UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   Form 10-QSB


(Mark one)

[X]  Quarterly  Report Under Section 13 or 15(d) of The Securities  Exchange Act
     of 1934

For the quarterly period ended September 30, 2004

[_]  Transition Report Under Section 13 or 15(d) of The Securities  Exchange Act
     of 1934

For the transition period from ______________ to _____________


Commission file no.: 29201

                            ELVA INTERNATIONAL, INC.
                 -----------------------------------------------
                 (Name of Small Business Issuer in its Charter)


Florida                                                65-0790761
-------------------------------                 --------------------------------
(State of incorporation)                          (I.R.S. Employer ID Number)

222 Lakeview Avenue, PMB 160-415
West Palm Beach, FL                                          33401
------------------------------------------         -----------------------------
(Address of principal executive offices)                    (Zip Code)

Issuer's telephone number:  (925) 831-0504

Securities registered under Section 12(b) of the Act:

Title of each class                            Name of each exchange
                                               on which registered

None                                           None
-----------------------------------            ---------------------------------


Securities registered under Section 12(g) of the Act:

                    Common Stock, $0.0001 par value per share
                 -----------------------------------------------
                                (Title of class)

Copies of Communications Sent to:

                          Kenneth S. Pollock, Esq.
                          Newman, Pollock & Klein, LLP
                          2424 N. Federal Highway, Suite 411
                          Boca Raton, FL 33431
                          (561) 393 6168





<PAGE>



     Indicate by Check  whether the issuer (1) filed all reports  required to be
filed by Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [_]




As of September 30, 2004, there were 25,385,998 shares of voting common stock of
the registrant issued and outstanding.

















<PAGE>


                                     PART I

Item 1. Financial Statements

                          INDEX TO FINANCIAL STATEMENTS


Consolidated Balance Sheets..................................................F-2

Consolidated Statements of Operations and Comprehensive Income (Loss)........F-3

Consolidated Statements of Stockholders' Equity (Deficiency).................F-4

Consolidated Statements of Cash Flows........................................F-6

Notes to Consolidated Financial Statements...................................F-7





















                                       F-1

<PAGE>



<TABLE>
<CAPTION>
                            Elva International, Inc.
                           Consolidated Balance Sheets


                                                              September 30, 2004  December 31, 2003
                                                             ------------------ -----------------
                                                                 (unaudited)
<S>                                                          <C>                <C>
                           ASSETS
CURRENT ASSETS
  Cash and equivalents                                       $           57,809 $          41,495
  Accounts receivable, net of reserve of $0 and $2,272                  169,015           205,860
  VAT tax receivable                                                      2,217            10,852
   Inventory                                                             47,465            48,308
                                                             ------------------ -----------------
          Total current assets                                          276,506           306,515
                                                             ------------------ -----------------

PROPERTY AND EQUIPMENT
  Computers and equipment                                               240,471           246,637
        Less accumulated depreciation                                  (177,422)         (164,711)
                                                             ------------------ -----------------

          Net property and equipment                                     63,049            81,926
                                                             ------------------ -----------------

OTHER ASSETS
  Deposits and other assets                                               9,805            35,917
  Income tax credit receivable                                          118,789           119,393
  Patent                                                                670,212           717,368

        Less accumulated amortization                                  (147,037)         (177,479)
                                                             ------------------ -----------------

          Net other assets                                              651,769           695,199
                                                             ------------------ -----------------
Total Assets                                                 $          991,324 $       1,083,640
                                                             ================== =================

        LIABILITIES AND STOCKHOLDERS' EQUITY ( DEFICIENCY)
CURRENT LIABILITIES
   Accounts payable                                          $          339,012 $         350,483
   Accrued Expenses
       Trade                                                             42,694           237,152
       Payroll and taxes                                                121,062           162,293
   Current portion of long-term debt                                          0             1,956
   Provision for litigation and forex gain/(loss)                        57,128            58,143
   Advances from shareholders                                           139,480           176,598
   Conditional government subsidy                                        81,448            82,896
                                                             ------------------ -----------------

          Total current liabilities                                     780,824         1,069,521
                                                             ------------------ -----------------

LONG-TERM DEBT
   Conditional government subsidy                                       165,139           168,072
                                                             ------------------ -----------------

          Total long-term debt                                          165,139           168,072
                                                             ------------------ -----------------
Total Liabilities                                                       945,963         1,237,593
                                                             ------------------ -----------------
Minority interest in consolidated subsidiary                                  0                 0
                                                             ------------------ -----------------

STOCKHOLDERS' EQUITY (DEFICIENCY)
   Preferred stock, $0.0001 par value, authorized
     10,000,000 shares; none issued and outstanding                           0                 0
   Common stock, $0.0001 par value, authorized
     50,000,000 shares; 25,385,998 and 20,857,759
     issued and outstanding shares, respectively                          2,539             2,086
   Additional paid-in capital                                         5,270,739         5,031,866
   Accumulated comprehensive income (loss)                               12,806           (13,087)
   Deficit                                                           (5,240,723)       (5,174,818)
                                                             ------------------ -----------------

          Total stockholders' equity (deficiency)                        45,361          (153,953)
                                                             ------------------ -----------------
Total Liabilities and Stockholders' Equity (Deficiency)      $          991,324 $       1,083,640
                                                             ================== =================
</TABLE>




     The accompanying notes are an integral part of the financial statements


                                       F-2

<PAGE>



<TABLE>
<CAPTION>
                            Elva International, Inc.
      Consolidated Statements of Operations and Comprehensive Income (Loss)
                                   (unaudited)


                                                                      Three Months Ended                    Nine Months Ended
                                                                        September 30,                          September 30,
                                                               --------------------------------  -------------------------------
                                                                  2004              2003              2004            2003
                                                               ---------------  ---------------  --------------- ---------------
<S>                                                            <C>              <C>              <C>             <C>
REVENUES                                                       $        16,592  $       197,152                  $       216,727
                                                               ---------------  ---------------                  ---------------

OPERATING EXPENSES
   Salaries                                                             24,112           78,861         102,173          367,258
   Advertising                                                               0              100               0           15,816
   Depreciation and amortization                                        13,927           12,538          44,314           37,149
   General and administrative                                           72,500           44,639         192,116          169,342
   Research and development                                                  0                0               0           69,372
                                                               ---------------  ---------------  --------------  ---------------

