calculations under this Article "4" of this Warrant shall be made
to the nearest cent or to the nearest share, as the case may be.

      (D) In any case in which this Article "4" of this Warrant shall require
that an adjustment in the number of Shares be made effective as of a record date
for a specified event, the Company may elect to defer, until the occurrence of
such event, issuing to the Holder, if the Holder exercised this Warrant after
such record date, the Shares, if any, issuable upon such exercise over and above
the number of Shares issuable upon such exercise on the basis of the number of
Shares in effect prior to such adjustment; provided, however, that the Company
shall deliver to the Holder a due bill or other appropriate instrument
evidencing the Holder's right to receive such additional Shares upon the
occurrence of the event requiring such adjustment.

      (E) Whenever there shall be an adjustment as provided in this Article "4"
of this Warrant, the Company shall within fifteen (15) days thereafter cause
written notice thereof to be sent to the Holder pursuant to Paragraph "(C)" of
Article "12" of this Warrant, which notice shall be accompanied by an officer's
certificate setting forth the number of Shares issuable and the Exercise Price
thereof after such adjustment and setting forth a brief statement of the facts
requiring such adjustment and the computation thereof, which officer's
certificate shall be conclusive evidence of the correctness of any such
adjustment absent manifest error.

      (F) The Company shall not be required to issue fractions of shares of
Common Stock or other capital stock of the Company upon the exercise of this
Warrant. If any fraction of a share of Common Stock would be issuable on the
exercise of this Warrant (or specified portions thereof), the Company shall pay
in lieu of such fraction an amount in cash equal to the same fraction of the
current market price on the date of exercise of this Warrant.

      (G) No adjustment in the Exercise Price per Warrant shall be required if
such adjustment is less than $.01; provided, however, that any adjustments which
by reason of this Paragraph "(G)" of this Article "4" of this Warrant are not
required to be made shall be carried forward and taken into account in any
subsequent adjustment.

5. REGISTRATION.

      (A) Within ninety (90) days after the date of this Warrant, the Company
shall file for the registration of all Shares which may be received upon the
exercise of this Warrant ("Warrant Shares"). If Company has not filed for the
registration of the Warrant Shares within ninety (90) days after the date of
this Warrant, Company shall issue an additional forty five thousand (45,000)
Shares to the Holder for each subsequent business day until such filing is made.
Once such filing is made, Company shall use good faith efforts to make the
registration effective. If the registration is not effective within ninety (90)
days after filing, the Company shall issue an additional forty five thousand
(45,000) Shares to the Holder for each subsequent business day until the
registration becomes effective.

                                        3

<PAGE>

Once the registration of the Warrant Shares is effective, the Company shall keep
the registration effective until the later of (i) such time as the Holder has
sold all Warrant Shares, or (ii) the Warrant Shares are eligible to be
transferred without restriction pursuant to the provisions of Rule 144(k), which
was promulgated by the Securities and Exchange Commission pursuant to Section
4(1) of the Securities Act of 1933, as amended. The Company agrees to provide an
opinion of counsel with respect to any sales of Warrant Shares by the Holder if
such sale is permissible under Rule 144(k).

      (B) All expenses in connection with preparing and filing any registration
statement under Paragraph "(A)" of this Article "5" of this Warrant shall be
borne in full by the Company; provided, however, that the Holder shall pay any
and all underwriting commissions and expenses and the fees and expenses of any
legal counsel selected by the Holder to represent him with respect to the sale
of the Warrant Shares.

6. CONDITIONS OF EXERCISE OR TRANSFER OF WARRANT.

      (A) Unless exercised pursuant to an effective registration statement under
the Act which includes the Shares so exercised, it shall be a condition to any
exercise of this Warrant that the Company shall have received, at the time of
such exercise, a representation in writing from the recipient that the Shares
being issued upon exercise, are being acquired for investment and not with a
view to any sale or distribution thereof.

      (B) Until this Warrant and the Warrant Shares have been registered as set
forth in Paragraph "(A)" of Article "5" of this Warrant, this Warrant and each
certificate evidencing the Shares issued upon exercise of this Warrant shall be
stamped or imprinted with a legend substantially in the following form:

      THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
      INVESTMENT AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY
      DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE "ACT") OR ANY STATE SECURITIES LAWS. SUCH
      SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN
      THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL SATISFACTORY TO
      THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
      THE ACT.

Subject to this Article "6" of this Warrant, the Company may instruct its
transfer agent not to register the transfer of all or a part of this Warrant, or
any of the Warrant Shares, unless one of the conditions specified in the above
legend is satisfied.

7. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents and
warrants to the Holder as follows:

      (A) This Warrant has been duly authorized and executed by the Company and
is a valid and binding obligation of the Company enforceable in accordance with
its terms.

      (B) When issued in accordance with the terms hereof, the Warrant Shares
will have been duly authorized and reserved for issuance by the Company, validly
issued, fully paid and nonassessable.

8. REPRESENTATIONS AND WARRANTIES BY THE HOLDER. The Holder represents and
warrants to the Company as follows:

      (A) This Warrant is being acquired for its own account, for investment and
not with a view to, or for resale in connection with, any distribution or public
offering thereof within the meaning of the Act. Upon exercise of this Warrant,
the Holder shall, if so requested by the Company, confirm in writing, in a form
reasonably satisfactory to the Company, that the Shares issuable upon exercise
of this Warrant are being acquired for investment and not with a view toward
distribution or resale.

                                        4

<PAGE>

      (B) The Holder understands that this Warrant and the Warrant Shares have
not been registered under the Act by reason of their issuance in a transaction
exempt from the registration and prospectus delivery requirements of the Act
pursuant to Section 4(2) thereof, and that they must be held by the Holder
indefinitely, and that the Holder must therefore bear the economic risk of such
investment indefinitely, unless a subsequent disposition thereof is registered
under the Act or is exempted from such registration.

      (C) The Holder has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of the purchase of
this Warrant and the Shares purchasable pursuant to the terms of this Warrant
and of protecting its interests in connection therewith.

      (D) The Holder is able to bear the economic risk of the purchase of the
Shares pursuant to the terms of this Warrant.

9. RIGHTS OF STOCKHOLDERS. No holder of this Warrant shall be entitled, as a
warrant holder, to vote or receive dividends or be deemed the holder of Common
Stock or any other securities of the Company which may at any time be issuable
on the exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the holder of this Warrant, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par
value, consolidation, merger, conveyance, or otherwise) or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until the
Warrant shall have been exercised and the Shares purchasable upon the exercise
hereof shall have become deliverable, as provided herein.

10. OPINIONS. The Company shall, at its cost, provide the appropriate opinion
letters to be issued by the Company's counsel in compliance with the provisions
of Rule 144 which was promulgated by the Securities and Exchange Commission
pursuant to Section 4(1) of the Securities Act of 1933, as amended, with respect
to the transfer or sale of this Warrant or the Warrant Shares, if such transfer
or sale is permissible under Rule 144. Furthermore, the Company shall notify its
transfer agent that Mintz & Fraade, P.C. is authorized to issue said opinion
letters. If the Company fails to provide or approve legal opinions pursuant to
this Article "10" or Paragraph "(A)" of Article "5" of this Warrant within ten
(10) business days after a request from the Holder, the Company agrees to pay
the Holder five hundred ($500.00) dollars per day for each day that said
opinions or approvals are delayed. The Company acknowledges that it would be
extremely difficult or impracticable to determine the Holder's actual damages
and costs resulting from the delay in providing opinions or approvals for said
sale(s) of securities and the inclusion herein of any such late charges or fees
are the agreed upon liquidated damages representing a reasonable estimate of
those damages and costs and do not constitute a penalty.

11. TRANSFER. Subject to the terms and conditions of this Warrant, including,
but not limited to Paragraph "(B)" of Article "6" of this Warrant, this Warrant
may be transferred, in whole or in part, by delivering a delivering a completed
and duly executed Notice of Assignment (attached hereto as Exhibit "B") to the
Company, with such Notice of Assignment stating the individual or entity to whom
it shall be transferred (the "Transferee"), and whether such transfer shall be
for all rights remaining on the Warrant or only a portion thereof. In the event
of any transfer of rights represented by this Warrant, the Transferee shall
receive a Warrant in this form within ten (10) business days after the Company
receives the Notice of Assignment, and, unless this Warrant has been transferred
in full, a new Warrant representing the rights to acquire Shares with respect to
which this Warrant shall not have been exercised and which have not been
transferred shall also be issued to the Holder within such time. If the Company
fails to deliver a Warrant to the Transferee, or if applicable, a replacement
Warrant to the Holder within the time period required pursuant to this Article
"11" of this Warrant, the Company shall pay to the Transferee or the Holder, as
the case may be, five hundred ($500) dollars per day for each late day of
delivery. The Company acknowledges that it would be extremely difficult or
impracticable to determine the Transferee or Holder's actual damages and costs
resulting from a delay in providing such Warrant, and the inclusion herein of
any such late charges or fees are the agreed upon liquidated damages
representing a reasonable estimate of those damages and costs and do not
constitute a penalty.

