6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO

RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Filing No. 1 for the Month of September, 2005

ADB Systems International Ltd.

(Exact name of Registrant)

302 The East Mall, Suite 300, Toronto, Ontario Canada M9B 6C7

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

 Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

 If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- __________

ADB SYSTEMS INTERNATIONAL LTD.

On September 9, 2005 ADB Systems International Ltd. (“ADB” or the “Company”) issued a corporate update in the form of the press release attached to this Form 6-K as Exhibit 1 announcing that its previously announced funding activities were scheduled to close on September 12, 2005. On September 12, 2005 the Company issued a press release attached to this Form 6-K as Exhibit 2 announcing that it had successfully completed its previously announced funding arrangement, securing gross proceeds of $1.2 million (CDN). In connection with the announcements, the Company has also filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) the Material Change Report attached to this Form 6-K as Exhibit 5.

On September 9, 2005 the Company issued a press release attached to this form as Exhibit 3, announcing the resignation of its former auditors Deloitte and Touche LLP and the appointment of KPMG LLP as the Company’s new auditors. On September 12, 2005, the Company filed on SEDAR (i) a Notice of Change of Auditors (the “Commission Notice”) delivered to the British Columbia Securities Commission, Alberta Securities Commission and the Ontario Securities Commission, (ii) a Notice of Change of Auditors (the “Auditor Notice”) delivered to KPMG LLP and Deloitte and Touche LLP, (iii) a confirmation letter from Deloitte and Touch LLP (the “Deloitte Letter”) as the Company’s former auditors, and (iv) a confirmation letter from KPMG LLP (the “KPMG Letter”) as the Company’s successor auditors. The Commission Notice, Auditor Notice, Deloitte Letter and KPMG Letter are attached to this Form 6-K as Exhibit 4. In connection with the announcement and notice of change, the Company has also filed on SEDAR the Material Change Report attached to this Form 6-K as Exhibit 5.

This Form 6-K may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the Safe Harbor provisions of the U.S. federal securities laws. These include, among others, statements about expectations of future revenues, profitability, cash flows, and cash requirements. Forward-looking statements are subject to risks and uncertainties that may cause ADB’s results to differ materially from expectations. These risks include ADB’s future capital needs, expectations as to profitability and operating results, ability to further develop business relationships and revenues, expectations about the markets for its products and services, acceptance of its products and services, competitive factors, ability to repay debt, ability to attract and retain employees, new products and technological changes, ability to develop appropriate strategic alliances, protection of its proprietary technology, ability to acquire complementary products or businesses and integrate them into its business, geographic expansion of its business and other such risks as ADB may identify and discuss from time to time, including those risks disclosed in ADB’s most recent Form 20-F filed with the Securities and Exchange Commission. Accordingly, there is no certainty that ADB’s plans will be achieved.

Exhibits

Exhibit 1 - Press Release dated September 9, 2005

Exhibit 2 - Press Release dated September 12, 2005

Exhibit 3 - Press Release dated September 9, 2005

Exhibit 4 - Notice of Change

Exhibit 5 - Material Change Report

SIGNATURES

 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ADB SYSTEMS INTERNATIONAL LTD.
Date: September 16, 2005	By:	/s/ Jeffrey Lymburner
		Name: Jeffrey Lymburner
		Title: Chief Executive Officer

EX-1

Exhibit 1

ADB Systems International Ltd. 302 The East Mall, Suite 300 Toronto, ON M9B 6C7 Tel: 416 640-0400 / Fax: 416 640-0412 Website: www.adbsys.com (TSX: ADY; OTCBB: ADBYF)

For Immediate Release

ADB PROVIDES CORPORATE UPDATE

Toronto, ON - September 9, 2005 - ADB Systems International (TSX: ADY; OTCBB: ADBYF), a global provider of asset lifecycle management solutions, reported today that its previously announced funding activities are scheduled to close on September 12, 2005.

As announced on August 26, ADB has entered into a financing arrangement expected to generate proceeds of $1.2 million (CDN).

About ADB Systems International Ltd.

ADB Systems International delivers asset lifecycle management solutions that help organizations source, manage and sell assets for maximum value. ADB works with a growing number of customers and partners in a variety of sectors including oil and gas, government, healthcare, manufacturing and financial services. Current customers include BP, GE Commercial Equipment Financing, Halliburton Energy Resources, the National Health Service, permanent TSB, Talisman Energy, and Vesta Insurance.

