UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549  FORM 20-F  [   ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: September 30, 2006 OR [   ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____  Commission File Number 0-26414  GLOBETECH VENTURES CORP. (Exact Name of Registrant as specified in its charter)  Province of British Columbia, Canada (Jurisdiction of incorporation or organization)  Suite 901  938 Howe Street, British Columbia V6Z 1N9 (Address of principal executive offices)  Securities registered or to be registered pursuant to Section 12(b) of the Act: None (Title of Class)  Securities registered or to be registered pursuant to Section 12 (g) of the Act:  Common Shares, no par value (Title of Class)  Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None (Title of Class)  Indicate the number of outstanding shares of each of the Companys classes of capital or common stock as of the close of the period covered by this registration statement: 15,640,751 Common Shares as at September 30, 2006     Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X  No    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the Act).  |  | Large Accelerated Filer  |  | Accelerated Filer  |X| Non-Accelerated Filer   Indicate by check mark which financial statement item the registrant has elected to follow.  |  | Item 17    |X| Item 18   If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  |  | Yes       |X|  No    TABLE OF CONTENTS  FORWARD-LOOKING STATEMENTS PART I ITEM 1. Identity of Directors, Senior Management, and Advisors ITEM 2. Offer Statistics and Expected Timetable ITEM 3. Key Information Selected Financial Data Currency and Exchange rates Risk Factors ITEM 4. Information on the Company ITEM 5 Operating and Financial Review and Prospects Results of Operations ITEM 6 Directors, Senior Management, and Employees ITEM 7 Major Shareholders and Related Party Transactions Related Party Transactions ITEM 8 Financial Information ITEM 9 The Offer and Listing ITEM 10 Additional Information Exchange Control and Other Limitations Affecting Security Holders Taxation - Certain Canadian Income Tax Consequences to United States Investors ITEM 11 Quantitative and Qualitative Disclosures About Market Risk ITEM 12 Description of Securities Other Than Equity Securities PART II ITEM 13 Defaults, Dividends Arrearages and Delinquencies ITEM 14 Material Modifications to the Rights of Security Holders and Use of Proceeds ITEM 15 Controls and Procedures ITEM 16.A Audit Committee Financial Expert ITEM 16.B Code of Ethics ITEM 16.C Principal Accountant Fees and Services ITEM 16.D Exemptions from the Listing Standards for Audit Committees ITEM 16.E Purchases of Equity Securities by the Issuer and Affiliated Purchasers PART III ITEM 17 Financial Statements ITEM 18 Financial Statements ITEM 19 Exhibits           FORWARD-LOOKING STATEMENTS  All statements, other than statements of historical fact included in this Form 20-F, are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934 (the Exchange Act).  Such forward-looking statements involve assumptions, known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Globetech Ventures Corp. (the Company) to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements contained in this Form 20-F.  Such potential risks and uncertainties include, without limitation, the Company being in the exploration and development stages with its properties and projects, having limited financial resources, dealing in an industry with fluctuating demand and pricing, having to work with substantial governmental regulations, working in an industry involving hazardous operations, and other risk factors detailed herein.  The forward-looking statements are made as of the date of this Form 20-F and the Company assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those projected in such forward-looking statements.  Therefore, readers are cautioned not to place undue reliance on these forward-looking statements.  The Companys consolidated financial statements and all other references to currency throughout this Form 20-F are stated in Canadian Dollars (Cdn) unless specifically indicated otherwise and are prepared in accordance with Canadian generally accepted accounting principals (Canadian GAAP), the application of which, in the case of the Company, conforms in all material respects for the periods presented with U.S. GAAP, except as noted in the notes to the consolidated financial statements.     PART I   ITEM 1. Identity of Directors, Senior Management, and Advisors  Not applicable.    ITEM 2. Offer Statistics and Expected Timetable  Not applicable.    ITEM 3. Key Information   Selected Financial Data  The selected consolidated financial data for each of the years in the most recent five-year periods ended September 30, 2006 have been derived from our consolidated financial statements and the related notes.  The consolidated financial statements for the year ended September 30, 2006 can be found included in this Annual Report beginning on page F-1.  Our consolidated financial statements have been prepared in accordance with Canadian GAAP.  Refer to Note 11 of the consolidated financial statements included herein for a discussion of the material differences between Canadian GAAP and U.S. GAAP, and their effect on the Companys financial statements.     Summary Financial Data  Year
ended
September 30, 2006Year
ended
September 30, 2005Year
ended
September 30, 2004Year
ended
September 30, 2003Year
ended
September 30, 2002Canadian GAAP:RevenueNilNilNilNilNilNet Income/(Loss)(507,426)(778,853)(7,302,024)(47,171)(319,713)Per Share(0.03)(0.05)(0.60)(0.00)(0.03)Weighted Average Shares15,036,92614,340,41412,246,1509,489,9399,489,939DividendsNilNilNilNilNilTotal Assets83,482133,628309,59819,02154,767Shareholder Equity (Deficiency)(566,735)(269,079)(165,088)(938,464)(891,293)U.S. GAAP:Net Income/(Loss)(534,750)(829,260)(7,302,024)(47,171)(319,713)Per Share(0.04)(0.06)(0.60)(0.00)(0.03)Weighted Ave. Shares15,036,92614,340,41412,246,1509,489,9399,489,939Total Assets5,75183,221309,59819,02154,767Shareholder Equity (Deficiency)(644,466)(319,486)(165,088)(938,464)(891,293)    Currency and Exchange rates  All dollar amounts set forth in this report are in Canadian dollars, except where otherwise indicated.  The following table sets forth (i) the rates of exchange for the Canadian dollar, expressed in U.S. dollars, in effect at the end of each of the periods indicated; (ii) the average exchange rates in effect on the last day of each month during such periods; and (iii) the high and low exchange rate during such periods, in each case based on the noon buying rate in New York City for cable transfers in Canadian dollars as certified for customs purposes by the Federal Reserve Bank of New York:  AverageHighLowCloseFebruary 2007.8528.8645.8420.8614January 2007.8518.8601.8437.8459December 2007.8680.8795.8568.8581November 2007.8810.8928.8699.8819October 2007.8873.8969.8760.8923September 2007.8969.9064.8851.8979Fiscal Year Ended 09/30/2006.8754.9148.8345.8979Fiscal Year Ended 09/30/2005.8181.8601.7836.8542Fiscal Year Ended 09/30/2004.7551.7886.7138.7876Fiscal Year Ended 09/30/2003.6858.7404.6329.7404Fiscal Year Ended 09/30/2002.6356.6619.6200.6304   On April 12, 2007, the noon buying rate in New York City for cable transfers in Canadian dollars as certified for customs purposes by the Federal Reserve Bank of New York (the Exchange Rate) was US $0.87292 = $1.00 Canadian.   Risk Factors   History of losses, likelihood of future losses and dependence on additional financing  Globetechs principle business activities include the acquiring and developing of mineral properties and if warranted the processing of related mineral resources.  