<SUBMISSION>
<ACCESSION-NUMBER>0001161697-05-001410
<TYPE>SB-2
<PUBLIC-DOCUMENT-COUNT>4
<FILING-DATE>20051223
<DATE-OF-FILING-DATE-CHANGE>20051223
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ADSERO CORP
<CIK>0001103544
<ASSIGNED-SIC>6770
<IRS-NUMBER>650602729
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SB-2
<ACT>33
<FILE-NUMBER>333-130683
<FILM-NUMBER>051285611
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2101 NOBEL STREET
<CITY>SAINTE JULIE
<STATE>A8
<ZIP>J3E 1Z8
<PHONE>450-922-5689
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2101 NOBEL STREET
<CITY>SAINTE JULIE
<STATE>A8
<ZIP>J3E 1Z8
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>REINK CORP
<DATE-CHANGED>20010212
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>SB-2
<SEQUENCE>1
<FILENAME>sb-2.htm
<DESCRIPTION>FORM SB-2
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<DIV STYLE="WIDTH:600">
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="67%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="27%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>As filed with the Securities and Exchange Commission on December 23, 2005</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Registration
  No. 333-_____</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2><B>SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2><B>FORM SB-2<BR>
REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="100%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>ADSERO CORP.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(Exact Name of Registrant as Specified in its Charter)</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE="2">Delaware </FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE="2">3570 </FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE="2">65-0602729 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(State or Other Jurisdiction of<BR>
  Incorporation or Organization)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(Primary Standard Industrial<BR>
  Classification Code Number)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>(I.R.S. Employer<BR>
  Identification<BR>
  Number)</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>2101 Nobel Street<BR>
Sainte Julie, Quebec J3E 1Z8<BR>
Canada<BR>
(450) 922-5689<BR>(Address, Including Zip Code, and Telephone Number,
Including Area Code,<BR>
of Registrant&#146;s Principal Executive Offices)</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>Yvon Leveille, President<BR>
Adsero Corp.<BR>
2101 Nobel Street<BR>
Sainte Julie, Quebec J3E 1Z8<BR>
Canada<BR>
(450) 922-5689<BR> (Name,
Address, Including Zip Code, and Telephone Number,<BR>
Including Area Code, of Agent for Service)<BR>
Copy to:<BR>
Scott Rapfogel<BR>
Gottbetter &amp; Partners, LLP<BR>
488 Madison Avenue, 12<SUP>th</SUP> Floor<BR>
New York, New York 10022</FONT></P>

<P><FONT SIZE=2>Approximate
date of commencement of proposed sale to the public: As soon as practicable
after the effective date of this Registration Statement.</FONT></P>

<P><FONT SIZE=2>If any of the
securities being registered on this form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, check
the following box. <FONT FACE=WINGDINGS SIZE=2>x</FONT></FONT></P>

<P><FONT SIZE=2>If this form
is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. <FONT FACE=WINGDINGS size=2>o</FONT></FONT></P>

<P><FONT SIZE=2>If this form
is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. <FONT SIZE=2 FACE=WINGDINGS>o</FONT></FONT></P>

<P><FONT SIZE=2>If this form
is a post-effective amendment filed pursuant to Rule 462(d) under the
Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. <FONT SIZE=2 FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>If delivery of
the prospectus is expected to be made pursuant to Rule 434, check the following
box. </FONT><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT  SIZE=2>CALCULATION OF REGISTRATION FEE</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="15%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Title of
  Each Class of<BR>
  Securities to be&nbsp;Registered</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Amount to
  be<BR>
  Registered (1)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Proposed
  Maximum<BR>
  Offering Price Per<BR>
  Share(2)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Proposed
  Maximum<BR>
  Aggregate Offering<BR>
  Price(2)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Amount of<BR>
  Registration Fee</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>Common Stock,<BR>
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8" nowrap>
  <P ALIGN=RIGHT><FONT SIZE=2>16,078,205&nbsp;shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>(3)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>23,313,397</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>2,495</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Common Stock,<BR>
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>6,674,808
  shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(4)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>9,678,472</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,036</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>Common Stock,<BR>
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>754,500&nbsp;shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>(5)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1,094,025</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>117</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Common Stock,<BR>
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>6,500,000
  shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(6)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>9,425,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,008</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>Common Stock,<BR>
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1,800,000&nbsp;shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>(7)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>2,610,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>279</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Common Stock,<BR>
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>20,721,000&nbsp;shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(8)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>30,045,450</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>3,215</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>Common Stock,<BR>
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1,114,470&nbsp;shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1,615,982</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>173</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Common Stock,<BR>
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,200,000&nbsp;shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM nowrap>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(10)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,740,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>186</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>TOTAL</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>54,842,983
  shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.45</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>79,522,325</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>8,509</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(1)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Pursuant to
  Rule 416 promulgated under the Securities Act of 1933, as amended, there are
  also registered hereunder such indeterminate number of additional shares as
  may be issued to the Selling Stockholders to prevent dilution resulting from
  stock splits, stock dividends or similar transactions pursuant to the terms
  of our stock options, common stock purchase warrants, convertible note,
  equity commitment agreement, or the Series I Exchangeable Shares of 3091503
  Nova Scotia Company.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(2)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Estimated
  solely for the purpose of calculating the registration fee pursuant to Rule
  457(c) of the Securities Act of 1933 based on the closing price of our common
  stock on December 19, 2005.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(3)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Represents
  16,078,205 shares of outstanding common stock.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(4)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Represents
  up to 6,674,808 shares of common stock issuable upon exercise of certain
  outstanding common stock purchase warrants.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(5)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Represents
  up to 754,500 shares of common stock issuable upon exercise of certain
  outstanding stock options.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(6)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Represents
  up to 6,500,000 shares of common stock issuable upon exchange of Series I
  Exchangeable Shares of our indirect subsidiary, 3091503 Nova Scotia Company.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(7)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Represents
  up to 1,800,000 shares of common stock issuable upon conversion of an
  outstanding loan. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(8)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Represents
  up to 20,721,000 shares of common stock issuable upon exercise of subscription
  receipts including 10,360,500 shares underlying common stock purchase
  warrants issuable upon exercise of the subscription receipts.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Represents
  up to 1,114,470 shares of common stock issuable upon exercise of Agent&#146;s
  Warrants including 557,235 shares underlying common stock purchase warrants
  issuable upon exercise of the Agent&#146;s Warrants.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>(10)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Represents
  up to 1,200,000 shares of common stock issuable upon conversion of certain
  outstanding promissory notes.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS
MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A
FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT
SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE
SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SECTION 8(A), MAY
DETERMINE.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE="2">ii </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT  SIZE=2>Subject to Completion, dated December 23,
2005</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Prospectus</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>Adsero Corp.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>54,842,983 Shares of Common Stock</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>This
prospectus relates to the resale, from time to time, of up to 54,842,983 shares
of our common stock by the stockholders referred to throughout this prospectus
as &#147;Selling Stockholders.&#148; Shares covered by this prospectus include 16,078,205
shares that are currently outstanding and 38,764,778 shares that are issuable
upon the exercise of certain outstanding options, warrants, subscription
receipts, and Agent&#146;s Warrants, including shares that are issuable upon the
exercise of warrants issuable upon the exercise of subscription receipts and
Agent&#146;s Warrants, the exchange of Series I Exchangeable Shares of our indirect
subsidiary 3091503 Nova Scotia Company, conversion of outstanding promissory
notes and the conversion of an outstanding loan. All of these shares are being
registered for resale only. We will not receive any of the proceeds from the
sale of the shares by the Selling Stockholders. These shares will be offered
for sale by the Selling Stockholders, from time to time, at prevailing market
prices or in negotiated transactions. We are paying the expenses incurred in
registering the shares, however any costs incurred in connection with sales of
such stock by the Selling Stockholders will be paid by the Selling
Stockholders.</FONT></P>

<P><FONT SIZE=2>The Selling
Stockholders may be deemed underwriters within the meaning of the Securities
Act of 1933, as amended, in connection with such sales.</FONT></P>

<P><FONT SIZE=2>Our common
stock is traded on the over-the-counter bulletin board operated by the National
Association of Securities Dealers, Inc. (OTCBB) under the symbol ADSO. The last
reported sales price for our common stock on December 15, 2005 was $1.50 per
share.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>INVESTING IN OUR SECURITIES INVOLVES A HIGH
DEGREE OF RISK. SEE RISK FACTORS BEGINNING ON PAGE 8.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>NEITHER THE SECURITIES AND EXCHANGE
COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF
THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
information in this prospectus is not complete and may be changed. The Selling
Stockholders may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus
is not an offer to sell these securities and the Selling Stockholders are not
soliciting an offer to buy these securities in any state where the offer or
sale of these securities is not permitted.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT  SIZE=2>TABLE OF CONTENTS</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="90%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>PAGE</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A1">Prospectus
  Summary</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A2">Risk
  Factors</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A3">Forward-Looking
  Statements</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A4">Determination
  of Offering Price</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A5">Selling
  Stockholders</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P  ALIGN=CENTER><FONT SIZE=2>19</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A6">Plan
  of Distribution</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A7">Legal
  Proceedings</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>28</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A8">Directors,
  Executive Officers, Promoters and Control Persons</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>29</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A9">Executive
  Compensation</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>32</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A10">Security
  Ownership of Certain Beneficial Owners and Management</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>35</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A11">Description
  of Securities</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>39</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A12">Experts</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>44</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A13">Legal
  Matters</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>44</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A14">Disclosure
  of Commission Position on Indemnification for Securities Act Liabilities</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>44</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A15">Use
  of Proceeds</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>44</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A16">Description
  of Business</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>45</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A17">Plan
  of Operation</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>68</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A18">Certain
  Relationships and Related Party Transactions</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>69</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A19">Market
  for Common Equity and Related Stockholder Matters</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>73</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A20">Changes
  In and Disagreements With Accountants on Accounting And Financial Disclosure</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>75</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A21">Where
  You Can Find Additional Information</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>75</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2><A HREF="#A22">Financial
  Statements</A></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>76</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>You should
rely only on the information contained in this prospectus. We have not
authorized anyone to provide you with information different from that which is
contained in this prospectus. This prospectus may be used only where it is
legal to sell these securities. The information in this prospectus may only be
accurate on the date of this prospectus, regardless of the time of any sale of
securities. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><A  NAME=A1></A><FONT SIZE=2><B>PROSPECTUS SUMMARY</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>This summary
is not complete and does not contain all of the information that should be
considered before investing in our common stock. Investors should read the
entire prospectus carefully, including the more detailed information regarding
our business, the risks of purchasing our common stock discussed under Risk
Factors, and our financial statements and the accompanying notes. Unless
otherwise indicated in this prospectus, &#147;dollars&#148; or &#147;$&#148; refers to the United
States dollar. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In this
prospectus, &#147;Adsero&#148;, &#147;the Company&#148;, &#147;we&#148;, &#147;us&#148;, and &#147;our&#148; refer to Adsero
Corp. and its subsidiaries taken as in whole, unless the context requires
otherwise. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Business</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We were
incorporated in Delaware on March 6, 1999 under the name Reink Corp. (&#147;Reink&#148;).
Effective March 22, 2004 we changed our name to Adsero Corp. We are the parent
of wholly owned subsidiaries Teckn-O-Laser Global Company, Teckn-O-Laser Inc.
and Teckn-O-Laser USA Ltd. (collectively the &#147;Teckn-O-Laser Group&#148;) which
acquisitions we completed effective January 2, 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As a result of our acquisition of the Teckn-O-Laser Group, we are a
leading North American remanufacturer of laser toner and ink jet cartridges for
printers, fax machines and photocopiers. We service more than 200 customers
that are geographically located in Canada and the United States. We operate
facilities in Canada that are located in Montreal, Toronto, and Quebec City and
in the United States in Memphis, Tennessee. We market and sell our products
through a variety of channels including, but not limited to, distributors and
retail office supply stores. Through our completed and proposed acquisitions
and our current and intended marketing and promotion strategies, we intend to
improve our present position within the recharger segment of the imaging
consumables market. However, we cannot provide any assurance that we will be
successful in our efforts to execute our business strategy, or that the
execution of such business strategy will actually yield positive operating
results and cash flow. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In November
2005 we completed our acquisition of approximately 10% of the outstanding
shares of Turbon AG, a prominent, German public corporation operating in the
same line of business as us. We intend to pursue the acquisition of the
remaining outstanding shares of Turbon AG. The completion and closing of such
an acquisition is subject to certain conditions, including but not limited to,
our raising of the necessary funds to close the transaction and the approval of
Turbon AG&#146;s shareholders. No assurance can be given that we will successfully
complete the proposed acquisition. (See &#147;DESCRIPTION OF BUSINESS &#150; Turbon AG
Acquisition&#148;)</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>From 1999 through July 2003, at which time our then operating
subsidiary, Reink USA, Ltd. was forced into Chapter 7 Liquidation under the
U.S. Federal Bankruptcy Code, we were a manufacturer and marketer of
environmentally conscious quality aftermarket ink products for the imaging
consumables market. Our products included ink jet and remanufactured laser
toner cartridges, inkjet refill kits, remanufactured inkjet cartridges, thermal
printer film, bulk ink, and a</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2>wide range of specialty inks for industrial printer applications. From
July 2003 until January 2005 we did not conduct any material operations. Our
activities during that period of time principally consisted of engaging in
discussions, from time to time, with operating businesses within the imaging
consumables industry with respect to possible mergers, acquisition, or other
types of business combinations. </FONT></P>

<P><FONT SIZE=2>Our
headquarters are located at 2101 Nobel Street, Sainte Julie, Quebec J3E 1Z8 and
our telephone number at this address is (450) 922-5689.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>The Offering </B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="45%" VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</p>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="50%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Common Stock Offered by the
Company</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>None.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Common Stock Offered by the
Selling
  Stockholders</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>54,842,983
  shares, including 16,078,205 presently outstanding shares; up to 754,500
  shares issuable upon exercise of certain outstanding stock options up to
  6,674,808 shares issuable upon exercise of certain outstanding common stock
  purchase warrants; up to 1,200,000 shares issuable upon the conversion of
  outstanding promissory notes, up to 6,500,000 shares issuable upon the
  exchange of Series I Exchangeable Shares of our subsidiary, 3091503 Nova
  Scotia Company; up to 1,800,000 shares issuable upon conversion of an
  outstanding loan; up to 20,721,000 shares issuable upon exercise of certain
  subscription receipts including 10,360,500 shares issuable upon exercise of
  common stock purchase warrants issuable upon exercise of the subscription
  receipts; and up to 1,114,470 shares issuable upon exercise of certain
  Agent&#146;s Warrants including 557,235 shares issuable upon exercise of common
  stock purchase warrants issuable upon exercise of the Agent&#146;s Warrants.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Use of Proceeds</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>We will not
  receive any of the proceeds from sales of our common stock by the Selling
  Stockholders.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>OTC Symbol</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>ADSO.OB</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Offering Price</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>To be
  determined by the prevailing market price for our common stock at the time of
  the sale or in negotiated transactions.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Risk Factors</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>You should
  read the &#147;Risk Factors&#148; section beginning on page 8 to ensure that you
  understand the risks associated with an investment in our common stock.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="45%" VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</p>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="50%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Terms of the Sale</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>To be
  determined at the time of the sale.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Common Stock Outstanding
Prior to this
  Offering</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>23,691,430
  shares.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Outstanding After this
Offering</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>62,456,208
  shares (1), including up to 54,842,983 shares of common stock covered by this
  prospectus.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT    SIZE=2>Common Stock Reserved in
Connection with
  this Offering</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>38,764,778
  shares, including 754,500 shares issuable upon exercise of outstanding
  options, 6,674,808 shares issuable upon exercise of outstanding warrants
  1,200,000 shares issuable upon conversion of outstanding promissory notes,
  1,800,000 shares issuable upon the conversion of an outstanding loan
  6,500,000 shares issuable upon the exchange of Series I Exchangeable Shares
  of our subsidiary, 3091503 Nova Scotia Company, 20,721,000 shares issuable
  upon exercise of subscription receipts including 10,360,500 shares issuable
  upon exercise of warrants issuable upon exercise of the subscription
  receipts, and 1,114,470 shares issuable upon exercise of Agent&#146;s Warrants
  including 557,235 shares issuable upon exercise of warrants issuable upon
  exercise of the Agent&#146;s Warrants.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumes
the exercise of 754,500 outstanding options and 6,674,808 outstanding warrants;
the conversion of outstanding promissory notes into 1,200,000 shares of common
stock; the conversion of an outstanding loan into 1,800,000 shares of common
stock; the exchange of Series I Exchangeable Shares of 3091503 Nova Scotia
Company for 6,500,000 shares of common stock; the issuance of 20,721,000 shares
of common stock upon exercise of subscription receipts including 10,360,500
shares issuable upon exercise of warrants issuable upon exercise of the
subscription receipts; and the issuance of 1,114,470 shares of common stock
upon exercise of Agent&#146;s Warrants including 557,235 shares issuable upon exercise
of warrants issuable upon exercise of the Agent&#146;s Warrants. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>Summary Financial Data</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The summary
financial data set forth below with respect to our consolidated statements of
operations and cash flows for the fiscal years ended December 31, 2004 and 2003,
and the nine month periods ended September 30, 2005 and 2004, are derived from,
and should be read in conjunction with, our audited and unaudited consolidated
financial statements and the notes thereto included elsewhere in this
prospectus. We had no material business operations from July 2003 until our
January 2005 acquisition of Teckn-O-Laser Global Company and related companies.
We had no revenues during 2003 and 2004 due to the July 2003 Chapter 7
liquidation of our subsidiary, Reink USA, Ltd. and its subsequent treatment as
a discontinued operation. Accordingly, please keep in mind that our actual
financial results will likely differ considerably
from those presented below with respect to the periods prior to the
Teckn-O-Laser Global Company acquisition.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="33%" VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</p>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;    TEXT-INDENT:-8.65PT'><FONT
size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="9" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Years Ended</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Nine Months Ended</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;    TEXT-INDENT:-8.65PT'><FONT
size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>December 31, 2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>December 31, 2003</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Sept 30, 2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Sept 30, 2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;    TEXT-INDENT:-8.65PT'><FONT
size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;    TEXT-INDENT:-8.65PT'><FONT
size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  COLSPAN="7" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>(unaudited)</B></FONT></P>
  </TD>




 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Consolidated Statements of
  Operations Data:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Revenues</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>20,249,635</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Gross Profit</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>5,183,948</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Operating Expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,706,840</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>908,940</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>4,823,701</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,249,059</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Net income (loss)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>(1,761,710</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>(1,626,901</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>(498,622</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>(1,290,515</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Net income (loss) per common
share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(0.19</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(1.50</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(0.03</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(0.15</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Weighted average number of
common shares outstanding</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>9,487,361</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1,082,643</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>16,658,197</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>8,774,865</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Consolidated Balance Sheet
Data:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>December
  31, 2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Sept 30,
  2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>(unaudited)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

<TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>Total assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>361,700</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>20,557,201</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Current liabilities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>2,918,276</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>14,005,826
  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>Total liabilities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>2,918,276</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>16,075,335
  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Total stockholders&#146; equity
  (deficiency)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(2,556,576</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>4,481,866
  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Sales By The Selling
Stockholders</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>This prospectus
relates to the resale of up to 54,842,983 shares (the &#147;Shares&#148;) of our common
stock by current stockholders, warrantholders, optionholders, subscription
receipt holders, Agent&#146;s Warrant holders, noteholders, a debtholder, and
holders of Series I Exchangeable Shares of our subsidiary, 3091503 Nova Scotia
Company. The Shares include:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>984,500
  outstanding shares issued to 3 persons in January 2004 pursuant to the
  conversion of debt;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>27,500
  outstanding shares issued to 1 person in 1999, 2000 and 2001 pursuant to
  services rendered;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>2,350,500
  outstanding shares issued to 4 persons in April 2004 pursuant to the
  conversion of debt;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>410,000
  outstanding shares issued to 3 persons pursuant to our May/June 2004
  offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>1,295,000
  outstanding shares issued to 18 persons pursuant to our July through October
  2004 offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>2,330,000
  outstanding shares issued to 10 persons pursuant to our January 2005
  offering;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>64,750
  outstanding shares issued to the Placement Agent in our July through October
  2004 offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>68,000
  outstanding shares issued to the Placement Agent in our January 2005
  offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>100,000
  outstanding shares issued to the Placement Agent as a Work Fee with respect
  to the July through October 2004 offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>350,000
  outstanding shares issued to 2 persons in December 2004 pursuant to
  Consulting Agreements;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>200,000
  outstanding shares issued in January 2005 in connection with a Loan
  Agreement;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>6,449,455
  outstanding shares issued to 2 persons in December 2005 pursuant to a note
  conversion and the assignment of rights to shares related to the
  restructuring of certain financial obligation of ours and the payment
  acquisition fees;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>698,500
  outstanding shares issued to 3 persons as a financing fee related to the
  Teckn-O-Laser Global Company acquisition;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>50,000
  outstanding shares issued to the Placement Agent for the July through October
  2004 offering pursuant to a Settlement Agreement;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>500,000 outstanding
  shares issued to 2 persons in connection with financial consulting services
  rendered in 2004;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>200,000
  outstanding shares issued to 1 person pursuant to a January 2005 unit
  purchase;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>300,000
  shares underlying outstanding stock options issued in April 2004;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>244,500
  shares underlying outstanding stock options issued in January 2005;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>100,000
  shares underlying outstanding stock options issued in February 2005;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>110,000
  shares underlying outstanding stock options issued in March 2005;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>410,000
  shares underlying outstanding warrants issued pursuant to our May/June 2004
  offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>1,295,000
  shares underlying outstanding warrants issued pursuant to our July through
  October 2004 offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>64,750 shares
  underlying outstanding warrants issued to the Placement Agent for the July
  through October 2004 offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>2,330,000
  shares underlying outstanding warrants issued pursuant to our January 2005
  offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>200,000
  shares underlying outstanding warrants issued in January 2005;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>68,000
  shares underlying outstanding warrants issued to the Placement Agent in our
  January 2005 offering;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>150,000
  shares underlying outstanding warrants issued to the Placement Agent for the
  July through October 2004 offering pursuant to a Settlement Agreement;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>100,000
  shares underlying outstanding warrants issued in June 2005;</FONT></P>
  </TD>
 </TR>


 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>5,121,000
  shares underlying subscription receipts issued on July 21, 2005 that are
  automatically exercisable on December 31, 2005, including 2,560,500 shares
  underlying warrants issuable upon the exercise of the subscription receipts;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>4,800,000
  shares underlying subscription receipts issued on November 4, 2005 that are
  automatically exercisable on January 31, 2006, including 2,400,000 shares
  underlying warrants issuable upon the exercise of the subscription receipts;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>8,000,000
  shares underlying subscription receipts issued on November 9, 2005 that are
  automatically exercisable on December 31, 2005, including 4,000,000 shares
  underlying warrants issuable upon the exercise of the subscription receipts;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>2,800,000
  shares underlying subscription receipts issued on November 29, 2005 that are
  automatically exercisable on December 31, 2005, including 1,400,000 shares
  underlying warrants issuable upon the exercise of the subscription receipts;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>358,470
  shares underlying Agent&#146;s Warrants issuable upon the exercise of Broker
  Warrants issued on July 21, 2005 that are automatically exercisable on
  December 31, 2005 including 179,235 shares underlying warrants issuable upon
  exercise of the Agent&#146;s Warrants;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>560,000
  shares underlying Agent&#146;s Warrants issuable upon the exercise of Broker
  Warrants issued on November 9, 2005 that are automatically exercisable on
  December 31, 2005 including 280,000 shares underlying warrants issuable upon
  exercise of the Agent&#146;s Warrants;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>196,000
  shares underlying Agent&#146;s Warrants issuable upon the exercise of Broker
  Warrants issued on November 29, 2005 that are automatically exercisable on
  December 31, 2005 including 98,000 shares underlying warrants issuable upon
  exercise of the Agent&#146;s Warrants;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>up to
  6,500,000 shares issuable upon exchange of up to 6,500,000 Series I
  Exchangeable Shares of 3091503 Nova Scotia Company;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>up to
  1,800,000 shares issuable upon conversion of an outstanding January 31, 2005
  CDN$2,000,000 loan;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>2,057,058
  shares underlying outstanding warrants issued in September 2005 upon the
  conversion of a promissory note; and</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT  SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>up to
  1,200,000 shares issuable upon conversion of outstanding promissory notes in
  the aggregate amount of $600,000 issued in November 2005.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><A  NAME=A2></A><FONT SIZE=2><B>RISK FACTORS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>ANY INVESTMENT IN OUR COMMON STOCK INVOLVES A
HIGH DEGREE OF RISK. YOU SHOULD CONSIDER CAREFULLY THE RISKS AND UNCERTAINTIES
DESCRIBED BELOW, AND ALL OTHER INFORMATION CONTAINED IN THIS PROSPECTUS, BEFORE
YOU DECIDE WHETHER TO PURCHASE OUR COMMON STOCK. ADDITIONAL RISKS AND
UNCERTAINTIES NOT CURRENTLY KNOWN TO US OR THAT WE CURRENTLY DEEM IMMATERIAL
MAY ALSO BECOME IMPORTANT FACTORS THAT MAY HARM OUR BUSINESS. THE OCCURRENCE OF
ANY OF THE FOLLOWING RISKS COULD HARM OUR BUSINESS. THE TRADING PRICE OF OUR
COMMON STOCK COULD DECLINE DUE TO ANY OF THESE RISKS AND UNCERTAINTIES, AND YOU
MAY LOSE PART OR ALL OF YOUR INVESTMENT.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>


<P><FONT SIZE=2><B>THIS SECTION IS ORGANIZED AS FOLLOWS: </B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>RISKS RELATED TO OUR BUSINESS;</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>RISKS RELATED TO OUR FINANCIAL CONDITION;</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>RISKS RELATING TO OUR INDUSTRY; AND </B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>RISKS RELATED TO THIS OFFERING</B></FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2><B>Risks Related To Our Business</B></FONT></P>

<P align=justify><FONT SIZE=2><B><I>We Have A Limited
Operating History For You To Use To Evaluate Our Business Following Our
Acquisition Of Teckn-O-Laser Global Company. This Makes It More Difficult To
Predict Our Future Results.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>We were inactive at the time of our January
2005 acquisition of Teckn-O-Laser Global Company, a Canadian remanufacturer of
printer cartridges. Although Teckn-O-Laser Global Company is an established
company with more than 10 years of operations, and more than $28,000,000 in
revenues during 2004, it has a limited history as an operating subsidiary of
our Company. Although we expect Teckn-O-Laser Global Company&#146;s operating
results prior to the acquisition to be indicative of the results it will
achieve as our subsidiary, no assurance can be given that this will prove to be
the case.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>Many Original
Equipment Printer Manufacturers Limit Printer Cartridge Remanufacturing Using
Technological And Logistical Barriers. This Makes It More Difficult For Us To
Compete With Original Equipment Printer Manufacturers. </I></B></FONT></P>

<P align=justify><FONT SIZE=2>Some original
equipment printer manufacturers add technical barriers and new technologies to
printers and printer cartridges that serve to restrict the ability to
remanufacture printer cartridges. Methods utilized include restricting the
availability of used cartridges and inserting sophisticated computer chips into
printers and printer cartridges for the purpose of restricting the use and
development of remanufactured printer cartridges and limiting, preventing or
restricting the use of remanufactured cartridges in their printers. These
practices significantly deter the entry of remanufacturers into the print
cartridge market, significantly increase the amount of capital that
remanufacturers must devote to research and development, reduce competition and
lessen consumer choice. Although there has been some recent progress in making
such barriers to reuse illegal or harder to sustain, until such time that these
barriers are significantly lessened or eliminated, printer cartridge
remanufacturers will be impacted with respect to their ability to develop
remanufactured cartridges. </FONT></P>

<P align=justify><FONT SIZE=2><B><I>Our Success Is
Dependent On Our Ability To Successfully Develop Products That Are Compatible
With Products Manufactured And Developed By Original Equipment Manufacturers
And That Do Not Infringe On The Intellectual Property Rights Of These Original
Equipment Manufacturers. Our Failure To Do So Will Harm Our Financial Condition
And Operating Results.</I></B></FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT SIZE=2>Our success
depends in part on our ability to develop manufacturing processes, maintain
trade secret protection and operate without infringing the proprietary rights
of others. Future claims of intellectual property infringement could prevent us
from obtaining products incorporating the technologies of others and could
otherwise adversely affect our operating results, cash flows, financial
position or business, as could expenses incurred defending against claims that
our products infringe the intellectual property rights of others.</FONT></P>

<P align=justify><FONT SIZE=2>Success in the
aftermarket imaging consumables industry depends, in part, on developing
consumable products that are compatible with the printers made by the original
equipment manufacturers, are of high quality, and that have a selling price
less than that of like consumable supplies offered by the original equipment
manufacturers. For example, if the original equipment manufacturers introduce
chemical toners with better imaging characteristics and higher yields,
microprocessor chips that communicate between the toner cartridge and the
device, or introduce products using patented or other proprietary technologies,
then the aftermarket industry has to respond with ongoing development programs
to offer compatible products that emulate the original equipment manufacturers&#146;
without infringing upon the original equipment manufacturers&#146; intellectual
property.</FONT></P>

<P align=justify><FONT SIZE=2>Technical
innovations are inherently complex and require long development cycles and
appropriate professional staffing. Our future business success depends on our
ability to develop and introduce new products that successfully address the
changing technologies of the original equipment manufacturers, meet the
customer&#146;s needs and win market acceptance in a timely and cost-effective
manner. If we do not develop and introduce products compatible with the
original equipment manufacturer&#146;s technologies in a timely manner in response
to changing market conditions or customer requirements, our business could be
seriously harmed.</FONT></P>

<P align=justify><FONT SIZE=2>The challenges
we face in implementing our business model include establishing, maintaining,
and increasing market acceptance of our existing remanufactured printer
cartridge products and also successfully developing or acquiring new
remanufactured printer cartridge products for resale that achieve market
acceptance. We must successfully commercialize the products that we are currently
developing. While Teckn-O-Laser Global Company has in the past developed
products that it has been successful in selling, there can be no assurance that
parts, materials or products for new remanufactured printer cartridge products
will be available or will achieve market acceptance. If we fail to successfully
commercialize products we develop or acquire for resale from third parties, or
if these products fail to achieve market acceptance, our financial condition
and results of operation would be seriously harmed.</FONT></P>

<P><FONT SIZE=2><B><I>Our Results Of
Operation Could Be Materially Harmed If We Are Unable To Recoup Our Investment
In Research And Development.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>The rapid
change in technology in our industry requires that we continue to make
investments in research and development in order to not only develop
technologies that function like the original equipment manufacturers&#146; and do
not infringe on the original equipment manufacturers&#146; intellectual property
rights, but we must also enhance the performance and functionality of our
products and keep pace with competitive products and satisfy customer </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT SIZE=2>demands for
improved performance, features, functionality and costs. There can be no
assurance that revenues from future products or product enhancements will be
sufficient to recover the development costs associated with such products or
enhancements or that we will be able to secure the financial resources
necessary to fund future development. Research and development costs typically
are incurred before we confirm the technical feasibility and commercial
viability of a product, and not all development activities result in
commercially viable products. In addition, we cannot ensure that these products
or enhancements will receive market acceptance or that we will be able to sell
these products at prices that are favorable to us. Our business could be
seriously harmed if we are unable to sell our products at favorable prices or
if the market in which we operate does not accept our products. </FONT></P>

<P><FONT SIZE=2><B><I>Our Intellectual
Property Protection Is Limited, Making It More Difficult For Us To Protect Our
Proprietary Rights In Our Property. </I></B></FONT></P>

<P ><FONT SIZE=2>We do not rely
on patents to protect our proprietary rights. We do rely on a combination of
laws such as trade secrets and contractual restrictions such as confidentiality
agreements to protect proprietary rights. Despite any precautions we have
taken:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align=justify><FONT SIZE=2>laws and
  contractual restrictions might not be sufficient to prevent misappropriation
  of our technology or deter others from developing similar technologies; and</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align=justify><FONT SIZE=2>policing
  unauthorized use of our products is difficult, expensive and time-consuming
  and we might not be able to determine the extent of this unauthorized use.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2>Therefore,
there can be no assurance that we can meaningfully protect our rights in such
unpatented proprietary technology or that others will not independently develop
substantially equivalent proprietary products or processes or otherwise gain
access to the proprietary technology. Reverse engineering, unauthorized copying
or other misappropriation of our proprietary technology could enable third
parties to benefit from our technology without paying us, which could
significantly harm our business.</FONT></P>

<P><FONT SIZE=2><B><I>We Have A Principal
Manufacturing Facility. We May Lose Revenue And Be Unable To Maintain Our
Client Relationships If We Lose Our Production Capacity At Such Facility. </I></B></FONT></P>

<P align=justify><FONT SIZE=2>We manufacture
most of the products we sell at our facility in Sainte Julie, Quebec. If this
production facility becomes incapable of manufacturing products for any reason,
we may be unable to meet production requirements, we may lose revenue and we
may not be able to maintain our relationships with our customers. Without this
production facility, we would have no other material means of manufacturing
products until we were able to restore the manufacturing capability at our
facility, significantly expand the manufacturing capacity at our Memphis,
Tennessee facility, or develop an alternative manufacturing facility. Certain
products are currently manufactured under a supply agreement with Turbon AG,
but there can be no assurance that Turbon AG would be able to meet our
production needs if production were disrupted at the Sainte Julie facility. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P><FONT SIZE=2><B><I>Our Acquisition
Strategy May Prove Unsuccessful. This Would Have A Detrimental Effect On Our
Financial Results. </I></B></FONT></P>

<P align=justify><FONT SIZE=2>In January
2005 we completed the acquisition of Teckn-O-Laser Global Company. In November
2005 we completed the acquisition of 10% of the outstanding shares of Turbon
AG. We are presently pursuing the acquisition of the remainder of the
outstanding shares of Turbon AG but no assurance can be given that we will be
successful in this endeavor. We intend to continue to pursue other acquisitions
of businesses or technologies that our management believes complement or expand
our existing business. Acquisitions of this type involve a number of risks,
including the possibility that the operations of any businesses that are
acquired will be unprofitable or that management attention will be diverted
from the day-to-day operation of our existing business. An unsuccessful
acquisition could reduce profit margins or otherwise harm our financial
condition. In addition, any acquisition could result in a dilutive issuance of
equity securities, the incurrence of debt or the loss of key employees. Certain
benefits of any acquisition may depend on the taking of one-time or recurring
accounting charges that may be material. We cannot predict whether any
acquisition undertaken by us will be successfully completed or, if one or more
acquisitions are completed, whether the acquired assets will generate
sufficient revenue to offset the associated costs or other adverse effects.
There can be no assurance that any merger or acquisition could be successfully
completed. In addition, we could incur expenses in exploring a merger or
acquisition transactions that are not completed.</FONT></P>

<P><FONT SIZE=2><B><I>Compliance With
Government Regulations May Cause Us To Incur Unforeseen Expenses.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>Our
manufacturing operations are subject to domestic and international laws and
regulations, particularly relating to environmental matters that impose
limitations on the discharge of pollutants into the air, water and soil and
establish standards for treatment, storage and disposal of solid and hazardous
wastes. Compliance with these laws and regulations has not in the past had a
material adverse effect on our capital expenditures, earnings or competitive
position. There can be no assurance, however, that future changes in
environmental laws or regulations, or in the criteria required to obtain or
maintain necessary permits, will not have a material adverse affect on our
operations.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>Corporate Governance
Requirements Have Made It More Difficult To Attract Qualified Directors. As A
Result, Our Business May Be Harmed And The Price Of Our Stock May Be Adversely Affected.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>Corporate
governance requirements under the Sarbanes-Oxley Act of 2002 and SEC rules
adopted thereunder have increased the role and responsibilities of directors
and executive officers of public companies. These new requirements make it more
difficult and more expensive for us to obtain director and officer liability
insurance. We may be required to accept reduced coverage or incur significantly
higher costs to obtain coverage. As a result, it may be more difficult for us
to attract and retain qualified individuals to serve as members of our board of
directors.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>If We Fail To
Maintain Effective Internal Controls Over Financial Reporting, The Price Of Our
Common Stock May Be Adversely Affected.</I></B></FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT SIZE=2>We are
required to establish and maintain appropriate internal controls over financial
reporting. Failure to establish such controls, or any failure with resect to
the operating effectiveness of such controls once established, would require us
to publicly disclose such conditions. The disclosue of such could have a
material adverse effect on our business, financial condition or results of
operations. In addition, management (in its periodic assessments of internal
controls over financial reporting) may identify weaknesses and conditions that
require remedial action, which could be a cause for concern on the part of our
current and prospective investors. Any actual or perceived weaknesses and
conditions that need to be addressed, disclosure of management&#146;s assessment of
our internal controls over financial reporting or disclosure of our independent
registered public accounting firm&#146;s attestation or report on management&#146;s
assessment of our internal controls over financial reporting may have an
adverse impact on the price of our common stock.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2><B>Risks Related To Our Financial Condition</B></FONT></P>

<P><FONT SIZE=2><B><I>We Need Additional
Financing Which May Not Be Available And, If Available, Might Only Be Available
On Unfavorable Terms.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>We have
principally funded our operations to date through sales of our debt and equity
securities and loans from affiliated persons. We expect to raise capital in the
future through sales of our debt or equity securities and loans until such
time, if ever, that we are able to finance our operations with operating cash
flow. However, we cannot provide any assurance with respect to our ability to
raise capital in the future or that if we are able to raise capital that we
will be able to obtain such funds on terms that are beneficial to our Company.
Our inability to obtain additional capital would have a material adverse effect
on our ability top sustain the business and pursue our strategy of acquiring
businesses. We have periodically entered into financing and finder&#146;s fee
agreements with third parties regarding assistance with proposed capital
raising transactions including sale of our securities. Were any of these or
similar agreements to result in our obtaining financing we would be obligated
to pay customary sales commissions or finder&#146;s fees.</FONT></P>

<P><FONT SIZE=2><B><I>We
Have A History Of Losses And An Accumulated Deficit And Expect To Continue To
Incur Losses Until We Establish Profitable</I></B> <B><I>Business Operations.
This Could Drive The Price Of Our Stock Down.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>We incurred a
net loss of $1,761,710 for the year ended December 31, 2004. As at December 31,
2004, we had an accumulated deficit in the aggregate amount of $10,227,262. As
at September 30, 2005, we had an accumulated deficit in the aggregate amount of
$12,487,594. In January 2005 we completed the acquisition of Teckn-O-Laser
Global Company and related entities which had revenues of approximately
$28,000,000 and a net loss of approximately $885,000 during the twelve months
ended May 31, 2004. If we fail to achieve profitability and continue to incur
losses, the price of our common stock can be expected to fall.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P><FONT SIZE=2><B><I>Our
Independent Registered Public Accounting Firm Has Expressed Doubt About Our
Ability To Continue As A Going Concern. This Could Make It More Difficult For
Us To Raise Funds And Adversely Affect Our Relationships With Customers,
Lenders, Investors And Suppliers.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>The report of
our independent registered public accounting firm, Marcum &amp; Kliegman LLP on
our financial statements for the year ended December 31, 2004, which report is
dated April 5, 2005 contains an explanatory paragraph that expresses doubt as
to our ability to continue as a going concern. Although we believe that as a
result of our acquisition of Teckn-O-Laser we can overcome such doubt in
the future, we cannot provide any assurance that we will in fact operate our
business profitably or obtain sufficient financing to sustain our business in
the event we are not successful in our efforts to generate sufficient revenue
and operating cash flow. Accordingly, there can be no assurance that the Report
of our Independent Registered Public Accounting Firm on our future financial
statements for any future period will not include a similar explanatory
paragraph if we are unable successfully implement our business plan. The
expression of such doubt by our independent registered public accounting firm
or our inability to overcome the factors leading to such doubt could have a
material adverse effect on our relationships with prospective customers,
lenders, investors and suppliers, and therefore could have a material adverse
effect on our business. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Risks Related To Our Industry</B></FONT></P>

<P><FONT SIZE=2><B><I>The Imaging
Consumables Industry Is Highly Competitive. We Are Relatively Small In Size And
Have Fewer Resources In Comparison With Many Of Our Competitors. Our Failure To
Successfully Compete Will Have A Negative Impact On Our Revenues.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>There is
significant competition in the consumable imaging products industry in which we
operate. In addition, the market for these products is subject to rapid change
and the original equipment manufacturer technologies are becoming increasingly
difficult barriers to market entry. Many competitors, both original equipment
manufacturers and other after market firms, have longer operating histories,
larger customer bases, greater brand recognition and significantly greater
financial, marketing and other resources than we do. These competitors may be
able to devote substantially more resources to developing their business than
we can. Our ability to compete depends upon a number of factors, including the
success and timing of product introductions, marketing and distribution capabilities
and the quality of our customer support. Some of these factors are beyond our
control. In addition, competitive pressure to develop new products and
technologies could cause our operating expenses to increase substantially. </FONT></P>

<P align=justify><FONT SIZE=2>Our industry
includes large original equipment manufacturers of printing and photocopying
equipment and the related imaging supplies, as well as other manufacturers and
resellers of aftermarket imaging supplies, with substantial resources to
support customers worldwide. All of the original equipment manufacturers and
many of our other competitors are diversified companies with greater financial
resources and more extensive research, engineering, manufacturing, marketing
and customer service and support capabilities than we can provide. We face
competition from companies whose strategy is to provide a broad array of
products, </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT SIZE=2>some of which
compete with the products that we offer. These competitors may bundle their
products in a manner that may discourage customers from purchasing our
products. In addition, we face competition from smaller emerging imaging supply
companies whose strategy is to provide a portion of the products that we offer.
Loss of competitive position could impair our prices, customer orders,
revenues, gross margins, and market share, any of which would negatively affect
our operating results and financial condition. Our failure to compete
successfully with these other companies would seriously harm our business.
There is risk that larger, better-financed competitors will develop and market
more advanced products than those that we currently offer or may be able to
offer, or that competitors with greater financial resources may decrease prices
thereby putting us under financial pressure. The occurrence of any of these
events could have a negative impact on our revenues. </FONT></P>

<P><FONT SIZE=2><B><I>Our Financial
Performance Depends In Part On Our Ability To Successfully Manage Inventory
Levels, Which Is Effected By Factors Beyond Our Control. Our Inability To
Manage Inventory Issues Can Be Expected To Adversely Affect Our Operating
Results. </I></B></FONT></P>

<P align=justify><FONT SIZE=2>Our financial
performance depends in part on our ability to manage inventory levels to
support the needs of new and existing customers. Our ability to maintain
appropriate inventory levels often depends on factors beyond our control,
including the availability of used printer cartridges, unforeseen increases or
decreases in demand for our products and production and supply difficulties.
Demand for our products can be affected by product introductions or price
changes by competitors or by us, the life cycle of our products, or delays in
the development or manufacturing of our products. Our operating results and
ability to increase the market share of our products may be adversely affected
if we are unable to address inventory issues on a timely basis.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2><B>Risks Related To This Offering</B></FONT></P>

<P><FONT SIZE=2><B><I>Sales Of Shares
Eligible For Future Sale Could Depress The Market Price For Our Common Stock.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>We presently
have issued and outstanding 23,691,430 shares of our common stock, options to
purchase 784,500 shares of our common stock at an average exercise price of
$1.36 per share, and warrants to purchase 6,704,363 shares of our common stock
at an average exercise price of $1.52 per share. In addition, we have
registered for resale, shares of our common stock underlying Series I
Exchangeable Shares of our subsidiary, 3091503 Nova Scotia Company; 1,200,000
shares issuable upon conversion of certain outstanding promissory notes,
1,800,000 shares issuable upon conversion of our convertible loan with
Barrington Bank International Ltd; 20,721,000 shares issuable upon exercise of
subscription receipts including 10,360,500 shares issuable upon exercise of
warrants issuable upon exercise of the subscription receipts and 1,114,470
shares issuable upon exercise of Agent&#146;s Warrants including 557,235 shares
issuable upon exercise of warrants issuable upon exercise of the Agent&#146;s
Warrants. Subject to affiliate resale restrictions, all of our issued and
outstanding shares of common stock are eligible to be sold at any time. Market
sales of large amounts of our common stock, or the potential for those sales
even if they do not actually occur, may have the effect of depressing the
market price of our common stock. In addition, if our future financing needs
require us to issue additional shares of common stock or securities convertible
into common stock, the supply of common stock </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT SIZE=2>available for
resale could be increased which could stimulate trading activity and cause the
market price of our common stock to drop, even if our business is doing well.</FONT></P>

<P align=justify><FONT SIZE=2><B><I>There Is A Limited
Public Market For Our Common Stock. Unless Such Market Is Expanded You May Have
Difficulty Selling Shares Of Our Common Stock.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>To date there
has been only a limited and sporadic public market for our common stock. There
can be no assurance that an active and more reliable public market will develop
in the future or, if developed, that such market will be sustained. Purchasers
of shares of our common stock may, therefore, have difficulty in reselling such
shares. As a result, investors may find it impossible to liquidate their
investment in us should they desire to do so. Our common stock is currently
traded in the over-the-counter market and quoted on the OTC Bulletin Board. As
at the date hereof, we are not eligible for inclusion in NASDAQ, or for listing
on the American Stock Exchange (&#147;AMEX&#148;) or any other national stock exchange.
At the present time, we are unable to state when, if ever, we will meet the
Nasdaq or AMEX application or listing standards. Unless we are able to increase
our net worth and market valuation substantially, we will never be able to meet
the eligibility requirements of NASDAQ or AMEX. Moreover, even if we meet the
minimum requirements to apply for inclusion or listing in the Nasdaq SmallCap
Market or AMEX, there can be no assurance that approval will be received or, if
received, that we will meet the requirements for continued listing on the
Nasdaq SmallCap Market or AMEX. If we are unable to obtain or to maintain a
listing on the Nasdaq SmallCap Market or AMEX, quotations, if any, for &#147;bid&#148;
and &#147;asked&#148; prices of our common stock would be available only on the OTC
Bulletin Board where our common stock is currently quoted or in the &#147;pink
sheets&#148;. This can result in an investor&#146;s finding it more difficult to dispose
of or to obtain accurate quotations of prices for our common stock than would
be the case if our common stock were quoted on the Nasdaq Small Cap Market or
AMEX. Irrespective of whether or not our common stock is included in the Nasdaq
SmallCap system or AMEX, there can be no assurance that the public market for
our common stock will become more active or liquid in the future.</FONT></P>

<P align=justify><FONT SIZE=2>Market
transactions in our common stock are subject to the &#147;Penny Stock Rules&#148; of the
Securities and Exchange Act of 1934, which are discussed in more detail, below.
These rules could make it difficult to trade our common stock because
compliance with them can delay or preclude certain trading transactions. This
could have an adverse effect on the ability of an investor to sell any shares
of our common stock.</FONT></P>

<P><FONT SIZE=2><B><I>The Penny Stock
Rules Apply To Our Common Stock. This May Make It More Difficult For Holders Of
Our Common Stock To Resell Their Shares.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>As discussed
above, at the present time, our common stock is not listed on The Nasdaq
SmallCap Stock Market, AMEX or on any other stock exchange. Although dealer
prices for our common stock are listed on the OTC Bulletin Board, trading has
been sporadic and limited since such quotations first appeared on May 11, 2000.</FONT></P>

<P align=justify><FONT SIZE=2>The Securities
Enforcement and Penny Stock Reform Act of 1990 requires special disclosure
relating to the market for penny stocks in connection with trades in any stock
defined as a &#147;penny stock&#148;. Commission regulations generally define a penny
stock to be an equity security that has a market price of less that $5.00 per
share and is not listed on Nasdaq or a major stock</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT SIZE=2>exchange.
These regulations subject all broker-dealer transactions involving such
securities to the special &#147;Penny Stock Rules&#148; set forth in Rule 15g-9 of the
Securities Exchange Act of 1934 (the &#147;34 Act&#148;). It may be necessary for the
Selling Shareholder to utilize the services of broker-dealers who are members
of the NASD. The current market price of our common stock is substantially less
that $5 per share and such stock can, for at least for the foreseeable future,
be expected to continue to trade in the over-the-counter market at a per share
market price of substantially less than $5. Accordingly, any broker-dealer sales
of our shares will be subject to the Penny Stock Rules. These Rules affect the
ability of broker-dealers to sell our securities and also may affect the
ability of purchasers of our common stock to sell their shares in the secondary
market.</FONT></P>

<P align=justify><FONT SIZE=2>The Penny Stock
Rules also impose special sales practice requirements on broker-dealers who
sell securities to persons other than their established customers or
&#147;Accredited Investors.&#148; Among other things, the Penny Stock Rules require that
a broker-dealer make a special suitability determination respecting the
purchaser and receive the purchaser&#146;s written agreement to the transaction
prior to the sale. In addition, the Penny Stock Rules require that a
broker-dealer deliver, prior to any transaction, a disclosure schedule prepared
in accordance with the requirements of the Commission relating to the penny
stock market. Finally, monthly statements have to be sent to any holder of such
penny stocks disclosing recent price information for the penny stock held in
the account and information on the limited market in penny stocks. Accordingly,
for so long as the Penny Stock Rules are applicable to our common stock, it may
be difficult to trade such stock because compliance with such Rules can delay
or preclude certain trading transactions. This could have an adverse effect on
the liquidity and price of our common stock.</FONT></P>

