Managemenrt

& Directors

Five nominees were elected to the Board to serve until such time as their respective successors are duly elected.

Three of the five directors, Perry Rapagna (nominated from the floor), David Richter and Floyd Stanley (candidates put forth), are newly elected to the Board (see below) and their appointments are subject to regulatory approval.

Re-elected to the Board are

John Bottomley, President, CEO and a Director since April 20, 1999, and

William R. Johnstone, Corporate Secretary and a Director since June 26, 2001.

THE NEW DIRECTORS ARE:

Perry Rapagna is a licensed securities broker who has worked in the investment industry for over 20 years. Mr. Rapagna holds a B.A. in Economics from Concordia University, Montreal, and is currently completing his Canadian Investment Manager designation. He has worked closely with a number of companies raising capital and helping to bridge the information gap that sometimes develops between management and investors.

David Richter is the principal of Bay King Motors, a Hamilton-based Chrysler dealership. Mr. Richter has spent over 20 years in the automotive industry as a general manger, president or principal of dealerships. In his current position Mr. Richter manages all aspects of the dealership including financial matters, advertising, internal controls and liaising with financial institutions. Mr. Richter has a B.A. from the University of Toronto with a major in Commerce.

Floyd Stanley is a retired school Principal who worked for the Bruce County Board of Education for 34 years. He received his B.A. from Waterloo University in 1972 and his Masters in Education from the University of Toronto in 1981. After retiring from the education field in 1996, Mr. Stanley worked in real estate marketing for a number of years for Oceanfront Rentals in Hilton Head, North Carolina, and completed his Real Estate course at Humber College in 2001.