          Total operating expenses                                     110,539          136,138         338,603          658,937
                                                               ---------------  ---------------  --------------  ---------------

Operating Loss                                                         (93,947)          61,014        (154,094)        (442,210)
                                                               ---------------  ---------------  --------------  ---------------

OTHER INCOME (EXPENSE)
   Gain on sale of patent                                               91,890                0          91,890                0
   Interest income                                                           0                0               0              100
   Interest expense                                                     (1,264)          (2,421)         (3,701)          (7,716)
   Foreign currency transaction gain (loss)                                  0             (426)              0             (426)
                                                               ---------------  ---------------  --------------  ---------------

          Total other income (expense)                                  90,626           (2,847)         88,189           (8,042)

Net loss before tax credit and minority interest                        (3,321)          58,167         (65,905)        (450,252)

   Foreign income tax credit                                                 0                0               0                0
   Minority interest in consolidated subsidiary income (loss)                0                0               0                0
                                                               ---------------  ---------------  --------------  ---------------
Net income (loss)                                                       (3,321)          58,167         (65,905)        (450,252)

Other comprehensive income (loss):
   Foreign currency translation gain (loss)                             15,583            3,682          25,893           85,270
                                                               ---------------  ---------------  --------------  ---------------

Comprehensive income (loss)                                    $        12,262  $        61,849  $      (40,012) $       (364,982)
                                                               ===============  ===============  ==============  ===============

Net income (loss) per common share, basic                      $         (0.01) $        0.01    $        (0.01) $         (0.02)
                                                               ===============  ===============  ==============  ===============

Weighted average number of shares outstanding                       22,683,089       20,857,759      25,385,998       18,832,118
                                                               ===============  ===============  ==============  ===============
</TABLE>







     The accompanying notes are an integral part of the financial statements


                                       F-3

<PAGE>



<TABLE>
<CAPTION>
                            Elva International, Inc.
          Consolidated Statements of Stockholders' Equity (Deficiency)


                                                                                          Add'l.
                                                      Number of          Common           Paid-in
                                                       Shares            Stock            Capital
                                                  -----------------   ------------    ---------------
BEGINNING BALANCE,
<S>                                               <C>                 <C>             <C>
December 31, 1998                                        21,500,000   $      2,150    $       828,401

Year ended December 31, 1999:
   Other comprehensive income (loss)                              0              0                  0
   Net loss                                                       0              0                  0
                                                  -----------------   ------------    ---------------

BALANCE, December 31, 1999                               21,500,000          2,150            828,401

Year ended December 31, 2000:
   Conversion of debt of subsidiary for stock             1,720,000            172            557,305
   Shares issued for cash                                 3,790,000            379          1,237,500
   Shares issued to effect 2 for 1 forward split         27,010,000          2,701             (2,701)
   Other comprehensive income (loss)                              0              0                  0
   Net loss                                                       0              0                  0
                                                  -----------------   ------------    ---------------

BALANCE, December 31, 2000                               54,020,000          5,402          2,620,505

Year ended December 31, 2001:
   1 for 10 reverse split                               (48,618,000)        (4,862)             4,862
   Shares issued for cash                                 3,293,640            329            586,354
   144 shares issued for services                           646,500             65            103,375
   S-8 shares issued for services                           135,000             14            269,986
   Conversion of debt of subsidiary for stock               129,082             13             17,475
   Deferred compensation amortization                             0              0                  0
   Other comprehensive income (loss)                              0              0                  0
   Net loss                                                       0              0                  0
                                                  -----------------   ------------    ---------------

BALANCE, December 31, 2001                                9,606,222            961          3,602,557

Year ended December 31, 2002:
   144 shares issued for services                           120,000             12             10,488
   144 shares issued for cash                             6,031,537            603          1,069,331
   Deferred compensation amortization                             0              0                  0
   Other comprehensive income (loss)                              0              0                  0
   Net loss                                                       0              0                  0
                                                  -----------------   ------------    ---------------

BALANCE, December 31, 2002                               15,757,759          1,576          4,682,376

Year ended December 31, 2003
   144 shares issued for cash                             5,100,000            510            349,490
   Other comprehensive income (loss)                              0              0                  0
   Net loss                                                       0              0                  0
                                                  -----------------   ------------    ---------------

BALANCE, December 31, 2003                               20,857,759          2,086          5,031,866

Six months ended June 30, 2004
   144 shares issued for cash                             3,484,614            349            197,231
   144 shares issued to retire debt                       1,043,625            104             41,642
   Other comprehensive income (loss)                              0              0                  0
   Net loss                                                       0              0                  0
                                                  -----------------   ------------    ---------------

ENDING BALANCE, September 30, 2004
(unaudited)                                              25,385,998   $      2,539    $     5,270,739
                                                  =================   ============    ===============
</TABLE>





                                       F-4
<PAGE>



<TABLE>
<CAPTION>
                            Elva International, Inc.
          Consolidated Statements of Stockholders' Equity (Deficiency)

                                      Accum.                                   Total
                     Stock             Comp.                               Stockholders'
   Deferred          Subs.            Income                                   Equity
    Comp.             Rec.            (Loss)             Deficit            (Deficiency)
--------------   --------------   ---------------    ----------------    ------------------

<C>              <C>              <C>                <C>                 <C>
$            0   $            0   $       (52,349)   $       (432,606)   $          345,596


             0                0            (1,176)                  0                (1,176)
             0                0                 0            (723,712)             (723,712)
--------------   --------------   ---------------    ----------------    ------------------

             0                0           (53,525)         (1,156,318)             (379,292)


             0                0                 0                   0               557,477
             0                0                 0                   0             1,237,879
             0                0                 0                   0                     0
             0                0            25,724                   0                25,724
             0                0                 0          (1,163,846)           (1,163,846)
--------------   --------------   ---------------    ----------------    ------------------

             0                0           (27,801)         (2,320,164)              277,942


             0                0                 0                   0                     0
             0                0                 0                   0               586,683
      (103,440)               0                 0                   0                     0
             0                0                 0                   0               270,000
             0                0                 0                   0                17,488
        10,775                0                 0                   0                10,775
             0                0            40,426                   0                40,426
             0                0                 0          (1,378,332)           (1,378,332)
--------------   --------------   ---------------    ----------------    ------------------