The Company is currently pursuing and evaluating potential mineral properties and other business ventures. The Company does not have any positive cash flow from operations. The Company relies on private placements, exercise of stock options and warrants to raise funds from equity.  The Company is subject to a number of significant uncertainties and risks including those described below and those described elsewhere in this Annual Report.  These and other risk factors, may ultimately affect the Company in a manner and to a degree that cannot be foreseen at this time.  Exploration and Mining Risks  The business of exploration for minerals involves a high degree of risk.  Few properties that are explored are ultimately developed into producing mines.  The properties in which the Company has, or is acquiring an interest in have no known body of commercial ore.  Unusual or unexpected formations, formation pressures, fires, power outages, labour disruptions, flooding, explorations, cave-ins, landslides, and the inability to obtain suitable adequate machinery, equipment, or labour are other risks involved in the operation of mines and the conduct of exploration programs.  The Company has relied on and may continue to rely upon consultants and others for exploration and development expertise.  Although substantial benefits may be derived from the discovery of a major mineral deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that funds required for development can be obtained on a timely basis.  The economics of developing mineral properties are affected by many factors including the cost of operations, variations in the grade of ore mined, fluctuations in metal markets, costs of processing equipment, and other such factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environmental protection.  The Company has no producing mines.  Development Risks  The marketability of minerals acquired or discovered by the Company may be affected by numerous factors which are beyond the control of the Company and which cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment, and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environmental protection.  Need for Additional Financing  Due to the nature of the Companys business, there can be no assurance that the Company will be profitable.  For at least the last five years, the Company has incurred losses.  The Company has paid no dividends on its shares since incorporation and does not anticipate doing so in the foreseeable future.  The only present source of funds available to the Company is through the sale of its equity shares.  Even if the results of exploration are encouraging, the Company may not have sufficient funds to conduct the further exploration that may be necessary to determine whether or not a commercially mineable deposit exists.  While the Company may generate additional working capital through further equity offerings or through the sale or possible syndication of its property, there is no assurance that any such funds will be available.  If available, future equity financings may result in substantial dilution to purchasers under the offering.  At present it is impossible to determine what amounts of additional funds, if any, may be required.  The Companys ability to maintain its interests in its mineral properties and to fund ongoing exploration costs will be entirely dependant in its ability to raise additional funds by equity financings.  If the Company is unable to raise such funds it may suffer dilution or loss of interest in its mineral properties.  Mineral Prices  The mining industry in general is intensely competitive and there is no assurance that, even if commercial quantities of ore are discovered, a profitable market may exist for the sale of minerals produced by the Company.  Factors beyond the control of the Company affect the marketability of any substances discovered.  Mineral prices, in particular gold prices, have fluctuated widely in recent years.  The marketability of minerals is also affected by numerous other factors beyond the control of the Company.  These other factors include government regulations relating to price, royalties, allowable production, and importing and exporting of minerals.  Uninsured Risks  In the course of exploration, development and production of mineral properties, certain risks, and in particular, unexpected or unusual geological operating conditions including rock bursts, cave-ins, fires, flooding, and earthquakes may occur.  The Company may decide not to take out insurance against such risks as a result of high premiums or other reasons.  Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing costs and a decline in the value of the securities of the Company.  Competition  The Company competes against other companies possessing greater financial resources and technical facilities than itself for the acquisition of mineral concessions, claims, leases, and other mineral interests as well as for the recruitment and retention of qualified employees.  Dependence on Key Management  The Companys development to date has depended, and in the future will continue to depend, on the efforts of key management.  The Company does not have management contracts with any of the management of the Company.  Environmental and Other Regulatory Requirements  Mineral exploration activities require permits from various governmental authorities and are and will be governed by laws and regulations governing prospecting, development, mining, production, exports, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, safety and other matters.  Companies engaged in the exploration and development of mineral properties generally experience increased costs, and delays as a result of the need to comply with applicable laws, regulations, and permits.  The Company believes it is in substantial compliance with all material laws and regulations which currently apply to its activities.  Failure to comply with applicable laws, regulations, and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory of judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, instalment of additional equipment, or remedial actions.  Parties engaged in mineral exploration and development activities may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations and, in particular, environmental laws.  Amendments to current laws, regulations, and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have material adverse impact on the Company and cause increases in capital expenditures or production costs or reduction in levels of production at producing properties or require abandonment or delays in development of new mining properties.  Price Fluctuations: Share Price Volatility  In recent years, securities markets have experienced a high level of price and volume volatility, and the market price of securities of many companies, particularly those considered development stage companies, have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies.  In particular, the share price of the Companys common shares fluctuated from a high of US $0.89 to a low of US $0.14 within the twelve (12) months ended September 30, 2006.  There can be no assurance that continual fluctuations in price will not occur.  Permits and Licenses  The operations of the Company may require licenses and permits for various governmental authorities.  There can be no assurance that the Company will be able to obtain all necessary licenses and permits that may be required to carry out exploration, development and mining operations at its projects.  Dividends  All of the Companys available funds will be invested to finance the growth of the Companys business and therefore investors cannot expect to receive a dividend on the Companys common shares in the foreseeable future.   ITEM 4.   