SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934
<TABLE>
<CAPTION>
<S>                                                                            <C>
Date of Report (Date of earliest event reported):                               Commission File Number:
                DECEMBER 2, 1998                                                         1-10210
</TABLE>

                            EXECUTIVE TELECARD, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<CAPTION>
<S>                                                                                       <C>       
           DELAWARE                                                                 13-3486421
   (State or other jurisdiction                                                   (IRS Employer
        of incorporation)                                                      Identification Number)
</TABLE>

                       1720 S. BELLAIRE STREET, 10TH FLOOR
                             DENVER, COLORADO 80222
              (Address of principal executive offices) (Zip Code)

               Registrant's telephone number, including area code:
                                 (303) 691-2115

          (Former name or former address, if changed since last report)

                                 NOT APPLICABLE


<PAGE>



                            EXECUTIVE TELECARD, LTD.

ITEM 2    ACQUISITION OR DISPOSITION OF ASSETS

          On December 2, 1998 (the "Closing Date"),  Executive TeleCard, Ltd., a
Delaware  corporation  ("EXTEL") acquired IDX  International,  Inc., a privately
held Virginia corporation ("IDX"), through the merger (the "Merger") of IDX with
and  into  EXTEL  Merger  Sub  No.  1,  Inc.  ("Merger  Sub"),  a  newly  formed
wholly-owned  subsidiary  of EXTEL.  The  Merger  was  effected  pursuant  to an
Agreement and Plan of Merger, dated as of June 10, 1998 among EXTEL, Merger Sub,
IDX and the stockholders of IDX (the "IDX Stockholders"), which was subsequently
amended  by a  Consent  and  Extension,  dated as of  August  27,  1998,  and an
Amendment  No. 2 to Agreement  and Plan of Merger,  dated  October __, 1998 (the
"Merger  Agreement")  and related  articles of merger between Merger Sub and IDX
filed with the Virginia  State  Corporation  Commission on December 2, 1998 (the
"Articles of Merger").

          IDX   International,   Inc.,   the   survivor  of  the  Merger   ("IDX
International"),  is a  supplier  of IP  (Internet  protocol)  fax and IP  voice
platforms  and services to  telecommunications  operators  and Internet  Service
Providers  ("ISP's") in 12  countries.  IDX  International,  with 50  employees,
currently  has  approximately  $6.5 million of  annualized  revenue  (based upon
revenues for the one month period ended  November 30, 1998).  IDX  International
will  provide  EXTEL with two key  services  for  EXTEL's  new suite of Internet
services: operationally proven IP fax and IP voice. For at least the first year,
IDX International will operate as a separate  subsidiary,  although its platform
services will begin to be used  immediately to serve EXTEL's  customer base. IDX
International  will  operate  with its  existing  management  and  personnel  in
existing facilities in Fairfax, Virginia. Pursuant to the Merger Agreement, Hsin
Yen,  the  Chief  Executive  Officer  of  IDX,  and  Richard  Chiang,  a  former
stockholder of IDX, were appointed directors of EXTEL.

          As a result of the Merger and pursuant to the Merger Agreement and the
Articles of Merger,  all of the shares of common stock, no par value, and all of
the shares of preferred  stock,  no par value,  of IDX,  issued and  outstanding
immediately  prior to the effective  time of the Merger  (excluding any treasury
shares),  were converted  into and exchanged for, in the aggregate,  (a) 500,000
shares of Series B Convertible  Preferred  Stock,  par value $.001 per share, of
EXTEL ("Series B Convertible Preferred Stock"), which are convertible into up to
2,500,000  shares of Common  Stock,  par value  $.001 per  share,  of EXTEL (the
"EXTEL Common Stock"), subject to adjustment as described below, (b) warrants to
purchase  up to  2,500,000  shares of Common  Stock,  subject to  adjustment  as
described  below,  and (c)  $5,000,000,  which  amount is subject to decrease as
described below, in interest bearing Convertible  Subordinated Promissory Notes.
The rights and  preferences of the Series B Convertible  Preferred Stock are set
forth in the Certificate of Designations, Rights and Preferences of the Series B
Convertible  Preferred Stock, which is attached hereto as Exhibit 4.1, the terms
of the Warrants are set forth in



                                       2


<PAGE>

the form of Warrant,  which is attached  hereto as Exhibit 4.2, and the terms of
Convertible  Subordinated  Promissory  Notes  are  set  forth  in the  forms  of
Convertible  Subordinated Promissory Notes, which are attached hereto as Exhibit
4.3, and in each case incorporated herein by reference.

