|U.S. SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
    FORM 10-KSB
    ANNUAL REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the fiscal year ended December 31, 2004
    Commission file number:  000-26971
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                            
|TRIMOL GROUP, INC.
(Name of small business issuer in its charter)                                                                                                                                                                                           
|                                                                                                                                                                                                                                                            

|DELAWARE
    (State of Incorporation)                                                                    |  | 13-3859706
    (IRS Employer ID No.)
|-------------------------------------------------------------------------------------------------------- |  | ------------------------------------
|                                                                                                         |  |                                     
|1285 Avenue of the Americas, 35th Floor
    New York, New York, 10019
    (Address of principal offices)
|                                                                                                        

|Registrants Telephone Number:  (212) 554-4394
Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act: None
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                      

|Title of Each Class                     | Name of each Exchange on which listed
|--------------------------------------- | -------------------------------------
|                                        |                                      
|Common Stock, par value $0.01 per share | OTC Bulletin Board                   
|                                        |                                      

|Indicate by check mark whether the Registrant (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 Registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.   Yes x   No o
Indicate by check mark if disclosure of delinquent files pursuant to Item 405 of Regulation S-K (§
229/405 of this chapter) is not contained herein, and will not be contained, to the best of Registrants
knowledge, in definitive proxy or information statements incorporated by reference in Part III of
this Form 10-KSB or any amendment to this Form 10-KSB. o
Issuers revenues for fiscal year ended December 31, 2004 were $4,858,000.
The aggregate market value of the voting common equity held by non-affiliates of the Registrant was
approximately $163,253 as of March 31, 2005.
The number of shares outstanding of the Registrants common stock, as of March 31, 2005 was 100,472,328.
Indicate by check mark whether the Registrant is an accelerated filer as defined in Rule 12b-2 of the
Securities Exchange Act of 1934.   YES o    NO x
Transitional Small Business Disclosure Format (check one):    Yes o  No x
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|
|



|TABLE OF CONTENTS
|-----------------

|         |  |                                                                                                                        |   
|-------- |  | ---------------------------------------------------------------------------------------------------------------------- | --
|PART 1   |  |                                                                                                                        |   
|         |  |                                                                                                                        |   
|ITEM 1.  |  | DESCRIPTION OF BUSINESS                                                                                                | 1 
|         |  |                                                                                                                        |   
|ITEM 2.  |  | DESCRIPTION OF PROPERTY                                                                                                | 3 
|         |  |                                                                                                                        |   
|ITEM 3.  |  | LEGAL PROCEEDINGS                                                                                                      | 3 
|         |  |                                                                                                                        |   
|ITEM 4.  |  | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                                    | 3 
|         |  |                                                                                                                        |   
|PART II  |  |                                                                                                                        |   
|         |  |                                                                                                                        |   
|ITEM 5.  |  | MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS                                                               | 4 
|         |  |                                                                                                                        |   
|ITEM 6.  |  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
    AND RESULTS OF OPERATION                               | 5 
|         |  |                                                                                                                        |   
|ITEM 7.  |  | FINANCIAL STATEMENTS                                                                                                   | 8 
|         |  |                                                                                                                        |   
|         |  | Report of the Independent Auditors                                                                                     | 9 
|         |  | Consolidated Balance Sheet                                                                                             | 10
|         |  | Consolidated Statement of Operations                                                                                   | 11
|         |  | Consolidated Statement of Changes in Shareholders Equity                                                              | 12
|         |  | Consolidated Statement of Cash Flows                                                                                   | 13
|         |  | Notes to Consolidated Financial Statements                                                                             | 14
|         |  |                                                                                                                        |   
|ITEM 8.  |  | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
      AND FINANCIAL DISCLOSURE                             | 22
|         |  |                                                                                                                        |   
|PART III |  |                                                                                                                        |   
|         |  |                                                                                                                        |   
|ITEM 9.  |  | DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
      COMPLIANCE WITH SECTION 16 (a) OF THE EXCHANGE ACT | 23
|         |  |                                                                                                                        |   
|ITEM 10. |  | EXECUTIVE COMPENSATION                                                                                                 | 24
|         |  |                                                                                                                        |   
|ITEM 11. |  | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                                                         | 29
|         |  |                                                                                                                        |   
|ITEM 12. |  | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS                                                                         | 30
|         |  |                                                                                                                        |   
|ITEM 13. |  | EXHIBITS AND REPORTS ON FORM 8-K                                                                                       | 31

|
|



|PART I
ITEM 1.            DESCRIPTION OF BUSINESS
**Business Development**
We were incorporated on May 6, 1953 under the laws of the State of Delaware. Since 1998 we have operated
our wholly-owned subsidiary, Intercomsoft Limited, a non-resident Irish company. Intercomsoft Limited
is a technology intensive company that produces secure essential government identification documents
such as passports, drivers licenses, car licenses and identification cards.
In addition, we have an exclusive worldwide license to a mechanically rechargeable aluminum-air fuel
cell technology for use with portable consumer electronic devices which we acquired in January 2001.
However, at this time we are not pursuing the development of such technology.
**Intercomsoft Limited**
Intercomsoft Limited is a provider of proprietary technology and consumables used to produce secure
essential government identification documents. Currently, and since 1996, Intercomsoft only provides
such technology and consumables to the Government of the Republic of Moldova (Moldova),
although it continues to be interested in exploring other opportunities throughout the European marketplace
and elsewhere.
The
system utilizing this technology is leased from Supercom, Ltd. (Supercom), an Israeli
corporation, pursuant to a Sales Agreement dated August 25, 1995, as amended, with a term of ten
(10) years. All of the equipment, consumables, software and technology required to operate, maintain,
and repair the system are supplied by Supercom pursuant to the Sales Agreement. On March 24, 2005
Intercomsoft and Supercom entered into a Termination Agreement terminating the Sales Agreement. Notwithstanding
such termination, pursuant to the Termination Agreement, Supercom agreed to continue to supply Moldova
with such equipment, consumables, software and technology during the remaining term of the Supply
Agreement, upon the request of Moldova pursuant to the requirements of the Supply Agreement, as hereinafter
defined.
The system utilized by Intercomsoft consists principally of a secured proprietary technology that allows
high-speed laser printing on plastic and which can print up to 450 high quality cards an hour. The
heart of the system is ID-SOFT, identification generator application software, which
allows the system to integrate with and adapt into any given project including, but not limited to,
fingerprints, palm geometry, and signatures. Additional potential applications of the technology
include police and military use, access control, high security identification, government identification,
and company identification products.
An important aspect of the Intercomsoft system is that it can be readily connected to an existing computer
mainframe or central database (such as a national population registry) to capture millions of records
and images of data. These records and images are then stored and can be printed at a high rate of
speed to accommodate the needs and demands of the customer.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1
|-



|In April 1996, Intercomsoft was awarded a ten-year contract by the Ministry of Economics, Republic
of Moldova (the Supply Agreement) to provide a National Register of Population and a
National Passport System. Under the terms of the Supply Agreement, Intercomsoft supplies all of the
equipment, technology, software, and materials necessary to produce all national passports, drivers
licenses, vehicle permits, identification cards and other national documents in Moldova.
Intercomsoft believes it currently has no competition for its products in Moldova.
Although it is currently interested in exploring other opportunities, Intercomsoft presently derives
all of its revenues and income pursuant to the Supply Agreement with the Republic of Moldovas
Ministry of Economics. Therefore, the Government of Moldova is the only existing customer of Intercomsoft.
If the Government of Moldova defaults on the Supply Agreement, or if the agreement is terminated
or the terms materially amended, such changes would have a material adverse impact on Intercomsoft
and us. Further, as the revenue generated by Intercomsoft is our only current revenue, any material
adverse impact on Intercomsoft would have a material adverse impact on us.
Aluminum-Air Fuel Cell Technology
We have an exclusive worldwide license to a mechanically rechargeable aluminum-air fuel cell technology
solely for use with portable consumer electronic devices, all rights and title to a certain technology
relating to aluminum-air fuel cells and the design and know how to a converter designed and developed
by Aluminum-Power, Inc, a majority shareholder. Scientists at Aluminum-Power Inc., our majority shareholder,
originally developed our aluminum-air fuel cell technology over a six-year period.
Metal-air fuel cells contain an anode (which serves as the fuel), a cathode, and an electrolyte. The
density of the aluminum metal fuel source combined with the electrochemical properties and viability
makes the aluminum-air type of power cell versatile and environmentally friendly. These types of
cells do not customarily contain toxic or reactive substances.
Electricity from our proprietary aluminum-air fuel cell is generated through an electrochemical reaction
between aluminum, an alkaline solution and oxygen. As the aluminum oxidizes in the alkaline solution,
electricity is produced. Fundamentally, aluminum has tremendous energy density when compared with
other metals used in batteries. Furthermore, spent aluminum can be recycled and obtaining aluminum
from recycled aluminum hydroxide is more economical and less energy intensive than mining aluminum ore.
From the acquisition of such technology in January 2001 through the second quarter of 2003 we engaged
in research, development and marketing efforts in connection with such technology. Further, during
such period we also actively sought strategic business partners to commercialize the technology and
pursued the prosecution of our patent applications resulting in the issuance by the United States
Patent and Trademark Office of two patents on our aluminum-air fuel cell technology.
We are not currently actively pursuing development of such technology.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2
|-