Information on the Company  Globetech Ventures Corp. (Globetech or the Company), a public company quoted on the OTC Bulletin Board under the symbol GTVCF, was incorporated under the laws of the Province of British Columbia on November 20, 1991 under the name Universal Enterprises Corp.  The Company then changed its name to Colossal Resources Corp. on August 17, 1992 and became a reporting issuer with its shares listed for trading on the Vancouver Stock Exchange under the symbol CLP.  On February 24, 1997 the Company voluntarily de-listed its shares from the Vancouver Stock Exchange.  Its shares were then listed for trading on the NASDAQ Small Cap Exchange under the symbol CLPZF on April 3, 1996.  On July 28, 1998 the Companys shares were de-listed from the NASDAQ Small Cap Exchange for failing to maintain a bid price of not less than US $1.00 per share.  The Companys common shares began quotation on the OTC Bulletin Board under the symbol CLPZF.  On September 20, 2000 the Company changed its name to Globetech Ventures Corp. with a new trading symbol of GTVCF.  The Companys head office and principle place of business is located at Suite 901  938 Howe Street, Vancouver, British Columbia V6Z 1N9.  Globetechs principal business activities are the exploration and development of mineral properties with the intent of developing a mine and the production and processing of mineral resources.  The Company is currently pursuing and evaluating mineral properties and potential business ventures. The Company does not have any mineral properties containing a known ore deposit.  British Columbia, Canada  On February 28, 2005, Globetech announced that it entered into an option agreement whereby the Company can earn a 100% interest in the Gladys Lake porphyry molybdenum property from Mr. John Peter Ross of Whitehorse, Yukon.  In order to earn a 100% interest, the Company is required to pay a total of $95,000, in ascending payments over a period of four years. The agreement also calls for the issuing of 400,000 shares of Globetech over this same period. On April 12, 2005, the Company issued 50,000 shares from treasury. After the four-year period, the Company agrees to pay an annual advance royalty of $25,000 commencing February 28, 2010.  On completion of a bankable feasibility, the Company will issue to the vendor a further 400,000 shares of Globetech.  The vendor will retain a 3% Net Smelter Return Royalty, 2% of which can be purchased by the Company on a pro-rata basis for the sum of $2,000,000 at any time within five years of commencement of commercial production.  An initial down payment of $10,000 was made and the $15,000 payment for the March 21, 2006 payment. The Company has not made the March 21, 2007 payment yet, but has intentions to do so..  DateAmountPaidSharesIssuedMarch 21, 2006$       15,000Yes50,000YesMarch 21, 200720,00050,000March 21, 200825,000100,000March 21, 200925,000150,000  The Gladys Lake property is located approximately 30 air miles northeast of the town of Atlin, British Columbia just south of the western end of Gladys Lake. It is accessible by gravel road that leads from the Atlin Road approximately six miles north of Atlin. The Gladys Lake property consists of 50 new grid claims or cells.  Each cell is approximately 300 metres by 500 metres in size.  The history of the property started in 1969 when an Atlin prospector staked 232 claims covering the showing. In 1970 Amax optioned the property and completed a program of geological mapping, geochemical sampling road building and trenching. In 1971 Amax completed a five-hole diamond drilling program totalling 726 metres. This work was not filed for assessment. In 1978 Quest Explorations completed a program of recovering core from the 1971 program, logging the core and analyzing composites of the mineralized sections of the core.  A detailed geological description of the Gladys Lake is as follows: The property is underlain by a sequence of sediments of the Late Paleozoic Cache Creek Group.  These rocks are intruded by small bodies of Late Mesozoic alaskite. The alaskite consists of a ring-dyke complex exposed at higher elevations and a probable large stock-like body at depth.  Roughly centered about the alaskite is a quartz vein stockwork zone lying within a larger zone of weakly to intensely altered rocks.  The alaskite complex has an outer diameter ranging from 1600 feet (500 m) to 2300 feet (700 m).  The hornfelsed and altered zones are both roughly centered about the alaskite outcrop.  The hornfelsed zone measures approximately 11,000 feet (3500 m) and 7500 feet (2000 m) respectively.  The wallrock alteration zone lies within the hornfelsed zone.  The long and short axis, respectively are approximately 8200 feet (2500 m) and 5500 feet (1500 m). It is characterized by pervasive weak to intense degrees of bleaching and silicification with attendant development of sericite occurring along fractures and disseminated along margins of quartz veins. Quartz veining occurs widespread throughout the alteration zone with sedimentary rocks and alaskite.  Veins commonly range from 1/8 in to 3⁄4 in wide and are relatively continuous and sharp walled.  The quartz vein stockwork zone is roughly centered about the alaskite ring dyke complex. Sulphide minerals recognized on the property include pyrite, molybdenite chalcopyrite, and pyrrhotite. Very minor amounts of scheelite and wolframite have been observed.  Minor amounts of molybdenite occur in quartz veins and to a lesser extent along fractures throughout the stockwork zone.  Molybdenite occurs as medium grained flakes, books, and rosettes along margins of quartz veins within the stockwork zone and in most of the stringer zones.  Also fine grained molybdenite occurs along dry fractures within the stockwork zone.  The geochemistry survey completed by Amax in 1970 produced an anomalous target 4000 feet (1200 m) by 2700 feet (800 m).  This soil geochemical anomaly outlines the trace of the main molybdenum mineralization in the quartz stockwork zone.  Surface rock sampling from outcrop and trenching gave range from 0.02% to 0.05% MoS2.  Core sampling in 1978 gave the following values:  Hole 1220 to 4011790.110% MoS2Hole 2200 to 5863860.089% MoS2Hole 372 to 1751030.051% MoS2332 to 4901680.022% MoS2Hole 4not sampledHole 5520 to 556360.087% MoS2  The Gladys Lake property hosts a molybdenum deposit similar in tenor and size to the Adanac Deposit to the south. The property has an excellent anomalous soil footprint and weakly mineralized surface showings of molybdenite. Limited diamond drilling suggests that the grade of the mineralized body is similar to that at Adanac around 0.05 to 0.1% molybdenum.  Amapa State, Brazil  Globetech announced on March 9, 2004, that it finalized a definitive agreement (the Agreement) to acquire all the issued and outstanding shares of Braz Gold LtdA, a Brazilian company which owns title to approximately 130,000 acres (approximately 53,000 hectares) of mineral claims (the Mineral Claims) prospective for gold and other minerals in the Vila Nova Greenstone belt in Amapa State, northern Brazil.  The principal terms of the Agreement required the Company to issue 2,000,000 common shares at a deemed value of US $1.50 per share, which shares would be released over a 2 1⁄2 year period.  In addition, the Company issued to the vendors a net smelter return royalty (NSR) of 1% to a maximum of US $8,000,000.  Other provisions in the Agreement include the Companys requirement to fund through Braz Gold, property payments for a total of US $2,000,000 by December 2005 and to make minimum exploration expenditures of US $1,750,000 to December 2005.  Upon completion of a bankable feasibility study the Vendors may compel the Company to repurchase the NSR for US $4,000,000 in cash or by way of the issuance of shares in its capital at a deemed price of US $4.00 per share.  In addition, upon completion of such bankable feasibility study verifying a minimum commercial grade mineral deposit of one million ounces, the Company will make a payment of US $2,000,000 to the landowners.  