----

**United StatesSECURITIES AND EXCHANGE COMMISSIONWashington , D.C. 20549 **

**Amendment No 1 Form 20-F**

| **(Mark One)**                                                                                                                                                                                                                                                                                             |                     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|
|                                                                                                                                                                                                                                                                                                            |                     |  | **REGISTRATION STATEMENT PURSUANT  TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|                                                                                                                                                                                                                                                                                                            |                     |  | **OR** |
|                                                                                                                                                                                                                                                                                                            | **X**               |  | **ANNUAL REPORT PURSUANT TO  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|                                                                                                                                                                                                                                                                                                            |                     |  | **For the fiscal period ended September  30, 2007_____________________________** |
|                                                                                                                                                                                                                                                                                                            |                     |  | **OR** |
|                                                                                                                                                                                                                                                                                                            |                     |  | **TRANSITION REPORT PURSUANT TO  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|                                                                                                                                                                                                                                                                                                            |                     |  | **OR** |
|                                                                                                                                                                                                                                                                                                            |                     |  | **SHELL COMPANY REPORT PURSUANT TO  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|                                                                                                                                                                                                                                                                                                            |                     |  | Date of event requiring this shell company  report . . . . . . . . . . . . . . . . . . . |
|                                                                                                                                                                                                                                                                                                            |                     |  |  |
|                                                                                                                                                                                                                                                                                                            |                     |  | **For the transition period from** ________________ to  ______________________ |
|                                                                                                                                                                                                                                                                                                            |                     |  |  |
| Commission file number                                               | **000-29862**       |  |  |
|                                                                                                                                                                                                                                                                                                            |                     |  |  |
| **Forum National Investments Ltd.**                                                                                                                                                                                                                                                                        |
| (Exact name of registrant as specified in  this charter)                                                                                                                                                                                                                                                   |
| **Province of Ontario, Canada**                                                                                                                                                                                                                                                                            |
| (Jurisdiction of incorporation or  organization)                                                                                                                                                                                                                                                           |
| **Suite****180A, 13040 #2 Road, Richmond, B.C. Canada V7E 2G1**                                                                                                                                                                                                                                            |
| (Address of principal executive offices)                                                                                                                                                                                                                                                                   |
| Securities registered or to be registered pursuant to section 12(b) of the  Act:                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                            | Title of each Class |  | Name of each exchange on which registered |  |
|                                                                                                                                                                                                                                                                                                            | **None**            |  | **Not Applicable** |  |
|                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                            |                     |  |  |  |  |  |  |  |  |  |

 ** 

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| Securities registered or to be registered  pursuant to Section 12(g) of the Act:                                                                                                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                               | **Common Shares Without Par Value** |  |
|                                                                                                                                                                                                                                                                                                                                                               | (Title of Class) |  |
| Securities registered or to be registered  pursuant to Section 15(D) of the Act:                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                               | **None** |  |
|                                                                                                                                                                                                                                                                                                                                                               | (Title of Class) |  |
| Indicate the number of outstanding shares  of each of the issuer's classes of capital or common stock                                                                                                                                                                                                                                                         |
| as of the close of the period covered by  the annual report.                                                                                                                                                                                                                                                                                                  | **28,433,983** |
|                                                                                                                                                                                                                                                                                                                                                               |  |
| Indicate by check mark if the registrant  is a well-known seasoned issuer, as defined in Rule 405 of the Securities  Act.                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                               | Yes |  |  | No | **X** |
| If this report is an annual or  transitional report, indicate by check mark if the registrant is not required  to file reports pursuant to Section 13 or 15(d) of the Securities Exchange  Act of 1934.                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                               | Yes |  |  | No | **X** |
|                                                                                                                                                                                                                                                                                                                                                               |  |
| 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 |  |
|                                                                                                                                                                                                                                                                                                                                                               |  |
| Indicate by check mark whether the  registrant is a large accelerated filer, an accelerated filer, or a  non-accelerated filer. See definition of "accelerated filer and large  accelerated filer" on Rule 12b-2 of the Exchange Act. (Check One):                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                               |
| Large accelerated filer                                                                                                                                                                                                                                                                                                                                       |  |  | Accelerated filer |  |  | Non-accelerated filer | **X** |
|                                                                                                                                                                                                                                                                                                                                                               |
| Indicate by check mark which financial  statement item the registrant has elected to follow.                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                               | Item 17 | **X** |  | Item 18 |  |
|                                                                                                                                                                                                                                                                                                                                                               |
| If this is an annual report, indicate by  check mark whether the registrant is a shell company (as defined in Rule  12b-2 of the Exchange Act).                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                               | Yes |  |  | No | **X** |
|                                                                                                                                                                                                                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

ii

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**FORUM NATIONAL INVESTMENTS LTD.**

TABLEOF CONTENTS

| GENERAL    | 1                                                                  |
|------------|--------------------------------------------------------------------|
| **PART I** | 3                                                                  |
|       | ITEM I. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS | 3 |
|       | ITEM II.  OFFER STATISTICS AND EXPECTED   TIMETABLE           | 3 |
|       | ITEM III. KEY INFORMATION                                     | 3 |
|       |                                                               | A)  SELECTED FINANCIAL DATA | 3 |
|       |                                                               | B)  CAPITALIZATION AND INDEBTEDNESS | 4 |
|       |                                                               | C)  REASONS FOR THE OFFER AND USE OF PROCEEDS | 4 |
|       |                                                               | D)  RISK FACTORS | 5 |
|       | ITEM IV. INFORMATION ON THE COMPANY                           | 9 |
|       |                                                               | A)  HISTORY AND DEVELOPMENT OF THE COMPANY | 9 |
|       |                                                               | B)  BUSINESS OVERVIEW | 12 |
|       |                                                               | C)  ORGANIZATIONAL STRUCTURE | 17 |
|       | ITEM IVA.    UNRESOLVED STAFF COMMENTS                        | 18 |
|       | ITEM V. OPERATING AND FINANCIAL REVIEW AND PROSPECTS          | 18 |
|       |                                                               | A)  OPERATING RESULTS | 18 |
|       |                                                               | B)  LIQUIDITY AND CAPITAL RESOURCES | 21 |
|       |                                                               | C)  RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. | 22 |
|       |                                                               | D)  TREND INFORMATION | 22 |
|       |                                                               | E)  OFF-BALANCE SHEET ARRANGEMENTS | 23 |
|       |                                                               | F) TABULAR DISCLOSURE OFCONTRACTUAL OBLIGATIONS | 24 |
|       |                                                               | G)  SAFEHARBOR | 24 |
|       | ITEM VI. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES           | 24 |
|       |                                                               | A)  DIRECTORS AND SENIOR MANAGEMENT | 24 |
|       |                                                               | B) COMPENSATION | 25 |
|       |                                                               | C)  BOARD PRACTICES | 26 |
|       |                                                               | D)  EMPLOYEES | 27 |
|       |                                                               | E)  SHARE OWNERSHIP OF MANAGEMENT | 27 |
|       | ITEM VII. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS   | 29 |
|       |                                                               | A)  MAJOR SHAREHOLDERS | 29 |
|       |                                                               | B)  RELATED PARTY TRANSACTIONS | 30 |
|       | ITEM VIII. FINANCIAL INFORMATION                              | 32 |
|       |                                                               | A)  CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION | 32 |
|       |                                                               | B)  SIGNIFICANT CHANGES | 32 |
|       | ITEM IX. THE OFFER AND LISTING                                | 33 |
|       |                                                               | A)  PRICE RANGE AND VOLUME OF SHARES OF COMMON STOCK | 33 |
|       |                                                               | B)  PLAN OF DISTRIBUTION | 34 |
|       |                                                               | C)  MARKETS | 34 |
|       |                                                               | D)  SELLING SHAREHOLDERS | 34 |
|       |                                                               | E)  DILUTION | 34 |
|       |                                                               | F)   EXPENSES OF THE ISSUE | 34 |
|       | ITEM X. ADDITIONAL INFORMATION                                | 34 |
|       |                                                               | A)  SHARE CAPITAL | 34 |

 

iii

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|                              |                                                                                       | B)  MEMORANDUM AND ARTICLES OF INCORPORATION | 34 |
|-----------------------------------|--------------------------------------------------------------------------------------------|---------------------------------------------------|----|
|                              |                                                                                       | C)  MATERIAL CONTRACTS                       | 36 |
|                              |                                                                                       | D)  EXCHANGE CONTROLS                        | 37 |
|                              |                                                                                       | E)  TAXATION                                 | 37 |
|                              |                                                                                       | F)   DIVIDENDS AND PAYING AGENTS             | 43 |
|                              |                                                                                       | G) STATEMENTS BY EXPERTS                          | 43 |
|                              |                                                                                       | H)  DOCUMENTS ON DISPLAY                     | 43 |
|                              |                                                                                       | I)    SUBSIDIARY INFORMATION.      | 44 |
|                              | ITEM XI.  QUANTITATIVE AND QUALITATIVE   DISCLOSURES ABOUT MARKET RISK                | 44                                                |
|                              | ITEM XII. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                      | 44                                                |
| **PART II**                       | 44                                                                                         |
|                              | ITEM XIII. DEFAULTS, DIVIDENDS, ARREARS AND DELINQUENCIES                             | 44                                                |
|                              | ITEM XIV. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OFPROCEEDS | 44                                                |
|                              | ITEM XV. CONTROLS AND PROCEDURES                                                      | 44                                                |
|                              | ITEM XVI.  AUDIT COMMITTEE FINANCIAL EXPERT                                           | 45                                                |
| **PART III**                      | 47                                                                                         |
|                              | ITEM XVII. FINANCIAL STATEMENTS                                                       | 47                                                |
|                              | ITEM XVIII. FINANCIAL STATEMENTS                                                      | 47                                                |
|                              | ITEM XIX. EXHIBITS.                                                                   | 47                                                |
| **INDEX TO FINANCIAL STATEMENTS** | 49                                                                                         |

           iv

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## **GENERAL**

In this AnnualReport on Form 20-F, all references to "Forum", or the"Company" refer to Forum National Investments, Ltd. and itssubsidiaries and affiliated companies. References to this "Form20-F" and this "Annual Report" mean references to this AnnualReport on Form 20-F for the period ended September 30, 2007.

We use theCanadian dollar as our reporting currency. All references in this Annual Reportto "dollars" or "$" are expressed in Canadian dollars,unless otherwise indicated. See also "Item 3. Key Information" formore detailed currency and conversion information. Our consolidated financialstatements, which form part of the annual report are presented in Canadiandollars and are prepared in accordance with accounting principles generally acceptedin Canada ("Canadian GAAP") which differ in certain respects fromaccounting principles generally accepted in the United States ("U.S. GAAP"). The differences between Canadian GAAP and U.S. GAAP, as theyrelate to our business, are explained in the notes to our consolidatedfinancial statements.

**NOTE REGARDING FORWARD-LOOKING STATEMENTS******

This AnnualReport contains forward-looking statements (within the meaning of the UnitedStates Private Securities Litigation Reform Act of 1995) concerning ourbusiness strategies, market conditions, outlook and other matters. Thesestatements relate to analyses and other information that are based on forecastsof future results, estimates of amounts not yet determinable and assumptions ofmanagement including, but not limited to, certain statements and projectionsconcerning our plans, intentions, strategies, expectations, predictions,financial projections, assumptions and estimates related to accountingpolicies, concerning the our future activities and results of operations andother future events or conditions. Any statements that express or involvediscussions with respect to predictions, expectations, beliefs, plans,projections, objectives, assumptions or future events or performance (often,but not always, using words or phrases such as "expects" or"does not expect", "is expected","anticipates" or "does not anticipate","plans", "estimates" or "intends", orstating that certain actions, events or results "may","could", "would", "might" or"will" be taken, occur or be achieved) are not statements ofhistorical fact and may be "forward-looking statements."Forward-looking statements contained in this report are based on current factsand analyses and include, but are not limited to, the following: 

-  theeffect of certain transactions, including marketing agreements on our revenuesand results of operations in future periods;
-  ourdiscussions with potential new marketing agents or membership basedorganizations and the status of these discussions;
-  ourability to secure additional financing and grow operating cash flow to allow itto continue as a going concern;
-  ourability to successfully enter the Life Settlement marketplace and sourceadequate amounts of Life Settlement policies;
-  applicationof critical accounting policies and the effect of accounting pronouncements onour results of operations;
-  ourfocus on key long-term objectives, including diversifying our type ofmembership offerings, maintaining and expanding current membership levels, andimproving its levels and areas of service; and

1

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-  otherstatements related to our business and results of operations.

Forward lookingstatements are made based on management's reasonable beliefs, estimatesand opinions on the date the statements are made. However, theseforward-looking statements involve known and unknown risks, uncertainties andother factors that may cause our actual results, performance or achievements orindustry results to be materially different from any future results,performance or achievements expressed or implied by such forward-lookingstatements. Such risk factors include, but are not limited to, general economicconditions, our ability to generate sufficient cash flows to support capitalexpansion plans and general operating activities; changing travel and lifestyletrends of consumers; competition; pricing and availability of services;insurance laws and regulations and changes thereto that may affect the way ourservices are marketed, provided and sold; and political and economicuncertainties including exchange controls, currency fluctuations, taxation andother laws or governmental economic, fiscal, monetary or political policies ofCanada and the United States affecting foreign travel, investment and taxation and other factors beyond our reasonable control,which, in turn, could affect our current or future operations. See "KeyInformation - Risk Factors". Should one or more of these risks anduncertainties materialize, or should underlying assumptions prove incorrect,actual results may vary materially from those described in forward-lookingstatements. The reader is cautioned not to place undue reliance onforward-looking statements. We undertake no obligation to publicly revise theseforward-looking statements to reflect events or circumstances that arise afterthe date of this filing. Readers should carefully review the cautionarystatements and risk factors contained in this and other documents that we filefrom time to time with the Securities and Exchange Commission.  

2

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# **PART I**

## **ITEM I.  IDENTITY OF DIRECTORS, SENIOR MANAGEMENTAND ADVISORS**

This Form 20-F is been filed as an annual report underthe Exchange Act and, as such; there is no requirement to provide informationunder this item.

## **ITEM II.  OFFER STATISTICS AND EXPECTED TIMETABLE**

ThisForm 20-F is been filed as an annual report under the Exchange Act and, assuch; there is no requirement to provide information under this item.

## **ITEM III.  KEY INFORMATION**

### **A)    SELECTEDFINANCIAL DATA**

Setforth below is certain selected financial data for the Company for the year-endfiscal periods 2003 to 2007. The following information must be read inconjunction with the more detailed financial information contained in theaccompanying audited financial statement. Unless otherwise stated, all references to dollars herein are toCanadian dollars. As at September 30, 2007, one United States Dollar was equalto 0.9963 Canadian dollars and that value is used in the calculations herein,unless otherwise indicated.

TABLE OF SELECTED CONSOLIDATEDFINANCIAL DATA

(Statedin Canadian Dollars)

|   |   |   | **Year   Ended December 31 **
**Sep 30, 2007**(1)

**2006**

**2005**

**2004**

**2003**

**Current Assets**

     $ 9,255,321

    $  1,431,310   

    $   1,707,562

$   831,123

     $    852,855

**Capital Assets**

9,100,127

7,276,372 

4,591,964

3,928,818

    3,760,853

**Total Assets**

18,535,700

8,715,182

7,948,618

7,268,071

8,893,775

**Current Liabilities, Excluding Deferred  Revenue**

1,056,037  

 1,114,683 

1,331,598

1,341,520

1,518,890

**Deferred Revenue**

-

-

2,560,525

4,463,163

9,755,212

**Convertible Debentures**

40,486

40,486

40,486

40,486

175,516

**Long Term Debt**

        3,988,031

           4,029,516

1,324,991

-

-

**Share Capital**

24,194,793

   14,802,797

     15,152,797

15,152,797

    15,028,187

**Contributed surplus**

2,944,536

-

-

-

-

**Deficit**

(13,647,697)

(11,231,814)

(12,664,990)

(14,316,794)

(17,979,578)

**Net Revenue from Operations**

  $  2,582,487

  $      6,097,780

  $       5,923,516

  $      9,186,444

  $   9,758,380

**Net Income (Loss) from Operations**

(2,415,883)

    1,644,160

     1,651,804

     3,662,784

3,263,047

3
         
**Year   Ended December 31**      **Sep 30, 2007**(1)
**2006**

**2005**

**2004**

**2003**

**Earnings (Loss) per Share from Operations**

(2)

(0.22)

             0.35

               0.30

               0.75

                2.36

**Fully Diluted Earnings (Loss) per Share**

(2)

             0.32 

               0.30

              0.72

                2.36

**Weighted Average number of shares for  calculating basic and diluted Earning (Loss) per share**

(2)

11,140,573

5,098,086

5,444,661

4,899,949

1,384,771

  **Notes**:

(1)    The Companyhas changed its year end to September 30th effective for the yearended September 30, 2007.  Fiscal period for September 30, 2007 includes 9months for comparison and does not include the October 2007, purchase of FamilyVacation Centers and associated increase in revenues. 

(2)   Effective April 16,2007, the Company's common shares were forward split on a three new forone old basis. 

On February29, 2008, the exchange rate for Canadian dollars was $1.00 (US) for $0.9798(CAD), as posted by the Bank of Canada. 

Thehigh and low buying rate figures are selected from monthly figures for eachmonth of the previous six-month period ending February 29, 2008.  Daily average figures are not availablefrom any major Canadian chartered bank.

**February**

**January**

**December**

**November**

**October**

**September**

**High**

1.0190

0.9686

1.0217

0.9992

0.9996

0.9466

**Low**

0.9719

1.0096

1.0220

1.0905

1.0905

1.0069

Historicalexchange rates for $1.00 (US) expressed in Canadian dollars over the past fiveyears are as follows:

**2007**

**2006**

**2005**

**2004**

**2003**

**Period End**

1.0905

1.1653

1.1659

1.2036

1.2965

**Average**

1.0747

1.1340

1.2116

1.3015

1.4014

**High**

1.0905

1.0990

1.1507

1.1774

1.5672

**Low**

0.9215

1.1726

1.2704

1.3968

1.2943

Theabove information was obtained from the Bank of Canada and is believed by theCompany to closely approximate the rates certified for customs purposes by theFederal Reserve Bank in New York.
**B)    CAPITALIZATIONAND INDEBTEDNESS**
ThisForm 20-F is been filed as an annual report under the Exchange Act and, assuch; there is no requirement to provide information under this item.
**C)    REASONSFOR THE OFFER AND USE OF PROCEEDS**
This Form 20-F is been filed asan annual report under the Exchange Act and, as such; there is no requirementto provide information under this item.

4
******D)    RISKFACTORS**
Investmentin the Company involves a high degree of risk.  Prospective investors, prior to makingan investment in the Company, should carefully consider, among others, thefollowing risk factors: 

TheCompany's businesses are heavily regulated and changes in regulations,changes in interpretation of existing regulations or failure to obtain requiredregulatory approvals or licenses could adversely affect the Company'sability to operate or compete effectively.

OnOctober 1, 2003 the United States federal governments "no callregistry" went into effect. The new law allows consumers who do not wishto be "solicited" and receive telemarketing calls to register onthe federal government's nationwide list. The "no call list"is receiving millions of registrants. A similar law is under review for Canada.At this time it is anticipated this law will take effect in the fall of 2007.This law in Canada will affect the company's operations and result in ahigher marketing cost, which could affect the profitability of theCompany's Snowbird Vacations Travel Club membership sales.

In the 1990's with the growth of the Life Settlement industry thefederal government and various states introduced legislation. The statelegislative actions were designed to introduce consumer protection typeregulations for policy holders and purchasers while the federal government withthe Securities and Exchange Commission seeks to regulate the market for theprotection of a purchaser. There currently exists government regulation in 27states to ensure fair practices and protect consumers particularly from fraud,large incommensurate middleman commissions and transaction costs.

The United States Securities and Exchange Commission treat LifeSettlements as securities under state and federal securities law when viewed asa structured product. No state federal or regulatory body or private litiganthas successfully asserted that our settlements transactions are under state orfederal law. As the purchaser or possible seller of policies we represent thatwe are a sophisticated individual and have diminutive needs for protectionafforded by securities laws. We have utilized some exceptions and exemptions inconducting our life settlement transactions. 

The insurance industry is highly regulated. The Company is not requiredto be licensed as an insurance company or insurance broker as the Company doesnot issue policies. Regulations that cover policy terms, premium payment,transferability, and receipt of policy benefits could adversely affect thesecondary market for life settlements in which the company operates. 

The Life Settlement secondary market provides consumers with analternative to the cash surrender value offered by their underwriting insurancecompany and facilitates consumer choice and competition. Legitimate LifeSettlement companies provide a socially responsible service to seniors whosefuture welfare is an important social policy issue at all levels of society andgovernment. However, there can be no assurances that future changes inConsumer, Securities or Insurance regulations at Federal or State level willnot have a materially adverse effect on the industry and the Company'sresults. 

The Company may require additionalcapital; if we are unable to obtain financingnecessary to support our operations, we may be unable to continue as a goingconcern.

TheCompany has a credit facility from Caterpillar Financial Services to completethe refit to the 120" Yacht in the amount of $4.3 million USD of which$4.25 million has been drawn down as of February 29, 2008, with constructionslated for completion in the spring of 2008. As of September 30, 2007 theCompany had a working capital surplus of $8,487,836. The Company continues tooperate within the continually evolving and volatile travel industry. TheCompany believes it will generate sufficient operating capital throughoperations. There can be no assurances the Company will be able to generatesufficient investment from borrowing, the sale of equity, or a combinationthereof. If additional financing is required, there is no certainty it will beavailable when and to the extent required or that if available, it will be onacceptable terms. If adequate funds are not available on acceptable terms, theCompany may not be able to fund existing operations in their current state,fund business expansion, develop or enhance its products or services, orrespond to competitive pressures. This could have a material adverse effect onthe Company's existing operations and planned growth. 

These financial statements havebeen prepared on a going-concern-basis, which contemplates the realization ofassets and satisfaction of liabilities in the normal course of business. SeeNote 2 "Going Concern" Notes to the Consolidated FinancialStatements. Accordingly, these financial statements do not include any adjustmentsto the 

5

specific amounts andclassifications of assets and liabilities, which might be necessary should theCompany be unable to continue as a going concern.

Because of daily price andvolume limitations associated with being an OTCBB quoted company, you may notbe able to sell your shares of our common stock at a particular price on anyparticular trading day, or at all. 

The Company's common stock is vulnerable to pricing andpurchasing actions in the ``OTCBB`` market that are beyond its control andtherefore persons holding or acquiring shares may be unable to resell theirshares at a profit as a result of this volatility. 

TheCompany does not expect to pay dividends in the future. Any return oninvestment may be limited to the value of the Company's stock. 

TheCompany does not anticipate paying cash dividends on its stock in theforeseeable future. The payment of dividends on the Company's stock willdepend on its earnings, financial condition and other business and economicfactors affecting the Company at such time as the board of directors mayconsider relevant. If the Company does not pay dividends, its stock may be lessvaluable because a return on your investment will only occur if theCompany's stock price appreciates. 
The market price for our common shareshas been and is expected to continue to be volatile; and as a result the valueof your investment in the Company may decrease.
The trading price of theCompany's securities has been subject to wide fluctuations in response tovariations in its operating results, its announcements of businessdevelopments, or new services by the Company or its competitors, and otherevents and factors.  The securitiesmarkets themselves have from time to time experienced significant price andvolume fluctuations that may be unrelated to the operating performance of anyparticular companies.  Announcementsof delays in the Company's business plans or online commerce operations,technological innovations or new services by the Company, or itscompetitor's developments, could have a significant and adverse impact onsuch market prices.  Also, economicand other external factors, as well as period-to-period fluctuations in itsfinancial results, may have a significant impact on the market price of theCompany's securities. 

There can be no assurance that the continual fluctuations inprice will not occur. In particular, subsequent to the financial period endedSeptember 30, 2007, the price per share of the Company's common sharesfluctuated (US dollar figures) from a low of $5.00 to a high of $18.00 and acurrent level of $10.00. 

We may issue additional shares in the Companythereby further diluting the total shares issued and outstanding.  As well, a substantial number of ourshares of common stock will be eligible for future sale, and the sale of theseshares may cause our stock price to decline, even if our business is doing well.

Situations may arise whichcould require the issuance of additional shares of the Company. In addition tothe three (3) for one (1) split in the Company's common shares April 16,2007, there has been an increase in the number of issued and outstanding commonshares of the Company. In July, 2007 the Company completed private placementsfor a total of $9 million USD and correspondingly issued 14,500,000 restrictedcommon shares of the company.