          The shares of Series B Preferred Stock will automatically convert into
shares of EXTEL  Common Stock on the earlier to occur of (a) the first date that
the 15 day  average  closing  sales price of EXTEL  Common  Stock is equal to or
greater  than  $8.00 or (b) 30 days after the later to occur of (i) the one year
anniversary of the Closing Date or (ii) the receipt of any necessary shareholder
approval relating to the issuance of the Common Stock upon such conversion.  The
Warrants  are  exercisable  only to the extent that IDX  International  achieves
certain revenue and cash flow goals over the twelve months following the Closing
Date.  EXTEL  has  guaranteed  a price  of  $8.00  per  share,  at the one  year
anniversary of the Closing Date, to recipients of the Common Stock issuable upon
the conversion or exercise,  as the case may be, of the Series B Preferred Stock
and Warrants, subject to IDX International's  achievement of certain revenue and
cash flow  objectives.  If the  market  price is less than $8.00 on the one year
anniversary of the Closing Date,  EXTEL will issue  additional  shares of Common
Stock  upon  conversion  of the Series B  Preferred  Stock and  exercise  of the
Warrants (subject to the receipt of any necessary stockholder approval) based on
the ratio of $8.00 to the  market  price,  but not more than an  aggregate  of 7
million additional shares of Common Stock in the aggregate.

          In  addition,  EXTEL  has  agreed  to pay  the  accrued,  but  unpaid,
dividends  (the "Accrued  Dividend")  on IDX's  preferred  stock  pursuant to an
interest  bearing  Convertible  Subordinated  Promissory  Note  in the  original
principal  amount of  $418,024,  the terms of which are set forth in the form of
Convertible  Subordinated  Promissory  Note, which is attached hereto as Exhibit
4.4 and  incorporated  herein by  reference.  EXTEL is  entitled  to reduce  the
aggregate  principal  balance  of  the  $2.5  million  Subordinated  Convertible
Promissory  Note due October 30, 1999  representing  the  remainder  of the cash
portion of the purchase price by the Accrued  Dividend and certain other amounts
unless offset by net proceeds from the sale of a subsidiary of IDX International
and a note issued to IDX International by an option holder.

          The  foregoing  description  of the  Merger  does  not  purport  to be
complete  and is  qualified  in its  entirety  by  reference  to (a) the  Merger
Agreement  and  amendments,  filed as Exhibit 2.1,  2.2 and 2.3 hereto,  (b) the
Certificate  of  Designations,  Rights and  Preferences  of Series B Convertible
Preferred Stock, filed as Exhibit 4.1 hereto, (c) the form of Warrant,  filed as
Exhibit 4.2 hereto, (d) the forms of Convertible  Subordinated Promissory Notes,
filed  as  Exhibit  4.3  hereto,  and (e) the form of  Convertible  Subordinated
Promissory Note,  filed as Exhibit 4.4, each of which is incorporated  herein by
reference. A copy of the press release, dated



                                       3


<PAGE>

December 3, 1998, issued by EXTEL regarding the  above-described  transaction is
attached as Exhibit 99 hereto.

ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

          (a) Financial Statements of Business Acquired.

          It is not practicable to provide the required financial statements for
IDX at this time.  The statement  will be filed as soon as they are prepared and
not later than February 15, 1999.

          (b) Pro Forma Financial Information.

          It is not  practicable  to provide the  required  pro forma  financial
statements for IDX at this time. The statement will be filed as soon as they are
prepared and not later than February 15, 1999.

          (c) Exhibits.

2.1       Agreement  and Plan of  Merger,  dated  June 10,  1998,  by and  among
          Executive  TeleCard,  Ltd., IDX International,  Inc., EXTEL Merger Sub
          No.  1,  Inc.  and  the  stockholders  of  IDX   International,   Inc.
          (Incorporated  by reference  to Exhibit 2.1 in Current  Report on Form
          8-K of Executive TeleCard, Ltd. dated June 24, 1998).