|Our Employees
We
currently do not have any full time employees. However, in addition to individuals who work in various
capacities for, or on behalf of our subsidiary, Intercomsoft Limited, we do have a number of individuals
and entities that provide services to us on a consulting or advisory basis. See Certain Relationships
and Related Transactions.
ITEM 2.            DESCRIPTION OF PROPERTY
During the period covered by this Annual Report, we maintained our office at 1285 Avenue of the Americas,
35th Floor, New York, New York 10019, on a month-to-month tenancy.
ITEM 3.            LEGAL PROCEEDINGS
During the fiscal year ended December 31, 2004, neither us nor our subsidiary were a party to, or otherwise
involved, in any material legal proceedings.
ITEM 4.            SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted during the fiscal year covered by this Annual Report to a vote of security
holders, through the solicitation of proxies or otherwise.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3
|-



|PART II
ITEM 5.            MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Our
common stock is quoted and traded on a limited and sporadic basis on the OTC Bulletin Board operated
by The Nasdaq Stock Market, Inc. under the trading symbol TMOL. The limited and sporadic trading
does not constitute, nor should it be considered, an established public trading market for our common
stock. The following table sets forth the high and low closing bid prices for our common stock for
the periods indicated, as reported by the OTC Bulletin Board, Nasdaq Trading and Market Services.
Such quotations reflect inter-dealer prices, without real mark-ups, mark-downs or commissions, and
may not necessarily represent actual transactions. We had 404 stockholders of record of our common
stock as of December 31, 2004.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

|Fiscal 2004    | High |      | Low |  
|-------------- | ---- | ---- | --- | -
|               |      |      |     |  
|Fourth Quarter | $    | 0.02 |     | $
|Third Quarter  | $    | 0.03 |     | $
|Second Quarter | $    | 0.04 |     | $
|First Quarter  | $    | 0.05 |     | $
|               |      |      |     |  
|Fiscal 2003    |      |      |     |  
|               |      |      |     |  
|Fourth Quarter | $    | 0.05 |     | $
|Third Quarter  | $    | 0.16 |     | $
|Second Quarter | $    | 0.15 |     | $
|First Quarter  | $    | 0.25 |     | $
|               |      |      |     |  
|Fiscal 2002    |      |      |     |  
|               |      |      |     |  
|Fourth Quarter | $    | 0.37 |     | $
|Third Quarter  | $    | 0.60 |     | $
|Second Quarter | $    | 0.33 |     | $
|First Quarter  | $    | 0.16 |     | $
|               |      |      |     |  
|Fiscal 2001   
|               |      |      |     |  
|Fourth Quarter | $    | 0.65 |     | $
|Third Quarter  | $    | 1.08 |     | $
|Second Quarter | $    | 1.10 |     | $
|First Quarter  | $    | 2.25 |     | $

|4
|-



|We
have not declared any cash dividends for the last two fiscal years and do not anticipate declaring
any in the near future. There are no restrictions that limit our ability to pay dividends, other
than those generally imposed by applicable state law. The future payment of dividends, if any, on
our common stock is within the sole discretion of the Board of Directors and will depend, in part,
on our earnings, capital requirements, financial condition, and other relevant factors, as determined
by the Board.
There was no issuance or sales of our securities without registration during the last two years.
During the fiscal year ended December 31, 2004, 2,870,000 options were granted pursuant to the 2001
Omnibus Plan, as amended, and 870,000 options issued previously under the Plan were cancelled during
such period.
As of December 31, 2004, 4,470,000 options were issued and outstanding under the 2001 Omnibus Plan,
as amended, and 2,250,000 options were issued and outstanding outside of such Plan.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|ITEM 6. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
    CONDITION AND RESULTS OF OPERATION
|------- | ----------------------------------------------------------------------------------------

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following managements discussion and analysis of financial condition and results of operations should be read in conjunction with our financial statements and notes thereto contained elsewhere in this report.
      **Plan of Operation**
      **General**
      Intercomsoft, Ltd. (Intercomsoft), our wholly owned subsidiary, holds the world-wide rights to a proprietary technology used to produce secure government identification documents, such as drivers licenses and passports. Although Intercomsofts current operations are based solely in Moldova, it is interested in offering its services to other areas and regions in the European marketplace and elsewhere.
      We currently derive all of our revenues and income pursuant to Intercomsofts Supply Agreement with the Government of the Republic of Moldova, the political and economic environment of which has historically been unstable. Should the Government of the Republic of Moldova default on the Supply Agreement or discontinue the use of Intercomsofts services under the Supply Agreement, we would likely have limited recourse. We do not anticipate any other revenues during the fiscal year ending December 31, 2005. If for any reason (or for no reason) the Supply Agreement were terminated, the terms were materially or adversely amended, or business reduced, such event would have a material adverse effect on Intercomsoft as well as on us.
    In addition, in the first quarter of 2001 we acquired certain rights to an aluminum-air fuel cell technology for use in portable consumer electronic devices such as cellular telephones and laptop

|5
|-



|computers.  From the acquisition of such technology through the second quarter of 2003 we engaged
in research, development and marketing efforts in connection with such technology. Further, during
such period we also actively sought strategic business partners to commercialize the technology and
pursued the prosecution of our patent applications resulting in the issuance by the United States
Patent and Trademark Office of two patents on our aluminum-air fuel cell technology. We are not currently
actively pursuing development of such technology.
**Results of Operations**
**General**
During the fiscal year ended December 31, 2004, our assets consisted of Intercomsoft, a wholly owned
subsidiary, and the aluminum-air fuel cell technology described above.
Intercomsoft currently operates in, and derives its revenues from, services performed for the Government
of the Republic of Moldova pursuant to the Supply Agreement with such government. Although Intercomsoft
is interested in expanding its services to areas outside of Moldova, the uncertain economy and political
instability in the Republic of Moldova could have a material adverse effect on us.
Comparison of Fiscal Year Ended December 31, 2004 to Fiscal Year Ended December 31, 2003
During the fiscal year ended December 31, 2004, we had revenues resulting solely from Intercomsofts
production of government documents in Moldova of $4,858,000 as compared to $4,128,000 for 2003. The
increase in revenue of $730,000, or 17.7%, was due to a number of factors. In 2001 strict passport
controls were introduced in both Moldova and its neighbor Romania which required Molodovan citizens
traveling outside of Moldova to present a valid passport. The common occurrence of border crossing
between Moldova and Romania required a passport beginning in 2001, whereas prior to such time travelers
frequently crossed borders without such identification. This more stringent passport control has
led to a continuing increase in passport issuances and renewals in Moldova. In addition, our ongoing
program of public awareness encourages the renewal of various forms of government licenses and registrations
resulting in an increase in the issuance of such replacement documents. Direct marketing efforts
by us and cross marketing to individuals during passport renewals and/or issuances has also led to
a continuing increase in the sale of collateral documentation including drivers licenses and
other government issued documents.
During the fiscal year ended December 31, 2004, Intercomsofts costs associated with generating
these revenues were $1,549,000, or 32%, as compared to $1,194,000, or 29%, for 2003. The increase
in the percentage of costs associated with generating revenues was, in part, due to costs associated
with new printing equipment. This resulted in gross profit for Intercomsoft of $3,309,000 and $2,934,000
for the fiscal years ending December 31, 2004 and 2003 respectively, an increase of $375,000, or 13%.
General and administrative expenses for fiscal year ending December 31, 2004 were $1,684,000, which
consisted of $145,000 from Intercomsoft and $1,539,000 of general corporate and
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6
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|administrative expenses. For the same period in 2003 general and administrative expenses aggregated
approximately $1,888,000 which consisted of $139,000 from Intercomsoft and $1,749,000 of general
corporate and administrative expenses. Although general corporate and administrative expenses in
2004 included approximately $440,000 in non-recurring travel expenses related to efforts to develop
and expand Intercomsofts services to areas outside of Moldova and in 2003 such expenses included
the recording of a non-recurring compensation package to our Chairman of the Board of $414,675, overall
such expense decreased by $210,000 in year 2004.
Public relations, marketing and advertising expenses for fiscal year ending December 31, 2004 were
$1,400,000 all of which were attributable to Intercomsoft for marketing expenses relating to efforts
to expand the use of Intercomsofts services. For the same period in 2003, such expenses aggregated
approximately $1,064,000, all of which were attributable to Intercomsoft for marketing expenses relating
to efforts to expand the use of Intercomsofts services. The increase of $336,000 in public
relations, marketing and advertising expenses of Intercomsoft in 2004 resulted from an increase in
the commissions paid pursuant to various marketing agreements, which are based on revenue generated
in the period.
There are no research and development costs related to our aluminum-air fuel cell in 2004 as compared
to $172,000 in such expenses in 2003. The lack of research and development costs in year 2004 resulted
from the suspension of all research and development on such technology in the second quarter of 2003.
We had a net profit from operations of approximately $225,000 for 2004 as compared to net loss of $196,000
for 2003.
**Liquidity & Capital Resources**
While we believe we have adequate capital to fund current operations for fiscal year 2005, we believe
that we will need to obtain additional working capital for future periods if we are to pursue any
additional research and development efforts in connection with our aluminum-air fuel cell technology
or expand the activities of Intercomsoft.
We may seek additional funding through public or private financing or other arrangements in an effort
to subsidize any future research and development expenses. However, there can be no assurances that
additional financing will be available or, if available, on terms that are acceptable to us. If adequate
funds are not available, or not available on terms that are acceptable to us, we may not be able
to further develop and market our aluminum air fuel cell technology or expand the activities of Intercomsoft.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7
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|Forward Looking Statements
Certain statements contained in this Annual Report, including, without limitation, statements containing
the words believes, anticipates, estimates, expects,
projections, and words of similar import, constitute forward-looking statements. You
should not place undue reliance on these forward-looking statements. Our actual results could differ
materially from those anticipated in these forward-looking statements for many reasons, including
risks faced by us described in this Report and the other documents we file with the Securities and
Exchange Commission (SEC).
ITEM 7.            FINANCIAL STATEMENTS
The information required by this item is incorporated herein by reference to the sections entitled
Consolidated Statement of Operations, Consolidated Balance Sheet, Consolidated
Statement of Changes in Shareholders Equity, Consolidated Statement of Cash Flows,
Notes to Consolidated Financial Statements and Independent Auditors Report
attached hereto.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8
|-