On June 27, 2007 the recorddate, as part of a restructuring the Company issued 13,933,983 Series"A" Preferred Non-Dilutive shares to all the existing registeredand beneficial common shareholders on a one (1) for one (1) PRO RATA basis. TheSeries "A' Preferred Non-Dilutive shares are convertible, as aSeries into common shares of the Company provided a majority of the Series"A" Preferred shareholders vote in favor of converting the entireSeries. The Series will convert into a number of common shares that willrepresent 50% of the number of fully diluted common shares after conversion.

On June 27, 2007 the recorddate, as part of a restructuring the Company issued 13,933,983 Series "B"Preferred Shares to all the existing registered and beneficial commonshareholders on a one (1) for one (1) PRO RATA basis. The Series "B"Preferred shares are convertible into common shares of the Company on a one forone basis by shareholders of record as of June 27, 2007.

6

On July5th 2007, the Company has executed a Stock Option plan reserving 2,850,000shares in the common stock of the Corporation to provide its officers,directors, employees and consultants with an incentive to use their bestefforts to advance the business affairs of the Corporation.  Pursuant to the plan, the Company granted2,835,000 options during the year to officers, directors, employees andconsultants with an exercise price of $1.00 per common share which will beexecutable for a period of five years from the date of grant.

Furthermorefuture equity financings, property transactions, issuance of stock optionsamong other things may require the subsequent issuance and further dilution ofthe Company's securities.

Our significant shareholders andmanagement personnel have potential conflicts of interest with us, which mayresult in their taking corporate actions which you may not believe to be inyour best interests or in the best interests of the Company.

TheCompany's officers and board of directors control more than 50% of theCompany's issued and outstanding stock. The concentration of such a largepercentage of the Company's stock in the hands of relatively fewshareholders may cause a disproportionate effect on minority shareholders inall matters presented to the company's shareholders. The Company'sofficers and board of directors as majority shareholders have the power to takecorporate actions which other shareholders may not believe are in their bestinterests or in the best interests of the Company. There can be no assurancethat the Company's officers and Board of Directors as will not cause theCompany to take such corporate actions.

Werely on our founders, Messrs. Dan Clozza and Martin Tutschek, the loss ofeither could have a material adverse effect on our business.

Our success will depend to a significant extent on theefforts and abilities of our Chief Executive Officer, Mr. Dan Clozza and ourChief Financial Officer, Mr. Martin Tutschek.  Messrs. Clozza and Tutschek are activelyengaged in our management and together determine our strategic direction,especially with regard to business development activity. While we are in theprocess of establishing a management structure designed to reduce ourdependence on Messrs. Clozza and Tutschek, the sudden departure or reducedattention of either Messrs. Clozza or Tutschek to us could have a materialadverse effect on our operations, financial condition and operating results.The Company does not maintain "key man" insurance in respect of anyof its management.

For ourbusiness to be successful we will need to attract and retain qualifiedpersonnel,licensees or operators, brokers or life settlement providers.  Failure to attract and retain suchparties could have a material adverse effect on our business.

TheCompany's future success depends, in significant part, upon the continuingservice and performance of its senior management and other key personnel, withwhom it does not have employment agreements at this time. If it loses theservices of any of these individuals, its ability to effectively deliverservices to its customers and manage its business effectively, could beimpaired. Furthermore, companies seeking to develop similar business strategiesmay hire away some of our key employees. 

TheCompany's historical core growth depends, in significant part, upon thecontinuing traditional method of sales and marketing of its Travel Clubproducts. If the Company is unable to secure an Operator or hire qualifiedsales and marketing staff, its ability to effectively grow and expand itsbusiness could be impaired. In addition to the risk of securing an Operator orcontracting a Licensee, the Company's growth is dependent upon thesuccess of the entities.

Wehave begun to develop our network of financial planning professional, insurancebrokers, and Life Settlement provider companies. Our ability to initiate, buildand grow these relationships is dependent on many factors including thepurchase volume and amount of commissions received from transactions with theCompany. The relationship with these individuals is fundamental to operating inthis market. We have no contractual arrangements with financial planners,insurance brokers or Life Settlement providers.

TheCompany believes that its future success will depend in large part upon itsability to attract and retain qualified personnel, Licensees or operators, andbrokers or Life Settlement providers for its operations.  The failure to attract or retain suchpersons or entities could materially adversely affect the Company's business,financial condition and results of operations.

Themarkets in which the Company competes are highly competitive. If the Companycannot successfully compete, its growth rate may stagnate or revenues maydecline.

7

Themarket in which the Company competes is intensely competitive in all itsphases.  It is expected thatcompetition will intensify and increase in the future as more vacation andtravel-related companies engage in e-commerce and or travel clubs. The Companyanticipates that it will compete for customers and experienced personnel with anumber of companies having significantly greater financial, technical andmarketing resources than it has. Established branded companies may have some marketing advantage due totheir market identities and this is likely to have serious ramifications forthe remaining companies. Price competition may be instituted and sustainedfurther reducing the profit margins, resulting in a reduction of the Company'smarket share, and revenues. 

TheLife Settlement market is a relatively new market within the financial servicessector. Its growth and precise direction is unclear. As the Life Settlementmarket grows it could result in the Company's unsuccessful attempt toenter into the Life Settlement market for various reasons this includes:
-  The ability of the Company tocompete with other Life Settlement companies;
-  The ability of the Company tolocate sufficient policy flow;
-  The ability of the Company tosuccessfully negotiate and close Life Settlement transactions; and 
-  The introduction of financiallyburdensome governmental regulation.

We may be unable to develop andmaintain a distinctive brand identity, which could damage our reputation,reduce market penetration and reduce sales.

TheCompany believes brand identity is important to attracting and expanding themembership base and Life Settlement portfolio. The Company believes thesignificance of brand and name recognition will intensify should the number ofcompeting companies increase. The Company cannot assure shareholders that itwill be able to continue developing a distinctive brand identity that willensure significant market recognition. Without market recognition, the Companymay be unable to sell memberships or source settlement policies, which failurewould affect growth and operating results of the Company's operations. 
Estimates oflongevity in the Life Settlement market are uncertain and any materialunderestimation will materially affect the cost and lower the anticipatedreturns.
Inthe Life Settlement market, the price of a successful bid for a settlementinsurance policy is based upon several variables. The most relevant been theface value of the policy, the continuing premium costs, and the anticipatedlife expectancy of the insured. An insured's life expectancy is estimatedfrom a medical life expectancy report, medical history, genetic history andactuarial data. Bids for policies are priced with this information and seek toobtain competitive yields available for other financial products with similarrisk.

It is impossible to predictwith accuracy of an insured's exact life expectancy. An underestimationwill result in lower returns than projected been realized. An underestimationalso increases the amount of money necessary to be allocated for premiumpayments. An overestimation will result in higher calculated projectedreturns.  

Taking into account allavailable information, the Company cannot assure that it will not err byunderestimating or overestimating the average life expectancy of an individualand the amounts required for future premiums. Any associated losses could havea material adverse effect on our business, financial condition, and operatingresults.

System failures or flaws in ourcomputer and communications systems could decrease market acceptance of oursales and services, which would reduce our revenues and profitability.

The Company's ability tofacilitate trade successfully and provide high quality customer service dependson the efficient and uninterrupted operation of its computer and communicationssystems. These systems and operations are vulnerable to damage or interruptionfrom earthquakes, floods, fires, power loss, telecommunication failures,break-ins, sabotage, intentional acts of vandalism and similar events.  The Company does not have aformal disaster recovery planor alternative providers of hosting services, and does not carry businessinterruption insurance to compensate it for losses that may occur.  Despite any precautions taken, or plannedto be taken, by the Company, the occurrence of a natural disaster or otherunanticipated problems could result in interruptions in the services providedby the Company.

8

In addition, system failures toprovide the data communications capacity required by the Company, as a resultof human error, natural disasters, or other operational disruption, couldresult in interruptions to its service and sales.  Any damage to, or failure of, theCompany's systems could result in reductions in, or terminations of, servicesthat could have a material adverse effect on its business, results ofoperations and financial condition. In the case of frequent or persistent system failures, the Company'sreputation could be materially adversely affected.  Although it has implemented certainnetwork security measures, the Company is also vulnerable to computer viruses,physical or electronic break-ins and similar disruptions, which could lead tointerruptions, delays, loss of data or the inability to complete customertransactions.  The occurrence of anyand all of these events could have a material adverse effect on its business,results of operations and financial condition.

 It may not be possible forinvestors to effect service of process within the United States upon us or ourDirectors or corporate auditors or to enforce against us or these personsjudgments obtained in United States courts predicated upon the civil liabilityprovisions of the federal securities laws of the United States. 

Weare a public company incorporated and domiciled under the laws of Canada. Amajority of our directors and executive officers are residents of countriesother than the United States. Furthermore, all or a substantial portion oftheir assets and our assets are located outside the United States. As aresult, it may not be possible for you to: 
- effectservice of process within the United States upon any of our directors andexecutive officers or on us; or
- enforcein U.S. courts judgments obtained against any of our directors and executiveofficers or us in the U.S. courts in any action, including actions under thecivil liability provisions of U.S. securities laws;
- enforcein U.S. courts judgments obtained against any of our directors and seniormanagement or us in courts of jurisdictions outside the United States in anyaction, including actions under the civil liability provisions of U.S.securities laws; or
- tobring an original action in a Canadian court to enforce liabilities against anyof our directors and executive officers or us based upon U.S. securities laws.

Youmay also have difficulties enforcing in courts outside the United Statesjudgments obtained in the U.S. courts against any of our directors andexecutive officers or us, including actions under the civil liabilityprovisions of the U.S. securities laws. 

In summary, the realization ofany of the risks described in these "Risk Factors" could have asignificant and adverse impact on such market prices.
**ITEM IV. INFORMATION ON THE COMPANY**
This description containscertain forward-looking statements that involve risks and uncertainties.  Our actual results could differmaterially from the results discussed in the forward-looking statements as aresult of certain risks set forth herein and elsewhere in this Form 20-F. 
**A)    HISTORYAND DEVELOPMENT OF THE COMPANY**
The Company was incorporated inBritish Columbia, Canada on September 22, 1995, under the name of SnowbirdVacations International Inc., and was continued to the Province of Ontario onNovember 12, 1997. The name of the Company was changed to Intravelnet.com Inc.on February 26, 1999. Further to shareholder approval on April 17, 2002, theCompany's name was changed to Forum National Investments Ltd., with aconsolidation of the share capital on a ten old for a one new basis, effectiveJuly 5, 2002. On April 16 of 2007 the share capital of the Company was forwardsplit on a 3 new for 1 old basis.

The Company's principaloffice is Suite 180A - 13040 # 2 Road, Richmond, British Columbia, Canada V7E2G1, the telephone number is (604) 275 - 2170 and fax number is (604)275-8745.  The Company's agentin Canada is Kornfeld Mackoff Silber, 1100 One Bentall Center, 505 BurrardStreet, Box 11, Vancouver, B.C., V7X 1M5. The Company has the following webaddresses: www.foruminvestments.com,www.snowbirdvacations.com,www.SpiritOfTwoThousandTen.com, www.spirityachtcharters.com, www.fitnessvacation.cawww.americanlifesettlementsociety.com, www.priceshieldsystems.com,www.thealss.com .  

9

Forum National Investments Ltd.maintains a fiscal year ending September 30. The Company's financial statementsare stated in Canadian Dollars and are prepared in accordance with CanadianGenerally Accepted Accounting Principles (GAAP), the application of which, inthe case of the Company, conforms in all material respects for periodspresented with U.S. GAAP except as noted in the notes to the Company'sfinancial statements.  See "Item XVII Financial Statements".

During 2003 the Companyincorporated a wholly owned subsidiary in the Province of Ontario: IntravelnetLimited. As required by Ontario legislation specifically relating to travel,the new entity incorporated and domiciled in Ontario was created to handle theOntario travel club business for the Ontario members. Subsequent to December31, 2003 the sole director of Intravelnet Inc. resigned and a replacement hasyet to be found. Given the circumstances management instructed the new OntarioCorporation Intravelnet Limited to handle servicing all travel Club members. Theassets of Intravelnet Inc. were sold to Intravelnet Limited on June 30th,2004 and all existing employees were offered continuous employment in the newCompany. In the first quarter of 2007 the Company entered into an agreementwith an Ontario and BC registered travel wholesaler to assist in servicing theSnowbird Vacations Travel Club membership. The operators' industryknowledge and experience in the wholesale travel market combined with theircentralized call center and on-line presence have been valuable in assistingthe continued serving and growth of the Travel Club membership. 

With the recent new affiliationand contracting out of our travel services, it is unknown at this time as tothe future status of the company's subsidiary's Intravelnet Inc., Intravelnet LTD., and ATM Travel. It is highly unlikely that the Company as the parent company will recoupinter-company loans and advances made to Intravelnet Inc and or othersubsidiaries over the last several years totaling approximating $4.4 million. Anytax loss as result of the above mentioned losses will be carried forward andapplied to offset future year's tax obligations.

In November of 2005 theprincipal of 42260584 Canada Inc. entered into a Commission Agreement with theCompany to market the Company's Snowbird Vacations Travel Club Membershipin the Barrie Ontario area.  TheAgreement with 1617165 Ontario Inc was terminated in March of 2006 and at thistime no new memberships are actively been marketed in the Barrie Ontario area. 

In January of 2006 the Companyacquired the members of an upstart Ontario Travel Club called Embassy VacationClub. The members were offered to have their members serviced by the Company'stravel service provider Intravelnet Ltd and 110 of Embassy Vacation Clubmembers agreed to our terms. 

In the first quarter of 2006,the Company signed a Commission Agreement with 2094711 Ontario Limited tosecure an office location to market Travel Club memberships in the greaterToronto, Ontario area. The new office location in Pickering, Ontario commencedoperations In October 2006.

In January of 2007, the Companyacquired all the outstanding shares of Price Shield Systems Inc., a WashingtonState Corporation. Price Shields Systems Inc., sole business is a contractwhich facilitates the ongoing supply of resort and Condominium inventory whichis marketed to the travel club membership.   

Subsequent to year endSeptember 30, 2007, the Company purchased the membership and assets of FamilyVacation Centers from an Ontario based Company for consideration of $4 millionin cash and stock. The Company continues to market the Family Vacation Centersmembership from its Burlington Ontario location.

The Company's core growthdepends, in significant part, upon the continuing traditional method of salesand marketing of its Travel Club products. If the Company is unable to securean Operator or is unable to contract a Licensee, its ability to effectivelygrow and expand its business could be impaired. In addition to the risk ofsecuring an Operator or contracting a Licensee, the Company's growth isdependent upon the success of the entities. (See Item 3 Risk factors, Abilityto Attract and retain Successful Licensees or Operators).

The Company will complete therefit on its 120 feet motor vessel MV Spirit of Two Thousand and Ten in springof 2008. In spring of 2005 Sheerline Yachts completed their component of therefit and Platinum Marine Services was retained to complete the almost $10.0million refit project.  The Companyhad established an initial credit facility with Caterpillar Financial Servicesfor up to $3 million USD which has provided funding for the project. TheCompany subsequently had the credit facility increased to $4.3 million USD inspring of 2007.  The Companycontinues to refit the 120 foot motor vessel with Platinum Marine Services. TheCompany spent $2,782,391 during 2006, $1,881,433 to September 30, 2007 andanother $1,402,467 to February 29, 2008. The Motor Vessel has an appraisedmarket value of $12 million upon completion.

10

With the increasing age of babyboomers we are anticipating growth of leisure and lifestyle opportunities.Given our history of membership based organizations and servicing, the companyis actively entering and test marketing travel services combined with healthclub services. The two combine d are referred to as a "ResortLifestyle" offering. The desire to travel coupled with the desire tophysically enjoy an active lifestyle creates an opportunity to align twomembership based businesses. 

On December 31, 2006, theCompany completed the purchase of International Fitness Vacations (BC) Ltd.("Fitness Vacations"), by obtaining 100% of the outstanding sharesheld by an officer and director of the Company for consideration(see VII(b) Related Party Transactions) .  Thewholly-owned subsidiary is involved in the marketing of gym and travel clubmemberships.  

In 2005, Forum began toinvestigate the business opportunities in the secondary Life Insurance marketalso known as *"Life Settlements"*.The Company is entering into the business of purchasing life insurance policiesfrom consumers actively interested in selling their policies. Forum willinvests in the purchasing of Life Insurance policies issued in the Unites Statessold by the policy holders with life expectancies of 6 to 12 years. The Companythenbecomes the irrevocable beneficiary of these policies.

Although relatively new, theLife Settlement market is the fastest growing segment of the financial servicesindustry. The life insurance industry is a "double digit" trilliondollar industry and the Life Settlement market is projected to growsignificantly within the next few years. The senior and the baby boomer markets are the fastest growing segmentsof the population, resulting in billions of dollars in policies rolling intothe Life Settlement policy industry annually.  Expected growth of the Life Settlementmarket will parallel the aging population boom. The significant, additionalmoney that many policy holders receive from life settlement companies in thesecondary****market represents "foundmoney"; turning unrealized assets into cash. In general, this windfallsignificantly improves the lifestyle of the policy holder when most seniorsneed it, i.e. -- allowing them to afford long-term health care or maintaintheir current standard of living for many more additional years. Legitimate LifeSettlement companies have been described as providing a "sociallyresponsible" service.

The Company began to researchthe Life Settlement industry in 2005 and has completed a substantial amount of due-diligence and invested capital to create largechannels of Life Settlement "policy flow". The Company is currently sourcing Life Settlement policies through"Business to Business" (B2B) Channels and expects to launch a"Business to Consumer" (B2C) Channel in the near future.

Subsequent to fiscal year end September 30, 2007 the Companycompleted the purchase of $30 million face value of Life Insurance policies. In addition the Company acquired a 25% interest in a real estate developmentproject in Needles, California, for a price of US $1 million. The project iscontrolled and/or operated by a director of the Company(see VII(b) Related Party Transactions) .

To expand beyond is presentfinancial capabilities in the Life Settlement market and other businessventures, additional financing will be required. There is no certainty thisfinancing will be available when and to the extent required, or that ifavailable it will be on acceptable terms. If adequate funds are not availableon acceptable terms, the Company may not be able to fund business expansion,develop or enhance its products or services, or respond to competitivepressures. This and other risks related to operating in the Life Settlementindustry could have a material adverse effect on the Company's operations andplanned growth. (See Item 3 Risk factors, The Company May Require AdditionalCapital).

11
******B)    BUSINESSOVERVIEW**
TheCompany's historical business is providing travel services for themembers of its "Snowbird Vacations International" travel club. Atravel club membership entitles the member to access wholesale travel at ratesmarginally above the cost to the travel agency as well as vacation condominiumrentals at wholesale rates through the Company's wholesale networkaffiliation with the Cooperative Association of Resort Exchangers (C.A.R.E.)and other strategic relationships in the travel industry. The Company continuesto develop products and services for its members, and seeks to expand itsmembership by securing and contracting licensed marketing agents throughoutCanada. The Company presently markets new memberships in the Province ofOntario:

**2007***

**2006**

**2005**

**Membership Sales**

   $

       874,431

3,319,381

3,367,167

**Membership Dues**

   $

    1,050,116

       1,648,637

        1,690,200

**Total**

    $ 

    1,924,547

       4,968,017

        5,057,367 

* Fiscal period for September 30, 2007 includes 9months for comparison and does not include the October 2007, purchase of FamilyVacation Centers and associated increase in revenues.

Forthe fiscal period 2007, a total of 275 (2006 - 202, 2005 - 311) travel clubmemberships were sold for a mean average non-refundable purchase price of $ 2,996(2006 - $3,215, 2005 - $3,722) with a standard deviation of $ 1,093 (20065 - $1,298,2005 - $1,289).

Travelclub memberships are due in full at the time of sale, and may either be paid incash or financed by the Company (see Travel Club - this section). Travel clubmembership costs to the member range from $995 for a trial membership to $7,995for a lifetime membership.

Continuedmembership is dependent on the member paying a monthly fee of $19.95 to $29.95.If the member has not paid his/her monthly dues, the member has noentitlements.  Entitlements arerestored once arrears of monthly fees are paid, at the sole discretion of theclub.

Travel Club

The Snowbird Vacations travelclub membership entitles the Snowbird Vacations travel club members towholesale travel at rates marginally above the cost to the travel agency, and vacationcondominium rentals at wholesale rates through the Company's wholesale networkaffiliation with the Cooperative Association of Resort Exchangers ("C.A.R.E."), The Company has sold the following travel clubmemberships:

**2007***

**2006**

**2005**

**Travel Club Memberships entered into for  the period**

 $     874,431

 $     649,486

 $    990,645

**Amount recognized as revenue during the  year**

       (874,431)  

   (649,486)  

    (110,384)  

**Future years revenue to be earned from  current year**

**Membership agreements**

-

-

   880,261

**Cash collected during the year related to  future years revenue**

                    -   

               -
       690,317

* Fiscal period for September 30, 2007includes 9 months for comparison and does not include the October 2007, purchaseof Family Vacation Centers and associated increase in revenues. 

12

Travelclub purchasers have the option to pay the initial membership fee in a singleinstallment or, alternatively, pay a minimum down payment of 10% and obtainfinancing from the Company with monthly payments for the remainder of thebalance. The Company seeks interest at an average rate of 9.9% on outstandingmembership receivables.

Industry Overview

TheCompany presently operates in the leisure travel marketplace and is anticipatingentering the market for other Leisure Lifestyle opportunities. The advances oftechnology and in particular proliferation of the Internet combined with anaging population have had the most creative effect on all areas of the LeisureLifestyle industry. The company believes these trends will continue in thefuture. 

Thetravel industry has been challenged by a variety of negative drivers in the newmillennium, including slowed economic growth and dramatically heightenedconcerns about security, war, terrorism, and disease. Between 2000 and 2003,domestic business travel fell by 15%, airline travel by 14%, and internationaltravel to the U.S. was down by 21%. Since 2003, however, virtually all sectorsof the travel industry have experienced growth.

Thegeneral industry trend for members of our Canadian based travel clubs in 2007saw same-day auto trips by Canadians to the US hit its highest level in almostseven years as the Loonie surpassed parity with the dollar. "At the sametime, same-day car travel by U.S. residents to Canada hit a record low,"according to Statistics Canada. The site reports Canadian residents took about2.2 million same-day car trips to the US in a recent month, or 6% more than inthe previous month. With the average monthly value of the Canadian dollar inOctober 2007 at US $1.03, it was the highest number of same-day car trips tothe US in one month since January 2001. "Overnight car travel to theUnited States jumped 4.9% to 972,000 trips, the highest monthly level sinceSeptember 1993," says the site. The number of travel trips by Canadianresidents overseas rose 3.2% to 642,000 - the seventh record monthly high setin 2007.

Areasof growth within the North American Leisure travel market by age group include15 - 24 year olds and all ages over 45. The most rapidly growing agegroup of Americans is 55 - 64 year olds. Between 2000 and 2005 this agedgroup increased in size by 10 million, creating a boom for the industry as thisage group spends more on their leisure travel than any other age group. Thisage group is expected to grow by 8 million between 2005 and 2010.

Olderadults represent a growing segment - creating a potentially lucrative- market for Leisure Lifestyle. According to Prism Business MediaSeptember 1, 1999 article entitled "The New Age" The baby boomers,who have revolutionized every decade that they have lived in, are especiallyactive people used to doing things andgoing places. They're intent on being able to continue to live asthey've always lived. They wantto keep active, busy and involved. These people look to the fitness industry toprovide them with ideas for how to filltheir time.

Olderadults are counting on exercise, better eating and new innovations tocompensate for any feelings of getting older. They'll work harder to feelyounger." This statement is borne out in the following statistics:
-  Today, three in 10 health clubmembers are 50 and over; in 1988, this figure was two in 10.
-  27 percent of these membersparticipated in fitness activities 100 or more times per year.
-  48 percent of those aged 50 andover participate in physical activity three times per week.
-  30 percent of those aged 50 andover participate in physical activity one to two times per week.
-  Between 1987 and 1998, the numberof fitness club members over the age of 55 increased by more than 200 percent. 

TheCompany believes the opportunity created by the demographic changes is to bepositioned in both the "Travel" and the "Heath Club"industry. By not targeting this market, membership based organizations risklosing active aging adults to those organizations that will cater to theirneeds. 