The subject claims are located on the prolific Vila Nova greenstone belt, in the south-central part of Amapa State some 100 km northwest of the state capital of Macapa.  The area is easily accessed by road and rail and has access to electricity as well as water from the substantial surrounding river systems.  The Vila Nova greenstone belt forms part of a stable Precambrian Guyanan Shield rock formation, which in the adjacent countries of Venezuela, French Guiana, and Guyana, hosts world class gold deposits.  The Omai gold deposit in Guyana, has a reserve of approximately 4.2 million ounces of gold.  The Guyanan shield has historically produced large amounts of gold, some 4.8 million ounces having been mined in the 19th century alone. In the Vila Nova greenstone belt, in similar rocks to those found in Globetechs claim area, the Amapari gold deposit lies north of the Companys claim area.  The Amapari gold deposit which has a resource in excess of 2 million ounces of gold, was recently acquired by Wheaton River Minerals for $105 million. Located to the south of Globetechs claim area lies the large open-pit and underground vein-gold working of Mineracao do Vila Nova with a multiple parallel quartz-vein deposit showing visible gold. In December 2003, the Company commissioned a review of the mineral resource by an independent geologist.  Notwithstanding, the Companys mineral claims may have characteristics or be adjacent to properties that have reserves or have produced gold, for clarification the Companys mineral claims have no reserves as defined by the SEC.  It was determined by the Company that in spite of an interesting potential, this property was difficult for the Company to handle. The property is located in Brazil where the Company has limited experience. The property is an early stage exploration property where geological targets may yield no results. The Company was concerned that a great of money may have to be spent with limited results. The Company experienced difficulties in obtaining proper information. The Company decided from a risk management point of view to discontinue exploration of the Amapa property, during the year ended September 30, 2004 and recorded a write-down of mineral properties of $4,425,208 at that time.    ITEM 5.   Operating and Financial Review and Prospects  The Company has prepared Consolidated Financial Statements in accordance with Canadian generally accepted accounting principles, which differ in certain respects from U.S. GAAP.  You can read about some of the principal differences in Note 11 to the Consolidated Financial Statements, where you will find a reconciliation of our Consolidated Financial Statements and U.S. GAAP.   Results of Operations  Year Ended September 30, 2006  For the year ended September 30, 2006, the Company had a net loss of $507,426 compared to a net loss of $778,853 for the previous year The main differences were stock-based compensation of $579,654 expensed in the previous year compared to $nil in the current year and consulting fees of $261,499 in the current year compared to $39,000 in the previous year. As there were no options granted in 2006, there was no stock-based compensation expense. The Company looked at a number of projects in 2006 resulting in increased consulting expense.  Year Ended September 30, 2005  For the year ended September 30, 2005, the Company had a net loss of $778,853 compared to a net loss of $7,302,024 for the previous year The main differences were stock-based compensation of $579,654 expensed in the current year compared to $2,429,100 in the previous year and the write-down of mineral properties of $4,425,208 in the previous year as compared to nil in the current year. Stock-based compensation is a non-cash expense computed as a result of stock options being granted, and a fair value derived from the trading price of the companys stock market price. The current stock-based compensation was calculated on a volatility of 199%, an expected life of 3 years and an interest risk-free rate of 2.18% as compared to the previous year where the volatility was calculated at 172%, the expected life was 4 years and a risk-free rate of 2.92%.  The fair value of the stock options was $0.34 per share as compared to $1.32 per share in the previous year.  On January 24, 2005 the Company announced that it was no longer pursing any exploration or development work on the Amapa property. It was decided that the environment was too difficult to work within and that results found could be of a very preliminary nature with a potential for a high cost of exploration. This write-down of $4,425,208 was taken in the previous year.  There was a general decrease in the administrative expenses for the current year notably for accounting and legal, consulting fees, public relations, and travel and promotion. In the previous year there was an active program to find a suitable mineral property and preparations being made in anticipation of the exploration of the Amapa property. When the Company decided not to pursue this property there was a void in activity. The Company has taken on the Gladys Lake property and recently completed a geological report. The Company intends to complete a proposed Phase 1 work program of $50,000 and if warranted the Phase 2 program of $125,000.  As a result of the settlement of a lawsuit with one of the Companys previous lawyers, a refund of some $18,000 was receivable at September 30, 2005 and the reduction in legal expense of some $24,000.  Year Ended September 30, 2004  For the year ended September 30, 2004 the net loss was $7,302,024 for the year as compared to $47,171 for the previous year. The two largest items account for 94% of the total expense. These items are Stock-based compensation for $2,429,100 and Write-down of mineral properties for $4,425,208. Stockbased compensation is the calculation of the fair value of stock options granted during the 2004 fiscal year using a Black-Scholes option-pricing model. This is a non-cash expense and a calculation made under accounting principles to indicate the value of stock options granted as compared to the market price and the trading price of the stock in the past. The write-down is the cost of the Amapa property in Brazil that was written off.  With the work connected to the Amapa property in Brazil and the search for a new mineral property, resulting in the Gladys Lake property in British Columbia, there was a general increase in activity in 2004 and a resulting increase in expense. Accounting and legal increased $77,752 over the previous year as a result of legal costs. Consulting fees increased $154,416 largely from efforts to raise equity funds. Travel costs also increased largely due to efforts to raise equity funds and meet with investors. The Company also increased its promotional efforts in 2004 where public relations expense increase from $16,844 to $86,204. The only significant decrease was the reduction of interest expense, as a result of reduced debt.   Liquidity and Capital Resources  At September 30, 2006, the Company had a working capital deficiency of $645,966. The Company issued 861,000 shares at $0.23 to retire debt of $199,270. The Company will need to do a financing to enable the Company to move ahead.  The Company needs to raise additional cash for working capital or other expenses to properly continue operations. We may encounter lower than anticipated opportunities to raise equity funding, higher than anticipated expenses, or opportunities for acquisitions of other business initiatives that require significant cash commitments, or other unanticipated problems or expenses that could result in a requirement for additional capital before that time. If we need to raise additional cash, financing may not be available to us on favorable terms, or at all. We have several share purchase warrants outstanding and we will endeavor to have some of these exercised. No assurance can be given that the Company will be able to raise sufficient funds.  