|PARITZ & COMPANY, P.A.CERTIFIED PUBLIC ACCOUNTANTS
  REPORT OF THE INDEPENDENT AUDITORS
To the Board of Directors and Shareholders ofTrimol Group, Inc.
We have audited the accompanying consolidated balance sheet of Trimol Group, Inc. and subsidiaries
(the Company) as of December 31, 2004 and the related consolidated statements of operations,
changes in shareholders equity and cash flows for the years ended December 31, 2004 and 2003.
These financial statements are the responsibility of the Companys management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of the Company as of December 31, 2004 and the results of its operations
and cash flows for each of the two years in the period ended December 31, 2004 in conformity with
generally accepted accounting principles in the United States of America.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |                                                                         
| | ------------------------------------------------------------------------
| |                                                                         
| | PARITZ & COMPANY, P.A.Certified Public AccountantsHackensack, New Jersey
| |                                                                         
| | Dated:  March 10, 2005                                                  
| |                                                                         
| | Except Note 2(b) and 8(a) of which the date is
    March 25, 2005       

|9
|-



|TRIMOL GROUP, INC.
CONSOLIDATED BALANCE SHEET
YEAR ENDED DECEMBER 31, 2004
|--------------------------------------------------------------------------
|                                                                          
|                                                                          

|                                              
|----------------------------------------------
|                                              
|Current assets:                               
|Cash                                          
|Accounts receivable                           
|                                              
|Total current assets                          
|                                              
|Property and equipment, net                   
|                                              
|                                              
|TOTAL ASSETS                                  
|                                              
|                                              
|LIABILITIES                                   
|                                              
|Current liabilities:                          
|Trade accounts payable                        
|Accrued expenses                              
|Current portion of payables to related parties
|                                              
|                                              
|TOTAL LIABILITIES                             
|                                              
|SHAREHOLDERS DEFICIENCY                      
|                                              
|                                              
|TOTAL LIABILITIES AND SHAREHOLDERS DEFICIENCY
|                                              

|                                                                        
|------------------------------------------------------------------------
|                                                                        
|The accompanying notes are an integral part of the financial statements.

|10
|--



|TRIMOL GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
|-------------------------------------------------------
|                                                       
|                                                       

|                                                                      | Year Ended 
      December 31, 2004 |             | Year Ended 
      December 31, 2003 |  
|--------------------------------------------------------------------- | ----------------------------------- | ----------- | ----------------------------------- | -
|                                                                      |                                     |             |                                     |  
|REVENUES                                                              | $                                   | 4,858,000   |                                     | $
|                                                                      |                                     |             |                                     |  
|                                                                      |                                     |             |                                     |  
|OPERATING EXPENSES:                                                   |                                     |             |                                     |  
|Cost of revenues                                                      |                                     | 1,549,000   |                                     |  
|Marketing and promotion                                               |                                     | 1,400,000   |                                     |  
|General and administrative expenses                                   |                                     | 1,684,000   |                                     |  
|                                                                      |                                     |            
|                                                                      |                                     |             |                                     |  
|Interest expense                                                      |                                     |            |                                     |  
|                                                                      |                                     |            
|                                                                      |                                     |             |                                     |  
|Research and development                                              |                                     |            |                                     |  
|                                                                      |                                     |             |                                     |  
|TOTAL OPERATING EXPENSES                                              |                                     | 4,633,000   |                                     |  
|                                                                      |                                     |             |                                     |  
|                                                                      |                                     |             |                                     |  
|NET INCOME (LOSS)                                                     | $                                   | 225,000     |                                     | $
|                                                                      |                                     |             |                                     |  
|                                                                      |                                     |             |                                     |  
|Net income (loss) per share (Basic and Diluted)                       |                                     | .002        |                                     |  
|                                                                      |                                     |             |                                     |  
|                                                                      |                                     |             |                                     |  
|WEIGHTED AVERAGE NUMBER OF SHARES
      OUTSTANDING-BASIC AND DILUTED |                                     | 100,472,328 |                                     |  
|                                                                      |                                     |             |                                     |  

|                                                                       
|-----------------------------------------------------------------------
|                                                                       
|The accompanying notes are an integral part of the financial statements

|11
|--



|TRIMOL GROUP, INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
|----------------------------------------------------------------------------
|                                                                            
|                                                                            

|                                                                                         | COMMON STOCK |             | ADDITIONAL
      PAID-IN 
      CAPITAL |   | RETAINED
      EARNINGS
      (DEFICIT) |   | DEFERRED
      COMPENSATION |           | TOTAL |  
|---------------------------------------------------------------------------------------- | ------------ | ----------- | --------------------------------------- | - | --------------------------------------- | - | --------------------------- | --------- | ----- | -
|
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  
|BALANCE  
   JANUARY 1, 2003                                                            |              | 101,139,000 |                                         | $ | 1,011,000                               |   | $                           | 5,385,000 |       | $
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  
|Net loss                                                                                 |              |            |                                         |   |                                        |   |                             |          |       |  
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  
|Return of shares in 
   connection with
   cancellation of 
   employment 
   agreements |              | (666,672    | )                                       |   | (6,000                                  | ) |                             | (46,000   | )     |  
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  
|BALANCE  
   DECEMBER 31, 2003                                                          |              | 100,472,328 |                                         |   | 1,005,000                               |   |                             | 5,339,000 |       |  
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  
|Net income                                                                               |              |            |                                         |   |                                        |   |                             |          |       |  
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  
|BALANCE 
   DECEMBER 31, 2004                                                           |              | 100,472,328 |                                         | $ | 1,005,000                               |   | $                           | 5,339,000 |       | $
|                                                                                         |              |             |                                         |   |                                         |   |                             |           |       |  

|                                                                        
|------------------------------------------------------------------------
|                                                                        
|The accompanying notes are an integral part of the financial statements.

|12
|--



|TRIMOL GROUP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
|-------------------------------------------------------
|                                                       
|                                                       

|                                                                                          | Year Ended 
      December 31, 2004 |          | Year Ended 
      December 31, 2003 |  
|----------------------------------------------------------------------------------------- | ----------------------------------- | -------- | ----------------------------------- | -
|                                                                                          |                                     |          |                                     |  
|CASH FLOWS FROM OPERATING ACTIVITIES                                                      |                                     |          |                                     |  
|Net income (loss)                                                                         | $                                   | 225,000  |                                     | $
|ADJUSTMENTS TO RECONCILE NET INCOME TO
      NET CASH USED IN OPERATING ACTIVITIES        |                                     |          |                                     |  
|Depreciation of property and equipment                                                    |                                     | 45,000   |                                     |  
|                                                                                          |                                     |          |                                     |  
|CHANGES IN OPERATING ASSETS AND LIABILITIES                                               |                                     |          |                                     |  
|Accounts receivable                                                                       |                                     | (282,000 | )                                   |  
|Prepaid expenses                                                                          |                                     | 32,000   |                                     |  
|Accounts payable                                                                          |                                     | 82,000   |                                     |  
|Accrued expenses                                                                          |                                     | 363,000  |                                     |  
|                                                                                          |                                     |          |                                     |  
|NET CASH PROVIDED BY (USED IN)
     OPERATING ACTIVITIES                                  |                                     | 465,000  |                                     |  
|                                                                                          |                                     |          |                                     |  
|                                                                                          |                                     |          |                                     |  
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                     |                                     |          |                                     |  
|Acquisition of property and equipment                                                     |                                     |         |                                     |  
|                                                                                          |                                     |          |                                     |  
|NET CASH USED IN INVESTING ACTIVITIES                                                     |                                     |         |                                     |  
|                                                                                          |                                     |          |                                     |  
|                                                                                          |                                     |          |                                     |  
|CASH FLOW FROM FINANCING ACTIVITIES
    Net advances (repayments) to/from related parties |                                     | (450,000 | )                                   |  
|                                                                                          |                                     |          |                                     |  
|                                                                                          |                                     |          |                                     |  
|NET CASH PROVIDED BY (USED IN)
      FINANCING ACTIVITIES                                 |                                     | (450,000 | )                                   |  
|                                                                                          |                                     |          |                                     |  
|                                                                                          |                                     |          |                                     |  
|INCREASE (DECREASE) IN CASH                                                               |                                     | 15,000   |                                     |  
|                                                                                          |                                     |          |                                     |  
|CASH - BEGINNING OF YEAR                                                                  |                                     | 20,000   |                                     |  
|                                                                                          |                                     |          |                                     |  
|                                                                                          |                                     |          |                                     |  
|CASH - END OF YEAR                                                                        | $                                   | 35,000   |                                     | $
|                                                                                          |                                     |          |                                     |  

|                                                                        
|------------------------------------------------------------------------
|                                                                        
|The accompanying notes are an integral part of the financial statements.