       (92,665)               0            12,625          (3,698,496)             (175,018)


             0                0                 0                   0                10,500
             0                0                 0                   0             1,069,934
        92,665                0                 0                   0                92,665
             0                0           (42,354)                  0               (42,354)
             0                0                 0            (897,895)             (897,895)
--------------   --------------   ---------------    ----------------    ------------------

             0                0           (29,729)         (4,596,391)               57,832


             0                0                 0                   0               350,000
             0                0            16,642                   0                16,642
             0                0                 0            (578,427)             (578,427)
--------------   --------------   ---------------    ----------------    ------------------

             0                0           (13,087)         (5,174,818)             (153,953)


             0                0                 0                   0               197,580
             0                0                 0                   0                41,746
             0                0            25,893                   0                25,893
             0                0                 0             (65,905)              (65,905)
--------------   --------------   ---------------    ----------------    ------------------


$            0   $            0   $        12,806    $     (5,240,723)   $           45,361
==============   ==============   ===============    ================    ==================
</TABLE>




     The accompanying notes are an integral part of the financial statements


                                       F-5
<PAGE>




<TABLE>
<CAPTION>
                            Elva International, Inc.
                      Consolidated Statements of Cash Flows
                         Nine Months Ended September 30,
                                   (unaudited)

                                                                   2004              2003
                                                             ----------------   ---------------
<S>                                                          <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                                     $        (65,905)  $      (450,252)
Adjustments to reconcile net loss to net cash
used by operating activities:
     Minority interest in consolidated subsidiary income                    0                 0
     Depreciation and amortization                                     44,314            37,149
     Common stock issued for services                                       0                 0
     Foreign exchange transaction gain (loss)                               0                 0
     Amortization of government subsidy                                     0                 0
     Reserve for impairment of assets                                       0                 0
Changes in operating assets and liabilities:
     (Increase) decrease in accounts receivable                        35,035           (63,628)
     (Increase) decrease in inventory                                       0                 0
     (Increase) decrease in VAT receivable                              8,339              (158)
     (Increase) decrease in deposits and other assets                   2,267            (2,409)
     (Increase) decrease in income tax credit receivable               (1,462)          122,698
     Increase (decrease) in accounts payable                           (1,819)           26,747
     Increase (decrease) accrued expense - trade                     (136,760)           (2,466)
     Increase (decrease) salaries and payroll and taxes               (37,912)         (118,116)
     Increase (decrease) in deferred revenue                                0                 0
                                                             ----------------   ---------------

Net cash  provided (used) by operating activities                    (153,903)         (450,435)
                                                             ----------------   ---------------

CASH FLOW FROM INVESTING ACTIVITIES:
     Purchase of property and equipment                                     0           (33,891)
     Sales of property and equipment                                    1,838                 0
     Sales of unused patent                                           126,085                 0
     Increase expenditure application patent                          (17,600)           (8,171)
                                                             ----------------   ---------------
Net cash provided (used) by investing activities                      110,323           (42,062)
                                                             ----------------   ---------------

CASH FLOW FROM FINANCING ACTIVITIES:
     Proceeds from bank overdraft                                           0                 0
     Repayment of bank overdraft                                            0                 0
     Shareholder advances                                               8,140           (15,988)
     Shareholder advance repayments                                         0                 0
     Receipt of conditional government subsidy                              0                 0
     Proceeds of  long term debt - related party                            0                 0
     Debt payments                                                     (1,935)           (1,665)
     Issuance of common stock for cash                                      0           350,000
                                                             ----------------   ---------------
Net cash provided by financing activities                               6,205           332,347
                                                             ----------------   ---------------

Effect of exchange rates on cash                                       53,689            66,201
                                                             ----------------   ---------------

Net increase (decrease) in cash and equivalents                        16,314           (93,949)

CASH and equivalents, beginning of period                              41,495           133,223
                                                             ----------------   ---------------

CASH and equivalents, end of period                          $         57,809   $        39,274
                                                             ================   ===============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid in cash                                        $          3,701   $         7,716
                                                             ================   ===============
Non-Cash Financing Activities:
  144 common stock issued to retire debt                     $              0   $             0
                                                             ================   ===============
</TABLE>


     The accompanying notes are an integral part of the financial statements


                                       F-6

<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements
                   (Information with regard to the nine months
                ended September 30, 2004 and 2003 is unaudited)

(1)  Summary of Significant Accounting Principles
     The  Company  Elva  International,  Inc.,  (the  "Company"),  is a  Florida
     chartered corporation which conducts business from its offices in West Palm
     Beach,  Florida and Paris,  France.  The Company was incorporated on August
     15, 1997 as Computer Research  Technologies,  Inc., and changed its name to
     Elva, Inc. on January 25, 1999 and to Elva International,  Inc. on February
     23, 2001. The Company is principally  involved in the smart card technology
     industry  through its French  subsidiary,  ELVA,  SA. In November 2000, the
     Company formed a wholly owned  subsidiary,  Elva Asia,  PTE, Ltd. under the
     laws of Singapore,  and closed this entity in 2002. The following summarize
     the more significant accounting and reporting policies and practices of the
     Company:

          a)  Use  of  estimates  In  preparing   the   consolidated   financial
     statements,  management is required to make estimates and assumptions  that
     affect the reported amounts of assets and liabilities as of the date of the
     statements of financial  condition,  and revenues and expenses for the year
     then ended. Actual results may differ significantly from those estimates.

          b) Significant acquisition In December 1998, Elva International,  Inc.
     issued  14,160,000  shares of common stock to acquire  substantially al the
     issued and  outstanding  shares of the common  stock of ELVA,  SA, a French
     corporation,   in  a  reverse   merger,   which  was  accounted  for  as  a
     reorganization  of ELVA,  SA. There  remains a  four-tenths  of one percent
     minority  interest  in  ELVA,  SA,  which  is  owned  by two  of the  major
     stockholders of Elva  International,  Inc. as a result of this acquisition.
     This minority  interest is required under French corporate law. As a result
     of this reverse  merger,  the former  stockholders  of ELVA, SA now control
     Elva International,  Inc. Prior to this reverse merger, Elva International,
     Inc. had nominal  assets and  liabilities.  Elva,  Inc.  accounted  for the
     reverse merger as an issuance of stock for the net monetary  assets of Elva
     International,   Inc.  or,  in  this  case,  as  a  capitalization  of  the
     accumulated deficit of Elva International, Inc. to the date of the merger.

          c) Principles of consolidation The consolidated  financial  statements
     include  the  accounts of Elva  International,  Inc.  and its wholly  owned
     subsidiaries. Inter-company balances and transactions have been eliminated.

          d) Net loss per  common  share  Basic  net loss per  weighted  average
     common share is computed by dividing  the net loss by the weighted  average
     number of common shares outstanding during the period.