In addition, the Company will be required to raise additional funds for working capital.  At September 30, 2005, the Company had $51,085 in cash with a working capital deficiency of $321,582.  The Company issued 80,000 of treasury stock for the settlement of debts of $40,637 and 100,000 shares for debts of $36,067 during the year ended September 30, 2005. Pursuant to the acquisition of the Gladys Lake option, the Company issued 50,000 shares.  At September 30, 2004 the Company had cash of $304,387 and a working capital deficiency of $168,024. This is a significant improvement over the previous year where at September 30, 2003, the Company had $8,720 in cash with a working deficiency of $938,464.  On April 1, 2004, the Company completed a private placement of 300,000 units at a price of US$0.70 per unit with each unit consisting of one common share and one non-transferable share purchase warrant.  Each warrant will permit the holder to purchase one common share of the Company at a price of US$0.80 per share at any time until June 30, 2005, at US$0.90 per share at any time until June 30, 2006, and at US$1.00 per share at any time until June 30, 2007.  On April 23, 2004, the Company completed a private placement of 300,000 units at a price of US$0.70 per unit with each unit consisting of one common share and one non-transferable share purchase warrant.  Each warrant will permit the holder to purchase one common share of the Company at a price of US$0.80 per share at any time until April 23, 2005, at US$0.90 per share at any time until April 23, 2006, and at US$1.00 per share at any time until April 23, 2007.  On June 22, 2004, the Company completed a private placement of 500,000 units at a price of US$0.50 per unit with each unit consisting of one common share and one non-transferable share purchase warrant.  Each warrant will permit the holder to purchase one common share of the Company at a price of US$0.50 per share at any time until June 30, 2005, at US$0.60 per share at any time until June 30, 2006.  On August 4, 2004, the Company completed a private placement of 697,674 units at a price of US$0.30 per unit with each unit consisting of one common share and one non-transferable share purchase warrant.  Each warrant will permit the holder to purchase one common share of the Company at a price of US$0.375 per share at any time until July 28, 2005, at US$0.475 per share at any time until March 28, 2006. This private placement dated August 4, 2004 contained a price reset clause whereby 697,674 shares were issued prior to September 30, 2004 and an additional 302,326 were issued on November 3, 2004 making a total issued of 1,000,000 shares and an equal number of warrants.  Research and Development  There are no research and development tasks currently being undertaken.  Legal Proceedings  The Company has settled with the legal firm of Bartel Eng. A refund of some $18,000 was received during the year ended September 30, 2006.  In addition to this lawsuit, in regards to the Amapa property in Brazil that the Company was previously involved in, the Company is trying to cancel two million shares issued pursuant to the Amapa agreement. The Company believes that these shares should be cancelled, and is prepared to take whatever action is necessary.  Tabular Disclosure of Contractual Obligations  The following table details loans payable as at September 30, 2006:  Loan payable to Andrew Harman, due on demand, interest at 10% per annum,$            343,098    ITEM 6.   Directors, Senior Management, and Employees  The directors, and senior management of the Company are as follows:  NamePositionYear in Which Elected or AppointedCasey ForwardPresident, CEO & Director2003Dr. K. SachdevaDirector2004Dr. Arnold AbramsonDirector2006Ian BartholomewDirector2006Ping ShenChief Financial Officer2006  Casey Forward, President, CEO, Director Casey Forward is a Certified General Accountant and has been running an independent accountancy practice in Canada since 1990. He has worked for public companies in Canada, the United States, and Great Britain. He has owned companies in Canada and, in particular, he was an owner and president of a company in the construction and land development business and an owner and president of a storage and transport company, both located in Edmonton, Alberta, Canada. Before entering the field of accountancy, he was studying molecular biology at the University of Manitoba. Dr. K Sachdeva, DirectorDr. Sachdeva is a practicing acupressurist and a businessman in Vancouver B.C. Dr. Arnold AbramsonDr. Abramson is a practicing dentist in Vancouver B.C. and has served on various mining companies and committees. Ian Bartholomew, DirectorIan Bartholomew is a Chartered Accountant in Vancouver B.C. Ping Shen, Chief Financial OfficerPing Shen is a Certified General Accountant in Vancouver B.C.  Cash Compensation:  Total compensation accrued and/or paid (directly and/or indirectly) to all directors/senior management during the fiscal year ended September 30, 2006 was $60,000.  The Company has no formal management agreements with any director or member of senior management.  Director Compensation:  The Company has no formal plan for compensating its Directors for their service in their capacity as such, or for services rendered to the Company as consultants or experts.  Stock Options:  During the financial ended September 30, 2006 there were no stock options granted to senior management and directors:  NameSecurities Under Options Granted% of Total Options GrantedExercise or Base Price of SecurityMarket Value of Securities Underlying Options on the Date of GrantExpiry DateCasey Forward600,00028.6%US $0.30US $0.29February 3, 2008Dr. Sachdeva600,00028.6%US $0.30US $0.29February 3Ian Bartholomew200,0009.5%US $0.30US $0.29February 3   Board Practices  The Company has elected an audit committee comprised of not fewer than three directors, of whom a majority shall not be officers or employees of the Company or an affiliate of the Company.  The audit committees functions are to monitor overall adherence to Company policy, the effectiveness of the Companys internal audit personnel and their audit activities and to meet with the Companys accountants and auditors on financial and audit matters, as appropriate.  Employees  As of September 30, 2006, the end of the most resent fiscal year, the Company had no employees.   ITEM 7.   Major Shareholders and Related Party Transactions  The Companys securities are recorded on the books of its transfer agent in registered form.  The majority of such shares are registered in the name of intermediaries such as brokerage houses and clearing houses on behalf of their respective clients.  The Company does not have knowledge of the beneficial owners thereof.  To the best of its knowledge the Company is not directly nor indirectly owned or controlled by another corporation(s) or by a foreign government.  The following table lists as of  April 14, 2007 each person who, to the knowledge of the Company, owns more than 5% of the Companys voting securities and the total amount of the Companys voting securities owned by the Companys officers and directors.    Title of ClassName of Beneficial Owner(1)Amount and Nature