|13
|--



|TRIMOL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES
Business Organization
Trimol Group, Inc. (the Company) was incorporated in 1953 in Delaware and owns all of the
outstanding shares of Intercomsoft Limited (Intercomsoft) a non-resident Irish company
which provides proprietary technology, equipment and auxiliary materials used in the production of
secure essential government documents such as passports, drivers licenses and ID cards. Currently
Intercomsofts only customer is the Republic of Moldovas Ministry of Economics.
In addition, the Company has an exclusive worldwide license to a mechanically rechargeable aluminum-air
fuel cell solely for use with portable consumer electronic devices, all rights and title to certain
technology relating to aluminum-air fuel cells, and the design and know-how to a converter designed
and developed by a related company. The Company has not pursued development of such technology since
the second quarter of 2003.
Principles of Consolidation
The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned
subsidiary, Intercomsoft. Intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
Impairment of Long-lived Assets
The Company reviews long-lived assets for impairment when circumstances indicate the carrying value
of an asset may not be recoverable. If an impairment exists, an adjustment is made to write the asset
down to its fair value, and a loss is recorded as the difference between the carrying value and the
fair value.
Property and Equipment
Property and equipment are recorded at cost. Depreciation is provided for financial reporting purposes
on the straight-line method in amounts sufficient to amortize the cost of the related asset over
its estimated useful life.
Maintenance, repairs and minor renewals are charged to expense when incurred. Replacements and major
renewals are capitalized.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14
|--



|Research and Development
The Company charges all research and development costs to expense as incurred.
Marketing and Promotion
The Company expenses all marketing and promotion costs as incurred.
Revenue Recognition
Revenue by and between Intercomsoft and the Government of the Republic of Moldova is recognized upon
the quantity of product (number of computerized documents) produced during the period reported.
Income Taxes
The Company accounts for deferred income taxes using Statement of Financial Accounting Standards (SFAS)
No. 109, Accounting for Income Taxes (SFAS 109). The statement requires that deferred income taxes reflect the tax consequences
on future years of differences between the tax basis of assets and liabilities and their basis for
financial reporting purposes. In addition, SFAS 109 requires the recognition of future tax benefits,
such as net operating loss carryforwards. A valuation allowance related to deferred tax assets is
recognized when, in managements judgment, it is more likely than not that all, or a portion
of such deferred assets, will not be realized.
Income Per Share
Income per share of common stock has been computed on the basis of the weighted average number of shares
of common stock outstanding. Diluted earnings per share is based on the weighted average number of
shares and common stock equivalents outstanding. The Company had no common stock equivalents outstanding
during the periods presented.
Comprehensive Income
The Company adopted the provisions of the SFAS No. 130, Reporting Comprehensive Income. Comprehensive income is defined as any change in equity from transactions and other events originating
from non-owner sources, and is displayed as accumulated comprehensive income in the Statements of
Changes in Shareholders Equity.
Fair Value of Financial Instruments
The carrying value of short-term financial instruments arising in the ordinary course of business approximates
fair value because of the relatively short period of time between their origination and expected
realization.
Stock Compensation Plans
Currently, the Company applies Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations in accounting for its stock-based compensation plans and discloses the
pro forma net income and related pro forma per share information in accordance with SFAS No. 123,
Accounting for Stock-Based Compensation, and SFAF No. 148, Accounting for Stock-Based Compensation Costs  Transition and Disclosure.  The Company does not recognize compensation expense for stock options granted under the plans
as the exercise price of the option on the date of grant is equal to the fair market value as of
that date. For grants of restricted stock, the Company recognizes compensation expense on a straight-line
basis over the period that the restrictions
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15
|--



|expire.
Recently Issued Accounting Standards
In December 2004, the FASB issued SFAS No. 123 (SFAS No 123R), Share-Based Payment. This standard eliminates the ability to account for share-based compensation transactions using the
intrinsic value-based method under APB Opinion No. 25, Accounting for Stock Issued to Employees, and requires instead that such transactions be accounted for using a fair-value-based method. SFAS
No. 123R is effective for financial statements issued for the first interim period beginning after
June 15, 2005. Currently, the Company discloses pro forma and net income and related pro forma income
per share information in accordance with SFAS No. 123, Accounting for Stock-Based Compensation, and SFAS No. 148, Accounting for Stock-Based Compensation Costs  Transition and Disclosure. The Company is evaluating the impact of this statement which could have a material impact on its
results of operations.
NOTE 2-RISKS AND UNCERTAINTIES
The following risk factors relating to the Company and its business should be carefully considered:
(a)               The Companys sole revenue is from Intercomsoft
The
Companys sole revenue source is Intercomsoft. Intercomsofts only customer is the Republic
of Moldovas Ministry of Economics and it supplies its goods and services pursuant to a Supply
Agreement with the Government of such Republic. A former Republic of the Soviet Union, Moldovas
political and economic situation has historically been unstable. Should Moldova discontinue the use
of Intercomsofts services or materially or adversely amend the Supply Agreement under which
Intercomsoft provides its goods and service, such event would have a material adverse effect on Intercomsoft
and the Company.
(b)               The Company has terminated its agreement with Supercom Limited.
Pursuant
to a Sales Agreement between Intercomsoft and Supercom Limited (Supercom) dated August
25, 1995, as amended, Supercom supplies the equipment, software, technology and consumables utilized
by Intercomsoft for the production of computerized documents under the Supply Agreement with the
Government of the Republic of Moldova. Pursuant to this agreement, Intercomsoft is provided with
the guidance and support required for the installation and operation of the equipment, as well as
the materials required for its maintenance.
On
March 24, 2005, Intercomosft and Supercom entered into a Termination Agreement, terminating the Sales
Agreement. Notwithstanding, pursuant to the terms of the Termination Agreement, Supercom agreed to
continue to supply Moldova with such equipment, consumables, software and technology during the remaining
term of the Supply Agreement, pursuant to the requirements of the Supply Agreement. Supercom agreed
not to take any action, directly or indirectly, to interfere with Intercomsofts contractual
rights with Moldova or to, in any way, cause Moldova to terminate or not renew the Supply Agreement
and agreed to pay to Intercomsoft certain amounts specified in the Termination Agreement as liquidated
damages in the event of any breach or default by Supercom thereunder.
(c)               The Company is not pursuing development of its aluminum-air fuel cell technology.
Through a joint venture with Aluminum-Power, Inc. (API), the Companys majority shareholder,
for two years the Company pursued research and development of its aluminum-air fuel cell technology
it acquired in the first quarter of 2001. Such research and development was suspended in the second
quarter of 2003 until such time, if any, as the Company is able to obtain financing to proceed with
such efforts as additional capital will be required in order to further develop this technology before
it can be commercially exploited. There can be no assurance that additional financing will be available
on
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16
|--



|commercially reasonable terms or at all. If adequate funds are not available, or are not available
on acceptable terms, the Company will likely not be able to further develop the technology. Such
inability to obtain additional financing when needed would have a negative impact on the Company.
If additional funds are raised through the issuance of equity or convertible debt securities, the
percentage ownership of the existing shareholders will be reduced, and the holders of such securities
may have rights, preferences and privileges senior to those of the holders of shares of the Companys
common stock.
Although the United States Patent and Trademark Office has issued several patents on the technology,
there can be no assurances that any additional patents will be issued or to what extent, if any,
such patents will provide protection from competitors or others and there can be no assurances that
such technology will be marketable and/or profitable.
The Company continues to believe that there may be potential viability for its aluminum-air fuel cell
technology however management has concluded that due to the extraordinary time and enormous costs
involved, continued research and development efforts are not justified at this time.
NOTE 3-PROPERTY AND EQUIPMENT
A summary of property and equipment and the estimated useful lives used in the computation of depreciation
is as follows:
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

| |                               | Amount |         |  | Life |        
| | ----------------------------- | ------ | ------- |  | ---- | -------
| |                               |        |         |  |      |        
| | Document processing equipment | $      | 170,000 |  |      | 5 years
| |                               |        |         |  |      |        
| | Less accumulated depreciation |        | 64,000  | 
| |                               |        |         |  |     
| |                               | $      | 106,000 |  |      |        
| |                               |        |         |  |     