                                       F-7
<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(1)  Summary of Significant Accounting Principles (Continued)
          e) Property and  equipment  All property and equipment are recorded at
     cost  and  depreciated  over  their  estimated  useful  lives,   using  the
     straight-line  method.  Upon sale or  retirement,  the  costs  and  related
     accumulated depreciation are eliminated from their respective accounts, and
     the  resulting  gain or loss is  included  in the  results  of  operations.
     Repairs and  maintenance  charges which do not increase the useful lives of
     the assets are charged to operations as incurred.  Depreciation expense was
     $15,389 and $15,485 for the nine months ended  September 30, 2004 and 2003,
     respectively.

          f) Cash and  equivalents  The company  considers  investments  with an
     initial maturity of three months or less as cash equivalents.

          g) Patents The Company acquired two French patents,  Nos. 95-15735 and
     96-01872, from the founders of ELVA, SA. The Company is amortizing the cost
     of these patents over the remaining life of the patents.  Patents in France
     have a 20 year life.  Amortization  expense was $28,925 and $30,562 for the
     nine months ended September 30, 2004 and 2003, respectively.

          h) Revenue  recognition  The Company's sole source of revenue has been
     from licensing its patented  technology.  The Company  records revenue when
     earned under its licensing  agreement.  The Company  intends to license its
     technology to others as well,  rather than to manufacture the VOCALID cards
     for sale. The Company believes that it would be prohibitively expensive for
     it to  establish  its  own  manufacturing  facilities  and  to do so  would
     distract  it from its  efforts at getting  its  technology  accepted as the
     world standard.  The Company is negotiating with an independent third party
     to manufacture  the cards and the Company will either sell them directly or
     through a distributor network.

          i) Foreign  currency  transaction and  translation  gains (losses) The
     principal operating entity of the Company is its subsidiary, ELVA,SA, which
     is located in France.  The  functional  currency of ELVA,  SA, is the Euro.
     ELVA,  SA has only one customer  which is located in the US. ELVA, SA bills
     this  customer in Euros and is paid US Dollars,  (USD).  ELVA, SA records a
     transaction  gain or loss at the time of receipt of payment  consisting  of
     the  difference  between the amount of Euros billed and the amount of Euros
     the USD payment is converted into. On a consolidated  basis,  the Company's
     reporting  currency  is the US Dollar.  The Company  translated  the income
     statement items using the average  exchange rate for the period and balance
     sheet items using the end of period exchange rate, except for equity items,
     which are translated at historical rates, in accordance with SFAS 52.

          j)  Research &  development  Research  and  development  expenses  are
     expensed in the period incurred.



                                      F-8
<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(1)  Summary of Significant Accounting Principles (Continued)
          k) Software development costs The software developed by the Company is
     used  exclusively  by licensors of the Company's  technology.  As such, the
     Company is not selling the  software.  Costs  incurred  in  developing  the
     software have been expensed in the period in which incurred.

          l) VAT tax receivable In France the  government  charges a Value Added
     Tax,  (VAT),  that is similar to sales tax in the US. There are three major
     differences.  First is that VAT is charged at each point of sale. Second is
     that there are no  exemptions  from the  collection of VAT.  Finally,  each
     company files a VAT return with the government monthly reflecting the gross
     VAT  collected  and VAT paid.  If the VAT paid is  greater  than the amount
     collected,  the Company receives a refund from the government approximately
     five months later.

          m) Interim financial information The financial statements for the nine
     months  ended  September  30, 2004 and 2003 are  unaudited  and include all
     adjustments  which in the  opinion of  management  are  necessary  for fair
     presentation,  and such  adjustments are of a normal and recurring  nature.
     The results for the nine months are not indicative of a full year results.

(2)  Stockholders'  Equity  The  Company  has  authorized  50,000,000  shares of
     $0.0001 par value common stock and  10,000,000  shares of $0.0001 par value
     preferred  stock.  Rights and  privileges of the preferred  stock are to be
     determined  by the Board of Directors  prior to  issuance.  The Company had
     21,500,000  shares of common stock issued and  outstanding  at December 31,
     1998 and  September  30,  1999.  In  September  1997,  the  Company  issued
     9,000,000 shares to its founder for services rendered to the Company valued
     at $9,000.  In April 1998,  the Company  completed a  Regulation D Rule 504
     Placement for 1,757,376 shares in exchange for $17,574 cash. In April 1998,
     a majority  shareholder  donated  9,000,000  shares of common  stock to the
     Company.  In June 1998,  9,000,000  shares were issued for $32,500 in cash.
     During the third quarter of 1998,  the Company issued  2,700,000  shares of
     common stock for $54,000 in cash. In December 1998,  9,557,376  shares were
     donated to the Company.  In December 1998,  the Company  issued  14,160,000
     shares for 26,326 of the 26,336 shares issued and  outstanding of ELVA, SA,
     a French corporation.  Additionally,  in conjunction with this acquisition,
     the Company  issued  3,440,000  shares to a third party in  settlement of a
     $204,550 loan the third party had made to ELVA,  SA. As the common stock of
     the  Company was not listed at the date of  acquisition,  the fair value of
     the stock issued to settle this debt was not  determinable  and the Company
     elected to use the loan amount outstanding to value this transaction.