Despiteencouraging enrollment statistics, fitness clubs have only scratched thesurface of the profitable older market.Clubs have captured only 10 to 12 percent of the total population, and only 9 percent of people overthe age of 55. There are a lot of people out there who are not members of clubsbut who have more time, disposable income and motivation.

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TheCompany believes the ability to provide both travel and health club services inefficient upscale facilities providing exceptional service will be a primarydriver of the Company's future growth. The Company is beginning todevelop and implement its vision of integrating "Travel Club" and"Health Club' membership offerings. 

Followingthe theme of older adults and the growth of the group as a percentage of thepopulation, the Company is entering the Life Settlement market. The exact sizeof the market is difficult to accurately quantify. In 2005, Sanford C.Bernstein & Co., LLC, a research unit of Allainace Bernstein L.P. estimatedthe market to be approximately $13 billion in face value of policies purchasedfrom 1998 through 2005. The growth is expected to continue in the next few decadeswith the increase in the number of older Americans. American seniors considerselling their policies in the secondary Life Settlement market for a variety ofreasons including:

Living Longer... Seniors must have more liquidcapital during retirement to support themselves.  Additionally, parents of seniors arealso living longer which some will have to financially support.

Income... Many companies have encounteredfinancial trouble and therefore pensions have been reduced or wiped out.  In 2003, 1,197 companies eliminatedtheir pensions reported the American Federation of Labor jeopardizing theretirement of thousands who presumed these funds were guaranteed.

Debt Crisis... Many seniors do notadequately save or plan financially for retirement.  USA Today, Jan/07 "seniors arebecoming the face of the indebted and the fastest population group seekingbankruptcy, many are having extreme difficulty paying mortgage, food andmedical costs... we are just seeing the tip of the iceberg".

Social Security in Trouble... A loominglarge risk for seniors is government social security -- a critical source ofincome - which could go bankrupt and not be able to support thegrowing seniors market.  At aminimum, social security benefit payments are estimated to be reduced. 

Skyrocketing Medical Costs... As reportedin Business Week "Seniors Pushing Medicaid to Breaking Point"(Feb/05) "as 70 million baby boomers age, their demand for care threatensto crush Medicaid".  In 2004alone, medical insurance payments, co-pays and deductibles increased 40%.  Medical costs are estimated to continueto rise and fixed income seniors will have to find some way to pay for thislarge, unbudgeted but essential cost of retirement.

Realrisks exist in relation to operating in the Travel and Life Settlement industryand they could have a material adverse effect on the Company's operations andplanned entrance to the Life Settlement market. (See Item 3 Risk factors, TheMarkets in Which the Company Competes is Highly Competitive. If the CompanyCannot Successfully Compete, its Growth Rate May Stagnate or Revenues MayDecline).

Growth Strategy

TheCompany recognizes that it needs to be innovative and pioneer new avenues forbusiness development. A key to the Company's future development is theexpansion and retention of its existing Travel Club membership base, addingother "Membership" based service and or product offerings tospecific demographic groups. Additionally new opportunities have encouraged theCompany to expand and position itself for entry into the Life Settlementmarket. 

Forits existing travel operations, the Company plans to achieve continued growthof its travel club memberships through four key areas:

1)Licensing Snowbird vacation travel club sales and marketing agents or acquiringexisting travel clubs in Canada while investigation of potential US marketpenetration.

TheCompany continues to seek out those potential acquisitions or independentmarketing agents with "know how' and financing to market theCompany's Snowbird vacations travel club memberships in the Province ofOntario and beyond. The goal is to focus on the management and development ofthe travel club's products and services. With a limited growth potentialin Canada investigation of opportunities in other countries is necessary. Therecan be no assurances that the Company will be able to attack and retainsuccessful licensees or operators or source acquisitions. (See Item 3 Riskfactors, Ability to Attract and retain Successful Licensees or Operators). 

2)Diversification of its travel services to include varying types of travelproducts. 

14

Bytailoring its travel service offerings to include a broader product portfolioof more affordable vacation packages including exclusive club member excursionsthe Company hopes to maintain and grow the Snowbird vacations travel clubmembership. These guided tour packages are designed to appeal to different agegroups, both younger and particularly the high growth aging"boomer" market, with varying income levels. There can be noassurances that the Company will be able to successfully diversify and markettravel related products. 

Theability to offer members of the travel club Company owned product includingcharter yacht experiences such as the MV Spirit of Two Thousand and Ten andfuture real estate based projects such as the Colorado River Project thatoffers boating capabilities helps to segment and differentiates our program asunique. Not only offering the traditional travel club membership and itsbenefits we seek to attract and retain members through the availability ofmaritime themed vacation experiences. Penetrating and successfully operating ina given marketplace will cause the Company to investigate further pursueadditional Company owned inventory. 

3) Affiliatingwith existing affinity groups to provide travel service to their membership

Inaddition to the traditional marketing efforts, other referral programs,strategic relationships, and affinity programs are continually been evaluated.In 2007 the Company contracted with an Ontario and BC based travel supplierswith an on-line and call center presence in Ontario and BC to service ourmembership through their centralized service centers.

4)Increasing membership based operations in the active lifestyles market 

Withthe increasing age of baby boomers we are anticipating growth of leisure andlifestyle opportunities. Given our history of membership based organizationsand servicing, the company is actively investigating the marketing of travelservices combined with health club services. The two combine are referred to asa "Resort Lifestyle" offering. The desire to travel coupled withthe desire to physically enjoy an active lifestyle creates an opportunity toalign two membership based businesses.

Eachfacet of the Company's travel and membership based developments areinterconnected. With growth in membership the Company's requirements forinventory and vacation options increases. For the Company's membershipoperations, the primary goal is to increase memberships by marketing, itssecondary goal being to increase the number of product offerings available toits members for vacations, and its tertiary goal being to successfully expandits entrance into the Life Settlement market. The Company believes promotingthe "Resort Lifestyle" concept in desirable options with valuepricing are foundations for growth of its membership based operations. 

In 2005, Forum began to investigatethe business opportunities in the secondary Life Insurance market also known as*"Life Settlements"*.The Company is entering into the business of purchasing life insurance policiesfrom consumers actively interested in selling their policies. Forum willinvests in the purchasing of Life Insurance policies issued in the UnitesStates sold by the policy holders with life expectancies of 6 to 12 years. TheCompany becomes the irrevocable beneficiary of these policies.

Althoughrelatively new, the Life Settlement market is the fastest growing segment ofthe financial services industry. The life insurance industry is a "doubledigit" trillion dollar industry and the Life Settlement market isprojected to grow significantly within the next few years.  The senior and the baby boomer marketsare the fastest growing segments of the population, resulting in billions of dollarsin policies rolling into the Life Settlement policy industry annually.  

Expectedgrowth of the Life Settlement market will parallel the aging population boom. Thesignificant, additional money that many policy holders receive from lifesettlement companies in the secondary****marketrepresents "found money"; turning unrealized assets into cash. Ingeneral, this windfall significantly improves the lifestyle of the policyholder when most seniors need it, i.e. -- allowing them to afford long-termhealth care or maintain their current standard of living for many moreadditional years. Legitimate Life Settlement companies have been described as providinga "socially responsible" service.

The Company began to researchthe Life Settlement industry in 2005 and has completed a substantial amount of due-diligence and invested capital to create largechannels of Life Settlement "policy flow". The Company believes successful entrance and capture of market share inthis emerging industry will dominate the future Company direction and theallocation of resources. The Company is currently sourcing Life Settlementpolicies through "Business to Business" (B2B) Channels and expectsto launch a "Business to Consumer" (B2C) Channel in the near future.

15

Subsequent to fiscal year endSeptember 30, 2007 the Company completed the purchase of $30 million face valueof Life Insurance policies. 

Toexpand beyond its present financial capabilities in the Life Settlement marketand other business ventures, additional financing will be required. There is nocertainty this financing will be available when and to the extent required, orthat if available it will be on acceptable terms. If adequate funds are notavailable on acceptable terms, the Company may not be able to fund businessexpansion, develop or enhance its products or services, or respond tocompetitive pressures. This and other risks related to operating in the LifeSettlement industry could have a material adverse effect on the Company'soperations and planned growth. (See Item 3 Risk factors, The Company MayRequire Additional Capital).

Government Regulations  

OnOctober 1, 2003 the United States federal governments "no callregistry" went into effect. The new law allows consumers who do not wishto be "solicited" and receive telemarketing calls to register onthe federal government's nationwide list. The "no call list"is receiving millions of registrants. A similar law is under review for Canada.At this time it is anticipated this law will take effect in the fall of 2008.This law in Canada will affect the company's operations and result in ahigher marketing cost, which could affect the profitability of theCompany's Snowbird Vacations Travel Club membership sales.

Inthe 1990's with the growth of the Life Settlement industry the federalgovernment and various states introduced legislation. The state legislativeactions were designed to introduce consumer protection type regulations forpolicy holders and purchasers while the federal government with the Securitiesand Exchange Commission seeks to regulate the market for the protection of apurchaser. There currently exists government regulation in 27 states to ensurefair practices and protect consumers particularly from fraud, largeincommensurate middleman commissions and transaction costs.

TheUnited States Securities and Exchange Commission treat Life Settlements assecurities under state and federal securities law when viewed as a structuredproduct. No state federal or regulatory body or private litigant has successfullyasserted that our settlements transactions are under state or federal law. Asthe purchaser or possible seller of policies we represent that we are asophisticated individual and have diminutive needs for protection afforded bysecurities laws. We have utilized some exceptions and exemptions in conductingour life settlement transactions. 

Theinsurance industry is highly regulated. The Company is not required to belicensed as an insurance company or insurance broker as the Company does notissue policies. Regulations that cover policy terms, premium payment,transferability, and receipt of policy benefits could adversely affect thesecondary market for life settlements in which the company operates. 

The LifeSettlement secondary market provides consumers with an alternative to the cashsurrender value offered by their underwriting insurance company and facilitatesconsumer choice and competition. Legitimate Life Settlement companies provide asocially responsible service to seniors whose future welfare is an important socialpolicy issue at all levels of society and government. However, there can be noassurances that future changes in Consumer, Securities or Insurance regulationsat Federal or State level will not have a materially adverse effect on theindustry and the Company financial results.  

Therecan be no assurance that unforeseen developments or introduction oflegislation, laws, and other factors will not alter the Company's abilityto achieve it growth targets for marketing and selling Travel Club programs orentering and operating in the Life Settlement market. (See Item 3 Risk factors,Government Regulations)

16
******C)    ORGANIZATIONALSTRUCTURE**
Asof February 29, 2008, the following is a list of all the Company'ssubsidiaries, all of which are wholly owned and over which the Company holds100% voting control: 

**Subsidiary**

**Incorporating Jurisdiction**

Intravelnet  Limited.

Ontario,  Canada

InTRAVELnet  Inc.

Alberta,  Canada

ATM  Travel Group Ltd.

Alberta,  Canada

International  Fitness Vacations (BC) Ltd.

British  Columbia, Canada

Price  Shield Systems Inc.

Washington,  USA

American  Life Settlement Society LLC

Deleware,  USA

Properties

*Office Leases*

TheCompany is headquartered at 180A - 13040 Number 2 Road, Richmond BritishColumbia Canada where it rents 11,881 sq. ft. office space housing itsprincipal administrative, customer services, its IT department and InternationalFitness Vacations. The Company believes that its current facilities areadequate for its current and near future operations. 

TheCompany operates its Family Vacations travel club membership sales from anoffice it leases in Burlington Ontario, situated at suite 2279 Fairview Street,unit 2, Burlington, Ontari o L 7R 2E3. The Company's lease for this 7,176 sq. ft.space expires on September 1, 2009.

 ** 

 The Company tele-markets itsFamily Vacations travel club membership from an office it rents in WindsorOntario, situated at suite 2279 Fairview Street, unit 2, Burlington, OntarioL7R2E3. The Company's rents 3,000 sq. ft. space on a month to month basis. 

Motor Vessels

The Company owns and is currently refitting a120-foot Tri Level motor vessel, the MV Spirit of Two Thousand and Ten. 

**Item**

**Qty**

**Description**

Spirit of Two Thousand and  Ten

1

Type: 120 ft. motor vessel  Overnight Accommodation: 12  passengers  Dinner cruise - 100  passengers

The Company will complete therefit on its 120 feet motor vessel MV Spirit of Two-Thousand-and-Ten in springof 2008. In the spring of 2005 Sheerline Yachts completed their component ofthe refit and Platinum Marine Services was retained to complete the almost$10.0 million refit project.  TheCompany had established an initial credit facility with Caterpillar FinancialServices for up to $3 million USD which has provided funding for the project.The Company subsequently had the credit facility increased to $4.3 million USDin spring of 2007.  The Companycontinues to refit the 120 foot motor vessel with Platinum Marine Services. TheCompany spent $2,782,391 during 2006, $1,881,433 to September 30, 2007 andanother $1,402,467 on February 29, 2008. The Motor Vessel has an appraisedmarket value of $12 million upon completion.

17

Ifadditional financing is required, there is no certainty this financing will beavailable when and to the extent required, or that if available it will be onacceptable terms. If adequate funds are not available on acceptable terms, theCompany may not be able to fund business expansion, develop or enhance itsproducts or services, or respond to competitive pressures. This and other risksrelated to operating in the Life Settlement industry could have a materialadverse effect on the Company's operations and planned growth. (See Item 3 Riskfactors, The Company May Require Additional Capital). 
**ITEM IV.  UNRESOLVEDSTAFF COMMENTS**
Thisitem is not applicable as we are not an accelerated filer or a largeaccelerated filer or a well-seasoned issuer.
**ITEM V.  OPERATING AND FINANCIAL REVIEW ANDPROSPECTS**
Thefollowing discussion of the financial condition, changes in financial conditionand results of operations of the Company for the period ended September 30,2007 and the years ended December 31, 2006, and 2005 should be read inconjunction with the Consolidated Financial Statements of the Company for theperiod ended September 30, 2007 and the years ended December 31, 2006, and 2005.Except as otherwise indicated, all dollar amounts contained in this discussionand analysis and the Consolidated Financial Statements are in Canadian dollars. The financial information presented in the Consolidated FinancialStatements was prepared in accordance with generally accepted accountingprinciples (GAAP) in Canada. Note 17 of these Consolidated Financial Statementsof the Company set forth the material differences between Canadian and U.S.GAAP.  
**A)    OPERATINGRESULTS**
Critical Accounting Policies

Thepreparation of our financial statements requires that we adopt and followcertain accounting policies. Amounts presented in the financial statements havebeen determined in accordance with such policies, certain of which incorporateestimates and assumptions. Although management believes that the estimates andassumptions are reasonable, actual results may differ.

Thedetailed accounting policies are listed in Note 3 to the Financial Statementsfor the period ended September 30, 2007. Included below is a discussion of theaccounting policies that are affected by the most significant judgments andestimates used in the preparation of the financial statements, how suchpolicies are applied and how results differing from the estimates andassumptions would affect the amounts presented in the financial statements.Other accounting policies also have a significant effect on our financialstatements, and some of these policies also require the use of estimates andassumptions. 

Going Concern

Theaccompanying financial statements have been prepared using Canadian generallyaccepted accounting principles applicable to a going concern.

Whilethese accompanying financial statements have been prepared on the assumptionthat the Company is a going concern and will be able to realize our assets anddischarge our liabilities in the normal course of business, certain events andconditions cast substantial doubt on this assumption. As of September 30, 2007the Company had a working capital surplus of $8,199,284 and ashareholders' equity of $13,491,632. 

Managementhas continued to take steps to try to improve our financial results and cashflows. These steps include pursuing debt and/or equity financing to fundworking capital requirements. Management believes that we will be able togenerate sufficient revenues and secure any necessary financing; however, thereis no assurance that management will be successful in achieving theseobjectives.

These financial statements donot reflect adjustments to the carrying value of assets and liabilities, thereported revenues and expenses and balance sheet classifications used that wouldbe necessary if the going concern assumption were not appropriate. Suchadjustments could be material.

18

Revenue Recognition

The Company generates revenues from the sale ofmemberships, dues and charter sales.  The portion of revenue received frommembers, which entitles members to use the Company's vacation and travel clubprivileges at a future date, is recognizedas incomeduring the year when the membership is sold and the member pays more than 10%of the purchase price.  

Managementbelieves that the assumptions we have made in the period of recognitiondescribed are reasonable. However, if revisions to the length of service forlifetime memberships are necessary, the expected financial results will beimpacted and these results may be material.  

Asset Impairments

Managementevaluates the carrying value of intangible assets for impairment wheneverindicators of impairment exist. If it is determined that such indicators arepresent, then an undiscounted future net cash flow projection for the asset isprepared. In preparing this projection, assumptions must be made concerningfuture financial performance after considering historical trends, businessplans and likely external factors. If projections of future net cash flows arein excess of the carrying value of the recorded asset, no impairment isrecorded. If the carrying value of the asset exceeds the projected undiscountednet cash flows, impairment is recorded. The amount of the impairment charge isdetermined as the deficiency of the discounted projected net cash flows to thecarrying value.

Accounts Receivable

TheCompany generates a significant portion of revenue and related accountsreceivable from travel memberships. Management with its auditors evaluates the collectability of ouraccounts receivable based on a combination of factors. In circumstances wherewe are aware of a specific customer's inability to meet its financialobligations, a specific reserve for bad debts against amounts due is recordedto reduce the recognized receivable to the net amount we reasonably believewill be collected. For all other customers, reserves are recognized for baddebts based on past write-off history and the length of time the receivablesare past due.

Selected Annual Information

Thefollowing depicts some of the Company's significant operating results:
 
**Year   End**  **2007** **2006** **2005****Travel Club Memberships Sold**$874,431$649,486$990,645**Amount Recognized as Revenue during  the year**  874,431 649,486 110,384**Membership Dues**$1,050,116$1,648,637$1,690,200**# Travel Club Memberships Sold** 275 202 311**Mean Average Membership Price**$2,996$3,215$3,723**Standard Deviation from Mean**$2,996$1,298$1,298**Net Income (Loss) for the year**$(2,415,883)$1,644,160$1,651,804**Income (Loss) per Share**$(0.22)$0.35$0.30
* Fiscal period for September 30, 2007 includes 9months for comparison and does not include the October 2007, purchase of FamilyVacation Centers and associated increase in revenues.

Forthe period ended September 30, 2007 Travel Club Memberships sales increased by34.6% to $874,431 compared to ($649,486 - December 31, 2006, and $990,645 - December31, 2005), with amount recognized as revenue during the period endedSeptember 30, 2007 increased by 34.6% to 874,431 ($649,486 - December 31,2006, $110,384 - December 31, 2005) and corresponding total revenue decreased during theperiod September 30, 2007 by 57.7% to $2,582,487 ($6,097,780 - December31, 2006, $5,923,516 - December 31, 2005).  

19

For the period September 30, 2007gross cash flow from operations decreased 3.2% to $ 2,565,348 with a net cashoutflowfrom operations of $ 83,554 , comparedto gross cash flows of $2,639,347 with a net cash outflow from operations of$82,228 December 31, 2006, and gross cash flow of $2,966,897 with a net cashinflow from operations of $394,102 December 31, 2005.

TheCompany had revenues from membership dues of approximately $1,050,116 for theperiod ended September 30, 2007 and $1,648,637 for the period December 31,2006, $1,690,200 for the period December 31, 2005 and anticipates dues toapproximate double the level obtained in 2007 for the year ended September 30,2008.

For the period September 30, 2007 atotal of 275 travel club memberships were sold, an increase of 36.1%  (December 31, 2006- 202, December31, 2005 - 311). For the period September 30, 2007 the mean averagenon-refundable travel club membership purchase price decreased 6.8% to $ 2,996($3,215 - December 31, 2006, and $3,723 - December 31, 2005). Forthe period September 30, 2007 standard deviation from the mean purchase pricehas increased 15.2% to $1,093 ($ 1,289 - December 31 2006, and $1289- December 31, 2005).

A net loss of $2,415,883 occurred for the periodSeptember 30, 2007 due largely as result of the stock-based compensation charges$2,944,536 compared with net revenue of $1,644,160 - December 31, 2006, and$1,651,804 - December 31, 2005). (Loss)/Earnings per share were ($0.22) for theperiod September 30, 2007 ($0.35 - December 31, 2006, and $0.30 - December 31,2005).

There were 28,433,983 shares outstanding as ofSeptember 30, 2007 and 4,644,661 at December 31, 2006, with 5,444,661 atDecember 31, 2005. In April 2007 the company completed a 3-for-1 forward splitincreasing the outstanding shares to 9,289,322.  In July of 2007 the Company completed aseries of private placements and issued a total of 14,500,000 shares fromtreasury as a result. 

For the period September 30, 2007 expensesincreased by 15.2% or $674,708 due mainly as a result of the Stock-basedcompensation charge and dramatic decline in the US Dollar exchange rateaffecting closing monetary balances. 

Thelargest expense was stock-based compensation $ 2,944,536 from issuance of stockoptions during the fiscal period. Total commissions costs for the period September 30,2007 amounted to $ 731,628 compared to $1,939,061 December 31, 2006 and$1,277,223 December 31, 2005. All deferred commissions and commissions on salesfor 2006 were recognized during the year while commissions prior to 2006 weredeferred over a five-year period. In 2005 the commission expense includedone-fifth of commissions paid out in 2001, 2002, 2003, 2004 and 2005.

For the period September 30, 2007 , thelargest decrease in expenses of $1,207,433 occurred in Commission costs to$731,628, (December 31, 2006 - $1,939,061 and $1,277,223 December 31, 2005) Thedecrease was the result of a shorter fiscal period and elimination of alldeferred commission expenses on or before December 31, 2006. 

For the period September 30, 2007 hesecond largest decrease in expenses of $459,054 occurred in category WageExpenses to $621,994. Wage related expenses December 31, 2006 totaled$1,081,049 and $1,179,624 December 31, 2005 respectively. The decrease was theresult of a shorter fiscal period and the realized effects of the divesture ofCompany owned Sales and Marketing operations.  

For the period September 30, 2007 thethird largest decrease in expenses of $82,789 occurred in Travel expenses to $59,436.Travel related expenses December 31, 2006 totaled $142,105 and $88,384 December31, 2005 respectively. The decrease was the result of a shorter fiscal periodand the realized effects of the divesture of Company owned Sales and Marketingoperations. 

Forthe period September 30, 2007 consulting fees totaled $15,608, adecrease of $38,901 compared to $53,423 December 31, 2006 and $33,800 December31 2005. The decrease was the result of a shorter fiscal period and therealized effects of internal resource utilization.

20
******B)    LIQUIDITYAND CAPITAL RESOURCES**
Liquidity 

In2005, the working capital deficit decreased to $ 721,171 primarily due to adecrease in the current portion of the deferred revenue and recognition ofother deferred items in 2005.

In2006, the working capital surplus increased to $ 316,627 primarily due to theacceleration in revenue amortization in 2006.

In 2007, the working capitalsurplus increased to $ 8,199,284 primarily due to the investment in the Companyin relation to establishing the Life Settlement division.

The Company continues to operate its travel club operations bycontinuously adjusting its operations accordingly and plans to generatesufficient operating capital for operations in the short-term. For long-termgrowth including the development of the Life Settlement operations additionalcapital is required. The Company's 120-foot motor vessel will complete its refitin spring 2008 and the vessel has not contributed to revenue in 2005, 2006, or2007.

Financing the work on thevessel has been to date has been from operations, a credit facility from CaterpillarFinancial Services, and funds raised. The credit facility with CaterpillarFinancial Services Corporation was created in September of 2005 for $3.0million USD. This credit facility was subsequently increased to a total of $4.3million USD. The Company has drawn down a total of $4.2 million USD as ofSeptember 30, 2007. The credit facility is denominated in United States Dollarswith a floating interest rate set to the 30-day LIBOR rate. The Company doesnot currently hedge against foreign exchange or interest rate fluctuations

The Company's totalRevenues for the period September 30, 2007 decreased by $3,515,293 to $2,582,487.Categorically the decrease was the result of reduced Sales $2,637,761, reducedMembership Dues $598,521, reduced Miscellaneous Revenue $375,035, while off-setby an increase of $96,024 in Interest Received.  In comparison to the December 31, 2006results it must be noted the nine month reporting period in 2007 played asignificant factor. Additional factors included the accelerated pace of theamortization for both the deferred revenue and deferred commission, theover-accruals for un-collectable receivables, deferred interest and estimatesfor potential GST. Capital Resources

The Company's capital resourcesare comprised primarily of private investors (including members of management)who are either existing contacts of the Company's management, or who came tothe attention of the Company through brokers, financial institutions and otherintermediaries. 