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTE 4-SHAREHOLDERS EQUITY
The Company has authorized 130,000,000 $0.01 par value common stock, of which 100,472,328 were issued
and outstanding as of December 31, 2004.
The Company has authorized 10,000 $1.00 par value shares of Preferred Stock, none of which are issued
and outstanding.
NOTE 5-RELATED PARTY TRANSACTIONS AND BALANCES
(a)               Transactions
On
July 1, 2001, the Company entered into a research and development agreement with API pursuant to
which the Company agreed to reimburse API for its allocated portion of research and development expenses
attributable to the Companys technology referred to in Note 1. During the two year period ended
December 31, 2001 and 2002 and the first two quarters of 2003, API operated an R&D Center which
housed a prototype development and assembly laboratory with a full complement of staff, including
mechanical engineers, design engineers, scientists and a support staff. All research and development
efforts were suspended in the second quarter of 2003.
Allocated
research and development expenses for the years ended December 31, 2004 and 2003 aggregated $0 and
$170,000, respectively.

|17
|--



|(b)              Payables
to related parties consist of the following:
|----------------------------------------------------------------------
|                                                                      

| | Accrued compensation due to the Chairman. (See Note 8) (1) | $                                                                                                                                                            | 582,000
| | ---------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------
| |                                                            |                                                                                                                                                              |        
| |                                                            |                                                                                                                                                              |        
| | (1)                                                        | Of this amount, $415,000 is due April 1, 2005 (or earlier upon the
      occurrence of certain agreed upon specific events), and $167,000  is due on demand. |        

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTE 6-STOCK COMPENSATION PLANS
(a)               Pursuant
to the Companys 2001 Omnibus Plan, as amended, eligible persons, as defined therein, may be
granted (a) stock options which may be designated as nonqualified stock options or incentive stock
options, (b) stock appreciation rights, (c) restricted stock awards, (d) performance awards, or (e)
other forms of stock-based incentive awards.
The
maximum number of shares with respect to which the awards may be granted under the 2001 Omnibus Plan,
as amended, is 10,000,000 shares of common stock; provided, however, that such number of shares of
common stock may also be subject to adjustment, from time to time, at the discretion of the Board
of Directors of the Company. The Company has also issued options outside of the Omnibus Plan.
A summary of option activity is as follows:
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

|                            | Inside 
      Plan |            | Outside
      Plan |  | Total     |  
|--------------------------- | ------------------ | ---------- | ------------------ |  | --------- | -
|                           
|Balance  January 1, 2003   |                    | 8,120,000  |                    |  | 2,550,000 |  
|Granted                     |                    |           |                    |  |          |  
|Exercised                   |                    |           |                    |  |          |  
|Cancelled                   |                    | (5,650,000 | )                  |  |          |  
|                            |                    |            |                    |  |           |  
|Balance  December 31, 2003 |                    | 2,470,000  |                    |  | 2,550,000 |  
|Granted                     |                    | 2,870,000  |                    |  |          |  
|Exercised                   |                    |           |                    |  |          |  
|Cancelled                   |                    | (870,000   | )                  |  | (200,000  | )
|                            |                    |            |                    |  |           |  
|Balance  December 31, 2004 |                    | 4,470,000  |                    |  | 2,350,000 |  
|                            |                    |            |                    |  |           |  

|18
|--



| | The following table summarizes information regarding stock options outstanding at December 31, 2004:
| | ----------------------------------------------------------------------------------------------------
| |                                                                                                     

| | Exercise
      Price
      Range |  | Number of
      Options
      Outstanding |  | Weighted
      Average
      Remaining
      Contractual Life |  | Weighted
      Average
      Exercise
      Price |  | Number of
      Shares
      Exercisable |  | Weighted
      Average
      Exercise
      Price | 
| | -------------------------------- |  | ----------------------------------------- |  | ------------------------------------------------------------- |  | ------------------------------------------------- |  | ---------------------------------------- |  | ------------------------------------------------- | 
| |                                  |  |                                           |  |                                                               |  |                                                   |  |                                          |  |                                                   | 
| | $ 0.01                           |  | 3,070,000                                 |  | 4.6                                                           |  | 0.01                                              |  |                                         |  |                                                  | 
| | $ 0.21                           |  | 2,250,000                                 |  | 2.4                                                           |  | 0.21                                              |  |                                         |  |                                                  | 
| | $ 0.50                           |  | 1,150,000                                 |  | 1.4                                                           |  | 0.50                                              |  |                                         |  |                                                  | 
| | $1.00 - $ 1.25                   |  | 350,000                                   |  | 1.6                                                           |  | 1.25                                              |  |                                         |  |                                                  | 

|                                                                                                                                                                                                                                                                                                                                             
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The
per share weighted average fair value of stock options granted during the fiscal year ended December
31, 2004 was $.01. No options were granted during the year ended December 31, 2003. The fair value
of these options was determined at the date of grant using the Black-Scholes option pricing model
with the following assumptions:
|                                                                                                                                                                                                                                                                                                                                             

| |                                     |          
| | ----------------------------------- | ---------
| | Risk-free interest rate             | 3.33     
| | Expected volatility of common stock | 423.10   
| | Dividend yield                      | 0.00     
| | Expected option term                | 4.8 years

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The
Company applies APB 25 in accounting for its stock options granted under its 2001 Omnibus Plan, an
amended and, accordingly, no compensation costs have been recognized in the Companys financial
statements for options granted. If, under SFAS 123, the Company determined compensation costs based
on the fair value at the grant date for its stock options, net earnings and earnings per share for
the years ended December 31, 2004 and 2003 would have been reduced to the pro forma amounts as follows:
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

| |                            | 2004 |         | 2003 |  
| | -------------------------- | ---- | ------- | ---- | -
| |                            |      |         |      |  
| | Net Earnings:              |      |         |      |  
| | As reported                | $    | 225,000 |      | $
| | Pro forma                  |      | 196,000 |      |  
| | Basic Earnings per Share: 
| | As reported                |      | .002    |      |  
| | Pro forma                  |      | .002    |      |  
| | Diluted Earnings per Share
| | As reported                |      | .002    |      |  
| | Pro forma                  |      | .002    |      |  

|                                                                                                                                                                                                                                                                                                                
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b)               In February
2000 the Company issued three warrants to purchase a total of 1,400,000 shares of its common stock
to three officers. One of such warrants entitling the holder to purchase 400,000 shares was cancelled
on January 28, 2003. The remaining warrants expired on February 27, 2005.

|19
|--



|NOTE 7-INCOME TAX
The Companys income tax benefit differs from the expected income tax benefit by applying the
U.S. Federal statutory rate of 34% to net income (loss) as follows:
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                   

| |                                                     | December 31, 2003 |         | December 31, 2002 |  
| | --------------------------------------------------- | ----------------- | ------- | ----------------- | -
| |                                                     |                   |         |                   |  
| |                                                     |                   |         |                   |  
| | Income tax (benefit) at statutory rate of 34%       | $                 | (64,000 | )                 | $
| | Net operating loss carryforward (used) not utilized |                   | 64,000  |                   |  
| |                                                     |                   |         |                   |  
| |                                                     | $                 |        |                   | $
| |                                                     |                   |         |                   |  
| |                                                     |                   |         |                   |  

| |                                  | December 31, 2003 |           | December 31, 2002 |  
| | -------------------------------- | ----------------- | --------- | ----------------- | -
| |                                  |                   |           |                   |  
| |                                  |                   |           |                   |  
| | Deferred tax assets:             |                   |           |                   |  
| | Net operating loss carryforward  | $                 | 282,000   |                   | $
| | Capital loss carryforward        |                   | 2,706,000 |                   |  
| |                                  |                   |           |                   |  
| |                                  |                   | 2,988,000 |                   |  
| | Valuation allowance (see Note 1) |                   | 2,988,000 |                   |  
| |                                  |                   |           |                   |  
| |                                  | $                 |          |                   | $
| |                                  |                   |           |                   |  

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTE 8-COMMITMENTS
(a)               Pursuant
to a Sales Agreement between Intercomsoft and Supercom dated August 25, 1995, as amended, Supercom
supplies the equipment, software and consumables utilized by Intercomsoft for the production of computerized
documents under the Supply Agreement with the Government of the Republic of Molodva. Pursuant to
this agreement, Intercomsoft is provided with guidance and support required for the installation
and operation of the equipment, as well as the materials required for its maintenance. In addition
to payment for the equipment, software and consumables purchased under such agreement, Intercomsoft
is obligated to pay 25% of its profits to such supplier, as more specifically provided for under
the agreement.
On
March 24, 2005, Intercomosft and Supercom entered into a Termination Agreement. Pursuant to the Termination
Agreement, the Sales Agreement was terminated at the request of Supercom. Under the Sales Agreement,
certain equipment, technology, supplies and other consumables which Intercomsoft is obligated to
supply to the Government of the Republic of Moldova pursuant its Supply Agreement dated April 29,
1996, was supplied by Supercom on behalf of Intercomsoft pursuant to the Sales Agreement. Notwithstanding
the termination of the Sales Agreement pursuant to the Termination Agreement, Supercom agreed to
continue to supply Moldova with such equipment, consumables, software and technology during the remaining
term of the Supply Agreement, upon the request of Moldova pursuant to the requirements of the Supply
Agreement. Pursuant to the Termination Agreement, Intercomsoft agreed to pay to Supercom, in nine
equal monthly installments commencing in April 2005, the sum of $184,912 representing the balance
of the amount due for certain equipment supplied by Supercom pursuant to the Sales Agreement. In
addition, Supercom agreed not to take any action, directly or indirectly, to interfere with Intercomsofts
contractual rights with Moldova or to, in any way, cause Moldova to terminate or not renew the Supply
Agreement and agreed to pay to Intercomsoft certain amounts specified in the Termination Agreement
as liquidated damages in the event of any