     In July  2000,  the  Company  sold  3,490,000  shares of common  stock to a
     British  Virgin  Islands  investment  company in exchange for $1,139,893 in
     cash. In July 2000,  the Company sold 300,000  shares of common stock to an
     individual  in  exchange  for  $97,985 in cash.  In July 2000,  the Company


                                       F-9

<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(2)  Stockholders'  Equity  (Continued)
     agreed  to  exchange  1,720,000  shares of common  stock  for  $557,477  of
     existing  long-term debt. All three of these transactions were concluded at
     $0.3266  per share.  On October 5, 2000,  the  stockholders  of the Company
     voted to  increase  the number of  authorized  shares of common  stock from
     50,000,000 to 100,000,000  with no change in par value. In conjunction with
     the increase in the authorized shares, the Company issued 27,010,000 shares
     of common  stock to effect a two for one  forward  split of the then issued
     and outstanding shares.

     In June 2001, the Company  completed a 1 for 10 reverse split of its shares
     of common stock.  5,402,000  shares were issued and  outstanding  following
     this action.  In May 2001, the Company sold 1,250,000  shares of restricted
     common stock to a company  controlled  by the new  President of the Company
     for $200,000 in cash, or $0.16 per share.  In June 2001,  the new President
     of the  Company  was  issued  646,500  restricted  common  shares  as  sole
     compensation  for the four-year  term of his  employment  agreement.  These
     shares were valued at $0.16 per share, at the same price per share as those
     he purchased for cash, or a total of $103,440.  In August 2001, the Company
     issued 135,000 shares for services valued at $270,000,  or $2.00 per share.
     In November 2001,  the Company  issued 129,082 shares of restricted  common
     stock to convert $17,488 of debt of ELVA, SA. In November and December, the
     Company issued 3,168,640 shares of restricted  common stock in exchange for
     $386,683 in cash.

     In March 2002, the Company issued 20,000 shares of restricted  common stock
     to a former  employee for services.  These shares were valued at 50% of the
     then market value, or $0.175 per share, for a total value of $3,500. In May
     2002,  the Company sold  1,831,538  shares of  restricted  common stock for
     $270,000  in cash,  or $0.147 per share.  In July 2002,  the  Company  sold
     3,333,333 shares of restricted  common stock for $500,000 in cash, or $0.15
     per  share.  In  September  2002,  the  Company  issued  100,000  shares of
     restricted  common  stock  for  services,  valued at $0.15  per  share.  In
     November 2002,  the Company sold 666,666 shares of restricted  common stock
     in exchange for $200,000 in cash, or $0.30 per share. In December 2002, the
     Company  sold  200,000  shares of  restricted  common stock in exchange for
     $100,000 in cash,  or $0.50 per share.  The cash  purchaser in November and
     December was the same entity.

     In  January  and  February  2003,  the  Company  sold  1,000,000  shares of
     restricted  common  stock  in  exchange  for  $200,000  in cash and a stock
     subscription  of $100,000,  or $0.30 per share,  to the same investor as in
     the fourth quarter.  In April 2003, the Company received the $100,000 stock
     subscription receivable in cash.


                                      F-10
<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(2)  Stockholders'  Equity  (Continued)
     In the  second  quarter  2004,  the  Company  issued  3,484,614  shares  of
     restricted  common  stock in exchange  for  $197,580 in cash , or $0.06 per
     share. In the second quarter 2004, the Company issued  1,043,625  shares of
     restricted  common stock in exchange  for$41,745 of existing  related party
     debt, or $0.04 per share.


(3)  Income  Taxes  Deferred  income taxes  (benefits)  are provided for certain
     income and expenses which are  recognized in different  periods for tax and
     financial  reporting  purposes.  The Company had net operating  loss carry-
     forwards for income tax purposes of approximately $5,240,700,  which expire
     $68,000 on December  31, 2011,  $132,000 on December 31, 2117,  $232,000 on
     December 31, 2118,  $724,000 on December 31, 2119,  $1,164,000  on December
     31, 2020,  $1,378,300 on December 31, 2021,  $897,900 on December 31, 2022,
     $578,400 on December 31, 2023 and $65,900 on December 31, 2024.

     The amount  recorded as deferred tax asset  cumulative  as of September 30,
     2004  is  approximately  $2,090,000  which  represents  the  amount  of tax
     benefits  of  the  loss  carry-forwards.  The  Company  has  established  a
     valuation  allowance  for this  deferred  tax asset of  $2,092,000,  as the
     Company has no history of profitable operations. The significant components
     net deferred tax asset as of March 31, 2004 are:

Net operating losses            $              2,090,000
Valuation allowance                           (2,090,000)
                                ------------------------
Net deferred tax asset          $                      0
                                ========================

     The Company's  subsidiary,  ELVA, SA, applied for research and  development
     income tax credits with the French  government for the years ended December
     31, 2001, 2000, 1999 and 1998. The credits are applied for on the Company's
     annual income tax return in mid-1999,  2000 and 2001.  The amounts  applied
     for were approximately $88,600, $104,500,  $94,800, $15,300 and $94,400 for
     2001, 2000, 1999, 1998 and 1997, respectively.  In the 4th quarter of 1999,
     2000 and 2001,  ELVA,  SA was  notified  by the  French  government  of the
     approval of the application for 1997, 1998 and 1999, respectively, and that
     payment by the  government  would occur in late 2002 and 2003.  The Company
     sold the 1997  receivable to its bank on a  non-recourse  basis in exchange
     for cash in the amount of $94,400.  The Company received the 2000 credit in



                                      F-11
<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(3)  Income Taxes (Continued)
     2003 in the amount of  approximately  $100,000 It is now expected  that the
     government  will  approve  the 2001  credit.  They are  expected to be paid
     $117,000 in 2004.  In 1996,  ELVA,  SA entered its  technology in an annual
     technology competition. This competition is administered by ANVAR, a French
     quasi-governmental  agency  established  to reward  technology  advances by
     French commercial  enterprises.  Elva received one of the awards from ANVAR
     for its technology.  The Company believes, based on the foregoing,  that is
     more  likely  than not that the  Company  will  receive  these  ongoing tax
     credits from the French  government.  These  credits  reduce the income tax
     benefit of its net operating loss  carry-forwards for the French subsidiary
     on a one-for-one basis.