Forthe period September 30, 2007 gross cash flow from operations decreased 3.2% to$ 2,565,348 with a net cash outflow from operations of $ 83,554 , compared to gross cash flows of $2,639,347with a net cash outflow from operations of $82,228 December 31, 2006, and grosscash flow of $2,966,897 with a net cash inflow from operations of $394,102December 31, 2005.

A credit facility withCaterpillar Financial Services Corporation was created in September of 2005 for$3.0 million USD. This credit facility was subsequently increased to a total of$4.3 million USD. The Company has drawn down a total of $4.2 million USD as ofSeptember 30, 2007. The credit facility is denominated in United States Dollarswith a floating interest rate set to the 30-day LIBOR rate. The Company doesnot currently hedge against foreign exchange or interest rate fluctuations.

The Company has utilized$911,436 during 2007 on the refit of the vessel and another $50,000 up toFebruary 29, 2008 of the credit facility.

The Company estimates that itscash and cash equivalents will be sufficient to meet its capital requirementsfor at least the next 6 months. However, its forecast of the period of timethrough which its financial resources will be adequate to support its operationsis a forward-looking statement that involves risks and uncertainties, andactual results could vary materially. If the Company is unable to raiseadditional capital when required or on acceptable terms, it may have tosignificantly delay, scale back or discontinue one or more of its present operations.

21

The Company's access to capitalis always dependent upon general financial market conditions. Because of thenature of the Company's business, there are no trends in the nature of itscapital resources that could be considered predictable. To date, the Company'scapital resources have consisted of the private issuance of common shares,convertible securities and a credit facility form Caterpillar FinancialServices Corporation. Quantitative and Qualitative Disclosures about MarketRisk

The Company does not have anyderivative financial instruments. The exposure to market risk is limited tointerest and exchange rate sensitivity. The Company's long term debt isdenominated in US dollars with a floating exchange rate set to the LIBOR 30-dayrate. These two risks are affected by changes in the general level of LIBOR andCanadian dollar exchange rates. The primary strategy of the Company's borrowingactivities was to preserve principal by keeping funds in US dollars andconverting to Canadian dollars when required. Given the fluctuation of the USDollar for the period September 31, 2007 the Company incurred a charge toearnings of $383,815. The long term debt portfolio is subject to interest raterisk and will cost additional in the event market interest rates increase andconversely cost less in the event market interest rates decrease.  The Company does not currently hedgeagainst either foreign exchange or interest rate fluctuations.
**C)    RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES,ETC.**
The Company's hasexpended no material research and development expenses for the last threefiscal years.
**D)    TREND INFORMATION**
The Company is affected by thesales and marketing trends and uncertainties in the leisure-travel business. 

On October 1, 2003 the UnitedStates federal governments "no call registry" went into effect. Thenew law allows consumers who do not wish to be "solicited" andreceive telemarketing calls to register on the federal government'snationwide list. The "no call list" is receiving millions ofregistrants. A similar law is under review for Canada. At this time it is anticipatedthis law will take effect in the fall of 2008. This law in Canada will affectthe company's operations and result in a higher marketing cost, whichcould affect the profitability of the Company's Snowbird Vacations TravelClub membership sales.

Given the legal environment theCompany and its agents must focus its efforts more heavily in telephonehardware and software and other marketing channels including direct mail,traditional media advertising and Internet based marketing. New advances intechnology have allowed for marketing to large amounts of potential members atlower costs. Presently e-mail and direct marketing campaigns are been reviewedwith media companies to further evaluate the potential opportunities of thesenew marketing methods for our product

In November of 2005 theprincipal of 42260584 Ontario Ltd entered into a Commission Agreement to marketthe Company's Snowbird Vacations Travel Club Membership in the Barrie,Ontario area.  The Agreement with1617165 Ontario Inc was terminated in March of 2006 and at this time no newmemberships are actively been marketed in the Barrie, Ontario area. In 

January of 2006 the Companyacquired the members of an upstart Ontario Travel Club called Embassy VacationClub. The members of the Embassy Vacation Club were offered to have theirmembers serviced by the Company's travel service provider Intravelnet Ltd.

The Company signed a CommissionAgreement with 2094711 Ontario Limited to assist in securing an office locationto market Travel Club memberships in the greater Toronto Ontario area. The newoffice location in Pickering Ontario commenced operations in October 2006. 

The Company can give noassurances that licensed marketing efforts will be successful in the future. Inthe alternative the Company is investigating other marketing efforts thatdiffer from the previous traditional sales cycle.

22

Subsequentto year end September 30, 2007, the Company purchased the membership and assetsof Family Vacation Centers from an Ontario based Company for consideration of$4 million in cash and stock. The Company continues to market the FamilyVacation Centers membership from its Burlington Ontario location.

Asof February 29, 2007, the Company has12,175 active family memberships, with10,747 current and 1,428 in arrears in monthly membership dues or payments. Theunit volume of new memberships of its vacation Travel Club memberships for theperiod September 30, 2007 was 275, December 31, 2006 - 202, and December31,  2005 - 311 memberships. Themean average price of a membership sold for the period September 30, 2007 wasdecreased to $2,996 from $3,215 December 31, 2006 and $3,722 December 31, 2005.The Company is unable to predict with accuracy sales totals for the periodSeptember 30, 2008 but estimates the volume to be 300 percent more due to theacquisition of Family Vacation Centers. Sales totals for the period September30, 2007 were $836,455, December 31, 2006 - $649,486 and $990,645 for December31, 2005.

Operatingcosts of the company have increased for the period September 30, 2007 - $ 4,998,370 ,December 31, 2006 - $4,453,167, December 31, 2005 - $4,227,789). The12.2 %increase or $ 545,203 is due to the charge of $2,944,536 for options grantedduring the period offset mainly by a reduction of $1,207,433 in commissionspaid, reduction in wages of $459,054 and $259,611 net gain on Exchange Rateadjustments from the soaring Canadian Dollar and reductions in other expensesas result of the shorter financial period. 

Inaddition to the core travel business the Company is seeking entry into thesocially responsible industry of assisting seniors liquidating their lifeinsurance policies in the Secondary Life Insurance market called the LifeSettlement market. The Company began to research the Life Settlement industryin 2005 and has completed a substantial amount of due-diligence and investedcapital to create large channels of Life Settlement "policy flow".  The Company is currently sourcing LifeSettlement policies through "Business to Business" (B2B) Channelsand expects to launch a "Business to Consumer" (B2C) Channel in thenear future.

Subsequentto fiscal year end September 30, 2007 the Company the Company formed"American Life Settlement Society LLC" duly formed under the lawsof the state of Delaware on the 15th day of November 2007. 

Additionally subsequent tofiscal year end September 30, 2007 the Company completed the purchase of $30million face value of Life Insurance policies for a cost f US $3.7 million.

TheCompany acquired a 25% interest in a real estate development project inNeedles, California, for a price of US $1 million.  The project is controlled and/oroperated by a director of the Company.

TheCompany believes the implementation of necessary measures will allow thecontinued growth of the travel club with a corresponding reduction in operatingcosts while focusing on development and implementation of its business plan forthe entry into the secondary market for life insurance.  
**E)    OFF-BALANCESHEET ARRANGEMENTS**
TheCompany has no off-balance sheet arrangements that have or are reasonablylikely to have a current or future effect on our financial condition, changesin financial condition, revenues or expenses, results of operations, liquidity,capital expenditures or capital resources that are material to investors.

23
****
**F) TABULAR DISCLOSURE OF CONTRACTUALOBLIGATIONS**

The following table is asummary of our contractual obligations as of September 30, 2007:

**Payments due by  period**

**Less than**

**More than**

**Contractual Obligations**

**Total**

**1 year**

**1 - 3 years**

**3 - 5 years**

**5 years**

**Long-Term Debt Obligations**

$ 4,215,598

$  227,567

$  714,260

$  816,240

$  2,457,531

**Operating Lease Obligations**

      296,699

   170,380

  126,319

-

-

**Purchase Obligations**

-

-

-

-

-

**Other Long Term Obligations**

 -

-

-

-

-

**Total**

$ 4,512,297

$ 397,947

$ 840,579

$ 816,240

$ 2,457,531
**G)  SAFEHARBOR**
This discussion includescertain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historicalfacts, that address future operation activities, growth and events ordevelopments that the Company expects, are forward-looking statements.  Althoughthe Company believes the expectations expressed in such forward-lookingstatements are based on reasonable assumptions, such statements are notguarantees of future performance and actual results or developments may differmaterially from those in the forward-looking statements.  Factors thatcould cause actual results to differ materially from those in forward-lookingstatements include: the tourism demand, market prices, government regulation,continued availability of capital and financing, and general economic, marketor business conditions.  Investors are cautioned that any such statementsare not guarantees of future performance and that actual results ordevelopments may differ materially from those projected in the forward-lookingstatements.
**ITEM VI.  DIRECTORS, SENIOR MANAGEMENT ANDEMPLOYEES****A)    DIRECTORSAND SENIOR MANAGEMENT**
The names and municipality ofresidence of each of the directors and officers of the Company, the principaloccupations in which each has been engaged during the immediately precedingfive years, and their respective ownership of the Company's common shares as atthe date herein, are as follows:

24

**Name and    City of Residence**

**Date of Birth**

**Principal Occupation   For the Past Five Years**

**Position   Held**

Daniel  Clozza  Vancouver,  B.C. Canada

Feb.  9, 1960

Since  September 1995, employed full-time by the Company. 

President,  CEO and Director since September 1995

Martin  Tutschek  Vancouver,  B.C. Canada

May 24,  1960

Since  August 2001, employed full-time by the Company.

CFO and  Director since August 2001

Jeff  Teeny  Portland,  Oregon   USA

April  30, 1967

Property  and Real Estate developer for various projects including the 400 acre  Villages at Cascade Head located on the Pacific Coast of Oregon, USA.

Director  since July 2007

Scott  McManus  Las  Vegas, Nevada USA

June  21,1962

CEO, Chairman:    Ganix  Biotechnologies, Inc. 2002 - present, an Ecological Science  Company.  Financier, Net Branch:  North  American Funding  August 2004 - present, a Commercial Finance  Company. Various resort property real estate developments.

Director  since July 2007
FamilyRelationships
Thereare no family relationships between any directors or executive officers and anyother director or executive officer. Each Director serves for a term of one year or until the next annual meetingof the shareholders at which Directors are elected and qualified.
Arrangements
Messrs.Teeny and McManus were appointed to the Board of Directors concurrent withprivate placements raising an aggregate total of US$ 9,000,000 completed inJuly 2007 with companies related to Messrs. Teeny and McManus. Other than theforegoing, there are no arrangements or understandings between of our directorsor executive officers, and with our major shareholders, customers, suppliers orothers pursuant to which any director or officer was or is to be selected as adirector or officer. In addition, there are no agreements or understandings forthe officers or directors to resign at the request of another person and theabove-named officers and directors are not acting on behalf of nor acting atthe direction of any other person.
**B) COMPENSATION**ExecutiveCompensation and Compensation of Directors 
Duringthe period ended September 30, 2007, the Company paid $ Nil, (December 31, 2006- $ Nil, December 31, 2005- $ Nil) inmanagement fees and $nil - for the period September 30, 2007, (December 31, 2006- $nil, December 31, 2005, $14,430) in consulting fees to directors. TheCompany also reimbursed $113,297 - for the period September 30, 2007, (December31, 2006 - $159,715, December 31, 2005 - $220,625) to directors forexpenditures made on behalf of the Company.

TheCompany has an employee extended medical / dental plan acquired with thepurchase of Family Vacation Centers on October 18th 2007. Nodirectors or officers are participating in the plan. The Company has nopension, retirement, or other similar benefits for directors or officerspursuant to any existing plan provided by, or contributed to by, the Company orits subsidiaries.

Directorsand senior management are entitled to reimbursement for reasonable travel andother out-of-pocket expenses incurred in connection with corporate matterspertaining to the Company.  The Board of Directors may award specialremuneration to any director or senior management undertaking any specialservices on behalf of the Company other than services ordinarily required of adirector or senior management.

25
Stock Options
Theinformation on stock options required by this item is set forth in Item 6.E ofthis annual report.**C)    BOARDPRACTICES**

TheBoard of Directors meets formally approximately 6 to 8 times per year on an asneeded basis to deal matters relating to the Company. Each Director serves fora term of one year or until the next annual meeting of the shareholders atwhich Directors are elected and qualified. The Company's last annual generalmeeting was held on March 05, 2007 and the next meeting will be held subject toBoard approval as specified in the Company's Articles.  The Company'sexecutive officers are appointed by and serve at the pleasure of the Board ofDirectors.  

Audit Committee

TheCompany's Audit Committee is composed of three individuals all present directors. The Audit Committee members of the Companyas at December 31, 2007 are JeffTeeny, Scott McManus, and MartinTutschek . Messrs. Teeny and McManus during fiscal year 2007 and currently: 

•      areconsidered an "independent" director as defined in Section 803A(2)of the American Stock Exchange Company Guide;  

•      meets thecriteria for independence as defined by Rule 10A-3 adopted by the SEC;

•      have notparticipated in the preparation of our financial statements or the financialstatements of any of our current subsidiaries at any time during the past threeyears; and 

•      is ableto read and understand fundamental financial statements.  

Our Boardof Directors has determined that the audit committee has at least one member,Mr. McManus who qualifies as an Audit Committee Financial Expert, as defined byrelevant SEC rules. As previously stated, Mr. McManus is an independent director. TheAudit Committee is responsible for reviewing the Company's financial reportingprocedures, internal controls, and the performance of the Company's externalauditors. The functions of the Audit Committee alsoincludes selecting, appointing, retaining, compensating and overseeing our independentauditors, deciding upon and approving in advance the scope of audit andnon-audit assignments and related fees, reviewing accounting principles we usein financial reporting, and reviewing the adequacy of our internal controlprocedures, including the internal audit function. The committee is also responsible for reviewing the annual financialstatements prior to their approval by the Board of Directors. The Board hasadopted a charter for the Audit Committee in the fall of 2007.

Remuneration Committee

TheCompany does not have a Compensation Committee.
Service Contracts
TheCompany and its subsidiaries do not have any service agreements with any of thedirectors of the Company providing for benefits upon termination of employment.

26
**D)    EMPLOYEES**
Thefollowing is a breakdown of Company employees as at February 29, 2008 and forthe years ended September 30th 2007, and December 31st,2006, 2005:

**2008**(1)

**2007**(2)

**2006**

**2005**

**Management    Sales Representatives**

  4  18

2

2

2

**Marketing Representatives**

75

**Administrative Staff**

13

6

10

11

**Customer Service Representatives**

 4

3

16

19

**IT / e-Commerce Personnel**

 1

1

1

1

**Fitness Club Personnel**

8

8

-

-
**Notes**:       (1)     as at February 29, 2008. 
 (2)   asat   September 30, 2007.

The increase in the overall number of personnel was due to theacquisition of Family Vacation Centers in October of 2007.
**E)    SHAREOWNERSHIP OF MANAGEMENT**
The following table sets forth the share ownership of management as ofFebruary 15, 2008:

**Name**

**Common  Shares**(1)

**Percent  of Class**

**"A"  Preferred Shares**(4)

**Percent  of Class**

**"B"  Preferred Shares**(5)

**Percent  of Class**

Scott  McManus(2)

  9,250,000 

  32.53 

1,393,398

10.00

1,393,398

10.00

JefferyTeeny(3)

6,250,000

21.98

1,393,398

10.00

1,393,398

10.00

Daniel  Clozza

5,430,000

19.09%

5,305,500

38.07

5,305,500

38.07

Martin  Tutschek

1,524,000

5.36

1,399,500

10.04

1,399,500

10.94

**Notes**:

(1)  Does not include options owned by directors orofficers.  Options are disclosed intable below.

(2)  Shares beneficially owned or held by Mr McManus areregistered to Aliya Life SettlementInternational , LLC.

(3)   Shares beneficially owned orheld by Mr Teeny are registered to TeenyAcquisitions, LLC

27

(4)   On June 27, 2007 the recorddate, the Company issued 13,933,983 Series "A" PreferredNon-Dilutive shares to all the existing registered and beneficial commonshareholders on a one (1) for one (1) PRO RATA basis. The Series"A' Preferred Non-Dilutive shares are convertible, as a Series intocommon shares of the Company provided a majority of the Series "A"Preferred shareholders vote in favor of converting the entire Series. TheSeries will convert into a number of common shares that will represent 50% ofthe number of fully diluted common shares after conversion.

(5)  On June 27, 2007 the record date, the Company issued13,933,983 Series "B" Preferred Shares to all the existingregistered and beneficial common shareholders on a one (1) for one (1) PRO RATAbasis. The Series "B" Preferred shares are convertible into commonshares of the Company on a one for one basis by shareholders of record as ofJune 27, 2007. 

Incentive Share Purchase Plan

On July 5th 2007, the Company has executed a Stock Option planreserving 2,850,000 shares in the common stock of the Corporation. Pursuant tothe plan, the Company granted 2,835,000 stock options to exercise the purchaseof common shares at the price of $1.00 per common share which will be executablefor a period of five years from the date of grant. 

The followingtable sets out detail regarding stock option grants made to our Named ExecutiveOfficers subsequent to our 2006 fiscal year.

**Name**

**Number of****Securities****Underlying Options**

**% of Total Options****Granted to****Employees in****Fiscal Year**

**Exercise Price****($/Sh)**

**Expiration****Date**

Jeff Teeny (1)

1,250,000 

43.85 

1.00 

July 5, 2012 

Scott McManus (2)

315,000 

11.05 

1.00 

July 5, 2012   

Martin Tutschek 

300,000 

10.52 

1.00 

July 5, 2012

**Notes**:

(1)    Options beneficially owned orheld by Mr Teeny are registered to TeenyAcquisitions, LLC.

(2)    Options beneficially owned orheld by Mr McManus are registered to AliyaLife Settlement International , LLC.

Warrants

There are no warrantsoutstanding.

Other Dilutive Elements

All convertible debenturestotaling $53,887 issued prior to 2003 are fully matured as of December 31,2002. The debentures during their term carried a rate of interest of eightpercent per annum payable semi-annually. The conversion feature of thedebenture allows for the debenture holders to convert his capital at a rate of$6.00 US to $12.50 US per share. The Company would have 4,622 shares issued if100% of the debentures were to be converted. For the period ending September30, 2007, $ Nil, (December 31, 2006 $Nil, December 31, 2005 $Nil) ofconvertible debentures was repaid. There were no conversions during 2007, 2006,or 2005.

Conflictsof Interest

Certain of the Company'sdirectors and officers may serve as directors or officers of other companies orhave significant shareholdings in other companies and, to the extent that suchother companies may participate in ventures in which the Company mayparticipate, the directors of the Company may have a conflict of interest innegotiating and concluding terms respecting the extent of such participation.In the event that such a conflict of interest rises at a meeting of theCompany's directors, a director who has such a conflict will abstain fromvoting for or against the approval of such participation or such terms. It mayoccur that a particular company will assign all or a portion of its interest ina particular asset to another of these companies due to the financial positionof the company making the 

28

assignment. In accordance withthe Company Act (Ontario), the directors of the Company are required to acthonestly, in good faith and in the best interests of the Company. Indetermining whether or not the Company will acquire a particular asset, thedirectors will primarily consider the degree of risk to which the Company maybe exposed and its financial position at that time.
**ITEM VII. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS****A)    MAJORSHAREHOLDERS**
The information as to sharesbeneficially owned, not being within the knowledge of the Company, has beenfurnished by the respective individuals.  The Company's majorshareholders do not have different voting rights.  There are noarrangements known to the Company which may, at a subsequent date, result in achange in control of the Company.

The following persons hold, of record or beneficially, directly orindirectly, or are known by the Company to own beneficially, directly orindirectly, more than 5% of the issued shares of the Company as at July 15,2007:

**Identity of Person or Group**

**Common   Shares**(1)

**Percent of   Class**

**"A"   Preferred   Shares**(4)

**Percent of   Class**

**"B"   Preferred   Shares**(5)

**Percent of   Class**

Jeffery Teeny(2)

 6,250,000 

21.98

1,393,398

10.00

1,393,398

10.00

Scott McManus(3)

 9,250,000 

  32.53 

1,393,398

10.00

1,393,398

10.00

Daniel Clozza,

5,430,000

21.77

 5,305,500 

38.07

 5,305,500 

38.07

Martin Tutschek

1,524,000

5.35

 1,399,500 

10.04

 1,399,500 

10.04

Jackie Dawydiuk

1,500,000

5.27

1,500,000

10.76

1,500,000

10.76

**Notes:**

(1)    Does not include options ownedby directors or officers.  Optionsare disclosed previously.

(2)    Shares beneficially owned orheld by Mr Teeny are registered to TeenyAcquisitions, LLC

(3)   Shares beneficially owned or held by Mr McManus areregistered to Aliya Life SettlementInternational , LLC.

(4)   On June 27, 2007 the record date, the Company issued13,933,983 Series "A" Preferred Non-Dilutive shares to all theexisting registered and beneficial common shareholders on a one (1) for one (1)PRO RATA basis. The Series "A' Preferred Non-Dilutive shares areconvertible, as a Series into common shares of the Company provided a majorityof the Series "A" Preferred shareholders vote in favour ofconverting the entire Series. The Series will convert into a number of commonshares that will represent 50% of the number of fully diluted common sharesafter conversion.

(5)   On June 27, 2007 the record date, the Company issued13,933,983 Series "B" Preferred Shares to all the existingregistered and beneficial common shareholders on a one (1) for one (1) PRO RATAbasis. The Series "B" Preferred shares are convertible into commonshares of the Company on a one for one basis by shareholders of record as ofJune 27, 2007. 

29

The nature and extent of principal non-United States trading market isapproximately 50% of all outstanding securities, which are held outside theUnited States and approximately 50% of all outstanding securities are heldwithin the United States as of February, 2008. The Company is not owned orcontrolled, directly or indirectly, by another corporation or by any foreigngovernment.
**B)     RELATEDPARTY TRANSACTIONS**
Exceptas set out below or otherwise disclosed in this report or in our auditedfinancial statements attached hereto, no executive officer or senior managementof the Company, nor any spouse, relative, associate or affiliate of theforegoing persons, has any interest in any material transactions which occurredduring the Company's last full fiscal year and involved the Company or any ofits subsidiaries; or any presently proposed transaction involving the Companyor any of its subsidiaries. 

Subsequent to the year endedDecember 31, 2005, in April of 2006 a motor vessel was disposed of for 500,000common shares of the Company for submission to treasury at a cost of $350,000resulting in no gain or loss on the purchase and sale of the asset.

Effective December 31, 2006, the Company completedthe purchase of 100% of the outstanding capital stock of Fitness Vacations froman officer and director of the Company in the amount of $550,000. The newlyacquired company is a full service gym and also markets gym memberships with atravel component. Consideration given was settlement of $441,260 of advances bythe Company to the owner of the shares of Fitness Vacations (who are also ashareholder of the Company including the President and Director), andsettlement of $108,740 of advances to Fitness Vacations.

The assets and liabilities of Fitness Vacations atthe time of acquisition were:

Purchase  price

$

550,000

Purchase  Price Allocation

Equipment

$

206,798

Leasehold  improvements

150,000

Accounts  payable

(17,782)

Net  identifiable assets acquired

339,016  

Excess  of purchase price over net identifiable assets acquired

210,984

Total

$

550,000

Canadian GAAP requires that any assets orliabilities acquired in a non-arms length transaction be recorded in theCompany records at the carrying value of the vendor. The amounts aboveattributed to net identifiable assets approximate their carrying value in therecords of Fitness Vacations. The amount attributed to "excess of purchaseprice over net identifiable assets acquired" has been charged to deficit.

30

InJuly 2007, the Company closed a private placement of 11,000,000 shares ofcommon stock at a purchase price of US$ 0.50 per share for gross proceeds tothe Company of US$ 5.5 million USD. The two corporate investors to this offering are beneficially owned orcontrolled by two individuals who subsequent to the offering became directorsof the Company. These investors were arms length to the Company prior to theJuly offerings.

InJuly 2007 the company announced that it closed a private placement of 3,500,000shares of common stock at a purchase price of US$ 1.00 per share for grossproceeds to the Company of US$ 3.5 million USD.  The corporate investor to this offeringis beneficially owned or controlled by an individual who subsequent to theoffering became a director of the Company. This investor was arms length to theCompany prior to the July offerings.