|20
|--



|breach or default by Supercom thereunder.
(b)           The Companys employment
agreement with Boris Birshtein, its Chairman of the Board of Directors, expired December 31, 2003.
The employment agreement was not renewed on the expiration date and, accordingly, the Company became
obligated to pay Mr. Birshtein a lump sum severance of $415,000, all of which was accrued in the
financial statements for the year ended December 31, 2003. Mr. Birshtein agreed to defer payment
of the severance compensation until April 2005 (subject to earlier payment upon certain agreed upon
specified occurrences.)
Pursuant to a letter agreement dated March 10, 2004 between the Company and Mr. Birshtein, Mr. Birshtein
agreed to continue to serve as the Companys Chairman of the Board of Directors on a month-to-month
basis on substantially the same terms as were provided for in his prior employment agreement. Such
letter agreement provides Mr. Birshtein with, among other things, an annual base salary of $276,450.
NOTE 9-SEGMENT INFORMATION
The Companys operations are classified into two reportable segments plus corporate and administrative
functions. The segments consist of Intercomsoft, which produces computerized identification documents,
research and development of the aluminum-air fuel cell technology, and general and administrative
expenses incurred for corporate purposes.
YEAR ENDED DECEMBER 31, 2004
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

| |                    | Intercomsoft |           | Research and
      Development |  | Corporate and
      Administrative |  | Total |           
| | ------------------ | ------------ | --------- | ------------------------------ |  | ---------------------------------- |  | ----- | ----------
| |                    |              |           |                                |  |                                    |  |       |           
| | Net sales          | $            | 4,858,000 |                                |  |                                   |  |       |          
| |                    |              |           |                                |  |                                    |  |       |           
| | Operating expenses |              | 3,094,000 |                                |  |                                   |  |       | 1,539,000 
| |                    |              |           |                                |  |                                    |  |       |           
| | Net income (loss)  | $            | 1,764,000 |                                |  |                                   |  | $     | (1,539,000
| |                    |              |           |                                |  |                                    |  |       |           

|                            
|----------------------------
|YEAR ENDED DECEMBER 31, 2003
|                            

| |                    | Intercomsoft |           | Research and
      Development |   | Corporate and
      Administrative |   | Total |           
| | ------------------ | ------------ | --------- | ------------------------------ | - | ---------------------------------- | - | ----- | ----------
| |                    |              |           |                                |   |                                    |   |       |           
| | Net sales          | $            | 4,128,000 |                                | $ |                                   |   | $     |          
| |                    |              |           |                                |   |                                    |   |       |           
| | Operating expenses |              | 2,398,000 |                                |   | 172,000                            |   |       | 1,754,000 
| |                    |              |           |                                |   |                                    |   |       |           
| | Net income (loss)  | $            | 1,730,000 |                                | $ | (172,000                           | ) | $     | (1,754,000
| |                    |              |           |                                |   |                                    |   |       |           

|21
|--



|ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|------- | ------------------------------------------------------------------------------------

|     
|-----
|None.

|22
|--



|PART III
|--------
|        

|ITEM 9. | DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE
EXCHANGE ACT
|------- | ---------------------------------------------------------------------------------------------------------------

|                                                                                                                                                                                                                                                                                                             
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Directors and Executive Officers
Our
officers are elected by, and serve at the pleasure of, our Board of Directors. The names and ages
of our directors and executive officers as of December 31, 2004, are set forth below. Our By-laws
provide for not less than three and not more than fifteen directors.
|                                                                                                                                                                                                                                                                                                             

| | NAME              |  | AGE |  | POSITION WITH COMPANY             
| | ----------------- |  | --- |  | ----------------------------------
| |                   |  |     |  |                                   
| |                   |  |     |  |                                   
| | Boris Birshtein   |  | 57  |  | Chairman of the Board of Directors
| |                   |  |     |  |                                   
| | Yuri Benenson     |  | 50  |  | Director; Chief Executive Officer 
| |                   |  |     |  |                                   
| | Walter J. Perchal |  | 53  |  | Director                          
| |                   |  |     |  |                                   
| | Jack Braverman    |  | 36  |  | Director; Chief Financial Officer 

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Background of Executive Officers and Directors
Boris Birshtein  has served as our Chairman of the Board of Directors since January 1998. Since 1999, Mr. Birshtein
has served as the Chairman of Eontech Group Inc., of which he is the principal shareholder and of
Aluminum-Power Inc., our principal shareholder. From 1996 Mr. Birshtein has served as the Chairman
of World Assets (Media) Inc. Mr. Birshtein holds PhDs in Philosophy and Economics and heads the North
American Informationology Academy.
Yuri Benensonwas appointed a member of the Board of Directors and as the Chief Executive Officer on May 1, 2003
and was elected on May 12, 2003. Since 1997 Mr. Benenson has served as a member of the Board of Directors
of Banca Commerciala pe Actiuni Export Import Bank and as Vice President of EXIM Asint,
S.A., both of which are our former subsidiaries, and from January 2004 has served as a member of
the executive management team of Intercomsoft Limited, our subsidiary. Mr. Benenson holds a masters
degree in Finance and Economics from Vilnius State University.
Walter J. Perchal, Ph.D. was appointed a member of the Board of Directors on February 16, 2001 and elected in August 2001.
Since 1997, Mr. Perchal has served as the President and Chief Executive Officer of IC Inc., a consulting
firm, which provides consulting services in North America, Europe and Asia. For the past 22 years,
Mr. Perchal has served as an adjunct Professor at York University in Toronto, Canada.

|23
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|Jack Bravermanwas appointed a member of the Board of Directors and our Chief Financial Officer on January 21, 2004.
Mr. Braverman has worked with Mr. Birshtein, his uncle and our Chairman of the Board, in a number
of capacities since 1997, including his service as President of Eontech Group, Inc. from July 1999
to date, President of Royal HTM Group from December 1997 to April 2001 and as Vice President and
Chief Financial Officer from April 2001 to date, as well as serving as Vice President of Aluminum-Power
Inc, our majority shareholder, since January 2001. Mr. Braverman holds a BA in Economics from the
University of Western Ontario.
Section 16(a) Beneficial Ownership Reporting Compliance
We are not aware of any person who was a director, officer, or beneficial owner of more than ten percent
(10%) of our common stock and who failed to file reports required by Section 16(a) of the Securities
Exchange Act of 1934 in a timely manner.
ITEM 10.               EXECUTIVE COMPENSATION
The following table sets forth information concerning the annual and long-term compensation of our
most highly compensated employees and/or executive officers who served as such at the end of the
fiscal year ended December 31, 2004, and whose salary and bonus exceeded $100,000 for the fiscal
year ended December 31, 2004, for services rendered in all capacities to us and our subsidiaries
during our 2002, 2003 and 2004 fiscal years. The listed individual shall be hereinafter referred
to as the Named Executive Officer.
Summary Compensation Table
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

|                      |  | Annual Compensation |      | Long Term Compensation |  
|--------------------- |  | ------------------- | ---- | ---------------------- | -
|
|
|
|
|                      |  |                     |      |                        |  
|                      |  |                     |      |                        |  
|Boris Birshtein       |  |                     | 2002 |                        | $
|Chairman of the Board |  |                     |      |                        |  
|                      |  |                     | 2003 |                        | $
|                      |  |                     |      |                        |  
|                      |  |                     | 2004 |                        | $

|                   
|-------------------
|
|                   

|(1) | Mr. Birshtein receives a monthly expense allowance of $1,800 totaling $21,600 annually.                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                             
|(2) | In 2003, Mr. Birshtein was entitled to receive an increase of $26,450 in his base salary pursuant to
his Employment Agreement. See Employment Agreements.                                                 
|    |                                                                                                                                                                                                             
|(3) | Mr. Birshtein was entitled to receive severance compensation totaling $414,675 in connection with the
non-renewal of his Employment Agreement. Such amount was accrued but not paid as of December 31,
2004.