Through its wholly owned subsidiary, ADB Systems USA Inc., ADB owns a 50 percent interest in GE Asset Manager, a joint business venture with GE. ADB has offices in Toronto (Canada), Stavanger (Norway), Tampa (U.S.), Dublin (Ireland), and London (U.K.). The company's shares trade on both the Toronto Stock Exchange (TSX: ADY) and the OTC Bulletin Board (OTCBB: ADBYF).

This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the Safe Harbor provisions of the U.S. federal securities laws. These include, among others, statements about expectations of future revenues, cash flows, and cash requirements. Forward-looking statements are subject to risks and uncertainties that may cause ADB’s ("the Company") results to differ materially from expectations. These risks include the Company’s ability to raise additional funding, develop its business-to-business sales and operations, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the Company's products and services, competitive factors, new products and technological changes, and other such risks as the Company may identify and discuss from time to time, including those risks disclosed in the Company’s Form 20-F filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the Company's plans will be achieved.

Contact:

At ADB Systems International Ltd.

Joe Racanelli, Chief Marketing Officer

Tel: (416) 640-0400 ext. 273

E-mail: jracanelli@adbsys.com

EX-2

Exhibit 2

ADB Systems International Ltd. 302 The East Mall, Suite 300 Toronto, ON M9B 6C7 Tel: 416 640-0400 / Fax: 416 640-0412 Website: www.adbsys.com (TSX: ADY; OTCBB: ADBYF)

For Immediate Release

ADB COMPLETES FUNDING ACTIVITIES; RAISES $1.2 MILLION

Toronto, ON -September 12, 2005 - ADB Systems International Ltd. (TSX: ADY; OTCBB: ADBYF), a global provider of asset lifecycle management solutions, announced today that has successfully completed its previously announced funding arrangement, securing gross proceeds of $1.2 million (CDN).

ADB raised the proceeds through the issuance of secured subordinate convertible debentures to a group of institutional and private investors, and members of ADB’s senior management and board of directors, including Chris Bulger, Duncan Copeland, Jeff Lymburner, and Jim Moskos. Approximately 10 percent of the proceeds were raised by Company insiders.

Under the terms of the private placement, the investors will be able to convert their debentures at any time during the five-year term into units priced at $0.15, with each unit consisting of one common share and one warrant. Each warrant may be exercised into one common share at the exercise price of $0.20 each at any time over the five-year term. ADB will pay debenture holders 11 percent interest per annum for unconverted debentures over the five-year term. Payment of interest to debenture holders during the first year of the financing arrangement will be made through the issuance of a number of shares of the Company equal to the interest payable divided by the 20 day weighted average trading price less permitted discount up to a maximum of 974,199 common shares. Accrued interest not satisfied by the issuance of shares will be paid in cash.

As a result of the financing arrangement, ADB will issue up to 18,467,532 common shares, including 16,000,000 common shares upon conversion of the debentures, 1,493,333 common shares upon the exercise of broker warrants, which are exercisable at $0.15 for each unit for a period up to five years, and up to 974,199 common shares in lieu of cash interest payments.

A commission of eight percent of the gross proceeds less U.S.-based investments was paid to PowerOne Capital Markets.

ADB’s board of directors, including the independent directors, considered the proposed private placement and unanimously passed a resolution approving the terms of the private placement. The insider portion to the private placement is exempt from the valuation and

- more-

ADB completes funding activities/2

insider private placement is less than 25 percent of the market capitalization of the Company. Management felt that closing the private placement as soon as possible following its initial announcement was reasonable in the circumstances.ADB has also received conditional approval from the TSX for its financing arrangement.

About ADB Systems International Ltd.

ADB Systems International delivers asset lifecycle management solutions that help organizations source, manage and sell assets for maximum value. ADB works with a

growing number of customers and partners in a variety of sectors including oil and gas, government, healthcare, manufacturing and financial services. Current customers include BP, GE Commercial Finance, Commercial Equipment Financing, Halliburton Energy Resources, the National Health Service, permanent TSB, Talisman Energy, and Vesta Insurance.

Through its wholly owned subsidiary, ADB Systems USA Inc., ADB owns a 50 percent interest in GE Asset Manager, a joint business venture with GE Commercial Finance. ADB has offices in Toronto (Canada), Stavanger (Norway), Tampa (U.S.), Dublin (Ireland), and London (U.K.). The company's shares trade on both the Toronto Stock Exchange (TSX: ADY) and the OTC Bulletin Board (OTCBB: ADBYF).