2.2       Consent and Extension,  dated August 27, 1998, by and among  Executive
          TeleCard, Ltd., IDX International,  Inc., EXTEL Merger Sub No. 1, Inc.
          and  Jeffey  Gee,  as   representative  of  the  stockholders  of  IDX
          International, Inc.

2.3       Amendment  No. 2 to Agreement  and Plan of Merger,  dated  October __,
          1998, by and among Executive TeleCard, Ltd., IDX International,  Inc.,
          EXTEL   Merger  Sub  No.  1,  Inc.   and  the   stockholders   of  IDX
          International, Inc.

4.1       Certificate  of  Designations,  Rights  and  Preferences  of  Series B
          Convertible Preferred Stock of Executive TeleCard, Ltd.

4.2       Form of Warrant by and between  Executive  TeleCard,  Ltd. and each of
          the stockholders of IDX International, Inc. (Incorporated by reference
          to Exhibit 2.1 in Current  Report on Form 8-K of  Executive  TeleCard,
          Ltd. dated June 24, 1998).




                                       4


<PAGE>

4.3       Forms of  Convertible  Subordinated  Promissory  Notes  payable to the
          stockholders  of IDX  International,  Inc. in the aggregate  principal
          amount of $5,000,000.

4.4       Form  of  Convertible  Subordinated  Promissory  Note  payable  to the
          preferred  stockholders  of IDX  International,  Inc. in the aggregate
          principal amount of $418,024.

99.1      Press  Release,  dated  December 3, 1998,  regarding the Agreement and
          Plan of Merger and the transactions contemplated thereby.



                                       5


<PAGE>



                                    SIGNATURE

          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                              EXECUTIVE TELECARD, LTD.

Date:  December 17, 1998                      By: /s/ W.P. Colin Smith, Jr.
                                                  -------------------------
                                                  W. P. Colin Smith, Jr.
                                                  Vice President of Legal
                                                  Affairs and General Counsel









                                       6


<PAGE>



                                  EXHIBIT INDEX

Exhibit           Description                                            Page
-------           -----------                                            -----

2.1       Agreement  and Plan of  Merger,  dated  June 10,  1998,  by and  among
          Executive  TeleCard,  Ltd., IDX International,  Inc., EXTEL Merger Sub
          No.1,   Inc.  and  the   stockholders  of  IDX   International,   Inc.
          (Incorporated  by reference  to Exhibit 2.1 in Current  Report on Form
          8-K of Executive TeleCard, Ltd. dated June 24, 1998).

2.2       Consent and Extension,  dated August 27, 1998, by and among  Executive
          TeleCard,  Ltd., IDX International,  Inc., EXTEL Merger Sub No.1, Inc.
          and  Jeffey  Gee,  as   representative  of  the  stockholders  of  IDX
          International, Inc.

2.3       Amendment  No.2 to  Agreement  and Plan of Merger,  dated  October __,
          1998, by and among Executive TeleCard, Ltd., IDX International,  Inc.,
          EXTEL Merger Sub No.1, Inc. and the stockholders of IDX International,
          Inc.

4.1       Certificate  of  Designations,  Rights  and  Preferences  of  Series B
          Convertible Preferred Stock of Executive TeleCard, Ltd.

4.2       Form of Warrant by and between  Executive  TeleCard,  Ltd. and each of
          the stockholders of IDX International, Inc. (Incorporated by reference
          to Exhibit 2.1 in Current  Report on Form 8-K of  Executive  TeleCard,
          Ltd. dated June 24, 1998).

4.3       Forms of  Convertible  Subordinated  Promissory  Notes  payable to the
          stockholders  of IDX  International,  Inc. in the aggregate  principal
          amount of $5,000,000.

4.4       Form  of  Convertible  Subordinated  Promissory  Note  payable  to the
          preferred  stockholders  of IDX  International,  Inc. in the aggregate
          principal amount of $418,024.