of Beneficial OwnershipPercent of TotalCommon SharesYOUNG.JT/TEN, JOAO LUIS PULGATTI & JOHN2,000,00012.8%Officers and directors50,0000%    Related Party Transactions  (a) Loans from Related Parties  200620052004Companies with common directorsLoan payable bearing interest at 10% per annum*$            -$ 231,101$ 214,977Previous PresidentPreviously a loan payable bearing interest at 10% per annum-36,747320,470Relative of the previous PresidentLoan payable bearing interest at 10% per annum--49,830$            -$            -$ 267,484  Loans from related parties are unsecured, and have no fixed terms of repayment; accordingly fair value cannot be reliably determined.  * This amount is no longer due to a related company, having no common directors and has been reclassified as a loan payable.  (b) Related Party Transactions  The Company has entered into the following transactions with related parties:  200620052004Consulting fees to officers of the Company$         24,000$                   -$         22,348Management fees60,00046,000-Accrued interest on loans payable to a director and companies with common directors.--43,893Issued common shares to a director as settlement of debt--432,000Paid or accrued finders fees to a former officer of the company--90,450$         84,000$         46,000$       588,691  All of the above transactions have been in the normal course of operations and, in management's opinion, undertaken with the same terms and conditions as transactions with unrelated parties.  As of July 19, 2004, there are no related companies having common directors. As of July 19, 2004 the past president is no longer considered a related party.  On October 5, 2004, the debt of $36,747 was paid down by an amount of $32,000, and the balance is included in accounts payable.    ITEM 8.   Financial Information  The Company has elected to provide financial statements pursuant to Item 18.  The financial statements filed as part of this Annual Report are listed in Item 18. Financial Statements.  All financial statements herein, unless otherwise stated, are presented in accordance with Canadian GAAP.  Such financial statements have been reconciled to U.S. GAAP.  For information regarding applicable exchange rates that were in effect for Canadian dollars against United States dollars, see Item 3. Key Information.  Neither the Company nor any of its subsidiaries are subject or has recently been subject to any legal or arbitration proceeding, including any bankruptcy, receivership or similar proceedings and those involving any third-party, which may have or have had in the recent past, significant effect on the Companys financial position or profitability.  To the knowledge of the Company, there are no such legal or arbitration proceedings contemplated.   ITEM 9.   The Offer and Listing  The following table lists the volume of trading, high, low, and closing sales prices for the Companys common shares for the last six months, the last eight fiscal quarters, and the last four fiscal years.   US DollarsPeriod EndedHighLowClosingMonthlyMarch, 20070.250.220.26February, 20070.270.200.26January, 20070.300.200.26December, 20060.250.190.25November, 20060.300.210.25October, 20060.320.190.30QuarterlyDecember 31, 20060.320.190.25September 30, 20060.480.190.21June 30, 20060.890.240.27March 31, 20060.620.160.59December 31, 20050.290.140.16September 30, 20050.250.130.17June 30, 20050.350.130.20March 31, 20050.450.280.29AnnuallySeptember 30, 20060.890.190.21September 30, 20050.670.130.17September 30, 20042.500.200.46September 30, 20031.650.050.28September 30, 20020.260.020.12   The principal trading market is the OTC Bulletin Board where the common shares of the Company are quoted under the stock symbol GTVCF.OB.  Effective February 19, 2004, the Companys common shares were approved for trading over the counter on the Frankfurt and Berlin Stock Exchanges under the stock symbols GTVCF.F and GTVCF.BE respectively.    ITEM 10.   Additional Information   Share Capital  Our authorized share capital as at December 31, 2006 was unlimited common shares without par value. Our issued and outstanding share capital at December 31, 2006 was 15,640,751. All our shares, both issued and unissued, are common shares of the same class and rank equally as to dividends, voting powers and participation in assets upon liquidation. At any general meeting, subject to the restrictions on joint registered owners of our common shares, on a show of hands every shareholder who is present in person and entitled to vote has one vote and on a poll every shareholder has one vote for each share of which he or she is the registered owner and may exercise such vote either in person or by proxy. Our directors may, from time to time, declare and authorize payment of dividends. No common shares have been issued subject to call or assessment. There are no pre-emptive or conversion rights. There are no provisions for surrender, sinking or purchase funds. Options to acquire common shares granted to our directors and officers are described under Item 6  Directors, Senior Management and Employees  Executive Compensation.   Memorandum and Articles of Association  We are registered in British Columbia, Canada, certificate of incorporation No. 188691. We do not have any stated "objects" or "purposes" as the Company Act of the Province of British Columbia does not require it. Our memorandum (Memorandum) has authorized unlimited common shares without par value. Pursuant to the laws of British Columbia, the province has enacted a new company act, the Business Corporations Act. We have registered our transition documents with the registrar of companies and we have obtained shareholder approval to change to the provisions of the new company act at our annual general meeting on March 22, 2005. Our articles of association (Articles of Association) contain the following provisions:  Voting Rights  Shareholders shall have the right to receive notice of, to attend, and to vote at all general meetings. Except as otherwise provided in the Articles of Association, on a show of hands each holder of shares present in person and entitled to vote shall have one vote and upon a poll each such holder who is present in person or by proxy and entitled to vote shall have one vote in respect of every share held by him.  Variation of Class Rights and Alteration of Capital  (i) We may by ordinary resolution increase the share capital, and cancel any shares which at the date of the passing of the resolution have not been taken or agreed to be taken by any person.  (ii) By special resolution that requires a three-fourths majority, we may consolidate and divide all or any of the share capital into shares of larger amount, sub-divide the shares into shares of smaller amount.  Transfer of Shares  (i) Any member can transfer shares by delivering an instrument of transfer to our transfer agent.  Directors  (i) Our business is managed by the Directors who may exercise all powers subject to the provisions of the Articles of Association and the Business Corporations Act of British Columbia.  (ii) The number of Directors shall be not less than four. At our last annual general meeting, the number of directors was five. A Director shall not be required to hold any shares in the capital of our Company. At each annual general meeting of our Company, all of the board of directors retire and our shareholders elect a new board.  (iii) A Director shall not vote but can be counted in the quorum present on any motion in respect of any contract, arrangement, transaction or any other proposal in which he has an interest that is to his knowledge a material interest.  (iv) The Directors shall be paid for their services as Directors such sums (if any) as the Directors may from time to time determine.  (v) The Directors may be paid all reasonable travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or general meetings or otherwise in connection with our business.  (vi) Directors can vote to remove a director at a directors meeting.  