<P><FONT SIZE=2><B><I>Our Common Stock Has
Experienced, And Is Expected To Experience, Significant Price And Volume
Volatility, Which Substantially Increases The Risk Of Loss To Persons Owning
Our Common Stock.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>Due to the
limited trading market for our common stock, and because of the possible price
volatility, investors may not be able to sell their Company shares when they
desire to do so. Through the twelve months ended December 31, 2004, our stock
price ranged from a high of $2.75 to a low of $.03 per share. Through the
eleven months ended November 30, 2005, our stock price ranged from a high of
$1.75 to a low of $.90 per share. The inability to sell shares in a rapidly
declining market may substantially increase the risk of loss because of such
illiquidity and because the price for our common stock may suffer greater
declines because of its price volatility.</FONT></P>

<P><FONT SIZE=2><B><I>Provisions In Our
Charter And Delaware Law May Prevent An Acquisition Of Us. This Could Be
Detrimental To You.</I></B></FONT></P>

<P align=justify><FONT SIZE=2>Our
certificate of incorporation makes it possible for our board of directors to
issue preferred stock with voting or other rights that could impede the success
of any attempt to change control of us. Our certificate of incorporation and
bylaws eliminate cumulative voting, which may make it more difficult for a
minority stockholder to gain a seat on our board of directors and to influence
board of directors&#146; decisions regarding a takeover. Delaware Law prohibits a
publicly held Delaware corporation from engaging in certain business
combinations with </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>17 </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT SIZE=2>certain
persons, who acquire our securities with the intent of engaging in a business
combination, unless the proposed transaction is approved in a prescribed
manner. This provision has the effect of discouraging transactions not approved
by our board of directors as required by the statute which may discourage third
parties from attempting to acquire us or to acquire control of us even if the
attempt would result in a premium over market price for the shares of common
stock held by our stockholders. See &#147;Description of Securities &#150; Delaware Law
and Our Charter and By-Laws Provisions; Anti-takeover Effects.&#148;</FONT></P>

<P ALIGN=CENTER><A  NAME=A3></A><FONT SIZE=2><B>FORWARD-LOOKING
STATEMENTS</B></FONT></P>

<P align=justify><FONT SIZE=2>Statements
contained in this report which are not statements of historical fact are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements may be identified by the use of forward-looking
terms such as &#147;believes,&#148; &#147;expects,&#148; &#147;may&#148;, &#147;will,&#148; &#147;should&#148; or
&#147;anticipates&#148;
or by discussions of strategy that involve risks and uncertainties. These
forward-looking statements include statements regarding our ability to borrow
funds from financial institutions or affiliates, to engage in sales of our
securities, our intention to finance certain operations or to repay certain
borrowings from future sales of our securities or cash flow, our expected
acquisition of businesses or technologies, our sales channels and the outlets
for our products, sales, anticipated future revenues, our introduction of new
products, technology, products, business ventures, major customers, major
suppliers, retention of key officers, management or employees, competition,
capital expenditures, credit arrangements and other statements regarding
matters that are not historical facts, involve predictions which are based upon
a number of future conditions that ultimately may prove to be inaccurate. Our
actual results, performance or achievements could differ materially from the
results expressed in, or implied by, these forward-looking statements.
Forward-looking statements are made based upon management&#146;s current
expectations and beliefs concerning future developments and their potential
effects upon our business. We cannot predict whether future developments
affecting us will be those anticipated by management, and there are a number of
factors that could adversely affect our future operating results or cause our actual
results to differ materially from the estimates or expectations reflected in
such forward-looking statements. These factors include the &#147;Risk Factors&#148;
discussed above. Although we believe that the expectations reflected in the
forward-looking statements are reasonable based on currently available
information, we cannot guarantee future results, levels of activity,
performance or achievements. Moreover, neither we nor anyone else assumes
responsibility for the accuracy and completeness of such statements. We are
under no duty to update any of the forward-looking statements after the date of
this prospectus. </FONT></P>

<P ALIGN=CENTER><A  NAME=A4></A><FONT SIZE=2><B>DETERMINATION OF OFFERING PRICE</B></FONT></P>

<P align=justify><FONT SIZE=2>The shares of
common stock offered under this Prospectus will be sold from time to time by
the Selling Stockholders at prices then currently prevailing in the market or
at negotiated prices. See the discussion under the caption &#147;Plan of
Distribution&#148; beginning on page 27. There is no fixed or currently determinable
price at which any such shares will be offered or sold. For a historical price
range of our common stock over the past two fiscal years see the discussion
under the caption &#147;Market for Common Equity and Related Stockholders Matters&#148;
beginning on page 73.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><A  NAME=A5></A><FONT SIZE=2><B>SELLING
STOCKHOLDERS</B></FONT></P>

<P align=justify><FONT SIZE=2>The following
table provides certain information with respect to the beneficial ownership of
our common stock known by us as of December 15, 2005, by each Selling
Stockholder. The percentages in the table have been calculated on the basis of
treating as outstanding for a particular person, all outstanding shares of our
common stock owned by the Selling Stockholder on December 15, 2005 and all
shares of our common stock issuable to the Selling Stockholder within 60 days
of December 15, 2005 in the event of the exercise of outstanding options,
warrants, Broker Warrants (including shares of common stock issuable upon the
exercise of Agent&#146;s Warrants issuable upon the exercise of the Broker Warrants
and shares of common stock issuable upon the exercise of warrants issuable upon
the exercise of Agent&#146;s Warrants) or subscription receipts (including shares of
common stock issuable upon the exercise of warrants issuable upon the exercise
of the subscription receipts) owned by that person at December 15, 2005,
conversion of outstanding promissory notes owned by that person at December 15,
2005, or the exchange of Series I Exchangeable Shares of our subsidiary,
3091503 Nova Scotia Company, owned by that person at December 15, 2005. Except
as otherwise indicated, the persons listed below have sole voting and
investment power with respect to all shares of our common stock owned by them,
except to the extent such power may be shared with a spouse. The shares being
offered by the Selling Stockholders are being registered to permit public
secondary trading, and the stockholders may offer all or part of their
registered shares for resale from time to time. However, the Selling
Stockholders are under no obligation to sell all or any portion of their
shares. The table below assumes that all shares offered by the Selling
Stockholders will be sold. See &#147;Plan of Distribution.&#148; Certain of the Selling
Shareholders have or had material relationships with us. William Smith, Wayne
Maddever, Andre Leroux and Donald Page are officers and directors. Anthony M.
Pallante is a principal shareholder and a former director. HBT Holdings GmbH,
Westminster Capital Inc., Barrington Bank International Ltd. and Dynamic Power
Hedge Fund are principal shareholders. 9144-6773 Quebec Inc., is a company
owned by Yvon Leveille, an officer, director, and principal shareholder.
9144-6906 Quebec Inc., is a company owned by Alain Lachambre, a vice president,
principal shareholder and former director. HBT Holdings GmbH is a company owned
by Holger Brueckmann-Turbon, a principal shareholder who is a principal
shareholder and the chief executive officer of Turbon AG. Westminster Capital
Inc. is a company owned by William Belzberg. Carolyn Robus Smith is the wife of
William Smith.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>19</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>


<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="28%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Shares of
  Common Stock<BR>
  Beneficially Owned</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Percentage
  Ownership</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Name of
  Beneficial&nbsp;Owner</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Before
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>After<BR>
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Number of
  Shares <BR>
  Being&nbsp;Sold</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Before
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>After<BR>
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Sal Masionis</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>40,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>40,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Ivar Grimba</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>60,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>60,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>John D&#146;Angelo In
Trust</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Vito Galloro</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(4)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(4)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>EVJ Industries Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>470,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(5)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>470,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(5)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Michael G. Brewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(6)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(6)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Berkshire Trust Company Ltd.
Hibiscus Trust</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(7)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(7)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Linda J. Rice</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>120,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(8)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>120,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(8)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>DGM Bank &amp; Trust
Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1,125,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(9)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1,125,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(9)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>4.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Barrington Bank International
Ltd.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2,522,195</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(10)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>522,195</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(10)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>9.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Manchester Consolidated
Corp.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1,466,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(11)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>7,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1,729,878</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(11A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>6.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Katzcorp Ltd.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>80,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(12)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>80,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(12)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Julberc Holdings Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>80,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>80,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Anthony Gareri</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(13)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(13)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Luciano Rubino</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(14)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(14)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Frank Dejak</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>294,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>44,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>250,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Barry Russell</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>250,425</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>425</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>250,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Wayne Karp</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>562,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(15)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>162,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(15)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Francois Heroux</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(16)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(16)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Julia Galloro</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>800,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(17)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>800,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(17)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>3.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Sandra Macri</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>800,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(18)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>800,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(18)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>3.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Jones Gable &amp;
Company</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(19)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(19)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>NBCN Clearing Inc. ITF Philip
Armstrong</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(20)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(20)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="28%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Shares of
  Common Stock<BR>
  Beneficially Owned</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Percentage
  Ownership</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Name of
  Beneficial&nbsp;Owner</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Before
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>After<BR>
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Number of
  Shares <BR>
  Being&nbsp;Sold</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Before
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>After<BR>
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Westminster Capital
Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>4,429,116</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(21)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>4,114,116</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(21)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>17.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Gregory Belzberg</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Jemekk Long/Short Fund
L.P.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(22)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(22)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>9144-6773 Quebec Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>4,593,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(23)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>4,593,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(23)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>16.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>William Smith</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>74,583</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(24)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>13,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>127,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(24A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Carolyn Robus Smith</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>384,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>384,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Wayne Maddever</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>137,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(25)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>230,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(25A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Anthony M. Pallante</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>382,019</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(26)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>348,686</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(26A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>9144-6906 Quebec Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1,906,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(27)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1,906,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(27)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>7.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Eric Major</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2,833</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(28)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>8,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(28A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Stephen
O&#146;Donnell</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(29)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>7,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(29A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Sonia Benoit</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>7,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(30)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>22,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(30A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Christyne St. Onge</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>6,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(31)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>20,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(31A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Isabelle Cote</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>7,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(32)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>22,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(32A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Louis Lachance</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>8,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(33)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>25,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(33A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Aldo Spensieri</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>11,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(34)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>4,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>21,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(34A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Sylvain Desjardins</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(35)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>21,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(35A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Nicola Hubert</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(36)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(36A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Jean-Pierre Menard</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>6,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(37)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>20,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(37A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Pierre Turcotte</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>4,167</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(38)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>12,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(38A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Pierre Renard</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>16,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(39)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(39A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>R World Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>SAL Management</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>471,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>471,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Murray Wright</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>525,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>33,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>492,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Lou Carnevale</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>505,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>38,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>467,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="28%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Shares of
  Common Stock<BR>
  Beneficially Owned</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Percentage
  Ownership</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Name of
  Beneficial&nbsp;Owner</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Before
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>After<BR>
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Number of
  Shares <BR>
  Being&nbsp;Sold</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Before
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>After<BR>
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Agora Investor Relations
Corp.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(40)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(40)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Donald Page</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(41)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(41A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Andre Leroux</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(42)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>30,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(42A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>ZLS, Corp.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(43)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(43)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Robert Reid</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>240,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(44)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>240,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(44)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Mary Beth Drake</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(45)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(45)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>James Burdess</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(46)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(46)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Graham Taylor</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(47)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(47)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Pell Capone</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(48)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(48)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Kieran Young</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>40,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(49)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>40,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(49)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Allan Bezansin</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(50)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(50)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Elms Management Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>40,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(51)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>40,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(51)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>DGM Strategic Equity
Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(52)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(52)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>DGM Strategic US Larger
Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(53)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(53)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Dynamic Power Hedge
Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>4,800,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(54)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>4,800,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(54)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>16.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Northern Rivers Innovation Fund
LP</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1,736,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(55)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1,736,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(55)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>6.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Delta One Northern Rivers Fund LP</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2,629,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(56)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2,629,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(56)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>9.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Delta One Northern Rivers RSP
Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>70,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(57)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>70,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(57)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Picchio International
Inc.</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>520,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(58)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>520,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(58)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Four Four Two Investment
Limited</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(59)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>200,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(59)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Garrett Herman</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>730,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(60)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>730,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(60)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Interward Capital</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>400,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(61)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>400,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(61)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="28%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Shares of
  Common Stock<BR>
  Beneficially Owned</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Percentage
  Ownership</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="9" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Name of
  Beneficial&nbsp;Owner</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Before
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>After<BR>
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Number of
  Shares <BR>
  Being&nbsp;Sold</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Before
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>After<BR>
  Offering</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Loewen Ondaatje McCutcheon
Limited</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2,014,570</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(62)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2,014,570</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(62)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>7.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>FIER-Cap Diamant Sec.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>114,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(63)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>114,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(63)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Alfred Wirth</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>300,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(64)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>300,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(64)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>AIG Global Investment
Corp.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2,600,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(65)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2,600,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(65)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>9.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Harmony American Small
Cap</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1,020,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(66)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>1,020,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(66)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>4.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>HBT Holdings GmbH</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>9,192,397</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(67)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>9,192,397</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(67)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>32.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Yvon Leveille</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(68)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>656,226</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(68A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Alain Lachambre</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(69)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>272,396</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>(69A)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>

<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Trisan Equitable Corporation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>800,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(70)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>800,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>(70)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>3.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  20,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  30,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(4)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(5)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  235,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(6)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(7)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  200,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(8)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  60,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(9)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  562,750 shares underlying presently exercisable common stock purchase
  warrants.  Excludes 100,000 warrants
  owned by each of DGM Strategic Equity Fund and DGM Strategic US Larger Fund,
  each of which is a mutual fund managed by DGM Bank and Trust.  Also excludes 100,000 shares owned by each
  of DGM Strategic Equity Fund and DGM Strategic US Larger Fund.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(10)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  1,800,000 shares issuable upon conversion of an outstanding loan.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(11)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Manchester
  Consolidated Corp. is beneficially owned by Anthony Pallante.  Excludes shares and options owned by
  Anthony Pallante.  Excludes 271,378
  shares issuable upon conversion of an outstanding $135,689 convertible
  promissory note not convertible within the next 60 days.  Includes 7,500 shares owned by MCPEF, a
  private equity fund managed by Manchester Consolidated Corp.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(11A)&nbsp;&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Manchester
  Consolidated Corp. is beneficially owned by Anthony Pallante.  Excludes shares and options owned by
  Anthony Pallante.  Includes 271,378
  shares issuable upon conversion of an outstanding $135,689 convertible promissory
  note not convertible within the next 60 days.  Includes 7,500 shares owned by MCPEF, a private equity fund
  managed by Manchester Consolidated Corp.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(12)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Excludes
  1,255 shares owned by Peter Katz, the owner of Katzcorp Ltd.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(13)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(14)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(15)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  200,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(16)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  250,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(17)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  400,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(18)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  400,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(19)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  200,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(20)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(21)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Westminster
  Capital Inc. is beneficially owned by William Belzberg.  Includes 2,057,058 shares underlying
  presently exercisable common stock purchase warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(22)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(23)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>9144 -6773
  Quebec Inc. is beneficially owned by Yvon Leveille.  Includes 4,593,333 shares issuable upon
  exchange of Series I Exchangeable Shares of 3091503 Nova Scotia Company.  Excludes shares owned directly by Yvon
  Leveille.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(24)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  47,083 shares underlying presently exercisable outstanding stock options.  Does not include 66,667 shares underlying
  stock options not exercisable within the next 60 days or 384,500 shares owned
  by Mr. Smith&#146;s wife, Carolyn Robus Smith.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(24A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  33,333 shares underlying presently exercisable stock options and 66, 667 shares
  underlying stock options not exercisable within the next 60 days.  Excludes 384,500 shares owned by Mr.
  Smith&#146;s wife, Carolyn Robus Smith, and 13,750 shares underlying presently
  exercisable stock option.  </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(25)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  35,833 shares underlying presently exercisable outstanding stock options and
  1,500 shares owned by the Estate of William Maddever.  Does not include 96,667 shares underlying
  stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(25A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  33,333 shares underlying presently exercisable stock options, and 96,667
  shares underlying stock options not exercisable within the next 60 days.  Excludes 1,500 shares owned by the Estate
  of William Maddever, and 2,500 shares underlying presently exercisable stock
  options.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(26)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  47,083 shares underlying presently exercisable stock options and 334,936
  shares owned by Mr. Pallante&#146;s wife, Frances Pallante.  Excludes shares owned by Manchester
  Consolidated Corp. and R World Inc.
  Also excludes 66,667 shares underlying stock options not exercisable
  within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(26A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  33,333 shares underlying presently exercisable stock options and 66,667
  shares underlying stock options not exercisable within the next 60 days.  Excludes 334,936 shares owned by Mr.
  Pallante&#146;s wife Frances Pallante, 13,750 shares underlying presently
  exercisable stock options and shares owned by Manchester Consolidated Corp.
  and R World Inc.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(27)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  1,906,667 shares issuable upon exchange of Series I Exchangeable Shares of
  3091503 Nova Scotia Company.  Excludes
  shares owned directly by Alain Lachambre, the beneficial owner of 9144-6906
  Quebec Inc.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(28)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  2,833 shares underlying stock options exercisable within the next 60
  days.  Does not include 5,667 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(28A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  2,833 shares underlying stock options exercisable within the next 60 days and
  5,667 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(29)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  2,500 shares underlying stock options exercisable within the next 60
  days.  Does not include 5,000 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(29A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  2,500 shares underlying stock options exercisable within the next 60 days and
  5,000 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(30)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  7,333 shares underlying stock options exercisable within the next 60
  days.  Does not include 14,667 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(30A)&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  7,333 shares underlying stock options exercisable within the next 60 days and
  14,667 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>

<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(31)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  6,667 shares underlying stock options exercisable within the next 60
  days.  Does not include 13,333 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(31A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  6,667 shares underlying stock options exercisable within the next 60 days and
  13,333 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(32)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  7,333 shares underlying stock options exercisable within the next 60
  days.  Does not include 14,667 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(32A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  7,333 shares underlying stock options exercisable within the next 60 days and
  14,667 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(33)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  8,333 shares underlying stock options exercisable within the next 60 days.  Does not include 16,667 shares underlying
  stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(33A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  8,333 shares underlying stock options exercisable within the next 60 days and
  16,667 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(34)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  7,000 shares underlying stock options exercisable within the next 60
  days.  Does not include 14,000 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(34A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  7,000 shares underlying stock options exercisable within the next 60 days and
  14,000 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(35)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  7,000 shares underlying stock options exercisable within the next 60
  days.  Does not include 14,000 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(35A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  7,000 shares underlying stock options exercisable within the next 60 days and
  14,000 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(36)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  5,000 shares underlying stock options exercisable within the next 60
  days.  Does not include 10,000 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(36A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  5,000 shares underlying stock options exercisable within the next 60 days and
  10,000 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(37)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  6,667 shares underlying stock options exercisable within the next 60
  days.  Does not include 13,333 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(37A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  6,667 shares underlying stock options exercisable within the next 60 days and
  13,333 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(38)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  4,167 shares underlying stock options exercisable within the next 60
  days.  Does not include 8,333 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(38A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  4,167 shares underlying stock options exercisable within the next 60 days and
  8,333 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(39)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  16,667 shares underlying stock options exercisable within the next 60
  days.  Does not include 33,333 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(39A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  16,667 shares underlying stock options exercisable within the next 60 days
  and 33,333 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(40)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying stock options exercisable within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(41)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Excludes
  70,688 shares underlying presently exercisable common stock purchase warrants
  and 70,688 shares owned by DGM Bank &amp; Trust Inc. in which Mr. Page has a
  beneficial interest.  Also, excludes
  50,000 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(41A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  50,000 shares underlying stock options not exercisable within the next 60
  days.  Excludes 70,688 shares
  underlying presently exercisable common stock purchase warrants and 70,688
  shares owned by DGM Bank &amp; Trust Inc. in which Mr. Page has a beneficial
  interest.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(42)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Does not
  include 30,000 shares underlying stock options not exercisable within the
  next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(42A)&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  30,000 shares underlying stock options not exercisable with the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(43)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  200,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(44)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  120,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(45)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(46)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  50,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(47)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  50,000 shares underlying presently exercisable common stock purchase warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(48)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  50,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(49)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  20,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(50)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  50,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(51)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  20,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(52)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(53)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,000 shares underlying presently exercisable common stock purchase
  warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(54)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  2,400,050 shares and 2,400,050 shares underlying warrants issuable on
  December 31, 2005 pursuant to the automatic exercise of subscription
  receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(55)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  868,050 shares and 868,050 shares underlying warrants issuable on December
  31, 2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(56)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  1,314,600 shares and 1,314,600 shares underlying warrants issuable on December 31,
  2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(57)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  35,400 shares and 35,400 shares underlying warrants issuable on
  December 31, 2005 pursuant to the automatic exercise of subscription
  receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(58)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  260,100 shares and 260,100 shares underlying warrants issuable on December
  31, 2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(59)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  100,050 shares and 100,050 shares underlying warrants issuable on December
  31, 2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(60)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  365,100 shares and 365,100 shares underlying warrants issuable on December
  31, 2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(61)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  200,100 shares and 200,100 shares underlying warrants issuable on December
  31, 2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(62)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  400,500 shares and 400,500 shares underlying warrants issuable on December
  31, 2005 pursuant to the automatic exercise of subscription receipts.  Includes 557,235 shares and 557,235 shares
  underlying Agent&#146;s Warrants issuable on December 31, 2005 pursuant to the
  automatic exercise of Broker Warrants.  Includes 100,000 shares underlying presently exercisable common stock purchase warrants.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(63)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  57,000 shares and 57,000 shares underlying warrants issuable on December 31,
  2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(64)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  150,000 shares and 150,000 shares underlying warrants issuable on December
  31, 2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(65)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes 1,300,000
  shares and 1,300,000 shares underlying warrants issuable on December 31, 2005
  pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(66)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  510,000 shares and 510,000 shares underlying warrants issuable on December
  31, 2005 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(67)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes
  2,400,000 shares and 2,400,000 shares underlying warrants issuable on January
  31, 2006 pursuant to the automatic exercise of subscription receipts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(68)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Excludes
  shares owned by 9144-6773 Quebec Inc., a company beneficially owned by Mr.
  Leveille.  Excludes 656,226 shares
  issuable upon conversion of an outstanding $328,113 convertible promissory
  note not convertible within the next 60 days.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>26</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="88%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(68A)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Excludes
  shares owned by 9144-6773 Quebec Inc., a company beneficially owned by Mr.
  Leveille.  Includes 656,226 shares
  issuable upon conversion of an outstanding $328,113 convertible promissory
  note not convertible within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(69)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Excludes
  shares owned by 9144-6906 Quebec Inc., a company beneficially owned by Mr.
  Lachambre.  Excludes 272,396 shares
  issuable upon conversion of an outstanding $136,198 convertible promissory
  note not convertible within the next 60 days.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(69A)&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Excludes
  shares owned by 9144-6906 Quebec Inc., a company beneficially owned by Mr.
  Lachambre.  Includes 272,396 shares
  issuable upon conversion of an outstanding $136,198 convertible promissory
  note not convertible within the next 60 days.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=2>(70)&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Includes 400,000 shares underlying presently exercisable common stock purchase warrants.</FONT></P>
</TD>
</TR>

</TABLE>

<P ALIGN=CENTER><A NAME=A6></A><FONT SIZE=2><B>PLAN OF DISTRIBUTION</B></FONT></P>

<P><FONT SIZE=2><B>General</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Selling
Stockholders are offering the common shares for their accounts and not for our
account.  We will not receive any
proceeds from the sale of common shares by the Selling Stockholders.  The Selling Stockholders may be deemed
statutory underwriters within the meaning of the Securities Act of 1933, as
amended, in connection with such sales of common shares and may be deemed to be
acting as underwriters in their resales of the common shares under this
prospectus.  We will pay the costs of
registering the shares under this prospectus, including legal fees.  The Selling Stockholders will pay any
underwriting discounts and brokerage commissions associated with these
sales.  Unless otherwise permitted, the
commission or discount which may be received by any member of the National
Association of Securities Dealers, Inc. in connection with these sales will not
be greater than 8%.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>To enable the
Selling Stockholders to resell the common shares owned by them and covered by
this prospectus, we agreed to register those shares and to maintain that
registration.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Shares of
common stock offered through this prospectus may be sold from time to time by
the Selling Stockholders or by their respective pledgees, donees, transferees
or other successors in interest.  We
will supplement this prospectus to disclose the names of any pledges, donees,
transferees, or other successors in interest that intend to offer common stock
through this prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Sales may be
made in the over-the-counter market, any exchange on which the shares are then
listed, or otherwise, at prices and at terms then prevailing or at prices
related to the then current market price, in negotiated private transactions,
or in a combination of these methods.
The Selling Stockholders will act independently of us in making
decisions with respect to the form, timing, manner and size of each sale.  We have been informed by the Selling
Stockholders that there are no existing arrangements between them and any other
stockholder, broker, dealer, underwriter or agent relating to the distribution
of the shares offered by this prospectus.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The common shares may be sold
in one or more of the following manners: a block trade in which the broker or
dealer so engaged will attempt to sell the shares as agent, but may position
and resell a portion of the block as principal to facilitate the transaction;
purchases by a broker or dealer for its account under this prospectus;
privately negotiated transactions or ordinary brokerage transactions and
transactions in which the broker solicits purchases;  any combination of these methods; or any other method permitted
by applicable law.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2>Any common
shares covered by this prospectus that qualify for sale pursuant to Rule 144
may be sold under Rule 144 rather than pursuant to this prospectus.  We will not receive any of the proceeds from
the sale of these common shares, although we have paid the expenses of
preparing this prospectus and the related registration statement of which it is
a part.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Selling
Stockholders are subject to the applicable provisions of the Exchange Act, and
the rules and regulations thereunder which may restrict certain activities of,
and limit the timing of purchases and sales of securities by, Selling
Stockholders and other persons participating in a distribution of
securities.  There can be no assurance
that the Selling Stockholders will sell any or all of the shares of common
stock offered by them hereunder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We have agreed
to use our best efforts to keep such registration statement effective until
such time as all registrable securities under the registration statement have
been sold.  In connection with any such
registration, we will have no obligation to assist or cooperate with the
Selling Stockholders in the offering or disposition of such shares; to
indemnify or hold harmless the holders of any such shares, other than the
Selling Stockholders or any underwriter designated by such holders; or to
obtain a commitment from an underwriter relative to the sale of any such
shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We will assume
no obligation or responsibility whatsoever to determine a method of disposition
for such shares or to otherwise include such shares within the confines of any
registered offering other than the registration statement of which this
prospectus is a part.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We will use
our best efforts to file, during any period during which we are required to do
so under our registration rights agreement with the Selling Stockholders one or
more post-effective amendments to the registration statement of which this
prospectus is a part to describe any material information with respect to the
plan of distribution not previously disclosed in this prospectus or any
material change to such information in this prospectus.  This obligation may include, to the extent
required under the Securities Act of 1933, that a supplemental prospectus be
filed, disclosing: the name of any broker-dealers; the number of common shares
involved; the price at which the common shares are to be sold; the commissions
paid or discounts or concessions allowed to broker-dealers, where applicable;
that broker-dealers did not conduct any investigation to verify the information
set out or incorporated by reference in this prospectus, as supplemented; and
any other facts material to the transaction.</FONT></P>

<P ALIGN=CENTER><A NAME=A7></A><FONT SIZE=2><B>LEGAL PROCEEDINGS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On December
31, 2002, our CEO and VP of Finance resigned.
On the same date, one of the production chemists from our R&amp;D facility
also resigned.  Prior to resigning these
three officers dismissed all the employees of Reink USA, which left us with no
employees.  On May 7, 2003 we commenced
legal proceedings against these three former officers in the United States
Bankruptcy Court for the District of New Jersey (Case Number 03-11053 (JHW))
for actions we believe to be in violation of non-competition and
confidentiality clauses within their employment contracts.  In this action we are seeking damages and
other relief in the amount of $1,000,000.
The prior officers filed a counter-suit against us for back wages and
other costs.  We consider the
counter-claim to be without merit.  On
September 7, 2003 we filed a defense against the counter-claim.  We are presently unable to determine the
probable outcome of these matters.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>28</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2>In January, 2003 the three largest creditors of Reink USA filed a
petition to force Reink into Chapter 7 under the US Federal Bankruptcy
Act.  We believe that some of the
creditors involved with the petition assisted the new business which competed
directly against us and was founded by our former CEO and VP of Finance.  Reink USA filed a motion to have the
petition thrown out since the third creditor withdrew from the filing and also
since the counsel for the petitioners withdrew.  Subsequently the remaining two creditors provided a new third
creditor and amended the filing.  This
new third creditor also subsequently withdrew and the two remaining creditors
found two other creditors and filed an amendment.  During March 2003, Reink USA&#146;s motion to convert to a voluntary
Chapter 11 was accepted by the District of New Jersey, Federal Bankruptcy
Court. As a result of failed negotiations with our largest suppliers, on July
10, 2003, Reink USA was moved from Chapter 11 &#147;Reorganization&#148; into Chapter 7
&#147;Liquidation&#148; and a Bankruptcy Trustee was appointed to administer the
estate.  As a result, we lost control of
Reink USA and Reink USA is presented for all periods as a discontinued
operation.  We are unaware of any changes
in the status of the Bankruptcy proceedings. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>No other material legal proceedings are pending to which we or any of
our property is subject, nor to our knowledge are any such proceedings
threatened.  </FONT></P>

<P ALIGN=CENTER><A NAME=A8></A><FONT SIZE=2><B>DIRECTORS, EXECUTIVE OFFICERS, <BR>
PROMOTERS AND CONTROL PERSONS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Directors
serve until the next annual meeting of the stockholders; until their successors
are elected or appointed and qualified, or until their prior resignation or
removal.  Officers serve for such terms
as determined by our board of directors.
Each officer holds office until such officer&#146;s successor is elected or
appointed and qualified or until such officer&#146;s earlier resignation or
removal.  No family relationships exist
between any of our present directors and officers.</FONT></P>

<P ALIGN=left><FONT SIZE=2>The following
table sets forth certain information, as of December 15, 2005, with respect to
our directors and executive officers.</FONT></P>

<P ALIGN=CENTER STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:0IN; '><FONT SIZE=2>29</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="17%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="31%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="27%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Name</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Positions Held</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Age</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1><B>Date of Election <BR>
  or Appointment <BR>
  as Director</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Yvon L&#233;veill&#233;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>President, Chief Executive
  Officer,
  Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>57</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>January 31, 2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>William Smith</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Secretary, Treasurer,
  Chief Financial Officer, Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>42</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>May 2000</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Wayne Maddever</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>57</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>October 2000</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Andre Leroux</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>53</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>March 8, 2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Donald Page</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Chairman</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>52</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>March 30, 2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>John Ioannou</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>49</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November 14, 2005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Aldo DeLuca</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>49</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>November 14, 2005</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>The following
is a brief account of the business experience of each of our directors and
executive officers during the past five years or more.  </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><U>YVON L&#201;VEILL&#201;</U></B>&nbsp; joined us effective January 31, 2005, as a
result of our acquisition of Teckn-O-Laser Global Company (&#147;Tecknolaser&#148;).  He founded Tecknolaser in 1988 and has
helped grow revenues from nil to over $27 million.  Previously he founded Micro Tempus in 1982, a communications
software development company which went public in 1986.  He is a graduate of Devry Institute of
Technology &#150; electronic engineering.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><U>WILLIAM M. SMITH</U></B> &nbsp;joined us in May 1999, as Chief Financial Officer and has served as our
Secretary, Treasurer, and as a Director since May 2000. From April 1998 to
March 1999, Mr. Smith was the CFO of the Locator Group Inc., a leader in the
publishing industry. From September 1994 to March 1998, Mr. Smith was Vice President
and Treasurer of Cott Corporation, a publicly traded company in both Canada and
the United States. Cott Corporation is the largest private label manufacturer
of soft drinks in North America. Prior to 1994, Mr. Smith was the Treasurer and
Officer at Molson Breweries responsible for all financing, cash flow, leasing
and foreign exchange, amongst other senior financial responsibilities. Mr.
Smith is a chartered accountant and graduated with honors from the University
of Waterloo, Canada with a Bachelor of Mathematics degree in 1987.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><U>WAYNE J. MADDEVER,
PH.D., P. ENG.</U></B> &nbsp;joined us as a Director in October
2000 and was appointed President and CEO on January 10, 2003.  On January 28, 2005 he resigned his
positions as our President and Chief Executive Officer.  From January 1999 until October 2000, Dr.
Maddever was General Manager of Sanden Machine, Ltd., a Cambridge, Ontario,
Canada supplier of web offset printing equipment to the forms, direct mail and
commercial printing industries. From December, 1996 to January, 1999, Dr.
Maddever served as President of Resource Plastics, Inc., the largest recycler
of film and rigid plastics in Canada. From May, 1991 to December 1996, Dr.
Maddever served as General Manager of MG Canada, a subsidiary of Messen
Greishein Gnbh, Germany&#146;s largest industrial gas company.  Dr. Maddever received his Doctorate in
Metallurgical and Materials Science Engineering from the University of Toronto
in 1978.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>30</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><U>ANDRE L&#201;ROUX</U></B> &nbsp;joined us as a Director in March 2005.
Mr. L&#233;roux has been Chairman and CEO of Noveko Echographes Inc. since
2002.  From 1999 through 2002 Mr. L&#233;roux
was Chairman and CEO of Alliance Medical Inc.
Prior to this, Mr. L&#233;roux was Chairman and CEO of L&#233;roux Steel Inc. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><U>DONALD PAGE</U></B> &nbsp;joined us as the Chairman of Board of Directors in March 2005.  Since September 2003, Mr. Page has been a
consultant with Glister Limited, a management consulting firm.  Prior to September 2003 Mr. Page was Vice
Chairman of Kingsdale Capital Partners Inc.
Prior to March 2002 Mr. Page was Vice President &#150; Corporate Finance with
Desjardins Securities Inc.  Prior to
August 2001, Mr. Page was Executive Vice President of Groome Capital Inc.  Mr. Page is a Chartered Accountant and
graduated with a Bachelor of Arts from the University of Western Ontario.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><U>JOHN IOANNOU</U></B> &nbsp;joined us as a Director in November 2005.
Mr. Ioannou is an experienced senior executive with approximately 27
years of experience in which he has operated and advised businesses in the
technology, services, private equity and manufacturing sectors.  From August 2004 to the present he has
served as Vice President, New Ventures for The Turbon Group.  From December 2002 until August 2004 he
served as the Chief Executive Officer for InTone Corporation.  From April 2001 until September 2002 he was
the General Partner of Endeavor Capital Management, a private equity firm
specializing in technology and manufacturing segments.  He also spent 14 years with IBM where he
served in a number of different management positions in marketing, finance,
sales and operations.  Mr. Ioannou holds
a B.S. in management from St. Peter&#146;s College.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><U>ALDO DELUCA</U></B> &nbsp;joined us as a Director in November 2005.
Mr. DeLuca is an experienced senior executive with approximately 26
years of experience working for businesses ranging from private sector entities
to Fortune 200 companies.  From January
2004 until the present he has been employed as the Managing Director of Finance
and Operations for The Turbon Group.
From November 1999 through December 2003 he served as the Chief
Executive Officer of Granite Packaging Supply/Weidner Plastics.  Prior to that, Mr. Deluca held various
senior management positions within the packaging industry.  Mr. Deluca holds a B.A. in
Management/Accounting from Temple University and an MBA from Rider University.  </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Board of Directors </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
March 30, 2005 our non-employee directors receive CDN$1,000 for each board and
board committee meeting they attend.
Further, on March 30, 2005 we issued stock options to our non-employee
directors.  Directors are reimbursed
their expenses, if any, for attendance at meetings of the board of
directors.  Our board of directors may
designate from among its members an executive committee and one or more other
committees.  Effective March 30, 2005 we
have designated an audit committee.  Our
audit committee is comprised of Andre Leroux and Donald Page with Mr. Page
serving as the audit committee financial expert.  Mr. Page is an independent director.  Effective the same date, we designated a
compensation committee
comprised of Mr. Page and Dr. Maddever.
On November 14, 2005 we increased the size of our board of directors
from five to seven persons and appointed John Ioannou and Aldo DeLuca to fill
the newly created board vacancies.  </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>31</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><A NAME=A9></A><FONT SIZE=2><B>EXECUTIVE
COMPENSATION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The following
table sets forth information concerning the total compensation paid or accrued
by us during the three fiscal years ended December&nbsp;31, 2004 to
(i)&nbsp;all individuals that served as our chief executive officer or acted in
a similar capacity for us at any time during the fiscal year ended
December&nbsp;31, 2004 and (ii)&nbsp;all individuals that served as executive
officers of ours at any time during the fiscal year ended December&nbsp;31,
2004 that received annual compensation during the fiscal year ended December&nbsp;31,
2004 in excess of $100,000.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SUMMARY COMPENSATION TABLE</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="16%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="10" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Annual
  Compensation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Long Term
  Compensation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="10" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Awards</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Payments</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Name of Individual<BR>
  and Principal Position</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Year</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Salary</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Bonus</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Other
  Annual<BR>
  Compensation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Restricted<BR>
  Stock<BR>
  Award(s)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Securities<BR>
  Underlying<BR>
  Options/SARs</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>LTIP<BR>
  Payouts</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>All Other<BR>
  Compensation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>Wayne Maddever</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT SIZE=2>2004</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" NOWRAP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>President/CEO</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2>2003</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>58,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM NOWRAP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT SIZE=2>2002</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8" NOWRAP>
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>On April 15,
  2005 Mr. Maddever received 100,000 stock options, each exercisable for the
  purchase of one share of our common stock at a price of $.25 per year for a
  period of 10 years from issuance.  The
  options vest in equal 1/3 amounts over a three year period on each of the
  first, second and third anniversaries of the date of issuance.  </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>Includes
  $20,000 which was converted in January 2004, through BBP Consulting, a sole
  proprietorship owned by Mr. Maddever, into 100,000 shares of our common
  stock.  </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>In January
  2002 Mr. Maddever received 2,500 stock options which vest over a period of
  three years.  The options are exercisable
  at an exercise price of $5.00 per share.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>No stock
appreciation rights were granted to the named executive officer during the year
ended December 31, 2004.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=2>The following table sets forth
information as to Options held by the named executive officer at December 31,
2004:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="16%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="21%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="22%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Name of Individual</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Shares<BR>
  Acquired <BR>
  Upon Exercise</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Value<BR>
  Realized</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Number of <BR>
  Securities <BR>
  Underlying <BR>
  Unexercised <BR>
  Options at <BR>
  Fiscal Year End <BR>
  &#150;<BR>
  Exercisable/<BR>
  Unexercisable</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Value of <BR>
  Unexercised <BR>
  In-the-Money <BR>
  Options at <BR>
  Fiscal Year End <BR>
  &#150;<BR>
  Exercisable/<BR>
  Unexercisable</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Wayne Maddever</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2>N/A</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2>N/A</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1,666
  Exercisable/</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0
  Exercisable/</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>100,834
  Unexercisable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>105,000
  Unexercisable</FONT></P>
</TD>
<TD VALIGN=BOTTOM nowrap>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>(1) Based upon closing price
of $1.30 per share on December 30, 2004.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>32</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>EMPLOYEE STOCK OPTION
PLAN</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On April 5,
2000, our Board of Directors (the &#147;Board&#148;) approved an Employee Stock Option
Plan (the &#147;Option Plan&#148;) which was approved by our shareholders on April 6,
2000.  Under the Option Plan, our Board
in its discretion, may grant stock options to purchase shares of our common
stock to officers and employees, including directors who are employees of the
Company. The Board has authorized the reservation of 1,500,000 common shares in
conjunction with the authorization to grant an aggregate of 1,500,000 options
pursuant to the Option Plan.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On May 26,
2000, our Board of Directors approved the grant of an aggregate of 62,625 stock
options to various employees, including executive officers.  The options have an exercise price of $13.40
per share and vest over a period of three years.  32,625 of these options expired in connection with the bankruptcy
of our former subsidiary, Reink Imaging USA Ltd.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On December
14, 2001 we granted 2,500 options with an exercise price of $5.00 per share,
all of which expired in connection with the bankruptcy of Reink Imaging USA,
Ltd. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On January 10,
2002 we granted 20,750 options with an exercise price of $5.00 per share to
various employees of the Company, 13,250 of which expired in connection with
the bankruptcy of Reink Imaging USA, Ltd.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On April 15,
2004 we granted an aggregate of 300,000 options to 3 persons with an exercise
price of $.25 per share.  </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On January 31,
2005 we granted an aggregate of 244,500 options with an exercise price of $1.57
per share to 12 employees of Teckn-O-Laser Global Company.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On February 1,
2005 we granted 100,000 stock options with an exercise price of $1.50 per share
to Agora Investor Relations Corp.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On March 30,
2005 we granted an aggregate of 110,000 stock options with an exercise price of
$1.06 per share to our non-employee directors.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As the result
of option grants after December 31, 2004, consisting of the grant effective
January 31, 2005 of 244,500 options to employees of TOL Canada pursuant to the
Share Purchase Agreement, a grant effective February 1, 2005 of 100,000 options
to Agora and grants effective March 30, 2005 of 110,000 options to certain of
our directors, and the cancellation of 7,500 stock options effective January 1,
2005, the total number of options outstanding as at December 15, 2005 is
784,500.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>EMPLOYMENT AND CONSULTING AGREEMENTS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 6, 2003 we executed a consulting agreement with BBP Consulting (&#147;BBP&#148;),
a sole proprietorship owned by Wayne Maddever, whereby BBP provided us with the
services of Wayne Maddever.  Pursuant to
the consulting agreement, BBP was paid consulting fees of up to $15,000 per
month.  Mr. Maddever earned $0 under
this agreement for 2004.  At the end of
each </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>33</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2>quarter, under
this agreement, Mr. Maddever had the right to convert any unpaid fees into our
common stock at the greater of $1.00 per share or 80% of the then market
price.  This agreement was terminated
effective January 28, 2005 upon the resignation of Mr. Maddever as our
President and Chief Executive Officer.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 6, 2003 we executed a consulting agreement with Manchester
Administrative Services Inc. (&#147;Manchester Administrative&#148;), a corporation owned
by Anthony Pallante, to provide us with the services of various individuals.  Thereunder, Manchester Administrative was
paid consulting fees of up to $40,000 per month depending on the level of work
completed.  Fees were invoiced monthly
on an ongoing basis.  Pursuant to this
agreement, we received the services of William Smith, who signed the contract
on behalf of Manchester Administrative, as Executive Vice President.  Manchester Administrative was paid $259,074
under this agreement for 2004, $81,500 of which was paid to William Smith,
$45,000 of which was paid to Anthony Pallante and $132,574 of which was paid to
Manchester Administrative for expense reimbursement.  At the end of each quarter, under this agreement, Manchester
Administrative had the right to convert any unpaid fees into our common stock
at the great of $1.00 per share or 80% of the then market price.  This agreement was terminated effective
January 13, 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective as
at the January 31, 2005 closing of the Share Purchase Agreement, we entered
into renewable 3 year employment agreements with each of Yvon Leveille and
Alain Lachambre.  The Leveille
Employment Agreement provides for Mr. Leveille to serve as our President and
Chief Executive Officer and further provides for the payment to Mr. Leveille of
an initial base salary of CDN$175,000 (approximately US$146,000) together with
performance based bonuses.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Lachambre
Employment Agreement provides for Mr. Lachambre to serve as our Vice President
&#150; Sales and Marketing and further provides for the payment to Mr. Lachambre of
an initial base salary of CDN$166,000 (approximately US$138,000) together with
performance based bonuses.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 13, 2005 we entered into an agreement with 6327214 Canada Inc., a
corporation owned by William Smith pursuant to which we receive the services of
William Smith, our acting secretary, treasurer and chief financial
officer.  Pursuant to the agreement we
pay a fee of CDN$13,750 per month (approximately US$11,500) which amount is
subject to future modification upon mutual agreement of the parties.  </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Option/SAR Grants In
Last Fiscal Year (Individual Grants)</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The named
executive received 100,000 options and no SAR grants in 2004.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Stock Appreciation Rights</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The named
executive did not receive any stock appreciation rights from us during the
fiscal year ended December 31, 2004.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>34</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Long Term Incentive Plan Awards</B></FONT></P>

<P><FONT SIZE=2>We made no
long-term incentive plan awards to the named executive officer during the
fiscal year ended December 31, 2003.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Compensation of Directors</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our
non-employee directors receive CDN$1,000 for each meeting of the Board of
Directors.  Directors are reimbursed for
their expenses, if any, for attendance at meetings of the Board of
Directors.  In addition our non-employee
Directors received stock options in March 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Report on Repricing of Options/SARs</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>During the
fiscal year ended December 31, 2004 we did not adjust or amend the exercise
price of any stock options or SARs owned by the named executive.</FONT></P>

<P ALIGN=CENTER><A NAME=A10></A><FONT SIZE=2><B>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL <BR>
OWNERS AND MANAGEMENT</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The following
table sets forth information with respect to the beneficial ownership of our
common stock and Series A preferred stock known by us as of December 15, 2005
by:</FONT></P>