Subsequent to fiscal year endSeptember 30, 2007, the Company acquired at 25% interest in a real estate developmentproject in Needles California for a price $1,000,000 USD. The project named theColorado River Project is controlled and or operated by a director of theCompany.

During the period endedSeptember 30, 2007, the Company paid $ Nil, (December 31, 2006 - $ Nil,December 31, 2005- $ Nil) in management fees and $nil - 2007, (December31, 2006 - $nil, December 31, 2005, $14,430) in consulting fees to directors.The Company also reimbursed $113,297 for the period ended September 30, 2007,(December 31, 2006 - $159,715, December 31, 2005 - $220,625) to directors forexpenditures made on behalf of the Company.

Except as disclosed in thepreceding discussion, we have not been a party to any transaction, proposedtransaction, or series of transactions in which the amount involved exceeds$50,000, and in which, to our knowledge, any of our directors, officers, fivepercent beneficial security holder, or any member of the immediate family ofthe foregoing persons has had or will have a direct or indirect materialinterest.

Indebtedness to Company of Directors and Senior Management

Amounts due to shareholders atthe end of the fiscal period September 30, 2007 were $288,552. Directors of theCompany are indebted to the Company in the amount of $nil and no director orsenior management or have been indebted to the Company since the beginning ofthe last completed financial year of the Company other than as listed below.The Company reimburses Directors and Senior Management for expenses incurred inconnection with Company's ordinary course of business. To the extentthese advances and expenses are offset, there exists an indebtedness to theCompany of a net $nil as of September 30, 2007 (December 30, 2006 - $ nil, December30, 2005 - $nil).

31

Interests of Experts and Counsel

ThisForm 20-F is been filed as an annual report under the Exchange Act and, assuch; there is no requirement to provide information under this item.**ITEM VIII.  FINANCIAL INFORMATION**
**A)    CONSOLIDATEDSTATEMENTS AND OTHER FINANCIAL INFORMATION**
This Annual Report contains the consolidatedfinancial statements for the Company for the fiscal period ended September 30,2007, and December 31, 2006, and 2005 which contain an Auditors' Report datedMarch 12, 2008, Consolidated Balance Sheets as at September 30, 2007 andDecember 31, 2006, Consolidated Statements of Operations and Deficit, andConsolidated Statements of Cash Flows for the fiscal period ended September 30,2007 and years ended December 31, 2006, and 2005, and Notes to ConsolidatedFinancial Statements. Indebtedness to Company of Directors and SeniorManagement

Nodirectors or senior management of the Company are indebted to the Company orhave been indebted to the Company since the beginning of the last completedfinancial year of the Company other than as noted in ITEM VII - MajorShareholders and Related Party Transactions. Legal or Arbitration Proceedings

Asof the date hereof, the Company is a named party to a legal claim against it inthe Province of Ontario. This action purports to represent and individual whofell while attending a presentation at the office of a Licensee of the Companymarketing vacations travel club memberships. 

Fromtime to time, the Company may become subject to claims and litigation generallyassociated with any business venture.  In addition, the operations of theCompany are subject to risks of accident and injury, possible violations ofother regulations and some of which cannot be covered by insurance or otherrisk reduction strategies.  Since the Company is a Canadian corporationand the officers, directors and certain of the persons involved with theCompany as professional advisors are resident in Canada, it may be difficult toeffect service within the United States upon such persons or to realize on anyjudgment by a court of the United States which is predicated on civilliabilities under the 1933 Act.  The Company's Canadian counsel haveadvised that there is doubt as to the enforceability in Canada, either inoriginal actions or through enforcement of United States judgments, ofliabilities predicated solely upon violations of the 1933 Act or the rules andregulations promulgated there under.Dividend Distribution Policy

TheCompany has not paid any cash dividends on its Common Stock and has no presentintention of paying any dividends.  The current policy of the Company isto retain earnings, if any, for use in operations and in the development of itsbusiness.  The Board of Directors will determine the future dividendpolicy of the Company from time to time.
**B)    SIGNIFICANTCHANGES**
Inaddition to the three (3) for one (1) in the Company's common shares onApril 16, 2007, there has been an increase in the number of issued andoutstanding common shares of the Company. As of July 15, 2007 the Company completedprivate placements for a total of $9 million USD and correspondingly issued14,500,000 restricted common shares of the Company.

OnJune 27, 2007 the record date, the Company issued 13,933,983 Series"A" Preferred Non-Dilutive shares to all the existing registeredand beneficial common shareholders on a one (1) for one (1) PRO RATA basis. TheSeries "A' Preferred Non-Dilutive shares are convertible, as aSeries into common shares of the Company provided a majority of the Series"A" Preferred shareholders vote in favor of converting the entireSeries. The Series will convert into a number of common shares that willrepresent 50% of the number of fully diluted common shares after conversion.

32

OnJune 27, 2007 the record date, the Company issued 13,933,983 Series "B"Preferred Shares to all the existing registered and beneficial commonshareholders on a one (1) for one (1) PRO RATA basis. The Series "B"Preferred shares are convertible into common shares of the Company on a one forone basis by shareholders of record as of June 27, 2007.

On July 5th 2007, the Company has executed a StockOption plan reserving 2,850,000 shares in the common stock of the Corporation.Subsequently, the Company granted 2,835,000 stock options to exercise thepurchase of common shares at the price of $1.00 per common share which will beexecutable for a period of five years from the date of grant.
**ITEM IX.  THE OFFER AND LISTING****A)    PRICERANGE AND VOLUME OF SHARES OF COMMON STOCK**
Thefollowing table sets forth the price ranges of the Company's shares whenlisted on the on the OTCBB and the Pink Sheet Exchange for each of the mostcurrent five years, each of the quarters for the most current two years andeach of the most current six months:

Forthe five most recent full financial years, the annual high and low marketprices for the Company's common stock were as follows (US dollarfigures):

**2007**

**2006**

**2005**

**2004**

**2003**

**High**

$

17.30

3.00

1.00

1.85

2.40

**Low**

$

0.50

0.24

0.17

0.15

0.07

Forthe two most recent full financial years, the high and low market prices foreach full financial quarter for the Company's common stock were asfollows (US dollar figures):  

**2007**

 

**2006**
**Q1**

**Q2**

**Q3**

**Q4**

**Q1**

**Q2**

**Q3**

**Q4**

**High**

 $            0.83  

1.00 

5.20

17.30

 $              0.90  

1.25

1.80

3.00

**Low**

  $             0.80 

0.50

0.75

4.25

  $               0.24 

0.60

1.15

1.75

For the two most recent sixmonths, the high and low market prices for each month for the Company'scommon stock were as follows (US dollar figures):

**2008**

**2008**

**2007**

**2007**

**2007**

**2007**

**Feb**

**Jan**

**Dec**

**Nov**

**Oct**

**Sep**

**High**

$                             13.60 

18.00

17.30

10.50

5.15

5.10

**Low**

$                             12.00

13.65

11.25

4.90

4.40

4.55

Note: (1) The Company'sshares were forward split on a three for one basis April 16th, 2007.

33
******B)    PLANOF DISTRIBUTION**
ThisForm 20-F is being filed as an Annual Report under the Exchange Act and, assuch, there is no requirement to provide any information under this section. 
**C)    MARKETS**
Asof January 30, 2008 the shares of Forum National Investments Ltd. are publiclytraded on the ``OTCBB under the trading symbol FMNLF CUSIP Number 3498452067.The nature and extent of principal non-United States trading market isapproximately 50% of all outstanding securities, which are held outside theUnited States and approximately 50% of all outstanding securities are heldwithin the United States as of January 30, 20078. The share price has traded ata high of $18.00 USD in 2008 and a low of $0.17 USD in 2005.
**D)    SELLINGSHAREHOLDERS**
ThisForm 20-F is being filed as an Annual Report under the Exchange Act**and, as such, there is no requirement toprovide any information under this section.
**E)    DILUTION**
ThisForm 20-F is being filed as an Annual Report under the Exchange Act and, assuch, there is no requirement to provide any information under this section.
**F)    EXPENSESOF THE ISSUE**
ThisForm 20-F is being filed as an Annual Report under the Exchange Act and, assuch, there is no requirement to provide any information under this section.
**ITEM X.  ADDITIONAL INFORMATION****A)    SHARECAPITAL**
ThisForm 20-F is being filed as an Annual Report under the Exchange Act and, assuch, there is no requirement to provide any information under this section. 
**B)    MEMORANDUMAND ARTICLES OF INCORPORATION**
Theinformation called for by this item is contained in an Exhibit to theCompany's Registration Statement on form 20-F filed with the CommissionNovember 3, 1998 and Exhibits filed herewith. In particular:

1.   The Company's Memorandum andArticles are on file with the Office of the British Columbia Registrar ofCompanies under Certificate of Incorporation No. 504791. The Company wascontinued into the province of Ontario November 12, 1997. The Company'sMemorandum and Articles are on file with the Office of the Ontario Registrar ofCompanies under Articles of Continuance No. 1264549.  Under the provisionsof the Ontario Business Corporations Act, the Company has the power andcapacity of a natural person, there are no restrictions in the Company'smemorandum, on the business that the Company can carry on nor on the powers theCompany can exercise.  

2.   Article 4.19 of theCompany's articles sets out the circumstances whereby a director must notvote on a proposal, arrangement or contract in which the director is materiallyinterested, article 4.20 sets out the directors' powers to determinetheir compensation, Part 3 of the Company's articles outlines theCompany's borrowing powers exercisable by the directors and article 4.2sets out that no shares are required to be held for director'squalification.

34

3.   The Company's common sharesrank equally as to dividend rights, voting rights, rights to share in theCompany's profits and liquidation rights.  The Company'scommon shares are not, under the Company's memorandum and articles,subject to redemption or sinking fund provisions, liability to further capitalcalls, nor any provisions discriminating against any existing or prospectiveholder of such shares as a result of such shareholder owning a substantialnumber of shares.

The Company's Series "A" Non-DilutiveConvertible Preferred Shares without par value have no rights as to dividendrights, voting rights, rights to share in the Company's profits and orliquidation rights. The Series "A"  Convertible Preferred Shares are not,under the Company's memorandum and articles, subject to redemption orsinking fund provisions, liability to further capital calls, nor any provisionsdiscriminating against any existing or prospective holder of such shares as aresult of such shareholder owning a substantial number of shares.

The Series "A" Preferred Non-Dilutive sharesare convertible, as a Series into common shares of the Company provided amajority of the Series "A" Preferred shareholders vote in favor ofconverting the entire Series. The Series will convert into a number of commonshares that will represent 50% of the number of fully diluted common sharesafter conversion.

A majority of the shares of the Series"A"Non-Dilutive Preferred Shares outstanding must vote in favor of converting theentire Series "A" Preferred Shares outstanding into common sharesbefore the shares of the Series "A" Preferred Shares may convertinto Common Shares.  On receipt ofthe requisite affirmative vote, the Series "A" Preferred Shares, inthe aggregate shall be converted into that number of fully paid andnon-assessable Common Shares that will represent 50% of the number of fullydiluted common shares after conversion. Each Share of Series "A"Preferred Shares shall be convertible into Common Shares PRO RATA to itsportion of the Series "A" Preferred Shares.

TheCompany's Series "B" Convertible Preferred Shares without parvalue have no rights as to dividend rights, voting rights, rights to share inthe Company's profits and or liquidation rights. The Company's Series"B" Convertible Preferred Shares are convertible into common sharesof the Company on one common share for each preferred share held. The Series"B"  ConvertiblePreferred Shares are not, under the Company's memorandum and articles,subject to redemption or sinking fund provisions, liability to further capitalcalls, nor any provisions discriminating against any existing or prospectiveholder of such shares as a result of such shareholder owning a substantialnumber of shares.

4.   Tothe Company's knowledge, there are no conditions imposed by thememorandum and articles of the Company governing changes in the rights ofholders of stock.

5.   Section10 of the Company's articles together with applicable corporate andsecurities laws contain the conditions governing the manner in which annual andextraordinary general meetings of shareholders are called including Notice ofMeeting/Proxy Solicitation requirements. Part 10 of the Company'sarticles deals with proceedings at such meetings including quorum requirements.

6.     Tothe Company's knowledge, there are no limitations on the rights to ownsecurities.

7.   Thereare no provisions of the Company's memorandum or articles that would havean effect of delaying, deferring or preventing a change in control of theCompany and that would operate only with respect to a merger, acquisition orcorporate restructuring involving the Company or any of its subsidiaries.

8.   Thereare no bylaws provisions governing the ownership threshold above whichshareholder ownership must be disclosed.

9.   Thereare no conditions imposed by the memorandum and articles of the Companygoverning changes in the capital of the Company that are more stringent than isrequired by law.

35
******C)    MATERIALCONTRACTS**
In Septemberof 2005, the Company secured a credit facility with Caterpillar FinancialServices for up to $3 million USD. The Company subsequently has had the creditfacility increased to an amount of $4.3 million USD.

InNovember of 2005 the principal of 4226054 Ontario Ltd entered into a CommissionAgreement to market the Company's Snowbird Vacations Travel ClubMembership in the Barrie Ontario area. The Commission Agreement with 1617165Ontario Inc was terminated in March of 2005 and at this time no new membershipsare actively been marketed in the Barrie Ontario area. 

InJanuary of 2006 the Company signed a Commission Agreement with 2094711 OntarioLimited to secure an office location to market Travel Club memberships in thegreater Toronto Ontario area. The new office location in Pickering Ontariocommenced operations In October 2006. 

In April of 2006 a motor vesselwas disposed of for 500,000 common shares of the Company for submission totreasury at a cost of $350,000 resulting in no gain or loss on the transaction.

Effective December 31,2006, the Company completed the purchase of 100% of the outstanding capitalstock of Fitness Vacations from an officer and director of the Company in theamount of $550,000. The newly acquired company is a full service gym and alsomarkets gym memberships with a travel component. Consideration given wassettlement of $441,260 of advances by the Company to the owner of the shares ofFitness Vacations (who are also a shareholder of the Company including thePresident and Director), and settlement of $108,740 of advances to FitnessVacations

The assets andliabilities of Fitness Vacations at the time of acquisition were:

Purchase price

$

550,000

Purchase Price Allocation

Equipment

$

206,798

Leasehold improvements

150,000

Accounts payable

(17,782)

Net identifiable assets acquired

339,016 

Excess of purchase price over net  identifiable assets acquired

210,984

Total

$

550,000

Canadian GAAP requires that any assets or liabilitiesacquired in a non-arms length transaction be recorded in the Company records atthe carrying value of the vendor. The amounts above attributed to netidentifiable assets approximate their carrying value in the records of FitnessVacations. The amount attributed to "excess of purchase price over netidentifiable assets acquired" has been charged to deficit. 

In July 2007 the company announced that it closed aprivate placement of 11,000,000 shares of common stock at a purchase price ofUS$ 0.50 per share for gross proceeds to the Company of US$ 5.5 millionUSD.  The private placement was madeto two accredited investors.  

36

In July 2007 the company announced that it closed aprivate placement of 3,500,000 shares of common stock at a purchase price ofUS$ 1.00 per share for gross proceeds to the Company of US$ 3.5 millionUSD.  The private placement was madeto an accredited investor.

Subsequentto fiscal period ending September 30, 2007, the company:
-  Purchased the membership and all of the assets of Family VacationCenters from an Ontario based Company for consideration of $3,900,000 in cashand stock on the 18th day of October 2007. 
-  Formed "American Life Settlement Society LLC" duly formedunder the laws of the state of Delaware in the 15th day of November2007.
-  Completed contracts for the purchase of $30 million face value of LifeInsurance policies.
-  Acquired 25% interest in a real estate development project in Needles,California for a price of $1.0 million US. The project, named the Colorado River Project is controlled and/oroperated by a director of the company. 
**D)    EXCHANGECONTROLS**
Thereare no governmental laws, decrees or regulations in Canada restricting theimport or export of capital or affecting the remittance to the United States ofinterest, dividends or other payments to non-resident holders of our shares.However, the payment or crediting of interest or dividends to United Statesresidents may be subject to applicable withholding taxes at a rate prescribedby the Income Tax Act (Canada) and modified by the provisions of theCanada-United States Income Tax Convention, 1980 (see commentary in the sectionentitled "Taxation" below).

Exceptas provided in the Investment Canada Act (the "ICA"), there are nolimitations under the laws of Canada, the Province of Ontario or in ourMemorandum or Articles on the right of foreigners to hold and/or vote theshares of our capital stock.

TheICA has application where a "non-Canadian" individual or entity orcontrolled group of entities proposes to make an investment to acquire controlof a Canadian business enterprise, either directly or indirectly, by way ofpurchase of voting shares of a corporation or of substantially all of theassets used in the Canadian business enterprise. An investment to acquirevoting shares of a corporation is deemed to be an acquisition of control wheremore than one-half of the voting shares are acquired. An acquisition of lessthan one-third of the voting shares of a corporation is deemed not to be anacquisition of control and an acquisition of between one-third and one-half ofthe voting shares of a corporation is presumed to be an acquisition of controlunless it can be established that the acquisition does not in fact result incontrol of the corporation by the investor.

Aninvestment to acquire control of a Canadian business enterprise, the grossassets of which exceed certain thresholds, must be reviewed and approved underthe ICA before implementation. An investment to acquire control of a Canadianbusiness enterprise, the gross asset value of which falls below these thresholdamounts, is one in respect of which notification must be given under the ICAalthough approval is not required prior to implementation of the investment.

Specificinvestment thresholds apply to investors of the United States. The investmentthreshold for a direct acquisition of control has been established at Cdn$250million for 2005 and no review is required for an indirect acquisition ofcontrol. Each year the direct acquisition investment threshold is adjusted forinflation.
**E)    TAXATION**
Canadian Federal Income TaxConsiderations 

The following is a generaldiscussion of the material Canadian federal income tax consequences applicableto a holder of our common shares who is a resident of the United States and whois not, and is not deemed to be, a resident of Canada, who holds such commonshares as capital property and who does not use or hold such common shares incarrying on a business in Canada (a "Non-Resident Holder").

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This summary is based on the current provisions ofthe Income Tax Act (Canada) and regulations there under (the "ITA") and all specific proposals toamend the ITA publicly announced prior to the date hereof by the Minister ofFinance (Canada) and the current administrative practices of the Canada RevenueAgency. It has been assumed that all specific proposals to amend the ITA willbe enacted in substantially their present form and that no other relevantamendments to the ITA will come into force. However, no assurance can be givento this effect. Except for the foregoing, this summary does not take intoaccount or anticipate any changes in law, whether by legislative,administrative or judicial decision or action, nor does it take into accountprovincial, territorial or foreign income tax legislation or considerationswhich may differ from those described herein. See "United States FederalIncome Tax Consequences" below.

Thissummary is not exhaustive of all possible Canadian federal income taxconsequences to all Non-Resident Holders and in particular will not beapplicable where the Non-Resident Holder is a non-resident insurer carrying onan insurance business in Canada in respect of which our common shares are heldor used in Canada. Nor should these comments be interpreted as legal or taxadvice to any particular Non-Resident Holder; each of whom should consult theirown tax advisors with respect to their particular circumstances.Dividends

Dividends(including deemed dividends) paid or credited on our common shares to a Non-ResidentHolder will be subject to withholding tax in Canada. The Canada-United StatesIncome Tax Convention, 1980, as amended (the "Treaty") providesthat the normal 25% rate of withholding tax on the gross amount of suchdividends is reduced to 15% if paid to a resident of the United States. TheTreaty provides for a further reduction of the withholding tax rate to 5% ifthe beneficial owner of such dividends is a company (any entity which istreated as a body corporate for purposes of the ITA) which is a resident of theUnited States and which owns at least 10% of our voting stock.

CapitalGains 

ANon-Resident Holder will not be subject to tax under the ITA in respect of acapital gain realized upon the disposition or deemed disposition (such as wouldarise on the death of an individual Non-Resident Holder) of a  common share unless such share is"taxable Canadian property" to the Non-Resident Holder. A commonshare in the capital of our company will be taxable Canadian property to aNon-Resident Holder if (i) at any time during the five year period ending atthe time of disposition of such share, the Non-Resident Holder, persons withwhom the Non-Resident Holder did not deal at arm's length, or theNon-Resident Holder together with all such persons owned (or had an option toacquire) 25% or more of the issued shares of any class or series of our capitalstock; or (ii) the Non-Resident Holder elected under the ITA to treat suchcommon shares as taxable Canadian property upon ceasing to be a resident of Canadaprior to October 2, 1996.

However,under the Treaty, a Non-Resident Holder to whom our common shares representtaxable Canadian property will not be liable to tax in Canada in respect of acapital gain realized on the disposition of such shares unless:

thevalue of such shares is derived principally from real property situated inCanada (including mineral properties in Canada and rights in relation thereto),or 

the Non-Resident Holder was aresident of Canada for 120 months during any period of 20 consecutive yearspreceding the disposition of such shares and was a resident of Canada at anytime during the 10 years immediately preceding such disposition and owned suchshares (or property for which such shares were substituted) at the time theNon-Resident Holder ceased to be a resident of Canada.

U.S. Federal Income TaxConsequences 

The following is a summary ofthe anticipated material U.S. federal income tax consequences to a U.S. Holder(as defined below) arising from and relating to the acquisition, ownership, anddisposition of our common shares ("Common Shares").

This summary is for generalinformation purposes only and does not purport to be a complete analysis orlisting of all potential U.S. federal income tax consequences that may apply toa U.S. Holder as a result of the acquisition, ownership, and disposition ofCommon Shares. In addition, this summary does not take into account theindividual facts and circumstances of any particular U.S. Holder that mayaffect the U.S. federal income tax consequences of the acquisition, ownership,and disposition of Common Shares. Accordingly, this summary is not intended tobe, and should not be construed as, legal or U.S. federal income tax advicewith respect to any U.S. Holder. Each U.S. 

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Holder should consult its ownfinancial advisor, legal counsel, or accountant regarding the U.S. federal,U.S. state and local, and foreign tax consequences of the acquisition,ownership, and disposition of Common Shares.

Scope of this Disclosure

Authorities

This summary is based on theInternal Revenue Code of 1986, as amended (the "Code"), TreasuryRegulations (whether final, temporary, or proposed), published rulings of theInternal Revenue Service ("IRS"), published administrative positionsof the IRS, the Convention Between Canada and the United States of America withRespect to Taxes on Income and on Capital, signed September 26, 1980, asamended (the "Canada-U.S. Tax Convention"), and U.S. courtdecisions that are applicable and, in each case, as in effect and available, asof the date of this Annual Report. Any of the authorities on which this summaryis based could be changed in a material and adverse manner at any time, and anysuch change could be applied on a retroactive basis. This summary does notdiscuss the potential effects, whether adverse or beneficial, of any proposedlegislation that, if enacted, could be applied on a retroactive basis.

U.S. Holders

For purposes of this summary, a"U.S. Holder" is a beneficial owner of Common Shares that, for U.S.federal income tax purposes, is (a) an individual who is a citizen or residentof the U.S., (b) a corporation, or any other entity classified as a corporationfor U.S. federal income tax purposes, that is created or organized in or underthe laws of the U.S. or any state in the U.S., including the District ofColumbia, (c) an estate if the income of such estate is subject to U.S. federalincome tax regardless of the source of such income, or (d) a trust if (i) suchtrust has validly elected to be treated as a U.S. person for U.S. federalincome tax purposes or (ii) a U.S. court is able to exercise primarysupervision over the administration of such trust and one or more U.S. personshave the authority to control all substantial decisions of such trust.

Non-U.S. Holders

For purposes of this summary, a"non-U.S. Holder" is a beneficial owner of Common Shares other thana U.S. Holder. This summary does not address the U.S. federal income taxconsequences of the acquisition, ownership, and disposition of Common Shares tonon-U.S. Holders. Accordingly, a non-U.S. Holder should consult its ownfinancial advisor, legal counsel, or accountant regarding the U.S. federal,U.S. state and local, and foreign tax consequences (including the potentialapplication of and operation of any tax treaties) of the acquisition,ownership, and disposition of Common Shares.