Borrowing Powers  (i) The Directors may exercise all of the powers to borrow money and to mortgage or charge its undertakings, properties, assets and uncalled capital, or any part thereof, and, subject to the provisions of the Articles of Association, to issue debentures, debenture stock and other securities whether outright or as security for any debt, liability or obligation of us or of any third party.  Dividends and Distributions on Liquidation to Shareholders  (i) The Directors may declare dividends, and need not give notice to any member. Subject to any priority, preference or special rights, all dividends shall be declared and paid according to the number of shares held on a specified date with respect of the period of which the dividend is paid.  (ii) The Directors may pay such interim dividends as they may determine.  (iii) No dividend shall bear interest.  General Meetings  (i) Each year we hold a general meeting as the annual general meeting in addition to any other meetings in that year, and not more than 13 months shall elapse between the date of one annual general meeting and that of the next. The annual general meeting shall be held at such time and place, as the Directors shall appoint.  (ii) All general meetings other than annual general meetings are extraordinary general meetings. The Directors may, whenever they think fit, convene an extraordinary general meeting.  Committees of the Board of Directors  Our board of directors has established an audit committee. Our audit committee will recommend a firm to be appointed as independent auditors to audit financial statements and to perform services related to the audit, review the scope and results of the audit with the independent auditors, review with management and the independent auditors our annual operating results and consider the adequacy of the internal accounting procedures and the effect of the procedures relating to the auditors' independence. In addition, the audit committee will monitor the board's corporate governance practices, propose nominees annually for election to the board, make recommendations as to the composition of the committees of the board and review the functioning of the board and the powers, mandates and performance of the committees.  Audit Committee Members:  1. Casey Forward 2. Dr. Arnold Abramson  independent director with financial experience 3. Ian Bartholomew  independent director with financial experience  Our board of directors has established a compensation committee to review remuneration paid to senior officers of the Company.  Compensation Committee Members:  1. Casey Forward 2. Dr. Arnold Abramson 3. Dr. K. Sachdeva  Our board of directors has established a corporate governance committee to (1) identify and select qualified individuals to serve as directors of the Company and nominate such individuals for election as directors at the Company's annual meeting of shareholders (2) develop and establish corporate governance policies and procedures for the Company and (3) administer the Code of Ethics adopted by the Company  Corporate Governance Committee:  1. Casey Forward 2. Dr. Arnold Abramson 3. Ian Bartholomew      Exchange Control and Other Limitations Affecting Security Holders  There is no law or government decree of regulation in Canada that restricts the export or import of capital, or that affects the remittance of dividends, interest or other payments to a non-resident holder of common shares, other than withholding tax requirements.  There is no limitation imposed by Canadian law or by the articles or other charter documents of a company on the right of a non-resident to hold or vote common shares of a company, other than as provided in the Investment Canada Act, as amended (the Investment Act).  The Investment Act generally prohibits implementation of a reviewable investment by an individual, government, corporation, partnership, trust or joint venture that is non-Canadian unless the minister responsible for the Investment Act is satisfied that the investment is likely to be of net benefit to Canada. If an investment by a non-Canadian is not a reviewable investment, it requires the filing of a short notice.  An investment in common shares of a company by a non-Canadian that is a WTO investor would be reviewable if the value of the assets of the Company equalled or exceeded $184 million, the threshold established for 1999. In subsequent years, the threshold amount may be increased or decreased in accordance with the provisions of the Investment Act. A WTO investor is a member of the World Trade Organization, current members of which include the European Community, Germany, Japan, Mexico, the United Kingdom and the United States, or a WTO investor-controlled entity, as defined in the Investment Act.  An investment in common shares of a company by a non-Canadian, other than a WTO investor, would be reviewable under the Investment Act if it were an investment to acquire control of a company and the value of the assets were $5.0 million.  The Investment Act would not apply to certain transactions in relation to our common shares, including:  An acquisition of common shares of a company by any person made in the ordinary course of that persons business as a trader or dealer in securities;  An acquisition of control of a company by an amalgamation, merger, consolidation or corporate reorganization following which the control of the Company, remains unchanged.     Taxation - Certain Canadian Income Tax Consequences to United States Investors  This section is to make United States persons aware and caution them as to some of the consequences of investing in the Company (a Canadian company).  A brief description of certain provisions of the tax treaty between Canada and the United States is included below. The consequences of state and local taxes are not considered. The following information is general and security holders should seek the advice of their own tax advisors.  TAXATION OF DIVIDENDS  A holder of a common share who is not resident in Canada for purposes of the Income Tax Act will be subject to Canadian withholding tax on dividends paid or credited to the holder of the common share. The rate of withholding tax on dividends is 25% of the amount of the dividend. This rate may be reduced under the provisions of an international tax treaty to which Canada is a party. Under the tax treaty that Canada has entered into with the United States, the rate of Canadian withholding tax is generally reduced to 15%, or 5% in the case of a corporate holder which owns 10% or more of the voting shares. A foreign tax credit for the tax withheld may be available to a holder resident in the United States against U.S. federal income taxes.  DISPOSITION OF COMMON SHARES  A non-resident holder of a common share will not be subject to tax under the Income Tax Act in respect of a capital gain realized on the disposition of a common share unless the common share is a "taxable Canadian property" (as defined in the Income Tax Act). Shares of a corporation that are listed on a prescribed stock exchange are generally not considered to be taxable Canadian property. Taxable Canadian property includes any common share held by a non-resident if used in carrying on a business (other than an insurance business) in Canada. A non-resident whose common shares constitute taxable Canadian property will realize upon disposition, a capital gain (or a capital loss).  One-half of any capital gain realized by a holder (a taxable capital gain) will be included in computing the holder's income.  Non-residents are advised to consult their tax advisers with regard to the availability of a treaty exemption and their own particular circumstances.  