99.1      Press  Release  dated  December 3, 1998  relating to the Agreement and
          Plan of Merger and the transactions contemplated thereby
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 13981}]
{"company-data": {"conformed-name": "EXECUTIVE TELECARD LTD", "cik": "0000842807", "assigned-sic": "7389", "irs-number": "133486421", "state-of-incorporation": "DE", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10210", "film-number": "98771441"}, "business-address": {"street1": "1720 SOUTH BELLAIRE STREET, SUITE 1000", "street2": "10TH FL", "city": "DENVER", "state": "CO", "zip": "80222", "phone": "3036912115"}, "mail-address": {"street1": "1720 SOUTH BELLAIRE STREET SUITE 1000", "street2": "10TH FL", "city": "DENVER", "state": "CO", "zip": "80222"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):                               Commission File Number:
                DECEMBER 2, 1998                                                         1-10210
EXECUTIVE TELECARD, LTD.
             (Exact name of registrant as specified in its charter)
DELAWARE                                                                 13-3486421
   (State or other jurisdiction                                                   (IRS Employer
        of incorporation)                                                      Identification Number)
1720 S. BELLAIRE STREET, 10TH FLOOR
                             DENVER, COLORADO 80222
              (Address of principal executive offices) (Zip Code)

               Registrant's telephone number, including area code:
                                 (303) 691-2115

          (Former name or former address, if changed since last report)

                                 NOT APPLICABLE
EXECUTIVE TELECARD, LTD.

ITEM 2    ACQUISITION OR DISPOSITION OF ASSETS

          On December 2, 1998 (the "Closing Date"),  Executive TeleCard, Ltd., a
Delaware  corporation  ("EXTEL") acquired IDX  International,  Inc., a privately
held Virginia corporation ("IDX"), through the merger (the "Merger") of IDX with
and  into  EXTEL  Merger  Sub  No.  1,  Inc.  ("Merger  Sub"),  a  newly  formed
wholly-owned  subsidiary  of EXTEL.  The  Merger  was  effected  pursuant  to an
Agreement and Plan of Merger, dated as of June 10, 1998 among EXTEL, Merger Sub,
IDX and the stockholders of IDX (the "IDX Stockholders"), which was subsequently
amended  by a  Consent  and  Extension,  dated as of  August  27,  1998,  and an
Amendment  No. 2 to Agreement  and Plan of Merger,  dated  October __, 1998 (the
"Merger  Agreement")  and related  articles of merger between Merger Sub and IDX
filed with the Virginia  State  Corporation  Commission on December 2, 1998 (the
"Articles of Merger").

          IDX   International,   Inc.,   the   survivor  of  the  Merger   ("IDX
International"),  is a  supplier  of IP  (Internet  protocol)  fax and IP  voice
platforms  and services to  telecommunications  operators  and Internet  Service
Providers  ("ISP's") in 12  countries.  IDX  International,  with 50  employees,
currently  has  approximately  $6.5 million of  annualized  revenue  (based upon
revenues for the one month period ended  November 30, 1998).  IDX  International
will  provide  EXTEL with two key  services  for  EXTEL's  new suite of Internet
services: operationally proven IP fax and IP voice. For at least the first year,
IDX International will operate as a separate  subsidiary,  although its platform
services will begin to be used  immediately to serve EXTEL's  customer base. IDX
International  will  operate  with its  existing  management  and  personnel  in
existing facilities in Fairfax, Virginia. Pursuant to the Merger Agreement, Hsin
Yen,  the  Chief  Executive  Officer  of  IDX,  and  Richard  Chiang,  a  former
stockholder of IDX, were appointed directors of EXTEL.

          As a result of the Merger and pursuant to the Merger Agreement and the
Articles of Merger,  all of the shares of common stock, no par value, and all of
the shares of preferred  stock,  no par value,  of IDX,  issued and  outstanding
immediately  prior to the effective  time of the Merger  (excluding any treasury
shares),  were converted  into and exchanged for, in the aggregate,  (a) 500,000
shares of Series B Convertible  Preferred  Stock,  par value $.001 per share, of
EXTEL ("Series B Convertible Preferred Stock"), which are convertible into up to
2,500,000  shares of Common  Stock,  par value  $.001 per  share,  of EXTEL (the
"EXTEL Common Stock"), subject to adjustment as described below, (b) warrants to
purchase  up to  2,500,000  shares of Common  Stock,  subject to  adjustment  as
described  below,  and (c)  $5,000,000,  which  amount is subject to decrease as
described below, in interest bearing Convertible  Subordinated Promissory Notes.
The rights and  preferences of the Series B Convertible  Preferred Stock are set
forth in the Certificate of Designations, Rights and Preferences of the Series B
Convertible  Preferred Stock, which is attached hereto as Exhibit 4.1, the terms
of the Warrants are set forth in

                                       2
the form of Warrant,  which is attached  hereto as Exhibit 4.2, and the terms of
Convertible  Subordinated  Promissory  Notes  are  set  forth  in the  forms  of
Convertible  Subordinated Promissory Notes, which are attached hereto as Exhibit
4.3, and in each case incorporated herein by reference.