U.S. Holders Subject to SpecialU.S. Federal Income Tax Rules Not Addressed

This summary does not addressthe U.S. federal income tax consequences of the acquisition, ownership, anddisposition of Common Shares to U.S. Holders that are subject to specialprovisions under the Code, including the following U.S. Holders: (a) U.S.Holders that are tax-exempt organizations, qualified retirement plans,individual retirement accounts, or other tax-deferred accounts; (b) U.S.Holders that are financial institutions, insurance companies, real estateinvestment trusts, or regulated investment companies; (c) U.S. Holders that arebroker-dealers, dealers, or traders in securities or currencies that elect toapply a mark-to-market accounting method; (d) U.S. Holders that have a"functional currency" other than the U.S. dollar; (e) U.S. Holdersthat are liable for the alternative minimum tax under the Code; (f) U.S. Holdersthat own Common Shares as part of a straddle, hedging transaction, conversiontransaction, constructive sale, or other arrangement involving more than oneposition; (g) U.S. Holders that acquired Common Shares in connection with theexercise of employee stock options or otherwise as compensation for services;(h) U.S. Holders that hold Common Shares other than as a capital asset withinthe meaning of Section 1221 of the Code; or (i) U.S. Holders that own, directlyor indirectly, 10% or more, by voting power or value, of our outstandingshares. U.S. Holders that are subject to special provisions under the Code,including U.S. Holders described immediately above, should consult their ownfinancial advisor, legal counsel or accountant regarding the U.S. federal, U.S.state and local, and foreign tax consequences of the acquisition, ownership,and disposition of Common Shares.

If an entity that is classifiedas partnership (or "pass-through" entity) for U.S. federal incometax purposes holds Common Shares, the U.S. federal income tax consequences tosuch partnership (or "pass-through" entity) and the partners ofsuch partnership (or owners of such "pass-through" entity)generally will depend on the activities of the partnership (or "pass-through"entity) and the status of such partners (or owners). Partners of entities thatare classified as partnerships (or owners of "pass-through"entities) for U.S. federal income tax purposes should consult their ownfinancial advisor, legal counsel or accountant regarding the U.S. federalincome tax consequences of the 

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acquisition, ownership, anddisposition of Common Shares.

Tax Consequences Other thanU.S. Federal Income Tax Consequences Not Addressed

This summary does not addressthe U.S. state and local, U.S. federal estate and gift, or foreign taxconsequences to U.S. Holders of the acquisition, ownership, and disposition ofCommon Shares. Each U.S. Holder should consult its own financial advisor, legalcounsel, or accountant regarding the U.S. state and local, U.S. federal estateand gift, and foreign tax consequences of the acquisition, ownership, anddisposition of Common Shares. (See "Taxation—Canadian FederalIncome Tax Considerations" above).

U.S. Federal Income TaxConsequences of the Acquisition, Ownership, and Disposition of Common Shares

Distributions on Common Shares

General Taxation ofDistributions

A U.S. Holder that receives adistribution, including a constructive distribution, with respect to the CommonShares will be required to include the amount of such distribution in grossincome as a dividend (without reduction for any Canadian income tax withheldfrom such distribution) to the extent of our current or accumulated"earnings and profits." To the extent that a distribution exceedsour current and accumulated "earnings and profits," suchdistribution will be treated (a) first, as a tax-free return of capital to theextent of a U.S. Holder's tax basis in the Common Shares and, (b)thereafter, as gain from the sale or exchange of such Common Shares. (See moredetailed discussion at "Disposition of Common Shares" below).

Reduced Tax Rates for CertainDividends

For taxable years beginningafter December 31, 2002 and before January 1, 2009, a dividend paid by usgenerally will be taxed at the preferential tax rates applicable to long-termcapital gains if (a) we are a "qualified foreign corporation" (asdefined below), (b) the U.S. Holder receiving such dividend is an individual,estate, or trust, and (c) such dividend is paid on Common Shares that have beenheld by such U.S. Holder for at least 61 days during the 121-day periodbeginning 60 days before the "ex-dividend date" (i.e., the firstdate that a purchaser of such Common Shares will not be entitled to receivesuch dividend). 

We generally will be a"qualified foreign corporation" under Section 1(h)(11) of the Code (a "QFC") if (a) we are incorporated in a possession of the U.S.,(b) we are eligible for the benefits of the Canada-U.S. Tax Convention, or (c)the Common Shares are readily tradable on an established securities market inthe U.S. However, even if we satisfies one or more of such requirements, wewill not be treated as a QFC if we are a "passive foreign investmentcompany" (as defined below) for the taxable year during which we pay adividend or for the preceding taxable year. In 2003, the U.S. Department of theTreasury (the "Treasury") and the IRS announced that they intendedto issue Treasury Regulations providing procedures for a foreign corporation tocertify that it is a QFC. Although these Treasury Regulations were not issuedin 2004, the Treasury and the IRS have confirmed their intention to issue theseTreasury Regulations. It is expected that these Treasury Regulations willobligate persons required to file information returns to report a distributionwith respect to a foreign security issued by a foreign corporation as adividend from a QFC if the foreign corporation has, among other things,certified under penalties of perjury that the foreign corporation was not a"passive foreign investment company" for the taxable year duringwhich the foreign corporation paid the dividend or for the preceding taxableyear.

As discussed below, we do notbelieve that we were a "passive foreign investment company" for thetaxable year ended December 31, 2007,and we do not expect that we will be a"passive foreign investment company" for the taxable year endingDecember 31, 2008 . (See more detailed discussion at "Additional Rulesthat May Apply to U.S. Holders" below). However, there can be noassurance that the IRS will not challenge our determination concerning our"passive foreign investment company" status or that we will not bea "passive foreign investment company" for the current or anyfuture taxable year. Accordingly, although we anticipate that we may be a QFC,there can be no assurances that the IRS will not challenge the determinationmade by us concerning our QFC status, that we will be a QFC for the current orany future taxable year, or that we will be able to certify that we are a QFCin accordance with the certification procedures issued by the Treasury and theIRS.

If we are not a QFC, a dividendpaid by us to a U.S. Holder, including a U.S. Holder that is an individual,estate, or trust, generally will be taxed at ordinary income tax rates (and notat the preferential tax rates applicable to long-term capital gains). Thedividend rules are complex, and each U.S. Holder should consult its ownfinancial advisor, legal 

40

counsel, or accountantregarding the dividend rules.Distributions Paid in ForeignCurrency

The amount of a distributionpaid to a U.S. Holder in foreign currency generally will be equal to the U.S.dollar value of such distribution based on the exchange rate applicable on thedate of receipt. A U.S. Holder that does not convert foreign currency receivedas a distribution into U.S. dollars on the date of receipt generally will havea tax basis in such foreign currency equal to the U.S. dollar value of suchforeign currency on the date of receipt. Such a U.S. Holder generally will recognizeordinary income or loss on the subsequent sale or other taxable disposition ofsuch foreign currency (including an exchange for U.S. dollars).

Dividends Received Deduction

Dividends paid on the CommonShares generally will not be eligible for the "dividends receiveddeduction." The availability of the dividends received deduction issubject to complex limitations that are beyond the scope of this discussion,and a U.S. Holder that is a corporation should consult its own financialadvisor, legal counsel, or accountant regarding the dividends receiveddeduction.

Disposition of Common Shares

A U.S. Holder will recognizegain or loss on the sale or other taxable disposition of Common Shares in anamount equal to the difference, if any, between (a) the amount of cash and thefair market value of any property received and (b) such U.S. Holder's taxbasis in the Common Shares sold or otherwise disposed of. Any such gain or lossgenerally will be capital gain or loss, which will be long-term capital gain orloss if the Common Shares are held for more than one year. Gain or lossrecognized by a U.S. Holder on the sale or other taxable disposition of CommonShares generally will be treated as "U.S. source" for purposes ofapplying the U.S. foreign tax credit rules. (See more detailed discussion at"Foreign Tax Credit" below).

Preferential tax rates apply tolong-term capital gains of a U.S. Holder that is an individual, estate, ortrust. There are currently no preferential tax rates for long-term capitalgains of a U.S. Holder that is a corporation. Deductions for capital losses andnet capital losses are subject to complex limitations. For a U.S. Holder thatis an individual, estate, or trust, capital losses may be used to offsetcapital gains and up to U.S.$3,000 of ordinary income. An unused capital lossof a U.S. Holder that is an individual, estate, or trust generally may becarried forward to subsequent taxable years, until such net capital loss isexhausted. For a U.S. Holder that is a corporation, capital losses may be usedto offset capital gains, and an unused capital loss generally may be carriedback three years and carried forward five years from the year in which such netcapital loss is recognized.

Foreign Tax Credit

A U.S. Holder who pays (whetherdirectly or through withholding) Canadian income tax with respect to dividendspaid on the Common Shares generally will be entitled, at the election of suchU.S. Holder, to receive either a deduction or a credit for such Canadian incometax paid. Generally, a credit will reduce a U.S. Holder's U.S. federalincome tax liability on a dollar-for-dollar basis, whereas a deduction willreduce a U.S. Holder's income subject to U.S. federal income tax. Thiselection is made on a year-by-year basis and applies to all foreign taxes paid(whether directly or through withholding) by a U.S. Holder during a year. 

Complex limitations apply tothe foreign tax credit, including the general limitation that the credit cannotexceed the proportionate share of a U.S. Holder's U.S. federal income taxliability that such U.S. Holder's "foreign source" taxableincome bears to such U.S. Holder's worldwide taxable income. In applyingthis limitation, a U.S. Holder's various items of income and deductionmust be classified, under complex rules, as either "foreign source"or "U.S. source." In addition, this limitation is calculatedseparately with respect to specific categories of income (including"passive income," "high withholding tax interest," "financial services income,""general income," andcertain other categories of income). Dividends paid by us generally willconstitute "foreign source" income and generally will becategorized as "passive income" or, in the case of certain U.S.Holders, "financial services income." However, for taxable yearsbeginning after December 31, 2006, the foreign tax credit limitation categoriesare reduced to "passive income" and "general income"(and the other categories of income, including "financial services income"are eliminated). The foreign tax credit rules are complex, and each U.S. Holdershould consult its own financial advisor, legal counsel, or accountantregarding the foreign tax credit rules.

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Information Reporting; Backup Withholding Tax

Payments made within the U.S.,or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arisingfrom certain sales or other taxable dispositions of, Common Shares generallywill be subject to information reporting and backup withholding tax, at therate of 28%, if a U.S. Holder (a) fails to furnish such U.S. Holder'scorrect U.S. taxpayer identification number (generally on Form W-9), (b)furnishes an incorrect U.S. taxpayer identification number, (c) is notified bythe IRS that such U.S. Holder has previously failed to properly report items subjectto backup withholding tax, or (d) fails to certify, under penalty of perjury,that such U.S. Holder has furnished its correct U.S. taxpayer identificationnumber and that the IRS has not notified such U.S. Holder that it is subject tobackup withholding tax. However, U.S. Holders that are corporations generallyare excluded from these information reporting and backup withholding tax rules.Any amounts withheld under the U.S. backup withholding tax rules will beallowed as a credit against a U.S. Holder's U.S. federal income taxliability, if any, or will be refunded, if such U.S. Holder furnishes requiredinformation to the IRS. Each U.S. Holder should consult its own financialadvisor, legal counsel, or accountant regarding the information reporting andbackup withholding tax rules.

Additional Rules that May Apply to U.S. Holders

Ifwe are a "controlled foreign corporation" or a "passiveforeign investment company" (each as defined below), the precedingsections of this summary may not describe the U.S. federal income taxconsequences to U.S. Holders of the acquisition, ownership, and disposition ofCommon Shares.

ControlledForeign Corporation

Wegenerally will be a "controlled foreign corporation" under Section957 of the Code (a "CFC") if more than 50% of the total votingpower or the total value of our outstanding shares is owned, directly orindirectly, by citizens or residents of the U.S., domestic partnerships,domestic corporations, domestic estates, or domestic trusts (each as defined inSection 7701(a)(30) of the Code), each of which own, directly or indirectly,10% or more of the total voting power of our outstanding shares (a "10%Shareholder").

Ifwe are a CFC, a 10% Shareholder generally will be subject to current U.S.federal income tax with respect to (a) such 10% Shareholder's pro ratashare of our "subpart F income" (as defined in Section 952 of theCode) and (b) such 10% Shareholder's pro rata share of our earningsinvested in "United States property" (as defined in Section 956 ofthe Code). In addition, under Section 1248 of the Code, any gain recognized onthe sale or other taxable disposition of Common Shares by a U.S. Holder thatwas a 10% Shareholder at any time during the five-year period ending with suchsale or other taxable disposition generally will be treated as a dividend tothe extent of our "earnings and profits" that are attributable tosuch Common Shares. If we are both a CFC and a "passive foreigninvestment company" (as defined below), we generally will be treated as aCFC (and not as a "passive foreign investment company") withrespect to any 10% Shareholder. 

We do not believe that we have previously been, or currentlyare , a CFC.However, there can be no assurance that we will not be a CFC for the current orany future taxable year.

PassiveForeign Investment Company**

Wegenerally will be a "passive foreign investment company" under Section 1297 ofthe Code (a "PFIC") if, for a taxable year, (a) 75%or more of our gross income for such taxable year is passive income or (b) 50%or more of the assets held by us either produce passive income or are held forthe production of passive income, based on the fair market value of such assets(or on the adjusted tax basis of such assets, if we are not publicly traded andeither are a "controlled foreign corporation" or makes anelection). "Passive income" includes, for example, dividends,interest, certain rents and royalties, certain gains from the sale of stock andsecurities, and certain gains from commodities transactions. 

For purposes of thePFIC income test and assets test described above, if we own, directly orindirectly, 25% or more of the total value of the outstanding shares of anotherforeign corporation, we will be treated as if it (a) held a proportionate shareof the assets of such other foreign corporation and (b) received directly aproportionate share of the income of such other foreign corporation. Inaddition, for purposes of the PFIC income test and asset test described above,"passive income" does not include any interest, dividends, rents,or royalties that are received or accrued by us from a "relatedperson" (as defined in Section 954(d)(3) of the Code), to the extent suchitems are properly allocable to the income of such related person that is not passiveincome. 

If we are a PFIC, theU.S. federal income tax consequences to a U.S. Holder of the acquisition,ownership, and disposition of Common Shares will depend on whether such U.S.Holder makes an election to treat us as a "qualified electing fund"or "QEF" under Section 1295 of the Code (a "QEFElection") or a mark-to-market election under 

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Section 1296 of theCode (a "Mark-to-Market Election"). A U.S. Holder that does notmake either a QEF Election or a Mark-to-Market Election will be referred to inthis summary as a "Non-Electing U.S. Holder." 

Under Section 1291 ofthe Code, any gain recognized on the sale or other taxable disposition ofCommon Shares, and any "excess distribution" (as defined in Section1291(b) of the Code) paid on the Common Shares, must be ratably allocated toeach day in a Non-Electing U.S. Holder's holding period for the CommonShares. The amount of any such gain or excess distribution allocated to prioryears of such Non-Electing U.S. Holder's holding period for the Common Sharesgenerally will be subject to U.S. federal income tax at the highest taxapplicable to ordinary income in each such prior year. A Non-Electing U.S.Holder will be required to pay interest on the resulting tax liability for eachsuch prior year, calculated as if such tax liability had been due in each suchprior year. 

A U.S. Holder thatmakes a QEF Election generally will not be subject to the rules of Section 1291of the Code discussed above. However, a U.S. Holder that makes a QEF Electiongenerally will be subject to U.S. federal income tax on such U.S.Holder's pro rata share of (a) our "net capital gain," whichwill be taxed as long-term capital gain to such U.S. Holder, and (b) our"ordinary earnings," which will be taxed as ordinary income to suchU.S. Holder. A U.S. Holder that makes a QEF Election will be subject to U.S.federal income tax on such amounts for each taxable year in which we are aPFIC, regardless of whether such amounts are actually distributed to such U.S.Holder by us.

A U.S. Holder thatmakes a Mark-to-Market Election generally will not be subject to the rules ofSection 1291 of the Code discussed above. A U.S. Holder may make aMark-to-Market Election only if the Common Shares are "marketablestock" (as defined in Section 1296(e) of the Code). A U.S. Holder thatmakes a Mark-to-Market Election will include in gross income, for each taxableyear in which we are a PFIC, an amount equal to the excess, if any, of (a) thefair market value of the Common Shares as of the close of such taxable yearover (b) such U.S. Holder's tax basis in such Common Shares. A U.S.Holder that makes a Mark-to-Market Election will, subject to certainlimitations, be allowed a deduction in an amount equal to the excess, if any,of (a) such U.S. Holder's adjusted tax basis in the Common Shares over(b) the fair market value of such Common Shares as of the close of such taxableyear.

We do not believe thatwe were a PFIC for the taxable year ended December 31, 200 7 , and we do notexpect that we will be a PFIC for the taxable year ending December 31, 200 8 .There can be no assurance, however, that the IRS will not challenge ourdetermination concerning its PFIC status or that we will not be a PFIC for thecurrent or any future taxable year. 

The PFIC rules are complex,and each U.S. Holder should consult its own financial advisor, legal counsel,or accountant regarding the PFIC rules and how the PFIC rules may affect theU.S. federal income tax consequences of the acquisition, ownership, anddisposition of Common Shares.
**F)    DIVIDENDSAND PAYING AGENTS**
This Form 20-F is being filedas an Annual Report under the Exchange Act and, as such, there is norequirement to provide any information under this section.
**G)    STATEMENTSBY EXPERTS**
This Form 20-F is being filedas an Annual Report under the Exchange Act and, as such, there is norequirement to provide any information under this section.
**H)    DOCUMENTSON DISPLAY**
Any documents referred to inthis document may be inspected at the head office of the Company, #180A -13040 No 2 Road, Richmond, British Columbia, Canada, V7E 2G1 during normalbusiness hours. 

You may also review a copy ofthe Company's filings with the SEC, including exhibits and schedulesfiled with it, in the SEC's Public Reference Room at 100 F Street NE,Washington, D.C. 20549. You may call the SEC at 1-800-SEC-0330 or theConventional Reading Rooms' Headquarters Office at 212-551-8090 forfurther information on the public reference rooms. The SEC maintains a web site(www.sec.gov) that contains reports, proxy and information statements and otherinformation regarding registrants that file electronically with the SEC.

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******I)      SUBSIDIARYINFORMATION**
There is no informationrelating to the Company's subsidiaries which must be provided in Canadaand which is not otherwise called for by the body of generally acceptedaccounting principles used in preparing the consolidated financial statements.**ITEM XI. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The Company has no financialinstrument about which disclosure of quantitative or qualitative market riskexposure is required.
**ITEM XII. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**
This Form 20-F is being filedas an Annual Report under the Exchange Act and, as such, there is no requirementto provide any information under this section.
**PART II****ITEM XIII. DEFAULTS, DIVIDENDS, ARREARS AND DELINQUENCIES**
There has not been a materialdefault in the payment of principal, interest, a sinking fund or purchase fundinstallment, or any other material default not cured within thirty days,relating to indebtedness of the Company.  There are no payments ofdividend by the Company in arrears, nor has there been any other materialdelinquency relating to any class of preference shares of the Company.
**ITEM XIV. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OFPROCEEDS**
Material modification to therights of security holders

There have been no materialmodifications to the rights of security holders during the most current fiscalyear.  Use of proceeds

This Form 20-F is being filedas an Annual Report under the Exchange Act and, as such, there is norequirement to provide any information under this section. 
**ITEM XV. CONTROLS AND PROCEDURES**
Disclosure controls andprocedures

Under the supervision and withthe participation of the Company's management, including theCompany's Chief Executive Officer and Chief Financial Officer, theCompany evaluated the effectiveness of the design and operation of itsdisclosure controls and procedures (as defined in Rule 13a-15(e) under theSecurities Exchange Act of 1934, as amended) as of a date (the"Evaluation Date") being September 30, 2007.  Based upon thatevaluation, the Chief Executive Officer and Chief Financial Officer concludedthat, as of the Evaluation Date, the Company's disclosure controls andprocedures were effective in timely alerting them to the material informationrelating to the Company (or the Company's consolidated subsidiaries)required to be included in the Company's SEC filings.Management's annualreport on internal controls over financial reporting

Our management is responsiblefor establishing and maintaining adequate internal control over financialreporting for the Company.  TheCompany's internal control over financial reporting is designed toprovide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in 

44

accordance with generallyaccepted accounting principles and includes those policies and procedures that(1) pertain to the maintenance of records that in reasonable detail accuratelyand fairly reflect the transactions and dispositions of the assets of theCompany; (2) provide reasonable assurance that transactions are recorded as necessaryto permit preparation of financial statements in accordance with generallyaccepted accounting principles, and that receipts and expenditures of theCompany are being made only in accordance with authorizations of management anddirectors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition, use or dispositionof the Company's assets that could have a material effect on thefinancial statements. 

Because of its inherent limitations, internal control over financialreporting may not prevent or detect misstatements. Also, projections of anyevaluation of effectiveness to future periods are subject to the risk thatcontrols may become inadequate because of changes in conditions or because thedegree of compliance with policies or procedures may deteriorate. 

 Our management, includingour Chief Executive Officer and Chief Financial Officer, assessed theeffectiveness of internal control over financial reporting as of September 30,2007.   Based on thatassessment, our management concluded that our internal control over financialreporting was effective as of September 30, 2007. 

There was no change in the Company's internal control overfinancial reporting (as required by the Exchange Act) during the last fiscal periodthat has materially affected, or is reasonably likely to materially affect, theCompany's internal control over financial reporting.  There were no significant deficienciesor material weaknesses, and therefore no corrective actions were taken or mayoccur and not be detected.

This annual report does not include an attestation report of thecompany's registered public accounting firm regarding internal controlover financial reporting. Management's report was not subject to attestationby the company's registered public accounting firm pursuant to temporaryrules of the Securities and Exchange Commission that permit the Company toprovide only management's report in this annual report.
**ITEM XVI.    AUDIT COMMITTEE FINANCIAL EXPERT**
Audit Committee FinancialExpert

The Company has an AuditCommittee established by the Board of Directors. Our board has determined thatwe do not have a financial expert serving on our audit committee as defined byItem 401(h) of Regulation S-K of the Exchange Act. 

We believe that the combinedknowledge, skills and experience of the members of our Audit Committee enablesthem, as a group, to act effectively in the fulfillment of their tasks andresponsibilities, including those under the Sarbanes-Oxley Act of 2002, withoutappointing a member who would qualify as an audit committee financial expert.

Code of Ethics

We have adopted a code ofethics for our Chief Executive Officer, Chief Financial Officer, principalaccounting officer, controller and other persons performing similar functions.Our code of ethics complies with the SEC rules. The code of ethics addressesthe following: 
-  Honest and ethical conduct,including handling of corporate opportunities and conflicts of interest; 
-  Full, fair, accurate, timely andquality public disclosure filed with the SEC and otherwise publicly made by us; 

45
-  Compliance with applicable thelaws and regulations; 
-  Prompt internal reporting ofviolations of the code of ethics; and 
-  Accountability for adherence tothe code of ethics.

Therehave been no waivers to the code of ethics as of the date of this report

PrincipalAccountant Fees and Services

Theindependent auditors of the Company are the firm of SmytheRatcliffe CharteredAccountants, located at 7th Floor Marine Building, 355 BurrardStreet, Vancouver, British Columbia, Canada V6C 2G8

For the periods ended September 30, 2007 and December 31, 2006, the Companywas invoiced by SmytheRatcliffe, the Company's independent auditors, for auditfees, audit-related fees, tax fees and all other fees as set forth below:

**Period Ended   September    30, 2007**

**Year Ended   December  31, 2006**

Audit fees - auditing of our annual financial statements and preparation  of auditors' report.

$   89,090

$   41,000

Audit-related fees - review of each of the quarterly financial  statements.

-   

-   

Tax fees - preparation and filing of three major tax-related forms and  tax planning.

-

-

All other fees - other services provided by our principal  accountants.

-

-

Total fees paid or accrued to our principal accountants

$   89,090

$   41,000

**Notes**:

(1)

"Audit Fees"  represent fees for the audit of the Company's annual financial statements,  review of the Company's interim financial statements and review in connection  with the Company's statutory and regulatory filings

TheAudit Committee has adopted procedures requiring Audit Committee review andapproval in advance of all particular engagements for services to be providedby SmytheRatcliffe.  Consistent with applicable laws, the procedurespermit limited amounts of services, other than audit, review and attestservices, to be approved by one or more members of the Audit Committee pursuantto authority delegated by the Audit Committee, provided the Audit Committee isinformed of each particular service.  The Audit Committee approved all ofthe engagements and fees during the period ended September 30, 2007.  TheAudit Committee reviews with SmytheRatcliffe whether the non-audit services tobe provided are compatible with maintaining the auditors' independence. The Board has determined that, beginning with January 1, 2006, fees paidto the independent auditors for non-audit related services in any year will notexceed the fees paid for audit services during the year.  Permissiblenon-audit services will be limited to fees for tax services, accountingassistance or audits in connection with acquisitions, and other servicesspecifically related to accounting or audit matters such as registrationstatements filings or private placements or public offerings.

