Document:

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                                                                   EXHIBIT 10.26

                                 AMENDMENT NO. 1
                                       TO
                          SECURITIES PURCHASE AGREEMENT

        THIS AMENDMENT NO. 1 TO SECURITIES PURCHASE AGREEMENT is entered into as
of the 29th day of August 2000 (the "Amendment") by and among the Investors
signatory hereto (each an "Investor" and together the "Investors") and
Interactive Telesis Inc., a Delaware corporation (the "Company").

        WHEREAS, the parties entered into that certain Securities Purchase
Agreement dated June 12, 2000 (the "Agreement"), pursuant to which the Company
agreed to issue and sell to the Investors, and the Investors agreed to purchase
from the Company up to $4,500,000 of the Company's Common Stock and to receive
in connection therewith certain Repricing Rights (as defined below) and warrants
to purchase shares of the Company's Common Stock; and

        WHEREAS, the parties desire herein to amend the Agreement to provide
that the Registrable Securities issued or issuable in connection with the Second
and Third Closings shall be covered by separate Registration Statements for each
Closing and that the Registration Statement already filed with the SEC should be
amended to cover only the Registrable Securities issued or issuable in
connection with the Initial Closing.

        WHEREAS, the parties desire to amend the Agreement and the original
Registration Rights Agreement to give effect to these changes and to clarify
that the Purchase Price applicable to the securities issued at each Closing is
determined based on the market price of the Company's Common Stock prior to the
filing of the applicable Registration Statement covering those securities.

        NOW, THEREFORE, in consideration of the mutual promises,
representations, warranties, covenants and conditions set forth in this
Amendment, the parties hereto agree as follows:

        The definitions of the following terms contained in Article I of the
Agreement have been amended and restated in their entirety as follows:

"EFFECTIVE DATE" shall mean the date on which the SEC first declares effective a
Registration Statement registering the resale of the Registrable Securities
applicable to a particular Closing as set forth in the Registration Rights
Agreement.

"REGISTRATION RIGHTS AGREEMENTS" shall mean the agreements regarding the filing
of each of the Registration Statements for the resale of the Registrable
Securities applicable to each particular Closing, entered into between the
Company and the Investors as of the Initial Closing Date in the form annexed
hereto as Exhibit D, as amended.

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"REGISTRATION STATEMENT" shall mean one or more registration statements on Form
S-3 (if use of such form is then available to the Company pursuant to the rules
of the SEC and, if not, on such other form promulgated by the SEC for which the
Company then qualifies and which counsel for the Company shall deem appropriate,
and which form shall be available for the resale by the Investors of the
Registrable Securities to be registered thereunder in accordance with the
provisions of this Agreement, the Registration Rights Agreement and in
accordance with the intended method of distribution of such securities), for the
registration of the resale by the Investors of the Registrable Securities under
the Securities Act.

"REPURCHASE EVENT" means any one of the following events:

                (1) For any period of five consecutive trading days commencing
        on or after the Closing Date there shall be no closing bid price of the
        Common Stock on the Principal Market;

                (2) The Common Stock ceases to be listed for trading on any of
        the NYSE, the AMEX, the Nasdaq, the Nasdaq SmallCap or the OTC;

                (3) The Company fails to file a Registration Statement within 60
        days after the applicable Closing Date;

                (4) A Registration Statement is not effective within 180 days
        after the applicable Closing Date;

                (5) After any Effective Date, the inability for 30 or more days
        (whether or not consecutive) of any holder of Securities covered by such
        Registration Statement to sell such Securities pursuant to the
        Registration Statement for any reason (unless such inability to sell
        arises solely for reasons within the control of the holder or because of
        the death or incapacity of the holder);

                (6) The Company shall fail or default in the timely performance
        of any obligation (A) to issue Repricing Shares as and when required by
        Section 2.2, (B) to comply with Section 9.3 regarding the removal of
        restrictive legends and stop transfer restrictions with respect to the
        Securities or (C) under the Transaction Documents;

                (7) Any consolidation or merger of the Company with or into
        another entity (other than a merger or consolidation of a subsidiary of
        the Company into the Company or a wholly-owned subsidiary of the
        Company) where the common stock of such surviving company is not listed
        for trading on the NYSE, the AMEX, the Nasdaq, the Nasdaq SmallCap or
        the OTC, or any sale or other transfer of all or substantially all of
        the assets of the Company;

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                (8) The Company amends its Certificate of Incorporation or
        Bylaws, without the consent of the Investors, which amendment materially
        and adversely affects the rights of any holder of the Securities; or

                (9) Termination of Don Cameron as Chief Executive Officer of the
        Company (including a change or diminution of his duties as such),
        whether by resignation, termination, death, disability or otherwise.