          The shares of Series B Preferred Stock will automatically convert into
shares of EXTEL  Common Stock on the earlier to occur of (a) the first date that
the 15 day  average  closing  sales price of EXTEL  Common  Stock is equal to or
greater  than  $8.00 or (b) 30 days after the later to occur of (i) the one year
anniversary of the Closing Date or (ii) the receipt of any necessary shareholder
approval relating to the issuance of the Common Stock upon such conversion.  The
Warrants  are  exercisable  only to the extent that IDX  International  achieves
certain revenue and cash flow goals over the twelve months following the Closing
Date.  EXTEL  has  guaranteed  a price  of  $8.00  per  share,  at the one  year
anniversary of the Closing Date, to recipients of the Common Stock issuable upon
the conversion or exercise,  as the case may be, of the Series B Preferred Stock
and Warrants, subject to IDX International's  achievement of certain revenue and
cash flow  objectives.  If the  market  price is less than $8.00 on the one year
anniversary of the Closing Date,  EXTEL will issue  additional  shares of Common
Stock  upon  conversion  of the Series B  Preferred  Stock and  exercise  of the
Warrants (subject to the receipt of any necessary stockholder approval) based on
the ratio of $8.00 to the  market  price,  but not more than an  aggregate  of 7
million additional shares of Common Stock in the aggregate.

          In  addition,  EXTEL  has  agreed  to pay  the  accrued,  but  unpaid,
dividends  (the "Accrued  Dividend")  on IDX's  preferred  stock  pursuant to an
interest  bearing  Convertible  Subordinated  Promissory  Note  in the  original
principal  amount of  $418,024,  the terms of which are set forth in the form of
Convertible  Subordinated  Promissory  Note, which is attached hereto as Exhibit
4.4 and  incorporated  herein by  reference.  EXTEL is  entitled  to reduce  the
aggregate  principal  balance  of  the  $2.5  million  Subordinated  Convertible
Promissory  Note due October 30, 1999  representing  the  remainder  of the cash
portion of the purchase price by the Accrued  Dividend and certain other amounts
unless offset by net proceeds from the sale of a subsidiary of IDX International
and a note issued to IDX International by an option holder.

          The  foregoing  description  of the  Merger  does  not  purport  to be
complete  and is  qualified  in its  entirety  by  reference  to (a) the  Merger
Agreement  and  amendments,  filed as Exhibit 2.1,  2.2 and 2.3 hereto,  (b) the
Certificate  of  Designations,  Rights and  Preferences  of Series B Convertible
Preferred Stock, filed as Exhibit 4.1 hereto, (c) the form of Warrant,  filed as
Exhibit 4.2 hereto, (d) the forms of Convertible  Subordinated Promissory Notes,
filed  as  Exhibit  4.3  hereto,  and (e) the form of  Convertible  Subordinated
Promissory Note,  filed as Exhibit 4.4, each of which is incorporated  herein by
reference. A copy of the press release, dated

                                       3
December 3, 1998, issued by EXTEL regarding the  above-described  transaction is
attached as Exhibit 99 hereto.

ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

          (a) Financial Statements of Business Acquired.

          It is not practicable to provide the required financial statements for
IDX at this time.  The statement  will be filed as soon as they are prepared and
not later than February 15, 1999.

          (b) Pro Forma Financial Information.

          It is not  practicable  to provide the  required  pro forma  financial
statements for IDX at this time. The statement will be filed as soon as they are
prepared and not later than February 15, 1999.

          (c) Exhibits.