<TABLE   BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="3%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="93%" VALIGN=TOP>
<P ALIGN=JUSTIFY>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>each person
  or entity known by us to be the beneficial owner of more than 5% of our
  common stock or 5% of our Series A preferred stock;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>each of our
  directors;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>each of our
  executive officers; and </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT SIZE=2>all of our
  directors and executive officers as a group.
  </FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
percentages in the table have been calculated on the basis of treating as
outstanding for a particular person, all shares of our common stock outstanding
on such date and all shares of our common stock and Series A preferred stock
issuable to such holder in the event of exercise of outstanding options,
warrants, subscription receipts, Broker Warrants, rights or conversion
privileges owned by such person at said date which are exercisable within 60
days of such date. <B> </B>Except
as otherwise indicated, the persons listed below have sole voting and
investment power with respect to all shares of our common stock and Series A
preferred stock owned by them, except to the extent such power may be shared
with a spouse.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>35</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="25%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="35%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="18%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Name of Beneficial Owner</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Title of Class</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Amount and Nature <BR>
  of Beneficial <BR>
  Ownership(1)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Percentage of <BR>
  Class(2)</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Wayne
  Maddever</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;137,333
  Shares (3)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>.58%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>William
  Smith</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;459,083
  Shares (4)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>1.93%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Yvon
  Leveille</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common stock,
  par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4,593,333
  Shares (5)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>16.24%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4,593,333
  Shares</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>70.67%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Andre Leroux</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares (6)&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Donald Page</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;141,376
  Shares (7)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>.59%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Alain
  Lachambre</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>1,906,667
  Shares (8)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>7.46%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>1,906,667
  Shares</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>29.33%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Anthony M.
  Pallante</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>1,846,019
  Shares (9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>7.78%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Westminster
  Capital Inc.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4,429,116 Shares (10)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>17.26%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P  STYLE='margin-left:8.65;text-indent:-8.65'><FONT SIZE=2>Barrington
  Bank International Ltd.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP nowrap>
  <P><FONT SIZE=2>2,522,195
  Shares (11)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>9.89%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>36</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
  <TD WIDTH="25%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="35%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="18%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Name of Beneficial Owner</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Title of Class</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Amount and Nature <BR>
  of Beneficial <BR>
  Ownership(1)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Percentage of <BR>
  Class(2)</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>HBT Holdings
  GmbH</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>9,192,397
  Shares (12)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>32.26%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Aldo DeLuca</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>John Ioannou</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P   STYLE='margin-left:8.65;text-indent:-8.65'><FONT SIZE=2>AIG Global
  Investment Corp.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2,600,000
  Shares (13)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>9.89%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Delta One
  Northern Rivers Fund LP</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2,629,200
  Shares (14)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>9.98%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Northern
  Rivers Innovation Fund LP</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>1,736,100
  Shares (15)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>6.83%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Dynamic
  Power Hedge Fund</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4,800,100
  Shares (16)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>16.85%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P  STYLE='margin-left:8.65;text-indent:-8.65'><FONT SIZE=2>Loewen
  Ondaatje McCutcheon Limited</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP nowrap>
  <P><FONT SIZE=2>2,014,570
  Shares (17)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>7.84%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0 Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>0%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>All officers
  and directors as a group (7 persons)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Common
  stock, par value $.001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>5,331,125
  Shares(3)(4)(5)(6)(7)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>18.75%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Series A
  preferred stock, par value $.0001 per share</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4,593,333
  Shares</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>70.67%</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>37</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P Align=justify>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P Align=justify>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P Align=justify>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(1)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>As used herein, the term
  beneficial ownership with respect to a security is defined by Rule 13d-3
  under the Securities Exchange Act of 1934 as consisting of sole or shared
  voting power (including the power to vote or direct the vote) and/or sole or
  shared investment power (including the power to dispose or direct the
  disposition of) with respect to the security through any contract,
  arrangement, understanding, relationship or otherwise, including a right to
  acquire such power(s) during the next 60 days.  Unless otherwise noted, beneficial ownership consists of sole
  ownership, voting and investment rights.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(2)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>There were 23,691,430
  shares of common stock and 6,500,000 shares of preferred stock issued and
  outstanding on December 15, 2005.  </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(3)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 35,833 shares
  underlying presently exercisable stock options and 1,500 shares owned by the
  Estate of William Maddever.  Excludes
  96,667 shares underlying stock options not exercisable within the next 60
  days.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(4)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 47,083 shares
  underlying presently exercisable stock options and 384,000 shares owned by
  Mr. Smith&#146;s wife, Carolyn Robus Smith.
  Excludes 66,667 shares underlying stock options not exercisable within
  the next 60 days.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(5)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 4,593,333 Series I
  Exchangeable Shares of 3091503 Nova Scotia Company owned by 9144-6773 Quebec
  Inc., a company beneficially owned by Mr. Leveille, which are presently
  convertible on a 1 for 1 basis into shares of our common stock.  Excludes 656,226 shares issuable upon
  conversion of an outstanding promissory note that is not convertible within the
  next 60 days.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(6)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Excludes 30,000 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(7)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Donald
  Page has a consulting agreement with DGM Bank and Trust Inc. under which he
  has equity participation rights in transactions where he has assisted.&nbsp;
  DGM Bank &amp; Trust Inc. owns shares of our common stock and common stock
  purchase warrants.  Through the
  consulting agreement, Mr. Page has an indirect beneficial interest in 70,688
  common shares and 70,688 warrants.  Excludes 50,000 shares
  underlying stock options not exercisable within the next 60 days.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(8)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 1,906,667 Series I
  Exchangeable Shares of 3091503 Nova Scotia Company owned by 9144-6906 Quebec
  Inc., a company beneficially owned by Mr. Lachambre, which are convertible on
  a 1 for 1 basis into shares of our common stock.  Excludes 272,396 shares issuable upon conversion of an
  outstanding promissory note that is not convertible within the next 60 days.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 1,456,500 shares
  held in the name of Manchester Consolidated Corp. which is beneficially owned
  by Anthony M. Pallante, 7,500 shares owned by MCPET, a private equity fund
  managed by Manchester Consolidated Corp., 334,936 shares owned by Mr.
  Pallante&#146;s wife, Frances Pallante, and 47,083 shares underlying presently
  exercisable stock options.  Excludes
  66,667 shares underlying stock options not exercisable within the next 60
  days and 500,000 shares owned by R World Inc., a company in which Mr.
  Pallante has a 40% interest.  Excludes
  271,378 shares issuable to Manchester Consolidated Corp.  upon conversion of an outstanding
  promissory note that is not convertible within the next 60 days.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(10)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>The
  beneficial owner of Westminster Capital Inc. is William Belzberg.  Includes 2,057,058 shares issuable upon
  exercise of presently exercisable warrants.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(11)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes
  1,800,000 shares issuable upon conversion of an
  outstanding loan.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(12)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>The
  beneficial owner of HBT Holdings GmbH is Holger Brueckmann-Turbon.  Includes 2,400,000 shares and 2,400,000
  shares underlying warrants issuable on January 31, 2006 pursuant to the
  automatic exercise of subscription receipts. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(13)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 1,300,000 shares
  and 1,300,000 shares underlying warrants issuable on December 31, 2005
  pursuant to the automatic exercise of subscription receipts. Includes 1,289,400
  shares and 1,289,400 shares underlying warrants issuable on December 31, 2005
  pursuant to the automatic exercise of subscription receipts. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(14)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 1,289,400 shares
  and 1,289,400 shares underlying warrants issuable on December 31, 2005 pursuant
  to the automatic exercise of subscription receipts. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(15)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 868,050 shares and
  868,050 shares underlying warrants issuable on December 31, 2005 pursuant to
  the automatic exercise of subscription receipts.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(16)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 2,400,050 shares
  and 2,400,050 shares underlying warrants issuable on December 31, 2005
  pursuant to the automatic exercise of subscription receipts. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>(17)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P Align=justify><FONT SIZE=2>Includes 400,500 shares and
  400,500 shares underlying warrants issuable on December 31, 2005 pursuant to the
  automatic exercise of subscription receipts.
  Includes 557,235 shares and 557,235 shares underlying Agent&#146;s Warrants
  issuable on December 31, 2005 pursuant to the automatic exercise of Broker
  Warrants.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P Align=justify><FONT SIZE=2>The addresses
for each of Wayne Maddever, William Smith, Yvon Leveille, Andre Leroux, Donald
Page and Alain Lachambre is c/o Adsero Corp., 2101 Nobel Street, Sainte Julie,
Quebec J3E 1Z8.  The addresses for each
of John Ioannou and Aldo DeLuca is 2704 Cindel Drive, Cinnaminson, NJ
08077.  The address for HBT Holdings
GmbH is Goeckinghofstrasse 34, D-58332, Schwelm, Germany.  The address for Anthony M. Pallante is 120
Adelaide Street West, Suite 2401, Toronto, Ontario M5H 1T1.  The address for Westminster Capital Corp. is
9665 </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>38</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P Align=justify><FONT SIZE=2>Wilshire
Boulevard, Suite M-10, Beverly Hills, California 90212.  The address for Barrington Bank
International Ltd. is 2<SUP>nd</SUP> Floor, Cumberland House, 27 Cumberland
Street, PO Box N-3026, Nassau, Bahamas.
The address for Dynamic Power Hedge Fund is 55<SUP>th</SUP> Floor,
Scotia Plaza, 40 King Street West, Toronto, Ontario M5H 4A9.  The address for Northern Rivers Innovation
Fund LP is 200 Bay Street, Suite 2000, Royal Bank Plaza, North Tower, Toronto,
Ontario M5J 2J2.  The address for Delta
One Northern Rivers Fund LP is 26 Wellington Street W., Suite 900, Toronto,
Ontario M5E 1S2.  The address for AIG
Global Investment Corp. is 145 Wellington Street W., Toronto, Ontario M5J
1H8.  The address for Loewen Ondaatje McCutcheon
Limited is 55 Avenue Road, Suite 2250, East Tower, Toronto, Ontario M5R 3L2.</FONT></P>

<P Align=justify><FONT SIZE=2><B>Changes in Control</B></FONT></P>

<P Align=justify><FONT SIZE=2>Not
Applicable.</FONT></P>

<P ALIGN=CENTER><A  NAME=A11></A><FONT SIZE=2><B>DESCRIPTION OF
SECURITIES</B></FONT></P>

<P Align=justify><FONT SIZE=2>Our authorized
capital consists of 120,000,000 shares of which 100,000,000 shares are
designated as common stock, par value $.001 per share, and 20,000,000 shares
are designated as Preferred Stock, par value $.0001 per share.  As of December 15, 2005 we had 23,691,430
shares of common stock and 6,500,000 shares of Preferred Stock issued and
outstanding.  All of the issued and
outstanding shares of Preferred Stock are shares of Series A Preferred Stock.</FONT></P>

<P Align=justify><FONT SIZE=2><B>Common Stock.</B></FONT></P>

<P Align=justify><FONT SIZE=2>Each holder of
our common stock is entitled to one vote for each share owned of record on all
matters voted upon by our shareholders.
In the event of a dissolution of our company, the holders of our common
stock are entitled to share equally and ratably in our assets, if any,
remaining after the payment of all of our debts and liabilities with each other
and with the holders of our Preferred Stock.</FONT></P>

<P Align=justify><FONT SIZE=2>Our common
stock has no cumulative voting rights, and no redemption, sinking fund, or
conversion privileges.  Since the
holders of our common stock do not have cumulative voting rights, holders of
more that 50% of our total outstanding common shares and Series A Preferred
Stock can elect all of our directors, and holders of the remaining shares, by
themselves, cannot elect any of our directors.
Holders of our common stock are entitled to receive dividends if, as,
and when declared by our board of directors out of funds legally available for
such purpose.</FONT></P>

<P Align=justify><FONT SIZE=2>Our common
stock is listed on the OTCBB under the symbol ADSO.OB</FONT></P>

<P Align=justify><FONT SIZE=2><B>Preferred Stock</B></FONT></P>

<P Align=justify><FONT SIZE=2>The shares of
Preferred Stock may be issued from time to time in one or more series pursuant
to a resolution or resolutions providing for such issuance and duly adopted by
our board of directors.  Our board of
directors is further authorized to determine or alter the rights, preferences,
privileges and restrictions granted to or imposed upon any wholly unissued
series of Preferred Stock and to fix the number of shares of any series of
Preferred Stock and the designation of any such series of Preferred Stock.  Our board of directors, within the limits
and restrictions stated in any resolution or resolutions of the board of
directors originally fixing the </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>39</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>number of
shares constituting any series, may increase or decrease (but not below the
number of shares in any such series then outstanding) the number of shares of
any series subsequent to the issuance of shares of that series.</FONT></P>

<P><FONT SIZE=2>The authority
of our board of directors with respect to each such class or series of
Preferred Stock shall include, without limitation of the foregoing, the right
to determine and fix:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the
  distinctive designation of such class or series and the number of shares to
  constitute such class or series;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the rate at
  which dividends on the shares of such class or series shall be declared and
  paid or set aside for payment, whether dividends at the rate so determined
  shall be cumulative or accruing, and whether the shares of such class or
  series shall be entitled to any participating or other dividends in addition
  to dividends at the rate so determined, and if so, on what terms;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the right or
  obligation, if any, of ours to redeem shares of the particular class or
  series of Preferred Stock and, if redeemable, the price, terms and manner of
  such redemption;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the special
  and relative rights and preferences, if any, and the amount or amounts per
  share, which the shares of such class or series of Preferred Stock shall be
  entitled to receive upon any voluntary or involuntary liquidation,
  dissolution or winding up of our corporation;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the terms
  and conditions, if any, upon which shares of such class or series shall be
  convertible into, or exchangeable for, shares of capital stock of any other
  class or series, including the price or prices or the rate or rates of
  conversion or exchange and the terms of adjustment, if any;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the
  obligation, if any, of ours to retire, redeem or purchase shares of such
  class or series pursuant to a sinking fund or fund of a similar nature or
  otherwise, and the terms and conditions of such obligations;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>voting
  rights, if any, on the issuance of additional shares of such class or series
  or any shares of any other class or series of Preferred Stock;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>limitations,
  if any, on the issuance of additional shares of such class or series or any
  shares of any other class or series of Preferred Stock; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>such other
  preferences, powers, qualifications, special or relative rights and
  privileges thereof as the Board of Directors of the Corporation, acting in
  accordance with this Certificate of Incorporation, may deem advisable and are
  not inconsistent with the law and the provisions of this Certificate of
  Incorporation.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2>As at December
15, 2005 we have 6,500,000 shares of Series A Preferred Stock issued and
outstanding. The terms of the Series A Preferred Stock are set forth in the
Certificate of</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>40</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Designation
filed by us on January 25, 2005 with the Delaware Secretary of State. We have
11,330,000 shares of Series A Preferred Stock authorized. Except as otherwise
required by law or by our Certificate of Incorporation, the holders of our
Series A Preferred Stock have the same voting rights as holders of our common
stock. Holders of our Series A Preferred Stock are not entitled to receive
dividends. The Series A Preferred Stock is automatically redeemable by us, at a
price of $.0001 per share, in direct proportion to, and at the time of, each issuance of shares of
our common stock, to holders of Series A Preferred Stock whenever, and at such
time that, any Series I or Series II Exchangeable Shares held by a holder in
the capital of 3091503 Nova Scotia Company is retracted, purchased or exchanged
pursuant to the Series I or Series II Exchangeable Shares Voting, Exchange and
Support Agreement among us, YAC Corp., 3091732 Nova Scotia Company, 3091503
Nova Scotia Company and the &#147;Holders&#148; of shares, as defined in the Series I or
Series II Exchangeable Shares Voting, Exchange and Support Agreement. From and
after each redemption date, all rights of the holders of redeemed Series A
Preferred Stock shall cease with respect to such shares and such shares shall
not hereafter be deemed to be outstanding for any purpose whatsoever. (See
&#147;Description of Business &#150; Teckn-O-Laser Share Purchase Agreement&#148;)</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Upon any liquidation,
dissolution or winding up of us, whether voluntary or involuntary, and subject
to any prior rights of holders of shares of Preferred Stock ranking senior to
the Series A Preferred Stock, the holders of Series A Preferred Stock shall be
paid an amount totaling $0.0001 per share, together with payment to any class
of stock ranking equally with the Series A Preferred Stock, and before payment
shall be made to the holders of any stock ranking on liquidation junior to the
Series A Preferred Stock.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>As long as any Series A
Special Voting Share is outstanding, we shall not issue or create any other
series of the Preferred Stock which may affect the voting rights of the holders
of the Series A Preferred Stock and we may not take any corporate action that
would serve to diminish the voting rights of holders of the Series A Preferred
Stock in a manner different from the voting rights of holders of our common
shares without the prior written consent of persons holding at least 75% of the
then outstanding Series A Preferred Stock.</FONT></P>

<P><FONT SIZE=2><B>Common Stock Purchase
Warrants</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>As at December
15, 2005 we had an aggregate of 6,704,363 common stock purchase warrants issued
and outstanding, each exercisable for the purchase of one share of our common
stock. All of the warrants are presently exercisable. The warrants have
exercise prices ranging from $1.50 to $10.00 per share and have various
expiration dates that extend through January 2008. The average exercise price
for the outstanding warrants is $1.52 per share.</FONT></P>

<P><FONT SIZE=2><B>Stock Options</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>As at December
15, 2005 we had an aggregate of 784,500 stock options issued and outstanding.
130,000 of which were fully vested. Each option is exercisable, upon vesting,
for the purchase of one share of our common stock.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The options
have exercise prices ranging from $.25 to $13.40 per share and have various
expiration dates that extend through 2015. The average exercise price for the
outstanding options is $1.36 per share.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>41</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P><FONT SIZE=2><B>Series I and II
Exchangeable Shares of 3091503 Nova Scotia Company</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Subject to the
terms of the Series I Exchangeable Share Voting, Support, and Exchange
Agreement, dated as of January 2, 2005, among us, YAC Corp., 3091732 Nova
Scotia Company, 3091503 Nova Scotia Company and the shareholders of
Teckn-O-Laser Global Company holding Series I Exchangeable Shares of 3091503
Nova Scotia Company, Series I Exchangeable Shares of 3091503 Nova Scotia
Company are exchangeable, on a share for share basis, for shares of our common
stock. There are presently 6,500,000 Series I Exchangeable Shares issued and
outstanding.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Subject to the
terms of the Series II Exchangeable Share Voting, Support and Exchange
Agreement, dated as of January 2, 2005, among us, YAC Corp., 3091732 Nova Scotia
Company, 3091503 Nova Scotia Company and the shareholders of Teckn-O-Laser
Global Company holding Preferred Shares of 3091503 Nova Scotia Company, Series
II Exchangeable Shares of 3091503 Nova Scotia Company are exchangeable, on a
share for share basis, for shares of our common stock. There are presently no
shares of Series II Exchangeable Shares issued and outstanding. (See
&#147;DESCRIPTION OF BUSINESS &#150; Teckn-O-Laser Share Purchase Agreement&#148;).</FONT></P>

<P><FONT SIZE=2><B>Delaware Law and Our
Charter and By-law Provisions; Anti-takeover Effects</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Section 203 of
the Delaware General Corporation Law (&#147;DGCL&#148;) prohibits a publicly held
Delaware corporation from engaging in a &#147;business combination&#148; with an
&#147;interested stockholder&#148; for a period of three years after the date of the
transaction in which the person become an interested stockholder unless: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>prior to the
  date of the business combination, the transaction is approved by the board of
  directors of the corporation;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>upon
  consummation of the transaction which resulted in a stockholder becoming an
  interested stockholder, the interested stockholder owns at least 85% of the
  outstanding voting stock, or </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>on or after
  such date the business combination is approved by the board of directors and
  by the affirmative vote of at least 66 2/3% of the outstanding voting stock
  which is not owned by the interested stockholder. </FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2>A &#147;business
combination&#148; includes mergers, asset sales and other transactions resulting in
a financial benefit to the stockholder. An &#147;interested stockholder&#148; is a person
who, together with affiliates and associates, owns (or within three years, did
own), 15% or more of the corporation&#146;s voting stock.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The
restrictions of Section 203 do not apply, among other things, if a corporation,
by action of its stockholders, adopts an amendment to its certificate of
incorporation or by-laws expressly electing not to be governed by Section 203,
provided that, in addition to any other vote required by law, such amendment to
the certificate of incorporation or by-laws must be approved by the affirmative
vote of a majority of the shares entitled to vote. Moreover, an amendment so
adopted</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>42</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>is not
effective until twelve months after its adoption and does not apply to any such
corporation on or prior to such adoption. Our Certificate of Incorporation and
By-laws do not currently contain any provision election not to be governed by
Section 203 of the DGCL. The provisions of Section 203 of the DGCL may have a
depressive effect on the market price of our common stock because they could
impede any merger, consolidating takeover or other business combination
involving or discourage a potential acquirer from making a tender off or
otherwise attempting to obtain control of us.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Under our
By-laws, any vacancy on our board of directors, including a vacancy resulting
from an enlargement of our board of directors, may be filled by vote of a
majority of the directors then in office, making it more difficult for a third
party to acquire, or discourage a third party from acquiring, control of us.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Our
Certificate of Incorporation and By-Laws contain provisions permitted under the
DGCL statute relating to the limitation of liability of directors. These
provisions eliminate a director&#146;s liability for monetary damages for a breach
of fiduciary duty, except in circumstances involving wrongful acts, such as the
breach of a director&#146;s duty of loyalty or acts or omissions which involve
intentional misconduct or a knowing violation of law. Further, our Certificate
of Incorporation contains provisions to indemnify our directors and officers to
the fullest extent permitted by the DGCL statute. We believe that these
provisions will assist us in attracting and retaining qualified individuals to
serve as our directors. </FONT></P>

<P><FONT SIZE=2><B>Transfer Agent and Registrar</B></FONT></P>

<P><FONT SIZE=2>Corporate Stock
Transfer &amp; Trust Company, 3200 Cherry Creek Drive South, Suite 430, Denver,
CO 80209 is our transfer agent and the registrar for our common stock. Its
telephone number is (303) 282-4800.</FONT></P>

<P><FONT SIZE=2><B>Shares Eligible for Future Sale</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We presently
have issued and outstanding 23,691,430 shares of our common stock, options to
purchase 784,500 shares of our common stock at an average exercise price of
$1.36 per share, warrants to purchase 6,704,363 shares of our common stock at
an average exercise price of $1.52 per share, subscription receipts to purchase
20,721,000 shares of our common stock at an exercise price of $0 per share
including 10,360,500 shares underlying warrants issuable upon exercise of the
subscription receipts, and Broker Warrants that are automatically exercisable
for Agent&#146;s Warrants on December 31, 2005. The Agent&#146;s Warrants will be
exercisable to purchase 1,114,470 shares of our common stock including 557,235
shares underlying warrants issuable upon exercise of the Agent&#146;s Warrants. We
also have registered for resale 6,500,000 shares of our common stock underlying
Series I Exchangeable Shares of our subsidiary, 3091503 Nova Scotia Company;
1,800,000 shares issuable upon conversion of certain outstanding convertible
promissory notes, and shares issuable upon conversion of our outstanding loan
with Barrington Bank International Ltd. With the exception of shares held by
affiliates which may be subject to resale limitations, all of our issued and
outstanding shares of common stock are eligible to be sold at any time. Market
sales of large amounts of our common stock, or the potential for those sales
even if they do not actually occur, may have the effect of depressing the
market price of our common stock. In addition, if our future financing needs
require us to issue additional shares of</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>43</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>common stock
or securities convertible into common stock, the supply of common stock
available for resale could be increased which could stimulate trading activity
and cause the market price of our common stock to drop, even if our business is
doing well.</FONT></P>

<P ALIGN=CENTER><A NAME=A12></A><FONT SIZE=2><B>EXPERTS</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The financial
statements included in this prospectus and in the registration statement have
been audited by Marcum &amp; Kliegman LLP, Independent Registered Public
Accounting Firm, to the extent and for the period set forth in their report
appearing elsewhere herein and in the registration statement, and are included
in reliance upon such report given upon the authority of said firm as experts
in auditing and accounting.</FONT></P>

<P ALIGN=CENTER><A NAME=A13></A><FONT SIZE=2><B>LEGAL MATTERS</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The validity
of the common stock offered hereby will be passed upon for us by Gottbetter
&amp; Partners, LLP, 488 Madison Avenue, 12<SUP>th</SUP> Floor, New York, New
York 10022.</FONT></P>

<P ALIGN=CENTER><A NAME=A14></A><FONT SIZE=2><B>DISCLOSURE OF
COMMISSION POSITION ON<BR>
INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Our articles
of incorporation limit the liability of our officers and directors to the
maximum extent permitted by law. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Insofar as
indemnification for liabilities arising under the Securities Act of 1933 (the
Act) may be permitted to directors, officers and controlling persons of the
Company pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable.</FONT></P>

<P ALIGN=CENTER><A NAME=A15></A><FONT SIZE=2><B>USE OF PROCEEDS</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We will not
receive any of the proceeds from the sale of shares by the Selling Stockholders
being offered pursuant to this prospectus, nor will any of the proceeds be
available for our use or otherwise for our benefit. All proceeds from the sale
of the shares will be for the accounts of the Selling Stockholders. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We will
however, receive the exercise price of the options and warrants (including
Agent&#146;s Warrants and warrants issuable upon exercise of subscription receipts
and Agent&#146;s Warrants) overlying certain of the shares to be offered and sold by
the Selling Stockholders if, and when any are exercised by Selling
Stockholders. Assuming exercise of all the Selling Stockholders&#146; stock options
and warrants (including Agent&#146;s Warrants and warrants issuable upon exercise of
subscription receipts and Agent&#146;s Warrants) overlying shares being offered
pursuant to this prospectus, the gross proceeds to us would be approximately
$25,434,483. We intend to use any proceeds from the exercise of options and
warrants for working capital and general corporate purposes.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>44</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><A NAME=A16></A><FONT SIZE=2><B>DESCRIPTION OF
BUSINESS</B></FONT></P>

<P><FONT SIZE=2><B>General</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>During the
year ended December 31, 2004 we were not engaged in any revenue producing
business activities. We did however, engage in financing activities and also
engaged in discussions, from time to time, with operating businesses within the
imaging consumables segment with respect to possible mergers, acquisitions and
other types of business combinations. In connection therewith, on May 3, 2004
we entered into two related, non-binding letters of intent to purchase, through
a subsidiary to be formed, all of the issued and outstanding stock of
Teckn-O-Laser Global, Inc. (presently known as Teckn-O-Laser Global Company).
The letters of intent were subsequently amended on each of September 17, 2004
and December 10, 2004. As discussed below under &#147;Teckn-O-Laser Share Purchase
Agreement&#148;, on January 31, 2005 we completed this acquisition. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In November
2005 we completed our acquisition of approximately 10% of the outstanding shares
of Turbon AG, a prominent, German public corporation operating in the same line
of business as us. We intend to pursue the acquisition of the remaining
outstanding shares of Turbon AG. The completion and closing of such an
acquisition is subject to certain conditions, including but not limited to, our
raising of the necessary funds to close the transaction and the approval of
Turbon AG&#146;s shareholders. No assurance can be given that we will successfully
complete the proposed acquisition. (See &#147;Turbon AG Acquisition&#148; below)</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Effective
March 22, 2004 we effected a 1:20 reverse stock split. All references to shares
in this Annual Report have been adjusted to reflect this stock split. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Prior to the
cessation of our operations in or about July 2003, we were a manufacturer and
marketer of environmentally conscious quality aftermarket ink products for the
imaging consumables market. Our products included ink jet and remanufactured
laser toner cartridges, inkjet refill kits, remanufactured inkjet cartridges,
thermal printer film, bulk ink, and a wide range of specialty inks for
industrial printer applications. We generated no sales during 2003 or 2002 from
continuing operations due to our main operating subsidiary, Reink Imaging USA
Ltd., filing for Chapter 7 Bankruptcy on July 10, 2003, and its subsequent
treatment as a discontinued operation for financial reporting purposes. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Previously, we
had three (3) wholly-owned subsidiaries: Reink Imaging USA, Ltd. (&#147;Reink USA&#148;),
Brittany L.L.C. (&#147;Brittany&#148;), and Reink Canada Corp.(&#147;Reink CA&#148;). Reink USA was
headquartered in Mississauga, Ontario where we maintained our principal
administrative offices. Reink USA also operated out of a facility in
Cookeville, Tennessee that remanufactured inkjet cartridges, produced bulk ink,
and conducted research and development. Brittany was a limited liability
company located in Pennsauken, New Jersey which owned the real property upon
which Reink USA operations were formerly located. All operations were removed
from this location at the beginning of 2003. Reink CA is a Canadian corporation
with minimal operations formed to handle Canadian sales of our ink products.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We were
incorporated in Delaware in March 1999 under the name Reink Corp. (&#147;Reink&#148;). On
April 9, 1999 we acquired the stock of Renewable Resources, Inc. On May 19,
1999, Reink was</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>45</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>acquired by
Newmarket Strategic Development Corp. (&#147;Newmarket&#148;) for 11,850,000 shares of
Newmarket stock pursuant to a Plan of Merger between Reink and Newmarket.
Newmarket then changed its name to Reink Corp. On September 30, 1999, Reink,
through its wholly owned subsidiary, Reink USA, Ltd purchased all of the assets
and assumed all of the liabilities of Assembly Services Unlimited, Inc.
(&#147;Assembly&#148;) and all of the issued and outstanding membership certificates of
Brittany L.L.C. (&#147;Brittany&#148;), the entity owning the real property upon which
Assembly conducted its operations. Effective March 22, 2004 Reink changed its
name to Adsero Corp. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>On December
31, 2002, our Chief Executive Officer, Vice President of Finance and a
production chemist who was employed in our former research and development
facility (collectively the &#147;Former Officers&#148;) resigned from their positions
with the Company. Prior to resigning, the Former Officers dismissed all
employees of Reink USA. We commenced and continue to pursue legal proceedings
against these Former Officers for actions that we believe violated
non-competition and confidentiality clauses within their employment contracts.
See &#147;Legal Proceedings&#148;.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In January
2003 the three largest creditors of Reink USA filed a petition to force Reink
USA into Chapter 7 under the US Federal Bankruptcy Code (the &#147;Bankruptcy
Code&#148;). In March 2003, the Federal Bankruptcy Court for the District of New
Jersey accepted Reink USA&#146;s motion to convert the case into a voluntary
bankruptcy under Chapter 11 of the Bankruptcy Code. On July 10, 2003 the case
was converted back from Chapter 11 &#147;Reorganization&#148; into Chapter 7
&#147;Liquidation&#148; and a Bankruptcy Trustee was appointed to administer the estate.
As a result, we lost control of Reink USA which is presented as a discontinued
operation for all periods.</FONT></P>

<P><FONT SIZE=2><B>Teckn-O-Laser Share
Purchase Agreement</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>On January 31,
2005 we executed and closed a Share Purchase Agreement (the &#147;Share Purchase
Agreement&#148;) dated and effective as of January 2, 2005 among us, YAC Corp.
(&#147;YAC&#148;), Teckn-O-Laser Company (&#147;TOL Canada&#148;), 3091503 Nova Scotia Company
(&#147;Acquiror&#148;), Teckn-O-Laser Global Company (&#147;Acquiree&#148;), 3091732 Nova Scotia
Company (&#147;Callco&#148;), and the shareholders of Acquiree, 9144-6773 Quebec Inc. and
9144-6906 Quebec Inc. (the &#147;Acquiree Shareholders&#148;). TOL Canada is a wholly
owned subsidiary of Acquiree. YAC is a wholly owned subsidiary of ours. Callco
is a wholly owned subsidiary of YAC. Acquiror is a wholly owned subsidiary of
Callco.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Prior to
closing, we advanced CDN$1,500,000 (approximately US$1,250,000) to the Acquiree
Shareholders for the purpose of having them acquire certain shares of Acquiree
capital stock from a third party so that at closing, the Acquiree Shareholders
would own all the capital stock of Acquiree. The advance, which was not
required to be repaid upon closing, became part of the purchase consideration
that we paid to the Acquiree Shareholders. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>On November 4, 2005 we
entered into an agreement with 9144-6773 Quebec Inc. and 9144-6906 Quebec Inc.,
to restructure certain obligations of ours to these corporations pursuant to
the Share Purchase Agreement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>46</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Pursuant to
the Share Purchase Agreement, we acquired through our subsidiary, Acquiror, all
of the issued and outstanding capital stock of Acquiree in exchange for certain
payments to be made at closing (the &#147;Closing Payments&#148;) and subsequent to
closing (the &#147;Post-Closing Payments&#148;).</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The Closing
Payments consisted of:</FONT></P>

