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                                PROMISSORY NOTE

$200,000.00                                                Norwich, Connecticut
                                                           December 16, 1999

     FOR VALUE RECEIVED, GUNTHER INTERNATIONAL, LTD., a Delaware corporation
("Maker") promises to pay to the order of ROBERT SPIEGEL ("Payee") at 60 Sachem
Road, Weston, Connecticut 06883, or at such other place as Payee may designate
in writing, the principal sum of TWO HUNDRED THOUSAND DOLLARS ($200,000)
together with interest on the unpaid balance of the Note from the date hereof
until paid, at a fixed rate of eight percent (8%) per annum and together with
all costs of collection, including reasonable attorney's fees, incurred in any
action to collect this Note.

     All principal, accrued interest, and any other amounts owed under this Note
shall be due and payable in full ON DEMAND by Payee at any time after January
16, 2000.

     Maker shall have the right, at any time and from time to time, to prepay
the principal amount of this Note, in whole or in part, without premium or
penalty.

     Presentment, notice of dishonor, and protest are hereby waived.

     Any notice to Maker shall be given by mailing such notice by regular mail,
addressed to Maker at One Winnenden Road, Norwich, Connecticut 06360-1570 or to
such other address as Maker may designate by notice to Payee. Any notice to
Payee shall be given by mailing such notice by regular mail, at the address
stated in the first paragraph of this Note, or at such other address as may have
been designated by notice to Maker.

     The word "Maker" shall include the successors and assigns of Maker named
herein and the word "Payee" shall include the successors and assigns of Payee
named herein. This Note shall be construed in accordance with the laws of the
State of Connecticut.


                                         GUNTHER INTERNATIONAL, LTD.


                                         By: /s/ Marc I. Perkins
                                         ------------------------------
                                         Name: Marc I. Perkins
                                         Title: Chief Executive Officer
                                         Hereunto Duly Authorized