|24
|--



|Options/SAR Grants in Last Fiscal Year to Officers and Directors
There were 500,000 options granted pursuant to the 2001 Omnibus Plan, as amended, to an officer and
director during 2004. No options previously issued were exercised during 2004.
Compensation of Directors
All
of our outside Directors are eligible to be paid an attendance fee of $2,000 for each meeting of
the Board of Directors attended up to a maximum of $8,000 for any 12-month period. During the fiscal
year ended December 31, 2004, there were no payments made to any outside Director.
Mr. Birshtein has served as our Chairman of the Board since January 1998. He was compensated for such
service in year 2004 pursuant to a letter agreement dated March 10, 2004 which provides for, among
other things, a monthly consulting fee of $23,047.
Employment Agreements
Our only employment agreement was with Boris Birshtein, our Chairman of the Board of Directors, which
expired on December 31, 2003 and was not renewed.
Because such employment agreement was not renewed when it expired, pursuant to
the terms of such agreement we were obligated to pay a lump sum severance compensation to Mr. Birshtein
of $414,674 which was included in our consolidated balance sheet under current liabilities for 2003
and 2004 but which was paid in full to Mr. Birshtein on April 6, 2005.
Although the employment agreement terminated on December 31, 2003, pursuant to a letter agreement dated
March 10, 2004, Mr. Birshtein agreed to continue to serve as our Chairman of the Board of Directors
on a month-to-month basis on substantially the same terms as were provided for in his prior employment
agreement including, among other things, a monthly consulting fee of $23,047. Additionally, Mr. Birshtein
receives a monthly expense allowance of $1,800.
2001 Omnibus Plan, As Amended
In January of 2001, our Board of Directors adopted the 2001 Omnibus Plan, which became effective in
February of 2001 after stockholder approval. In June of 2001, our Board of Directors approved a resolution
to increase the maximum aggregate number of shares that may be issued under the 2001 Omnibus Plan.
Thereafter, the stockholders approved the increase of the authorized number of shares issuable pursuant
to the 2001 Omnibus Plan from 4,000,000 to 10,000,000 shares. This amendment became effective in
August of 2001.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|Summary of 2001 Omnibus Plan, as amended
Qualified directors, officers, employees, consultants and advisors of ours and our subsidiaries are
eligible to be granted (a) stock options (Options), which may be designated as nonqualified
stock options (NQSOs) or incentive stock options (ISOs), (b) stock appreciation
rights (SARs), (c) restricted stock awards (Restricted Stock), (d) performance
awards (Performance Awards) or (e) other forms of stock-based incentive awards (collectively,
the Awards). A director, officer, employee, consultant or advisor who has been granted
an Option is referred to herein as an Optionee and a director, officer, employee, consultant
or advisor who has been granted any other type of Award is referred to herein as a Participant.
The Omnibus Committee administers the 2001 Omnibus Plan, as amended, and has full discretion and exclusive
power to (a) select the directors, officers, employees, consultants and advisors who will participate
in the 2001 Omnibus Plan, as amended, and grant Awards to such directors, officers, employees, consultants
and advisors, (b) determine the time at which such Awards shall be granted and any terms and conditions
with respect to such Awards to the extent not inconsistent with the provisions of the 2001 Omnibus
Plan, as amended, and (c) resolve all questions relating to the administration of the 2001 Omnibus
Plan, as amended. Members of the Omnibus Committee receive no compensation for their services in
connection with the administration of the 2001 Omnibus Plan, as amended.
The Omnibus Committee may grant NQSOs or ISOs that are evidenced by stock option agreements. A NQSO
is a right to purchase a specific number of shares of common stock during such time as the Omnibus
Committee may determine, not to exceed ten years, at a price determined by the Omnibus Committee
that, unless deemed otherwise by the Omnibus Committee, is not less than the fair market value of
the common stock on the date the NQSO is granted. An ISO is an Option that meets the requirements
of Section 422 of the Internal Revenue Code of 1986, as amended (the Code). No ISOs may
be granted under the 2001 Omnibus Plan, as amended, to an employee who owns more than 10% of our
outstanding voting stock (Ten Percent Stockholder) unless the option price is at least
110% of the fair market value of the common stock on the date of grant and the ISO is not exercisable
more than five years after it is granted. In the case of an employee who is not a Ten Percent Stockholder,
no ISO may be exercisable more than ten years after the date the ISO is granted and the exercise
price of the ISO shall not be less than the fair market value of the common stock on the date the
ISO is granted. Further, no employee may be granted ISOs that first become exercisable during a calendar
year for the purchase of common stock with an aggregate fair market value (determined on the date
of grant of each ISO) in excess of $100,000. An ISO (or any installment thereof) counts against the
annual limitation only in the year it first becomes exercisable.
The exercise price of the common stock subject to a NQSO or ISO may be paid in cash or, at the discretion
of the Omnibus Committee, by a promissory note or by the tender of common stock owned by the Option
holder or through a combination thereof. The Omnibus Committee may provide for the exercise of Options
in installments and upon such terms, conditions and restrictions as it may determine.
An SAR is a right granted to a Participant to receive, upon surrender of the right, but without payment,
an amount payable in cash. The amount payable with respect to each SAR
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26
|--



|shall be based on the excess, if any, of the fair market value of a share of common stock on the exercise
date over the exercise price of the SAR, which will not be less than the fair market value of the
common stock on the date the SAR is granted. In the case of an SAR granted in tandem with an ISO
to an employee who is a Ten Percent Stockholder, the exercise price shall not be less than 110% of
the fair market value of a share of common stock on the date the SAR is granted.
Restricted Stock is common stock that is issued to a Participant at a price determined by the Omnibus
Committee, which price per share may not be less than the par value of the common stock, and is subject
to restrictions on transfer and/or such other restrictions on incidents of ownership as the Omnibus
Committee may determine.
A Performance Award granted under the 2001 Omnibus Plan, as amended (a) may be denominated or payable
to the Participant in cash, common stock (including, without limitation, Restricted Stock), other
securities or other Awards and (b) shall confer on the Participant the right to receive payments,
in whole or in part, upon the achievement of such performance goals during such performance periods
as the Omnibus Committee shall establish. Subject to the terms of the 2001 Omnibus Plan, as amended,
and any applicable Award agreement, the performance goals to be achieved during any performance period,
the length of any performance period, the amount of any Performance Award granted and the amount
of any payment or transfer to be made pursuant to any Performance Award shall be determined by the
Omnibus Committee.
The Omnibus Committee may grant Awards under the 2001 Omnibus Plan, as amended, that provide the Participants
with the right to purchase common stock or that are valued by reference to the fair market value
of the common stock (including, but not limited to, phantom securities or dividend equivalents).
Such Awards shall be in a form determined by the Omnibus Committee (and may include terms contingent
upon a change of control of the Company); provided that such Awards shall not be inconsistent with
the terms and purposes of the 2001 Omnibus Plan, as amended.
The Omnibus Committee determines the price of any such Award and may accept any lawful consideration.
The Omnibus Committee may at any time amend, suspend or terminate the 2001 Omnibus Plan, as amended;
provided, however, that (a) no change in any Awards previously granted may be made without the consent
of the holder thereof and (b) no amendment (other than an amendment authorized to reflect any merger,
consolidation, reorganization or the like to which we are a party or any reclassification, stock
split, combination of shares or the like) may be made increasing the aggregate number of shares of
the common stock with respect to which Awards may be granted or changing the class of persons eligible
to receive Awards, without the approval of the holders of a majority of our outstanding voting shares.
In the event a Change in Control (as defined in the 2001 Omnibus Plan, as amended) occurs, then, notwithstanding
any provision of the 2001 Omnibus Plan, as amended, or of any provisions of any Award agreements
entered into between any Optionee or Participant and us to the contrary, all Awards that have not
expired and which are then held by any Optionee or Participant (or the person or persons to whom
any deceased Optionees or Participants rights have been transferred) shall, as of such
Change of Control, become fully and immediately vested
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|27
|--



|and exercisable and may be exercised for the remaining term of such Awards.
If we are a party to any merger, consolidation, reorganization or the like, the Omnibus Committee has
the power to substitute new Awards or have the Awards be assumed by another corporation. In the event
of a reclassification, stock split, combination of shares or the like, the Omnibus Committee shall
conclusively determine the appropriate adjustments.
No Award granted under the 2001 Omnibus Plan, as amended, may be sold, pledged, assigned or transferred
other than by will or the laws of descent and distribution, and except in the case of the death or
disability of an Optionee or a Participant, Awards shall be exercisable during the lifetime of the
Optionee or Participant only by that individual.
No Awards may be granted under the 2001 Omnibus Plan, as amended, on or after January 2, 2011, but
Awards granted prior to such date may be exercised in accordance with their terms.
As of December 31, 2004, of the 10,000,000 shares of our common stock reserved for issuance under the
2001 Omnibus Plan, as amended, options to acquire 4,270,000 shares of our common stock were outstanding.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|ITEM 11. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|-------- | --------------------------------------------------------------