This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the Safe Harbor provisions of the U.S. federal securities laws. These include, among others, statements about expectations of future revenues, cash flows, and cash requirements. Forward-looking statements are subject to risks and uncertainties that may cause ADB’s ("the Company") results to differ materially from expectations. These risks include the Company’s ability to raise additional funding, develop its business-to-business sales and operations, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the Company's products and services, competitive factors, new products and technological changes, and other such risks as the Company may identify and discuss from time to time, including those risks disclosed in the Company’s Form 20-F filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the Company's plans will be achieved.

Contact:

At ADB Systems International Ltd.

Joe Racanelli, Chief Marketing Officer

Tel: (416) 640-0400 ext. 273

Fax: (416) 640-0412

E-mail: jracanelli@adbsys.com

EX-3

Exhibit 3

ADB Systems International Ltd. 302 The East Mall, Suite 300 Toronto, ON M9B 6C7 Tel: 416 640-0400 / Fax: 416 640-0412 Website: www.adbsys.com (TSX: ADY; OTCBB: ADBYF)

For Immediate Release

ADB APPOINTS KPMG AS AUDITOR

Toronto, ON - September 9, 2005 - ADB Systems International (TSX: ADY; OTCBB: ADBYF), a global provider of asset lifecycle management solutions, announced today it has appointed KMPG LLP as its auditor, replacing Deloitte & Touche LLP.

As mutually agreed upon by both firms, Deloitte & Touche resigned as ADB’s auditor effective August 12, 2005.

KMPG was appointed auditor at the recommendation of ADB’s audit committee following a formal review and selection process. KMPG’s appointment was effective August 12, 2005.

ADB will file all appropriate notices with all applicable securities commissions as required by National Instrument 51-102.

About ADB Systems International Ltd.

ADB Systems International delivers asset lifecycle management solutions that help organizations source, manage and sell assets for maximum value. ADB works with a

growing number of customers and partners in a variety of sectors including oil and gas, government, healthcare, manufacturing and financial services. Current customers include BP, GE Commercial Equipment Financing, Halliburton Energy Resources, the National Health Service, permanent TSB, Talisman Energy, and Vesta Insurance.

Through its wholly owned subsidiary, ADB Systems USA Inc., ADB owns a 50 percent interest in GE Asset Manager, a joint business venture with GE Commercial Equipment Finance. ADB has offices in Toronto (Canada), Stavanger (Norway), Tampa (U.S.), Dublin (Ireland), and London (U.K.). The company's shares trade on both the Toronto Stock Exchange (TSX: ADY) and the OTC Bulletin Board (OTCBB: ADBYF).

This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the Safe Harbor provisions of the U.S. federal securities laws. These include, among others, statements about expectations of future revenues, cash flows, and cash requirements. Forward-looking statements are subject to risks and uncertainties that may cause ADB’s ("the Company") results to differ materially from expectations. These risks include the Company’s ability to raise additional funding, develop its business-to-business sales and operations, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the Company's

products and services, competitive factors, new products and technological changes, and other such risks as the Company may identify and discuss from time to time, including those risks disclosed in the Company’s Form 20-F filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the Company's plans will be achieved.

Contact:

At ADB Systems International Ltd.

Joe Racanelli, Chief Marketing Officer

Tel: (416) 640-0400 ext. 273

Fax: (416) 640-0412

E-mail: jracanelli@adbsys.com

EX-4

Exhibit 4

September 12, 2005

British Columbia Securities Commission

Alberta Securities Commission

Ontario Securities Commission

Dear Sirs and Mesdames:

Re: Change of Auditor

Pursuant to National Instrument 51-102: Continuous Disclosure Obligations, ADB Systems International Ltd. (the “Company”) gives notice of a change of auditor as follows:

1. As mutually agreed upon, Deloitte & Touche LLP was asked to resign as auditor of the Company effective August 12, 2005 and the Company’s Audit Committee appointed KPMG LLP, successor auditors in their place effective August 12, 2005.

2. The Company delivered a Notice of Change of Auditor (the “Notice”) dated August 12, 2005 to Deloitte & Touche LLP and KPMG LLP.