Exemptionsfrom the Listing Standards for Audit Committees

NotApplicable.

Purchasesof Equity Securities by the Issuer and Affiliated Purchasers

NotApplicable.

46

******PART III****ITEM XVII. FINANCIAL STATEMENTS**
Seethe Financial Statements and Exhibits listed in Item XIX hereof and filed aspart of this Annual Report. Included are audited consolidated balance sheets asat September 30, 2007 and December 31, 2006 and the consolidated statements ofoperations and deficit and cash flows for each of the period ended September30, 2007 and the years ended December 31, 2006 and 2005, including theAuditors' Report to Shareholders.

Thesefinancial statements were prepared in accordance with Canadian GAAP and areexpressed in Canadian dollars.  Such financial statements have beenreconciled to U.S. GAAP (see note 17 therein).  For a history of exchangerates in effect for Canadian dollars as against U.S. dollars, see "ItemIII - Key Information, Selected Financial Data - Exchange RateData".
**ITEM XVIII. FINANCIAL STATEMENTS**
Notapplicable.
** ITEMXIX.  EXHIBITS**
Exhibitsattached to this Form 20-F are as follows:
Financial Statements
(i)    Management'sResponsibility to Financial Reporting.

(ii)   Auditors' Report dated March12, 2008.

(iii)  Consolidated Balance Sheets as atSeptember 30, 2007 and December 31, 2006.

(iv)Consolidated Statements of Operations and Deficit for the period endedSeptember 30, 2007 and the years ended December 31, 2006 and 2005.

(v)   Consolidated Statements of CashFlows for the period ended September 30, 2007 and the years ended December 31,2006 and 2005.

(vi)  Notes to the Consolidated FinancialStatements for the period ended September 30, 2007 and the years ended December31, 2006 and 2005.  FinancialStatements Schedules are omitted because they are not applicable, not requiredor because the required information is included in the consolidated financialstatement or notes thereto filed within.

47

**Exhibit**

**Description**

**1.1**

Registered  Incorporation Memorandum(1)

**1.2**

Articles  of Continuance into Ontario(2)

**1.3**

Articles  of Amendment, Change of Name(2)

**1.4**

Articles  of Amendment, Authorization of Preferred Shares including Designation of  Series "A" and Series "B" Preferred Share(3)

**4.1**

2094711  Ontario Limited., Commission Agreement January 1, 2006(3)

**4.2**

Loan  Agreement, dated September 21, 2005(4)

**4.2.(i)**

First  Amendment to Loan Agreement, dated October 11, 2005(4)

**4.2.(ii)**

Second  Amendment to Loan Agreement, dated November 6, 2006 (4)

**4.2.(iii)**

Third  Amendment to Loan Agreement, dated May 2, 2007 (4)

**4.3**

Purchase  Agreement. International Fitness Vacations (BC) Ltd., December 31, 2006(4)

**4.4**

Letter  of Intent. Gala Travels, February 19, 2007(4)

**4.5**

Servicing  Agreement. Vision 200 travel, dated Octo b er 15, 2007

**4.5**

Purchase  Agreement. Family Vacation Centers and 1508812 Ontario Inc., October 18, 2007(4)

**4.6**

Addendum  to Purchase Agreement. Family Vacation Centers and 1508812 Ontario Inc.,  November 2, 2007(4)

**8.1**

List of  Subsidiaries

**11.1**

Code of  Ethics, January 1, 2003(3)

**12.1**

Section  302 Certification of Chief Executive Officer

**12.2**

Section  302 Certification of Chief Financial Officer

**13.1**

Section  906 Certification of Chief Executive Officer

**13.2**

Section  906 Certification of Chief Financial Officer
**Notes**:(1)   Incorporated by reference to Form 20-F filed withthe SEC on November 3, 1998.(2)   Incorporated by reference to Form 20-F filed withthe SEC on August 15, 2003.(3)   Incorporated by reference to Form 20-F filed withthe SEC on August 29, 2007.(4)   Incorporated by reference to Form 20-F filed withthe SEC on December 29, 2006.(5)   To be filed on request.  (6)   Incorporated by reference to Form 20-Ffiled with the SEC on July 8, 2002
**SIGNATURES**

The registrant hereby certifies that it meets all ofthe requirements for filing on Form 20-F and that it has duly caused andauthorized the undersigned to sign this annual report on its behalf. 
Date: April 15 , 2008**FORUM NATIONAL INVESTMENTS   LTD.**     /s/ Daniel Clozza  Daniel Clozza, President and Chief Executive   Officer     /s/ Martin Tutschek  Martin Tutschek, Chief Financial   Officer 
 
**INDEX TOFINANCIAL STATEMENTS**
                Page

Auditors'  Report dated March 12, 2008

F-2

Consolidated  Balance Sheets as at September 30, 2007 and December 31, 2006.

F-3

Consolidated  Statements of Operations and Deficit for the period ended September 30, 2007  and the years ended December 31, 2006 and 2005.

F-4

Consolidated  Statements of Cash Flows for the period ended September 30, 2007 and the  years ended December 31, 2006 and 2005.

F-5

Notes to  the Consolidated Financial Statements for the period ended September 30, 2007  and the years ended December 31, 2006 and 2005

F-6 to 24 

  48

**FORUM NATIONAL INVESTMENTS LTD.**

September 30, 2007 and December 31,2006 and 2005

Consolidated Financial Statements(Expressed in Canadian dollars) 

F-1
****
**Management’s Responsibilityfor Financial Reporting**

The consolidated financialstatements of Forum National Investments Ltd. are the responsibility of theCompany’s management.  Theconsolidated financial statements are prepared in accordance with Canadiangenerally accepted accounting principles and reflect management’s bestestimates and judgment based on information currently available.  

Management has developedand is maintaining a system of internal controls to ensure that theCompany’s assets are safeguarded, transactions are authorized andproperly recorded, and financial information is reliable.

The Board of Directors isresponsible for ensuring management fulfills its responsibilities.  The Audit Committee reviews the resultsof the audit and the annual consolidated financial statements prior to theirsubmission to the Board of Directors for approval.  

The consolidated financialstatements as at September 30, 2007 and December 31, 2006 and for the periodended September 30, 2007, and the years ended December 31, 2006 and 2005 havebeen audited by Smythe Ratcliffe LLP, Chartered Accountants, and their reportoutlines the scope of their examination and gives their opinion on thefinancial statements.  

*“Dan Clozza” (signed)*

Dan ClozzaPresident

March 12, 2008

F-2

**SmytheRatcliffe**            Chartered Accountants

 

**REPORT OF INDEPENDENT REGISTEREDPUBLIC ACCOUNTING FIRM**

**TO THE SHAREHOLDERS OF FORUM NATIONAL INVESTMENTS LTD.**

We have audited the consolidated balance sheets ofForum National Investments Ltd. as at September 30, 2007 and December 31, 2006and the consolidated statements of operations and deficit and cash flows forthe nine-month period ended September 30, 2007 , and the years ended December31, 2006 and 2005. These financial statements are the responsibility of theCompany’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.

We conducted our audits in accordance with Canadiangenerally accepted auditing standards and the standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that we planand perform an audit to obtain reasonable assurance whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation.

In our opinion, theseconsolidated financial statements present fairly, in all material respects, thefinancial position of the Company as at September 30, 2007 and December 31,2006 and the results of its operations and its cash flows for the nine-month periodended September 30, 2007, and the years ended December 31, 2006 and 2005 inaccordance with Canadian generally accepted accounting principles.

*“Smythe Ratcliffe LLP” (signed)*

Chartered Accountants 

Vancouver, CanadaMarch 12, 2008

**COMMENTS BY AUDITORS FOR USREADERS ON CANADA – US REPORTING DIFFERENCES**

In the United States, reporting standards forauditors requires the addition of an explanatory paragraph (following theopinion paragraph) when the financial statements are affected by conditions andevents that cast substantial doubt on the Company’s ability to continueas a going-concern, such as those described in note 2 to the consolidatedfinancial statements. Our report to the shareholders dated March 12, 2008 isexpressed in accordance with Canadian reporting standards, which do not permita reference to such events and conditions in the auditors’ report whenthese are adequately disclosed in the notes to the consolidated financialstatements.

*“Smythe Ratcliffe LLP” (signed)*

Chartered Accountants 

Vancouver, CanadaMarch 12, 2008
 7th  Floor , Marine Building   355 Burrard Street, Vancouver, BC  Canada V6C 2G8  Fax:           604-688.4675   Phone:     604.687.1231  Web:       SmytheRatcliffe.comA member of  PKF International
F-3
****
**FORUM NATIONAL INVESTMENTS LTD.**Consolidated Balance Sheets(Expressed in Canadiandollars)
   
September 30.   2007 
December 31   2006**Assets**          **Current**     Cash and   cash equivalents$8,624,205$ 641,253  Short-term deposits  14,210 14,210 Accounts and notes receivable 360,634 440,358 Other receivables 256,272 323,281 Prepaid expenses - 12,208**Total Current Assets** 9,255,321 1,431,310      **Deferred Organization Costs**    149,976 -**Property and   Equipment** (note 6) 9,100,127    7,276,372**Intangibles, net** (note 7) 30,276 7,500    -**Total Assets**$18,535,700$8,715,182      **Liabilities and   Shareholders' Equity**    **Current**     Accounts payable and accrued   liabilities$491,250$669,014 Advances against future revenue   streams (note 8) 8,182 25,321 Current portion of long-term debt   (note 10) 227,567 49,263 Convertible debentures (note 9) 40,486 40,486  Loans from related parties (note 14)   288,552   330,599 **Total Current Liabilities**  1,056,037   1,114,683       **Long-Term Debt**   (note 10)3,988,031   4,029,516**Total Liabilities**  5,044,068   5,144,199       **Shareholder's   Equity**    **Capital Stock**(note 11) 24,194,793    14,802,797**Contributed Surplus**   (note11(e)) 2,944,536 -**Deficit**(13,647,697)(11,231,814)**Total Shareholders' Equity**13,491,6323,570,983**Total Liabilities and Shareholders' Equity**$18,535,700$8,715,182   Going-concern (note 2)    Commitments (note 13)     Subsequent events (note 16)     Approved on behalf of   the Board:      " Dan Clozza "   Director   " Martin Tutschek "   DirectorDan Clozza  Martin Tutschek     See accompanying notes to consolidated financial statements 
F-4
****
**FORUM NATIONAL INVESTMENTS LTD.** ConsolidatedStatements of Operations and Deficit(Expressed in Canadian dollars) 
    Nine-Month Period Ended    September 30,  
Years Ended December 31                   2007   2006   2005 **Revenues**        Membership sales and    travel$1,280,649$3,918,410$4,157,556 Membership dues 1,050,116 1,648,637 1,690,200 Interest 149,275 53,251 75,760 Miscellaneous 102,447 477,482 -   2,582,487 6,097,780 5,923,516        **Expenses**        Commission    cost s  731,628 1,939,061 1,277,223 Wages     492,490  1,081,049 1,179,624 Legal and    accounting 220,814 163,756 274,231 Office and related 191,356 238,216 175,666 Condominium rentals 162,210 185,969 261,768 Rent 130,196 186,550 200,792 Automotive 98,370 157,075 117,048 Amortization 68,106     7 ,830 7,319 Travel 59,436 142,105 88,384 Bank charges and    interest     46,330  85,223 101,538 Bad debts/(recovery)  23,697  (14,007) 238,509 Consulting fees  15,608  53,423 33,800 Parts and    maintenance  15,422  13,106 42,984 Insurance  14,649  25,935 34,819 Other  12,092  5,906 16,717 Equipment leases  9,187  16,700 33,651 Advertising and    promotion  8,957  13,826 9,573 Investor relations  6,865  16,771 1,299 Postage, copying and    printing  6,032  41,526 48,269 Direct    s elling  -  93,147 84,575 Foreign    exchange gain  (259,611)  - - Stock -based compensation (note 11)  2,944,536  - -    4,998,370  4,453,167 4,227,789        **(Loss) / Income Income Before Income Taxes**     (2,415,883)  1,644,613 1,695,727**Income Taxes Recovery  (Expenses)**(note 12)  -  (453) (43,923)        **Net  (Loss) / Income for Period** ( 2,415,883)  1,644,160 1,651,804**Deficit, Beginning of Year** (11,231,814) (12,664,990) (14,316, 7 94)**Adjustment on acquisition of Subsidiary**(note 4) - (210,984) -**Deficit, End of Period**$(13,647,697)$(11,231,814)$ (12,664,990)         Basic    (loss) earnings per share $(0.22)$0.35$0.30Diluted (loss) earnings per share     (0.22) $0.32$0.30        Weighted average number of     common shares    outstanding - Basic 11,140,573 5,098,086 5,444,661       See    accompanying notes to consolidated financial statements      
F-5                                                                                                                                                                        
****
**FORUM NATIONAL INVESTMENTS LTD.**ConsolidatedStatements of Cash Flows(Expressed in Canadian dollars)
 Nine-Month    Period Ended     September 30, Years Ended December 31,                                     2007   2006   2005               **Operating    Activities**Net (loss)/income$(2,415,883)$1,644,160$1,651,804Items not involving    cash: Deferred revenue-    (2,560,525)    (3,367,166)Deferred commission costs-    1,939,061    1,239,223Amortization 68,106    7,830    7,319Accretion of discount on advances    against    future revenue streams--    46,508Revenue recognized on advances against       future revenue streams(17,139)(67,680)(209,177)Stock-based compensation2,944,536--  Unrealized foreign exchange gain   (644,351)   -   -  (64,731)  962,846  (631,489) Changes in non-cash    operating working capital:Accounts,    notes and other    receivables146,733    (110,366)    216,389Prepaid expenses12,208    11,600    4,478Inventory - condos-    3,433    12,194Long-term receivables--    285,478Deferred costs -     (416,324)    388,397Accounts payable and accrued    liabilities  (177,764)     (452,395)    223,130Deferred revenue--    45,307Deferred gain-(81,022)(149,782)(18,823)(1,045,074)1,025,591**Cash (Used in) Generated From Operating Activities**  (83,554)  (82,228) 394,102**Investing    Activities**      Short-term investment-    (10,710)-Purchase of property    and equipment(1,882,212)    (2,689,738)    (667,965) Purchase of intangible property (32,425) - - Organization costs (149,976) - -**Cash Used in Investing Activities**(2,064,613)(2,700,448)(667,965)**Financing    Activities**Net proceeds received on share    issuance9,391,996   -    -Proceeds from    advances against future revenue    streams (note 8)-    -    42,422Amounts due to (from)    related parties    -     199,684    (350,779)Loans from related    parties(42,047)91,223    (15,618)Current portion of    long-term debt178,30449,263    -Long-term debt    602,866 2,704,525    1,324,991Reduction in capital    stock on disposal of asset-    (350,000)-Adjustment to accumulated deficit     -(210,984)-**Cash Provided by Financing Activities** 10,131,119 2,483,7111,001,016**Increase    (Decrease) in Cash**7,982,952    (298,965 )    727,153**Cash and Cash Equivalents, Beginning of Year**641,253940,218213,065**Cash and Cash Equivalents, End of Year**$8,624,205$641,253$940,218                                   
Supplemental cash flow information (note 15)              
                                                                  See accompanying notes to consolidated financial statements                               
 F-6 

**FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**1.        Incorporation and Nature of Operations**

The Companywas incorporated on September 22, 1995 under the *BusinessCorporations Act* (British Columbia) and commenced operations on thatdate.  On October 2, 1997, theCompany was continued under the laws of the Province of Ontario.  Effective February 26, 1999, the Companychanged its name from Snowbird Vacations International Inc. to inTRAVELnet.cominc. and on April 17, 2002, the Company’s name was changed to ForumNational Investments Ltd.

 During theperiod, the Company changed its year-end to September 30, 2007. 

The Companyearns dues from members of its travel club, who are entitled to the full-travelservices of the Company. The Company also operates a full-service gym to increasememberships and marketing opportunities. 

**2.       Going-Concern**

For the nine-monthperiod ended September 30, 2007, the Company had a net loss of $2,415,883compared to net income of $1,644,160 and $1,651,804 for the years endedDecember 31, 2006 and 2005, respectively. For the period ended September 30, 2007, the Company used cash fromoperating activities of $ 83,554 (2006 - $82,228 ) and generated cash of $394,102for the year ended December 31, 2005 and at September 30, 2007 had aworking capital surplus of $ 8,199,284 (December 31, 2006 –$ 316,627 ) and shareholders’ equity of $13,491,632 (December 31, 2006 – $3,570,983). 

Thesefinancial statements have been prepared on a going-concern-basis, whichcontemplates the realization of assets and satisfaction of liabilities in thenormal course of business. Accordingly, these financial statements do not include any adjustmentsto the specific amounts and classifications of assets and liabilities, whichmight be necessary should the Company be unable to continue as a going-concern.

**3.       SignificantAccounting Policies**

(a)   Basisof presentation

Theseconsolidated financial statements are prepared in accordance with Canadiangenerally accepted accounting principles (“Canadian GAAP”) andinclude the accounts of the Company and the following wholly ownedsubsidiaries:

 
SubsidiariesIncorporating   J urisdictionDate of A cquisition   or I ncorporationinTRAVELnet Inc.Alberta, CanadaNovember 9, 1999Intravelnet Ltd.Ontario, CanadaJuly 25, 2003ATM Travel Group Ltd. ("ATM")British Columbia,   CanadaApril 3, 2000International Fitness Vacations   (BC) Ltd. (note 4)British Columbia,   CanadaDecember 31, 2006Price Shield Systems Inc. (note 4)Washington State, USAFebruary 27, 2007
 All significant intercompany balances and transactionshave been eliminated.  

F-7
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 
**3.       SignificantAccounting Policies (continued)**

(a)   Basisof presentation (continued)

Asdescribed in note 17, Canadian GAAP differs in certain material aspects fromaccounting principles generally accepted in the United States (“USGAAP”). 

(b)   Revenuerecognition

TheCompany generates revenues from the sale of memberships and dues.  The Company accounts for the fullmembership contract value in the year sold, if more than 10% of the face valuewas received during that financial year. Prior to 2006, the portion of revenuereceived from members, which entitles members to use the Company’svacation and travel club privileges at a future date, was deferred and recognizedin income evenly over the term of the member’s entitlements.  For lifetime memberships, revenue wasrecognized over a period of five years, which is management’s bestestimate of the period over which performance will be required.  

(c)   Stock-basedcompensation

The Company follows the recommendations of theCanadian Institute of Chartered Accountants (“CICA) for stock-basedcompensation and other stock-based payments.  The Company accounts for stock optionsgranted to directors, employees and consultants using the fair valuemethod.  The fair value of eachoption granted is estimated on the date of grant using the Black-Scholes optionpricing model and charged to earnings over the vesting period with acorresponding increase in contributed surplus.  Upon exercise of the stock options,consideration received together with the amount previously recognized incontributed surplus is recorded as an increase to capital stock.

(d)   Propertyand equipment

Propertyand equipment are stated at cost. Amortization is provided on a straight-linebasis in order to amortize the cost of depreciable assets over their estimateduseful lives.  For assetsconstructed internally, amortization is charged once the asset is complete andbrought into use.  The Companyperiodically evaluates the recoverability of its in-use property and equipmentbased on expected undiscounted future cash flows and recognizes impairments, ifany, when the undiscounted future cash flows are expected to be less than thecarrying value of the asset.  Forassets that are under construction, the Company evaluates recoverability basedon the fair value of the asset on the reporting date.  When impairment in value is noted, thecarrying value of the property and equipment is reduced by a charge tooperations.

The annualrates applied are as follows: 
AssetBasisRateMotor vesselStraight-line4%Service boatsStraight-line10%EquipmentStraight-line20%ComputersStraight-line30%Leasehold improvementsTerm of lease5 years
 F-8 
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars)

**3.       Significant****Accounting Policies (continued)**

(e)   Deferredorganization costs

The Companydefers and amortizes the costs associated with setting up its Life Settlementbusiness.  Amortization will beprovided on a straight-line basis over five years and will commence once theLife Settlement business has begun operations.    

(f)    Purchased intangibles

The Companydefers and amortizes the cost of purchased intangibles, which consists of alicense to purchase condo accommodation at wholesale prices.  Amortization is provided on astraight-line basis over a period of ten years. 

Tangible assets acquired in abusiness combination are identified and recognized apart from goodwill.  Goodwill and intangible assets havingindefinite lives are not amortized, but are tested for impairment at leastannually.  Intangible assets withdefinite lives are amortized over their estimated useful lives.  When the carrying amount of goodwillexceeds the implied fair value of the goodwill, an impairment loss isrecognized in the statement of operations. Goodwill is tested for impairment on a reporting unit basis.  The Company has identified one reportingunit.  

(g)          (g)     Foreigncurrency translation

Monetaryassets and liabilities denominated in foreign currency have been translatedinto Canadian dollars at exchange rates in effect at the balance sheet date andnon-monetary items are translated at rates of exchange in effect when theassets were acquired or obligations incurred.  Revenues and expenses are translated atthe rates in effect at the time of the transaction.  Foreign exchange gains and losses areincluded in the determination of net loss for the period. 

(h)   Advancesagainst future revenue streams

The Companyhas entered into arrangements whereby future streams of certain financedmembership cash flows are sold to a third party (“Lender”) whilethe Company is committed to provide the future services under these membershipcontracts.  The Company receivescash proceeds on the sale at a discount to the future proceeds that the Lenderis expected to receive from the customers. The Lender has recourse against the Company should the amounts becomeuncollectible, and the Company establishes a reserve for such amounts.  For accounting purposes, the discountedproceeds have been recorded as a liability at the time of the transaction (note8), which is credited to the gross value through a charge to interest expenseover the term of the membership contracts. The related revenue is recorded as a reduction of the liability toreflect the membership services rendered by the Company with the resultingreduction in the Company’s potential obligation, in accordance with itsrevenue recognition policy (note 3(b)).

 F-9 
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**3.       Significant****Accounting Policies (continued)**

(i)     Earnings per share

Basicearnings per share is calculated based on the weighted average number of commonshares outstanding during the year. The Company uses the treasury stock method for calculating dilutedearnings per share.   

(j)    Income taxes
Income taxes areaccounted for under the asset and liability method.  Future income tax assets and liabilitiesare recognized for future tax consequences attributable to differences betweenthe financial statement carrying amounts of existing assets and liabilities andtheir respective tax basis and operating loss carry-forwards.  Future income tax assets and liabilitiesare measured using enacted or substantially enacted tax rates expected to applyto taxable income in the years in which those temporary differences areexpected to be recovered or settled. The effect on future income tax assets and liabilities of a change intax rates is recognized in income in the period that includes the substantialenactment date.  To the extent thatit is more likely than not those future income tax assets will not be realized,a valuation allowance is provided for the excess.

 (k)   Useof estimates 

Thepreparation of financial statements in conformity with Canadian GAAP requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements, and the reported amounts of revenuesand expenses during the reporting period. Significant areas requiring the use of estimates include the valuationof accounts receivable, impairment of assets, including intangible assets,rates for amortization and revenue recognition, balances of accrued liabilities,valuation allowance for future income tax assets, and the determination of thevariables used in the calculation of stock-based compensation. While managementbelieves the estimates used are reasonable, actual results could differ fromthose estimates and could impact future results of operations and cash flows.

(l)     Cash and cash equivalents 

Securities withoriginal maturities of three months or less are considered cash equivalents, atcost.  The securities are highlyliquid and can be converted to known amounts of cash at any time, and are heldat major financial institutions.  Accruedinterest on the guaranteed investment certificates, included as cash equivalents,is at the stated interest rate over the term of the instrument and included in accountsreceivable. 

**4.        Acquisitions**

(a)  Effective February 27, 2007, the Companyacquired 100% of the issued and outstanding   capital stock of a Washington statecompany, Price Shield Systems Inc., at fair market value in the amount of $32,425.  The amount has been allocated tointangibles as the Company had no other assets and liabilities.  The newly acquired company owns accessrights to wholesale priced condo accommodation required to enhance vacationclub membership benefits.  