"SECOND CLOSING DATE" shall mean the date, if any, that is forty-five days after
the Effective Date of the original Registration Statement required to be filed
hereunder or, if such date is not a trading day, the first trading day
thereafter; provided, however, if the conditions to the Second Closing are not
satisfied or waived on or before 150 days after the Initial Closing Date, the
Investors shall have no obligation to purchase and the Company shall have no
obligation to sell the Securities on such date.

"THIRD CLOSING DATE" shall mean the date, if any, that is three months after the
Effective Date of the original Registration Statement required to be filed
hereunder or, if such date is not a trading day, the first trading day
thereafter; provided, however, if the conditions to the Third Closing are not
satisfied or waived on or before 180 days after the Initial Closing Date, the
Investors shall have no obligation to purchase and the Company shall have no
obligation to sell the Securities on such date.

Section 2.1 (e)(i) of the Agreement shall be amended and restated in its
entirety as follows:

               (e) In addition to the conditions to Closing set forth in Section
        2.1(c) above, each Investor's obligation hereunder to purchase the
        Securities to be purchased by it on the Second Closing Date and on the
        Third Closing Date shall be subject to the satisfaction, on or before
        such Closing Date, of each of the following additional conditions,
        provided that these conditions are for the Investor's sole benefit and
        may be waived by it at any time in its sole discretion by providing the
        Company with prior written notice thereof:

                      (i) all prior Registration Statements required to be filed
               hereunder shall have been filed and the original Registration
               Statement shall be effective on such Closing Date;

Sections 2.2(a) and 2.2(c) of the Agreement shall be amended and restated in its
entirety as follows:

                (a) Repricing Rights. Subject to the provisions of Sections
        2.2(g) and 2.2(h) below, at any time or times after the sooner of the
        Effective Date relating to the original Registration Statement required
        to be filed hereunder or the date 120

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        days following the Initial Closing Date, the Investor shall be entitled
        to exercise any whole number of Repricing Rights for fully paid and
        nonassessable Repricing Shares in accordance with Section 2.2(c), at the
        Repricing Rate. The Company shall not issue any fraction of a share of
        Common Stock upon any exercise of Repricing Rights. All Repricing Shares
        (including fractions thereof) issuable upon exercise of more than one
        Repricing Right by a holder thereof shall be aggregated for purposes of
        determining whether the exercise would result in the issuance of a
        fraction of a share of Common Stock. If, after the aforementioned
        aggregation, the issuance would result in the issuance of a fraction of
        a share of Common Stock, such fraction of a share of Common Stock shall
        be rounded up or down to the nearest whole share.

                 (c) Mechanics of Exercise of Repricing Rights. The Investor may
        exercise such Repricing Rights at any time on or after the sooner of the
        Effective Date relating to the original Registration Statement required
        to be filed hereunder or the date 120 days following the Initial Closing
        Date (and before the termination date set forth in Section 2.2(h)
        hereof) in accordance with the following terms:

Section 9.3 of the Agreement shall be amended and restated in its entirety as
follows:

                Section 9.3. No Other Legend or Stock Transfer Restrictions. No
        legend other than the one specified in Section 9.1 has been or shall be
        placed on the share certificates representing the Registrable Securities
        and no instructions or "stop transfer orders," "stock transfer
        restrictions," or other restrictions have been or shall be given to the
        Company's transfer agent with respect thereto other than as expressly
        set forth in this Article IX. After the Effective Date applicable to a
        particular group of Securities, upon request of the Investor the Company
        will substitute certificates without restrictive legend for certificates
        for any Common Shares, Repricing Shares or Warrant Shares issued prior
        to such Effective Date which bear restrictive legends and remove any
        stop-transfer restriction relating thereto promptly, but in no event
        later than three trading days after request for removal.

Section 13.11 of the Agreement shall be amended and restated in its entirety as
follows:

                Section 13.11. Termination. If the Initial Closing shall not
        have occurred on or before fifteen (15) business days from the date
        hereof (or if the Second or Third Closings shall not have occurred on or
        before 150 and 180 days, respectively, from the date hereof) due to the
        Company's or an Investor's failure to satisfy the conditions set forth
        in Article II above (and the nonbreaching party's failure to waive such
        unsatisfied condition(s)), the nonbreaching party shall have the option
        to terminate this Agreement with respect to such breaching party at the
        close of business on such date without liability of any party to any
        other party; provided, however, that if this Agreement is terminated
        pursuant to this Section

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        13.11, the Company shall remain obligated to reimburse the non-breaching
        Investors for the expenses described in Section 13.8 above.