(4)  Going  Concern  As  shown  in  the  accompanying   consolidated   financial
     statements,  the Company  incurred net losses totaling $65,900 for the nine
     months ended  September 30, 2004,  and reflects a  stockholders'  equity of
     approximately  $45,400 as of September  30, 2004.  These  conditions  raise
     substantial  doubt as to the  ability of the Company to continue as a going
     concern.  The  ability of the  Company to  continue  as a going  concern is
     dependent  upon  increasing  sales and  obtaining  additional  capital  and
     financing.  The Company has  retained a registered  broker/dealer  to raise
     additional  funds  for the  Company  in an  amount  up to  $2,000,000.  The
     financial statements do not include any adjustments that might be necessary
     if the Company is unable to continue as a going concern.

(5)  Related Party Transactions
          (a) Patents The Company acquired two French patents, Nos. 95-15735 and
     96-01872,  from the founders of ELVA,  SA for 21,069 shares of common stock
     of ELVA,  SA  valued  at  $320,700,  based on their  historical  cost,  and
     approximately  $3,333  per month  for the life of the  patents  as  royalty
     payments,  beginning in March 1997.  These ELVA, SA shares were part of the
     original  issue  shares of ELVA,  SA and,  accordingly,  had no fair market
     value at that time. After  approximately 8 months, the principals  realized
     that  the  Company  did not  have the  cash  flow to  continue  to make the
     payments  to them  and  continue  to  develop  the  marketing  efforts  and
     suspended  the  payments.  In February  1999,  the Company and the founders
     entered into a new agreement which called for total  additional  payment of
     approximately  $116,700,  with an initial payment of approximately $25,000,
     and quarterly payments of approximately  $11,500,  beginning on February 1,
     2000.  This  new  agreement  also  encompassed  the  international   patent
     application  filed with the World  Organization of  Intellectual  Property,
     principally for the US, Canada,  Europe and Japan. It also  encompasses the
     trademark "VOCALID", No. 96-605347, registered at INPI January 11, 1996.

          (b) Long-term debt In 1998, ELVA, SA received  approximately  $204,500
     from a third  party as a loan.  In  December  1998,  as part of the reverse
     merger, Elva, Inc. issued 3,440,000 shares of common stock in settlement

                                      F-12

<PAGE>



                            Elva International, Inc.
                   Notes to Consolidated Financial Statements

(5) Related Party Transactions (Continued)
          (b)  Long-term  debt,  (continued)  of this  debt.  In March,  May and
     September 1999 and March and July 2000, ELVA received additional  traunches
     of  this  loan  from  the  now  related   party  in  the  total  amount  of
     approximately $650,000. In July 2000, the Company entered into an agreement
     with the holder of its related party  long-term debt to exchange  1,720,000
     shares of common  stock for $557,477 of the existing  long-term  debt,  and
     paid off the  remaining  balance  of  approximately  $90,000  in cash.  The
     Company also received a $16,000  conditional loan from an unrelated company
     under which the Company  would not be liable for  repayment  if the Company
     hired at least one former  technical  employee  of the other  company.  The
     Company has not done so and is  repaying  this loan at a rate of $3,000 per
     year. The repayment schedule is per the original  agreement,  and this loan
     was completely paid off in the third quarter of 2004.

(6)  Commitments  The  Company is  committed  under an  operating  lease for its
     office  space.  The  Company is  obligated  under this lease for its office
     space for  payments  of $33,000 in 2004.  The  Company  can, at its option,
     elect to extend this lease for up to one additional three-year period.

(7)  Concentration of Customers The Company's sole source of revenue to date has
     been one customer, a US based company. Accordingly, its revenue and related
     accounts receivable at all periods presented are all related to this single
     source. The Company is endeavoring to expand its customer base.

(8)  Patent License In 1997, the Company  entered into a  non-exclusive  license
     with a US company,  Atmel  Corp.,  to license  the  Company's  patent.  The
     Company  received an initial  license fee of $100,000,  and will receive an
     additional  $50,000 fee once the 10  millionth  unit is delivered by Atmel.
     The Company also receives a royalty per total units sold:


          Quantity
                               First 1 mm   To 10 mm   To 100 mm     Over 100 mm
                               ----------   --------   -----------   -----------
Unit price less than $0.51      $0.02        $0.015     $0.01         $0.0005
Unit price greater than $0.50   $0.025       $0.02      $0.015        $0.01

(9)  Conditional   Government   Subsidies  The  Company  has  received   several
     government grants which are conditional as to repayment.  The grants are to
     be applied as  reductions  of  salaries  and  employment  taxes paid to new
     employees.  They are  intended by the  government  to induce  increases  in
     employment,  as France has experienced high  unemployment over the last few
     years. The Company had been increasing  employment and applying accumulated
     grants as offsets to salary  expense and, at present,  is not yet obligated
     to repay any of these  grants.  Even though the Company  decreased  overall
     employment  in 2003,  the  employee  category  for which  these  grants are
     intended  has not been  decreased.  The  Company  does not expect to have a
     repay any of the grant amounts.  These grants, if required to be repaid, do
     not  require  the  payment of  interest.  The term for adding the  required
     employees under these grants is three years.

(10) Sale of Patent In the third  quarter of 2004,  the Company  sold one of its
     early  patents,  which the Company  was no longer  directly  attempting  to
     commercialize. The Company recognized a gain of $91,890 on this sale.


                                      F-13
<PAGE>



Item 2. Management's Plan of Operation

General

     In the second  quarter of 2004,  the Company sold  3,484,614  shares of its
restricted common stock to three unaffiliated parties for $197,580 in cash.

12 Month Plan of Operation

     The  Company's  plan of  operations  for the next  twelve (12) months is to
continually  refine its strategy for  capitalizing  on recent  trends within the
Smart Card industry and to exploit such trends to its advantage.  The Company is
currently developing new and varied VocaliD(R) Smart Card systems,  concepts and
ventures.  Thanks to the I-Proved web site, VocaliD(R) Smart Card related to web
communication  is  enhanced.  This new web site  offers a  different  and a more
complete one stop  information  source to the industry and future  clients.  The
Company  believes it can capitalize on the general  Internet trend of increasing
consumer  usage  and  increasing  levels  of  e-commerce   transactions  through
providing  the market the  Company's  VocaliD(R)  Smart Card,  which the Company
believes will increase  e-transaction related to security and trust. The Company
believes that it is well positioned to profit from such opportunities.