                                        5

<PAGE>

12. MISCELLANEOUS.

      (A) Headings contained in this Warrant are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Warrant.

      (B) If any provision which is contained in this Warrant should, for any
reason, be held to be invalid or unenforceable in any respect under the laws of
any jurisdiction, such invalidity or unenforceability shall not affect any other
provision of this Warrant, and this Warrant shall be construed as if such
invalid or unenforceable provision had not been contained herein.

      (C) Any notice or other communication required or permitted hereunder must
be in writing and sent by either (i) registered or certified mail, postage
prepaid, return receipt requested, (ii) overnight delivery with confirmation of
delivery or (iii) facsimile transmission with an original mailed by first class
mail, postage prepaid, in each case addressed as follows:

To the Holder:    Azzurri Group, LLC
                  3589 NW 61st Circle
                  Boca Raton, FL 33496
                  Attn:
                  Fax No.:

With a copy to:   Mintz & Fraade, P.C.
                  488 Madison Avenue, Suite 1100
                  New York, NY 10022
                  Attn: Frederick M. Mintz, Esq.
                  Fax No.: (212) 486-0701

To the Company    Magnitude Information Systems, Inc.
                  401 Route 24
                  Chester, NJ 07930
                  Attn: Steven Gray
                  Fax No.: (908) 879-7006

With a copy to:   Joseph J. Tomasek, Esq.
                  75-77 N Bridge St.
                  Somerville, NJ 08876
                  Fax No: (908) 429-0040

or in each case to such other address and facsimile number as shall have last
been furnished by like notice. If mailing by registered or certified mail is
impossible due to an absence of postal service, and if the other methods of
sending notice set forth in this Paragraph "(C)" of this Article "12" of this
Warrant are not otherwise available, notice shall be in writing and personally
delivered to the aforesaid address. Each notice or communication shall be deemed
to have been given as of the date so mailed or delivered, as the case may be;
provided, however that any notice sent by facsimile shall be deemed to have been
given as of the date sent by facsimile if a copy of such notice is also mailed
by first class mail on the date sent by facsimile; if the date of mailing
differs from the date of sending by facsimile, then the date of mailing by first
class mail shall be deemed to be the date upon which notice was given.

      (D) This Warrant shall in all respects be construed, governed, applied and
enforced under with the internal laws of the State of New York without giving
effect to the principles of conflicts of laws and be deemed to be an agreement
entered into in the State of New York and made pursuant to the laws of the State
of New York. The parties agree that they shall be deemed to have agreed to
binding arbitration in New York, New York, with respect to the entire subject
matter of any and all disputes relating to or arising under this Warrant or any
breach thereof, including, but not limited to, the specific matters or disputes
as to which arbitration has been expressly provided for by other provisions of
this Warrant. Any such arbitration shall be by a panel of three arbitrators and
pursuant to the commercial rules then existing of the American Arbitration
Association in the State of New York, New York City. In all arbitrations,
judgment upon the arbitration award may be entered in any court having
jurisdiction. The parties agree, further, that the prevailing party in any such
arbitration as determined by the arbitrators shall be entitled to such costs and
attorney's fees, if any, in connection with such arbitration as may be awarded
by the arbitrators. In connection with the arbitrators' determination for the
purpose of which party, if any, is the prevailing party, they shall take into
account all of the factors and circumstances including, without limitation, the
relief sought, and by whom, and the relief, if any, awarded, and to whom. In
addition, and notwithstanding the foregoing sentence, a party shall not be
deemed to be the prevailing party in a claim seeking monetary damages, unless
the amount of the arbitration award exceeds the amount offered in a legally
binding writing by the other party by fifteen percent (15%) or more. For
example, if the party initiating arbitration ("A") seeks an award of $100,000
plus costs and expenses, the other party ("B") has offered A $50,000 in a
legally binding written offer prior to the commencement of the arbitration
proceeding, and the arbitration panel awards any amount less than $57,500 to A,
the panel should determine that B has "prevailed". The parties specifically
designate the Courts in New York City, State of New York as properly having
jurisdiction for any proceeding to confirm and enter judgment upon any such
arbitration award. The parties hereby consent to and submit to personal
jurisdiction over each of them by the Courts of the State of New York in any
action or proceeding, waive personal service of any and all process and
specifically consent that in any such action or proceeding, any service of
process may be effectuated upon any of them by certified mail, return receipt
requested, in accordance with Paragraph "(C)" of this Article "12" of this
Warrant.

                                        6

<PAGE>

      (E) Any remedy that is set forth in this Warrant is not exclusive of any
remedies that are provided by law.

