Investor Agreement

Exhibit 10.26


INVESTOR AGREEMENT


The undersigned, Gold & Appel Transfer, S.A. ("G&A"), hereby agrees to loan to Capsule Communications, Inc. ("Capsule"), the sum of up to $900,000 (the "Maximum Amount"), G&A will invest funds on the following schedule: $300,000 on March 13, 2001 and $300,000 on May 1, 2001 and $300,000 on June 15, 2001 or later if requested by the president of Capsule. The foregoing agreement of G&A shall be on, and subject to, the following conditions:


1. References below to the "Company" shall deem Capsule as the borrower of sums from G&A.


2. The loan shall be due and payable on or before June 15, 2002.


3. At the option of G&A the loan can be converted at any time during the loan period to shares of Capsule at the average trading price of the Capsule share during the preceding 20 trading days.


4. The amounts loaned by G&A to the Company shall accrue interest from the date(s) made at the rate of 12% per annum calculated and accrued monthly on the outstanding balance, and all amounts os loaned, together with accrued interest thereon, ...