     The Company's  business  strategy is to develop its  VocaliD(R)  Smart Card
system to provide  consumers with versatile high quality,  easy to use, personal
and secure communications and transactions. The Company believes the ease of use
and versatility of its online Smart Card system will differentiate  itself among
the array of "off line only" smart card  options  and that this  differentiation
strategy will allow it to carve out a profitable market niche.

     The Company plans to seek out strategic alliances,  joint venture partners,
and business partners with other high-technology firms in which shared resources
could provide enhanced  shareholder value. The Company plans to continually scan
the environment for such partnering opportunities.  Particular attention will be
paid  to the  possibilities  of  developing  international  corporate  strategic
alliances,  partnering with successful  U.S.North American technology firms, and
finding  merger  and  acquisition   candidates  or  counter-parties  with  firms
operating in the U.S. and/or abroad.

Results of  Operations  -For the Three and nine Months Ended  September 30, 2004
and 2003

Financial Condition, Capital Resources and Liquidity

     For the  third  quarter  ended  September  30,  2004 and  2003 the  Company
recorded  revenues of $16,600 and  $197,200,  respectively.  For the nine months
ended September 30, 2004 and 2003, the Company recorded revenues of $184,500 and
$216,700 respectively.



                                       16
<PAGE>



     For the third  quarter  ended  September  30, 2004 and 2003 the Company had
salary expenses of $24,100 and $78,900,  respectively. For the nine months ended
September  30, 2004 and 2003,  the Company had salary  expenses of $102,200  and
$367,300, respectively.

     For the third quarter ended September 30, 2004 and 2003, the Company had on
a consolidated  unaudited basis general and  administrative  expenses of $72,500
and  $44,600,  respectively.  For the nine months ended  September  30, 2004 and
2003,   the  Company  had  on  a  consolidated   unaudited   basis  general  and
administrative expenses of $192,100 and $169,300, respectively.

     For the third quarter ended September 30, 2004 and 2003, the Company had on
a  consolidated  unaudited  basis  total  operating  expenses  of  $110,500  and
$136,100,  respectively.  For the nine months ended September 30, 2004 and 2003,
the Company had on a consolidated  unaudited basis total  operating  expenses of
$338,600 and $658,900, respectively.

Net Losses

     For the third  quarter  ended  September  30,  2004 and 2003,  the  Company
reported a net loss and net income from operations  excluding  foreign  currency
translation  of $3,300 and  $58,200,  respectively.  For the nine  months  ended
September  30, 2004 and 2003,  the Company  reported a net loss from  operations
excluding foreign currency translation of $154,100 and $442,200, respectively.

     The ability of the Company to continue as a going concern is dependent upon
its ability to obtain clients who will utilize the Company's  VocaliD(R) product
and whether the Company can attract an adequate  number of clients.  The Company
believes  that in order to be able to expand its initial  operations in terms of
sales and marketing,  it must establish new offices in the USA and abroad,  hire
staff and acquire  through  purchase or lease  computer and office  equipment to
maintain accurate financial accounting and client data.

     To implement such plan, also during this initial phase, the Company intends
to initiate a self- directed private  placement under Rule 506 in order to raise
the funds required by its development among which the financial means related to
new staff,  equipment and offices.  No  underwriters  have been contacted and no
known  investors have been  contacted with respect to such fund raising.  In the
event such  placement  is  successful,  the Company  believes  that it will have
sufficient  operating  capital to meet the initial expansion goals and operating
costs for a period of one year.




                                       17
<PAGE>



Employees

     The  manpower  has  been  reduced  to 3  people:  3  managers.  Our  future
performance  depends in significant  part upon the continued  service of our key
technical and management  personnel,  and our continuing  ability to attract and
retain highly qualified and motivated  personnel in all areas of our operations.
Competition  for such personnel is intense.  We provide no assurance that we can
retain key managerial and technical employees or that we can attract, assimilate
or retain other highly qualified  personnel in the future. Our employees are not
represented  by a labor union.  We have not  experienced  any work stoppages and
consider our employee relations to be good.

     The Company  will  attempt to maintain  diversity  within its  customer and
advertising base in order to decrease its exposure to downturns or volatility in
any particular market segment. As part of this selection  strategy,  the Company
intends to offer its services to those  consumers and strategic  partners  which
have  a  reputation  for  reputable  dealings  and,  eliminating  customers  and
advertisers that it believes  present a higher credit risk. Where feasible,  the
Company will evaluate  beforehand each customer,  supplier,  partner,  strategic
partner, and advertiser for their creditworthiness.

Research and Development Plans

     A new R&D strategy is being currently studied and will be issued by the end
of  2004.  Our main  goal is to  enhance  the  technology  features  in terms of
personalization,  security, multi application, multi platform and product costs.
For that purpose, chip design-based positioning and software development related
to resources will be accurately refined.

     Investments  related to the  manufacturing  process have stopped as VocaliD
smart cards are currently manufactured by Sagem, the Company's subcontractor.

Forward-Looking Statements

     This Form 10-QSB includes  "forward-looking  statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities  Exchange  Act of  1934,  as  amended.  All  statements,  other  than
statements of historical  facts,  included or  incorporated by reference in this
Form 10-QSB which address  activities,  events or developments which the Company
expects or anticipates will or may occur in the future, including such things as
future capital expenditures  (including the amount and nature thereof),  finding
suitable merger or acquisition candidates, expansion and growth of the Company's
business and operations, and other such matters are forward-looking  statements.
These  statements  are based on certain  assumptions  and  analyses  made by the
Company in light of its  experience  and its  perception of  historical  trends,
current conditions and expected future  developments as well as other factors it



                                       18
<PAGE>



believes are appropriate in the circumstances.  However,  whether actual results
or developments will conform with the Company's  expectations and predictions is
subject  to a number of risks and  uncertainties,  general  economic  market and
business  conditions;  the business  opportunities (or lack thereof) that may be
presented  to and pursued by the  Company;  changes in laws or  regulation;  and
other   factors,   most  of  which  are  beyond  the  control  of  the  Company.
Consequently, all of the forward-looking statements made in this Form 10-QSB are
qualified by these cautionary  statements and there can be no assurance that the
actual results or  developments  anticipated by the Company will be realized or,
even if substantially  realized, that they will have the expected consequence to
or effects on the Company or its business or operations.  The Company assumes no
obligations to update any such forward-looking statements.


