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                                                                    EXHIBIT 21.1

                         SUBSIDIARIES OF THE REGISTRANT

ADFlex Mexico, S.A. de C.V., organized under the laws of Mexico 

ADFlex Solutions Limited, organized under the laws of the United Kingdom 

ADFlex Solutions FSC Inc., organized under the laws of Barbados 

ADFlex Cayman Limited, organized under the laws of the Cayman Islands

ADFlex (Thailand) Limited, organized under the laws of the Kingdom of Thailand
[80% ownership]

