Exhibit 2

ADB Systems International Ltd.

Consolidated Balance Sheets

(expressed in thousands of Canadian dollars)

(Canadian GAAP, Unaudited)

	September 30 2004			September 30 2004			December 31 2003
	(unaudited)			(unaudited)			(audited)
				(in US$ )
				translated
				into US$at
				Cdn$1.2648
				for
				convenience
Cash	$	245		$	194		$	432
Marketable securities	13			10			13
Other current assets	1,096			867			1,502
Other assets	334			264			1,264
Total assets	$	1,688		$	1,335		$	3,211
Current liabilities	$	1,638		$	1,295		$	1,370
Deferred revenue	240			190			91
Other liabilities	1,386			1,096			721
Minority interest	3			2			3
Total shareholders’ equity (deficiency)	(1,579		)	(1,248		)	1,026
Total liabilities and shareholders’ equity (deficiency)	$	1,688		$	1,335		$	3,211

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ADB Systems International Ltd.

Consolidated Statements of Operations

(expressed in thousands of Canadian dollars, except per share amounts)

(Canadian GAAP, Unaudited)

	Three Months Ended September 30									Nine Months Ended September 30
	2004			2004			2003			2004			2004			2003
				translated									translated
				into US$at									into US$at
				Cdn$1.2648									Cdn$1.2648
				for									for
				convenience									convenience
Revenue	$	886		$	701		$	1,701		$	3,401		$	2,689		$	4,360
General and administrative	1,061			839			1,010			3,345			2,645			3,565
Software development and technology expense	678			536			497			2,377			1,879			2,090
Sales and marketing costs	149			118			259			600			474			906
	1,888			1,493			1,766			6,322			4,998			6,561
Loss before interest, taxes, depreciation, amortization and employee stock options	(1,002		)	(792		)	(65		)	(2,921		)	(2,309		)	(2,201		)
Employee stock options	—			—			130			39			31			133
Depreciation and amortization	374			296			333			1,096			867			1,525
Interest expense	145			115			63			277			219			238
Interest income	—			—			(1		)	(3		)	(2		)	(7		)
	519			411			525			1,409			1,115			1,889
Loss before the undernoted	(1,521		)	(1,203		)	(590		)	(4,330		)	(3,424		)	(4,090		)
Gains/(losses) on disposals of capital assets and strategic investments	—			—			—			(1		)	(1		)	7
Gain on settlement of demand loan	—			—			—			—			—			2,195
Retail activities	—			—			—			—			—			67
	—			—			—			(1		)	(1		)	2,269
Net Loss	$	(1,521	)	$	(1,203	)	$	(590	)	$	(4,331	)	$	(3,425	)	$	(1,821	)
Basic and diluted loss per share	$	(0.02	)	$	(0.02	)	$	(0.01	)	$	(0.07	)	$	(0.06	)	(0.03		)
Weighted average common shares	61,996			61,996			56,284			61,105			61,105			52,901

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