               IN WITNESS WHEREOF, the parties hereto have caused this Amendment
No. 1 to Securities Purchase Agreement to be executed by the undersigned,
thereunto duly authorized, as of the date first set forth above.

                                    COMPANY:

                                    INTERACTIVE TELESIS INC.

                                    By:     /s/ Donald E. Cameron
                                            ------------------------------------

                                    Name:   Donald E. Cameron, President

<TABLE>
<S>                                                    <C>
                                   INVESTORS:

Address:                                               BH Capital Investments, L.P.
175 Bloor Street East, 7th Floor, South Tower          By: HB and Co., Inc. its General
                                                       Partner
Toronto, Ontario Canada M4W 3R8
Fax: 416-929-5314
                                                       By:  /s/ Henry Brachfeld,
Total Common Stock to be purchased at:                    ---------------------------------
Initial Closing:  $ 1,250,000                               Name: Henry Brachfeld
Second Closing:   $   500,000                               Authorized Signatory
Third Closing:    $   500,000

Address:                                               Excalibur Limited Partnership
33 Prince Arthur Avenue                                By: Excalibur Capital Management, Inc.
Toronto, Ontario, Canada M5R 1B2                            its General Partner
Fax: 416-964-8868

Total Common Stock to be purchased at:                 By:  /s/ William Hechter, by Henry
                                                            ------------------------------------
Initial Closing:  $ 1,250,000                               Brachfield, his attorney-in-fact
                                                            Name: William Hechter, President
Second Closing:   $   500,000
Third Closing:    $   500,000
</TABLE><PAGE>   1
                                                                   EXHIBIT 10.27

                                 AMENDMENT NO. 1
                                       TO
                          REGISTRATION RIGHTS AGREEMENT

        THIS AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT (this "AMENDMENT")
is entered into effective as of August 29, 2000, by and among Interactive
Telesis, Inc., a Delaware corporation, with headquarters located at 535
Encinitas Boulevard, Suite 116, Encinitas, California 92024 (the "COMPANY"), and
the undersigned buyers (each, a "BUYER" and collectively, the "BUYERS").

        WHEREAS:

        A. The parties hereto entered into that certain Registration Rights
Agreement dated June 12, 2000 (the "AGREEMENT"), pursuant to which the Company
agreed to provide certain registration rights with respect to the securities
issued and issuable thereunder. All terms not otherwise defined herein shall
have the meanings ascribed to such terms in the Agreement.

        B. The parties desire herein to amend the Agreement to provide that the
Registrable Securities issued and issuable in connection with the Second and
Third Closings shall be covered by separate Registration Statements for each
Closing and that the Registration Statement already filed with the SEC be
amended to cover only the Registrable Securities issued and issuable in
connection with the Initial Closing.

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Buyers hereby agree to amend the Agreement as follows:

Section 2.a of the Agreement is hereby amended and restated in its entirety as
follows:

                a. Mandatory Registration. The Company shall prepare, and, as
        soon as practicable, but in no event later than thirty (30) days after
        each applicable Closing Date (as defined in the Securities Purchase
        Agreement) (the "SCHEDULED FILING DATE"), file with the SEC a separate
        Registration Statement or Registration Statements (as is necessary) on
        Form S-3 covering the resale of all of the Registrable Securities issued
        and issuable in connection with each such Closing. In the event that
        Form S-3 is unavailable for any such registrations, the Company shall
        use such other form as is available for such registrations, subject to
        the provisions of Section 2.e. Any Registration Statement prepared
        pursuant hereto shall register for resale at least that number of shares
        of Common Stock equal to the number of Registrable Securities applicable
        to that Closing (issued and issuable) as of the date immediately
        preceding the date the Registration Statement is initially filed with
        the SEC, assuming that the Average Market Price (as defined in the
        Securities Purchase Agreement) were to decline 50% from the lower of (a)

<PAGE>   2

        the Purchase Price at the applicable Closing and (b) the closing bid
        price of the Common Stock as of the date two days preceding the date the
        applicable Registration Statement is initially filed with the SEC (such
        lower price shall hereafter be referred to as the "REGISTRATION SHARE
        NUMBER CALCULATION PRICE"). The Company shall use its best efforts to
        have each Registration Statement declared effective by the SEC as soon
        as practicable, but in no event later than ninety (90) days after the
        applicable Closing Date in the event the SEC does not review such
        Registration Statement and no later than one hundred twenty (120) days
        after the applicable Closing Date in the event the SEC conducts a full
        review of such Registration Statement (the "SCHEDULED EFFECTIVE DATE").
        The Company represents and covenants that no Person other than the
        Investors has or will have the right to include any securities of the
        Company in any Registration Statement to be filed in accordance with
        this Section 2.a.