3. The letter of Deloitte & Touche dated August 25, 2005 states their agreement with the information contained in the Notice.

4. The letter of KPMG LLP dated August 26, 2005 states their agreement with the information contained in the Notice.

5. The Audit Committee of the Company has considered and approved the Notice and letters from Deloitte & Touche LLP and KPMG LLP.

Yours very truly,

ADB SYSTEMS INTERNATIONAL LTD.

/s/ Michael Robb

Michael Robb, CFO

cc: Deloitte & Touche LLP

cc: KPMG LLP 

ADB Systems International Ltd.

302 The East Mall, Suite 300, Toronto, ON Canada M9B 6C7 Tel: 416-640-0400 l Fax: 416-640-0412 l www.adbsys.com

NOTICE OF CHANGE OF AUDITOR

PURSUANT TO NATIONAL INSTRUMENT 51-102

ADB Systems International Ltd. (the “Company”) is changing its auditor from Deloitte & Touche LLP, Chartered Accountants, of 5140 Yonge Street Suite 1700, Toronto, ON M2N 6L7 (the “Former Auditor”), to KPMG LLP of 4100 Yonge Street Suite 200, Toronto, ON M2P 2H3. As mutually agreed upon, the Former Auditor was asked to resign effective August 12, 2005.

The resignation of the Former Auditor and the recommendation to appoint KPMG LLP as successor auditor has been approved by the Company’s Audit Committee. The change of auditor will be ratified at the next annual meeting of shareholders.

The Company confirms that there were no reservations in the Former Auditor’s reports in connection with:

a)   The financial statements of the Company for the two most recently completed fiscal years; and

b)   any period subsequent to the most recently completed period for which an audit report was issued and preceding the date of expiry of the Former Auditor’s term of office.

As at the date hereof, there are no reportable events including disagreements, consultations or unresolved issues, as defined in National Instrument 51-102 Continuous Disclosure Obligations, between the Former Auditor and the Company.

Dated this 12 day of August, 2005

ADB SYSTEMS INTERNATIONAL LTD.

Michael Robb, CFO

ADB Systems International Ltd.

302 The East Mall, Suite 300, Toronto, ON Canada M9B 6C7 Tel: 416-640-0400 l Fax: 416-640-0412 l www.adbsys.com

KPMP LLP Chartered Accountants Yonge Corporate Centre 4100 Yonge Street, Suite 200 Toronto ON M2P 2H3 Canada Telephone (416) 228-7000 Telefax (416) 228-7123 Internet www.kpmg.ca

Alberta Securities Commission

British Columbia Securities Commission

Ontario Securities Commission

Dear Sirs/Mesdames:

Re:  Notice of Change of Auditors of ADB Systems International Ltd.

We have read the Notice of ADB Systems International Ltd. dated August 12, 2005 and are in agreement with the statements contained in such Notice.

Yours very truly,

Chartered Accountants

Toronto, Canada

August 26, 2005

Deloitte & Touche LLP 5140 Yonge Street Suite 1700 Toronto ON M2N 6L7 Canada
Tel: 416-601-6150 Fax: 416-601-6151 www.deloitte.ca

August 25, 2005

Alberta Securities Commission

British Columbia Securities Commission

Ontario Securities Commission

Dear Sirs/Mesdames:

Notice of Change of Auditor - ADB Systems International Ltd. (the “Corporation”)

We have read the Corporation’s Notice of Change of Auditor dated August 12, 2005 (the “Notice”). We confirm that we are in agreement with the statements in the Notice as they relate to us.

Yours very truly,

Chartered Accountants

EX-5 6 ex5.htm MATERIAL CHANGE REPORT

Exhibit 5

ADB SYSTEMS INTERNATIONAL LTD.

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1. Name and Address of Company

ADB Systems International Ltd. (the “Corporation”), Valhalla Executive Centre, 302 The East Mall, Suite 300, Toronto, Ontario M9B 6C7.

Item 2. Dates of Material Change

September 9, 2005 and September 12, 2005.

Item 3. News Release

Press releases disclosing the nature and substance of the material changes were issued through the facilities of CanadaNewsWire on September 9, 2005 and September 12, 2005 and were filed on SEDAR.

Item 4. Summary of Material Changes

The Corporation announced on September 9, 2005 that it has appointed KPMG LLP as its auditor, replacing Deloitte & Touche LLP.