F-10
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 
**4.**  **     Acquisitions (continued)**

(b)  Effective December 31, 2006, the Companycompleted the purchase of 100% of the outstanding capital stock ofInternational Fitness Vacations (BC) Ltd. (“Fitness Vacations”)from an officer and director of the Company in the amount of $550,000.  The newly acquired company is a fullservice gym and also markets gym memberships with a travel component.  Consideration given was settlement of$441,260 of advances by the Company to the owner of the shares of FitnessVacations (who are also a shareholder of the Company including the Presidentand Director), and settlement of $108,740 of advances to Fitness Vacations.

The assets and liabilities of FitnessVacations at the time of acquisition were:
      Purchase price$550,000    Purchase Price Allocation   Equipment$206,798 Leasehold improvements 150,000       Accounts payable       (17,782)                Net identifiable assets      acquired 339,016Excess of purchase price over net identifiable assets      acquired       210,984    Total$550,000                
Canadian GAAP requires that any assets or liabilitiesacquired in a non-arms length transaction be recorded in the Company’srecords at the carrying value of the vendor.  The amounts above attributed to netidentifiable assets approximate their carrying value in the records of FitnessVacations.  The amount attributed to“excess of purchase price over net identifiable assets acquired”has been charged to deficit, beginning of year.  

**5.        FinancialInstruments**

During theperiod, the Company adopted a new standard, the CICA Handbook Section 3855,“*Financial instruments – Recognition andMeasurement”*. Under the new standard, all financialinstruments are classified as one of the following: held-to-maturity, loans andreceivables, held-for-trading or available-for-sale.  Financial assets and liabilitiesheld-for-trading are measured at fair value with gains and losses recognized innet income.  Financial assetsheld-to-maturity, loans and receivables, and financial liabilities other thanthose held-for-trading, are measured at amortized cost.  Available-for-sale instruments aremeasured at fair value with unrealized gains and losses recognized in othercomprehensive income.  The standardalso permits designation of any financial instrument as held-for-trading uponinitial recognition.

Alsoadopted by the Company was CICA Handbook Section 1530, *“ComprehensiveIncome”. *As a resultof adopting these standards, a new category, Accumulated Other ComprehensiveIncome, is added to shareholders’ equity on the consolidated balancesheets.  Major components for thecategory include unrealized gains and losses on financial assets classified asavailable-for-sale, unrealized foreign currency translation amounts, net ofhedging arising from self-sustaining foreign operations and changes in fairvalue of the effective portion of cash flow hedging amounts.  

F-11
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 
**5.       FinancialInstruments (continued)**

Theadoption of these new standards had no effect in the Company’sconsolidated financial statements. 

     (a)  Fair value

 Prior to the adoption of CICA Handbook section 3855(Financial Instruments), the Company was required to disclose information aboutthe fair value of its financial instruments.  In prior periods, the carrying amountsof certain of the Company’s financial instruments, including cash andcash equivalents, short-term investments, accounts and notes receivable, andaccounts payable and accrued liabilities approximate d fair values due to theirshort-term maturities.  The fairvalue of the convertible debentures was not readily determinable as theseinstruments were issued to related parties and comparable market rates were notavailable. 

     (b)  Credit risk

The distribution of the Company’s customers andsuppliers and the business risk management procedures currently in place havethe effect of avoiding any significant concentration of credit risk.

     (c)  Interest rate risk****

Interest rate risk consists of two components:

(i)   Tothe extent that payments made or received on the Company’s monetaryassets and liabilities are affected by changes in the prevailing marketinterest rates, the Company is exposed to interest rate cash flow risk.

(ii)  Tothe extent that changes in prevailing market interest rates differ from theinterest rates in the Company’s monetary assets and liabilities, theCompany is exposed to interest rate price risk. 

TheCompany’s long-term debt is at annual market interest rates and,therefore, the Company is exposed to interest rate cash flow risk during theterm of the debt.  The Company isnot exposed to significant interest rate price risk due to the short-termmaturity of its monetary assets and liabilities.

     (d)  Currency risk 

The Company is exposed to currency risk in relation totheir US dollar financing referred to in note 10.  The Company has not entered into anyforeign currency contracts to mitigate this risk.

F-12

 
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 
**6.       Propertyand Equipment**
****September 30, 2007** Cost Accumulated   A mortization Net Book    Value       Motor vessel$8,796,989$-$8,796,989Equipment  211,373  35,595 175,778Computers 7,737 4,692 3,045Leasehold improvements 147,792 23,477 124,315        $9,163,891$63,764$9,100,127       
                                                                                           

 
****December 31, 200****6**  Cost   Accumulated   Amortization   Net Book   Value******Motor vessel$6,915,556$-$6,915,556Service boats49,979   49,979-Equipment****210,592**2,097208,495**Computers****7,737**1,6716,066**Leasehold improvements****147,794**1,539146,255**********$7,331,658$55,286$7,276,372****
 

 At September 30, 2007, the Company’s motor vessel is underconstruction and its cost is therefore not being amortized.  

 

**7.      Intangibles**
**    **September 30, 2007** **December 31, 2006       Purchased intangibles  $32,425$25,000Accumulated amortization   (2,149) (17,500)   $30,276$7,500        
                                                                                          

F-13

 
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 
**8.        Advancesagainst Future Revenue Streams**

During the yearended December 31, 2006, the Company sold future streams of revenue asdescribed in note 3(h).  Theactivity is summarized as follows:
   September 30,    2007 December 31, 2006            Balance, beginning   of period$25,321$93,001Proceeds from sale   of future revenue streams, net of discount, reserve and buybacks - 17,940Accretion of   discount to interest expense during the   period  - 23,747Recognition of membership revenues during the   period  (17,139) (109,367)          Balance, end of period $ 8,182 25,321
**9.        ConvertibleDebentures**

The conversion feature of the debentures (unsecured, maturedand 0% interest) held by a related party allow for the debenture holder toconvert at a rate of US $6.00 to US $12.50 per common share of theCompany.  The Company would have toissue 4,622 common shares, if 100% of the debentures were converted. During 2007,$nil (December 31, 2006 - $nil and December 31, 2005 - $nil) convertibledebentures were converted to common shares.

**10.      Long-Term Debt**

 The Company has secured a long-term loan to complete the refit project of thevessel 
  September 30,    2007 December 31,    2006           $-$-Construction loan in US Funds to complete vessel refit   project, convertible into a permanent loan at completion, amortizing over 10   years bearing interest at the per annum LIBOR plus 3.25% monthly published   rate 4,215,598 4,078,779     Less: Current portion 227,567 49,263     Long-term portion$3,988,031$4,029,516     
The loan is secured by the motor vessel and by aguarantee from one of the directors of the Company.

**11.     Capital Stock**

(a)   Theauthorized capital stock:

Unlimited- Common shares without par value 

Unlimited- Series “A” - Preference non-dilutive convertible shares withoutpar value (convertible to 50% of outstanding common shares at the time ofconversion)

Unlimited- Series “B” - Preference convertible shares without par value (convertibleto one common share for each preferred share held)

F-14
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**11.      CapitalStock (continued)**

(b)  The issued capital stock of the Company is as follows:

13,933,983 Series “A” preferred sharesfor no consideration

13,933,983 Series “B” preferred sharesfor no consideration

 
 Number of    Common    sharesAmount Balance****   December 31, 20055,444,661$    15,152,797Returned to treasury (800,000)(350,000)Balance, December 31, 20064,644,661$  14,802,797Forward share-split   3 for 1 (i)9,289,322-Private Placement (ii)11,000,000 5,773,918 Private Placement (iii)3,500,0003,650,396Share issue costs-(32,318)Balance, September 30, 200728,433,983$  24,194,793 
(i)   On April 16, 2007, the Company'scommon shares were forward split on a three new for one old basis.

(ii)  On June 29, 2007, the Company completed a privateplacement and issued 11,000,000 common shares of the Company at US $0.50 pershare for gross proceeds of $5,773,918 (US $5,500,000) .

(iii)  On July 4, 2007, the Company completed a private placement and issued3,500,000 common shares at US $1.00 per share for gross proceeds of $3,650,396(US $3,500,000) .

     (c)  Options

TheCompany executed a stock option plan reserving 2,850,000 shares in the commonstock of the Company (year ended December 31, 2006 - $nil and year endedDecember 31, 2005 - $nil). 

     (d)  Stock-basedcompensation

Stock-based compensation costs of $2,944,536(year ended December 31, 2006 - $nil and year ended December 31, 2005 - $nil)were charged to income during the period for options granted to directors($1,937,058) , employees ($nil) and consultants ($1,007,478) of the Company.

F-15
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 
**11.       CapitalStock (continued)**

      (d)  Stock-based compensation (continued) 

Thetable below summarizes the outstanding stock options as at September, 30 2007and December 31, 2006:
 Number    of OptionsExercise    Price (US$)    Balance, December 31, 2006 and   2005  -$        -Granted2,835,0001.00   Balance, September 30, 20072,835,000$   1.00   
Thetable below summarizes the attributes of the outstanding stock options as atSeptember 30, 2007:

Options OutstandingOptions ExercisableExercise    Price (US$)Number   of OptionsRemaining   Contractual LifeNumber   of OptionsExercise   Price (US$)   $1.002,835,0004.75 years2,835,000$   1.00
The fair value of stock options usedto calculate stock-based compensation is estimated using the Black-Scholesoption pricing model with the following weighted average assumptions
     September 30, 2007Dividend rate-   Expected volatility209%Interest rate4.88%Expected Life 5 years
                                                                                                                   

      (e)  Contributedsurplus
         Balance, December 31, 2006 and 2005$    -Stock based compensation $ 2,944,536Balance, September 30, 2007 $ 2,944,536
  

F-16
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**12.     IncomeTaxes**

Thereconciliation of income tax provision computed at statutory rates to thereported income tax provision is as follows:
   Nine Month   Period Ended    September 30, 
   Years Ended   December 31, 2007  2006  2005 Statutory income tax rate 33.9% 33.8% 33.8%       Statutory rate applied to income (loss) from operations   before income taxes$ (818,984) $   537,114 $558,815Permanent differences   1,007,468 20,05811,366Large corporations tax and other --43,923Non-capital losses not previously recognized   --   23,383 Use of losses not previously recognized (76,321)  (556,719)  (448,025) Tax effect of depreciation and amortization in excess of capital cost   allowance (112,163) -(144,539)Income tax expense (recovery)$ - $453$43,923
 
The significant components of the Company’sfuture income tax assets are as follows:
       September 30,    2007 December 31,    2006Further income tax assets: Non-capital loss carry forwards  $  1,224,008  $ 1,640,145Capital loss carry forwards378,127419,431 Excess of tax basis over carrying value of assets  178,155  296,537  Valuation allowance  (1,780,290)  (2,356,133 ) Future income taxes, net  $  -  $  - 
The ultimate realization of the future tax assets isdependent upon the generation of future taxable income during the periods inwhich those temporary differences become deductible.  In assessing the reliability of futuretax assets, management considers whether it is more likely than not that someor all of the future tax assets will be realized.  Where management does not believe thatrealization is more likely than not, a valuation allowance is provided.

The Company has non-capital income tax loss carryforwards of approximately $3,979,000 available to reduce future years’taxable income expiring between 2008 and 2027 .

The Companyhas a capital loss carry-forward of approximately $1,243,000 , which can becarried forward indefinitely.  

F-17
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 
**13.       Commitments**

(a)   The Company has commitments in respect ofoperating leases with total aggregate payments due of approximately $190,867 (December31, 2006 – $148,712).  Payments due in each of thenext three years are as follows:
  
 2008 $ 95,0182009 60,1702010 35,679    $190,867   
 

(b)  The Company has commitments in respect ofoffice leases with total aggregate payments due of approximately $105,832 (December31, 2006 – $176,647).  Payments due in each of the next twoyears are as follows:

 
  
 2008$75,3622009 30,470    $105,832   
**14.     Related Party Transactions**

In addition to related party transactions disclosedelsewhere in these financial statements, the following transactions haveoccurred:

(a)  Duringthe nine-month period ended September 30, 2007, the Company paid $nil (yearended December 31, 2006 – $nil and year ended December 31, 2005 – $21,736)as settlement and $nil (year ended December 31, 2006 - $nil and year endedDecember 31, 2005 – $14,430) in consulting fees to directors or companiescontrolled by directors of the Company. The Company also reimbursed $113,297 (year ended December 31, 2006 –$159,715 and year ended December 31, 2005 – $220,625) to directors forexpenditures made on behalf of the Company.

(b)   AtSeptember 30, 2007, directors and officers advanced $288,552 (December 31, 2006– $257,706) to the Company in the form of loans and short-term financing.The amounts advanced from directors and officers are unsecured, non-interestbearing and repayable on demand.

(c)  During2007, the Company wrote-off an amount of $nil (year ended December 31, 2006– $37,396 and year ended December 31, 2005 – $8,555) being advancesin lieu of expenses due from former officers and employees of the Company. 

All of theabove transactions and balances are in the normal course of operations andmeasured at the exchange amount, which is the amount of considerationestablished and agreed to by the related parties.

F-18
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 
**15.  SupplementalCash Flow Information**

Cash flowinformation:

 
   Nine Month   Period Ended    September 30, 
   Years Ended December 31, 2007  2006  2005 Interest paid$9,496$30,950$   89,656Taxes paid$   6,468$453$   43,923 Excess of purchase price - gym acquisition$-$210,984$   -
**16. Subsequent Events**

(a)  OnOctober 18, 2007, the Company purchased the membership and all of the assets ofFamily Vacation Centers Ltd. for total consideration of $4.0 million payablewith a cash payment of $2.0 million (paid) and through the issuance of 400,000common shares of the Company.

(b)  OnNovember 15, 2007, the Company formed American Life Settlement Society LLC(“ALSS”) under the laws of the state of Delaware.

(c)  ALSScompleted the purchase of US $30 million face-value of Life Settlement insurancepolicies for a cost of US $ 3.7 million. 

(d)  TheCompany acquired a 25% interest in a real estate development project inNeedles, California, for a price of US $1.0 million.  The project is controlled and/oroperated by a director of the Company. 
 
**17.  UnitedStates Generally Accepted Accounting Principles Reconciliation**
Thesefinancial statements have been prepared in accordance with Canadian GAAP, whichdiffer in certain respects from those principles and practices that the Companywould have followed had its consolidated financial statements been prepared inaccordance with US GAAP as summarized below: 

(a)  Stock-basedcompensation

(i)*  *Under US GAAP, the issueof stock options and warrants to non-employees is accounted for under FinancialAccounting Standards Board (“FASB”) Statement No. 123R (“SFAS123R”), “*Share-based Payment*”,and related interpretations.  Assuch, compensation expense under fixed plans is recorded on the grant date onlyif the market price of the Company’s stock at that date exceeds theexercise price.  Variable accountingis required to be applied if the exercise price of outstanding fixed stockoptions is reduced.  Under variableaccounting, the compensation expensed is re-measured based on theoption’s intrinsic value at each reporting date until the date the awardis 

F-19
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**17.  UnitedStates Generally Accepted Accounting Principles Reconciliation (continued)**

(a)  Stock-basedcompensation (continued)

(i)  (continued)

exercised, forfeited or expires unexercised withchanges in the intrinsic value recorded in the measurement of net income.  For Canadian GAAP purposes, the Companyaccounted for the issuance of stock options, whether made under a fixed orvariable plan, to employees and directors by the settlement method in 2000 and2001, which resulted in no compensation expense for the Company’sstock-based employee compensation awards in 2000 and 2001.   Consideration paid by employees ordirectors on the exercise of stock options is recorded as capital stock.  

For the period ended September 30, 2007, the Company granted 2,835,000 stock options.  Accounting for employee stock optionsunder US GAAP would not result in additional compensation expense for fiscal2007, 2006 or 2005.

(ii)    UnderUS GAAP, the issue of stock options and warrants to non-employees is accountedfor under FASB Statement No. 123 (“SFAS 123”), *“Accountingfor Stock-Based Compensation”*.  The Company recognizes compensationexpense for stock options issued to non-employees for services received basedupon the fair value of the services received or the equity instruments issued,whichever is more reliably determined. During the year ended December 31, 2002, the Company adopted thenew recommendations of the CICA Handbook section related to stock-basedcompensation payments (note 3(c)).  Under this policy, stock options issuedto non-employees after December 31, 2001 are accounted for consistently with USGAAP. Therefore, for the year ended December 31, 2002, the only measurementdifference for non-employees are those carried forward from the prior years asnoted below.

The fair value of the stock options and warrantsgranted to non-employees during the years ended December 31, 2001 and 2000 wereestimated on the date of grant using the Black-Scholes option pricing model andthe following weighted average assumptions:  

 

 
 20012000   Expected volatility1.731.98Risk-free rate5.48%4.23%Dividend yield0%0%Expected life of options0.6 years1.6 years   
                                                                                                

Accounting for the non-employee options on this basiswould result in recording additional compensation expense and capital stock of$684,664 from the year of adoption of FAS No. 123 to September 30, 2007.

 

F-20 
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**17.  United States GenerallyAccepted Accounting Principles Reconciliation (continued)**

     (b)  Valuation of stock issued for assets and services

(i)   Duringthe year ended December 31, 2000, the Company acquired Fitness Vacations for992,000 common shares of the Company. Under Canadian GAAP, the acquisition was valued based on the estimatedfair value of the assets acquired. For US GAAP purposes, the acquisition would be valued based on themarket value of the shares given. Accordingly, as at December 31, 2000, the application of US GAAP wouldresult in an increase in capital stock of $1,217,705, an increase in goodwillof $1,105,346 and an increase in deficit of $112,359.

Duringthe year ended December 31, 2001, goodwill relating to the acquisition ofFitness Vacations was written down, and as such, the additional goodwillrecorded on the acquisition under US GAAP was written off.  Accordingly, as at December 31, 2006 and2005, the application of US GAAP would result in an increase in capital stockand deficit of $1,217,705.

(ii)   Duringthe years ended December 31, 2001 and 2000, the Company settled a number ofaccounts payable by the issuance of stock options and common shares.  For Canadian GAAP purposes, thetransactions were recorded at the carrying value of services received.  For US GAAP purposes, the transactionswould be valued based on the market value of the options or shares issued.  Accordingly, for the years endedDecember 31, 2006 and 2005, the application of US GAAP would result in anincrease in capital stock and deficit of $695,681.

     (c)  Recent accounting pronouncements

 (i)     SFAS 157, “*Fair Value Measurements”*. The provisions of thisstandard are to provide guidance for using fair value to measure assets andliabilities.  The standard clarifiesmethods for measuring items not actively traded and the principles that fairvalue should be based upon when pricing an asset or liability.  SFAS 157 is effective for financialstatements for fiscal years beginning after November 15, 2007 and interimperiods within those fiscal years. Earlier application is encouraged, provided that the reporting entityhas not issued financial statements for that fiscal year. The adoption of thisstandard is not expected to have a material impact on the Company’s consolidatedfinancial statements.

 F-21 
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**17.  United StatesGenerally Accepted Accounting Principles Reconciliation**(continued)

     (c)  Recentaccounting pronouncements (continued)

(ii)    In June 2006, the FASB issued InterpretationNo. 48 (“FIN 48”), “*Accounting for Uncertaintyin Income Taxes - an interpretation of FASB Statement No. 109*”,which clarifies the accounting for uncertainty in income taxes recognized in accordancewith FASB Statement No. 109 (“SFAS 109”), “*Accounting for Income Taxes.*” FIN 48 clarifies theapplication of SFAS 109 by defining criteria that an individual tax positionmust meet for any part of benefit of that position to be recognized in the financialstatements. Additionally, FIN 48 provides guidance on the measurement ofde-recognition,  classification and disclosure of tax positions along with accounting forthe related interest and penalties. The provisions of FIN 48 are effective forfiscal years beginning after December 15, 2006 with the cumulative effect ofthe change in accounting principle recorded as an adjustment to openingretained earnings.  The adoption ofthis interpretation did not have a material impact on the Company’s consolidatedfinancial statements.

 (iii)    InFebruary 2007, the FASB issued Statement No. 159 (“SFAS 159”),“*The Fair Value Option for Financial Assets andFinancial Liabilities – an Amendment of FASB Statement 115*”,which permits entities to choose to measure many financial instruments andcertain items at fair value.  Thefair value option established by SFAS 159 permits all entities to choose tomeasure eligible items at fair value at specified election dates.  A business entity shall reportunrealized gains and losses on items for which the fair value option has beenelected in earnings at each subsequent reporting date.  Adoption is required for fiscal years beginningafter November 15, 2007.  Earlyadoption is permitted as of the beginning of the fiscal year that begins on orbefore November 15, 2007 provided the entity also elects to apply theprovisions of SFAS 157. The adoption of this standard is not expected to have amaterial impact on the Company’s consolidated financial statements.

 (iv)  InDecember 2007, the FASB issued SFAS No. 141(R), *“BusinessCombinations”* (SFAS 141(R)), which replaces SFAS 141.  SFAF 141(R) requires assets andliabilities acquired in a business combination, contingent consideration andcertain acquired contingencies to be measured at their fair values as of thedate of acquisition.  SFAS 141(R)also requires that acquisition-related costs and restructuring costs berecognized separately from the business combination.  SFAS 141(R) is effective for fiscalyears beginning after December 15, 2008 and will be effective for businesscombinations entered into after January 1, 2009. 

(v)   OnSeptember 13, 2006, the Securities and Exchange Commission (“SEC”)issued Staff Accounting Bulletin No. 108 (“SAB 108”), whichprovides interpretive guidance on how the effects of the carryover or reversalof prior year misstatements should be considered in quantifying a current yearmisstatement. SAB 108 is effective for the first fiscal year ending afterNovember 15, 2006. The adoption of this standard did not have a material impacton the Company’s consolidated financial statements.

F-22
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**17.  United States GenerallyAccepted Accounting Principles Reconciliation (continued)**

 (c)  Recent accounting pronouncements(continued)

(vi)  InDecember 2007, the FASB issued SFAS No. 160, *“Non-controllingInterests in Consolidated Financial Statements”*, an Amendmentof ARB No. 51 (SFAS 160).  SFAS 160clarifies the accounting for non-controlling interests and establishesaccounting and reporting standards for the non-controlling interests in a subsidiary,including classification as a component of equity.  SFAS 160 is effective for fiscal yearsbeginning after December 15, 2008. The Company does not currently have any minority interests. 

(d)  Reconciliation

The effect of thedifferences between Canadian GAAP and US GAAP (including practices proscribedby the SEC) on the consolidated balance sheets and statements of operations anddeficit are summarized as follows:

          (i)   Capital stock
  September 30,    2007 December 31   , 2006Capital stock, under Canadian GAAP$   24,194,793$   14,802,797Contributed surplus   2,944,536   - Adjustment for stock-based   compensation for non-employees (note 17(a))    684,664   684,664Adjustment for acquisition of Fitness Vacations (note   17(b)(i))    1,217,705   1,217,705Adjustment for accounts payable settled by share issuances (notes   17(b*)(*ii)   and (iii)) 695,681 695,681Capital stock, under US GAAP$29,737,379$17,400,847
         (ii)   Deficit
   Nine-Month Period Ended September 30,
Years Ended December 31, 2007  2006  2005 Deficit, under Canadian GAAP$(13,647,697)(11,231,814)(12,664,990)Adjustment for stock-based   compensation for non-employees (note   17 (a) (ii)) (684,664)(684,664)(684,664)Adjustment for acquisition of   International Fitness Vacations ((note   17 (b)(i))(1,217,705(1,217,705)(1,217,705)Adjustment for accounts payable settled by share issuances     (notes 17 (b)(ii)   and (iii)) (695,681)(695,681) (695,681)Deficit, under US GAAP $(16,245,747)(13,829,864) (15,263,040)

                                                                                  

F-23  
****FORUM NATIONAL INVESTMENTS LTD**.Notes to Consolidated Financial StatementsPeriod ended September 30, 2007 and the years ended December 31, 2006 and 2005(Expressed in Canadian dollars) 

**17.  United States GenerallyAccepted Accounting Principles Reconciliation (continued)**

**    **(d)  Reconciliation (continued) 

             (iii)  Netincome (loss) and earnings (loss) per share for:
   Nine-Month Period Ended   September 30,  
     Years Ended December 31,  2007 2006 2005       Net Income   (loss) for the period, under Canadian GAAP$(2,415,883)$1,644,160$1,651,804              Net Income for the   period , under US GAAP$(2,415,883)$ 1,644,160 $1,651,804Basic earnings (loss) per share,   under US GAAP$ ( 0.22 ) $0.35$0.30Diluted   earnings per share,   under US GAAP$   (0.22) $0.32$0.30
 

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