Passive Foreign Investment Company  A foreign corporation with one or more U.S. shareholders is a PFIC if 75% or more of its income is passive income or if at least 50% of its assets would be invested in instruments which produce interest, dividends and/or capital gains. Unlike a controlled foreign corporation or a foreign personal holding company, there is no minimum percentage ownership by U.S. shareholder to trigger application of the PFIC rules. If a foreign corporation has a high enough percentage of passive income or assets, it is a PFIC as regards any U.S. shareholder no matter how small their ownership percentage of the foreign corporation and regardless of whether the U.S. shareholders, individually or in the aggregate, have the ability to control the business or investments of the foreign corporation.  If a person owns shares in a PFIC and sells them for a profit, that person must generally pro-rate its profit over all the years it held the shares in the PFIC, pay U.S. income tax on the profit allocated to each year at the highest U.S. rate in effect for that year, and pay interest on all the prior years tax, computed from the tax return due date for the year to which the income is attributable.  The above rule may not apply if a person elects to treat its investment as a "Qualified Electing Fund" (QEF). This election is made by attaching Form 8621 to the annual tax return. This will permit the annual inclusion of the QEF in a persons pro-rata share of ordinary income and long-term capital gains.  We do not believe it was a passive foreign investment company during the fiscal period ended September 30, 2006 or any other year.  Future Developments  The foregoing discussion is based on existing provisions of the United States tax laws, existing and proposed regulations thereafter, and current administrative rulings and court decisions, all of which are subject to change. Any such changes could affect the validity of this discussion. In addition, the implementation of certain aspects of the PFIC rules requires the issuance of regulations which in many such instances have not yet been promulgated and which may have retroactive effect. Furthermore, legislation has been proposed which would replace the PFIC provisions with a consolidated anti-deferral regime. While this legislation was vetoed, it may be re-introduced in subsequent years.  ALL PROSPECTIVE INVESTORS ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF PURCHASING THE COMMON SHARES.    ITEM 11.   Quantitative and Qualitative Disclosures About Market Risk  Not applicable.   ITEM 12.   Description of Securities Other Than Equity Securities  Not applicable.     PART II    ITEM 13.   Defaults, Dividends Arrearages and Delinquencies  Not applicable.    ITEM 14.   Material Modifications to the Rights of Security Holders and Use of Proceeds  Not applicable.    ITEM 15.   Controls and Procedures  Globetech has performed an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures as at September 30, 2006. Disclosure controls and procedures are designed to ensure that the material financial and non-financial information required to be disclosed in this Form 20-F is accumulated and communicated to its management including the chief executive officer and the principal accounting and financial officer. The disclosure controls and procedures also ensures that the Form 20-F that it files is recorded, processed, summarized and reported within the time periods specified in the Commissions rules and forms. The evaluation was performed under the supervision of the chief executive officer and the chief financial officer. In designing and evaluating the Companys disclosure controls and procedures, the Companys management, including the chief executive officer and chief financial officer, recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and the Companys management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. The Companys management, with the participation of the chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rule 13a-14(c) as of the end of the period covered by this Form 20-F. Based on that evaluation, the chief executive officer and chief financial officer have concluded that these disclosure controls and procedures are effective at the reasonable assurance level. As the Company is a small company without employees, the preparation of this report, and all financial reports are prepared by the chief executive officer and chief financial officer. The Company does employ consultants for some needs, all of whom report directly to the chief executive officer and chief financial officer There have not been changes in the Companys internal control over financial reporting that occurred during the period covered by this Form 20-F that have materially affected, or are reasonably likely to materially affect, the Companys internal control over financial reporting.   ITEM 16.A   Audit Committee Financial Expert  The Board of Directors has determined that Ian Bartholomew, member of the audit committee, qualifies as Audit Committee Financial Expert in accordance with the terms of Item 16.A of Form 20-F.  For further information please refer to ITEM 6.  Directors, Senior Management, and Employees.    ITEM 16.B   Code of Ethics  Globetech Ventures Corp. has adopted a written code of ethics that applies to, among others, the principal executive officer, principal financial officer, and principal accounting officer, or such persons performing similar functions.  The Code of ethics was filed as Exhibit 10.3 to the 2003 Form 20-F Annual Report.  Good ethics and good business are inseparable.  We shall apply these high standards in all relationships including with fellow employees, customers, partners, shareholders, government officials, suppliers, communities, competitors, and the general public.  In turn, we expect each of these constituencies to maintain equally high standards of conduct.  The Company, its employees and its agents must comply fully will all laws and regulations.  No employee should permit his or her personal interest to conflict, or appear to conflict, with the interests of the Company.  Employees must be free of any personal relationships, activities or financial affairs that may influence any business decisions that could affect the Company.  While it is impossible to cover every situation where a violation or conflict could occur, there are many areas where care is required, including corporate records, political contributions, gifts and entertainment, relations with auditors, compliance with laws and regulations, and confidential information.  However, this is not a substitute for sound judgment.  Any actual, potential, or perceived conflict of interest or ethical violation should be reported immediately.  It is the responsibility of the Board of Directors to ensure the Code of Ethics is understood and complied with.    ITEM 16.C   Principal Accountant Fees and Services  MacKay LLP was appointed the Companys auditor effective March 27, 2003; Fernandez Young & Associates was the Companys auditor previous to this date.  Audit fees paid or accrued are as follows:    Audit fees (MacKay LLP) 2006$12,000Other fees in 2006NilAudit fees (MacKay LLP) 200510,160Other fees in 2005NilAudit fees (MacKay LLP) 200410,000    ITEM 16.D   Exemptions from the Listing Standards for Audit Committees  Not applicable.    ITEM 16.E   Purchases of Equity Securities by the Issuer and Affiliated Purchasers  Not applicable.      PART III    ITEM 17.   Financial Statements  Not applicable.    ITEM 18.   Financial Statements  See our consolidated financial statements filed as Exhibit 1.    ITEM 19.   Exhibits  1Audited Consolidated Financial Statements for the year ended September 30, 2006 and Auditors Report2.1Comments by Mackay LLP for U.S. Readers on Canada  United States Reporting Differences2.2Consent of Mackay LLP regarding its report dated April 18, 2007.31Section 302 Certification32Section 906 Certification          SIGNATURES   The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.    /s/ Casey ForwardCasey ForwardPresident and Chief Executive OfficerApril 12, 2007