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<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>the issuance
  to the Acquiree Shareholders of 6,500,000 Acquiror Series I Exchangeable
  Shares, 6,000,000 of which were issued subject to a Lock Up Agreement dated
  as of January 2, 2005 that restricts the subsequent sale, transfer, or
  disposal of a corresponding number of our common shares that will be issued
  to the holders of the Acquiror Series I Exchangeable Shares upon exchange
  thereof;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>the issuance
  to the Acquiror Shareholders of 1,932,000 Acquiror Preferred Shares; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>the payment
  to the Acquiree Shareholders of CDN$750,000 (approximately US$624,975).</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The
Post-Closing Payments consisted of:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>a cash
  payment to the Acquiree Shareholders of CDN$2,182,000 (approximately
  US$1,817,606) due March 26, 2006 (the &#147;2006 Payment&#148;);</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>a cash
  payment to the Acquiree Shareholders of CDN$1,000,000 (approximately
  US$833,333) due March 31, 2007 (the &#147;2007 Payment&#148;); and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>a cash
  payment to the Acquiree Shareholders of CDN$1,000,000 (approximately
  US$833,333) due March 31, 2008 (the &#147;2008 Payment&#148;).</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The 2006 Payment
was not due and payable in the event that Acquiree&#146;s Earnings Before Interest
Taxes Depreciation and Amortization (&#147;EBITDA&#148;) for the year ending December 31,
2005, is less than CDN$1,000,000. The 2007 Payment was not due and payable in
the event that Acquiree&#146;s EBITDA for the year ending December 31, 2006 was less
than CDN$1,500,000. The 2008 Payment was not due and payable in the event that
Acquiree&#146;s EBITDA for the year ending December 31, 2007 was less than
CDN$2,000,000.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Subject to the
terms of a Series I Exchangeable Share Voting, Support and Exchange Agreement,
dated as of January 2, 2005 (the &#147;Series I Support Agreement&#148;), among us, YAC,
Callco, Acquiror and the Acquiree Shareholders holding Series I Exchangeable
Shares of Acquiror (the &#147;Holders&#146;), the Holders had the option of converting
any Post Closing Payments due to them into Acquiror Series I Exchangeable
Shares at a conversion rate calculated by dividing the dollar amount of any
converted payments by an amount representing the greater of:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>US$1.00
  converted to CDN dollars; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>80% of the
  average closing price of our common stock converted to CDN dollars for the
  twenty trading days immediately preceding the date on which an Acquiree
  Shareholder provides a notice of conversion to Acquiree. </FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Subject to the
terms of the Series I Support Agreement, the Acquiror Series I Exchangeable
Shares are exchangeable, on a share for share basis, for shares of our common
stock. All</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>47</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Holders of
Acquiror Series I Exchangeable Shares also received one share of our Series A
Preferred Special Voting Stock (the &#147;Series A Preferred Stock&#148;) for each
Acquiror Series I Exchangeable Share owned. Shares of our Series A Preferred
Stock have the right to vote on all matters submitted to the vote of our common
shareholders on the basis of one vote for each share held. The Series A
Preferred Stock is non-transferable, other than upon sale or exchange on
disposition of the corresponding Acquiror Series I Exchangeable Shares, which
triggers a requirement for the holder to deliver a like number of shares of
Series A Preferred Stock to us for cancellation. The Series I Support Agreement
also contains provisions that grant Callco the right, exercisable upon the
occurrence of certain events, including the proposed dissolution or liquidation
of Acquiror or a prior retraction request by the Holder, to require the Holders
to sell their Series I Exchangeable Shares to Callco. Similarly, the Series I
Support Agreement grants the Holder the right to require Callco to purchase
from the Holder all or any part of the Holder&#146;s Acquiror Series I Exchangeable
Shares upon certain events including the institution by Acquiror of any
proceeding to be adjudicated a bankrupt or insolvent or to be dissolved or
wound up. The Series I Support Agreement further provides for automatic
exchange upon the sale of all or substantially all of our assets, or upon our
liquidation or dissolution. The Series I Support Agreement further provides
that so long as any Acquiror Series I Exchangeable Shares are issued and
outstanding, that we and our subsidiaries cannot declare or pay a dividend on
our respective common stocks unless an equivalent dividends is declared or
paid, as the case may be, on the Series I Exchangeable Shares.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Dividends were
not payable on the Acquiror Preferred Shares but as long as they were
outstanding, Acquiror could not, without the approval of the holders of the
Acquiror Preferred Shares, pay any dividends on Acquiror&#146;s common shares or
redeem or purchase or make any capital distributions in respect of any Acquiror
common shares. Holders of Acquiror Preferred Shares were entitled, subject to
the exercise of the Retraction Call Right by Callco and compliance with other
terms of the Preferred Share Support Agreement, to require Acquiror to redeem
their Acquiror Preferred Shares at a price of CDN$1.00 per share at specified
times. The times at which holders of Acquiror Preferred Shares could make such
requests were as follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>September
  15, 2005 : 750,000 Acquiror Preferred Shares;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>September
  30, 2005 ; 443,250 Acquiror Preferred Shares;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>December 31,
  2005 : 443,250 Acquiror Preferred Shares; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>March 31,
  2006 : 295,500 Acquiror Preferred Shares.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In the event
Acquiror failed or neglected to redeem the Acquiror Preferred Shares for
CDN$1.00 as required by the Preferred Share Support Agreement, Acquiror was
required to redeem the Acquiror Preferred Shares by issuing to the Holders
thereof 2.5 Series II Exchangeable Shares of Acquiror for each Acquiror Preferred
Shares so redeemed.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The restructuring
transaction was effected to improve our liquidity and facilitate our purchase
of treasury shares of Turbon AG. Pursuant to the restructuring, our obligation
to make the 2006 Payment, 2007 Payment and 2008 Payment to the Acquiree
Shareholders was terminated, and the 1,932,000 Acquiror Preferred Shares were
cancelled as was our obligation to redeem such Preferred Shares. In
consideration thereof, we agreed to pay $600,000 to the Acquiree Shareholders,
agreed to issue 3,272,397 shares to the Acquiree Shareholders at a valuation of
$.70 per share or $2,290,678, and agreed to pay to Acquiree Shareholders
additional aggregate cash payments of $2,290,678</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>48</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>payable in six equal
installments of $381,780 each on March 31, 2007; June 30, 2007; September 30,
2007; December 31, 2007; March 31, 2008 and June 30, 2008.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Pursuant to
the Share Purchase Agreement, we also agreed to issue an aggregate of 300,000
non-statutory stock options pursuant to our 2000 Stock Option Plan to employees
of TOL Canada and Teckn-O-Laser USA, Inc. (&#147;TOL USA&#148;). The options granted to
each employee have a maximum term of 10 years and vest in equal amounts, each
equal to 1/3 of the total number of options granted to the employee, on each of
the first, second and third anniversaries of the date of grant. Non-vested
options terminate upon the employee&#146;s death, permanent disability or
termination of employment. Vested options terminate 60 days after an employee&#146;s
death, permanent disability or termination of employment except in cases where
termination is for cause, in which event they terminate at the time of
termination of employment. Effective January 31, 2004 we granted an aggregate
of 244,500 options to 12 persons with an exercise price of US$1.57 per share,
which was the closing market price for our common stock on January 31, 2005. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Pursuant to
the Share Purchase Agreement, Wayne Maddever resigned from his positions as our
President and Chief Executive Officer effective January 28, 2005 and the
vacancy thereby created was filled at closing by Yvon Leveille. At closing we
also appointed Alain Lachambre as our Vice President of Sales and Marketing. In
connection therewith, we entered into renewable 3 year employment agreements
with each of Yvon Leveille and Alain Lachambre. Messrs. Leveille and Lachambre
were also appointed at that time to our board of directors although Mr.
Lachambre subsequently determined effective February 4, 2005 that he did not
wish to serve as a director and resigned. The initial base annual salaries
payable to Messrs. Leveille and Lachambre under their employment agreements are
CDN$175,000 (approximately US$145,900) and CDN$166,000 (approximately
US$138,400), respectively. The employment agreements further provide for the
payment of performance based bonuses of up to 100% of salary at the discretion
of the Compensation Committee of the Board of Directors. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In connection
with the Share Purchase Agreement and pursuant to our financing agreement with
Manchester Consolidated Corp. (&#147;Manchester&#148;) we paid Manchester a financing fee
for its role in arranging the transaction equal to 5% of the transaction value.
The transaction value was CDN$15,382,000 (approximately US$12,813,206), 5% of
which is CDN$769,100 (approximately US$640,660). Pursuant to the forgoing we
have paid Manchester CDN$350,000 in cash (approximately US$291,550) and paid
the CDN$419,100 balance through the issuance of 698,500 shares of our common
stock valued at US$.50 per share to Manchester and its designees.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In a related transaction
to the Share Purchase Agreement, effective January 1, 2005 we acquired TOL USA
from Teckn-O-Laser Global Inc. pursuant to a Share Purchase Agreement for
$1,000 in cash. TOL USA is the US arm of the Teckn-O-Laser group of affiliated
companies. Teckn-O-Laser Global Company, Teckn-O-Laser Company, and
Teckn-O-Laser USA, Inc. are sometimes hereinafter singly and collectively
referred to as Teckn-O-Laser.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Teckn-O-Laser
manufacturers and distributes imaging products, including remanufactured toner
cartridges and remanufactured inkjet cartridges. These products are sold,
directly and indirectly, to original equipment manufacturers, wholesale
distributors, and retail office suppliers, both</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>49</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>domestically
and internationally. All such products are designed to reduce environmental
waste while producing significant cost savings for the end consumer and
businesses. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Teckn-O-Laser
was founded in 1988 and is Canada&#146;s largest supplier of name brand compatible
print cartridges. On average, Teckn-O-Laser&#146;s remanufactured cartridges are
30-40% less expensive than those manufactured by original equipment
manufacturers. In 1996 Teckn-O-Laser became the first Canadian toner cartridge
remanufacturer to attain 1SO 9002 certification. Teckn-O-Laser presently has
ISO 9001:2000 certification, the successor standard to ISO 9002. ISO standards
are quality management standards published by the International Organization
for Standardization which is an organization consisting of members from
approximately 150 countries. The goal of the International Organization for
Standardization is to establish uniform international standards for products
and services. The widespread adoption of international standards means that
manufacturers and suppliers can base the development of their products and
services on specifications that have wide acceptance in their sectors.
Businesses using their standards are increasingly able to more readily compete
in many more markets around the world. ISO 9001:2000 has become an
international reference for quality requirements in business and business
dealings. It is a generic management system standard concerned with quality
management. Its focus is on that which an organization does to enhance customer
satisfaction by meeting customer and applicable regulatory requirements and to
continually improve its performance in this regard.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Teckn-O-Laser
currently sells its products, which are various types of remanufactured toner
cartridge and inkjet cartridges in the United States and Canada. Approximately
60% of its products are sold in the United States with the 40% balance being
sold in Canada. Toner cartridge sales presently account for approximately 98%
of all product sales while inkjet cartridge sales presently account for 2% of
product sales. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2><B>Guarantee Agreement
with National Bank of Canada </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Effective
April 19, 2005 we executed a Guarantee Agreement with National Bank of Canada
in which we guaranteed the payment of all present and future obligations of our
subsidiary, Teckn-O-Laser Company, to National Bank of Canada in the form of
principal, interest and costs, up to a maximum amount of CDN$5,000,000.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2><B>Barrington Loan
Agreement</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In conjunction
with the Share Purchase Agreement, we entered into a Loan Agreement (the &#147;Loan
Agreement&#148;) dated as of January 26, 2005 with Teckn-O-Laser Company (the
&#147;Borrower&#148;), YAC Corp. (&#147;YAC&#148;), 3091732 Nova Scotia Company (&#147;Callco&#148;), 3091503
Nova Scotia Company (&#147;TAC&#148;), Teckn-O-Laser Global Company (&#147;TOLG&#148;),
Teckn-O-Laser USA Inc. (&#147;TOL USA&#148;) and Barrington Bank International Limited
(&#147;Lender&#148;). Pursuant to the Loan Agreement, on January 31, 2005 Lender loaned
CDN$2,000,000 (approximately US$1,666,666) to Borrower which facilitated our
ability to meet our obligations under the Share Purchase Agreement. The loan,
which is secured by all of our assets, is guaranteed by each of us, YAC,
Callco, TAC, TOLG and TOL USA. It has a maximum term of 10 years subject to
acceleration upon default or to earlier payment. Interest of 12% per annum is
due on the loan during the first 12 months of the term and interest of 20% per
annum is due on the loan thereafter. The loan can </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>50</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN="JUSTIFY"><FONT SIZE=2>be prepaid by
Borrower in whole or in part. However, in the event prepayment occurs prior to
the 1 year anniversary of the loan, Borrower is obligated to pay a prepayment
fee equal to the amount of additional interest that Borrower would have paid on
the loan from the date of prepayment through the date of the 1 year anniversary
of the loan. Commencing on the 6 month anniversary of the loan, Lender has the
right to convert the remaining principal balance of the loan into shares of our
common stock at a conversion price of US$1.00 per share. As further
consideration for the loan, we issued 200,000 shares of our common stock to
Lender and agreed to include such shares in this prospectus. In connection with
the loan, we, the Borrower, the Lender and the Guarantors have entered into a
series of related agreements principally designed to protect the interests of
the Lender in making the loan.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2><B>Share Purchase Agreement with Turbon
AG</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Effective June 22, 2005 we
entered into a Share Purchase Agreement (the &#147;Agreement&#148;) with Turbon AG
(&#147;Turbon&#148;) pursuant to which we agreed to purchase 400,000 Turbon shares from
Turbon&#146;s treasury at a purchase price of $14 per share or an aggregate of
$5,600,000 (the &#147;Purchase Price&#148;). On June 23, 2005 we paid Turbon $1,001,000
of the Purchase Price and acquired 71,500 of the 400,000 Turbon shares. On
November 4, 2005 we paid Turbon an additional $4,599,000 and acquired the
remaining 328,500 of the 400,000 Turbon shares. In connection with the
Agreement, Manchester Consolidated Corp. became entitled to acquisition fees
equal to $642,000. The acquisition fees were paid in a combination of cash
($82,000) and 1,160,000 shares of our common stock. For such purposes, the
common stock was valued at $.50 per share.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2><B>Loan Agreement with Turbon
International Inc.</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>As of November 4, 2005 we
entered into a Loan Agreement (the &#147;Loan Agreement&#148;) with Turbon International
Inc., (&#147;Turbon International&#148;), a wholly subsidiary of Turbon AG, and
Teckn-O-Laser Global Company, a wholly owned subsidiary of ours
(&#147;Teckn-O-Laser&#148;). Pursuant to the Loan Agreement, Turbon International made a
$2,800,000 term loan to us and extended us a line of credit for up to an
additional $2,800,000. Proceeds from the term loan were utilized by us to
purchase certain Turbon AG shares (See &#147;Share Purchase Agreement with Turbon&#148;).
In consideration of the $2,800,000 term loan, we issued a 5% promissory note to
Turbon International. Interest under the term loan note is payable quarterly on
each of January 31, April 30, July 31 and October 31 during the term of the
loan commencing January 31, 2006. Principal and accrued but unpaid interest
under the term loan note are due October 31, 2008 subject to acceleration upon
an event of default. The loan can be prepaid by us at any time prior to
maturity without penalty. The line of credit may only be used by us for the
purpose of purchasing products from Turbon International and certain affiliated
entities. We will pay interest of 5% per annum on all sums advanced under the
line of credit. Interest will be due and payable on the last day of each
quarter starting with the quarter ending November 30, 2005. Principal and
accrued but unpaid interest under the line of credit are due October 31, 2006
subject to acceleration upon an event of default. All advances under the line
of credit will be evidenced by promissory notes. Amounts borrowed under the
line of credit may be repaid by us at any time prior to maturity without
penalty and may be re-borrowed. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Upon an event
of default under the term loan or line of credit the interest rate payable
under the applicable notes will be increased from 5% to 9% until cured. Our
indebtedness to Turbon International under both the term loan and line of
credit has been guaranteed by Teckn-O-Laser and, is secured by a first priority
lien on our 400,000 shares of common stock of Turbon AG.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>51</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman"><B>Recharger Industry</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">The printer
cartridge recharger industry (&#147;Recharger Industry&#148;), with estimated worldwide
revenues of $8 billion, consists of entities that remanufacture toner and
inkjet printer cartridge for resale back to consumers. Remanufactured toner and
inkjet cartridges provide a cost effective alternative to new cartridges. They
also offer an environmental benefit as reusing cartridges keeps tens of
thousands of tons of industrial grade plastics out of landfills. An estimated
700 million cartridges worldwide were thrown away in 2003. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">A
remanufactured cartridge is a recycled and refilled cartridge that is tested to
insure that it provides the same or greater performance (based on cartridge
yield) as a new, non-recycled cartridge. A used cartridge that is going to be
remanufactured is first disassembled and inspected for wear. Parts that are
damaged or worn are replaced, and other components are cleaned and
reconditioned. The cartridge is then reassembled, filled and tested for proper
performance. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Properly
remanufactured cartridges do not damage the copy machine or printer in which
they are ultimately used. In order to remanufacture a cartridge you must first
have the empty one to refill. When a new printer using a new cartridge is
introduced it may take several months if not years for the empty cartridges to
become available in the quantity that warrants the refiller to make the
investment to tool up for remanufacture. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Toner
cartridges can be remanufactured several times. Approximately 97% of the combined
components (plastic, metal, rubber, paper, foam and toner) in toner cartridges
can be recycled. If not recycled the plastic made of engineering grade
polymers, takes at least 1,000 years to decompose. Remanufactured toner
cartridges minimize the disposal of these materials, conserve natural resources
by eliminating the need for virgin materials, and saves energy in the
remanufacturing process. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Laser toner is
a dry, powdered ink while inkjet inks are liquid. Laser printers (as well as
inkjet multifunction machines, laser copiers, and laser fax machines) work by
fusing toner to paper using heat. The printed results of lasers are
smudge-proof and waterproof. Inkjet printers (as well as inkjet multifunction
machines, inkjet copiers, photo printers, and inkjet fax machines) spray tiny
droplets of liquid ink onto paper. There have been great strides in recent
years in inkjet printing technology that have made them much more resistant to
smudging and smearing. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">The Recharger
Industry is currently highly fragmented with a large number of small
competitors competing in this growth segment. Much of this growth comes from
the fact that both consumers and business are increasingly utilizing printers
to develop their digitized image products. In order to compete, participants
will need to achieve economies of scale and develop expanded sales channels.
With the increased numbers of different printer cartridges the smaller
producers will need to move more toward outsourcing as a way to manage their
research and development and manufacturing costs. This will allow the business
owner to focus on the sales and service of their customers. Adsero seeks to
capitalize on this outsourcing through strategic arrangements to produce all of
their production as well as providing other services to enhance the small
business owner&#146;s ability to attract and retain customers. </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman"><B>Consulting and Other Service Agreements</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Effective
January 13, 2005 we entered into an agreement with 6327214 Canada Inc., a
corporation owned by William Smith pursuant to which we receive the services of
William Smith, our acting secretary, treasurer and chief financial officer.
Pursuant to the agreement we pay a fee of CDN$13,750 per month (approximately
US$11,500) which amount is subject to future modification upon mutual agreement
of the parties. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Effective
February 1, 2005 we entered into a 1 year Investor Relations Agreement with
Agora Investor Relations Corp., an Ontario, Canada corporation (&#147;Agora&#148;)
pursuant to which Agora provides shareholder services and, subject to
compliance with applicable laws, rules and regulation, other services intended
to raise public awareness of our business. In consideration of such services,
we are paying Agora monthly compensation of CDN$2,750 (approximately US$2,300)
and have issued to Agora 100,000 stock options, each to purchase one share of
our common stock, at a price of $1.50 per share. The options are exercisable,
upon vesting, during the period February 1, 2006 through February 1, 2008.
25,000 of the options vest on each of May 1, 2005; August 1, 2005; November 1,
2005; and February 1, 2006. The agreement is renewable at our option, for an
additional 1 year term on similar terms. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Effective
February 1, 2005 we entered into a 1 year Investor Relations Agreement with
Stockgroup Media Inc., a Canadian corporation (&#147;Stockgroup&#148;) pursuant to which
Stockgroup provides shareholder services and, subject to compliance with
applicable laws, rules and regulations, other services intended to raise public
awareness of our business. In consideration of such services, we are paying
Stockgroup monthly compensation of CDN$2,250 (approximately US$1,920).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Effective
January 7, 2005 we entered into a financial consulting agreement with
Westminster Capital Inc. (&#147;Westminster&#148;). The term of the agreement is through
and until December 31, 2007. In consideration thereof, we issued 300,000 shares
to Westminster.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Effective
January 7, 2005 we entered into a corporate consulting agreement with Gregory
Belzberg. The term of the agreement is through and until December 31, 2007. In
consideration thereof, we issued 50,000 shares of our common stock to Mr.
Belzberg.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">In January
2004 we entered into an exclusive financing arrangement with Manchester
Consolidated Corp. (&#147;Manchester&#148;), a corporation owned by Anthony Pallante
whereby a fee is payable by us, upon successful completion of a financing or
any acquisition, merger, or other business combination generated by Manchester.
The fees for financing were 10% up to $2 million plus 7% on $2 million to $5
million plus 5% on any excess over $5 million and the fees for an acquisition
which are based on the transaction value were 12% on first $5 million plus 7%
on the next $5 million plus 4% on any excess value over $10 million. Where
Manchester both raises financing and assists in a merger in the same
transaction it is entitled to the larger fee under the two provisions. Either
party to the agreement can terminate, without penalty, upon nine months prior
written notice. In July 2004 we amended the January 2004 financing agreement
arrangement. Thereunder, we are presently obligated to pay Manchester a fee
upon successful completion of a financing or any acquisitions, mergers, or
other business </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">combinations
arranged for us by or through Manchester. The revised fee structure for
financings are 10% for transactions up to and including $2,000,000; 7% for
transactions in excess of $2,000,000 up to and including $5,000,000; and 5% for
transactions in excess of $5,000,000. The revised fee structure for
acquisitions, mergers or other business combinations is 12% for transactions up
to and including $5,000,000; 7% for transactions in excess of $5,000,000 up to
and including $10,000,000; and 5% for transactions in excess of $10,000,000.
All other material terms of the arrangement remain unchanged. In connection
with its role in arranging the Share Purchase Agreement with Teckn-O-Laser
Global Company, we paid Manchester a transaction fee equal to 5% of the
transaction value of CDN($15,382,000) (approximately US$12,813,206) which was CDN$769,100
(approximately US$640,660). Payments consisted of CDN$350,000 in cash
(approximately US$291,550) and CDN$419,100 (approximately US$349,250) in shares
of our common stock valued at US$.50 per share resulting in our March 2005
issuance of 698,500 shares to Manchester and its designees. As more fully
described above under &#147;Share Purchase Agreement with Turbon AG&#148;, we paid
acquisition fees of $642,000 consisting of cash ($82,000) and 1,120,000 shares
of stock valued at $.50 per share ($560,000) in connection with our acquisition
of an aggregate of 400,000 shares of Turbon AG. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Effective
January 6, 2003 we executed a consulting agreement with Manchester
Administrative Services Inc. (&#147;Manchester Administrative&#148;), a corporation owned
by Anthony Pallante, to provide us with the services of various individuals.
Thereunder, Manchester Administrative was paid consulting fees of up to $40,000
per month depending on the level of work completed. Fees were invoiced monthly
on an ongoing basis. Pursuant to this agreement, we received the services of
William Smith, who signed the contract on behalf of Manchester Administrative,
as Executive Vice President. Manchester Administrative was paid $259,074 under
this agreement for 2004, $81,500 of which was paid to William Smith, $45,000 of
which was paid to Anthony Pallante, and the remainder consisted of expense
reimbursement related to our corporate reorganization and acquisition
activities. At the end of each quarter, under this agreement, Manchester
Administrative had the right to convert any unpaid fees into our common stock
at the greater of $1.00 per share or 80% of the then market price. This
agreement was terminated effective January 13, 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Effective June
22, 2005, we entered into a Strategic Supply Agreement (the &#147;Agreement&#148;) with
Turbon AG (&#147;Turbon&#148;), a leading global imaging supply company specializing in
the remanufacture of laser cartridges. Pursuant to the Agreement, Turbon is a
strategic supplier of remanufactured laser toner cartridges for us at prices that
are competitive in the market place for such products and that are lower than
prices offered by Turbon to other third party customers for similar products
under similar conditions. In consideration thereof, we have given preferred
vendor status to Turbon and have given preference to ordering products from
Turbon over competitive products of third parties as long as Turbon&#146;s product
quality meets our specifications. The Agreement runs through December 31, 2008
and is subject to early termination and renewal provisions. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">For a
description of additional service agreements see Executive Compensation -
Employment Agreements and Certain Relationships and Related Transactions.</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman"><B>Financing Transactions</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">On November 4,
2005 we sold 2,400,000 subscription receipts at a price of $.50 per
subscription receipt or an aggregate of $1,200,000 to HBT Holdings GmbH, each
subscription receipt to be automatically exercised, without payment of any
additional consideration, on January 31, 2006 into, subject to adjustment, one
unit. Each unit consists of one share of our common stock (the &#147;Unit Shares&#148;)
and one common stock purchase warrant (the &#147;Unit Warrants&#148;) .Each warrant
entitles the holder to purchase, subject to adjustment, an additional share of
our common stock (the &#147;Warrant Shares&#148;) at a price of $1.25 per share during
the period ending at 5:00 p.m. (Toronto time) on May 3, 2008. We have agreed to
use our best efforts to file a registration statement on or before March 31,
2006 and to have such registration statement declared effective within 90 days
of filing, registering the resale of the Unit Shares and Unit Warrants and the
issuance of the Warrant Shares. Proceeds from the sales were utilized by us
purchase certain Turbon AG shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">On November 4,
2005 we received aggregate loans of $600,000 from three related persons. In
consideration thereof, we issued 5% convertible promissory notes due December
31, 2006 (the &#147;Maturity Date&#148;) to Alain Lachambre ($136,198), Yvon Leveille
($328,113) and Manchester Consolidated Corp. ($135,689). Interest and principal
on the notes are due on the Maturity Date. The notes can be prepaid by us at
any time. If all principal and interest due on the notes are not paid in full
on the Maturity Date, the respective holders may, at their sole option, convert
the total amount of unpaid principal and interest into shares of our common
stock at the rate of $.50 per share. The loan proceeds were utilized to
purchase certain Turbon AG shares. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">As of November
4, 2005 we entered into a Loan Agreement (the &#147;Loan Agreement&#148;) with Turbon
International Inc., (&#147;Turbon International&#148;), a wholly subsidiary of Turbon AG,
and Teckn-O-Laser Global Company, a wholly owned subsidiary of ours
(&#147;Teckn-O-Laser&#148;). Pursuant to the Loan Agreement, Turbon International made a
$2,800,000 term loan to us and extended us a line of credit for up to an
additional $2,800,000. Proceeds from the term loan were utilized by us to
purchase certain Turbon AG shares. In consideration of the $2,800,000 term
loan, we issued a 5% promissory note to Turbon International. Interest under
the term loan note is payable quarterly on each of January 31, April 30, July
31 and October 31 during the term of the loan commencing January 31, 2006.
Principal and accrued but unpaid interest under the term loan note are due
October 31, 2008 subject to acceleration upon an event of default. The loan can
be prepaid by us at any time prior to maturity without penalty. The line of
credit may only be used by us for the purpose of purchasing products from
Turbon International and certain affiliated entities. We will pay interest of
5% per annum on all sums advanced under the line of credit. Interest will be
due and payable on the last day of each quarter starting with the quarter
ending November 30, 2005. Principal and accrued but unpaid interest under the
line of credit are due October 31, 2006 subject to acceleration upon an event
of default. All advances under the line of credit will be evidenced by
promissory notes. Amounts borrowed under the line of credit may be repaid by us
at any time prior to maturity without penalty and may be re-borrowed. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Upon an event
of default under the term loan or line of credit the interest rate payable
under the applicable notes will be increased from 5% to 9% until cured. Our
indebtedness to Turbon International under both the term loan and line of
credit has been guaranteed by Teckn-O-Laser </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">and, subject
to our receipt of written consent from our existing secured lenders, will be
secured by a first priority loan on our 400,000 shares of common stock of
Turbon AG.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">On November
29, 2005 we entered into an Agency Agreement with Loewen, Ondaatje, McCutcheon
Limited (&#147;LOM&#148;) pursuant to which we offered and sold through LOM, as placement
agent, (the &#147;Agent&#148;) 1,400,000 subscription receipts (the &#147;Subscription
Receipts&#148;) at a price of $.50 per Subscription Receipt or $700,000 in the
aggregate. The offering was made to non-US persons in reliance on Regulation S
under the Securities Act of 1933 as amended. Each Subscription Receipt will be
automatically exercised, without payment of any additional consideration, at
the Automatic Exercise Date, as defined below, into, subject to adjustment, a
unit (the &#147;Units&#148;) consisting of one share of our common stock (the &#147;Unit
Shares&#148;) and one common stock purchase warrant (the &#147;Unit Warrants&#148;). Each Unit
Warrant entitles the holder to purchase an additional share of our common stock
(the &#147;Warrant Shares&#148;) at a price of $1.25 per share during the 30 month period
that commenced on November 29, 2005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Pursuant to
the Agency Agreement, we paid the Agent a commission of $49,000 which is equal
to 7% of the gross aggregate offering proceeds and issued to the Agent 98,000
broker warrants (the &#147;Broker Warrants&#148;) which is equal to 7% of the number of
Subscription Receipts sold. Each Broker Warrant will be automatically
exercised, without payment of any consideration, at the Automatic Exercise
Date, as defined below, into, subject to adjustment, one agent&#146;s warrant (the
Agent&#146;s Warrant&#148;). Each Agent&#146;s Warrant entitles the holder, subject to
adjustment and the terms and condition set forth in the Agent&#146;s Warrant
certificate, to purchase from us one Unit at a price of $.50 per Unit during
the 30 month period that commenced November 29, 2005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">For purposes
of the Agency Agreement, the Automatic Exercise Date means the earlier of (i)
December 31, 2005; (ii) the closing date in respect of the Prospectus and the
Registration Statement, as defined below; and (iii) the Qualification Date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">The
Qualification Date is defined as the earlier of (i) December 31, 2005; or (ii)
the date ten business days following the date by which both (a) a receipt (the
&#147;Receipt&#148;) for the final prospectus of ours that qualifies the Units and
Agent&#146;s Warrants for issuance in Canada (the &#147;Prospectus&#148;) has been obtained by
us from the securities commission or securities regulatory authorities in those
Canadian provinces where purchasers of the Subscription Receipts reside and (b)
a registration statement under the Securities Act of 1933, as amended, (the &#147;Registration
Statement&#148;) has become effective for registering the resale of the Unit Shares,
Unit Warrants (including those underlying the Agent&#146;s Warrants, as defined
below), and the Warrant Shares issuable upon exercise of the Unit Warrants. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">On November 9,
2005 we entered into an Agency Agreement with Loewen, Ondaatje, McCutcheon
Limited (&#147;LOM&#148;) pursuant to which we offered and sold through LOM, as placement
agent, (the &#147;Agent&#148;) 4,000,000 subscription receipts (the &#147;Subscription
Receipts&#148;) at a price of $.50 per Subscription Receipt or $2,000,000 in the
aggregate. The offering was made to non-US persons in reliance on Regulation S
under the Securities Act of 1933 as amended. Each Subscription Receipt will be
automatically exercised, without payment of any additional consideration, at
the Automatic Exercise Date, as defined below, into, subject to adjustment, a
unit (the &#147;Units&#148;) consisting of one share of our common stock (the &#147;Unit
Shares&#148;) and one </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">common stock
purchase warrant (the &#147;Unit Warrants&#148;). Each Unit Warrant entitles the holder
to purchase an additional share of our common stock (the &#147;Warrant Shares&#148;) at a
price of $1.25 per share during the 30 month period that commenced on November
9, 2005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Pursuant to
the Agency Agreement, we paid the Agent a commission of $140,000 which is equal
to 7% of the gross aggregate offering proceeds and issued to the Agent 280,000
broker warrants (the &#147;Broker Warrants&#148;) which is equal to 7% of the number of
Subscription Receipts sold. Each Broker Warrant will be automatically
exercised, without payment of any consideration, at the Automatic Exercise
Date, as defined below, into, subject to adjustment, one agent&#146;s warrant (the
Agent&#146;s Warrant&#148;). Each Agent&#146;s Warrant entitles the holder, subject to
adjustment and the terms and condition set forth in the Agent&#146;s Warrant
certificate, to purchase from us one Unit at a price of $.50 per Unit during
the 30 month period that commenced November 9, 2005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">For purposes
of the Agency Agreement, the Automatic Exercise Date means the earlier of (i)
December 31, 2005; (ii) the closing date in respect of the Prospectus and the
Registration Statement, as defined below; and (iii) the Qualification Date, as
defined below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">The
Qualification Date is defined as the earlier of (i) December 31, 2005; or (ii)
the date ten business days following the date by which both (a) a receipt (the
&#147;Receipt&#148;) for the final prospectus of ours that qualifies the Units and
Agent&#146;s Warrants for issuance in Canada (the &#147;Prospectus&#148;) has been obtained by
us from the securities commission or securities regulatory authorities in those
Canadian provinces where purchasers of the Subscription Receipts reside and (b)
a registration statement under the Securities Act of 1933, as amended, (the
&#147;Registration Statement&#148;) has become effective for registering the resale of
the Unit Shares, Unit Warrants (including those underlying the Agent&#146;s
Warrants, as defined below), and the Warrant Shares issuable upon exercise of
the Unit Warrants. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Pursuant to
the Agency Agreement, we also granted the Agent the right to act as co-lead
member of an investment banking syndicate for purposes of marketing and selling
any brokered equity financing for us in Canada for a period of one year
commencing November 9, 2005. We also granted the Agent the right to a minimum
participation of 15% on any brokered equity financing for us in the United
States for a period of one year commencing November 9, 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">On July 21,
2005 we entered into an Agency Agreement with Loewen, Ondaatje, McCutcheon
Limited (&#147;LOM&#148;) pursuant to which we offered and sold through LOM, as placement
agent, (the &#147;Agent&#148;) 1,707,000 subscription receipts (the &#147;Subscription
Receipts&#148;) at a price of $.75 per Subscription Receipt or $1,280,250 in the
aggregate. The offering was made to non-US persons in reliance on Regulation S
under the Securities Act of 1933 as amended. Each Subscription Receipt will be
automatically exercised, without payment of any additional consideration, at
the Automatic Exercise Date, as defined below, into, subject to adjustment, a
unit (the &#147;Units&#148;) consisting of one share of our common stock (the &#147;Unit
Shares&#148;) and one common stock purchase warrant (the &#147;Unit Warrants&#148;). Each Unit
Warrant entitles the holder to purchase an additional share of our common stock
(the &#147;Warrant Shares&#148;) at a price of $1.25 per share during the 30 month period
that commenced on July 21, 2005. </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">The offer of
the Subscription Receipts was made subject to satisfaction of certain
conditions (the &#147;Qualification Conditions&#148;). Failure to meet the Qualification
Conditions by the Qualification Date, as defined below, results in each
Subscription Receipt being exercised into 1.5 Units. The Qualification Date is
defined as the earlier of (i) December 31, 2005; or (ii) the date ten business
days following the date by which both (a) a receipt (the &#147;Receipt&#148;) for the
final prospectus of ours that qualifies the Units and Agent&#146;s Warrants, as such
term is defined below, for issuance in Canada has been obtained by us from the
securities commissions or securities regulatory authorities in those Canadian
provinces where purchasers of the Subscription Receipts reside and (b) a
registration statement under the Securities Act of 1933, as amended, (the
Registration Statement&#148;) has become effective for registering the resale of the
Unit Shares, Unit Warrants (including those underlying the Agent&#146;s Warrants, as
defined below), and the Warrant Shares issuable upon exercise of the Unit
Warrants.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">The
Qualification Conditions are defined in the Agency Agreement as (i) our having
obtained a Receipt for the Prospectus, and the Registration Statement having
become effective for registering the resale of the Unit Shares, Unit Warrants
(including those underlying the Agent&#146;s Warrants, as defined below) and the
Warrant Shares issuable upon exercise of the Unit Warrants; and (ii) the shares
of our common stock having been listed for trading on the Toronto Stock
Exchange.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Pursuant to
the Agency Agreement, we paid the Agent a commission of $89,618 which is equal
to 7% of the gross aggregate offering proceeds and issued to the Agent 119,490
broker warrants (the &#147;Broker Warrants&#148;) which is equal to 7% of the number of
Subscription Receipts sold. Each Broker Warrant will be automatically
exercised, without payment of any consideration, at the Automatic Exercise
Date, as defined below, into, subject to adjustment, one agent&#146;s warrant (the
Agent&#146;s Warrant&#148;). Each Agent&#146;s Warrant entitles the holder, subject to
adjustment and the terms and condition set forth in the Agent&#146;s Warrant certificate,
to purchase from us one Unit at a price of $.75 per Unit during the 30 month
period that commenced July 21, 2005. If the Qualification Conditions haven&#146;t
been satisfied by the Automatic Exercise Date, as defined below, then each
Broker Warrant will be automatically exercised at the Automatic Exercise Date
into 1.5 Agent&#146;s Warrants each of which will entitle the holder to purchase
from us one Unit at a price of $.50 per Unit, during the 30 month period that
commenced July 21, 2005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">We will not
satisfy the Qualification Conditions by the Qualification Date. Accordingly,
effective December 31, 2005, the 1,707,000 subscription receipts will
automatically be exercised for 2,560,500 Units and the 119,490 Broker Warrants
will be automatically exercised for 179,235 Agent&#146;s Warrants.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">For purposes
of the Agency Agreement, the Automatic Exercise Date means the earlier of (i)
December 31, 2005; (ii) the closing date in respect of the Prospectus and the
Registration Statement; and (iii) the Qualification Date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Pursuant to
the Agency Agreement, our officers and directors entered into 180 day lock up
agreements whereby they agreed not to directly or indirectly, offer, sell,
contract to sell, pledge, grant any option to purchase, make any short sale or
otherwise dispose of any shares of our common stock, or any financial
instruments or securities convertible into, exercisable or </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">exchangeable
for, or that represent the right to receive shares of our common stock or
similar securities now owned directly or indirectly by them or under their
control or direction or with respect to which they have beneficial ownership,
or enter into any swap, forward or other arrangement that transfers all or a
portion of the economic consequences associated with the ownership of their securities
or agree to do any of the forgoing or publicly announce any intention to do the
foregoing. Pursuant to the Agency Agreement, Manchester Consolidated Corp., a
principal shareholder, entered into a 30 day lock up agreement on similar terms
to those discussed above.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">Effective June
22, 2005 we entered into an agreement (the &#147;Agreement&#148;) with Loewen, Ondaatje,
McCutcheon Limited (&#147;LOM&#148;), an investment banking firm. Pursuant to the
Agreement, LOM loaned us $1,001,000 on June 22, 2005 for the specific purpose
of allowing us to purchase issued and outstanding shares of Turbon AG. The term
of the loan was the one year period that commenced on June 22, 2005. Interest
accrued on the outstanding amount of the loan at the rate of 10% compounded
semi-annually, and was payable quarterly commencing September 1, 2005. As
partial consideration for entering into the Agreement, we issued 100,000 common
stock purchase warrants to LOM, each exercisable for the purchase of one share
of our common stock at a price of $1.50 per share during the 30 month period
following issuance. The LOM loan was repaid in full from the proceeds of our
July 21, 2005 private placement.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>59</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">As discussed
in greater detail above under &#147;Barrington Loan Agreement&#148;, effective January
31, 2005 we closed a loan agreement with Barrington Bank International Ltd.
pursuant to which we received CDN$2,000,000.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">On January 7,
2005 we issued a $1,000,000 convertible promissory note (the &#147;Note&#148;) paying
interest at the rate of 3.9% per annum to Westminster Capital Inc.
(&#147;Westminster&#148;) in consideration of $1,000,000 which was used for us for the
primary purpose of providing funding for our acquisition of Teckn-O-Laser
Global Company. Interest and principal on the Note were due January 1, 2008
subject to prepayment or conversion commencing on or after July 1, 2005.
Interest and principal due on the Note were convertible into shares of our
common stock at a price of $.50 per share. For each share acquired upon
conversion, the holder was to also receive one common stock purchase warrant to
purchase one share of our common stock at a price of $1.50 per share at any
time prior to July 1, 2008. Effective September 30, 2005 Westminster converted
the principal ($1,000,000) and interest ($28,529) then due thereon, at a
conversion price of $.50 per unit, into an aggregate of 2,057,058 shares and
2,057,058 warrants. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">On January 6,
2005 we entered into an equity purchase commitment with Trisan Equitable
Corporation pursuant to which Trisan agreed to purchase an aggregate of
$1,600,000 of our common shares valued at $.50 per share in stated amounts at
stated times. For each share purchased by Trisan under the equity purchase
commitment, we also agreed to issue to Trisan one common stock purchase
warrant, each to purchase one share of common stock at $1.50 per share. No
shares were ever purchased by Trisan under the equity purchase commitment which
was cancelled by mutual agreement on November 14, 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">In January,
2005 we sold 200,000 units to 1 person at $.50 per unit or $100,000 on an
aggregate basis. Each unit consists of one share of our common stock and one
common stock purchase warrant. Each warrant entitles the holder to purchase one
share of our common stock at a price of $1.50 per share at any time during the
three year period commencing on January 31, 2005. The shares comprising part of
the units were issued in May 2005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">In January
2005 we sold an aggregate of 2,330,000 units to 10 persons at $.50 per unit or
$1,165,000 on an aggregate basis. Each unit consists of one share of our common
stock (the &#147;Unit Shares&#148;) and one common stock purchase warrant. Each warrant
entitles the holder to purchase one share of our common stock at a price of
$1.50 per share at any time during the three year period commencing on January
31, 2005. The proceeds from the offering were used towards the funding of our
acquisition of Teckn-O-Laser Global Company. In connection with these sales we
issued 68,000 units to DGM Bank &amp; Trust Inc. as a
commission with respect to sales of 680,000 units made through them in the
offering (the &#147;DGM Units&#148;). 2,210,000 of the Unit Shares and 56,000 shares
comprising part of the DGM Units were issued in March 2005. The remaining
120,000 Unit Shares and 12,000 shares comprising part of the DGM Units were
issued in May 2005. </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">During the
period July 2004 through October 2004 we sold an aggregate of 647,500 Special
Warrants to 18 persons at $1.00 per unit or $647,500 on an aggregate basis
pursuant to our Agency Agreement dated June 22, 2004 with DGM Bank &amp; Trust
Inc. (the &#147;Agent&#148;). Each Special Warrant was exercisable without additional
consideration to receive a Class A unit consisting of one share of our common
stock and one common stock purchase warrant. Each of these warrants, as
amended, entitles the holder to purchase one share of our common stock at $1.50
per share at any time during the three year period that commenced on September
27, 2004. In connection with the offering, we also issued 64,750 Special
Warrants to the Agent. Effective October 27, 2004 all of the Special Warrants
were exercised resulting in our issuance of 712,500 shares and 712,500
warrants. Pursuant to the offering we were also obligated to pay a 100,000
share work fee to the Agent, which was paid in March 2005. The proceeds from
the offering were used to fund our acquisition of Teckn-O-Laser Global Company.
In January 2005, in connection with a related unit offering, the proceeds of
which were also to be utilized for the funding of the acquisition, it became
apparent that our unit pricing was too high and that our units of the type
underlying the Special Warrants sold in this offering should be sold at $.50
per unit rather than $1.00 per unit. Consequently, in January 2005 we agreed to
issue an additional 647,500 units to the offering subscribers or their
designees, at no additional cost, to bring their unit cost down to $.50 per
unit. The additional units were issued in March 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="Times New Roman">On June 22,
2004 we entered into an Agency Agreement with DGM Bank &amp; Trust Inc. (&#147;DGM&#148;)
whereby DGM was appointed as our exclusive placement agent for an offering (the
&#147;Offering&#148;) of up to 4,250,000 special warrants (the &#147;Special Warrants&#148;) at a
price of $1.00 per Special Warrant or $4,250,000 on an aggregate basis. The
Offering was to consist of a first offering (the &#147;First Offering&#148;) consisting
of up to 750,000 Special Warrants and a second offering (the &#147;Second Offering&#148;)
consisting of 2,750,000 Special Warrants. As discussed above, we sold an
aggregate of 647,500 Special Warrants in the First Offering and issued 64,750
Special Warrants to DGM in its capacity as placement agent. DGM was unable to
effect the Second Offering under the terms contemplated and the Second Offering
was subsequently abandoned. We did however, arrange alternative financing as
discussed above under the paragraph dealing with our December 2004 and January
2005 offering. In connection with the termination of the Agency Agreement we
issued 50,000 common shares and 150,000 common stock purchase warrants to DGM
in satisfaction of certain obligations of ours to DGM under the Agency
Agreement. We further agreed that if DGM engages in and completes any future
financings on our behalf that DGM will be compensated at rates to be
negotiated. In the First Offering, each Special Warrant was exercisable, for no
additional consideration, to receive one Class A Unit (the &#147;A Units&#148;). Each A
Unit consists of one share of our common stock and one common stock purchase
warrant to purchase an additional share of our common stock at a price of $1.50
per share at any time during the three year period commencing on the closing
date of the First Offering. In the Second Offering, each Special Warrant was to
be exercisable, for no additional consideration, to receive one Class B Unit
(the &#147;B Units&#148;). Each B Unit was to consist of one share of our common stock
and one-half common stock purchase warrant. Each full common stock purchase
warrant was to be exercisable to purchase one of our common stock at a price of
$1.50 per share at any time during the two year period commencing on the
closing date of the Second Offering. In consideration of the Agent&#146;s services,
we agreed to pay the Agent a commission equal to 10% of the gross proceeds
raised in the Offering, except with respect to sales to certain persons
identified by us to the Agent. For these sales, the commission was 5%. We
further agreed to pay </FONT></P>

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<P ALIGN="JUSTIFY"><FONT SIZE=2>the Agent a
10% commission with respect to certain unrelated financings by us, if any,
during the period June 22, 2004 through the closing date of the Second
Offering. The Agent could elect to receive commissions in cash, Special
Warrants or some combination thereof. We were further obligated to issue to the
Agent, Special Warrants in an amount equal to 10% of the Special Warrants sold
in the Offering. In the event, we raised gross proceeds of $500,000 or more in
the First Offering, we agreed to issue 100,000 common shares to the Agent as a
work fee.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In May and
June 2004 we sold an aggregate of 205,000 units to 3 persons at $1.00 per unit
or $205,000 in the aggregate. Each unit consists of one share of our common
stock and one common stock purchase warrant. Each warrant, as amended, entitles
the holder to purchase one share of our common stock at a price of $1.50 per
share at any time during the three year period that commenced on the
subscription date. The proceeds from this offering were issued towards the funding
of our acquisition of Teckn-O-Laser Global Company. In January 2005 in
connection with a related unit offering, the proceeds of which were also to be
utilized towards the funding of the acquisition, it became apparent that our
unit pricing was too high and that our units of the type sold in May and June
2004 should be sold at $.50 per unit rather than $1.00 per unit. Consequently,
in January 2005 we agreed to issue an additional 205,000 units to the
investors, at no additional cost, to bring their unit cost down to $.50 per
unit. Both the original 205,000 units and the additional units were issued in
March 2005.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In April 2004,
we issued a $70,000 convertible promissory note bearing interest at 10% per
annum to Manchester Consolidated Corp. The note was due on demand. It was
convertible into shares of our common stock at a conversion price of $1.00 per
share. The note, together with all accrued interest then due, was paid in full
in February 2005. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>On January 1,
2004 we issued a 10%, $250,000 promissory note to BG Capital Group Bahamas Ltd.
in consideration of $250,000 advanced to us for use as working capital. The
Note was due January 1, 2005, or earlier in the event that we consummated a
business combination with an entity having revenues of $3,000,000 or more in
its last completed fiscal year. In such latter event, the Note was due thirty
days after the completion of the business combination. In January 2005, the
parties mutually agreed to extend the due date on the Note to February 28,
2005. In February 2005 we paid off the note and all accrued interest then due
on the note. </FONT></P>

<P><FONT SIZE=2><B>Turbon AG Acquisition </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In April 2005,
we made a tentative offer to management of Turbon AG (&#147;Turbon&#148;), to acquire all
the outstanding shares of Turbon, a leading global imaging supply company
publicly traded on the Frankfurt stock exchange. The aggregate offering price,
pursuant to the offer, as revised, is approximately US$50.8 million in cash.
The completion and closing of this transaction is subject to certain
conditions, including but not limited to, raising of the necessary funds to
close the transaction, and the approval of Turbon&#146;s shareholders. No assurance
can be given that the acquisition will be completed or, if completed, the
actual terms thereof. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Effective June
22, 2005 we entered into a Share Purchase Agreement (the &#147;Share Purchase
Agreement&#148;) with Turbon AG pursuant to which we agreed to purchase 400,000
Turbon AG shares from Turbon AG&#146;s treasury at a purchase price of $14 per share
or an aggregate of </FONT></P>

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<P ALIGN="JUSTIFY"><FONT SIZE=2>$5,600,000
(the &#147;Purchase Price&#148;). On June 23, 2005 we paid Turbon $1,001,000 of the
Purchase Price and acquired 71,500 of the 400,000 shares. On November 4, 2005
we paid Turbon AG $4,599,000 of the Purchase Price and acquired the remaining
328,500 shares. The 400,000 shares purchased by us represent 9.928% of Turbon
AG&#146;s outstanding share capital consisting of 4,029,000 shares. The Share
Purchase Agreement is part of our larger plan to acquire all or a majority of
Turbon AG&#146;s outstanding shares. The closing and completion of any such
transaction will be subject to certain conditions including but not limited to,
raising of necessary funds to close the transaction and obtaining the approval
of Turbon AG&#146;s shareholders. No assurance can be given that we will be able to
close and complete the transaction. Pursuant to the Share Purchase Agreement,
Manchester Consolidated Corp. earned acquisition fees of $642,000. The
acquisition fee was paid in a combination of cash ($82,000) and the balance in
shares of our common stock. For such purposes, the common stock was valued at
$.50 per share. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>On June 21,
2005 and June 22, 2005 we entered into stock purchase agreements (the
&#147;Agreements&#148;) with each of NCR Corporation, Holger Brueckmann &#150; Turbon and
Gothaer Lebensversicherung AG (collectively the &#147;Vendors&#148;). Pursuant to the
Agreements, as amended, the Vendors have agreed to sell to us an aggregate of
2,509,000 shares of Turbon AG capital stock owned by them (the &#147;Vendor Shares&#148;)
in the event we submit a public offer for the acquisition of the Vendor Shares
in accordance with the terms of the Securities Acquisition and Takeover Act, to
which Turbon is subject, by December 31, 2005. The purchase price for the
Vendor Shares, which is payable in cash or a combination of cash and stock,
will have a value of at least $14 per vendor share. Under the Agreements, we
are not required to submit an offer to purchase the Vendor Shares or any other
Turbon shares. </FONT></P>

<P><FONT SIZE=2><B>Employees </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>As of December
15, 2005 we had 203 employees including 143 in production, 28 in sales and
marketing, 15 in research &amp; development, and 17 in administration. Per
location we have 190 in Sainte Julie, Quebec, 7 in Memphis Tennessee, 3 in
Toronto, Ontario, and 3 in Quebec City, Quebec. On November 30, 2004, the
United Steel Workers Union, local section 9414, affiliated with the FTQ
(Federation des travailleurs du Qu&#233;bec) was accredited to represent the
production employees of Teckn-O-Laser at the Sainte Julie location. The
accreditation certificate covers production employees, excluding office and
administrative employees. On January 9, 2005, representatives were elected and
negotiations commenced February 17, 2005. Negotiations have not yet been
completed and we cannot estimate the impact thereof on our business until these
negotiations are competed.</FONT></P>

<P><FONT SIZE=2><B>Description of Property </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Our
headquarters, manufacturing and administrative operations are located in our
facility at 2101 Nobel Street, Sainte Julie, Quebec, J3E 1Z8 (the &#147;Headquarters
Facility&#148;). At such location we utilize approximately 70,828 square feet of
space. On August 15, 2005 our wholly owned subsidiary, Teckn-O-Laser Global
Company, sold the land and building at our Headquarters Facility for a gross
purchase price of approximately $2,900,000 (CDN$3,400,000). The same property
was leased back to our wholly owned subsidiary, Teckn-O-Laser Company, for a
period of approximately ten years, effective September 30, 2005, under a triple
net lease which provides for payments in equal monthly installments. The base
rent under the lease is $297,885 </FONT></P>

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<P ALIGN="JUSTIFY"><FONT SIZE=2>(CDN$345,775)
per annum for the first five years, and $327,673 (CDN$380,352) per annum for
the next five years of the term of the lease. The lease provides for two
renewal options to extend the term of the lease each by a period of five years.
In addition to the Headquarters Facility we lease warehouse and office space at
the following locations: 16,944 square feet of warehouse and office space at
4380 Swinnea Road, Building B, Suite 112,Memphis, TN, USA 38118 for $8,878 per
month under a lease ending December 2007; 1,382 square feet of sales office
space at 401 Magnetic Drive, #41-42, Downsview Ontario, Canada M3J 3H9, for
$1,225 per month under a lease ending September 2005; 320 square feet of sales
office space at 1841-B, boulevard Hamel, Qu&#233;bec City, Canada G1N 3Y9 for $383
per month under a lease ending May 2007; and 25,727 square feet of warehouse
and office space at 1380 Newton, Local 100, Boucherville, Quebec J4B 5H3 for
$13,666 per month under a lease ending June 2010. </FONT></P>

<P><FONT SIZE=2><B>Manufacturing and Production </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We operate two
manufacturing facilities. Our headquarters and main operations facility is
located in Sainte Julie, Quebec, in a 70,828 square foot facility. We
remanufacture laser toner cartridges, and inkjet cartridges at this facility.
The remanufacturing process includes inspecting the old cartridge, replacing
all worn parts, and print testing the cartridge for quality. Additionally, all
research and development is conducted at the Sainte Julie location. We employ
approximately 220 full time employees at this location. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We also lease
16,944 square feet in Memphis, Tennessee. The Memphis facility completes some
final packaging of product but its main function is as a distribution facility.
We employ approximately 6 full time employees in Memphis. We also lease 2 other
locations for sales offices in Quebec City, Quebec and Toronto, Ontario. </FONT></P>

<P><FONT SIZE=2><B>Patents, Trademarks, and Licenses </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In the conduct
of our business, we rely upon trade secrets and unpatented proprietary
technology. We seek to maintain the confidentiality of such information by
requiring employees, consultants and other parties to sign confidentiality
agreements and by limiting access by parties outside the Company to such
information. There can be no assurance, however, that these measures will
prevent the unauthorized disclosure or use of this information or that others
will not be able to independently develop such information. Additionally, there
can be no assurance that any agreements&#160;
regarding&#160; confidentiality and
non-disclosure will not be breached, or, in the event of any breach, that
adequate remedies would be available to us. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We seek to
protect technology, inventions and improvements that we consider important
through the use of trade secrets. While we do not believe that any of our
products infringe any valid claims of patents or other proprietary rights held
by third parties, there can be no assurance that these products do not infringe
any patents or other proprietary rights held by third parties. If an
infringement claim were made, the costs incurred to defend the claim could be
substantial and adversely affect us, even if we were ultimately successful in
defending the claim. If our products were found to infringe any proprietary
right of a third party, we could be required to pay significant damages or
license fees to the third party or cease production. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT SIZE=2>Litigation may
also be necessary to protect trade secrets or techniques owned by us. Any such
claims or litigation could result in substantial costs and diversion of effort
by management. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Specifically,
we believe patent protection is of limited usefulness for our technologies,
because competitors have the ability (even if we had a patent) to develop
substantially equivalent technology. Therefore, we rely on trade secrets and
other unpatented proprietary technology. There can be no assurance that we can
meaningfully protect our rights in such unpatented proprietary technology or
that others will not independently develop substantially equivalent proprietary
products or processes or otherwise gain access to our proprietary technology.
We also seek to protect our trade secrets and proprietary know-how, in part,
with confidentiality agreements with employees and consultants. There can be no
assurance that the agreements will not be breached, that we will have adequate
remedies for any breach or that our trade secrets will not otherwise become
known to or independently developed by competitors. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We own the
following trademarks in Canada and the Unites States: Technolaser, Evergreen,
Reflexion and OEP &#150; Original Equipment Protect. </FONT></P>

<P><FONT SIZE=2><B>Products </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Our products
consist solely of types of remanufactured inkjet and toner cartridges all of
which are made in accordance with ISO 9001-2000 standards. </FONT></P>

<P><FONT SIZE=2><I>Laser toner cartridges </I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>An extensive
manufacturing process ensures that all our laser toner cartridges meet or
exceed the original equipment manufacturer&#146;s performance standard. Our research
and development staff has enabled us to remanufacture high quality products
while realizing cost savings for the end consumer. There is still growth taking
place in this market segment. We plan to aggressively develop market share by
selling products through our existing customer networks as well as developing
new business through alternative channels.</FONT></P>

<P><FONT SIZE=2><I>Inkjet cartridges </I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We manufacture
and distribute remanufactured inkjet cartridges for the industry&#146;s most popular
printers. We center our inkjet product strategy on providing multiple products
under various brand names for customers seeking an alternative to current high
priced printing costs. Although this currently is a very small portion of our
business, there remains substantial growth opportunities in this area. </FONT></P>

<P><FONT SIZE=2><I>Product Warranties </I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We offer a
lifetime guarantee on our cartridges, including parts and labor, against
defects. We replace or reimburse our customers for defective cartridges
provided the cartridge has not been altered in any way. Further, we guarantee
that our cartridges will never damage a laser printer, fax, or photocopier. If
they do so, we are obligated to replace damaged equipment parts and </FONT></P>

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<P ALIGN="JUSTIFY"><FONT SIZE=2>reimburse any
repair costs. We do not assume responsibility for another direct or indirect
damages caused by the use of our cartridges.&#160;
</FONT></P>

<P><FONT SIZE=2><B>Sales and Marketing </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Teckn-O-Laser
sales have grown from $0 in 1988 to approximately $28,000,000 in 2004. Our
overall marketing strategy is to focus on core strengths and identify the
product demands of the imaging supplies market. Our goal is to produce high
quality cartridges which can be sold within a wide number of formats thus
minimizing our reliance on any one segment, channel or customer. Our strategy
will focus on the following channels: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Recharger
  dealers</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Governmental
  and corporate channels</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&#149;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Distributors
  to the retail channel</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><I>Recharger Dealers </I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Rechargers, or
remanufacturers, are faced with the challenge of dealing with a large number of
different products, growing research and development demands, and the growing
market for color cartridges, which are more difficult to remanufacture. These
rechargers are currently considering outsourcing some products to larger
remanufacturers who have economies of scale and can spread the costs of
research and development over a larger base of business. We will focus on these
dealers with the intention of obtaining their outsourcing business. </FONT></P>

<P><FONT SIZE=2><I>Government and Corporate Channels </I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Governments
are extremely large users of ink and related products. We currently sell into
certain government departments but the growth opportunity is increased as we
provide a cost effective environmentally friendly alternative to the original
equipment manufacturer. Through distributors with existing government business
in other products, we are gaining access to this large market. As the
governmental departments are focusing on their budgets and the need to cut
costs, the need for alternatives increases, thus providing an opportunity for
growth. For example, the demand for remanufactured inkjet cartridges is growing
given the high cost per original equipment manufacturer cartridge and the
increased printer usage as employees are provided with printers in their
individual offices. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2><I>Distributors to the Retail Channel </I></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We will look
at different alternative retail channels in order to provide products for the
end consumer at convenient locations </FONT></P>

<P><FONT SIZE=2><B>Customers </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Our principal
customers are recharger dealers and retail channel distributors that sell our
products to end user consumers. At the present time we have in excess of 200
customers. Our 9 largest customers account for almost 50% of our sales. Clarity
Imaging Technologies Inc, which </FONT></P>

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<P><FONT SIZE=2>accounts for
approximately 14% of our sales, is our only customer that presently accounts
for more that 10% of our sales. Although we do not believe the loss of any
single customer would have a long term detrimental effect on our business, the
loss of several of our nine largest customers could be expected to have a
material adverse effect on our business and financial results.</FONT></P>

<P><FONT SIZE=2><B>Supplies and Suppliers </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Required
supplies and raw materials consist of empty printer cartridges and related
components including toner, imaging drums, wiper blades and clips. We purchase
supplies from 8 to 10 suppliers. Static Control Components is our leading
supplier accounting for approximately 80% of our raw materials and sources. In
the event we are unable to continue our relationships with Static Control
Components and our other suppliers, comparable supplies of like quality and
cost are available to us from several other sources. Accordingly, we do not
believe the loss of any of our suppliers would have a detrimental effect on us.
</FONT></P>

<P><FONT SIZE=2><B>Research and Development </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We devote a
part of our annual research and development budget to new product development
and quality control. During its 2003 and 2004 fiscal years ended April 30, 2003
and April 30, 2004, Teckn-O-Laser spent approximately CDN$475,000
(approximately US$395,833) and CDN$336,000 (approximately US$280,000)
respectively on research and development. We anticipate spending approximately
US$300,000 on research and development during 2005. Our research and
development staff of seven (7) in Sainte Julie reengineers the original
equipment manufacturers&#146; products in order to allow us to produce and sell
remanufactured printer. </FONT></P>

<P><FONT SIZE=2><B>Backlog and Seasonality </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Due to the
nature of our business and our customer relationships we have no back orders
and produce orders on demand, or from inventory, and ship the orders usually
within 48 hours of receipt. There is very little seasonality for our business
outside the normal summer slowdown and around standard holiday periods. </FONT></P>

<P><FONT SIZE=2><B>Competition </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The imaging
consumables industry is highly competitive. We compete primarily on the basis
of technology, performance, price, quality, and reliability. We face
competition from both original equipment manufacturers such as Hewlett Packard,
Canon and Lexmark and from other after market manufacturers. After market
competitors include Turbon AG, Micro Solutions Enterprises, Nu-Kote
International, Clover/Data Products, Westpoint, and Laser Technologies Inc. The
original equipment manufacturers presently dominate the markets for toner
products and inkjet supplies. Many of our competitors are substantially larger
and have greater financial, technical and human resources then we do. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>67</FONT></P>


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<P><FONT SIZE=2><B>Government Regulation; Environmental Laws </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Certain of our
operations involve the use of substances regulated under various federal,
state, local and international laws relating to the environment, including
those governing the discharge of pollutants into the air and water, the
management and disposal of hazardous substances and wastes and the cleanup of
contaminated sites. Our products are subject to various federal, state, local
and international laws governing chemical substances in products, including
those regulating the manufacture and distribution of chemical substances and
those restricting the presence of certain substances in electronics products.
We could incur substantial costs, including cleanup costs, fines and civil or
criminal sanctions, third-party damage or personal injury claims if we were to
violate or become liable under the environmental laws or if our products become
non-compliant with environmental laws. </FONT></P>

<P><FONT SIZE=2><B>Reports To Security Holders </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>We file annual
and quarterly reports with the Securities and Exchange Commission (SEC). In
addition, we file additional reports for matters such as material developments
or changes within us, changes in beneficial ownership of officers and director,
or significant shareholders. These filings are a matter of public record and
any person may read and copy any materials filed with the SEC at the SEC&#146;s
public reference room at 100 F Street, NE, Washington, D.C. 20549. The public
may obtain information on the operation of the public reference room by calling
the SEC at (202) 551-8090. The SEC maintains an internet site that contains
reports, proxy and other information statements, and other information
regarding issuers that file electronically with the SEC which internet site can
be found at http://www.sec.gov. </FONT></P>

<P ALIGN=CENTER><A  NAME=A17><FONT SIZE=2><B>PLAN OF OPERATION</B></FONT></A></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>The following discussion
and analysis should be read in conjunction with the consolidated financial
statements and the notes thereto appearing elsewhere in this Report. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In January
2005 we purchased Teckn-O-Laser Global Company, a remanufacturer of laser toner
and inkjet print cartridges. Prior to the acquisition, we had no operations.
Accordingly, no comparison of prior period results is contained herein. </FONT></P>

<P><FONT SIZE=2>As of
September 30, 2005, we had a working capital deficiency of approximately
$4,476,920 (including approximately $2,125,037 related to the discontinued
operation leaving a net working capital deficiency of approximately
$2,351,883). At September 30, 2005 and subsequent thereto, we are not in
compliance with certain covenants under a line of credit obligation and certain
of its term loans. The lender under these obligations has the right to demand
immediate repayment of these loans due to this event of default. The exercise
of this right and the requirement to immediately repay the outstanding balance,
which amounts to an aggregate of $2,517,636 at September 30, 2005, would have a
material adverse effect on our business. We cannot provide any assurance that
the lender under these obligations will provide us with a waiver of this breach
of covenant. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>68</FONT></P>


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<P ALIGN="JUSTIFY"><FONT SIZE=2>Our ability
continued existence is dependent upon our ability to raise additional capital
and generate revenue and operating cash flow through the execution of our
business plan. We can not provide any assurance that we will be able obtain the
financing we needs to sustain the business until such time that we generate
sufficient revenue and operating cash flow through the operations of the
Tecknolaser Group or other prospective acquiree businesses. These matters raise
substantial doubt about our ability to continue as a going concern. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Subsequent to
September 30, 2005 we raised approximately $4.4 million in additional equity
and entered into a loan agreements for approximately $7.2 million with various
parties. These financings allowed us to acquire Teckn-O-Laser Global Company in
January 2005 and an aggregate of 400,000 treasury shares of Turbon AG in June
2005 and November 2005. In April 2005 we announced our intention to launch a
formal takeover offer for 100% of the shares of Turbon AG, a German public
company operating in the same business. As discussed above, we have acquired
400,000 common shares of Turbon AG which equates to approximately 10% of the
outstanding shares of Turbon AG and any other acquisitions that we may decide
to engage in. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Except as
provided herein, we have no present commitment that is likely to result in our
liquidity increasing or decreasing in any material way. In addition, except as
noted herein, we know of no trend, additional demand, event or uncertainty that
will result in, or that are reasonably likely to result in, our liquidity
increasing or decreasing in any material way. We have no material commitments
for capital expenditures.&#160; As a result
of the Teckn-O-Laser Global Company acquisition we operate a plant in Sainte
Julie, Quebec that is equipped to remanufacture laser toner printer cartridges.
We also conduct reverse engineering of products at this location. During its
2003 and 2004 fiscal years ended April 30, 2003 and April 30, 2004,
respectively, Teckn-O-Laser Global Company expended approximately $395,833
(approximately CDN$475,0000) and $280,000 (approximately CDN$336,000) on this
reverse engineering process. We anticipate spending approximately $300,000 on
the reverse engineering during 2005. We have 203 employees as a result of the acquisition.
We presently have sufficient cash available together with anticipated cash flow
from operations to cover our anticipated cash requirements for our existing
operations for the next 12 months. We anticipate however, that we will need
additional financing during the next 12 months with respect to our intended
acquisition of the balance of Turbon AG and any other acquisitions that we may
decide to engage in. </FONT></P>