Sections 3.a and 3.v(i) and (ii) of the Agreement are hereby amended and
restated in their entirety as follows:

                Whenever an Investor has requested that any Registrable
        Securities be registered pursuant to Section 2.b or at such time as the
        Company is obligated to file a Registration Statement with the SEC
        pursuant to Section 2.a or 2.f, the Company will use its best efforts to
        effect the registration of the Registrable Securities in accordance with
        the intended method of disposition thereof and, pursuant thereto, the
        Company shall have the following obligations:

                a. The Company shall promptly prepare and file with the SEC a
        separate Registration Statement with respect to the Registrable
        Securities issued and issuable in connection with each Closing (on or
        prior to the thirtieth (30th) day after the applicable Closing Date) for
        the registration of Registrable Securities pursuant to Section 2.a and
        use its best efforts to cause such Registration Statements relating to
        the Registrable Securities to become effective as soon as possible after
        such filing (but, in no event later than ninety (90) days after the
        applicable Closing Date in the event the SEC does not review the
        Registration Statement and no later than one hundred twenty (120) days
        after the applicable Closing Date in the event the SEC conducts a full
        review of the Registration Statement). The Company shall not file any
        other Registration Statement with respect to any of its securities
        between the date hereof and ninety (90) days after the effective date of
        any such Registration Statement (other than a Registration Statement on
        Form S-8 (or its equivalent at such time)). The Company shall keep each
        of the Registration Statements required to be filed hereunder effective
        pursuant to Rule 415 at all times until the earlier of (i) the date as
        of which the Investors may sell all of the Registrable Securities
        covered by such Registration Statement without restriction pursuant to
        Rule 144(k) promulgated under the 1933 Act (or successor thereto) or
        (ii) the date on which (A) the Investors shall have sold all the
        Registrable Securities covered by such Registration Statement and (B)
        none of the Repricing Rights or Warrants is outstanding (the
        "REGISTRATION

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        PERIOD"), which Registration Statement (including any amendments or
        supplements thereto and prospectuses contained therein) shall not
        contain any untrue statement of a material fact or omit to state a
        material fact required to be stated therein, or necessary to make the
        statements therein, in light of the circumstances in which they were
        made, not misleading. The term "best efforts" shall mean, among other
        things, that the Company shall submit to the SEC, within two business
        days after the Company learns that no review of a particular
        Registration Statement will be made by the staff of the SEC or that the
        staff has no further comments on the Registration Statement, as the case
        may be, a request for acceleration of effectiveness of such Registration
        Statement to a time and date not later than 48 hours after the
        submission of such request.

                v. Each of the following events shall constitute a "REGISTRATION
        DEFAULT" for purposes of this Agreement:

                       (i) the Company's failure to file a Registration
        Statement by the applicable Scheduled Filing Date or Additional
        Scheduled Filing Date thereof, as appropriate;

                       (ii) the SEC's failure to declare a Registration
        Statement effective on or before the applicable Scheduled Effective Date
        or Additional Scheduled Effective Date thereof, as appropriate, except
        where the failure to meet such deadline is the result solely of actions
        by the holders of Registrable Securities or Legal Counsel;

                                   * * * * * *

<PAGE>   4

        IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to
Registration Rights Agreement to be duly executed as of day and year first above
written.

COMPANY:                              BUYERS:

INTERACTIVE TELESIS, INC.             BH CAPITAL INVESTMENTS, L.P.
                                         By:  HB and Co., Inc. its General
                                              Partner

By:   /s/ Donald E. Cameron           By: /s/ Henry Brachfeld,
      ---------------------------         --------------------------------------
Name: Donald E. Cameron                   Name: Henry Brachfeld
Its:  President                           Its:  Authorized Signatory

                                          EXCALIBUR LIMITED PARTNERSHIP
                                          By: Excalibur Capital Management, Inc.
                                          Its General Partner

                                          By: /s/ William Hechter, by Henry
                                              ----------------------------------
                                              Brachfield, his attorney-in-fact
                                              ----------------------------------
                                              Name:  William Hechter, President

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