The Corporation announced on September 12, 2005 that it had successfully completed its previously announced funding arrangement, securing gross proceeds of $1.2 million (CDN). The Corporation raised the proceeds through the issuance of secured subordinate convertible debentures to a group of institutional and private investors, and members of the Corporation’s senior management and board of directors, including Chris Bulger, Duncan Copeland, Jeff Lymburner, and Jim Moskos. Approximately 10 percent of the proceeds were raised by Corporation insiders.

Item 5. Full Description of Material Change

Change in Auditor

The Corporation announced on September 9, 2005 that it has appointed KPMG LLP as its auditor, replacing Deloitte & Touche LLP. As mutually agreed upon by both firms, Deloitte & Touche LLP resigned as the Corporation’s auditor effective August 12, 2005. KPMG LLP was appointed auditor at the recommendation of the Corporation’s audit committee following a formal review and selection process. KPMG LLP’s appointment was effective August 12, 2005. The Corporation has filed all appropriate notices with all applicable securities commissions as required by National Instrument 51-102 - Continuous Disclosure Obligations.

Closing of Private Placement

The Corporation announced on September 12, 2005 that it had successfully completed its previously announced funding arrangement, securing gross proceeds of $1.2 million (CDN). The Corporation raised the proceeds through the issuance of secured subordinate convertible debentures to a group of institutional and private investors, and members of the Corporation’s senior management and board of directors, including Chris Bulger, Duncan Copeland, Jeff Lymburner, and Jim Moskos. Approximately 10 percent of the proceeds were raised by Corporation insiders.

Under the terms of the private placement, the investors will be able to convert their debentures at any time during the five-year term into units priced at $0.15, with each unit consisting of one common share and one warrant. Each warrant may be exercised into one common share at the exercise price of $0.20 each at any time over the five-year term. The Corporation will pay debenture holders 11 percent interest per annum for unconverted debentures over the five-year term. Payment of interest to debenture holders during the first year of the financing arrangement will be made through the issuance of a number of shares of the Corporation equal to the interest payable divided by the 20 day weighted average trading price less permitted discount up to a maximum of 974,199 common shares. Accrued interest not satisfied by the issuance of shares will be paid in cash.

As a result of the financing arrangement, the Corporation will issue up to 18,467,532 common shares, including 16,000,000 common shares upon conversion of the debentures, 1,493,333 common shares upon the exercise of broker warrants, which are exercisable at $0.15 for each unit for a period up to five years, and up to 974,199 common shares in lieu of cash interest payments.

A commission of eight percent of the gross proceeds less U.S.-based investments was paid to PowerOne Capital Markets Limited.

Mr. Jeffrey Lymburner, an officer of the Corporation, Mr. Duncan Copeland, a director of the Corporation, Mr. Chris Bulger, a director of the Corporation and Mr. Jim Moskos, an officer of the Corporation subscribed for an aggregate principal amount of $20,000, $60,000, $20,000 and $10,000 of debentures, respectively. The issue of debentures to these individuals is a related party transaction under Ontario Securities Commission Rule 61-501 - Insider Bids, Issuer Bids, Going Private Transactions and Related Party Transactions (“OSC Rule 61-501”).

The Corporation’s board of directors, including the independent directors, considered the proposed private placement and unanimously passed a resolution approving the terms of the private placement. The insider portion to the private placement is exempt from the valuation and minority approval requirements of OSC Rule 61-501 because the fair market value of the insider private placement is less than 25 percent of the market capitalization of the Corporation. The material change report respecting the initial announcement of the private placement was filed less than twenty-one days prior to closing of the private placement as management felt that closing the private placement as soon as possible following its initial announcement was reasonable in the circumstances. The Corporation has also received conditional approval from the TSX for the private placement.

Item 6. Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

Not applicable.

Item 7. Omitted Information

No information has been omitted on the basis that it is confidential information.

Item 8. Executive Officer

For further information, please contact:

Jeff Lymburner

Chief Executive Officer

(416) 640-0400

Item 9. Date of Report

September 14, 2005

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EX-5

Exhibit 5

ADB SYSTEMS INTERNATIONAL LTD.

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1. Name and Address of Company

ADB Systems International Ltd. (the “Corporation”), Valhalla Executive Centre, 302 The East Mall, Suite 300, Toronto, Ontario M9B 6C7.

Item 2. Dates of Material Change

September 9, 2005 and September 12, 2005.