<P ALIGN=CENTER><A  NAME=A18><FONT SIZE=2><B>CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS</B></FONT></A></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Effective
January 6, 2003 we executed a consulting agreement with BBP Consulting (&#147;BBP&#148;),
a sole proprietorship owned by Wayne Maddever, whereby BBP provided us with
services of Wayne Maddever. Pursuant to the consulting agreement, BBP was paid
consulting fees of up to $15,000 per month. Mr. Maddever earned $0 under this
agreement for 2004. At the end of each quarter, under this agreement, Mr.
Maddever had the right to convert any unpaid fees into our common stock at the
greater of $1.00 per share or 80% of the then market price. This agreement was terminated
effective January 28, 2005 upon resignation of Mr. Maddever as our President
and Chief Executive Officer.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>69</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P ALIGN="JUSTIFY"><FONT SIZE=2>Effective
January 6, 2003 we executed a consulting agreement with Manchester
Administrative Services Inc. (&#147;Manchester Administrative&#148;), a corporation owned
by Anthony Pallante, to provide us with the services of various individuals.
Thereunder, Manchester Administrative was paid consulting fees of up to $40,000
per month depending on the level of work completed. Fees were invoiced monthly
on an ongoing basis. Pursuant to this agreement, we received the services of
William Smith, who signed the contract on behalf of Manchester Administrative,
as Executive Vice President. Manchester Administrative was paid approximately
$259,074 under this agreement for 2004, approximately $81,500 of which was paid
to William Smith. This agreement was terminated effective January 13, 2005. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>In January
2004 we entered into an exclusive financing arrangement with Manchester
Consolidated Corp. (&#147;Manchester&#148;), a corporation owned by Anthony Pallante
whereby a fee is payable by us, upon successful completion of a financing or
any acquisition, merger, or other business combination generated by Manchester.
The fees for financing were 10% up to $2 million plus 7% on $2 million to $5
million plus 5% on any excess over $5 million and the fees for an acquisition
which are based on the transaction value were 12% on first $5 million plus 7%
on the next $5 million plus 4% on any excess value over $10 million. Where
Manchester both raises financing and assists in a merger in the same
transaction it is entitled to the larger fee under the two provisions. Either
party to the agreement can terminate, without penalty, with 9 months written
notice. In July 2004 we amended the January 2004 financing agreement
arrangement. Thereunder, we are presently obligated to pay Manchester a fee
upon successful completion of a financing or any acquisitions, mergers, or
other business combinations arranged for us by or through Manchester. The revised
fee structure for financings are 10% for transactions up to and including
$2,000,000; 7% for transactions in excess of $2,000,000 up to and including
$5,000,000; and 5% for transactions in excess of $5,000,000. The revised fee
structure for acquisitions, mergers or other business combinations is 12% for
transactions up to and including $5,000,000; 7% for transactions in excess of
$5,000,000 up to and including $10,000,000; and 5% for transactions in excess
of $10,000,000. All other material terms of the arrangement remain unchanged.
In connection with its role in arranging the Share Purchase Agreement with
Teckn-O-Laser Global Company, we paid Manchester a transaction fee equal to 5%
of the transaction value of CDN($15,382,000) (approximately US$12,813,206)
which was CDN$769,100 (approximately US$640,660). Payments consisted of
CDN$350,000 in cash (approximately US$291,550) and CDN$419,100 (approximately
US$349,250) in shares of our common stock valued at US$.50 per share resulting
in our March 2005 issuance of 538,500 shares to Manchester and an aggregate of
160,000 shares to two designees of Manchester. As more fully described under
&#147;DESCRIPTION OF BUSINESS &#150; Share Purchase Agreement with Turbon AG&#148;, in
November 2005 we paid acquisition fees of $642,000 pursuant to the financing
arrangement to Manchester and its designees consisting of cash ($82,000) and
1,120,000 shares of stock valued at $.50 per share ($560,000) in connection
with our acquisition of an aggregate of 400,000 shares of Turbon AG. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Effective
January 2004, we converted an aggregate of approximately $196,900 in debt into
an aggregate of 19,690,000 restricted shares of our common stock. Following the
effectuation of our 20:1 reverse stock split on March 22, 2004 these shares
became approximately 984,500 shares. The conversions were made pursuant to Debt
Conversion and General Release Agreements between us and three persons. 100,000
of these shares were issued to Wayne </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>70</FONT></P>


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<P ALIGN=JUSTIFY><FONT SIZE=2>Maddever in
connection with the conversion by BBP Consulting of $20,000 of debt.  384,500 of these shares were issued to
William Smith, through Manchester Administrative Services, in connection with
the conversion of $76,900 owed to Manchester Administrative Services in
connection with services performed by William Smith prior to 2003.  500,000 of these shares were issued to R.
World Inc. in connection with the conversion of $100,000 of debt.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In April 2004
we issued an aggregate of 2,350,500 restricted shares (the &#147;Manchester Shares&#148;)
of our common stock to designees of Manchester Administrative Services Ltd.
(&#147;Manchester&#148;) pursuant to a February 28, 2004 Debt Conversion and General
Release under which a debt of ours to Manchester in the approximate amount of
$328,500 was cancelled.  This debt was
incurred pursuant to our January 6, 2003 Consulting Agreement with Manchester
and includes debts incurred in January and February 2004. 920,000 of the
Manchester Shares were issued to Manchester Consolidated Corp.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In April 2004
we issued a $70,000 convertible promissory note bearing interest at 10% per
annum to Manchester Consolidated Corp.
The note was due on demand.  It
was convertible into shares of our common stock at a conversion price of $1.00
per share. The Note was repaid in full on February 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On April 15,
2004 we granted 100,000 stock options to each of Wayne Maddever, William Smith
and Anthony Pallante in consideration of services rendered in connection with
our corporate reorganization and services related to Reink USA&#146;s
bankruptcy.  These options vest over a
three year period commencing on the first anniversary of the issuance date and
are exercisable for a period of ten years from grant.  </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective as
at the January 31, 2005 closing of the Share Purchase Agreement, we entered
into a renewable 3 year employment agreements with each of Yvon Leveille and
Alain Lachambre.  The Leveille
Employment Agreement provides for Mr. Leveille to serve as our President and
Chief Executive Officer and further provides for the payment to Mr. Leveille of
an initial base annual salary of CDN$175,000 (approximately US$146,000)
together with performance based bonuses.
The Lachambre Employment Agreement provides for Mr. Lachambre to serve
as our Vice President &#150; Sales and Marketing and further provides for the
payment to Mr. Lachambre of an initial base salary of CDN$166,000
(approximately US$138,000) together with performance based bonuses.  </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 13, 2005 we entered into an agreement with 6327214 Canada Inc., a
corporation owned by William Smith pursuant to which we receive the services of
William Smith, our acting secretary, treasurer and chief financial
officer.  Pursuant to the agreement we
pay a fee of CDN$13,750 per month (approximately US$11,500) which amount is
subject to future modification upon mutual agreement of the parties.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 31, 2005 in connection with the Teckn-O-Laser Global Company
acquisition (the &#147;Share Purchase Agreement&#148;), 3091503 Nova Scotia Company, an
indirect subsidiary of ours, issued an aggregate of 6,500,000 Series I
Exchangeable Shares to the former shareholders of Teckn-O-Laser Global Company,
9144-6773 Quebec Inc. and 9144-6906 Quebec Inc. (the &#147;Global Shareholders&#148;),
each of which is convertible into one share of our common stock.  The beneficial owners of 9144-6773 Quebec
Inc. and 9144-6906 Quebec Inc. are Yvon Leveille and </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>71</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>Alain
Lachambre. In the same transaction, we issued an aggregate of 6,500,000 shares
of our Series A Special Voting Preferred Stock to the Global Shareholders.  4,593,333 of each of the Series I
Exchangeable Shares and Series A Special Voting Preferred Shares were issued to
9144-6773 Quebec Inc. and 1,906,667 of each of the Series I Exchangeable Shares
and Series A Special Voting Preferred were issued to 9144-6906 Quebec Inc.  We also issued an aggregate of 1,932,000
shares of preferred stock of 3091503 Nova Scotia and paid CDN$750,000 to the
Global Shareholders.  As more fully
described under &#147;DESCRIPTION OF BUSINESS &#150; Teckn-O-Laser Share Purchase
Agreement&#148;, in November 2005 we entered into an agreement with the Global
Shareholders to restructure certain post closing obligations of ours to the
Global Shareholders pursuant to the Share Purchase Agreement. Pursuant to the
restructuring certain conditional payment obligations of ours were cancelled as
were the 1,932,000 shares of preferred stock of 3091503 Nova Scotia
Company.  In consideration thereof, we
paid the Global Shareholders $600,000, issued 3,272,397 shares of our common
stock to an assignee of the Global Shareholders and agreed to pay additional
aggregate cash payments of $2,290,678 to the Global Shareholders in six equal
quarterly installments of $381,780 each commencing March 31, 2007.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On March 30,
2005 we granted 50,000 stock options to Donald Page, 30,000 stock options to
Andre Leroux and 30,000 stock options to Wayne Maddever, each exercisable for
one share of our common stock at a price of $1.06 per share.  The options vest equally on each of the
first, second and third anniversaries of the date of grant and are exercisable
at any time during the ten year period commencing on the date of grant.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As more fully
discussed under &#147;DESCRIPTION OF BUSINESS &#150; Financing Transactions&#148;, on November
4, 2005 we sold 2,400,000 subscription receipts at a price of $.50 per
subscription receipt or an aggregate of $1,200,000 to HBT Holdings GmbH, each
subscription receipt to be automatically exercised, without payment of any
additional consideration, on January 31, 2006 into, subject to adjustment, one
unit.  Each unit consists of one share
of our common stock (the &#147;Unit Shares&#148;) and one common stock purchase warrant
(the &#147;Unit Warrants&#148;) .Each warrant entitles the holder to purchase, subject to
adjustment, an additional share of our common stock (the &#147;Warrant Shares&#148;) at a
price of $1.25 per share during the period ending at 5:00 p.m. (Toronto time)
on May 3, 2008.  Holger
Brueckmann-Turbon is the beneficial owner of HBT Holdings GmbH</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As more fully
discussed under &#147;DESCRIPTION OF BUSINESS &#150; Financing Transactions&#148;, on November
4, 2005 we received aggregate loans of $600,000 from three related
persons.  In consideration thereof, we
issued 5% convertible promissory notes due December 31, 2006 (the &#147;Maturity
Date&#148;) to Alain Lachambre ($136,198), Yvon Leveille ($328,113) and Manchester
Consolidated Corp. ($135,689).  Interest
and principal on the notes are due on the Maturity Date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As more fully
discussed under &#147;DESCRIPTION OF BUSINESS &#150; Financing Transactions&#148;, as of
November 4, 2005 we entered into a Loan Agreement (the &#147;Loan Agreement&#148;) with
Turbon International Inc., (&#147;Turbon International&#148;), a wholly subsidiary of
Turbon AG, and Teckn-O-Laser Global Company, a wholly owned subsidiary of
ours.  Pursuant to the Loan Agreement,
Turbon International made a $2,800,000 term loan to us and extended us a line
of credit for up to an additional $2,800,000.
Holger Brueckmann-Turbon is the chief executive officer and a principal
shareholder of Turbon AG.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>72</FONT></P>

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<P ALIGN=CENTER><A  NAME=A19></A><FONT SIZE=2><B>MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Market Information</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our common
stock is quoted on the OTC Bulletin Board of the National Association of
Securities Dealers, Inc. (the &#147;NASD&#148;) under the symbol &#147;ADSO.&#148;  From May 11, 2000 until March 22, 2004, the
first business day after March 19, 2004, the date we changed our name from
Reink Corp. to Adsero Corp., our stock was quoted under the symbol &#147;RINC.&#148;  The following table sets forth, for the
fiscal quarters indicated, the high and low closing bid prices per share of our
common stock.  Such quotations reflect
inter-dealer prices, without retail mark-up, mark-down or commission, and may
not represent actual transactions.  The
prices set forth below reflect the 1:20 reverse stock split which was effected
on March 22, 2004.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="550">
 <TR style="font-size:1px">
  <TD WIDTH="67%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1><B>Quarter Indicated</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>High Bid</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Low Bid</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="20%" NOSHADE  ALIGN=LEFT>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>March 31,
  2003</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>3.00</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>.20</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>June 30,
  2003</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.20</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.40</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>September
  30, 2003</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>.40</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>.20</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>December 31,
  2003</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.80</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.20</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>March 31,
  2004</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>.25</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>.03</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>June 30,
  2004</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.65</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.25</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>September
  30, 2004</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.73</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.05</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>December 31,
  2004</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.25</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.65</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>March 31,
  2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.90</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.02</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>June 30,
  2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.42</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.90</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=2>September
  30, 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.80</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT SIZE=2>1.37</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>On December
15, 2005, the closing bid price for our common stock was $1.50 per share. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Holders</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As of December
15, 2005, there were 188 record holders of our common stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Dividends</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We have never
declared any cash dividends with respect to our common stock.  Future payment of dividends is within the
discretion of our board of directors and will depend on our earnings, capital
requirements, financial condition and other relevant factors.  Although there are no material restrictions
limiting, or that are likely to limit, our ability to pay dividends on our
common stock, we presently intend to retain future earnings, if any, for use in
our business and have no present intention to pay cash dividends on our common
stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Securities Authorized For Issuance Under
Equity Compensation Plans</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The following
table summarizes information regarding our stock option plans as at December
15, 2005.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>73</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="37%" VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Plan Category</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT SIZE=1><B>Number of
  Shares to be<BR> issued upon exercise of<BR>outstanding options</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT SIZE=1><B>Weighted-average<BR>exercise price of<BR>outstanding options</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Number of
  options remaining available for future issuance under equity compensation
  plans (excluding securities reflected in column (a))</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>(a)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>(b)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>(c)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Equity compensation plans
approved by
  security holders</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>784,500&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.36</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>715,500</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Equity compensation plans
not approved by
  security holders</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>N/A&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>N/A</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>N/A</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>TOTAL</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>784,500&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1.36</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>715,500</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Stock Option
Plans</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On April 5,
2000 and April 6, 2000, our board of directors and stockholders, respectively,
adopted a stock option plan.  We have
reserved 1,500,000 shares of common stock for issuance upon exercise of options
granted from time to time under this stock option plan.  The stock option plan is intended to assist
us in securing and retaining employees, advisors, and consultants by allowing
them to participate in our ownership and growth through the grant of incentive
and non-qualified options.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Under the
stock option plan we may grant incentive stock options only to employees
including employee officers and directors, or we may grant non-qualified
options to our employees, officers, directors, advisors and consultants.  The stock option plan is presently
administered directly by our board of directors although it may in the future
be administered by a committee appointed by our board.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Subject to the
provisions of the stock option plan, either the board or the committee,  if applicable,  will  determine who shall
receive  options,  the number of shares of common  stock that may be purchased  under the options,  the time and manner of exercise
of options and exercise prices.  The term of options granted under the stock
option plan may not exceed ten years or five years for an incentive  stock option granted to an optionee owning
more than 10% of our voting stock.  The
exercise  price for  incentive
stock options shall be equal to or
greater  than 100% of the
fair  market  value of the  shares of
the common stock at the time granted;
provided that incentive stock options granted to a 10% holder of our
voting stock shall be  exercisable at a
price equal to or greater  than 110% of
the fair market  value of the
common  stock on the date of the grant.
The exercise price for non-qualified options are set by the board or the
committee, in its  discretion.  The exercise price of options granted under
the plan may be payable in cash or, with the approval of the board or the
committee, by delivery of shares or by a combination of cash and shares.  Shares of common stock received upon
exercise of options granted under the plan will be subject to restrictions on
sale or transfer.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As of December
15, 2005, we have issued options to purchase an aggregate of 784,500 shares of
common stock under our stock options plans at exercise prices ranging from $.25
to $13.40 per share.  All of such
issuances involved grants of non-qualified stock options.  </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>74</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><A  NAME=A20></A><FONT SIZE=2><B>CHANGES IN AND
DISAGREEMENTS WITH ACCOUNTANTS <BR>
ON ACCOUNTING AND FINANCIAL DISCLOSURE</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Not
applicable.</FONT></P>

<P ALIGN=CENTER><A  NAME=A21></A><FONT SIZE=2><B>WHERE YOU CAN
FIND ADDITIONAL INFORMATION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We have filed
with the Securities and Exchange Commission at 450 Fifth Street N.W.,
Washington, D.C. 20549, a registration statement on Form SB-2 with respect to
us and the securities offered hereby.
Reference is made to the registration statement and the exhibits filed
as part of the registration statement, which may be examined without charge at
the public reference facilities maintained by the commission at 450 Fifth
Street N.W., Washington, D.C. 20549.
Prospective investors may direct questions to the officers of the
Company with respect to the Offering and may obtain additional information from
our SEC filings including our annual reports on Form 10-KSB, our quarterly
reports on Form 10-QSB and our current reports on Form 8K.  Prospective investors may direct questions
to our officers with respect to the Offering or our proposed business and may
obtain additional information, to the extent we possess such information or can
acquire it without unreasonable effort or expense, as may be necessary to
verify the accuracy of the information furnished in this Prospectus.  Any document relating to us in our
possession or which may be obtained by us without unreasonable effort, may be
inspected at our offices by any prospective investor or his advisor upon
advance notice.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>75</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>


<P ALIGN=CENTER><FONT SIZE=2><B>ADSERO CORP.</B></FONT></P>

<P ALIGN=CENTER><A NAME=A22></A><FONT SIZE=2><B>FINANCIAL
STATEMENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
<TR style="font-size:1px">
<TD WIDTH="92%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE="1"><B>PAGE</B> </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Report of Independent
Registered Public
  Accounting Firm</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-1</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Consolidated Balance Sheet
(audited) as at
  December 31, 2004</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-2</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Consolidated Statements of
Operations
  (audited) for the years ended December 31, 2004 and 2003 and for the period
  from inception (January 1, 2004) through December 31, 2004</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-3</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Consolidated Statements of
Changes in
  Stockholders&#146; Equity (Deficiency) (audited)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Consolidated Statements of Cash
Flows
  (audited) for the years ended December 31, 2004 and 2003 and for the period
  from inception (January 1, 2004) through December 31, 2004</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-5</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Notes to Consolidated Financial
Statements
  (audited)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-6</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Condensed Consolidated Balance
Sheet
  (unaudited) as at September 30, 2005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-29</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Condensed Consolidated
Statements of
  Operations (unaudited) for the three and nine months ended September 30, 2005
  and 2004</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-30</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Condensed Consolidated
Statements of Cash
  Flows (unaudited) for the nine months ended June 30, 2005 and 2004</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-31</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Condensed Notes to Consolidated
Financial
  Statements (unaudited)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>F-32</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>76</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<PRE>

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have audited the accompanying consolidated balance sheets of Adsero Corp. and
Subsidiaries (A Development Stage Company) as of December 31, 2004 and the
related consolidated statements of operations, changes in stockholders'
deficiency and cash flows for the two years in the period then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audit included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's internal control over financial
reporting. Accordingly we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the consolidated financial statement referred to above present
fairly, in all material respects, the consolidated financial position of the
Company as of December 31, 2004 and the results of its operations and its cash
flows for each of the two years in the period ended December 31, 2004, in
conformity with accounting principles generally accepted in the United States of
America.

The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern. As more fully described in
Note 2 to the financial statements, the Company has sustained reoccurring
operating losses and has an accumulated deficit of $2,556,577 as of December 31,
2004. These conditions raise substantial doubt about the Company's ability to
continue as a going concern. Management's plans regarding those matters are also
described in Note 2. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

/s/ Marcum &amp; Kliegman LLP

Marcum &amp; Kliegman LLP
New York, NY
April 5, 2005

                                       F-1
</PRE><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><PRE>
                          ADSERO CORP. AND SUBSIDIARIES
            (A Development Stage Company Commencing January 1, 2004)
                           CONSOLIDATED BALANCE SHEET
                                December 31, 2004

                                     ASSETS
CURRENT ASSETS

  Cash .......................................................     $    161,700

  Deferred acquisition costs .................................          200,000

                                                                   ------------
     TOTAL CURRENT ASSETS ....................................     $    361,700
                                                                   ============

                    LIABILITIES AND STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES
  Accounts payable ...........................................     $     98,002
  Accrued expenses ...........................................          170,866
  Liabilities of discontinued operation ......................        2,125,341
  Notes payable - Related Parties (including accrued
   interest of $66,495) ......................................          249,067
  Loan payable (including interest of $25,000) ...............          275,000
                                                                   ------------
     TOTAL CURRENT LIABILITIES ...............................        2,918,276
                                                                   ------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' DEFICIENCY
  Common stock, $.001 par value,
     100,000,000 shares authorized,
     11,987,975 shares issued and outstanding ................           11,988
  Preferred Stock, $.0001 par value,
     20,000,000 shares authorized,
     none issued and outstanding .............................                -
  Additional paid-In-capital .................................        8,965,823
  Common stock to be issued (755,000 common shares) ..........          454,585
  Deficit accumulated during the development stage ...........       (1,761,710)
  Accumulated deficit ........................................      (10,227,262)
                                                                   ------------
     TOTAL STOCKHOLDERS' DEFICIENCY ..........................       (2,556,576)
                                                                   ------------
                                                                   $    361,700
                                                                   ============

                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                       F-2
</PRE><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><PRE>
                                             ADSERO CORP. AND SUBSIDIARIES
                               (A Development Stage Company Commencing January 1, 2004)
                                         CONSOLIDATED STATEMENTS OF OPERATIONS


                                                              Year Ended                         Cumulative from
                                                               ----------                  January 1, 2004 (inception)
                                                December 31, 2004       December 31, 2003   through December 31, 2004
                                                -----------------       -----------------   -------------------------

REVENUES ..............................            $         -             $         -             $         -

COST OF GOODS SOLD ....................                      -                       -                       -
                                                   -----------             -----------             -----------
    GROSS PROFIT ......................                      -                       -                       -
                                                   -----------             -----------             -----------

OPERATING EXPENSES
    Selling, general and administrative                829,500                 811,940                 829,500
    Conversion of debt expense ........                627,340                       -                 627,340
    Stock issued for services .........                250,000                       -                 250,000
    Impairment of asset ...............                      -                  89,000
    Depreciation and amortization .....                      -                   8,000                       -
                                                   -----------             -----------             -----------
    TOTAL OPERATING EXPENSES ..........              1,706,840                 908,940               1,706,840
                                                   -----------             -----------             -----------

LOSS FROM OPERATIONS ..................             (1,706,840)               (908,940)             (1,706,840)

    INTEREST EXPENSE ..................                 54,870                 136,457                  54,870
                                                   -----------             -----------             -----------

LOSS FROM CONTINUING OPERATIONS .......             (1,761,710)             (1,045,397)             (1,761,710)

LOSS FROM DISCONTINUED OPERATIONS .....                      -                (581,504)                      -
                                                   -----------             -----------             -----------

NET LOSS ..............................            $(1,761,710)            $(1,626,901)            $(1,761,710)
                                                   ===========             ===========             ===========

PER SHARE INFORMATION

LOSS FROM CONTINUING
OPERATIONS ............................            $     (0.19)            $     (0.97)

LOSS FROM DISCONTINUED
OPERATIONS ............................                      -                   (0.53)
                                                   -----------             -----------

NET LOSS PER SHARE,
    BASIC AND DILUTED .................            $     (0.19)            $     (1.50)
                                                   ===========             ===========

WEIGHTED AVERAGE NUMBER OF
    COMMON SHARES OUTSTANDING .........              9,487,361               1,082,643
                                                   ===========             ===========

                                    SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                                         F-3
</PRE><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><PRE>
                                             ADSERO CORP. AND SUBSIDIARIES
                                             (A Development Stage Company)
                             CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIENCY


                                                                                                Value of
                                          Common Stock      Additional                 Shares    Shares     Total
                                       -------------------   Paid-In     Accumulated    to be    to be   Stockholders'
                                         Shares    Amount    Capital      Deficit      Issued    Issued     Deficit
                                       ----------  -------  ----------  ------------   -------  --------  ----------

Balance - January 1, 2003 ...........   1,082,700    1,083   6,306,417    (8,600,361)        -         -  (2,292,861)

  Net loss ..........................           -        -           -    (1,626,901)        -         -  (1,626,901)

                                       ----------  -------  ----------  ------------   -------  --------  ----------
Balance - December 31, 2003 .........   1,082,700  $ 1,083  $6,306,417  $(10,227,262)        -  $      -  (3,919,762)

  Sale of stock and warrants for cash     647,500      647     598,941             -   205,000   205,000     804,588

  Conversion of debt expense ........           -        -     627,340             -         -         -     627,340

  Stock issued on debt conversion ...   9,843,025    9,843   1,233,125             -         -         -   1,242,968

  Stock issued for services .........     414,750      415     200,000             -   550,000   249,585     450,000

  Net loss ..........................           -        -           -    (1,761,710)        -         -  (1,761,710)

                                       ----------  -------  ----------  ------------   -------  --------  ----------
Balance - December 31, 2004 .........  11,987,975  $11,988  $8,965,823  $(11,988,972)  755,000  $454,585  (2,556,576)
                                       ==========  =======  ==========  ============   =======  ========  ==========

                                    SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                                         F-4
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                                             ADSERO CORP. AND SUBSIDIARIES
                               (A DEVELOPMENT STAGE COMPANY COMMENCING JANUARY 1, 2004)
                                         CONSOLIDATED STATEMENTS OF CASH FLOWS


                                                              Year Ended                         Cumulative from
                                                               ----------                  January 1, 2004 (inception)
                                                December 31, 2004       December 31, 2003   through December 31, 2004
                                                -----------------       -----------------   -------------------------

CASH FLOWS FROM OPERATING ACTIVITIES:

  Loss from Continuing operations ..............    (1,761,710)             (1,045,397)             (1,761,710)
  Loss from Discontinued operations ............             -                (581,504)                      -
                                                   -----------             -----------             -----------

  Net Loss .....................................    (1,761,710)             (1,626,901)             (1,761,710)
                                                   -----------             -----------             -----------


  Adjustments to reconcile net loss to net cash
   used in operating activities:
    Depreciation and amortization ..............             -                  14,780                       -
    Impairment of asset ........................             -                  89,000                       -
    Accrued interest on notes payable ..........        51,253                 100,660                  51,253
    Writedown of fixed assets ..................             -                  61,939                       -
    Stock issued for services ..................       250,000                       -                 250,000
    Conversion expense on notes payable ........       627,340                       -                 627,340
   Changes in operating assets and liabilities:
    Accounts Receivable ........................             -                 246,599                       -
    Inventories ................................             -                 343,423                       -
    Accounts payable and accrued expenses ......        67,210              (1,631,291)                 67,210
    Assets of discontinued operation ...........             -                       -                       -
    Liabilities of discontinued operation ......             -               2,125,341                       -
                                                   -----------             -----------             -----------
          Total Adjustments ....................       995,803               1,350,451                 995,803
                                                   -----------             -----------             -----------

NET CASH USED IN OPERATING ACTIVITIES ..........      (765,907)               (276,450)               (765,907)
                                                   -----------             -----------             -----------

CASH FLOWS FROM INVESTING ACTIVITIES
  Proceeds from sale of fixed assets ...........             -                  21,377                       -

CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from issuance of notes payable ......        70,075                 170,000                  70,075
  Sale of land .................................             -                       -                       -
  Decrease in mortgage payable .................             -
  Repayment of borrowings from financing company             -                (118,652)                      -
  Net proceeds from issuances of common stock ..       804,588                       -                 804,588
  Proceeds of loan payable .....................        52,500                 197,500                  52,500
                                                   -----------             -----------             -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES ......       927,163                 248,848                 927,163
                                                   -----------             -----------             -----------

NET INCREASE (DECREASE) IN CASH ................       161,256                  (6,225)                161,256

CASH AT BEGINNING OF PERIOD ....................           444                   6,669                     444
                                                   -----------             -----------             -----------

CASH AT END OF PERIOD ..........................   $   161,700             $       444             $   161,700
                                                   ===========             ===========             ===========


SUPPLEMENTAL DISCLOSURE OF CASHFLOW INFORMATION:
   The Company converted $1,242,968 of notes payable into 9,843,025 shares of
   its common stock during the year ended December 31, 2004.

                                    SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                                         F-5
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

1.       THE COMPANY

Organization

Adsero Corp. (the "Company"), formerly known as Reink Corp., was incorporated in
Delaware on March 6, 1999. The Company and its wholly owned subsidiaries Reink
Imaging USA, Ltd. ("Reink USA") and Reink Canada Corp.("Reink CA"), manufactured
(using proprietary processes) bulk ink, toner cartridges and ink that were
specifically used as components in the manufacture of ink jet refill kits.

Development Stage Operations

Effective January 1, 2004, the Company suspended its operations and began
reporting its results as a Development Stage Enterprise in accordance with
Statement of Financial Accounting Standard ("SFAS") No.7 "Accounting and
Reporting by Development Stage Enterprises". During the year ended December 31,
2004, the Company's activities principally consisted of raising capital and
identifying acquisition candidates as part of a strategy to restart the
business,

Completion of Private Placement Transactions and Acquisition of a Business

As described in Note 8 the, the Company completed a private placement of its
equity resulting in net proceeds of $825,000. As described in Note 13,
Subsequent to the year-end, the Company raised an additional $1,165,000 through
sales of its equity securities and $1.7 million through the issuance of
subordinated debt. The Company also completed its acquisition of the Tecknolaser
Group ("Tecknolaser") on January 31, 2005.

Stock Split

In January 2004, the Company's Board of Directors, and a majority of its
shareholders authorized the Company to effect a twenty-for-one reverse stock
split of its Common Stock, effective March 22, 2004. All information presented
in the accompanying financial statements gives retroactive effect to the reverse
split.

2.       LIQUIDITY AND FINANCIAL CONDITION

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern, which contemplates the realization of
assets and satisfaction of liabilities in the normal course of business. The
Company has incurred losses of $1,761,710 and $1,626,901 for the years ended
December 31, 2004 and 2003, respectively. In addition, the Company has a
stockholders' deficiency of $2,556,577 and its working capital deficiency
amounts to $2,556,577 at December 31, 2004.

The Company completed its acquisition of Tecknolaser on January 31, 2005, which
is a critical

                                       F-6
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

component of its plan to restart the business. However, management believes that
the Company will still require substantial additional capital to fund its
operations and integrate Tecknolaser into its existing business. The Company's
ability to recover its assets and continue its operations is dependent upon its
ability to raise additional capital and generate revenue and operating cash flow
through the execution of its business plan. There can be no assurance that the
Company will be successful in its efforts to operate Tecknolaser or any other
prospective acquiree businesses profitably. The Company can also not provide any
assurance that it will obtain the financing it needs to sustain the business
until such time that it is able to generate sufficient revenue and operating
cash flow. These matters raise substantial doubt about the Company's ability to
continue as a going concern. The financial statements do not include any
adjustments relating to the recovery of the recorded assets or the
classification of liabilities that might be necessary should the Company be
unable to continue as a going concern.


3.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principals of consolidation

The consolidated financial statements include the accounts of the Company and
its wholly own subsidiary, Adsero Canada Corp.. All material intercompany
transactions have been eliminated.

Accounting estimates

The preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America requires management to make
significant estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.

Fair value of financial instruments

The Company's financial instruments include cash, accounts receivable, accounts
payable and liabilities that relate to its discontinued operation. Due to the
short-term nature of these instruments, their fair values are approximate equal
to their recorded values. The carrying amounts of the Company's notes payable
and long term debt obligations are approximately equal to their fair values as
their contractual interest rates are consistent with market rates for
investments with similar risk.

Stock based compensation

As permitted under SFAS No. 148, "Accounting for Stock-Based
Compensation--Transition and Disclosure", which amended SFAS No. 123,
"Accounting for Stock-Based Compensation", the Company has elected to apply the
intrinsic value method in accounting for its stock-based employee compensation
arrangements as defined by Accounting Principles Board Opinion ("APB") No. 25,
"Accounting for Stock Issued to Employees", and related interpretations
including "Financial Accounting Standards Board Interpretation No. 44,
Accounting for Certain Transactions Involving Stock Compensation", an
interpretation of APB No. 25. No stock-based employee compensation cost is
reflected in net income, as the exercise prices of all options

                                       F-7
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

granted under those plans were equal to the market value of the underlying
common stock on their dates of grant.

As required under SFAS No. 148. the following table illustrates the effect on
net loss and loss per share as if the Company had applied the fair value
recognition provisions of SFAS 123 to stock-based employee compensation:

                                                    December 31,
                                             ---------------------------
                                                 2004            2003
                                             -----------     -----------
         Net loss, as reported               $(1,761,711)    $(1,626,901)

         Less: stock-based employee
         compensation expense determined
         under the fair value method              (3,125)              -
                                             -----------     -----------
         Pro-forma net loss                  $(1,764,836)     (1,626,901)

         Basic and diluted net loss per
         share as reported                   $      0.19           $1.50
                                             ===========     ===========
         Pro forma Basic and diluted net
         loss per share                      $      0.19     $      1.50
                                             ===========     ===========

Pro forma information regarding net income required by SFAS 148 was determined
as if the Company had accounted for its employee stock options under the fair
value method of SFAS 123. The Company estimated the fair value of the options at
the date of grant to be $7.20 using the Black-Scholes option-pricing model with
the following weighted-average assumptions:

         Risk-free rate                                 1.81%

         Dividend yield                                  0%

         Volatility factor of the expected
         market price of the Company's common
         stock                                          298%

         Average life                                 10 years

The Black-Scholes option valuation model was developed for use in estimating the
fair value of traded options, which have no vesting restrictions and are fully
transferable. In addition, option valuation models require the input of highly
subjective assumptions including the expected stock price volatility. The
Company's employee stock options have characteristics significantly different
from those of traded options, and changes in the subjective input assumptions
can materially affect the fair value estimate.

Net Loss Per Share

SFAS No. 128, "Earnings per Share", requires the presentation of basic and
diluted earnings per share ("EPS"). Basic EPS is computed by dividing loss
available to common stockholders by the weighted-average number of common shares
outstanding for the period. Diluted EPS includes the potential dilution that
could occur if options or other contracts to issue common stock were

                                       F-8
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

exercised or converted. Loss per common share for the years ended December 31,
2004 and 2003 excludes outstanding options, warrants and convertible debentures
as their effect would be anti-dilutive. Loss per common share does not include
755,000 shares of common stock to be issued. The stock certificates for the
shares that the Company sold in the private placement transactions, and the
related agent shares, have not yet been issued.

Potentially dilutive securities that are not included the computation of basic
EPS is as follows:

                                                     December 31,
                                               2004               2003
                                               ----               ----
         Stock Options                         337,500           37,500
         Common Stock Purchase Warrants        993,680           76,430
         Convertible Debt                       70,000          170,000
         Stock to be issued                    755,000                -
                                             ---------          -------
         Total                               2,156,180          283,930
                                             =========          =======

As described in Note 13, the Company consummated a series of transaction in
which it issued an additional 454,500 options in the aggregate to employees,
directors and a non employee consultant, 4,517,750 common stock purchase
warrants in private placement transactions. The Company also other exchangeable
securities convertible, at the option of the holders, into 8,500,000 shares of
common stock.

Income taxes

The Company accounts for income taxes under the provisions of SFAS No. 109,
"Accounting for Income Taxes". SFAS No. 109 requires the recognition of deferred
tax assets and liabilities for both the expected impact of differences between
the financial statements and tax basis of assets and liabilities and for the
expected future tax benefit to be derived from tax loss and tax credit carry
forwards. SFAS No. 109 additionally requires the establishment of a valuation
allowance to reflect the likelihood of realization of such deferred tax asset.

Recently Issued Accounting Pronouncements

In January 2003, the Financial Accouting Standards Board ("FASB") issued
Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN 46").
This interpretation of Accounting Research Bulletin ("ARB") No. 51,
"Consolidated Financial Statements," provides guidance for identifying a
controlling interest in a variable interest entity ("VIE") established by means
other than voting interest. FIN 46 also required consolidation of a VIE by an
enterprise that holds such controlling interest. In December 2003, the FASB
completed its deliberations regarding the proposed modifications to FIN No., 46
and issued Interpretation Number 46R,

                                       F-9
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

"Consolidation of Variable Interest Entities - an Interpretation of ARB 51"
("FIN No. 46 R"). The decisions reached included a deferral of the effective
date and provisions for additional scope exceptions for certain types of
variable interests. Application of FIN No. 46R is required in financial
statements of public entities that have interests in VIEs or potential VIEs
commonly referred to as special-purpose entities for periods ending after
December 15, 2003. Application by public small business issuers' entities is
required in all interim and annual financial statements for periods ending after
December 15, 2004.

The adoption of this pronouncement is not expected to have material effect on
the Company's financial statements.

In December 2004, the FASB issued SFAS No. 123R "Share Based Payment". This
statement is a revision of SFAS Statement No. 123, "Accounting for Stock-Based
Compensation" and supersedes APB Opinion No. 25, Accounting for Stock Issued to
Employees, and its related implementation guidance. SFAS 123R addresses all
forms of share based payment ("SBP") awards including shares issued under
employee stock purchase plans, stock options, restricted stock and stock
appreciation rights. Under SFAS 123R, SBP awards result in a cost that will be
measured at fair value on the awards' grant date, based on the estimated number
of awards that are expected to vest and will result in a charge to operations
for stock-based compensation expense. SFAS 123R is effective for public entities
that file as small business issuers--as of the beginning of the first interim or
annual reporting period that begins after December 15, 2005.

The Company is currently in the process of evaluating the effect that the
adoption of this pronouncement will have on its financial statements.

In December 2004, the FASB issued SFAS No. 153, "Exchanges of Nonmonetary
Assets". SFAS 153 amends APB Opinion No. 29 to eliminate the exception for
nonmonetary exchanges of similar productive assets and replaces it with a
general exception for exchanges of nonmonetary assets that do not have
commercial substance. A nonmonetary exchange has commercial substance if the
future cash flows of the entity are expected to change significantly as a result
of the exchange. The provisions of SFAS 153 are effective for nonmonetary asset
exchanges occurring in fiscal periods beginning after June 15, 2005. Earlier
application is permitted for nonmonetary asset exchanges occurring in fiscal
periods beginning after December 16, 2004. The provisions of this Statement
should be applied prospectively.

The adoption of this pronouncement is not expected to have material effect on
the Company's financial statements.

EITF Issue No. 04-8, "The Effect of Contingently Convertible Instruments on
Diluted Earnings per Share." The EITF reached a consensus that contingently
convertible instruments, such as contingently convertible debt, contingently
convertible preferred stock, and other such securities should be included in
diluted earnings per share (if dilutive) regardless of whether the market price
trigger has been met. The consensus is became effective for reporting periods
ending after December 15, 2004.

                                      F-10
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

The adoption of this pronouncement is not expected to have material effect on
the Company's financial statements.

4.       NOTES PAYABLE

On January 1, 2004 the Company issued a 10%, $250,000 promissory note to BG
Capital Group Bahamas Ltd. of which $197,500 was received prior to December 31,
2003 and the remaining $52,500 was received during the quarter ended March 31,
2004. The aggregate balance of the note, including accrued interest of $25,000
amounted to $275,000 at December 31, 2004. The note was repaid, in full, with
interest in February 2005. Interest expense on this note amounted to $25,000 and
is included in the accompanying statement of operations for the year ended
December 31, 2004.

In April 2004, the Company issued a $70,000 convertible promissory note bearing
interest at 10% per annum to Manchester Consolidated Corp. (a related party).
The principal was due on demand and the note was convertible into 70,000 shares
of the Company's common stock at a conversion price of $1.00 per share. The
aggregate balance of the note, including accrued interest amounted to $76,079 at
December 31, 2004. Interest expense on this note amounted to $6,004 and is
included in the accompanying statement of operations for the year ended December
31, 2004. The note was repaid, in full, with interest in February 2005.

The Company has a note payable to a former CEO and Director of the Company in
the principal amount of $112,500 that bears interest at 18% per annum. The
Company commenced and continues to pursue litigation with the Former Officer
with respect to his alleged violations of non-competition and confidentiality
agreements within his employment contract. The aggregate balance of the note,
including accrued interest of $60,488 amounted to $172,988 at December 31, 2004.
Interest expense on the note amounted to $20,250 and is included in the
accompanying statement of operations for the year ended December 31, 2004.

5.       MORTGAGE PAYABLE

In February 2003, the Company vacated certain real property to which it had
title that was encumbered by a $600,000 mortgage obligation and, in anticipation
of completing a transfer of the deed in lieu of foreclosure, returned control of
such property the mortgage holder. The net carrying value of the property at the
time the Company relinquished its control amounted to $600,000. On June 23, 2003
the Company completed its transfer of the deed to the mortgage holder and the
land, building, and the corresponding mortgage of $600,000, were removed.

6.       EXCHANGES OF DEBT FOR EQUITY

Effective January 2004, the Company converted an aggregate of $170,000 in
convertible note principal plus accrued interest thereon into an aggregate of
918,000 restricted shares (post reverse split) of common stock. The conversions
were made pursuant to Note Cancellation and

                                      F-11
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

Release Agreements between the Company and nine noteholders. The Company has
agreed to register these shares on behalf of the recipients thereof. The Company
recorded a $146,040 loss in connection with the settlement of these notes.

Effective January 2004, the Company converted an aggregate of approximately
$196,900 in debt into an aggregate of 984,500 restricted shares of common stock
(post reverse split). The conversions were made pursuant to Debt Conversion and
General Release Agreements between the Company and three debtholders. 100,000 of
these shares were issued to Wayne Maddever in connection with the conversion by
BBP Consulting of $20,000 of debt. 384,500 of these shares were issued to
William Smith, through Manchester Administrative Services, in connection with
the conversion of $76,900 owed to Manchester Administrative Services for
services performed by William Smith prior to 2003. 500,000 of these shares were
issued to R. World Inc. in connection with the conversion of $100,000 of debt.

In April 2004, the Company issued an aggregate of 5,405,025 restricted shares
(the "Interhold Shares") of common stock to Interhold Co. and its designees
pursuant to a February 28, 2004 Note Cancellation and General Release under
which a $308,000 promissory note of Reink Imaging USA, Ltd. in favor of
Interhold Co., plus all interest due thereon was cancelled. Also cancelled was
an April 7, 2003 Guarantee and Security Agreement between Interhold and us which
had been put in place as a result of a January 2002 agreement. The Company has
agreed to register the Interhold shares on behalf of the recipients thereof.

In April 2004, the Company issued an aggregate of 2,350,500 restricted shares
(the "Manchester Shares") of common stock to designees of Manchester
Administrative Services Ltd. ("Manchester") pursuant to a February 28, 2004 Debt
Conversion and General Release under which a debt of the Company to Manchester
in the approximate amount of $328,500 was cancelled. This debt was incurred
pursuant to our January 6, 2003 Consulting Agreement with Manchester and
includes debts incurred in January and February 2004. The Company has agreed to
register the Manchester Shares on behalf of the recipients thereof. The Company
recorded a $481,300 loss in connection with the settlement of these notes.

In April 2004, the Company issued an aggregate of 185,000 restricted shares (the
"Stock") to three individuals pursuant to Note Cancellation and General Release
Agreements dated February 25, 2004; March 29, 2004; and March 30, 2004
respectively. Under these agreements an aggregate of $185,000 of note principal
plus accrued interest thereon was cancelled in consideration for the Stock. The
Company has agreed to register these shares on behalf of the recipients thereof.

                                      F-12
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

7.       COMMITMENTS AND CONTINGENCIES

Litigation

On December 31, 2002, the Company's Chief Executive Officer ("CEO") and Vice
President of Finance ("VP of Finance"), and a production chemist in its R&amp;D
facility (collectively, the "Former Officers") resigned from their positions.
Prior to resigning the Former Officers dismissed all employees of Reink USA,
which left the Company with no employees. On May 7, 2003 the Company commenced
legal proceedings against the Former Officers in the United States Bankruptcy
Court for the District of New Jersey (Case Number 03-11053 (JHW)) for actions
that it believes violate the non-competition and confidentiality clauses of
their employment contracts. In this action the Company is seeking damages and
other relief in the amount of $1,000,000. The Former Officers filed a
counter-suit against the Company for back wages and other costs. The Company
considers the counter-claim to be without merit. On September 7, 2003 the
Company filed a defense against the counter-claim.

On May 21, 2004, John Calzaretto instituted an action against us in the Superior
Court of New Jersey, Law Division, Burlington County (Docket No.:
BUR-L-001259-04) seeking $25,768.50 together with interest, attorney's fees and
costs of suit based upon a claim for payment for legal services rendered. The
Company settled the matter for $15,000 in January 2005.

Bankruptcy of Reink USA

In January, 2003 the three largest creditors (the "Petitioners") of Reink USA
("Reink") filed a petition to force Reink into Chapter 7 under the US Federal
Bankruptcy Act. The Company believes that certain of the Petitioners, and the
former CEO and VP of Finance, formed a new business that became a direct
competitor of the Company. Reink filed a motion to have the petition removed
from court, since one of the Petitioners withdrew from the filing and counsel to
the petitioners withdrew from the case. Subsequently the remaining Petitioners
and a new third petitioner ("New Petitioner") amended the filing. This New
Petitioner also subsequently withdrew and the remaining Petitioners, along with
two additional petitioners, filed an amendment.

During March 2003, Reink's motion to convert its case to a voluntary Chapter 11
was accepted by the District of New Jersey, Federal Bankruptcy Court. As a
result of failed negotiations with our largest supplier, Reink's case was
converted from Chapter 11 "Reorganization" into Chapter 7 "Liquidation" on July
10, 2003, and a Bankruptcy Trustee was appointed to administer the estate. As a
result, the Company lost control of Reink. Accordingly, Reink is presented for
all periods as a discontinued operation in the accompanying financial statement.
The Company is unaware of any changes in the status of the bankruptcy
proceedings.

                                      F-13
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

8.       STOCKHOLDERS' DEFICIENCY

Stock Issued For Services

In December 2004, the Company issued 500,000 shares of common stock with an
aggregate fair value of $250,000, to two individuals for services rendered in
connection with the Company's reorganization during 2004. The Company recorded a
$250,000 stock based compensation charge which is included in the accompanyimg
statement of operations for the year ended December 31, 2004

In December 2004 the Company issued 350,000 shares of its common stock with an
aggregate fair value of $175,000 to a consultant for services rendered in
connection with the Company's acquisition of Technolaser. The Company has agreed
to register these shares on behalf of the recipients thereof.

In December 2004 the Company issued 50,000 shares of its common stock with an
aggregate fair value of $25,000 in exchange for legal services rendered in
connection with Company acquisition of Technolaser.

The Company recorded a $200,000 deferred charge in connection with the
aforementioned serviced rendered in connection with the acquisition of
Technolaser that is presented as deferred acquisition costs in the accompanying
balance sheet at December 31, 2004.

As described below, the Company issued an aggregate of 64,750 shares to the
placement agent who represented the Company in its sale of special warrants.

Exchanges of Debt for Equity

In January 2004, the Company converted an aggregate of $170,000 in Note
principal plus all interest then due thereon (approximately $17,800) into an
aggregate of 18,360,000 restricted shares of our common stock. Following the
effectuation of our 20:1 reverse stock split on March 22, 2004 these shares
became approximately. The conversions were made pursuant to Note Cancellation
and Release Agreements between us and nine persons.

In April 2004, the Company issued an aggregate of 5,405,055 restricted shares
(the "Interhold Shares") of our common stock to Interhold Co. and its designees
pursuant to a February 28, 2004 Note Cancellation and General Release under
which a $308,000 promissory note of Reink Imaging USA, Ltd. in favor of
Interhold Co., plus all interest due thereon ($73,240) was cancelled. Also
cancelled was an April 7, 2003 Guarantee and Security Agreement between
Interhold and us which had been put in place as a result of a January 2002
agreement.

In April 2004, the Company issued an aggregate of 2,350,500 restricted shares
(the "Manchester Shares") of our common stock to designees of Manchester
Administrative Services Ltd. ("Manchester") pursuant to a February 28, 2004 Debt
Conversion and General Release under which a debt of ours to Manchester in the
approximate amount of $306,500 was cancelled. This

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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

debt was incurred pursuant to our January 6, 2003 Consulting Agreement with
Manchester and included debts incurred in January and February 2004. The Company
has agreed to register the Manchester Shares on behalf of the recipients
thereof.

In April 2004, the Company issued an aggregate of 185,000 restricted shares (the
"Stock") to 3 persons pursuant to Note Cancellation and General Release
Agreements dated February 25, 2004; March 29, 2004; and March 30, 2004
respectively. Under these agreements an aggregate of $185,000 of note principal
plus all accrued interest due thereon (approximately $62,248) was cancelled in
consideration for the Stock. The Company has agreed to register these shares on
behalf of the recipients thereof.

Private Placements of Special Warrants

In May and June 2004 the Company sold an aggregate of 205,000 units to 3 persons
at $1.00 per unit or $205,000 in the aggregate. Each unit consists of one share
of our common stock (the "Unit Shares") and one common stock purchase warrant.
Each warrant, as amended, entitles the holder to purchase one share of our
common stock at a price of $1.50 per share (the "Warrant Shares") at any time
during the three year period that commenced on the subscription date. In
December 2004 and January 2005 in connection with a related unit offering, the
proceeds of which were also to be utilized towards the funding of the
acquisition, it became apparent that our unit pricing was too high and that our
units of the type sold in May and June 2004 should be sold at $.50 per unit
rather than $1.00 per unit. Consequently, in January 2005 the Company agreed to
issue an additional 205,000 units to the investors, at no additional cost, to
bring their unit cost down to $.50 per unit. Both the original 205,000 units and
the additional units were issued in March 2005. The Company has agreed to
register for resale, on behalf of the subscribers in this offering, the Unit
Shares and Warrant Shares, including the additional Unit Shares and Warrant
Shares issued.

On June 22, 2004 the Company entered into an Agency Agreement with DGM Bank &amp;
Trust Inc. ("DGM") whereby DGM was appointed as exclusive placement agent for an
offering (the "Offering") of up to 4,250,000 special warrants (the "Special
Warrants") at a price of $1.00 per Special Warrant or $4,250,000 on an aggregate
basis. The Offering is comprised of a first offering (the "First Offering")
consisting of up to 750,000 Special Warrants and a second offering (the "Second
Offering") consisting of up to 3,500,000 Special Warrants.

In the First Offering, each Special Warrant is exercisable, for no additional
consideration, to receive one Class A Unit (the "A Units"). Each A Unit consists
of one share of common stock and one common stock purchase warrant to purchase
an additional share of common stock at a price of $1.50 per share at any time
during the two year period commencing on the closing date of the First Offering.

In the Second Offering, each Special Warrant is exercisable, for no additional
consideration, to receive one Class B Unit (the "B Units"). Each B Unit consists
of one share of common stock and one-half common stock purchase warrant. Each
full common stock purchase warrant is

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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

exercisable to purchase one share of common stock at a price of $1.50 per share
at any time during the two year period commencing on the closing date of the
Second Offering.