2.1       Agreement  and Plan of  Merger,  dated  June 10,  1998,  by and  among
          Executive  TeleCard,  Ltd., IDX International,  Inc., EXTEL Merger Sub
          No.  1,  Inc.  and  the  stockholders  of  IDX   International,   Inc.
          (Incorporated  by reference  to Exhibit 2.1 in Current  Report on Form
          8-K of Executive TeleCard, Ltd. dated June 24, 1998).

2.2       Consent and Extension,  dated August 27, 1998, by and among  Executive
          TeleCard, Ltd., IDX International,  Inc., EXTEL Merger Sub No. 1, Inc.
          and  Jeffey  Gee,  as   representative  of  the  stockholders  of  IDX
          International, Inc.

2.3       Amendment  No. 2 to Agreement  and Plan of Merger,  dated  October __,
          1998, by and among Executive TeleCard, Ltd., IDX International,  Inc.,
          EXTEL   Merger  Sub  No.  1,  Inc.   and  the   stockholders   of  IDX
          International, Inc.

4.1       Certificate  of  Designations,  Rights  and  Preferences  of  Series B
          Convertible Preferred Stock of Executive TeleCard, Ltd.

4.2       Form of Warrant by and between  Executive  TeleCard,  Ltd. and each of
          the stockholders of IDX International, Inc. (Incorporated by reference
          to Exhibit 2.1 in Current  Report on Form 8-K of  Executive  TeleCard,
          Ltd. dated June 24, 1998).

                                       4
4.3       Forms of  Convertible  Subordinated  Promissory  Notes  payable to the
          stockholders  of IDX  International,  Inc. in the aggregate  principal
          amount of $5,000,000.

4.4       Form  of  Convertible  Subordinated  Promissory  Note  payable  to the
          preferred  stockholders  of IDX  International,  Inc. in the aggregate
          principal amount of $418,024.

99.1      Press  Release,  dated  December 3, 1998,  regarding the Agreement and
          Plan of Merger and the transactions contemplated thereby.

                                       5
SIGNATURE

          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                              EXECUTIVE TELECARD, LTD.

Date:  December 17, 1998                      By: /s/ W.P. Colin Smith, Jr.
                                                  -------------------------
                                                  W. P. Colin Smith, Jr.
                                                  Vice President of Legal
                                                  Affairs and General Counsel

                                       6
EXHIBIT INDEX

Exhibit           Description                                            Page
-------           -----------                                            -----

2.1       Agreement  and Plan of  Merger,  dated  June 10,  1998,  by and  among
          Executive  TeleCard,  Ltd., IDX International,  Inc., EXTEL Merger Sub
          No.1,   Inc.  and  the   stockholders  of  IDX   International,   Inc.
          (Incorporated  by reference  to Exhibit 2.1 in Current  Report on Form
          8-K of Executive TeleCard, Ltd. dated June 24, 1998).

2.2       Consent and Extension,  dated August 27, 1998, by and among  Executive
          TeleCard,  Ltd., IDX International,  Inc., EXTEL Merger Sub No.1, Inc.
          and  Jeffey  Gee,  as   representative  of  the  stockholders  of  IDX
          International, Inc.

2.3       Amendment  No.2 to  Agreement  and Plan of Merger,  dated  October __,
          1998, by and among Executive TeleCard, Ltd., IDX International,  Inc.,
          EXTEL Merger Sub No.1, Inc. and the stockholders of IDX International,
          Inc.

4.1       Certificate  of  Designations,  Rights  and  Preferences  of  Series B
          Convertible Preferred Stock of Executive TeleCard, Ltd.

4.2       Form of Warrant by and between  Executive  TeleCard,  Ltd. and each of
          the stockholders of IDX International, Inc. (Incorporated by reference
          to Exhibit 2.1 in Current  Report on Form 8-K of  Executive  TeleCard,
          Ltd. dated June 24, 1998).

4.3       Forms of  Convertible  Subordinated  Promissory  Notes  payable to the
          stockholders  of IDX  International,  Inc. in the aggregate  principal
          amount of $5,000,000.

4.4       Form  of  Convertible  Subordinated  Promissory  Note  payable  to the
          preferred  stockholders  of IDX  International,  Inc. in the aggregate
          principal amount of $418,024.

99.1      Press  Release  dated  December 3, 1998  relating to the Agreement and
          Plan of Merger and the transactions contemplated thereby