Item 3. News Release

Press releases disclosing the nature and substance of the material changes were issued through the facilities of CanadaNewsWire on September 9, 2005 and September 12, 2005 and were filed on SEDAR.

Item 4. Summary of Material Changes

The Corporation announced on September 9, 2005 that it has appointed KPMG LLP as its auditor, replacing Deloitte & Touche LLP.

The Corporation announced on September 12, 2005 that it had successfully completed its previously announced funding arrangement, securing gross proceeds of $1.2 million (CDN). The Corporation raised the proceeds through the issuance of secured subordinate convertible debentures to a group of institutional and private investors, and members of the Corporation’s senior management and board of directors, including Chris Bulger, Duncan Copeland, Jeff Lymburner, and Jim Moskos. Approximately 10 percent of the proceeds were raised by Corporation insiders.

Item 5. Full Description of Material Change

Change in Auditor

The Corporation announced on September 9, 2005 that it has appointed KPMG LLP as its auditor, replacing Deloitte & Touche LLP. As mutually agreed upon by both firms, Deloitte & Touche LLP resigned as the Corporation’s auditor effective August 12, 2005. KPMG LLP was appointed auditor at the recommendation of the Corporation’s audit committee following a formal review and selection process. KPMG LLP’s appointment was effective August 12, 2005. The Corporation has filed all appropriate notices with all applicable securities commissions as required by National Instrument 51-102 - Continuous Disclosure Obligations.

Closing of Private Placement

The Corporation announced on September 12, 2005 that it had successfully completed its previously announced funding arrangement, securing gross proceeds of $1.2 million (CDN). The Corporation raised the proceeds through the issuance of secured subordinate convertible debentures to a group of institutional and private investors, and members of the Corporation’s senior management and board of directors, including Chris Bulger, Duncan Copeland, Jeff Lymburner, and Jim Moskos. Approximately 10 percent of the proceeds were raised by Corporation insiders.

Under the terms of the private placement, the investors will be able to convert their debentures at any time during the five-year term into units priced at $0.15, with each unit consisting of one common share and one warrant. Each warrant may be exercised into one common share at the exercise price of $0.20 each at any time over the five-year term. The Corporation will pay debenture holders 11 percent interest per annum for unconverted debentures over the five-year term. Payment of interest to debenture holders during the first year of the financing arrangement will be made through the issuance of a number of shares of the Corporation equal to the interest payable divided by the 20 day weighted average trading price less permitted discount up to a maximum of 974,199 common shares. Accrued interest not satisfied by the issuance of shares will be paid in cash.

As a result of the financing arrangement, the Corporation will issue up to 18,467,532 common shares, including 16,000,000 common shares upon conversion of the debentures, 1,493,333 common shares upon the exercise of broker warrants, which are exercisable at $0.15 for each unit for a period up to five years, and up to 974,199 common shares in lieu of cash interest payments.

A commission of eight percent of the gross proceeds less U.S.-based investments was paid to PowerOne Capital Markets Limited.

Mr. Jeffrey Lymburner, an officer of the Corporation, Mr. Duncan Copeland, a director of the Corporation, Mr. Chris Bulger, a director of the Corporation and Mr. Jim Moskos, an officer of the Corporation subscribed for an aggregate principal amount of $20,000, $60,000, $20,000 and $10,000 of debentures, respectively. The issue of debentures to these individuals is a related party transaction under Ontario Securities Commission Rule 61-501 - Insider Bids, Issuer Bids, Going Private Transactions and Related Party Transactions (“OSC Rule 61-501”).

The Corporation’s board of directors, including the independent directors, considered the proposed private placement and unanimously passed a resolution approving the terms of the private placement. The insider portion to the private placement is exempt from the valuation and minority approval requirements of OSC Rule 61-501 because the fair market value of the insider private placement is less than 25 percent of the market capitalization of the Corporation. The material change report respecting the initial announcement of the private placement was filed less than twenty-one days prior to closing of the private placement as management felt that closing the private placement as soon as possible following its initial announcement was reasonable in the circumstances. The Corporation has also received conditional approval from the TSX for the private placement.

Item 6. Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

Not applicable.

Item 7. Omitted Information

No information has been omitted on the basis that it is confidential information.

Item 8. Executive Officer

For further information, please contact:

Jeff Lymburner

Chief Executive Officer

(416) 640-0400

Item 9. Date of Report

September 14, 2005