In consideration of the Agent's services, the Company agreed to pay the Agent
commissions of up to 10% of the gross proceeds raised in this and certain other
offerings plus Special Warrants equal to 10% of the Special Warrants sold in the
Offering (or 5% for sales to certain persons identified by the Agent) and
100,000 common shares in the event, the Company raises gross proceeds of
$500,000 or more in the First Offering. The Company has also agreed to pay the
Agent a break fee of $212,500 together with expense reimbursement if the Company
decides not to proceed with the offering. In the event at least $750,000 is
raised in the offering, the Agency Agreement also grants the Agent a right of
first refusal to act as lead agent, underwriter, or advisor for the Company
during the two year period following the closing date for the Second Offering
with respect to any securities offerings, acquisitions, dispositions or
takeovers by the Company. The Company has agreed to file a registration
statement as soon as practicable following the closing of the Second Offering to
register the common stock comprising part of the A Units and B Units and the
common stock underlying the common stock purchase warrants comprising part of
such Units.

During the period July 2004 through October 2004 the Company sold an aggregate
of 647,500 Special Warrants under the aforementioned offering to 18 persons at
$1.00 per unit or $647,500 on an aggregate basis. In connection with the
offering, the Company also issued 64,750 Special Warrants to the placement
agent. Each Special Warrant was exercisable without additional consideration to
receive a Class A unit consisting of one share of our common stock (the "Unit
Shares") and one common stock purchase warrant. Each of these warrants, as
amended, entitles the holder to purchase one share of our common stock at $1.50
per share (the "Warrant Shares") at any time during the three year period that
commenced on September 27, 2004. Effective October 27, 2004, all of the Special
Warrants were exercised resulting in our issuance of 712,250 shares and 712,250
warrants. Pursuant to the offering the Company were also obligated to pay a
100,000 share work fee to the placement agent, which was paid in March 2005 (the
"Work Fee Shares"). In December 2004 and January 2005, in connection with a
related unit offering, the proceeds of which were also to be utilized for the
funding of the acquisition, it became apparent that our unit pricing was too
high and that our units of the type underlying the Special Warrants sold in this
offering should be sold at $.50 per unit rather than $1.00 per unit.
Consequently, in January 2005 the Company agreed to issue an additional 647,500
units to the offering subscribers, or their designees, at no additional cost, to
bring their unit cost down to $.50 per unit. The additional units were issued in
March 2005. The Company has agreed to register for resale on behalf of the
subscribers in this offering and DGM, the Unit Shares and Warrant Shares,
including the additional Unit Shares and the Warrant Shares underlying the
additional warrants issued in March 2005, and the Work Fee Shares.

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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

9.       STOCK OPTIONS

On April 15, 2004 the Company granted 100,000 stock options with an exercise
price of $.25 per share to each of Wayne Maddever, William Smith and Anthony
Pallante in consideration of services rendered in connection with the Company's
reorganization and for services related to Reink USA's bankruptcy. These options
vest in equal amounts over a three year period on each of the first, second and
third anniversaries of the issuance date and are exercisable for a period of ten
years from issuance. The Company has agreed to register these shares on behalf
of the recipients thereof.

The following table summarizes the changes in options and warrants outstanding
and the related exercise prices for the shares of the Company common stock:


                               Employee Stock Options                             Common Stock Purchase Warrants

                                           Weighted                                         Weighted
                               Weighted     Average                             Weighted     Average
                               Average     Remaining                            Average     Remaining
                               Exercise   Contractual                           Exercise   Contractual
                     Shares      Price        life      Exercisable    Shares    Price        life       Exercisable
                    --------   --------   -----------   -----------   -------   --------   -----------   -----------

Outstanding at
January 1, 2003      85,875     $13.00     8.6 years       42,583      76,430    $14.80     4.1 years       76,430

Expired             (48,375)    $13.40     5.1 years        2,583           -         -         -              -
                    -------                             -----------   -------                            -----------
Outstanding at
January 1, 2004      37,500     $11.72     8.6 years       40,000      76,430    $14.80     4.1 years       76,430

Granted             300,000     $ 0.25     9.3 years        2,500     852,500    $ 1.50     3.0 years      852,500
                    -------                             -----------   -------                            -----------
Outstanding at
December 31, 2004   337,500     $ 1.52     8.9 years       42,500     928,930    $ 2.59     3.1 years      928,930
                    =======                             ===========   =======                            ===========


10. INCOME TAXES

The Company accounts for income taxes using the liability method, which requires
the determination of deferred tax assets and liabilities based on the
differences between the financial and tax bases of assets and liabilities using
enacted tax rates in effect for the year in which

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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

differences are expected to reverse. Deferred tax assets are adjusted by a
valuation allowance, if, based on the weight of available evidence, it is more
likely than not that some portion or all of the deferred tax assets will not be
realized.

At December 31, 2004, the Company has net operating loss carryforwards of
approximately $10,000,000 which expire through 2024. Pursuant to Section 382 of
the Internal Revenue Code regarding substantial changes in ownership,
utilization of these losses may be limited. Based on this and the fact that the
Company has generated operating losses through December 31, 2004, the deferred
tax asset of approximately $4,000,000 has been offset by a valuation allowance
of $4,000,000. During the year ended December 31, 2004, the Company recorded an
increase in the valuation allowance of $600,000.


11.      RELATED PARTY TRANSACTIONS

Consulting fees

The Company expensed approximately $296,000 and $460,000 for the years ended
December 31, 2004 and 2003, respectively, related to a consulting agreement with
Manchester Administrative Services Inc. ("Manchester Administrative"), a wholly
owned subsidiary of a shareholder of the Company, owned by Anthony Pallante, to
provide the services of various individuals. Thereunder, Manchester
Administrative was paid consulting fees of up to $40,000 per month (up to
$25,000 prior to January 1, 2003) depending on the level of work completed. Fees
are invoiced monthly on an ongoing basis. Pursuant to this agreement, Manchester
Administrative provides the services of William Smith, who signed the contract
on behalf of Manchester Administrative, as Executive Vice President. During 2004
approximately $81,500 was paid to William Smith. As described in Note 13, this
agreement was cancelled in January 2005.

Effective January 6, 2003 the Company executed a consulting agreement with BBP
Consulting ("BBP"), a sole proprietorship owned by Wayne Maddever, whereby BBP
provides the Company with services of Wayne Maddever. Pursuant to the consulting
agreement, BBP is paid consulting fees of up to $15,000 per month. Mr. Maddever
earned $58,000 under this agreement for 2003 and no fees during 2004. At the end
of each quarter, under this agreement, Mr. Maddever has the right to convert any
unpaid fees into common stock of the Company at the greater of $1.00 per share
or 80% of the then market price. This agreement was terminated with the
resignation of Mr. Maddever as CEO of the Company as part of the acquisition
completed subsequent to year-end.

In January 2004 the Company entered into an exclusive financing
arrangement,(amended in July 2004) with Manchester Consolidated Corp.,
("Manchester Consolidated"), a corporation owned by Anthony Pallante. Under this
agreement, the Company agreed, tp pay fees to Manchester Consolidated, upon its
successful completion of a financing or any acquisition, merger, or other
business combination arrange for the Company. The revised fee structure for
financings is 10%

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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

for transactions up to and including $2,000,000; 7% for transactions in excess
of $2,000,000 up to and including $5,000,000; and 5% for transactions in excess
of $5,000,000. The revised fee structure for acquisitions, mergers or other
business combinations is 12% for transactions up to and including $5,000,000; 7%
for transactions in excess of $5,000,000 up to and including $10,000,000; and 5%
for transactions in excess of $10,000,000. All other material terms of the
arrangement remain unchanged. Either party to the agreement can terminate,
without penalty, with 9 months written notice.

As described in Note 13, the Company paid a transaction fee to Manchester
Consolidated for service it provided in connection with the Company's
acquisition of Technolaser equal to 5% of the transaction value, which amounted
to approximately US$640,000 in a combination of cash and common stock.

During January through March, 2004, the Company converted notes payable of
$816,318 and other liabilities of $426,650 for a total of $1,242,968 into
9,843,055 common shares of the Company (includes 5,405,055 common shares in Note
6). The conversions were made pursuant to Debt Conversion and General Release
Agreements. 100,000 of these shares were issued to Wayne Maddever in connection
with the conversion by BBP Consulting of $20,000 of debt. 384,500 of these
shares were issued to William Smith, through Manchester Administrative Services,
in connection with the conversion of $76,900 owed to Manchester Administrative
Services in connection with services performed by William Smith prior to 2003.
In order to induce conversion, the Company agreed to reduce the conversion price
as outlined in the consulting agreement. The Company has no further obligations
related to any of these notes and/or other liabilities which were converted into
common shares.

Effective January, 2005 the Company executed a consulting agreement with 6327214
Canada Inc., a company owned by William Smith, the Companies CFO, to provide
consulting services to the Company. 6327214 Canada Inc. is paid approximately
$11,500 per month based on invoicing to the Company. In addition, the Company
covers all business related expenses incurred by 6327214 Canada Inc. while
delivering the consulting services. This agreement continues until terminated
and can be terminated by the Company upon 10 months written notice.

12.      DISPOSAL OF SUBSIDIARY

As discussed in Note 7, Reink's Chapter 11 bankruptcy "Reorganization" was
converted into a Chapter 7 bankruptcy "Liquidation" and a Bankruptcy Trustee was
appointed to administer and liquidate the estate on July 10, 2003. The Company
lost control of Reink upon the conversion of the Reorganization into a
Liquidation. Accordingly, the Company has reported Reink as a discontinued
operation.

In connection with such conversion, the Company recorded a $370,816 charge to
operations during the year ended December 31, 2003, for the carrying value of
assets that are no longer considered recoverable. In addition, Reink's
liabilities are presented in the balance sheet as

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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

discontinued operations until the bankruptcy is adjudicated by the Bankruptcy
court. The Company is unaware of any changes in the status of the Bankruptcy
proceedings. A breakdown of the liabilities remaining on Reink's balance sheet
from the time in which its Bankruptcy case was converted to liquidation is as
follows:

                                                         December 31, 2004
                                                         -----------------
         Accounts Payable .............................     $1,806,242

         Accrued Expenses .............................       319,099
                                                            ----------
                                                            $2,125,341
                                                            ==========

The following table represents the results of the discontinued operations of
Reink USA:

                                                        For the Year Ended
                                                         -----------------
                                                         December 31, 2003

         Revenues .....................................      $ 183,097
         Cost of sale .................................        117,251
                                                             ---------
                 Gross profit .........................         65,846
                                                             ---------

         Operating Expenses
              Selling, general and
                administrative expenses ...............        266,183
              Depreciation and Amortization ...........          6,780
                                                             ---------
                  Total Expenses ......................        272,963
                                                             ---------

         Loss from operations .........................       (207,117)

         Interest Expense .............................          3,571
                                                             ---------

         Net loss .....................................      $(210,688)
                                                             =========

The Company had no discontinued operations to report during the year ended
December 31, 2004.

13.      SUBSEQUENT EVENTS

Acquisition of Teckn-O-Laser Pursuant to Share Purchase and Related Agreements

On January 31, 2005 The Company executed and closed a Share Purchase Agreement
(the "Share Purchase Agreement") dated and effective as of January 2, 2005 among
the Company, YAC Corp. ("YAC"), Teckn-O-Laser Company ("TOL Canada"), 3091503

                                      F-20
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

Nova Scotia Company ("Acquiror"), Teckn-O-Laser Global Company ("Acquiree"),
3091732 Nova Scotia Company ("Callco"), and the shareholders of Acquiree (the
"Acquiree Shareholders"). TOL Canada is a wholly owned subsidiary of Acquiree.
YAC is a wholly owned subsidiary of the Company. Callco is a wholly owned
subsidiary of YAC. Acquiror is a wholly owned subsidiary of Callco.

Prior to closing, The Company advanced CDN$1,500,000 (approximately
US$1,250,000) to the Acquiree shareholders for the purpose of having them
acquire certain shares of Acquiree capital stock from a third party so that at
closing, the Acquiree Shareholders would own all the capital stock of Acquiree.
The advance, which was not required to be repaid upon closing, became part of
the purchase consideration that The Company paid to the Acquiree shareholders.

Pursuant to the Share Purchase Agreement, The Company acquired through its
subsidiary Acquiror, all of the issued and outstanding capital stock of Acquiree
in exchange for certain payments to be made at closing (the "Closing Payments")
and subsequent to closing (the "Post-Closing Payments"). Teckn-O-Laser group
manufacturers and distributes imaging products, including remanufactured toner
cartridges and remanufactured inkjet cartridges.


The Closing Payments consisted of:

      o  the issuance to the Acquiree Shareholders of 6,500,000 Acquiror Series
         I Exchangeable Shares, 6,000,000 of which were issued subject to a Lock
         Up Agreement dated as of January 2, 2005 that restricts the subsequent
         sale, transfer, or disposal of a corresponding number of The Company's
         common shares that will be issued to the holders of the Acquiror Series
         I Exchangeable Shares upon exchange thereof;
      o  the issuance to the Acquiror Shareholders of 1,932,000 Acquiror
         Preferred Shares; and
      o  the payment to the Acquiree Shareholders of CDN$750,000 (approximately
         US$624,975).

The Post-Closing Payments consist of:

      o  a cash payment to the Acquiree Shareholders of CDN$2,182,000
         (approximately US$1,817,606) due March 26, 2006 (the "2006 Payment");
      o  a cash payment to the Acquiree Shareholders of CDN$1,000,000
         (approximately US$833,333) due March 31, 2007 (the "2007 Payment"); and
      o  a cash payment to the Acquiree Shareholders of CDN$1,000,000
         (approximately US$833,333) due March 31, 2008 (the "2008 Payment").

Notwithstanding the forgoing, the 2006 Payment is not due and payable in the
event that Acquiree's Earnings Before Interest Taxes Depreciation and
Amortization ("EBITDA") for the year ending December 31, 2005, is less than
CDN$1,000,000. The 2007 Payment is not due and payable in the event that
Acquiree's EBITDA for the year ending December 31, 2006 is less than

                                      F-21
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

CDN$1,500,000. The 2008 Payment is not due and payable in the event that
Acquiree's EBITDA for the year ending December 31, 2007 is less than
CDN$2,000,000.

Subject to the terms of a Series I Exchangeable Share Voting, Support and
Exchange Agreement, dated as of January 2, 2005 (the "Series I Support
Agreement"), among us, YAC, Callco, Acquiror and the Acquiree Shareholders
holding Series I Exchangeable Shares of Acquiror (the "Holders"), the Holders
have the option of converting any Post Closing Payments due to them into
Acquiror Series I Exchangeable Shares at a conversion rate calculated by
dividing the dollar amount of any converted payments by an amount representing
the greater of:

      o  US$1.00 converted to CDN dollars; or
      o  80% of the average closing price of the Company's common stock
         converted to CDN dollars for the twenty trading days immediately
         preceding the date on which an Acquiree Shareholder provides a notice
         of conversion to Acquiree.

All Holders of Acquiror Series I Exchangeable Shares also received one share of
The Company's newly created Series A Preferred Special Voting Stock (the "Series
A Preferred Stock") for each Acquiror Series I Exchangeable Share owned. Shares
of The Company's Series A Preferred Stock have the right to vote on all matters
submitted to the vote of The Company's common shareholders on the basis of one
vote for each share held. The Series A Preferred Stock is non-transferable,
other than upon sale or exchange on disposition of the corresponding Acquiror
Series I Exchangeable Shares, which triggers a requirement for the holder to
deliver a like number of shares of Series A Preferred Stock to us for
cancellation. The Series I Support Agreement also contains provisions that grant
Callco the right, exercisable upon the occurrence of certain events, including
the proposed dissolution or liquidation of Acquiror or a prior retraction
request by the Holder, to require the Holders to sell their Series I
Exchangeable Shares to Callco. Similarly, the Series I Support Agreement grants
the Holder the right to require Callco to purchase from the Holder all or any
part of the holder's Acquiror Series I Exchangeable Shares upon certain events
including the institution by Acquiror of any proceeding to be adjudicated a
bankrupt or insolvent or to be dissolved or wound up. The Series I Support
Agreement further provides for automatic exchange upon the sale of all or
substantially all of The Company's assets, or upon The Company's liquidation or
dissolution. The Series I Support Agreement further provides that so long as any
Acquiror Series I Exchangeable Shares are issued and outstanding, that The
Company and The Company's subsidiaries cannot declare or pay a dividend on the
Company's respective common stocks unless an equivalent dividends is declared or
paid, as the case may be, on the Series I Exchangeable Shares.

Subject to the terms of a Preferred Share Purchase and Support Agreement, dated
as of January 2, 2005 (the "Preferred Share Support Agreement"), among us, YAC,
Callco, Acquiror and the Acquiree Shareholders holding Acquiror Preferred
Shares, and subject to Callco's right (the "Retraction Call Right"), exercisable
upon the occurrence of certain events to require the Holders of Acquiror
Preferred Shares to sell such shares to Callco, the Acquiree Shareholders, as
Holders of Acquiror Preferred Shares, have the rights set forth in Schedule A of
the Preferred Share Support Agreement. Dividends are not payable on the Acquiror
Preferred Shares but as long as

                                      F-22
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

they are outstanding, Acquiror cannot, without the approval of the holders of
the Acquiror Preferred Shares, pay any dividends on Acquiror's common shares or
redeem or purchase or make any capital distributions in respect of any Acquiror
common shares. Holders of Acquiror Preferred Shares are entitled, subject to the
exercise of the Retraction Call Right by Callco and compliance with other terms
of the Preferred Share Support Agreement, to require Acquiror to redeem their
Acquiror Preferred Shares at a price of CDN$1.00 per share at specified times.
The times at which holders of Acquiror Preferred Shares may make such requests
are as follows:

      o  September 1, 2005 : 750,000 Acquiror Preferred Shares;
      o  September 30, 2005 ; 443,250 Acquiror Preferred Shares;
      o  December 31, 2005 : 443,250 Acquiror Preferred Shares; and
      o  March 31, 2006 : 295,500 Acquiror Preferred Shares.

In the event Acquiror fails or neglects to redeem the Acquiror Preferred Shares
for CDN$1.00 as required by the Preferred Share Support Agreement, Acquiror
shall redeem such Acquiror Preferred Shares by issuing to the Holders thereof
2.5 Series II Exchangeable Shares of Acquiror for each Acquiror Preferred Shares
so redeemed.

Subject to the terms of a Series II Exchangeable Share Voting, Support and
Exchange Agreement, dated as of January 2, 2005 (the "Series II Support
Agreement") among the Company, YAC, Callco, Acquiror and the Acquiree
ShareHolderss holding Series II Exchangeable Shares of Acquiror (the "Acquiror
Series II Exchangeable Shares"), the Holders of the Acquiror Series II
Exchangeable Shares have the option, further subject to the right of Callco (the
"Retraction Call Right") exercisable upon the occurrence of certain events to
require the Holders to sell their Acquiror Series II Exchangeable Shares to
Callco, to require Acquiror to redeem any or all of the Holders's Acquiror
Series II Exchangeable Shares at a price equal to:

      o  the then current market price for one share of the Company's common
         stock which is payable by the delivery of one (1) share of the
         Company's common stock; plus
      o  the amount of all cash dividends declared and unpaid by us on the
         Company's common stock at the effective time of such action; plus
      o  the amount of all declared and unpaid non-cash dividends or other
         distributions by us on the Company's common stock at the effective time
         of such action.

Notwithstanding the forgoing, during the first ninety days following the
issuance of any Series II Exchangeable Shares, the Holders can only require the
Acquiror to redeem half of their Series II Exchangeable Shares.

All Holders of Acquiror Series II Exchangeable Shares receive one share of the
Company's Series A Preferred Stock for each of their Acquiror Series II
Exchangeable Shares. Contemporaneously with the completion of any transaction
pursuant to which any Acquiror Series II Exchageable Shares held by a Holder is
retracted, redeemed, purchased or exchanged, such Holder(s) shall surrender to
us a like number of shares of Series A Preferred Stock for cancellation. Holders
of Acquiror Series II Exchangeable Shares are entitled to receive

                                      F-23
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                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

dividends on such shares at the times and in the amounts of any dividends
declared by us on the Company's common stock. The Series II Support Agreement
also places limitations on Acquiror's ability to pay dividends on its common
stock while shares of Acquiror Series II Exchangeable Shares are issued and
outstanding. The Series II Support Agreement grants the Holders the right to
require Callco to purchase from the Holders all or any part of the Holders's
Acquiror Series II Exchangeable Shares upon certain events including the
institution by Acquiror of any proceeding to be adjudicated a bankrupt or
insolvent or to be dissolved or wound up. The Series II Support Agreement
further provides for automatic exchange upon the Company's liquidation or
dissolution or upon the sale of all or substantially all of the Company's
assets.

Pursuant to the Share Purchase Agreement, Wayne Maddever resigned from his
positions as the Company's President and Chief Executive Officer effective at
the closing. The vacancy in this position was immediately filled by Yvon
Leveille, a former shareholder of the acquiree. At closing The Company also
appointed Alain Lachambre as the Company's Vice President of Sales and
Marketing. In connection therewith, The Company entered into renewable 3 year
employment agreements with each of Yvon Leveille and Alain Lachambre. Messrs.
Leveille and Lachambre were also appointed at that time to the Company's board
of directors although Mr. Lachambre subsequently determined effective February
4, 2005 that he did not wish to serve as a director and resigned. The initial
base annual salaries payable to Messrs. Leveille and Lachambre under their
employment agreements are CDN$175,000 (approximatelyUS$146,000) and CDN$166,000
(approximately US$139,000), respectively. The employment agreements further
provide for the payment of performance based bonuses of up to 100% of salary at
the discretion of the compensation committee of the board of directors.

In a related transaction to the Share Purchase Agreement, effective January 1,
2005 The Company acquired TOL USA from Teckn-O-Laser Global Inc. pursuant to a
Share Purchase Agreement for $1000 in cash. TOL USA is the US arm of the
Teckn-O-Laser group of affiliated companies.

Payment of Fees to Related Party Transaction Advisor

In connection with the Share Purchase Agreement and pursuant to the Company's
financing agreement with Manchester Consolidated Corp. ("Manchester") The
Company paid Manchester a financing fee for its role in arranging the
aforementioned transaction equal to 5% of the transaction value. The transaction
value was agreed to be CDN$15,382,000 (approximately US$12,813,206) 5% of which
is CDN$769,100 (approximately US$640,660). Pursuant to the forgoing The Company
has paid Manchester CDN$350,000 in cash (approximately US$291,550) and paid the
CDN$419,100 balance through the issuance of 698,500 shares of the Company's
common stock valued at US$.50 per share to Manchester and its designees.

Barrington Loan Agreement

In conjunction with the Share Purchase Agreement, The Company entered into a
Loan Agreement (the "Loan Agreement") dated as of January 26, 2005 with
Teckn-O-Laser Company

                                      F-24
</PRE><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><PRE>
                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

(the "Borrower"), YAC Corp. ("YAC"), 3091732 Nova Scotia
Company ("Callco"), 3091503 Nova Scotia Company ("TAC"), Teckn-O-Laser Global
Company ("TOLG"), Teckn-O-Laser USA Inc. ("TOL USA") and Barrington Bank
International Limited ("Lender").

Pursuant to the Loan Agreement, on January 31, 2005 Lender loaned CDN$2,000,000
(approximately US$1,666,666) to Borrower which facilitated the Company's ability
to meet the Company's obligations under the Share Purchase Agreement. The loan,
which is secured by all of the Company's assets, is guaranteed by each of us,
YAC, Callco, TAC, TOLG and TOL USA. It has a maximum term of 10 years subject to
acceleration upon default or to earlier payment. Interest of 12% per annum is
due on the loan during the first 12 months of the term and interest of 20% per
annum is due on the loan thereafter. The loan can be prepaid by Borrower in
whole or in part. However, in the event prepayment occurs prior to the 1 year
anniversary of the loan, Borrower is obligated to pay a prepayment fee equal to
the amount of additional interest that Borrower would have paid on the loan from
the date of prepayment through the date of the 1 year anniversary of the loan.
Commencing on the 6 month anniversary of the loan, Lender has the right to
convert the remaining principal balance of the loan into shares of the Company's
common stock at a conversion price of US$1.00 per share. As further
consideration for the loan, The Company has agreed to issue 200,000 shares of
the Company's common stock to Lender and to include such shares in a
registration statement to be filed by us that will register the resale of such
shares. In connection with the loan, The Company, the Borrower, the Lender and
the Guarantors have entered into a series of related agreements principally
designed to protect the interests of the Lender in making the loan.

Grants of Stock Options to Employees and Directors

Pursuant to the Share Purchase Agreement, The Company also agreed to issue an
aggregate of 300,000 non-statutory stock options pursuant to the Company's 2000
Stock Option Plan to employees of TOL Canada and Teckn-O-Laser USA, Inc. ("TOL
USA"). The options granted to each employee have a maximum term of 10 years and
vest in equal amounts, each equal to 1/3 of the total number of options granted
to the employee, on each of the first, second and third anniversaries of the
date of grant. Effective January 31, 2004 The Company granted an aggregate of
244,500 options under this commitment to 12 TOL Canada employees with an
exercise price of US$1.57 per share, which was the closing market price for the
Company's common stock on January 31, 2005.

On March 30, 2005 the Company granted an aggregate of 110,000 stock options,
each with an exercise price of $1.06 per share, to our non-employee directors.
The Company has agreed to register these shares on behalf of the recipients
thereof.

Issuance of Convertible Promissory Note to Related Party

Pursuant to the acquisition the Company the Company entered into a convertible
promissory note in the amount of $1 million due January 1, 2008. The note is
convertible solely at the option of the note holder, any time after 6 months,
into 2 million common shares and 2 million

                                      F-25
</PRE><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><PRE>
                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

warrants at $1.50 per share. The note bears interest at 3.9% per annum, with
principal and all interest due at maturity.

Additional Issuance of Special Warrants

In January 2005 the Company sold an aggregate of 2,330,000 units to 10 persons
at $0.50 per unit or $1,165,000 on an aggregate basis. Each unit consists of one
share of the Company's common stock (the "Unit Shares") and one common stock
purchase warrant. Each warrant entitles the holder to purchase one share of the
Company's common stock at a price of $1.50 per share at any time during the
three year period commencing on January 31, 2005 (the "Warrant Shares"). The
proceeds from the offering were used towards the funding of the Company's
acquisition of Teckn-O-Laser Global Company.

In connection with these sales the Company was also obligated to issue 68,000
units to DGM Bank &amp; Trust Inc. ("DGM") as a commission with respect to sales of
680,000 units made through them in the offering (the "DGM Units"). The Unit
Shares and shares comprising part of the DGM Units were issued in March 2005.
The Company has agreed to register for resale, on behalf of the subscribers in
this offering and DGM, the Unit Shares and the Warrant Shares including the Unit
Shares and Warrant Shares underlying the DGM Units.

Anti-Dilution Adjustment to Previously Issued Special Warrants

The Company, following the aforementioned sale of Special units consummated in
January 2005, agreed to issue an additional 647,500 units to the offering
subscribers, or their designees, at no additional cost, to bring their unit cost
down to $.50 per unit. The Company has agreed to register for resale on behalf
of the subscribers in this offering and DGM, the Unit Shares and Warrant Shares,
including the additional Unit Shares and the Warrant Shares underlying the
additional warrants issued in March 2005, and the Work Fee Shares.


In addition the Company agreed to modify the compensation for DGM Bank &amp; Trust
related to the agency agreement such that no further commission was payable on
the additional equity raised by parties other than DGM in exchange for 50,000
common shares and 150,000 warrants to purchase common shares at $1.50. DGM will
continue to be paid commission as stated under the agency agreement for money
raised by their firm.

Equity Purchase Commitment

On January 6, 2005 the Company obtained an equity purchase commitment from
Trisan Equitable Corporation ("Trisan") pursuant to which Trisan has committed
to purchase an aggregate of $1,600,000 of the Company's common shares valued at
$.50 per share in stated amounts at stated times. Pursuant thereto, Trisan has
agreed to purchase 1,250,000 shares for $625,000 on September 1, 2005; 740,000
shares for $370,000 on September 30, 2005; 740,000 shares for $370,000 on
December 31, 2005; and 470,000 shares for $235,000 on March 31, 2006.

                                      F-26
</PRE><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><PRE>
                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

On each share purchase date, for each share purchased by Trisan, the Company has
also agreed to issue one common stock purchase warrant, each to purchase one
share of the Company's common stock at $1.50 per share at any time during the 3
year period commencing on issuance. The warrants will contain anti-dilution and
cashless exercise provisions. The Company has agreed to register the shares to
be purchased by Trisan under the commitment on behalf of Trisan.

Consulting Services and Other Agreements

In January 2005, the Company entered into a 3 year consulting agreement with
Westminster Capital Inc., a shareholder, to provide various services to the
Company. The Company issued 300,000 shares in exchange for the services.

In January 2005, the Company entered into a 3 year consulting agreement with
Gregory Belzberg, a shareholder, to provide various services to the Company. The
Company issued 50,000 shares in exchange for the services.

In January 2005, the Company executed a consulting agreement with 6327214 Canada
Inc., a company owned by William Smith, the Companies CFO, to provide consulting
services to the Company. 6327214 Canada Inc. is paid approximately $11,500 per
month based on invoicing to the Company. In addition, the Company covers all
business related expenses incurred by 6327214 Canada Inc. while delivering the
consulting services. This agreement continues until terminated and can be
terminated by the Company upon 10 months written notice. At the same time the
existing agreement with Manchester Administrative Services providing consulting
services was terminated.

Effective February 1, 2005 the Company entered into a 1 year Investor Relations
Agreement with Agora Investor Relations Corp., an Ontario, Canada corporation
("Agora") pursuant to which Agora provides shareholder services and, subject to
compliance with applicable laws, rules and regulation, other services intended
to raise public awareness of the Company's business. In consideration of such
services, the Company are paying Agora monthly compensation of CDN$2,750
(approximately US$2,300) and have issued to Agora 100,000 stock options, each to
purchase one share of the Company's common stock, at a price of $1.50 per share.
The options are exercisable, upon vesting, during the period February 1, 2006
through February 1, 2008. 25,000 of the options vest on each of May 1, 2005;
August 1, 2005; November 1, 2005; and February 1, 2006. The agreement is
renewable at the Company's option, for an additional 1 year term on similar
terms. The Company also have the option to terminate the Agreement for a two day
period commencing August 1, 2005. If the Company do so, all non-vested options
will be forfeited and cancelled and the Company will have no further payment
obligations to Agora.

Effective February 1, 2005 the Company entered into a 1 year Investor Relations
Agreement with Stockgroup Media Inc. , a Canadian corporation ("Stockgroup")
pursuant to which Stockgroup provides shareholder services and, subject to
compliance with applicable laws, rules

                                      F-27
</PRE><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><PRE>
                          ADSERO CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       FOR YEARS ENDING DECEMBER 31, 2004
                              AND DECEMBER 31, 2003

and regulations, other services intended to raise public awareness of the
Company's business. In consideration of such services, the Company are paying
Stockgroup monthly compensation of CDN$2,250 (approximately US$1,920).

Proposed Acquisition

In April 2005, the Company made a tentative offer to management of Turbon AG
("Turbon"), to acquire all the outstanding shares of Turbon, a leading global
imaging supply company publicly traded on the Frankfurt stock exchange. The
aggregate offering price, pursuant to the offer, is approximately US$49 million
consisting of US$40 million in cash and US$9.0 million in Adsero stock. The
Turbon Executive Board has agreed to meet with us to discuss the details of the
Company's offer as well as the planned role and significance of Turbon within
the combined entity in the event the acquisition is accomplished. If amenable to
the Company's offer, Turbon's Executive Board will provide its recommendation to
Turbon's shareholders. The completion and closing of this transaction will be
subject to certain conditions, including but not limited to, completion of due
diligence, raising of the necessary funds to close the transaction, and the
approval of Turbon's shareholders. No assurance can be given that the
acquisition will be completed or, if completed, the actual terms thereof.

                                      F-28
</PRE><HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>

<BR>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>ADSERO CORP. AND SUBSIDIARIES<BR>
CONDENSED CONSOLIDATED BALANCE SHEET<BR>
September 30, 2005<BR>
(unaudited)</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="78%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>ASSETS</U></B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>CURRENT ASSETS</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Cash</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>86,998  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Accounts
receivable, net</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,465,890  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Inventories</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,105,107  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Income
taxes receivable</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>273,259  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Prepaid
expenses and other assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>265,342  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Deferred
income taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>160,207  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>TOTAL
CURRENT ASSETS</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>9,356,803</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Property,
plant and equipment, net</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,125,037  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Trademarks</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>483,333  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Investment
in prospective acquire</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,001,000  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Goodwill</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,946,875  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Other
assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>644,153  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Total
Assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20,557,201  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</U></B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>CURRENT LIABILITIES</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Line of
credit obligation</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,162,204  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Installment
loans</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>382,716  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Accounts
payable</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,339,293  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Salaries
and Benefits</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>723,398  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Warranties
and related accruals</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>351,022  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Accrued
expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,136,647  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Liabilities
of discontinued operation</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,125,341  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Notes
payable - Related Parties (including
  accrued interest of $66,495)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>172,988  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Redeemable
preferred stock of subsidiary</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,570,732  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Current
portion of long-term debt</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>41,485  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>TOTAL
CURRENT LIABILITIES</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>14,005,826  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Long-term
debt, less current portion</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>57,175  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Convertible
promissory note</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,639,320  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Deferred
income taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>373,014  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Total
Liabilities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>16,075,335  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Commitments and Contingencies</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>STOCKHOLDERS&#146; EQUITY</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Common
stock, $.001 par value, 100,000,000
  shares authorized,17,241,975 shares issued and outstanding</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>17,243  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Series I
exchangeable shares of subsidiary,
  6,500,000 shares outstanding, exchangeable one for one into common shares of
  the company</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,250,000  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Preferred
Stock, $.0001 par value,
  20,000,000 shares authorized, 6,500,000 issued and outstanding</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>650  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Additional
paid-In-capital</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>11,297,497  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Common
stock to be issued</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,308,779  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Deferred
compensation</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(27,998  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Accumulated
other comprehensive income -
  Foreign currency translation adjustment</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>123,289  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Accumulated
deficit</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(12,487,594  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>TOTAL
STOCKHOLDERS&#146; EQUITY</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,481,866  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Total
Liabilities and Stockholders&#146; Equity</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>20,557,201  </FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>See notes to condensed consolidated financial
statements</B> </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>F-29</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2><B>ADSERO CORP. AND SUBSIDIARIES<BR>
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
(unaudited)</B></FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="29%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>

  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1><B>Three
  Months Ended</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1><B>Nine
  Months Ended</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="6" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  COLSPAN="6" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1><B>September
  30, 2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1><B>September
  30, 2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  COLSPAN="2" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1><B>September
  30, 2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1><B>September
  30, 2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>REVENUES</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>6,503,215</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>20,249,635</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>COST OF
  GOODS SOLD</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>5,169,535</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>15,065,687</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>GROSS PROFIT</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,333,680</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>5,183,948</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>OPERATING
  EXPENSES</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>Salaries and Compensation expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>709,604</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2,286,851</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>Sales and Administrative expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>766,765</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>335,605</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2,121,192</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>621,719</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>Restructuring charge</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>52,505</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>52,505</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>Conversion of debt expense</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>627,340</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>Depreciation and amortization</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>226,527</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>363,153</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>TOTAL OPERATING EXPENSES</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,755,401</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>335,605</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>4,823,701</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,249,059</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>INCOME
  (LOSS) FROM OPERATIONS</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(421,721</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(335,605</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>360,247</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(1,249,059</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>INTEREST EXPENSE</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>332,386</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>13,596</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>721,492</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>41,456</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>LOSS BEFORE
  INCOME TAXES</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(754,107</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(349,201</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(361,245</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(1,290,515</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>INCOME TAXES</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>68,583</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>137,377</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>NET LOSS</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(822,690</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(349,201</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(498,622</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(1,290,515</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>LOSS PER
  SHARE</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>NET LOSS PER SHARE, BASIC AND DILUTED</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(0.05</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(0.03</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(0.03</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(0.15</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>WEIGHTED AVERAGE NUMBER OF SHARES USED IN
  COMPUTATION</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>17,241,975</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>10,925,755</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>16,658,197</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>8,774,865</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE ALIGN=CENTER>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>See notes to condensed consolidated financial
statements</B> </FONT></P>


<P ALIGN=CENTER><FONT  SIZE=2>F-30</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif"  SIZE=2><B>ADSERO CORP. AND SUBSIDIARIES<BR>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(unaudited)</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="64%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="6" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Nine months ended</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="6" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>September 30, 2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>September 30, 2004</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>CASH FLOWS FROM OPERATING
ACTIVITIES:</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Net Loss</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(498,622</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,290,515</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Adjustments to reconcile net
loss to net
  cash</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>provided by (used in)
operating activities:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Depreciation and
amortization</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>363,153</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Bad debt reserve</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>34,957</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Inventory reserve</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>189,492</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Non-cash interest
expense</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>191,934</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Deferred income
taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>285,555</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Stock based
compensation</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>83,995</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Conversion of debt
expense</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>627,340</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Changes in operating assets
and
  liabilities:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Accounts
receivable</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>320,385</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Inventories</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,965,684</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Prepaid expenses and other
assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(757,679</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Accounts payable and
accrued expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,361,260</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>116,222</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Income taxes
receivable</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>512,238</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2>Total Adjustments</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>619,606</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>743,562</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>NET CASH PROVIDED BY
(USED IN) OPERATING
  ACTIVITIES</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>120,986</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(546,953</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>CASH FLOWS USED IN
INVESTING ACTIVITIES</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Investment in
Turbon</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,001,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Acquisition of business,
net of cash
  received</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,100,359</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Puchase of fixed
assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(96,477</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Proceeds received from sale
of building</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,777,460</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>NET CASH USED IN
INVESTING ACTIVITIES</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,420,376</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>CASH FLOWS FROM FINANCING
ACTIVITIES</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Repayment on notes payable
to related
  parties</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(76,079</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Repayment of mortgage</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(2,338,375</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Principal payments on long
term debt</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(686,853</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Bank loan</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(506,069</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Proceeds from issuances of
common stock</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,511,250</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>519,588</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Proceeds from sale of
special warrants</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>205,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Proceeds from issuances of
convertible
  notes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,666,666</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>70,075</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Proceeds (repayments) of
loan payable</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(275,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>52,500</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>NET CASH PROVIDED BY
FINANCING ACTIVITIES</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,295,540</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>847,163</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>EFFECT OF EXCHANGE RATE
ON CASH</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(70,852</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>NET INCREASE (DECREASE)
IN CASH</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(74,702</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>300,210</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>CASH AT BEGINNING OF
PERIOD</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>161,700</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>444</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2><B>CASH AT END OF
PERIOD</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>86,998</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>300,654</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="8" VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>SUPPLEMENTAL DISCLOSURE OF NONCASH<BR>INVESTING AND FINANCING
ACTIVITIES</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>ACQUISITION OF
BUSINESS</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Assets acquired</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>13,292,123</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>costs in excess of net
assets acquired</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,446,875</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Liabilities
assumed</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(12,364,345</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Stock based purchase
consideration</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,250,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Redeemable preferred stock
issued as
  purchase consideration</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,570,732</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Non cash expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(376,865</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>cash received at
closing</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(38,348</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Net cash paid for
acquisition of business</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,138,707</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>See notes to condensed consolidated financial
statements</B> </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>F-31</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT  SIZE=2>ADSERO CORP. AND SUBSIDIARIES<BR>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<BR>
SEPTEMBER 30, 2005<BR>
(unaudited)</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1. BASIS OF
INTERIM FINANCIAL STATEMENT PRESENTATION</FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The accompanying unaudited
  condensed consolidated financial statements have been prepared by the Company
  in conformity with accounting principles generally accepted in the United
  States of America and the instructions to Form 10-QSB. It is management&#146;s
  opinion that these statements include all adjustments, consisting of only
  normal recurring adjustments considered necessary to make the financial
  position, results of operations, and cash flows not misleading as of
  September 30, 2005 and for all periods presented.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Certain information and
  footnote disclosures normally included in the annual financial statements
  prepared in accordance with accounting principles generally accepted in the
  United States of America have been condensed or omitted. These condensed
  consolidated financial statements should be read in conjunction with the
  consolidated financial statements and notes thereto as of December 31, 2004
  and for the year ended December 31, 2004, which are included in the Company&#146;s
  Annual Report on Form 10KSB for the year ended December 31, 2004 filed with
  the Securities and Exchange Commission.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>2.
ORGANIZATION</FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Adsero Corp. (&#147;Adsero&#148;),
  formerly known as Reink Corp., was incorporated in Delaware on March 6, 1999.
  Adsero Corp, is the parent of wholly owned subsidiaries Teckn-O-Laser Global
  Company, Teckn-O-Laser Inc. and Tecknolaser USA inc. (collectively the
  &#147;Tecknolaser Group&#148;) which acquisitions were completed effective January 2,
  2005 as described in Note 14.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Adsero and the Tecknolaser
  Group (collectively the &#147;Company&#148;) manufactures and distributes
  remanufactured toner cartridges and inkjet cartridges. These products are
  sold through a variety of channels such as distributors and retail office
  supply stores, both domestically and internationally.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Development Stage Operations</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Effective January 2, 2005, the Company no longer considers itself to be a
  development stage company.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-32</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>3. LIQUIDITY AND FINANCIAL CONDITION</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The accompanying financial
  statements have been prepared assuming that the Company will continue as a
  going concern, which contemplates the realization of assets and satisfaction
  of liabilities in the normal course of business.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>At September 30, 2005, the
  Company had a working capital deficiency of $4,649,023 and was not in
  compliance with certain covenants under its line of credit obligation
   and certain of its term loans described in Note 10. The lender under these
  obligations has the right to demand immediate repayment of these loans due to
  the event of default. The exercise of these rights and the requirement to
  immediately repay the outstanding balances, which amounts to an aggregate of
  $2,517,636 at September 30, 2005, would have a material adverse effect on the
  business. There can be no assurance that the lender under these obligations
  will provide the Company with a waiver of this breach of covenant.</FONT></P>
  </TD>
 </TR>
<TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>During the nine months ended September 30, 2005 the Company raised  $2,511,250 through sales of its equity securities and $2,666,666
through issuance of convertible notes.  Subsequent to September 30, 2005 the Company raised an additional $3,200,000 through sales of
its equity securities and $3,400,000 in debt financing. (Note 20)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company&#146;s ability to
  recover its assets and continue its operations is dependent upon its ability
  to raise additional capital and generate revenue and operating cash flow
  through the execution of its business plan. There can be no assurance that
  the Company will be successful in its efforts to operate the Tecknolaser
  Group or any other prospective acquiree businesses profitably. The Company
  can also not provide any assurance that it will obtain the financing it needs
  to sustain the business until such time that it is able to generate
  sufficient revenue and operating cash flow through the operations of the
  Tecknolaser Group or other prospective acquiree businesses. These matters
  raise substantial doubt about the Company&#146;s ability to continue as a going
  concern. The financial statements do not include any adjustments relating to
  the recovery of the recorded assets or the classification of liabilities that
  might be necessary should the Company be unable to continue as a going
  concern.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>4. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Principles of Consolidation</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The consolidated financial
  statements include the accounts of the Company and its wholly-owned
  subsidiaries. All significant inter-company transactions have been
  eliminated.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-33</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Revenue Recognition</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company applies the
  revenue recognition principles set forth in Securities and Exchange
  Commission Staff Accounting Bulletin (&#147;SAB&#148;) 104 &#147;Revenue Recognition&#148; with
  respect to all of its revenue. Accordingly, the Company records revenue when
  (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred,
  (iii) the vendor&#146;s fee is fixed or determinable, and (iv) collectability is
  probable. The Company requires all of its product sales to be supported by
  evidence of a sale transaction that clearly indicates the selling price to
  the customer, shipping terms, payment terms (generally 30 days) and refund
  policy, if any. Selling prices of the products are fixed at the time the sale
  is consummated. The Company recognizes revenue at the time in which it
  receives a confirmation that the goods were either tendered at their
  destination when shipped &#147;FOB destination,&#148; or transferred to a shipping
  agent when &#147;FOB shipping point.&#148;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Cash and Cash Equivalents</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company considers all
  highly liquid securities purchased with original maturities of three months
  or less to be cash equivalents.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Accounts Receivable</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company has a policy of
  reserving for uncollectible accounts based on its best estimate of the amount
  of probable credit losses in its existing accounts receivable. The Company
  periodically reviews its accounts receivable to determine whether an
  allowance is necessary based on an analysis of past due accounts and other
  factors that may indicate that the realization of an account may be in doubt.
  Account balances deemed to be uncollectible are charged to the allowance
  after all means of collection have been exhausted and the potential for
  recovery is considered remote. As of September 30, 2005, the Company has had
  a low occurrence of credit losses and based on a review of balances
  outstanding has determined that an allowance for doubtful accounts of $34,957
  is necessary.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Inventories</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company&#146;s inventories,
  which consists of raw material and finished goods are stated at the lower of
  cost (first in first out method) or market.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Property and Equipment</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Property and Equipment are
  stated at cost less accumulated depreciation and amortization, Depreciation
  and amortization are calculated using the straight line methods over the
  estimated useful lives, which generally range from 3 to 10 years.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-34</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Goodwill</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Goodwill represents the excess
  of purchase considerations and related transaction expenses that are incurred
  in connection with completing acquisitions of businesses accounted for in
  accordance with SFAS 141 &#147;Business Combinations.&#148; SFAS 142, &#147;Goodwill and
  Other Intangible Assets,&#148; requires that goodwill be tested for impairment at
  the reporting unit level (operating segment or one level below an operating
  segment) on an annual basis and between annual tests in certain
  circumstances. Application of the goodwill impairment test requires judgment,
  including the identification of reporting units, assigning assets and
  liabilities to reporting units, assigning goodwill to reporting units, and
  determining the fair value. Significant judgments required to estimate the
  fair value of reporting units include estimating future cash flows,
  determining appropriate discount rates and other assumptions.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company did not experience
  any events or changes in circumstances during the nine-month period ended
  September 30, 2005 that would indicate that the recoverability of its goodwill
  is in doubt.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Long Lived Assets</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company periodically
  reviews the carrying values of its long lived assets in accordance with SFAS
  144 &#147;Long Lived Assets&#148; when events or changes in circumstances would
  indicate that it is more likely than not that their carrying values may
  exceed their realizable values and records impairment charges when considered
  necessary. The Company has determined that no impairment charges are
  necessary during the quarter ended September 30, 2005.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Use of Estimates</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The preparation of financial
  statements in conformity with accounting principles generally accepted in the
  United States of America requires management to make estimates and
  assumptions that affect the reported amounts of assets and liabilities and
  disclosures of contingent assets and liabilities at the date of the financial
  statements and the reported amounts of revenues and expenses during the
  reporting period. Actual results could differ from those estimates.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Fair Value of Financial
  Instruments</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The carrying amounts reported
  in the balance sheet for cash, accounts receivable, accounts payable and
  accrued expenses and preferred stock redeemable during the next year
  approximate fair value based on the short-term maturity of these instruments.
  The carrying amounts of the Company&#146;s line of credit obligation, and other
  long term obligations approximate fair value as such instruments feature
  contractual interest rates that are consistent with current market rates of
  interest or have effective yields that are consistent with instruments of
  similar risk, when taken together with equity instruments issued to the
  holder.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Common Stock Purchase Warrants
  Issued in Private Placement Transactions</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company accounts for the
  issuance of common stock purchase warrants issued in connection with sales of
  its common stock in accordance with the provisions of EITF 00-19 &#147;Accounting
  for Derivative Financial Instruments Indexed to, and Potentially Settled in,
  a Company&#146;s Own Stock&#148;.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-35</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Based on the provisions of
  EITF 00-19, the Company classifies as equity any contracts that (i) require
  physical settlement or net-share settlement or (ii) gives the Company a
  choice of net-cash settlement or settlement in its own shares (physical settlement
  or net-share settlement). The Company classifies as assets or liabilities any
  contracts that (i) require net-cash settlement (including a requirement to
  net cash settle the contract if an event occurs and if that event is outside
  the control of the Company) (ii) give the counterparty a choice of net-cash
  settlement or settlement in shares (physical settlement or net-share
  settlement).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Stock Based Compensation</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As permitted under SFAS No.
  148, &#147;Accounting for Stock-Based Compensation--Transition and Disclosure&#148;,
  which amended SFAS No. 123 (&#147;SFAS 123&#148;), &#147;Accounting for Stock-Based
  Compensation&#148;, the Company has elected to continue to follow the intrinsic
  value method in accounting for its stock-based employee compensation
  arrangements as defined by Accounting Principles Board Opinion (&#147;APB&#148;) No.
  25, &#147;Accounting for Stock Issued to Employees&#148;, and related interpretations
  including &#147;Financial Accounting Standards Board Interpretation No. 44,
  Accounting for Certain Transactions Involving Stock Compensation&#148;, an
  interpretation of APB No. 25. No stock-based employee compensation cost is
  reflected in net income, as all options that the Company granted had exercise
  prices equal to the fair market value of the underlying common stock, on
  their dates of grant.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As described in Note 13, the
  Company granted 244,500 stock options, to certain employees of Tecknolaser
  Group and 110,000 to the three independent members of its board of directors
  during the quarter ended March 31, 2005.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table
  illustrates what the Company&#146;s net income and earnings per share would have
  been if the Company had used the fair value based method of accounting for
  its employee stock option plans, as prescribed by SFAS No. 123:</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">