Item 3. Controls and Procedures

     The Company's  Chief  Executive  Officer and Chief  Financial  Officer have
concluded,  based on an evaluation  conducted within 90 days prior to the filing
date of this  Quarterly  Report on Form 10-QSB,  that the  Company's  disclosure
controls and  procedures  have  functioned  effectively  so as to provide  those
officers the information necessary whether:

          (i) this Quarterly Report on Form 10-QSB contains any untrue statement
     of a material fact or omits to state a material fact  necessary to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     Quarterly Report on Form 10-QSB, and

          (ii)  the  financial  statements,   and  other  financial  information
     included in this  Quarterly  Report on Form 10- QSB,  fairly present in all
     material respects the financial  condition,  results of operations and cash
     flows  of the  Company  as of,  and  for,  the  periods  presented  in this
     Quarterly Report on Form 10-QSB.

     There have been no significant  changes in the Company's  internal controls
or in other  factors since the date of the Chief  Executive  Officer's and Chief
Financial Officer's  evaluation that could  significantly  affect these internal
controls,   including  any  corrective   actions  with  regards  to  significant
deficiencies and material weaknesses.



                                     PART II

Item 1. Legal Proceedings.

     From time to time,  we may be  involved  in  litigation  relating to claims
arising out of our  operations in the normal course of business.  The Company is
not currently a party to any legal proceedings.



                                       19
<PAGE>



     The  French  court  has  decided  that  ELVA  S.A,  which is the  Company's
subsidiary, must refund Mr. Cedric Colnot's current account.


Item 2. Changes in Securities and Use of Proceeds

     In the period  April-June 2004 the Company sold a total of 3,484,614 shares
of its  restricted  common stock for total cash  consideration  of $197,580,  or
$0.06 per share. In addition,  the Company issued a total of 1,043,625 shares of
its  restricted  common  stock for  reduction  of related  party  debt  totaling
$41,745,  or $0.04 per share. Each issuance was exempt from  registration  under
Section 4(2) of the Securities Act of 1933, and Section 506 of Regulation D.


Item 3. Defaults in Senior Securities

None


Item 4. Submission of Matters to a Vote of Security Holders.

No matter was submitted, during the quarter ending September 30, 2004, covered
by this report, to a vote of the Company's shareholders, through the
solicitation of proxies or otherwise.


Item 5. Other Information

None.


Item 6. Exhibits and Reports on Form 8-K

     (a) The exhibits  required to be filed  herewith by Item 601 of  Regulation
S-B, as described in the following index of exhibits, are incorporated herein by
reference, as follows:

Exhibit no.       Descriptions
---------         -----------------------

3(i).1   [1]   Articles of Incorporation effective August 15, 1997.

3(i).2   [1]   Amended Articles of Incorporation filed January 29, 1999.

3(i).3   [2]   Amended Articles of Incorporation filed November 2000.

3(i).4   [2]   Amended Articles of Incorporation filed March 2001.




                                       20
<PAGE>



3(i).5   [2]   Articles of  Association  of ELVA ASIA PTE LTD effective  October
               30, 2000.

3(ii).1  [1]   Bylaws.

5.1      [3]   Opinion of Mintmire &Associates.

10.1     [1]   Letter of Intent between the Company and ELVA, SA. Dated December
               19, 1998.

10.2     [2]   Lease Agreement for California.

10.3     [2]   Lease Agreement for Asian office for ELVA ASIA PTE LTD.

10.4     [3]   Elva  International,  Inc.  Year 2001  Employee/Consultant  Stock
               Compensation Plan (formerly Exhibit 10.1 and Exhibit 10.6).

10.5     [4]   Perrot, Ltd. Services Agreement dated May 1, 2001 (formerly filed
               as Exhibit 10.4).

10.6     [4]   Perrot, Ltd.  Supplemental  Agreement dated May 1, 2001 (formerly
               filed as Exhibit 10.5).

10.7     [5]   Non-Exclusive  Manufacturing Agreement dated December 6, 2001 (in
               French).

10.8     [6]   I-PROVED Agreement dated May 5, 2003.

10.9     [7]   Consulting  Agreement with Matthews Morris  &Company,  Inc. dated
               January 2, 2003.

23.1     [3]   Consent of Durland &Company, CPAs, P.A.

23.2     [3]   Consent of Mintmire  &Associates  (contained in the opinion filed
               as Exhibit 5.1).

31.1      *    Section 302 Certification.

32.1      *    Section 906 Certification pursuant to 18 U.S.C. 1350.
-------------------------------------------------

*    Filed herewith.

[1]  Previously filed as an exhibit to the Company's  Registration  Statement on
     Form 10-SB January 27, 2000.
[2]  Previously  filed as an  exhibit  to the  Company's  Annual  Report on Form
     10-KSB filed April 16, 2001.




                                       21
<PAGE>



[3]  Previously filed as an exhibit to the Company's  Registration  Statement on
     Form S-8 July 13, 2001.
[4]  Previously  filed as an exhibit to the Company's  Quarterly  Report on Form
     10-QSB filed August 14, 2001.
[5]  Previously  filed as an  exhibit  to the  Company's  Annual  Report on Form
     10-KSB filed April 15, 2002.
[6]  Previously  filed as an  exhibit  to the  Company's  Annual  Report on Form
     10-KSB filed April 15, 2003.
[7]  Previously  filed as an exhibit to the Company's  Quarterly  Report on Form
     10-QSB filed May 20, 2003.
*    Filed herewith

     (b) No Reports on Form 8-K have been filed.







                                       22
<PAGE>



                                   SIGNATURES



     In accordance  with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                            Elva International, Inc.
                               ------------------
                                  (Registrant)


Date:    November 22, 2004


                            /s/ Eric Danon
                            ---------------------------------------------------
                            Eric Danon, President, CEO & Director


                            /s/ Serge Parienti
                            ---------------------------------------------------
                            Serge Parienti, VP and Director


                            /s/ Patrick Misko
                            ---------------------------------------------------
                            Patrick Misko, VP and Director








                                       23