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following table sets forth information concerning the beneficial ownership of shares of our common
stock with respect to stockholders who were known by us to be beneficial owners of more than 5% of
our common stock as of December 31, 2004, and our officers and directors, individually and as a group.
Unless otherwise indicated, the beneficial owner has sole voting and investment power with respect
to such shares of common stock.
Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission
and generally includes voting or investment power with respect to securities. In accordance with
the Securities and Exchange Commission rules, shares of our common stock which may be acquired upon
exercise of stock options or warrants which are currently exercisable or which become exercisable
within 60 days of the date of the table are deemed beneficially owned by the holders of such securities.
Subject to community property laws, where applicable, the persons or entities named in the table
below have sole voting and investment power with respect to all shares of our common stock indicated
as beneficially owned by them.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

| | As of December 31, 2004(1)              | 
| | --------------------------------------- | 
|
|
| |                                         | 
| |                                         | 
| | Boris Birshtein (2)(3)(4)               | 
| | 1285 Avenue of the Americas, 35th Floor | 
| | New York, New York, 10019               | 
| |                                         | 
| | Aluminum-Power Inc.                     | 
| | 87 Scollard Street                      | 
| | Toronto, Ontario M5R 1G4 (2)            | 
| |                                         | 
| | Yuri Benenson                           | 
| |                                         | 
| | 1285 Avenue of the Americas, 35th Floor | 
| | New York, NY10019                       | 
| |                                         | 
| | Jack Braverman                          | 
| | 1285 Avenue of the Americas, 35th Floor | 
| | New York, NY 10019                      | 
| |                                         | 
| | Walter J. Perchal (6)                   | 
| | 1285 Avenue of the Americas, 35th Floor | 
| | New York, New York, 10019               | 
| |                                         | 
| | P.L.T. International, Inc.              | 
| | 87 Scollard Street                      | 
| | Toronto, Ontario M5R 164                | 
| |                                         | 
| | All Executive Officers and              | 
| | Directors as a Group (4 persons) (7)    | 

|        
|--------
|

|(1) | Based on a total of 108,352,328 shares of common stock, which includes: (i) 100,472,328 shares of common
  stock issued and outstanding as of December 31, 2004; (ii) warrants to purchase 1,060,000 shares
  of common stock (which expired in February 2005) (iii) options to purchase 4,470,000 shares of our
  common stock granted pursuant to the 2001 Omnibus Plan, as amended; and, (iv) options to purchase 2,350,000 shares of our common stock granted outside of the 2001 Omnibus Plan, as amended.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|29
|--



|(2) | Mr. Birshtein is an indirect owner of Aluminum-Power Inc. Aluminum-Power Inc.s majority shareholder
  is Eontech Group Inc. of which Birshtein Holdings, Ltd. is the majority owner. Mr. Birshtein directly
  controls Birshtein Holdings, Ltd.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | Mr. Birshtein currently, and since January 1998, serves as our Chairman of the Board.                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(4) | Includes 4,237,000 shares of common stock and a warrant to purchase up to 600,000 shares of our common
  stock owned directly by Mr. Birshtein, which expired in February 2005; 3,910,000 shares of our common
  stock owned by Magnum Associates, Inc., of which Mr. Birshtein is the sole shareholder; and, 76,000,000
  shares of our common stock owned by Aluminum-Power Inc.                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(5) | Mr. Braverman was granted an option under our 2001 Omnibus Plan, as amended, on November 2, 2004 to
  purchase up to 500,000 shares of our common stock. Such option has a term of five years and an exercise
  price of $0.01 per share and was issued in replacement of an option for the same number of shares
  and the same term, that was previously issued to Mr. Braverman on August 15, 2001 with an exercise
  price of $0.50 per share.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(6) | Mr. Perchal is a member of our Board of Directors. Mr. Perchal owns approximately 1% of Aluminum-Power
  Inc., the beneficial owner of 76,000,000 shares of our common stock.                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(7) | Includes Messrs. Birshtein, Benenson, Braverman and Perchal.                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                   

|ITEM 12. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
|-------- | ----------------------------------------------

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Mr.
Boris Birshtein effectively controls Eontech Group Inc., the majority shareholder of Aluminum-Power
Inc., our majority shareholder. On January 11, 2001, Mr. Birshtein, in his capacity as the beneficial
owner of the majority of the outstanding shares of our common stock, provided his irrevocable written
consent approving our acquisition and licensing of certain aluminum-air fuel cell technology from
Aluminum-Power Inc., in consideration of our issuance of 88,000,000 shares of our common stock and
our transfer of certain of our operating assets located in the Republic of Moldova to Aluminum-Power
Inc. Additionally, in January 2001, our Board of Directors (with Mr. Birshtein abstaining as a result
of his interest in the transaction with Aluminum-Power Inc.) approved such actions, including the
transaction with Aluminum-Power Inc.
Upon the consummation of the Technology Acquisition Agreement with Aluminum-Power Inc., Mr. Birshtein
effectively became the beneficial owner of 96,795,000 shares of our common stock, or approximately
95.7% of our outstanding shares of common stock. See Security Ownership of Certain Beneficial
Owners and Management. As of December 31, 2004 Mr. Birshtein was the beneficial owner
of 84,747,000 shares of our common stock, or approximately 78% of our issued and outstanding shares of common stock.

|30
|--



|ITEM 13. | EXHIBITS AND REPORTS ON FORM 8-K                                  
|-------- | ------------------------------------------------------------------
|         |                                                                   
|(a)      | The exhibits listed below are filed as part of this Annual Report.

|
|

| | Exhibit No. |  | Document                                                                                                                                                                                                                            | 
| | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| |             |  |                                                                                                                                                                                                                                     | 
| |             |  |                                                                                                                                                                                                                                     | 
| | 3(i)        |  | Articles of Incorporation (incorporated by reference to the Registration Statement on Form 10-SB filed with the Securities and Exchange Commission under File No. 000-28144).                                                       | 
| |             |  |                                                                                                                                                                                                                                     | 
| | 3(ii)       |  | By-laws (incorporated by reference to the Registration Statement on Form 10-SB filed with the Securities and Exchange Commission under File No. 28144).                                                                             | 
| |             |  |                                                                                                                                                                                                                                     | 
| | 4           |  | January 24, 2001 Definitive Information Statement filed with the Securities and Exchange Commission (incorporated by reference).                                                                                                    | 
| |             |  |                                                                                                                                                                                                                                     | 
| | 4(i)        |  | July19, 2001 Information Statement filed with the Securities and Exchange Commission (incorporated by reference).                                                                                                                   | 
| |             |  |                                                                                                                                                                                                                                     | 
| | 10(i)       |  | January 11, 2001 Technology Acquisition Agreement between Trimol Group, Inc. and Aluminum-Power Inc. (incorporated by reference to the Definitive Information Statement filed with the Securities and Exchange Commission).         | 
| |             |  |                                                                                                                                                                                                                                     | 
| | 10(ii)      |  | January 11, 2001 License Agreement between Trimol Group, Inc. and Aluminum-Power Inc. (incorporated by reference to the Definitive Information Statement filed with the Securities and Exchange Commission).                        | 
| |             |  |                                                                                                                                                                                                                                     | 
| | 10(v)       |  | July 1, 2001 Research & Development Agreement between Aluminum-Power Inc. and Trimol Group, Inc. (incorporated by reference to Form 10-KSB filed with the Securities and Exchange Commission for the year ended December 31, 2001). | 

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| | 10 (vi) |  | March 24, 2005 Termination Agreement between Intercomsoft Limited and Supercom Limited (incorporated by reference to Form 8-K filed with the Securities and Exchange Commission on March 28, 2005 ). | 
| | ------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| |         |  |                                                                                                                                                                                                      | 
| | 21      |  | Subsidiaries of the Registrant.                                                                                                                                                                      | 
| |         |  |                                                                                                                                                                                                      | 
| | 22      |  | Consent of Paritz & Company, P.A.                                                                                                                                                                    | 
| |         |  |                                                                                                                                                                                                      | 
| | 31.1    |  | Chief Executive Officer Certification                                                                                                                                                                | 
| |         |  |                                                                                                                                                                                                      | 
| | 31.2    |  | Chief Financial Officer Certification.                                                                                                                                                               | 
| |         |  |                                                                                                                                                                                                      | 
| | 32.1    |  | Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                       | 
| |         |  |                                                                                                                                                                                                      | 
| | 32.2    |  | Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                       | 

| |     |                                                                                                                                                                                                             
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) | We filed a Report on Form 8-K on January 26, 2004 and a Report on Form 8-K on March 28, 2005, subsequent
  to the period covered by this Report, both of which are incorporated herein by reference thereto.

|32
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|SIGNATURES
    Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, this 14thday of April, 2005.
    TRIMOL GROUP, INC.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                   

|By:    | /s/ Yuri Benenson                   
|------ | ------------------------------------
|       |                                     
|Name:  | Yuri Benenson                       
|Title: | Chief Executive Officer and Director
|       |                                     
|By:    | /s/ Jack Braverman                  
|       |                                     
|Name:  | Jack Braverman                      
|Title: | Chief Financial Officer and Director

|                                                                                                                                                                             
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

|        |                                      |  |                          
|------- | ------------------------------------ |  | -------------------------
|By:     | /s/ Boris Birshtein                  |  | Date:      April 14, 2005
|        |                                      |  |                          
|Name:   | Boris Birshtein                      |  |                          
|Title:  | Chairman of the Board and Director   |  |                          
|        |                                      |  |                          
|By:     | /s/ Yuri Benenson                    |  | Date:      April 14, 2005
|        |                                      |  |                          
|Name:   | Yuri Benenson                        |  |                          
|Titles: | Chief Executive Officer and Director |  |                          
|        |                                      |  |                          
|By:     | /s/ Jack Braverman                   |  | Date:      April 14, 2005
|        |                                      |  |                          
|Name:   | Jack Braverman                       |  |                          
|Title:  | Chief Financial Officer and Director |  |                          
|        |                                      |  |                          
|By:     | /s/ Walter Perchal                   |  | Date:      April 14, 2005
|        |                                      |  |                          
|Name:   | Walter Perchal                       |  |                          
|Title:  | Director                             |  |                          

|33
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