 <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
 <TD WIDTH="45%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For the Three Months Ended<BR>
  September 30,</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM  NOWRAP>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For the Nine Months Ended<BR>
  September 30,</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net loss, as reported</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(822,690</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(349,201</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(498,622</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,290,515</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Incremental
amount of stock based
  compensation expense determined under the fair value method</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(51,080</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,125</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(132,861</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(3,125</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net loss, pro-forma</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(873,770</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(352,326</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(631,483</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,293,640</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Income loss per share:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Basic and
diluted, as reported</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.03</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.03</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.15</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Basic and
Diluted, pro-forma</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.05</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.03</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.03</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.15</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT  SIZE=2>F-36</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Non-Employee Stock Based
  Compensation</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company accounts for the
  cost of stock based compensation awards issued to non-employees for services
  at either the fair value of the services rendered or the instruments issued
  in exchange for such services, whichever is more readily determinable, using
  the measurement date guidelines enumerated in Emerging Issues Task Force
  Issue (&#147;EITF&#148;) 96-18, &#147;Accounting for Equity Instruments That Are Issued to
  Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or
  Services.&#148;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Income Taxes</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company accounts for
  income taxes under Statement of Financial Accounting Standards No. 109,
  Accounting for Income Taxes (&#147;SFAS No. 109&#148;). SFAS No. 109 requires the
  recognition of deferred tax assets and liabilities for both the expected
  impact of differences between the financial statements and tax basis of
  assets and liabilities and for the expected future tax benefit to be derived
  from tax loss and tax credit carry forwards. SFAS No. 109 additionally
  requires the establishment of a valuation allowance to reflect the likelihood
  of realization of deferred tax assets.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Net Income (Loss) Per Share</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company presents net
  income (loss) per share (&#147;EPS&#148;) in accordance with SFAS No. 128, &#147;Earnings
  per Share.&#148; Accordingly, the Company computes basic EPS based upon the
  weighted average number of common shares outstanding. Diluted EPS , when
  presented is computing using the weighted average number of common and
  potential common shares outstanding. Potential common shares would include
  stock options using the treasury stock method, and convertible notes and
  exchangeable shares using the &#147;if converted&#148; method. Potential common shares
  are excluded from the calculation of diluted EPS in loss periods, as the
  impact is anti-dilutive.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table provides a
  summary of all potentially dilutive securities for the quarters ended
  September 30, 2005 and 2004, of which the amounts presented for the quarter
  ended September 30, 2005 have been excluded from the computation of the loss
  per share as their effect would be anti-dilutive:</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="70%">
 <TR style="font-size:1px">
  <TD WIDTH="63%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>September 30,</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Stock options</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>784,500</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>337,500</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Common stock purchase warrants</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,458,978</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>281,430</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Series I exchangeable shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,500,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Convertible debentures</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,639,320</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>70,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Total</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>17,382,798</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>688,930</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>





<P ALIGN=CENTER><FONT  SIZE=2>F-37</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Foreign currency translation</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The consolidated financial
  statements are presented in United States dollars in accordance with SFAS No.
  52, &#147;Foreign Currency Translation&#148;. The functional currency of the
  Tecknolaser Group is the Canadian dollar. Foreign denominated monetary assets
  are translated to United States dollars using foreign exchange rates in
  effect at the balance sheet date. Revenues and expenses are translated at the
  average rate of exchange during the period. Gain or losses arising on foreign
  currency transactions are included in the determination of operating results
  for the period.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Recently Issued Accounting
  Pronouncements</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In January 2003, Financial
  Accounting Standards Board (&#147;FASB&#148;) issued FASB Interpretation No. 46,
  &#147;Consolidation of Variable Interest Entities&#148; (&#147;FIN 46&#148;). This interpretation
  of Accounting Research Bulletin No. 51, &#147;Consolidated Financial Statements,&#148;
  provides guidance for identifying a controlling interest in a variable
  interest entity (&#147;VIE&#148;) established by means other than voting interest. FIN
  46 also required consolidation of a VIE by an enterprise that holds such
  controlling interest. In December 2003, the FASB completed its deliberations
  regarding the proposed modifications to FIN No., 46 and issued Interpretation
  Number 46R, &#147;Consolidation of Variable Interest Entities &#150; an Interpretation
  of ARB 51&#148; (&#147;FIN No. 46 R&#148;). The decisions reached included a deferral of the
  effective date and provisions for additional scope exceptions for certain
  types of variable interests. Application of FIN No. 46R is required in
  financial statements of public entities that have interests in VIEs or
  potential VIEs commonly referred to as special-purpose entities for periods
  ending after December 15, 2003. Application by public issuers&#146; entities is
  required in all interim and annual financial statements for periods ending
  after December 15, 2004. The adoption of this pronouncement did not have a
  material effect on the Company&#146;s financial statements.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In December 2004, the FASB
  issued SFAS No. 123R &#147;Share Based Payment&#148;. This statement is a revision of
  SFAS Statement No. 123, &#147;Accounting for Stock-Based Compensation&#148; and
  supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees, and
  its related implementation guidance. SFAS 123R addresses all forms of share
  based payment (&#147;SBP&#148;) awards including shares issued under employee stock
  purchase plans, stock options, restricted stock and stock appreciation
  rights. Under SFAS 123R, SBP awards result in a cost that will be measured at
  fair value on the awards&#146; grant date, based on the estimated number of awards
  that are expected to vest and will result in a charge to operations for
  stock-based compensation expense. SFAS 123R is effective for public entities
  that file as small business issuers--as of the beginning of the first annual
  reporting period of the fiscal year that begins after December 15, 2005.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company is currently in
  the process of evaluating the effect that the adoption of this pronouncement
  will have on its financial statements.</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In December 2004, the FASB
  issued SFAS No. 153, &#147;Exchanges of Nonmonetary Assets&#148;. SFAS 153 amends APB
  Opinion No. 29 to eliminate the exception for nonmonetary exchanges of
  similar productive assets and replaces it with a general exception for
  exchanges of nonmonetary assets that do not have commercial substance. A
  nonmonetary exchange has commercial substance if the future cash flows of the
  entity are expected to change significantly as a result of the exchange. The
  provisions of SFAS 153 are effective for nonmonetary asset exchanges
  occurring in fiscal periods beginning after June 15, 2005. Earlier
  application is permitted for nonmonetary asset exchanges occurring in fiscal
  periods beginning after December 16, 2004. The provisions of this Statement are
  intended be applied prospectively. The adoption of this pronouncement did not
  have material effect on the Company&#146;s financial statements.</FONT></P>
  </TD>
 </TR>



</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-38</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>EITF Issue No. 04-8, &#147;The
  Effect of Contingently Convertible Instruments on Diluted Earnings per
  Share.&#148; The EITF reached a consensus that contingently convertible
  instruments, such as contingently convertible debt, contingently convertible
  preferred stock, and other such securities should be included in diluted
  earnings per share (if dilutive) regardless of whether the market price
  trigger has been met. The consensus became effective for reporting periods
  ending after December 15, 2004. The adoption of this pronouncement did not
  have material effect on the Company&#146;s financial statements.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In September 2005, the
FASB ratified the Emerging Issues
Task Force&#146;s (&#147;EITF&#148;) Issue No. 05-7, &#147;Accounting for
Modifications to Conversion Options Embedded in Debt
Instruments and Related Issues,&#148; which addresses whether a
modification to a conversion option that changes its fair
value affects the recognition of interest expense for the
associated debt instrument after the modification and
whether a borrower should recognize a beneficial conversion
feature, not a debt extinguishment if a debt modification
increases the intrinsic value of the debt (for example, the
modification reduces the conversion price of the debt).
<br><br>
In September 2005, the FASB also ratified the EITF&#146;s Issue
No. 05-8, &#147;Income Tax Consequences of Issuing Convertible
Debt with a Beneficial Conversion Feature,&#148; which discusses
whether the issuance of convertible debt with a beneficial
conversion feature results in a basis difference arising
from the intrinsic value of the beneficial conversion
feature on the commitment date (which is treated recorded
in the shareholder&#146;s equity for book purposes, but as a
liability for income tax purposes), and, if so, whether
that basis difference is a temporary difference under FASB
Statement No. 109, &#147;Accounting for Income Taxes.&#148;  The
Company is currently in the process of evaluating the
effect that the adoption of this pronouncement may have on
its financial statements.</font></p>
</td>
</tr>

</TABLE>


<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>5. INVENTORIES</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Inventories consists of the
  following at September 30, 2005:</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="300">
 <TR style="font-size:1px">
  <TD WIDTH="71%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Raw materials</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,193,842</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Finished goods</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,100,757</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,294,599</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Less reserves</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(189,492</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,105,107</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>6. PREPAID
EXPENSES</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Prepaid
expenses consist of the following:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="300">
 <TR style="font-size:1px">
  <TD WIDTH="71%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Insurance</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>81,878</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Rent</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>115,932</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>67,532</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>265,342</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>F-39</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>7. PROPERTY
AND EQUIPMENT</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Property and Equipment
  consists of the following at September 30, 2005:</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="500">
 <TR style="font-size:1px">
  <TD WIDTH="85%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Leasehold improvements</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>150,077</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Machinery and Equipment</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>825,442</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Furniture and Fixtures</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>143,911</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Computer Equipment</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,308,383</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,427,813</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Less Accumulated Depreciation</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(302,776</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,125,037</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Depreciation expense for the nine months ended September 30,
2005 was $ 346,486.  As described in Note 9, the
  Company consummated a sale of its main production plant in Sainte
  Julie, Quebec for proceeds of $2,777,460 (CDN$3,400,000).
The net carrying value of the land and building amounted to $ 2,281,397 at the time of the sale.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>8. LONG TERM
DEBT</FONT></P>

<TABLE align=center BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="500">
 <TR style="font-size:1px">
  <TD WIDTH="85%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Obligation</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Balance</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Equipment
financing, with interest ranging
  from 6.52% and 10%, payable monthly, maturing at various dates until April
  2009</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>70,311</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Term loans,
payable in monthly instalments
  of $1,600(CDN$1,921) without interest, maturing at various dates through
  August 2008</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>28,349</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>98,660</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Less current portion</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(41,485</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Total long term debt</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>57,175</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>9. SALE
LEASEBACK OF PRODUCTION PLANT</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>On August
  15, 2005, Teckn-O-Laser Global Company, a wholly-owned subsidiary of the
  Company, sold its land and building for a gross purchase price of
  approximately $2,900,000 (CDN$3,400,000). The same property was leased back
  to Teckn-O-Laser, Inc., a wholly-owned subsidiary of the Company, for a
  period of approximately ten years, effective September 30, 2005. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The triple
  net lease is being accounted for as an operating lease, which calls for equal
  monthly installments. The base rent is $297,885 (CDN$345,775) per annum for
  the first five years, and $327,673 (CDN$380,352) per annum for the next five
  years of the term of the lease. The lease provides for two renewal options to
  extend the term of the lease each by a period of five years.</FONT></P>
  </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT  SIZE=2>F-40</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Future
  minimum lease payment for the year ending December 31 are as follows:</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="300">
 <TR style="font-size:1px">
  <TD WIDTH="73%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="15%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>October 1 to December 31, 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>74,472</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>For years ending 2006</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>297,885</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>2007</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>297,885</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>2008</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>297,885</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>2009</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>297,885</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>thereafter</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,861,780</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Total
minimum payments required</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,127,792</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>There was no gain recognized
  in the financial statements since the adjustment related to the building has
  been reflected in the Goodwill recognized on the acquisition of the
  Teckn-O-Laser Group in January, 2005. </FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>10. BANK LINE
OF CREDIT AND TERM LOANS DUE ON DEMAND</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Bank Line of Credit</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>That Company has a credit
  facility with a Canadian bank that provides for aggregate borrowings of up to
  approximately $3.0 million (CDN$3.5 million), including an exchange line of
  credit for an amount of US$250,000. The loan is secured by a first ranking
  lien for an amount of approximately $4.3 million (CDN$5 million) on all
  accounts receivable and inventories. Interest is at the Bank&#146;s Canadian prime
  rate plus 1% (5.25% as at September 30, 2005) and is renewable annually.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company is required to
  comply with certain financial ratios under the terms of the bank loan. As of
  September 30, 2005, and subsequent thereto, the Company is not in compliance
  with one of these financial ratios. The Company anticipates being able to cure the
  aforementioned default, however; the Company cannot provide any assurance
  that the lender will waive the violation. The lender has requested that the
  Company seek alternative methods of financing in order to replace this
  operating facility. The lender currently has the ability to demand immediate
  repayment of the loan which demand would have a material adverse affect on
  the Company&#146;s financial position.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Term Loans</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company has the following
  outstanding term loans, under which it is required to comply with certain
  financial ratios. As of September 30, 2005, and subsequent thereto, the
  Company is not in compliance with these financial ratios. For this reason, a
  12.5% penalty is charged by the bank. The contractual terms of the loans,
  notwithstanding the Company&#146;s event of default are as follows:</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE align=center BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="500">
 <TR style="font-size:1px">
  <TD WIDTH="85%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Obligation</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Balance</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Term loan,
Secured by automotive equipment,
  6.65%, payable in monthly instalments of 1,250(CDN$1,500), maturing in
  November 2006 (1)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>95,607</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Term loan,
secured by a lien on all present
  and future furniture, fixtures and equipment, Canadian bank prime rate plus
  1% (5.25% as at September 30, 2005), payable in monthly instalments of
  $17,360(CDN$20,833), maturing January 2007 (1)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>287,109</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
size=1>&nbsp;</font></p>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>382,716</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT  SIZE=2>F-41</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company is continuing
  making the instalment payments in accordance with the terms of these obligations.
The lender has not, as pf this time, exercised its right to
  demand immediate payment. However, the lender under these obligations has not provided
  the Company with a written waiver of the violation and therefore has the ability
  to exercise its right to demand payment at anytime. The Company
  cannot provide any assurance that the lender will not demand immediate payment. Accordingly, the Company
  has classified the outstanding balance of these loans as a current liability
  in the accompanying balance sheet.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>11. NOTES
PAYABLE</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Westminster Capital Inc.
  Convertible Promissory Note</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>On January 7, 2005 the Company
  issued a $1,000,000 convertible promissory note (the &#147;Note&#148;) paying interest
  at the rate of 3.9% per annum to Westminster Capital Inc. (&#147;Westminster&#148;) in
  consideration of $1,000,000. Interest and principal in the Note are due
  January 1, 2008 subject to prepayment or conversion commencing on or after
  July 1, 2005. Interest and principal due on the Note are convertible into
  shares of common stock at a price of $.50 per share. For each share acquired
  upon conversion, the holder will also receive one common stock purchase
  warrant to purchase one share of common stock at a price of $1.50 per share
  at any time prior to July 1, 2008. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>On September 30, 2005 the
  $1,000,000 note plus $28,529 of accrued interest were converted into
  2,057,058 common shares and 2,057,058 warrants. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Barrington Bank International
  Limited</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Effective January 26, 2005 the
  Company entered into a 5 year $1,639,320 (approximately Cdn$2,000,000)
  convertible loan agreement (the &#147;Loan Agreement&#148;) with Barrington Bank
  International Limited (&#147;Barrington Bank&#148;) with interest payable quarterly at
  12% per annum during the first 12 months and 20% per annum thereafter. This
  obligation is subordinated to the Bank of Line of Credit and is secured by
  substantially all the Company&#146;s assets.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Loan Agreement provides
  for a prepayment penalty which specifies that in the event the Company
  prepays the obligation prior to its one year anniversary date, it will be
  obligated to pay a fee equal to the amount of additional interest that it
  would have paid had the obligation remained outstanding through the 1 year
  anniversary date. Commencing on the 6 month anniversary of the loan,
  Barrington Bank has the right to convert the remaining principal balance into
  shares of the Company&#146;s common stock at a conversion price of US$1.00 per
  share.  The Company also issued
  200,000 shares of common stock to the Lender and has agreed to register these
  shares within the next registration statement filed by the Company. The
  Company accounted for the issuance of the shares as a debt discount, which is
  being amortized over the term of the loan.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-42</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Loewen, Ondaatje, McCutcheon
  Limited</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Effective June 22, 2005 the
  Company entered into an agreement with Loewen, Ondaatje, McCutcheon Limited
  (&#147;LOM&#148;), an investment banking firm. Pursuant to the Agreement, LOM loaned
  the Company $1,001,000 on June 22, 2005 for the specific purpose of allowing
  the Company to purchase issued and outstanding shares of Turbon AG. The term
  of the loan is for a one year period that commenced on June 22, 2005.
  Interest accrued on the outstanding amount of the loan at the rate of 10%
  compounded semi-annually, and is payable quarterly commencing September 1,
  2005. As partial consideration for entering into the Agreement, the Company
  issued 100,000 common stock purchase warrants to LOM, each exercisable for
  the purchase of one share of the Company&#146;s common stock at a price of $1.50
  per share during the 30 month period following issuance. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>On July 21, 2005 pursuant to
  the Agency Agreement with LOM the Company offered and sold through LOM, as
  placement agent, 1,707,000 subscription receipts at a price of $.75 per
  Subscription Receipt or $1,280,250 in the aggregate. Each Subscription
  Receipt will be automatically exercised, without payment of any additional
  consideration, at the Automatic Exercise Date into, subject to adjustment, a
  unit consisting of one share of the Company&#146;s common stock and one common
  stock purchase warrant. Each Unit Warrant entitles the holder to purchase an
  additional share of the Company&#146;s common stock at a price of $1.25 per share
  during the 30 month period that commenced on July 21, 2005. The
  offer of the Subscription Receipts was made subject to satisfaction of
  certain conditions (the &#147;Qualification Conditions&#148;).  Failure to meet the Qualification
  Conditions by the Qualification Date, as defined below, results in each
  Subscription Receipt being exercised into 1.5 Units.  The Qualification Date is defined as the
  earlier of (i) December 31, 2005; or (ii) the date ten business days
  following the date by which both (a) a receipt (the &#147;Receipt&#148;) for the final
  prospectus of ours that qualifies the Units and Agent&#146;s Warrants, as such term
  is defined below, for issuance in Canada has been obtained by us from the
  securities commissions or securities regulatory authorities in those Canadian
  provinces where purchasers of the Subscription Receipts reside and (b) a
  registration statement under the Securities Act of 1933, as amended, (the
  Registration Statement&#148;) has become effective for registering the resale of
  the Unit Shares, Unit Warrants (including those underlying the Agent&#146;s
  Warrants, as defined below), and the Warrant Shares issuable upon exercise of
  the Unit Warrants.  The Qualification
  Conditions are defined in the Agency Agreement as (i) our having obtained a
  Receipt for the Prospectus, and the Registration Statement having become
  effective for registering the resale of the Unit Shares, Unit Warrants
  (including those underlying the Agent&#146;s Warrants, as defined below) and the
  Warrant Shares issuable upon exercise of the Unit Warrants; and (ii) the
  shares of our common stock having been listed for trading on the Toronto
  Stock Exchange.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Pursuant to the Agency
  Agreement, the Company paid the Agent a commission of $89,618 which is equal
  to 7% of the gross aggregate offering proceeds and issued to the Agent
  119,490 warrants which is equal to 7% of the number of Subscription Receipts
  sold. Each warrant provides
  for the purchase of a Unit at a price of $.75 per Unit during the 30 month
  period that commenced July 21, 2005. If the Qualification
  Conditions have not been satisfied by the Automatic Exercise Date, as defined
  below, then each Broker Warrant will be automatically exercised at the
  Automatic Exercise Date into 1.5 Agent&#146;s Warrants.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>This loan was repaid in full,
  including interest of $7,679, from the proceeds of the equity securities sold
  on July 21, 2005 pursuant to the Agency Agreement between LOM and the
  Company.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-43</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>12. REDEEMABLE
PREFERRED STOCK OF SUBSIDIARY</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As described in Note 14, the
  Company issued 1,932,000 shares of preferred stock in a wholly owned
  subsidiary as partial purchase consideration to the sellers of the
  Tecknolaser Group. The aforementioned shares are mandatorily redeemable at
  CDN$1.00 per share (US$0.83) at certain times through March 31, 2006 and
  contains certain provisions that would enable the holders to obtain up to 2.5
  Series II Exchangeable Shares in the event of the Company&#146;s failure to make
  the cash payment. Each Series II Exchangeable shares would be convertible
  into the Company&#146;s common stock at the option of the holder, which could
  result in a substantial dilution of stockholders equity in the event of a
  default in addition to one share of the Company Series A Special Preferred
  Voting Stock.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As described in Note 20 these shares were
 cancelled in connection with an
amendment to the Company&#146;s commitment (under the Share Purchase Agreement) to make
certain payments of contingent consideration to the sellers of the Tecknolaser Group.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>13.
COMMITMENTS AND CONTINGENCIES</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Litigation with Former
  Officers</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company is involved in
  ongoing litigation as both a plaintiff and as a defendant against three
  former officers of Reink that arose in connection with the involuntary
  bankruptcy and loss of control of that former business unit. In this action
  the Company is seeking damages and other relief in the amount of $1,000,000.
  The prior officers filed a counter-suit against the Company for back wages and
  other costs. The Company considers the former officers claims to be without
  merit and is vigorously contesting their claim, however; the Company is
  presently unable to determine the outcome or possible range of loss, if any,
  with respect to this matter at the current time.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Other Litigation</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>On June 25, 2004 the Company
  entered into a non-binding letter agreement with Dancap Private Equity Inc.
  (&#147;Dancap&#148;) respecting the proposed sale of $2,000,000 of a 5 year, 12%
  secured subordinated debenture to Dancap. The proposed transaction involved
  the sale to Dancap of 800,000 shares of redeemable, convertible preferred
  stock for nominal consideration. The agreement was conditioned on the
  execution of a formal agreement between the parties and several other
  conditions. Dancap has instituted an action against the Company in Ontario
  Superior Court related to a break-up fee which was within the agreement. As
  described in Note 16, this claim was settled on November 10, 2005.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Bankruptcy of Reink USA and
  Liabilities of Discontinued Operations</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In January, 2003 the three
  largest creditors (the &#147;Petitioners&#148;) of Reink USA (&#147;Reink&#148;) filed a petition
  to force Reink into Chapter 7 under the US Federal Bankruptcy Act. The
  Company believes that certain of the Petitioners and officers of this former
  business unit formed a new business that became a direct competitor of the
  Company. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In March 2003, Reink filed a
  motion to convert its case to a voluntary Chapter 11, which motion was
  accepted by the District of New Jersey, Federal Bankruptcy Court. However, as
  the case was subsequently converted from Chapter 11 &#147;Reorganization&#148; into
  Chapter 7 &#147;Liquidation&#148; on July 10, 2003, and a Bankruptcy Trustee was
  appointed to administer the estate. As a result, the Company lost control of
  Reink.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-44</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Reink&#146;s remaining liabilities,
  which consist of $2,125,341 of accounts payable and accrued expenses, are
  presented in the accompanying balance sheet as liabilities of discontinued
  operations until such time that the bankruptcy is adjudicated. The Company is
  unaware of any changes in the status of the Bankruptcy proceedings.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Employment Agreements</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Concurrent with the
  acquisition of the Tecknolaser Group, the Company&#146;s President and Chief Executive
  Officer resigned from his position. The vacancy in this position was
  immediately filled by Yvon Leveille, a former shareholder of the acquiree.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company entered into
  renewable 3 year employment agreements with each of Yvon Leveille and Alain Lachambre.
  The initial base annual salaries payable to Messrs.
  Leveille and Lachambre under their employment agreements are CDN$175,000
  (approximately US$146,000) and CDN$166,000 (approximately US$139,000),
  respectively. The employment agreements further provide for the payment of
  performance based bonuses of up to 100% of salary at the discretion of the
  compensation committee of the board of directors.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Consulting Agreements</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company entered into a
  series of consulting agreements with certain related and unrelated parties
  that are more fully described in Note 15.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Strategic Supply Agreement</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Effective June 22, 2005, the
  Company entered into a Strategic Supply Agreement with Turbon AG, (&#147;Turbon&#148;)
  a leading global imaging supply company specializing in the remanufacture of
  laser cartridges. Pursuant to the Agreement, Turbon will become a strategic
  supplier of remanufactured laser toner cartridges for the Company at prices
  that will be competitive in the market place for such products and that will
  be lower than prices offered by Turbon to other third party customers for
  similar products under similar conditions. In consideration thereof, the
  Company will give preferred vendor status to Turbon and will give preference
  to ordering products from Turbon over competitive products of third parties
  as long as Turbon&#146;s product quality meets our specifications.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As described in Note 16, the
  Company made a tender offer to acquire all of the outstanding capital stock
  of Turbon in a proposed purchase business combination, which is still subject
  to completion.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>14.
STOCKHOLDERS&#146; EQUITY</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Private Placement of Equity
  Securities</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In January 2005 the Company
  sold an aggregate of 2,530,000 units to 11 accredited investors (as defined
  under Securities Act Rule 144) at $.50 per unit or net proceeds of $1,121,000
  ($1,265,000 less cash fees charged as reduction of the offering proceeds).
  Each unit consists of one share of common stock (the &#147;Unit Shares&#148;) and one
  common stock purchase warrant. Each warrant entitles the holder to purchase
  one share of common stock at a price of $1.50 per share at any time during
  the three year period commencing on January 31, 2005.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-45</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company issued 68,000
  shares of its common stock and 68,000 common stock purchase warrants. Each
  warrant entitles the holder to purchase one share of common stock at a price
  of $1.50 per share at any time during the three year period commencing on
  January 31, 2005. In addition, the Company paid $44,000 in cash to DGM Bank
  &amp; Trust Inc., the placement agent, as fees for representing the Company
  in the aforementioned financing transaction.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Issuance of Common Stock in
  Connection with Debt Financing</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As described in Note 10, the
  Company issued 200,000 shares of common stock with registration rights to
  Barrington Bank in accordance with the Loan Agreement.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Issuance of Common Stock as a
  Fee to Related Party Transaction Advisor</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In March 2005, the Company
  issued an aggregate of 698,500 shares of common stock to Manchester
  Consolidated Corp. (&#147;Manchester&#148;) and its designees as part of the financing
  fee payable to Manchester for its role in arranging the acquisition of the
  Tecknolaser Group.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Issuance of Unit Shares in
  Settlement of Fees to Placement Agent</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In March 2005, the Company
  issued 50,000 shares of common stock and 150,000 common stock purchase
  warrants to DGM Bank and Trust Inc. (&#147;DGM&#148;) in satisfaction and settlement of
  all sums due to DGM under the June 22, 2004 Agency Agreement with DGM with
  respect to equity sales made by the Company during the term of the Agency
  Agreement that were not generated by or through DGM.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Issuance of Shares Committed
  in 2004</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In March 2005, the Company
  issued an aggregate of 500,000 shares of its common stock pursuant to a
  commitment to issue such shares to certain consultants who rendered services
  to the Company in 2004. The Company also issued 205,000 Units Shares to
  certain investors who funded their purchases during 2004. The Company
  accounted for the issuance of these shares as a reduction of Common Stock to
  be Issued.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Common Stock Purchase Warrants</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company issued all
  warrants under the Unit Shares with registration rights agreements which
  stipulate that the Company will file a registration statement to register the
  underlying shares. The Company is not precluded from delivering restricted
  stock to the holders of these warrants in the event such holder elect to
  exercise their warrants prior to the Company causing a registration statement
  to be declared effective under the Securities Act. In addition, there are no
  provision under which the Company would be required to net cash settle any of
  the aforementioned instruments. Accordingly, the Company has classified the
  warrants as equity securities in accordance with EITF 00-19.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Adjustment to Previously
  Issued Unit Shares</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company, following the
  sale of Unit Shares that it consummated in January 2005, agreed to issue an
  additional 852,500 units to certain investors, or their designees, at no
  additional cost, to bring their unit cost down to $.50 per unit.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-46</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company has agreed to
  register for resale on behalf of the subscribers in this offering and DGM,
  the Unit Shares and Warrant Shares, including the additional Unit Shares and
  the Warrant Shares underlying the additional warrants issued in March 2005,
  and the Work Fee Shares.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Issuance of Series A Preferred
  Special Voting Stock</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As described in Note 14, the
  Company issued 6,500,000 shares of Series A Special Voting Preferred Stock as
  partial purchase consideration to the former shareholders of the Tecknolaser
  Group. The Series A Special Voting Preferred Stock is non-participating and
  the holder&#146;s rights allow them only to vote.
  Each Series A Special Preferred Voting share is cancellable on a
  one-for-one basis upon the exercise of certain conversion privledges embedded
  in the Series I Exchangeable Shares described below.</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Issuance of Exchangeable
  Shares</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As described in Note 14, the
  Company issued 6,500,000 Series I Exchangeable Shares of 3091503 Nova Scotia
  Company, an indirect subsidiary, as partial purchase consideration to the
  former shareholders of the Tecknolaser Group. Each Series I Exchangeable
  Share is convertible into one share of the Company&#146;s common stock at the
  option of the holder at any time. Upon issuance of any common shares of the
  Company, the corresponding number of Series A Preferred Special Voting will
  be cancelled.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Non-Employee Stock Based
  Compensation</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In February 2005, the Company
  issued 100,000 stock options with an exercise price of $1.55 per share to
  Agora Investor Relations Corp. (&#147;Agora&#148;) pursuant to its February 1, 2005
  Investor Relations Agreement with Agora. The options are exercisable, upon
  vesting, during the two year period commencing February 1, 2006. The Company
  is recording a charge of $111,993 equally over the 4 quarters ($27,998 each
  quarter) to amortize the cost of the options under the contract.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Grants of Stock Options to
  Employees and Directors</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Pursuant to the Share Purchase
  Agreement described in Note 14, the Company agreed to issue an aggregate of
  300,000 non-statutory stock options under its 2000 Stock Option Plan to
  certain employees of the Tecknolaser Group. The options granted to each
  employee have a maximum term of 10 years and vest in equal amounts, each
  equal to 1/3 of the total number of options granted to the employee, on each
  of the first, second and third anniversaries of the date of grant.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company granted 244,500
  and 110,000 stock options, exercisable at $1.57 and $1.06 per share,
  respectively (the quoted market prices) during the quarter ended March 31,
  2005. Such grants include 244,500 options to certain employees of Tecknolaser
  Group, and 110,000 to the three independent members of the board of
  directors. The options vest over a period of three years.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-47</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Equity Purchase Commitment</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>On January 6, 2005 the Company
  obtained an equity purchase commitment from Trisan Equitable Corporation
  (&#147;Trisan&#148;) pursuant to which Trisan has committed to purchase an aggregate of
  $1,600,000 of the Company&#146;s common shares valued at $.50 per share in stated
  amounts at stated times. Pursuant thereto, Trisan had agreed to purchase
  1,250,000 shares for $625,000 on September 1, 2005; 740,000 shares for
  $370,000 on September 30, 2005; 740,000 shares for $370,000 on December 31,
  2005; and 470,000 shares for $235,000 on March 31, 2006. On each share
  purchase date, for each share purchased by Trisan, the Company has also
  agreed to issue one common stock purchase warrant, each to purchase one share
  of the Company&#146;s common stock at $1.50 per share at any time during the 3
  year period commencing on issuance.
  The warrants will contain anti-dilution and cashless exercise
  provisions. The Company has agreed to register the shares to be purchased by
  Trisan under the commitment on behalf of Trisan.  </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As described in Note 20,
  effective November 4, 2005 the equity purchase commitment was cancelled with
  a full release from both the Company and Trisan related to any past or
  ongoing future commitments. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>15. RESTRUCTURING CHARGE</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>As a result of the changes
  within the existing business of the Company, and its main operating
  subsidiary, certain changes have been undertaken due to the outsourcing of
  production to the Turbon group.  As a
  result the Company has eliminated certain positions and recorded a charge for one-time termination benefits payable to such employees in the amount of $52,505.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>16. ACQUISITION OF THE
  TECKNOLASER GROUP</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2><U>Description of Transaction</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Effective January 2, 2005, the
  Company entered into a Share Purchase Agreement (the &#147;Share Purchase
  Agreement&#148;) among Adsero Corp, YAC Corp. (&#147;YAC&#148;), Teckn-O-Laser Company (&#147;TOL
  Canada&#148;), 3091503 Nova Scotia Company (&#147;Acquiror&#148;), and Teckn-O-Laser Global
  Company (&#147;Acquiree&#148;), 3091732 Nova Scotia Company (&#147;Callco&#148;), and the
  shareholders of Acquiree (the &#147;Acquiree Shareholders&#148;). TOL Canada is a
  wholly owned subsidiary of Acquiree. YAC is a wholly owned subsidiary of the
  Company. Callco is a wholly owned subsidiary of YAC. Acquiror is a wholly
  owned subsidiary of Callco.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Pursuant to the Share Purchase
  Agreement, The Company acquired through its subsidiary Acquiror, all of the
  issued and outstanding capital stock of Acquiree, effectively the Tecknolaser
  Group. The Tecknolaaser Group manufacturers and distributes imaging products,
  including remanufactured toner cartridges and remanufactured inkjet
  cartridges.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Company acquired the
  Tecknolaser Group to establish a platform that would enable it to penetrate
  the imaging consumables market and to position itself to acquire other high
  potential businesses in the same market segment. The accompanying statement
  of operations for the period ended September 30, 2005 includes the results of
  the Technolaser Group.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-48</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The aggregate purchase price
  that the Company paid for its acquisition of theTecknolaser Group amounted to
  $8,374,652, including cash of $1,894,598, 6,500,000 Acquiror Series I
  Exchangeable Shares in the Acquiror Subsidiary with a fair value of $3,250,000,
  1,932,000 shares of preferred stock in the Acquiror Subsidiary which are
  mandatorily redeemable for $1,570,732 (Note 11) and transaction fees
  amounting to $1,659,322.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
    <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The cash component of the
  purchase consideration includes a $1,265,656 (contractual amount of
  CDN$1,500,000) advance that the Company made to the Acquiree shareholders for
  them to acquire certain shares of stock from a third party so that at
  closing, the Acquiree Shareholders would own all the capital stock of
  Acquiree. The advance, which was not required to be repaid upon closing,
  became part of the purchase consideration that the Company paid to the
  Acquiree shareholders.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
    <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Pursuant to a Lock-Up
  Agreement dated as of January 2, 2005, 6,000,000 of the Series I Exchangeable
  Shares are subject to provisions that restrict the subsequent sale, transfer,
  or disposal of a corresponding number of the Company&#146;s common shares that
  will be issued to the holders of the Acquiror Series I Exchangeable Shares
  upon exchange thereof.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
    <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>In addition, the Company
  issued 6,500,000 shares of its newly created Series A Preferred Special
  Voting Stock (the &#147;Series A Preferred Stock&#148;) for each Acquiror Series I
  Exchangeable Share owned. Shares of the Company&#146;s Series A Preferred Stock
  have the right to vote on all matters submitted to the vote of the Company&#146;s
  common shareholders on the basis of one vote for each share held.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
    <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Transaction fees include an
  aggregate of $640,800 in cash and common stock paid to Manchester
  Consolidated Corp., a related party pursuant to a consulting services
  agreement. The cash portion of the fee amounted to $291,550 and the stock
  portion includes 698,500 shares with an aggregate fair value amounting to
  $349,250.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
    <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>A summary of the allocation of
  the purchase price to the fair value of assets acquired and liabilities
  assumed, in accordance with SFAS 141 &#147;Business Combinations&#148;, is as follows:</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR style="font-size:1px">
  <TD WIDTH="14%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="67%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Cash</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>38,348</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other current assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,194,656</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Property, plant and equipment</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,824,329</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>234,790</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Fair value of assets acquired</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>13,292,123</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Accounts payable and accrued
  expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,189,468</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Secured obligations and long
  term debt</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,174,877</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Fair value of liabilities
  assumed</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>12,364,345</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Fair value of identifiable net
  tangible assets acquired</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>927,777</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Trademarks (estimated life of
  15 years, straight line basis)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>500,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Goodwill</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,946,875</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Total Purchase Price</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>8,374,652</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT  SIZE=2>F-49</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The allocation of the purchase
  price is preliminary and was prepared by management using estimates and
  assumptions that management believes are reasonable in the circumstances. The
  Company intends to commission a formal valuation study, which study could
  result in changes to the allocation of the purchase price and the
  determination of the fair value of the assets acquired and liabilities
  assumed and the amount of any excess that could be assigned to amortizable
  intangibles. During the quarter ended September 30, 2005, the Company modified its allocation of the purchase price to increase
 the fair market value of the plant and reduce goodwill be approximately $196,000. The modification was made to more appropriately reflect
the fair value of the building based on information that became available to the Company as a result of the sale transaction
described in Note 9.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The Share Purchase Agreement
  also provides for the Company to pay the following additional consideration
  (the &#147;Contingent Consideration&#148;) to the Acquiree shareholder at future dates,
  contingent upon the attainment of certain performance targets described
  below.</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
 <TR style="font-size:1px">
  <TD WIDTH="17%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="33%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="40%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Date</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Amount</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP >
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM >
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM >
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM COLSPAN=2>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM >
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=TOP BGCOLOR=WHITE>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>March 26, 2006</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,182,000
  (approximately US $1,817,606)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR >
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>March 31, 2007</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,000,000
  (approximately US$833,333)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=TOP  BGCOLOR=WHITE>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>March 31, 2008</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,000,000
  (approximately US$833,333)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>Notwithstanding the forgoing,
  the 2006 Payment is not due and payable in the event that Acquiree&#146;s Earnings
  Before Interest Taxes Depreciation and Amortization (&#147;EBITDA&#148;) for the year
  ending December 31, 2005, is less than CDN$1,000,000. The 2007 Payment is not
  due and payable in the event that Acquiree&#146;s EBITDA for the year ending
  December 31, 2006 is less than CDN$1,500,000. The 2008 Payment is not due and
  payable in the event that Acquiree&#146;s EBITDA for the year ending December 31,
  2007 is less than CDN$2,000,000.  </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT Face="Times New Roman, Times, Serif" SIZE=2>The following table provides
  unaudited pro-forma results of operations and loss per share data for the 3
  and 9 months ended September 30, 2004 as if the Tecknolaser Group had been
  acquired on January 1, 2004.</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="46%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="15%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="14%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM COLSPAN=2>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For the Three Months<BR> Ended<BR> September
30, 2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM COLSPAN=2>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>For the Nine Months <BR>
  Ended <BR>
  September 30, 2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM COLSPAN=2>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM COLSPAN=2>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Revenues</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7,229,237</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>22,069,383</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Cost of good sold</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>5,601,665</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>17,297,314</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Gross profit</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,627,572</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,772,069</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Operating expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Selling
General &amp; Administration</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,789,804</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>4,824,152</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Conversion
of debt expense</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>627,340</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"
SIZE=2>Depreciation and amortization</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>161,372</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>555,146</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Total
operating expenses</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,951,176</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>6,006,638</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Loss from
operations</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(323,604</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,234,569</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT Face="Times New Roman, Times, Serif"    SIZE=2>Interest
expense</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>163,564</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>533,544</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Loss before income taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(487,168</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,768,113</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Income taxes (benefit)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(42,074</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(135,607</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net Loss</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(445,094</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(1,632,506</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Net Loss per share basic</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.04</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>(0.19</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT Face="Times New Roman, Times, Serif" SIZE=2>)</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-50</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Share Voting, Support and
  Exchange Agreements</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
    <P ALIGN=JUSTIFY><FONT SIZE=2><U>Series I Exchangeable Share
  Voting, Support and Exchange Agreement</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
    <P ALIGN=JUSTIFY><FONT SIZE=2>Subject to the terms of a
  Series I Exchangeable Share Voting, Support and Exchange Agreement, dated as
  of January 2, 2005 (the &#147;Series I Support Agreement&#148;), among us, YAC, Callco,
  Acquiror and the Acquiree Shareholders holding Series I Exchangeable Shares
  of Acquiror (the &#147;Holders&#148;), the holders of Acquiror Series I Exchangeable
  Shares have the option of converting any Post Closing Payments due to them
  into Acquiror Series I Exchangeable Shares at a conversion rate calculated by
  dividing the dollar amount of any converted payments by an amount
  representing the greater of:</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
    <P ALIGN=JUSTIFY><FONT SIZE=2>US$1.00 converted to CDN
  dollars; or 80% of the average closing price of the Company&#146;s common stock
  converted to CDN dollars for the twenty trading days immediately preceding
  the date on which an Acquiree Shareholder provides a notice of conversion to
  Acquiree.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>All Holders of Acquiror Series
  I Exchangeable Shares were issued one share of the Company&#146;s newly created
  Series A Preferred Special Voting Stock (the &#147;Series A Preferred Stock&#148;) for
  each Acquiror Series I Exchangeable Share owned. Shares of the Company&#146;s
  Series A Preferred Stock have the right to vote on all matters submitted to
  the vote of the Company&#146;s common shareholders on the basis of one vote for
  each share held. The Series A Preferred Stock is non-transferable, other than
  upon sale or exchange on disposition of the corresponding Acquiror Series I
  Exchangeable Shares, which triggers a requirement for the holder to deliver a
  like number of shares of Series A Preferred Stock to us for cancellation. The
  Series I Support Agreement also contains provisions that grant Callco the
  right, exercisable upon the occurrence of certain events, including the
  proposed dissolution or liquidation of Acquiror or a prior retraction request
  by the Holder, to require the Holders to sell their Series I Exchangeable
  Shares to Callco. Similarly, the Series I Support Agreement grants the Holder
  the right to require Callco to purchase from the Holder all or any part of
  the holder&#146;s Acquiror Series I Exchangeable Shares upon certain events
  including the institution by Acquiror of any proceeding to be adjudicated a
  bankrupt or insolvent or to be dissolved or wound up. The Series I Support
  Agreement further provides for automatic exchange upon the sale of all or
  substantially all of the Company&#146;s assets, or upon the Company&#146;s liquidation
  or dissolution. The Series I Support Agreement further provides that so long
  as any Acquiror Series I Exchangeable Shares are issued and outstanding, that
  the Company and its subsidiaries cannot declare or pay a dividend on the
  Company&#146;s respective common stocks unless an equivalent dividends is declared
  or paid, as the case may be, on the Series I Exchangeable Shares.</FONT></P>
  </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT  SIZE=2>F-51</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Preferred Share Purchase and
  Support Agreement</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Subject to the terms of a
  Preferred Share Purchase and Support Agreement, dated as of January 2, 2005
  (the &#147;Preferred Share Support Agreement&#148;), among us, YAC, Callco, Acquiror
  and the Acquiree Shareholders holding Acquiror Preferred Shares, and subject
  to Callco&#146;s right (the &#147;Retraction Call Right&#148;), exercisable upon the
  occurrence of certain events to require the Holders of Acquiror Preferred
  Shares to sell such shares to Callco, the Acquiree Shareholders, as Holders
  of Acquiror Preferred Shares, have the rights set forth in Schedule A of the
  Preferred Share Support Agreement. Dividends are not payable on the Acquiror
  Preferred Shares but as long as they are outstanding, Acquiror cannot,
  without the approval of the holders of the Acquiror Preferred Shares, pay any
  dividends on Acquiror&#146;s common shares or redeem or purchase or make any
  capital distributions in respect of any Acquiror common shares. Holders of
  Acquiror Preferred Shares are entitled to a specially designated right,
  subject to the exercise of the Retraction Call Right by Callco and compliance
  with other terms of the Preferred Share Support Agreement, to require
  Acquiror to redeem their Acquiror Preferred Shares at a price of CDN$1.00 per
  share at specified times. The times at which holders of Acquiror Preferred
  Shares may make such requests are as follows:</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="60%">
 <TR style="font-size:1px" >
  <TD WIDTH="74%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT SIZE=1><B>Number of Acquiror </B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dates</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Preferred Shares </B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>September 1, 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>750,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>September 30, 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>443,250</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR BGCOLOR="#EAF9E8">
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>December 31, 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>443,250</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>March 31, 2006</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>295,500</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>



<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The September 1, and September
  30, 2005 obligations for redemption were delayed at the request of the
  Company. On November 4, 2005 all of the Acquiror Preferred Shares along with
  all future payments under the earn-out obligation were cancelled in exchange for $600,000
  cash payment on or before November 24, 2005, 3,272,397 common shares and
  $2,290,678 in payments to be paid equally over 6 quarters commencing March,
  2005.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Series II Exchangeable Share
  Voting, Support and Exchange Agreement</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Subject to the terms of a
  Series II Exchangeable Share Voting, Support and Exchange Agreement, dated as
  of January 2, 2005 (the &#147;Series II Support Agreement&#148;) among the Company,
  YAC, Callco, Acquiror and the Acquiree stockholders holding Series II
  Exchangeable Shares of Acquiror (the &#147;Acquiror Series II Exchangeable
  Shares&#148;), the Holders of the Acquiror Series II Exchangeable Shares have the
  option (subject to the right of Callco (the &#147;Retraction Call Right&#148;)
  exercisable upon the occurrence of certain events to require the Holders to
  sell their Acquiror Series II Exchangeable Shares to Callco) to require
  Acquiror to redeem any or all of the Holders&#146;s Acquiror Series II
  Exchangeable Shares at a price equal to:</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>the then current market price
  for one share of the Company&#146;s common stock which is payable by the delivery
  of one (1) share of the Company&#146;s common stock; plus the amount of all cash
  dividends declared and unpaid by us on the Company&#146;s common stock at the
  effective time of such action; plus the amount of all declared and unpaid
  non-cash dividends or other distributions by us on the Company&#146;s common stock
  at the effective time of such action.</FONT></P>
  </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT  SIZE=2>F-52</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Notwithstanding the forgoing,
  during the first ninety days following the issuance of any Series II
  Exchangeable Shares, the Holders can only require the Acquiror to redeem half
  of their Series II Exchangeable Shares.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>All Holders of Acquiror Series
  II Exchangeable Shares receive one share of the Company&#146;s Series A Preferred
  Stock for each of their Acquiror Series II Exchangeable Shares.
  Contemporaneously with the completion of any transaction pursuant to which
  any Acquiror Series II Exchangeable Shares held by a Holder is retracted,
  redeemed, purchased or exchanged, such Holder(s) shall surrender to us a like
  number of shares of Series A Preferred Stock for cancellation. Holders of
  Acquiror Series II Exchangeable Shares are entitled to receive dividends on
  such shares at the times and in the amounts of any dividends declared by us
  on the Company&#146;s common stock. The Series II Support Agreement also places
  limitations on Acquiror&#146;s ability to pay dividends on its common stock while
  shares of Acquiror Series II Exchangeable Shares are issued and outstanding.
  The Series II Support Agreement grants the Holders the right to require
  Callco to purchase from the Holders all or any part of the Holder&#146;s Acquiror
  Series II Exchangeable Shares upon certain events including the institution
  by Acquiror of any proceeding to be adjudicated a bankrupt or insolvent or to
  be dissolved or wound up. The Series II Support Agreement further provides
  for automatic exchange upon the Company&#146;s liquidation or dissolution or upon
  the sale of all or substantially all of the Company&#146;s assets.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>As described in Note 20,
  effective November 4, 2005, the Company and the Aquiree Shareholders agreed
  to modify certain provisions of the original Share Purchase Agreement
  relating ot the payment of contingent consideration and to cancel 1,932,000
  Redeemable Preferred Shares in exchange for $2,890,678 in cash and 600,000
  shares of the Company common stock. </FONT></P>
  </TD>
 </TR>
</TABLE>