      (F) The Company shall pay or otherwise reimburse to the Holder all
reasonable fees, costs and expenses actually incurred by the Holder in the
enforcement, administration or collection pursuant to the terms and conditions
of this Warrant and agrees to pay interest thereupon at the rate of two (2%)
percent per month from the date paid or incurred by the Holder until such
expenses are actually paid by the Company. Such obligation shall be binding upon
the Company regardless of whether or not an action has been commenced or is ever
commenced.

      (G) Each of the parties further acknowledges and agrees that (i) each has
been advised by counsel during the course of negotiations; (ii) each counsel has
had significant input in the development of this Warrant and (iii) this Warrant
shall not, therefore, be construed more strictly against any party responsible
for its drafting regardless of any presumption or rule requiring construction
against the party whose attorney drafted this agreement.

      (H) The parties have not made any representations, warranties, or
covenants with respect to the subject matter hereof which are not set forth
herein, and this Warrant, together with any instruments or other agreements
executed simultaneously herewith, constitutes the entire agreement between them
with respect to the subject matter hereof. All understandings and agreements
heretofore had between the parties with respect to the subject matter hereof are
merged in this Warrant and such other instruments and agreements, which alone
fully and completely express their agreement. This Warrant may not be changed,
modified, extended, terminated or discharged orally, but only by means of a
written agreement which is signed by both parties to this Warrant and which
explicitly states that it modifies this Warrant.

      (I) The parties agree to execute any and all such other further
instruments and documents, and to take any and all such further actions which
are reasonably required to effectuate this Warrant and the intents and purposes
hereof.

      (J) This Warrant shall be binding upon and inure to the benefit of the
parties hereto and their heirs, executors, administrators, personal
representatives, successors and assigns.

      (K) Except as otherwise expressly provided herein, no waiver of any
covenant, condition, or provision of this Warrant shall be deemed to have been
made unless expressly in writing and signed by the party against whom such
waiver is charged; and (i) the failure of any party to insist in any one or more
cases upon the performance of any of the provisions, covenants or conditions of
this Warrant or to exercise any option herein contained shall not be construed
as a waiver or relinquishment for the future of any such provisions, covenants
or conditions, (ii) the acceptance of performance of anything required by this
Warrant to be performed with knowledge of the breach or failure of a covenant,
condition or provision hereof shall not be deemed a waiver of such breach or
failure, and (iii) no waiver by any party of one breach by another party shall
be construed as a waiver of any other or subsequent breach.

                                        7

<PAGE>

      (L) All Exhibits annexed or attached to this Warrant are incorporated into
this Warrant by reference thereto and constitute an integral part of this
Warrant.

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

      IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

      Issued this 18th day of August, 2006.

                                        Magnitude Information Systems, Inc.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

Acknowledged and Accepted:

Azzurri Group, LLC

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                        8

<PAGE>

                                    EXHIBIT A

                               NOTICE OF EXERCISE

To: Magnitude Information Systems, Inc.

Attention: Chief Financial Officer

      1. The undersigned hereby elects to purchase ________ shares of Common
Stock of Magnitude Information Systems, Inc. pursuant to the terms of this
Warrant, and:

      (check the appropriate box:)

      |_| tenders herewith payment of the purchase price of such shares in full.

      |_| elects cashless exercise pursuant to Paragraph "(B)" of Article "2" of
this Warrant.

      2. Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

            _________________________________ (Name)

            _________________________________
            _________________________________ (Address)

      3. The undersigned hereby represents and warrants that the aforesaid
shares of Common Stock are being acquired for the account of the undersigned for
investment and not with a view to, or for resale, in connection with the
distribution thereof, and that the undersigned has no present intention of
distributing or reselling such shares and all representations and warranties of
the undersigned set forth in the attached Warrant are true and correct as of the
date hereof.

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

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                        Date:
                                              ----------------,---------

                                        9

<PAGE>

                                    EXHIBIT B

                              NOTICE OF ASSIGNMENT

               (To be executed by the registered Holder to effect
                             a transfer of Warrants)

      FOR VALUE RECEIVED, _______________________ hereby sells, assigns and
transfers unto ____________________ the right to purchase ______________ shares
of the common stock, par value $.001 per share, of Magnitude Information
Systems, Inc., evidenced by the attached Warrant, together with all right, title
and interest therein, and does irrevocably constitute to transfer and appoint
___________________ to transfer the said right on the books of said company with
full power of substitution in the premises.

Dated: ________________

                                        ----------------------------------------
                                                        Signature

                                       10

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