Mr. Osvaldo Iadarola reports

The company's private placement described in news further to stockwatch March 20, 2000, consisting of a total of 70 $1,000 convertible debentures, to raise a total of $70,000, has received the approval of the Canadian Venture Exchange and will be closing imminently. Each convertible debenture pays interest, quarterly, at 10 per cent csa, and matures two years from the date of issue. The debentures are convertible at the option of the holder at any time before the maturity date at a conversion price of 504 per share during the initial year and 704 per share during the second year. The company has the right to force conversion of the debentures, at these same conversion prices, following a period during which the company's shares have traded at a weighted average of $1.00 or more over any 10 consecutive trading days.