  <P ALIGN=JUSTIFY><FONT SIZE=2>17. CONSULTING
AGREEMENTS</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Westminster Capital Corp.</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>In January 2005, the Company
  entered into a 3 year consulting agreement with Westminster Capital Inc., a
  shareholder, to provide various services to the Company. The Company issued
  300,000 shares in exchange for the services.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Gregory Belzberg</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>In January 2005, the Company
  entered into a 3 year consulting agreement with Gregory Belzberg, a
  shareholder, to provide various services to the Company. The Company issued
  50,000 shares in exchange for the services.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><U>6327214 Canada Inc. (A Related
  Party)</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>In January 2005, the Company
  executed a consulting agreement with 6327214 Canada Inc., a company owned by
  William Smith, the Company&#146;s CFO, to provide consulting services to the
  Company. 6327214 Canada Inc. is paid approximately $11,500 per month based on
  invoicing to the Company. In addition, the Company covers all business
  related expenses incurred by 6327214 Canada Inc. while delivering the
  consulting services. This agreement continues until terminated and can be
  terminated by the Company upon 10 months written notice. At the same time the
  existing agreement with Manchester Administrative Services providing
  consulting services was terminated. </FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-53</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Agora Investor Relations Corp.</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Effective February 1, 2005 the
  Company entered into a 1 year Investor Relations Agreement with Agora
  Investor Relations Corp., an Ontario, Canada corporation (&#147;Agora&#148;) pursuant
  to which Agora provides shareholder relation services and, subject to
  compliance with applicable laws, rules and regulation, other services
  intended to raise public awareness of the Company&#146;s business. Compensation
  under this arrangement includes monthly cash payments amounting to CDN$2,750
  (approximately US$2,300) and 100,000 stock options with an exercise price of
  $1.55 per share issued at the inception of the agreement (Note 13).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The options are exercisable,
  upon vesting, during the period February 1, 2006 through February 1, 2008.
  25,000 of the options vest on each of May 1, 2005; August 1, 2005; November
  1, 2005; and February 1, 2006. The agreement is renewable at the Company&#146;s
  option, for an additional 1 year term on similar terms. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Stockgroup Media Inc.</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Effective February 1, 2005 the
  Company entered into a 1 year Investor Relations Agreement with Stockgroup
  Media Inc., a Canadian corporation (&#147;Stockgroup&#148;) pursuant to which
  Stockgroup provides shareholder relation services and, subject to compliance
  with applicable laws, rules and regulations, other services intended to raise
  public awareness of the Company&#146;s business. In consideration of such
  services, the Company is paying Stockgroup monthly compensation of CDN$2,250
  (approximately US$1,920).</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>18. PROPOSED
ACQUISITION OF TURBON AG</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>In April 2005, the Company made
  a tentative offer to the management of Turbon to acquire all the outstanding
  shares of Turbon, a leading global imaging supply company publicly traded on
  the Frankfurt stock exchange. The aggregate offering price pursuant to the
  offer, as amended, amounts to approximately US$56.8 million in cash. The
  Turbon Executive Board has agreed to meet with us to discuss the details of
  our offer as well as the planned role and significance of Turbon within the
  combined entity in the event the acquisition is accomplished. If amenable to
  our offer, Turbon&#146;s Executive Board will provide its recommendation to
  Turbon&#146;s shareholders. The completion and closing of this transaction is
  subject to certain conditions, including but not limited to, completing due
  diligence, raising the necessary funds to close the transaction, and obtaining the approval of
  Turbon&#146;s shareholders. The Company cannot provide any assurance that it will
  complete this proposed acquisition or that the terms of the transaction if
  completed will not be materially different from the terms that are currently
  proposed.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>On June 21, 2005 and June 22,
  2005 the Company entered into stock purchase agreements with each of NCR
  Corporation, Holger Brueckmann - Turbon and Gothaer Lebensversicherung AG (the &#147;Selling
  Shareholders&#148;). Pursuant to the Agreements, the Selling Shareholders
  have agreed to sell to the Company an aggregate of 2,509,000 shares of Turbon
  capital stock owned by them in the event the Company submits a public offer
  for the acquisition of such shares in accordance with the terms of the
  Securities Acquisition and Takeover Act, to which Turbon is subject, by
  September 30, 2005. Prior to the end of the quarter all the above
  shareholders extended the agreements to December 31, 2005. The purchase price
  for the Vendor Shares, which is payable in cash or a combination of cash and
  stock, will be made for at least $14 per share. Under the Agreements, the
  Company is not required to submit an offer to purchase the Vendor Shares or
  any other Turbon shares.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-54</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Effective June 22, 2005 the
  Company entered into a Share Purchase Agreement with Turbon pursuant to which
  it agreed to purchase 400,000 Turbon shares from Turbon&#146;s treasury at a
  purchase price of $14 per share or an aggregate of $5,600,000 (the &#147;Purchase
  Price&#148;). On June 23, 2005 the Company paid Turbon $1,001,000 of the Purchase
  Price which represents 71,500 shares. Such funds were obtained under the loan
  facility with LOM described in Note 10. The balance of $4,599,000 (328,500
  shares) was completed November 4, 2005 (see Note 18 below). These funds were
  comprised of $1.2 million from a private placement, a $2.8 million term loan
  from Turbon International, and a $600,000 loan from three shareholders, two
  of which are officers of the Company.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company classified its
  investment in these securities as investment in prospective acquiree in the
  accompanying balance sheet pending its completion of the transaction.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>19. MAJOR
CUSTOMERS AND FOREIGN AND DOMESTIC SALES</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>During the nine months ended
  September 30, 2005, ten customers represented 42% of our total sales and one
  customer represented approximately 16% of our total sales. Sales to
  customers in the United States represented 59% of total sales and sales to
  customers outside the United States represented 41% of total sales.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>20. SUBSEQUENT
EVENTS</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY> &nbsp;</P>
  </TD>
 </TR>

 <TR >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Private Placements and Loans</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>On November
  4, 2005 the Company sold 2,400,000 subscription receipts at a price of $.50
  per subscription receipt or an aggregate of $1,200,000 to HBT Holdings GmbH,
  each subscription receipt to be automatically exercised, without payment of
  any additional consideration, on January 31, 2006 into, subject to
  adjustment, one unit. Each unit consists of one share of common stock (the
  &#147;Unit Shares&#148;) and one common stock purchase warrant (the &#147;Unit Warrants&#148;)
  .Each warrant entitles the holder to purchase, subject to adjustment, an
  additional share of common stock (the &#147;Warrant Shares&#148;) at a price of $1.25
  per share during the period ending at 5:00 p.m. (Toronto time) on May 3,
  2008. We have agreed to use best efforts to file a registration statement on
  or before March 31, 2006 and to have such registration statement declared
  effective within 90 days of filing, registering the resale of the Unit Shares
  and Unit Warrants and the issuance of the Warrant Shares. The issuance of the
  subscription receipts was made in reliance on Regulation S under the
  Securities Act of 1933, as amended. Proceeds from the sales were utilized to
  purchase certain Turbon AG shares (See below).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>On November
  4, 2005 the Company received aggregate loans of $600,000 from three related
  persons. In consideration thereof, the Company issued 5% convertible
  promissory notes due December 31, 2006 (the &#147;Maturity Date&#148;) to Alain Lachambre
  ($136,198), Yvon Leveille ($328,113) and Manchester Consolidated Corp.
  ($135,689). Interest and principal on the notes are due on the Maturity Date.
  The notes can be prepaid at any time. If all principal and interest due on
  the notes are not paid in full on the Maturity Date, the respective holders
  may, at their sole option, convert the total amount of unpaid principal and
  interest into shares of common stock at the rate of $.50 per share. The
  issuance of the notes was made in reliance on Section 4(2) of the Securities
  Act of 1933, as amended. The loan proceeds were utilized to purchase certain
  Turbon shares. (See below).</FONT></P>
  </TD>
 </TR>
</TABLE>


<P ALIGN=CENTER><FONT  SIZE=2>F-55</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>On November
  9, 2005 the Company entered into an Agency Agreement with Loewen, Ondaatje,
  McCutcheon Limited (&#147;LOM&#148;) pursuant to which the Company offered and sold
  through LOM, as placement agent, (the &#147;Agent&#148;) 4,000,000 subscription
  receipts (the &#147;Subscription Receipts&#148;) at a price of $.50 per Subscription
  Receipt or $2,000,000 in the aggregate. The offering was made to non-US
  persons in reliance on Regulation S under the Securities Act of 1933 as
  amended. Each Subscription Receipt will be automatically exercised, without
  payment of any additional consideration, at the Automatic Exercise Date, as
  defined below, into, subject to adjustment, a unit (the &#147;Units&#148;) consisting
  of one share of common stock (the &#147;Unit Shares&#148;) and one common stock
  purchase warrant (the &#147;Unit Warrants&#148;). Each Unit Warrant entitles the holder
  to purchase an additional share of common stock (the &#147;Warrant Shares&#148;) at a
  price of $1.25 per share during the 30 month period that commenced on
  November 9, 2005. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Pursuant to
  the Agency Agreement, the Company paid the Agent a commission of $140,000
  which is equal to 7% of the gross aggregate offering proceeds and issued to
  the Agent 280,000 broker warrants (the &#147;Broker Warrants&#148;) which is equal to
  7% of the number of Subscription Receipts sold. Each Broker Warrant will be
  automatically exercised, without payment of any consideration, at the
  Automatic Exercise Date, as defined below, into, subject to adjustment, one
  agent&#146;s warrant (the Agent&#146;s Warrant&#148;). Each Agent&#146;s Warrant entitles the
  holder, subject to adjustment and the terms and condition set forth in the
  Agent&#146;s Warrant certificate, to purchase one Unit at a price of $.50 per Unit
  during the 30 month period that commenced November 9, 2005. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>For purposes
  of the Agency Agreement, the Automatic Exercise Date means the earlier of (i)
  December 31, 2005; (ii) the closing date in respect of the Prospectus and the
  Registration Statement, as defined below; and (iii) the Qualification Date,
  as defined below.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The
  Qualification Date is defined as the earlier of (i) December 31, 2005; or
  (ii) the date ten business days following the date by which both (a) a
  receipt (the &#147;Receipt&#148;) for the final prospectus that qualifies the Units and
  Agent&#146;s Warrants for issuance in Canada (the &#147;Prospectus&#148;) has been obtained
  from the securities commission or securities regulatory authorities in those
  Canadian provinces where purchasers of the Subscription Receipts reside and
  (b) a registration statement under the Securities Act of 1933, as amended,
  (the &#147;Registration Statement&#148;) has become effective for registering the
  resale of the Unit Shares, Unit Warrants (including those underlying the
  Agent&#146;s Warrants, as defined below), and the Warrant Shares issuable upon
  exercise of the Unit Warrants. In all events the Company has agreed to use
  best efforts to have the common shares listed for trading on the Toronto
  Stock Exchange, file and obtain the Receipt for the Prospectus and file and
  have the Registration Statement declared effective by March 31, 2006.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Pursuant to
  the Agency Agreement, the Company also granted the Agent the right to act as
  co-lead member of an investment banking syndicate for purposes of marketing
  and selling any brokered equity financing for the Company in Canada for a
  period of one year commencing November 9, 2005. The Company also granted the
  Agent the right to a minimum participation of 15% on any brokered equity
  financing in the United States for a period of one year commencing November
  9, 2005.</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>
On November
29, 2005 we entered into an Agency Agreement with Loewen, Ondaatje, McCutcheon
Limited (&#147;LOM&#148;) pursuant to which we offered and sold through LOM, as placement
agent, (the &#147;Agent&#148;) 1,400,000 subscription receipts (the &#147;Subscription
Receipts&#148;) at a price of $.50 per Subscription Receipt or $700,000 in the
aggregate. The offering was made to non-US persons in reliance on Regulation S
under the Securities Act of 1933 as amended. Each Subscription Receipt will be
automatically exercised, without payment of any additional consideration, at
the Automatic Exercise Date, as defined below, into, subject to adjustment, a
unit (the &#147;Units&#148;) consisting of one share of our common stock (the &#147;Unit
Shares&#148;) and one common stock purchase warrant (the &#147;Unit Warrants&#148;). Each Unit
Warrant entitles the holder to purchase an additional share of our common stock
(the &#147;Warrant Shares&#148;) at a price of $1.25 per share during the 30 month period
that commenced on November 29, 2005.
  </FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>
Pursuant to
the Agency Agreement, we paid the Agent a commission of $49,000 which is equal
to 7% of the gross aggregate offering proceeds and issued to the Agent 98,000
broker warrants (the &#147;Broker Warrants&#148;) which is equal to 7% of the number of
Subscription Receipts sold. Each Broker Warrant will be automatically
exercised, without payment of any consideration, at the Automatic Exercise
Date, as defined below, into, subject to adjustment, one agent&#146;s warrant (the
Agent&#146;s Warrant&#148;). Each Agent&#146;s Warrant entitles the holder, subject to
adjustment and the terms and condition set forth in the Agent&#146;s Warrant
certificate, to purchase from us one Unit at a price of $.50 per Unit during
the 30 month period that commenced November 29, 2005.
  </FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>
For purposes
of the Agency Agreement, the Automatic Exercise Date means the earlier of (i)
December 31, 2005; (ii) the closing date in respect of the Prospectus and the
Registration Statement, as defined below; and (iii) the Qualification Date.
  </FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>
The
Qualification Date is defined as the earlier of (i) December 31, 2005; or (ii)
the date ten business days following the date by which both (a) a receipt (the
&#147;Receipt&#148;) for the final prospectus of ours that qualifies the Units and
Agent&#146;s Warrants for issuance in Canada (the &#147;Prospectus&#148;) has been obtained by
us from the securities commission or securities regulatory authorities in those
Canadian provinces where purchasers of the Subscription Receipts reside and (b)
a registration statement under the Securities Act of 1933, as amended, (the &#147;Registration
Statement&#148;) has become effective for registering the resale of the Unit Shares,
Unit Warrants (including those underlying the Agent&#146;s Warrants, as defined
below), and the Warrant Shares issuable upon exercise of the Unit Warrants.
  </FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-56</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Modifications
  to Share Purchase Agreement </U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>On November
  4, 2005 the Company entered into an agreement with 9144-6773 Quebec Inc. and
  9144-6906 Quebec Inc. (the &#147;Modification Agreement&#148;), providing for the
  restructuring of certain payment stipulated in the Share Purchase Agreement
  described in Note 14. These obligations were modified to improve the Company&#146;s
  liquidity and facilitate its purchase of treasury shares of Turbon AG as
  described below. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Pursuant to
  the restructuring, the Company and Acquiree Shareholders agreed to cancel any
  obligation on the part of the Company to (a) make any Contingent Consideration
  payments to the Acquiree Shareholders (described in the Share Purchase
  Agreement) and (b) redeem the 1,932,000 shares of Redeemable Preferred Stock
  originally issued as part of the purchase consideration (Notes 11 and 14). In
  exchange, the Company agreed to make an immediate payment of $600,000 to the
  Acquiree Shareholders, issue 3,272,397 shares to the Acquiree Shareholders,
  make an aggregate of $2,290,678 in additional cash payments in six equal
  installments of $381,780 each on March 31, 2007; June 30, 2007; September 30,
  2007; December 31, 2007; March 31, 2008 and June 30, 2008.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Share
  Purchase Agreement with Turbon AG</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Effective
  June 22, 2005 the Company entered into a Share Purchase Agreement (the
  &#147;Agreement&#148;) with Turbon AG (&#147;Turbon&#148;) pursuant to which the Company agreed
  to purchase 400,000 Turbon shares from Turbon&#146;s treasury at a purchase price
  of $14 per share or an aggregate of $5,600,000 (the &#147;Purchase Price&#148;). On
  June 23, 2005 the Company paid Turbon $1,001,000 of the Purchase Price and
  acquired 71,500 of the 400,000 Turbon shares. On November 4, 2005 the Company
  paid Turbon an additional $4,599,000 and acquired the remaining 328,500 of
  the 400,000 Turbon shares. Manchester Consolidated Corp. is entitled to
  acquisition fees under their agreement of $642,000. The acquisition fees will
  be paid in a combination of cash of $82,000 and the balance in shares of
  common stock. For such purposes, the common stock will be valued at $.50 per
  share.</FONT></P>
  </TD>
 </TR>
</TABLE>



<P ALIGN=CENTER><FONT  SIZE=2>F-57</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px" >
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Loan Agreement
  with Turbon International Inc.</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>As of
  November 4, 2005 the Company entered into a Loan Agreement (the &#147;Loan
  Agreement&#148;) with Turbon International Inc., (&#147;Turbon International&#148;), a
  wholly subsidiary of Turbon AG, and Teckn-O-Laser Global Company, a wholly
  owned subsidiary of the Company (&#147;Teckn-O-Laser&#148;). Pursuant to the Loan
  Agreement, Turbon International made a $2,800,000 term loan to the Company
  and extended a line of credit for up to an additional $2,800,000. Proceeds
  from the term loan were utilized to purchase certain Turbon AG shares (see
  above). In consideration of the $2,800,000 term loan, the Company issued a 5%
  promissory note to Turbon International. Interest under the term loan note is
  payable quarterly on each of January 31, April 30, July 31 and October 31
  during the term of the loan commencing January 31, 2006. Principal and
  accrued but unpaid interest under the term loan note are due October 31, 2008
  subject to acceleration upon an event of default. The loan can be prepaid at
  any time prior to maturity without penalty. The line of credit may only be
  used for the purpose of purchasing products from Turbon International and
  certain affiliated entities. The Company will pay interest of 5% per annum on
  all sums advanced under the line of credit. Interest will be due and payable
  on the last day of each quarter starting with the quarter ending November 30,
  2005. Principal and accrued but unpaid interest under the line of credit are
  due October 31, 2006 subject to acceleration upon an event of default. All
  advances under the line of credit will be evidenced by promissory notes.
  Amounts borrowed under the line of credit may be repaid at any time prior to
  maturity without penalty and may be re-borrowed. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Upon an
  event of default under the term loan or line of credit the interest rate
  payable under the applicable notes will be increased from 5% to 9% until
  cured. The Company&#146;s indebtedness to Turbon International under both the term
  loan and line of credit has been guaranteed by Teckn-O-Laser and, subject to
  the receipt of written consent from existing secured lenders, will be secured
  by a first priority loan on the 400,000 shares of common stock of Turbon AG.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2><U>Litigation
  Settlement</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>The Company settled its
  litigation with Dancap for approximately $42,500 (Cdn$50,000) on November 10,
  2005</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>F-58</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT SIZE=2>PART II</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></P>

<P><FONT SIZE=2><B>Indemnification of Directors and Officers</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Article Seven
of our Certificate of Incorporation provides for the indemnification of our directors
and officers to the fullest extent permitted by law. </FONT></P>

<P><FONT SIZE=2><B>Other Expenses of Issuance and Distribution</B></FONT></P>

<P><FONT SIZE=2>We estimate
that the expenses payable by us in connection with this offering described in
the Registration Statement will substantially as follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="500">
<TR style="font-size:1px">
<TD WIDTH="40%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Item&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Amount
  Payable by the Company</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>SEC
  Registration Fee</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>8,494</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Printing and
  Edgarizing Expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>Legal Fees
  and Expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>90,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Accounting
  Fees and Expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>Miscellaneous
  Expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT SIZE=2>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT
SIZE=2>Total</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>128,494</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2><B>Recent Sales of Unregistered Securities</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 2004, we converted an aggregate of approximately $196,900 in debt into
an aggregate of 19,690,000 restricted shares of our common stock. Following the
effectuation of our 20:1 reverse stock split on March 22, 2004 these shares
became approximately 984,500 shares. The conversions were made pursuant to Debt
Conversion and General Release Agreements between us and three persons. 100,000
of the shares were issued to Wayne Maddever in connection with the conversion
by BBP Consulting of $20,000 of debt. 384,500 of these shares were issued to
William Smith, through Manchester Administrative Services, in connection with
services performed by William Smith prior to 2003 valued at $76,900. 500,000 of
these shares were issued to R World Inc. in connection with the conversion of
$100,000 of debt. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On January 1,
2004 we issued a 10%, $250,000 promissory note to BG Capital Group Bahamas Ltd.
in consideration of $250,000 advanced to us for use as working capital. In
February 2005 we paid off the note and all accrued interest then due on the
note.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 2004, we converted an aggregate of $170,000 in Note principal plus all
interest then due thereon (approximately $17,800) into an aggregate of
18,360,000 restricted shares of our common stock. Following the effectuation of
our 20:1 reverse stock split on March 22, 2004</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2>these shares
became approximately 918,000 shares. The conversions were made pursuant to Note
Cancellation and Release Agreements between us and nine persons. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In April 2004,
we issued an aggregate of 5,405,055 restricted shares of our common stock to
Interhold Co. and its designees pursuant to a February 28, 2004 Note
Cancellation and General Release under which a $308,000 promissory note of
Reink Imaging USA, Ltd. in favor of Interhold Co., plus all interest due
thereon ($73,240) was cancelled. Also cancelled was an April 7, 2003 Guarantee
and Security Agreement between Interhold and us which had been put in place as
a result of a January 2002 agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In April 2004,
we issued an aggregate of 2,350,500 restricted shares of our common stock to
designees of Manchester Administrative Services Ltd. (&#147;Manchester&#148;) pursuant to
a February 28, 2004 Debt Conversion and General Release under which a debt of
ours to Manchester in the approximate amount of $306,500 was cancelled. This
debt was incurred pursuant to our January 6, 2003 Consulting Agreement with
Manchester and included debts incurred in January and February 2004. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In April 2004,
we issued an aggregate of 185,000 restricted shares (the &#147;Stock&#148;) to 3 persons
pursuant to Note Cancellation and General Release Agreements dated February 25,
2004; March 29, 2004; and March 30, 2004 respectively. Under these agreements
an aggregate of $185,000 of note principal plus all accrued interest due
thereon (approximately $62,248) was cancelled in consideration for the Stock. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In April 2004,
we issued a $70,000 convertible promissory note bearing interest at 10% per
annum to Manchester Consolidated Corp. The note, together with all accrued
interest then due, was paid in full in February 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On April 15,
2004 we granted 100,000 stock options with an exercise price of $.25 per share
to each of Wayne Maddever, William Smith and Anthony Pallante in consideration
of services rendered in connection with our corporate reorganization and
services related to Reink USA&#146;s bankruptcy. These options vest in equal amounts
over a three year period on each of the first, second and third anniversaries
of the issuance date and are exercisable for a period of ten years from
issuance. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In May and
June 2004 we sold an aggregate of 205,000 units to 3 persons at $1.00 per unit
or $205,000 in the aggregate. Each unit consists of one share of our common
stock and one common stock purchase warrant. Each warrant, as amended, entitles
the holder to purchase one share of our common stock at a price of $1.50 per
share at any time during the three year period that commenced on the subscription
date. In January 2005 in connection with a related unit offering, the proceeds
of which were also to be utilized towards the funding of the acquisition, it
became apparent that our unit pricing was too high and that our units of the
type sold in May and June 2004 should be sold at $.50 per unit rather than
$1.00 per unit. Consequently, in January 2005 we agreed to issue an additional
205,000 units to the investors, at no additional cost, to bring their unit cost
down to $.50 per unit. Both the original 205,000 units and the additional units
were issued in March 2005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>During the
period July 2004 through October 2004 we sold an aggregate of 647,500 Special
Warrants to 18 persons at $1.00 per unit or $647,500 on an aggregate basis. In
connection with </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2>the offering,
we also issued 64,750 Special Warrants to the placement agent. Each Special
Warrant was exercisable without additional consideration to receive a Class A
unit consisting of one share of our common stock and one common stock purchase warrant.
Each of these warrants, as amended, entitles the holder to purchase one share
of our common stock at $1.50 per share at any time during the three year period
that commenced on September 27, 2004. Effective October 27, 2004, all of the
Special Warrants were exercised resulting in our issuance of 712,250 shares and
712,250 warrants. Pursuant to the offering we were also obligated to pay a
100,000 share work fee to the placement agent, which was paid in March 2005. In
January 2005, in connection with a related unit offering, the proceeds of which
were also to be utilized for the funding of the acquisition, it became apparent
that our unit pricing was too high and that our units of the type underlying
the Special Warrants sold in this offering should be sold at $.50 per unit
rather than $1.00 per unit. Consequently, in January 2005 we agreed to issue an
additional 647,500 units to the offering subscribers, or their designees, at no
additional cost, to bring their unit cost down to $.50 per unit. The additional
units were issued in March 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In January
2005 we sold an aggregate of 2,330,000 units to 10 persons at $.50 per unit or
$1,165,000 on an aggregate basis. Each unit consists of one share of our common
stock (the &#147;Unit Shares&#148;) and one common stock purchase warrant. Each warrant
entitles the holder to purchase one share of our common stock at a price of
$1.50 per share at any time during the three year period commencing on January
31, 2005. In connection with these sales we were also obligated to issue 68,000
units to DGM Bank &amp; Trust Inc. as a commission with respect to sales of
680,000 units made through them in the offering (the &#147;DGM Units&#148;). 2,210,000 of
the Unit Shares and 56,000 shares comprising part of the DGM Units were issued
in March 2005. The remaining 120,000 Unit Shares and 12,000 shares comprising
part of the DGM Units were issued in May 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In December
2004 we issued an aggregate of 350,000 shares of our common stock under two
consulting agreements. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On January 7,
2005 we issued a $1,000,000 convertible promissory note (the &#147;Note&#148;) paying
interest at the rate of 3.9% per annum to Westminster Capital Inc.
(&#147;Westminster&#148;) in consideration of $1,000,000. Interest and principal in the
Note are due January 1, 2008 subject to prepayment or conversion commencing on
or after July 1, 2005. Interest and principal due on the Note are convertible
into shares of our common stock at a price of $.50 per share. For each share
acquired upon conversion, the holder will also receive one common stock purchase
warrant to purchase one share of our common stock at a price of $1.50 per share
at any time prior to July 1, 2008. If prior to July 1, 2005 we issue any stock,
options, or warrants, other then certain specifically excluded securities
issuances, at a price or exercise price of less than $.50 per share, the per
share conversion price under the Note will be reduced to the price at which
such other securities were sold. Additionally, the Note conversion price is
subject to adjustment to give effect to any stock splits, stock dividends, or
corporate reorganizations by us prior to conversion or repayment of the Note. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 31, 2005 in connection with the Teckn-O-Laser Global Company
acquisition, 3091503 Nova Scotia Company, an indirect subsidiary of ours,
issued an aggregate of 6,500,000 Series I Exchangeable Shares to the former
shareholder of Teckn-O-Laser Global Company,</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2>each of which
is convertible into one share of our common stock. In the same transaction, we
issued an aggregate of 6,500,000 shares of our Series A Special Voting
Preferred Stock to the holders of the Series I Exchangeable Shares. See
Description of Business &#150; Teckn-O-Laser Share Purchase Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 31, 2005, in connection with the Teckn-O-Laser Global Company
acquisition we issued an aggregate of 244,500 options to 12 Teckn-O-Laser
Company employees with an exercise price of $1.57 per share. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
January 31, 2005 in connection with the Barrington Bank International Limited
Loan Agreement we issued 200,000 shares of our common stock to Barrington Bank
International Limited (&#147;Barrington&#148;). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In March 2005
we issued an aggregate of 698,500 shares of our common stock to Manchester
Consolidated Corp. (&#147;Manchester&#148;) and its designees as part of the financing
fee payable to Manchester for its role in arranging the Teckn-O-Laser Global
Company acquisition. 538,500 of these shares were issued directly to
Manchester.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In February
2005, we issued 100,000 stock options with an exercise price of $1.50 per share
to Agora Investor Relations Corp. (&#147;Agora&#148;) pursuant to our February 1, 2005
Investor Relations Agreement with Agora. The options are exercisable, upon
vesting, during the two year period commencing February 1, 2006. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In March 2005
we issued 50,000 shares of our common stock and 150,000 common stock purchase
warrants to DGM Bank and Trust Inc. (&#147;DGM&#148;) in satisfaction and settlement of
all sums due by us to DGM under our June 22, 2004 Agency Agreement with DGM
with respect to equity sales made by us during the term of the Agency Agreement
that were not generated by or through DGM. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In March 2005
we issued an aggregate of 500,000 shares our common stock to 2 persons in
connection with financial consulting services provided to us principally during
the fourth quarter of 2004. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On March 30,
2005 we granted an aggregate of 110,000 stock options, each with an exercise
price of $1.06 per share, to our non-employee directors. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In January,
2005 we sold 200,000 units to 1 person at $.50 per unit or $100,000 on an aggregate
basis. Each unit consists of one share of our common stock and one common stock
purchase warrant. Each warrant entitles the holder to purchase one share of our
common stock at a price of $1.50 per share at any time during the three year
period commencing on January, 2005. The shares comprising part of the units
were issued in May 2005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In June 2005
we issued 100,000 common stock purchase warrants to Loewen, Ondaatje,
McCutcheon Limited. Each warrant is exercisable for the purchase of one share
of our common stock at a price of $1.50 per share during the 30 month period
following issuance.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In connection
with our July 21, 2005 Agency Agreement with Loewen, Ondaatje, McCutcheon
Limited hereof, and the related offering made thereunder, on July 21, 2005 we
issued the following securities:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>1,707,000
  Subscription Receipts; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>119,490
  Broker Warrants.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Effective
September 30, 2005 Westminster Capital Inc., the holder of our January 7, 2005
3.9% 1,000,000 convertible promissory note, converted the principal
($1,000,000) and interest ($28,529) then due thereon, at a conversion price of
$.50 per unit, into an aggregate of 2,057,058 units. Each unit consists of one
share of our common stock and one common stock purchase warrant each of which
is exercisable to purchase an additional share of our common stock at a price
of $1.50 per share at any time prior to July 1, 2008. The 2,057,058 shares were
issued on December 12, 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On November 4,
2005 we sold 2,400,000 subscription receipts at a price of $.50 per
subscription receipt or an aggregate of $1,200,000 to one person, each
subscription receipt to be automatically exercised, without payment of any
additional consideration, on January 31, 2006 into, subject to adjustment, one
unit. Each unit consists of one share of our common stock and one common stock
purchase warrant. Each warrant entitles the holder to purchase, subject to
adjustment, an additional share of our common stock at a price of $1.25 per
share during the period ending at 5:00 p.m. (Toronto time) on May 3, 2007. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On November 4,
2005 we received aggregate loans of $600,000 from three related persons. In
consideration thereof, we issued 5% convertible promissory notes due December
31, 2006 (the &#147;Maturity Date&#148;) to Alain Lachambre ($136,198), Yvon Leveille
($328,113) and Manchester Consolidated Corp. ($135,689). Interest and principal
on the notes are due on the Maturity Date. The notes can be prepaid by us at
any time. If all principal and interest due on the notes are not paid in full
on the Maturity Date, the respective holders may, at their sole option, convert
the total amount of unpaid principal and interest into shares of our common
stock at the rate of $.50 per share. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On November 4,
2005 we entered into a term loan with Turbon International Inc. In connection
therewith we issued to Turbon International Inc. a $2,800,000 5% promissory
note due October 31, 2008. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In connection
with our November 9, 2005 Agency Agreement with Loewen, Ondaatje, McCutcheon
Limited and the related offering made thereunder, on November 9, 2005 we issued
the following securities:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>4,000,000
  Subscription Receipts; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>280,000
  Broker Warrants.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT SIZE=2>In connection
with our November 29, 2005 Agency Agreement with Loewen, Ondaatje, McCutcheon
Limited and the related offering made thereunder, we issued the following
securities:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>1,400,000
  Subscription Receipts; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>98,000
  Broker Warrants.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>II - 5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=JUSTIFY><FONT SIZE=2>On December 12, 2005 we issued 4,392,397 shares of our common stock to
one person.  The recipient was the
assignee of a person entitled to 1,120,000 shares of our common stock as an
acquisition fee related to our purchase of shares of Turbon AG and was the
assignee of two entities entitled to an aggregate of 3,272,397 shares of our
common stock pursuant to a November 4, 2005 agreement between us and these
entities in which the entities agreed to a restructuring of our obligations to
them under a January 2, 2005 share purchase agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>All of the foregoing issuances were made in
reliance on Section 4(2) or Regulation S of the Securities Act of 1933, as
amended.</FONT></P>

<P><FONT SIZE=2><B>Exhibits</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are included as part of this report:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="9%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="14%" COLSPAN="2" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="69%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Exhibit No.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>SEC Report<BR>
  Reference No.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Description</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Plan
  and Agreement of Reorganization by Merger of Adsero Corp. With and Into
  Newmarket Strategic Development Corp. Under the Name of Adsero Corp. (1)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Articles
  of Incorporation and Amendments (1)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>By-Laws
  (1)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>3.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Appendix A</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Certificate
  of Amendment to the Certificate of Incorporation as filed with the Delaware
  Secretary of State on March 19, 2004(6)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Certificate
  of Designation of Registrant creating Series A Special Voting Preferred Stock
  as filed with the Delaware Secretary of State on January 25, 2005 (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Option Agreement for TOL Canada Employees (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Special Warrant (5).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.4</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Warrant Certificate (5).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Warrant
  Indenture (5).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.6</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Subscription Receipt (9).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.7</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Broker Warrant (9).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.8</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Subscription Receipt for November 4, 2005 Private Placement (10).</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>II-6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="9%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="69%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.9</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Warrant for November 4, 2005 Private Placement (10).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.10</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Broker Warrant for November 4, 2005 Private Placement (10).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.11</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Subscription
  Receipt Certificate dated November 29, 2005 (11).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.12</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>4.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Broker
  Warrant Certificate dated November 29, 2005 (11).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Opinion
  of Counsel.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>9</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>9</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Agreement
  for Sale and Purchase of Assets of Assembly Services Unlimited, Inc. d/b/a
  Wildan Services and Membership Certificates of Brittany LLC and Plan of
  Reorganization (1)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Exclusive
  Agreement for Distribution of Product (1)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Employment
  Agreements: </FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>William
  E. Gallagher (1)</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Robert
  Sinatra (1)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Consulting
  Agreement dated as of January 6, 2003 between Registrant and BBP Consulting
  (2).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.4</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.4</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Consulting
  Agreement dated as of January 6, 2003 between Registrant and Manchester
  Administrative Services Inc. (2)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Exclusive
  Financial Advisor Agreement dated January 1, 2004 between Registrant and
  Manchester Consolidated Corp. (2)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.6</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.6</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$250,000
  Promissory Note of Registrant dated January 1, 2004 issued to BG Capital
  Group Bahamas Ltd. (2)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.7</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Share
  Purchase Agreement dated as of January 2, 2005 among Registrant, YAC Corp.,
  Teckn-O-Laser Company, 3091503 Nova Scotia Company, Teckn-O-Laser Global
  Company, 3091732 Nova Scotia Company and the Shareholders of Teckn-O-Laser
  Global Company (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.8</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Series
  I Exchangeable Shares Voting and Exchange and Support Agreement dated as of
  January 2, 2005 among Registrant, YAC Corp., 3091732 Nova Scotia Company,
  3091503 Nova Scotia Company and the persons holding Exchangeable Shares of
  3091503 Nova Scotia Company(3).</FONT></P>
  </TD>
 </TR>

</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>II-7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="9%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="69%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>

<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.9</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Series
  II Exchangeable Shares Voting and Exchange and Support
  Agreement dated as of January 2, 2005 among Registrant, YAC Corp., 3091732
  Nova Scotia Company, 3091503 Nova Scotia Company and the persons holding
  Exchangeable Shares of 3091503 Nova Scotia Company(3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.10</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.4</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Preferred
  Share Purchase and Support Agreement dated as of January 2, 2005 among
  Registrant, YAC Corp., 3091732 Nova Scotia Company, 3091503 Nova Scotia
  Company and the persons holding Preferred Shares of 3091503 Nova Scotia
  Company(3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.11</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Share
  Purchase Agreement dated as of January 1, 2005 among Registrant,
  Teckn-O-Laser Global Inc., and Teckn-O-Laser USA Inc. (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.12</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.6</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Lock
  Up Agreement dated as of January 2, 2005 among 9144-6773 Quebec, Inc.,
  9144-6906 Quebec, Inc., 3091503 Nova Scotia Company, Registrant, YAC Corp.,
  and 3091732 Nova Scotia Company (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.13</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.7</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Employment
  Agreement dated January 31, 2005 among Teckn-O-Laser Company, Alain Lachambre
  and Registrant (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.14</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.8</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Employment
  Agreement dated January 31, 2005 among Teckn-O-Laser Company, Yvon Leveille
  and Registrant (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.15</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.9</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Loan
  Agreement dated as of January 26, 2005 among Teckn-O-Laser Company,
  Registrant, YAC Corp., 3091503 Nova Scotia Company, 3091732 Nova Scotia
  Company, Teckn-O-Laser Global Company, Teckn-O-Laser USA Inc. and Barrington
  Bank International Limited (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.16</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.10</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Pledge
  and Security Agreement dated as of January 26, 2005 between Registrant and
  Barrington Bank International Limited (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.17</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.11</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Guaranty
  Agreement dated as of January 26, 2005 among Registrant, YAC Corp.,
  Teckn-O-Laser USA Inc., and Barrington Bank International Limited (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.18</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.12</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Funding
  and Pay Off Agreement dated as of January 31, 2005 among Teckn-O-Laser Global
  Company, Teckn-O-Laser Company, Teckn-O-Laser USA Inc., Yvon Leveille, Alain
  Lachambre, Celine Plourde, Registrant, YAC Corp., 3091732 Nova Scotia
  Company, 3091503 Nova Scotia Company, Caisse de depot et placement du Quebec,
  and Barrington Bank International Limited (3).</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>II-8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="9%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="69%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.19</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.13</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Security
  Agreement dated as of January 26, 2005 between Registrant and Barrington Bank
  International Limited (3).</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.20</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Agency
  Agreement dated June 22, 2004 between Registrant and DGM Bank &amp; Trust
  Inc. (4)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.21</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.21</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Convertible
  $1,000,000 Promissory Note of Registrant dated January 7, 2005 issued to
  Westminster Capital, Inc. (7)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.22</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.22</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Consulting
  Agreement dated as of January 7, 2005 between Registrant and Gregory
  Belzberg. (7)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.23</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.23</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Consulting
  Agreement dated as of January 7, 2005 between Registrant and Westminster
  Capital, Inc. (7)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.24</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Strategic
  Supply Agreement effective as of June 22, 2005 between Registrant and Turbon
  AG. (8)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.25</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Letter
  Agreement dated June 22, 2005 between Registrant and Loewen, Ondaatje, McCutcheon
  Limited. (8)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.26</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Share
  Purchase Agreement dated as of June 22, 2005 between Registrant and Turbon
  AG. (8)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.27</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.4</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Letter
  Agreement dated June 22, 2005 between Registrant and NCR Corporation (on
  behalf of NCR Gmbh). (8)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.28</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Letter
  Agreement dated as of June 21, 2005 between Registrant and Holger
  Brueckmann-Turbon. (8)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.29</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.6</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Letter
  Agreement dated as of June 21, 2005 between Registrant and Gothaer
  Lebensversicherung AG. (8)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.30</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Agency
  Agreement dated July 21, 2005 between Registrant and Loewen, Ondaatje,
  McCutcheon Limited. (9)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.31</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Lock Up Agreement. (9)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.32</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Restructuring
  Agreement dated November 4, 2005 among Registrant, 9144-6773 Quebec Inc. and
  9144-6906 Quebec Inc. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.33</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Loan
  Agreement with Turbon International Inc. and Teckn-O-Laser Global Company
  dated November 4, 2005. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.34</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.3</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>$2,800,000
  Term Loan Promissory Note dated November 4, 2005. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.35</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.4</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Form
  of Credit Line Promissory Note with Turbon International Inc. (10)</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>II-9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="9%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="69%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.36</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.5</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Loan
  Guarantee of Teckn-O-Laser Global Company dated November 4, 2005. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.37</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.6</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Promissory
  Note dated November 4, 2005 issued to Yvon Leveille. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.38</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.7</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Promissory
  Note date November 4, 2005 issued to Alan Lachambre. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.39</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.8</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Promissory
  Note date November 4, 2005 issued to Manchester Consolidated Corp. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.40</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.9</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Agency
  Agreement dated November 9, 2005 between Registrant and Loewan Ondaatje
  McCutcheon Limited. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.41</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.10</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Agreement
  of Lease between Sreit (Central No. 3) Ltd and Teckn-O-Laser Company. (10)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.42</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Agency
  Agreement, dated November 29, 2005 between registrant and Loewen, Ondaatje,
  McCutcheon Limited. (11)</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(1)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Incorporated
  by reference to Registrant&#146;s Form 10 (SEC File No.: 0-31040) as filed on
  February 9, 2001.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(2)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed
  with the Securities and Exchange Commission on April 26, 2004 as an exhibit,
  numbered as indicated above, to the Registrant&#146;s Annual Report on Form 10-KSB
  for the year ended December 31, 2003, which exhibit is incorporated herein by
  reference.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(3)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed
  with the Securities and Exchange Commission on February 4, 2005 as an
  exhibit, numbered as indicated above, to the Registrant&#146;s Current Report on
  Form 8-K dated January 31, 2005, which exhibit is incorporated herein by
  reference. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(4)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed
  with the Securities and Exchange Commission on August 26, 2004 as an exhibit,
  numbered as indicated above, to the Registrant&#146;s Quarterly Report on Form
  10-QSB for the quarter ended June 30, 2004, which exhibit is incorporated
  herein by reference.  </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(5)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed
  with the Securities and Exchange Commission on October 1, 2004, as an
  exhibit, numbered as indicated above, to the Registrant&#146;s Current Report on
  Form 8-K dated September 27, 2004, which exhibit is incorporated herein by
  reference.  </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(6)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed with the Securities and Exchange Commission on February 23,
  2004 as an exhibit, numbered as indicated above to the Registrant&#146;s
  Definitive Information Statement dated February 23, 2004, which exhibit is
  incorporated herein by reference.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(7)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed with the Securities and Exchange Commission on April 18, 2005
  as an exhibit, numbered as indicated above, to the Registrant&#146;s Annual Report
  Form 10-KSB for the year ended December 31, 2004, which exhibit is
  incorporated herein by reference.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(8)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed
  with the Securities and Exchange Commission on June 28, 2005 as an exhibit,
  numbered as indicated above, to the Registrant&#146;s Current Report on Form 8-K
  dated June 22, 2005, which exhibit is incorporated herein by reference.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(9)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed
  with the Securities and Exchange Commission on July 28, 2005 as an exhibit,
  numbered as indicated above, to the Registrant&#146;s Current Report on Form 8-K
  dated July 21, 2005, which exhibit is incorporated herein by reference.</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>II-10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(10)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed
  with the Securities and Exchange Commission on November 23. 2005 as an
  exhibit, numbered as indicated above, to the Registrant&#146;s Quarterly Report on
  Form 10-QSB for the quarter ended September 30, 2005, which exhibit is
  incorporated herein by reference. </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(11)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=JUSTIFY><FONT SIZE=2>Filed
  with the Securities and Exchange Commission on December 2, 2005 as exhibit,
  numbered as indicated above, to the Registrant&#146;s Current Report on Form 8-K
  dated November 29, 2005, which exhibit is incorporated herein by reference. </FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Undertakings</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We hereby
undertake:</FONT></P>

<P><FONT SIZE=2>(a)(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:</FONT></P>

<P><FONT SIZE=2>(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;</FONT></P>

<P><FONT SIZE=2>(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the formation set forth in the registration statement;
and</FONT></P>

<P><FONT SIZE=2>(iii) To include any additional or changed material information with
respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the
registration statement.</FONT></P>

<P><FONT SIZE=2>(a)(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</FONT></P>

<P><FONT SIZE=2>(a)(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.</FONT></P>

<P><FONT SIZE=2>(b) Indemnification</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Insofar as indemnification for liabilities arising under the Securities
Act of 1933, may be permitted to directors, officers and controlling persons of
the small business issuer pursuant to the foregoing provisions, or otherwise,
the small business issuer has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable.  In the event that a
claim for indemnification against such liabilities (other than the payment by
the small business issuer of expenses incurred or paid by a director, officer
or controlling person of the small business issuer in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
small business issuer will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the
Securities Act of 1933 and will be governed by the final adjudication of such
issue.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II-11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=2><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT  SIZE=2>SIGNATURES</FONT></P>

<P><FONT SIZE=2>In accordance
with the Securities Act of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements of filing
on Form SB-2 and authorized this registration statement to be signed on its
behalf by the undersigned, in the City of Sainte Julie, Province of Quebec on
December 23, 2005.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="59%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="40%" NOWRAP VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  NOWRAP VALIGN=TOP>
  <P><FONT SIZE=2>ADSERO CORP.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  NOWRAP VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>By:&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;/s/
  William Smith</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;William
  Smith, Secretary, Treasurer, and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;Chief
  Financial and Officer</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>In accordance
with the requirement of the Securities Act of 1933, this Registration Statement
has been signed by the following persons in the capacities and on the dates
stated:</FONT></P>

<P><FONT SIZE=2>Signature and
Title</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="55%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="38%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;/s/ Yvon
  Leveille</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Date: December 23, 2005</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;Yvon Leveille,
  President, Chief Executive Officer and <BR>&nbsp;&nbsp;Director</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;/s/ William
  Smith</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Date: December 23, 2005</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;William Smith,
  Secretary, Treasurer, Chief Financial and <BR>
  &nbsp;&nbsp;Accounting Officer and Director</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;/s/ Wayne
  Maddever</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Date: December 23, 2005</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;Wayne
  Maddever, Director</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;/s/ Donald
  Page</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Date: December 23, 2005</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;Donald Page,
  Director</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>ex_5.htm
<DESCRIPTION>OPINION RE: LEGALITY
<TEXT>
<HTML>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>

<BR>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><U><B><font SIZE=2>EXHIBIT 5</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(LETTERHEAD OF GOTTBETTER &amp; PARTNERS, LLP)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>December 20, 2005</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Adsero Corp.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>2101 Nobel Street</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Sainte Julie, Quebec J3E 1Z8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Re:</font></b></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Adsero Corp. (the &#147;Company&#148;)</font></b></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:left;'><b><font size=2>Registration Statement on Form SB-2</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>To Whom it May Concern:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>We have acted as US corporate and
securities counsel for the Company in connection with the preparation of the Registration Statement on Form SB-2 (the
&#147;Registration Statement&#148;) to be filed by the Company, with the Securities and Exchange Commission (the
&#147;Commission&#148;), on or about December 23, 2005, in connection with the registration under the Securities Act of 1933, as
amended, of an aggregate of 54,842,983 shares (the &#147;Shares&#148;) of the Company&#146;s common stock, of which 16,078,025
shares are presently issued and outstanding (the &#147;Outstanding Shares&#148;), all of which 54,842,983 shares will be sold by
certain selling security holders (the &#147;Selling Security Holders&#148;).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>In rendering this opinion, we have examined the following:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Registration Statement, together with the Exhibits filed as a part thereof or incorporated therein by reference;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the Company&#146;s charter documents as amended to date;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the minutes of meetings and actions by written consent of the stockholders and Board of Directors that are contained in the Company&#146;s minute books; and</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="72" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>such other documents, instruments, certificates and corporate records, and such statutes, decisions, and issues of law as we have deemed necessary or appropriate. </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Based upon the foregoing, it is our opinion that (i) the Outstanding Shares to be sold or distributed by the Selling Security Holders pursuant to the Registration Statement are validly issued, fully paid and non-assessable; and (ii) the other Shares to be sold by the Selling Security Holders when issued or sold in the manner described in the Registration Statement will be validly issued, fully paid and non-assessable.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us, if any, in the Registration Statement and any amendments thereto. This opinion speaks only as of its date and we assume no obligation to update this opinion should circumstances change after the date hereof. This opinion is intended solely for use in connection with the issuance and sale of shares subject to the Registration Statement and is not to be relied upon for any other purpose.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Very truly yours,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>/s/ GOTTBETTER &amp; PARTNERS, LLP</font></b></p>

<br>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>3
<FILENAME>ex_21.htm
<DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT
<TEXT>
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<BR>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><U><B><font SIZE=2>EXHIBIT 21</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SUBSIDIARIES OF REGISTRANT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Adsero Canada Corp., an Ontario Canada corporation</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Teckn-O-Laser USA Inc., a Delaware corporation</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>YAC Corp., a Delaware corporation</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3091732 Nova Scotia Company, a Nova Scotia Canada corporation owned by YAC Corp.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3091503 Nova Scotia Company, a Nova Scotia Canada corporation owned</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>by 3091732 Nova Scotia Company </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Teckn-O-Laser Global Company, a Nova Scotia Canada corporation owned</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>by 3091503 Nova Scotia Company</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Teckn-O-Laser Company, a Nova Scotia corporation owned </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>by Teckn-O-Laser Global Company</font></p>

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<TYPE>EX-23
<SEQUENCE>4
<FILENAME>ex_23.htm
<DESCRIPTION>INDEP. REG. PUBLIC ACCOUNTING FIRM'S CONSENT
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><U><B><font SIZE=2>EXHIBIT 23</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><u><b><font size=6>Marcum &amp; Kliegman LLP</font></b></u></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><b><font size=3>Certified Public Accountants &amp; Consultants</font></b></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><b><font size=1>A Limited Liability Partnership Consisting of Professional Corporations</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><b><font size=2>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM&#146;S CONSENT</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>We consent to the inclusion in this Registration Statement of Adsero Corp. (the &#147;Company&#148;) on Form SB-2 of our report dated April 5, 2005, which includes an explanatory paragraph as to the Company&#146;s ability to continue as a going concern, with respect to our audits of the consolidated financial statements of Adsero Corp. and Subsidiaries as of December 31, 2004 and for the years ended December 31, 2004 and 2003, which report appears in the Prospectus, which is part of this Registration Statement.  We also consent to the reference to our Firm under the heading &#147;Experts&#148; in such Prospectus.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.25in;text-align:left;'><font size=2>/s/ Marcum &amp; Kliegman LLP</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>New York, New York</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>December 21, 2005</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>655 Third Avenue&nbsp;&nbsp;&#149;&nbsp;&nbsp;16th Floor&nbsp;&nbsp;&#149;&nbsp;&nbsp;New York, NY 10017&nbsp;&nbsp;&#149;&nbsp;&nbsp;Tel 212-981-3000&nbsp;&nbsp;&#149;&nbsp;&nbsp;212-981-3001</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>Melville&nbsp;&nbsp;&nbsp;New York&nbsp;&nbsp;&nbsp;Greenwich&nbsp;&nbsp;&nbsp;Grand Cayman&nbsp;&nbsp;&nbsp;Riverhead</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>www.mkllp.com</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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