================================================================================

                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB

                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                       OF THE SECURITIES EXCHANGE ACT OF
                      1934 FOR THE QUARTERLY PERIOD ENDED
                               SEPTEMBER 30, 2002

               TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

           For the transition period from ___________ to ___________

                        Commission File Number: 0-13597

                           ICEBERG BRANDS CORPORATION.
             (Exact name of registrant as specified in its charter)

                       NEVADA                         88-0195105
           (State or other jurisdiction of        (I.R.S. Employer
            incorporation or organization)       Identification No.)


         1288 Alberni  Street, Suite 806, Vancouver,     V6E 4R8
                    British Columbia, Canada
     (Address of registrant's principal executive offices)    (Zip Code)


                                  604.664.0499
              (Registrant's Telephone Number, Including Area Code)

================================================================================

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practical date.  As of March 31, 2003 there were
16,355,298 shares of the issuer's $0.001 par value common stock issued and
outstanding.


<table>
<caption>

       <c>                                                                     <c>

INDEX
                                                                                   Page
Part I. FINANCIAL INFORMATION

Item 1.   Financial Statements.....................................................F1-F14

Item 2.   Management's Discussion and Analysis or Plan of Operation.................2-12

Item 3.   Controls And Procedures....................................................13

Part II. OTHER INFORMATION

Item 1.   Legal Proceedings..........................................................13

Item 2.   Changes in Securities and Use of Proceeds................................. 13

Item 3.   Defaults Upon Senior Securities............................................14

Item 4.   Submission of Matters to a Vote of Security Holders........................14

Item 5.   Other Information......................................................... 15

Item 6.   Exhibits and Reports on Form 8-K...........................................16

SIGNATURES...........................................................................17

CERTIFICATION........................................................................17

</table>
=============================================================
ITEM 1. FINANCIAL STATEMENTS





                           ICEBERG BRANDS CORPORATION
                     (Formerly Precise Life Sciences Ltd.)
                         (A Development Stage Company)

                                 BALANCE SHEETS

<table>
<caption>

                                                        <c>                       <c>
                                                           March,31              December 31,
                                                             2003                   2002
                                 ASSETS                   ----------             -----------

CURRENT ASSETS
     Taxes recoverable                                   $       766           $       712
     Due from 2U Online.com, Inc (Note 7)                    181,719               178,718
     Due from Iceberg Acquisition Corporation                  5,000                     -
     Current portion of prepaid service contract             365,707                31,333
                                                           ----------             ----------
                                                             533,192               545,137

INVESTMENT IN ICEBERG ACQUISITION CORPORATION (Note 5)       120,000                25,000
PREPAID SERVICE CONTRACT (Note 4 )                           371,586               459,669
OIL AND GAS PROPERTIES (Note 3)                                    2                     2
                                                           ----------             ----------
                                                         $ 1,044,780           $  1,029,808
                                                           ==========             ==========

                 LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
        Bank overdraft                                   $     2,341           $      1,934
        Accounts payable and accrued liabilities              35,942                 39,745
        Due to related parties (Note 7)                       63,551                182,020
                                                           ----------             ----------
                                                             101,834                223,699
                                                           ----------             ----------

COMMITMENTS AND CONTINGENCIES (NOTE 1,5 and 8)

STOCKHOLDERS' EQUITY (Note 6)
   Common stock, $.001 par value, 200,000,000
    shares authorized 16,355,298 (2001 -
    12,856,631) shares issued and outstanding                  40,354                  36,856
    Additional paid-in capital                             16,650,626              15,825,725
    Deficit accumulated during the development stage      (15,748,034)            (15,056,472)
                                                           ----------              ----------
                                                              942,946                 806,109
                                                           ----------              ----------
                                                      $     1,044,780          $    1,029,808
                                                           ==========               ==========

The accompanying notes are an integral part of these financial statements

</table>

<PAGE>F-1

                           ICEBERG BRANDS CORPORATION
                     (Formerly Precise Life Sciences Ltd.)
                         (A Development Stage Company)
                        INTERIM STATEMENT OF OPERATIONS
                                  (Unaudited)
<table>
<caption>

                                                   <c>                 <c>                <c>
                                                                                            Cumulative
                                                 Three Months Ended   Three Months Ended   From January 1,
                                                   March 31,2003        March 31, 2002        1996 to
                                                                                           March 31,2003
                                                       -----------      ------------        -----------
GENERAL AND ADMINISTRATIVE EXPENSES
     Litigation settlement                          $          -      $          -        $  2,291,070
     Management and consulting fees                      231,438            15,092           1,702,871
     Consulting fees-Stock based compensation(Note2)     328,900                 -             328,900
     Loss on settlement of debt                                -                 -             656,784
     General and Administrative                          108,368           121,205           1,227,525
     Professional fees                                    22,856            15,128             587,732
     Interest expense                                          -            26,844              98,282
     Software development costs                                -                -              737,300
                                                       -----------      -----------        -----------
LOSS BEFORE THE FOLLOWING                               (691,562)         (178,269)         (7,630,464)

Write-down of interest in ACGT Corporation                     -        (1,439,000)         (1,406,000)
Write-down of  oil and gas properties                          -                 -          (2,250,937)
                                                     ------------      ------------       ------------


NET LOSS FOR THE PERIOD                             $   (691,562)   $   (1,617,269)      $ (11,287,401)
                                                      ===========       ===========        ============



BASIC NET LOSS PER SHARE                            $     (0.049)    $     (0.095)
                                                      ===========      ===========
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING             14,094,036       16,943,579
                                                      ===========      ===========

The accompanying notes are an integral part of these financial statements

</table>
<PAGE>F-2


                           ICEBERG BRANDS CORPORATION
                     (Formerly Precise Life Sciences Ltd.)
                         (A Development Stage Company)
                        INTERIM STATEMENTS OF CASH FLOWS
                                  (Unaudited)

<table>
<caption>

                                                                   <c>                 <c>              <c>
                                                                                                              Cumulative
                                                                  Three Months ended   Three Months ended   from January 1,
                                                                      March 31,            March 31,           1996 to
                                                                         2003                2002             March 31,
                                                                                                                 2003
                                                                     -----------         -----------         -----------

CASH FLOWS FROM OPERATING ACTIVITIES
       Net loss for the year                                       $   (691,562)     $   (1,617,629)       $ (11,287,401)
       Adjustments to reconcile net loss to net cash from
        operating activities:
        - services paid for with common shares                           295,520             282,677            1,574,148
        - stock-based compensation                                       328,900                   -              328,900
        - interest paid for with common shares                                 -              26,550               80,872
        - loss on settlement of debt                                           -                   -              656,784
        - software development costs paid for with common shares               -                   -              600,000
        - write-down of interest in oil and gas properties                     -                   -            2,250,937
        - write-down of interest in ACGT Corporation                           -           1,320,000            1,406,000
        - other non-cash expenses                                              -                   -            2,557,382
                                                                      -----------          -----------         -----------
                                                                         (67,142)             11,598           (1,832,378)
        - net changes in working capital items                          (223,729)            (44,868)             375,905
                                                                      -----------          -----------         -----------
CASH USED IN OPERATING ACTIVITIES                                       (290,871)            (33,270)          (1,832,378)
                                                                      -----------          -----------         -----------

CASH FLOWS USED IN INVESTING ACTIVITIES
   Investment in Iceberg Acquistion Corporation                          (95,000)                  -             (120,000)
   Interest in oil and gas property.                                            -                  -             (684,934)
                                                                      -----------          -----------          -----------
CASH USED IN INVESTING ACTIVITIES                                        (95,000)                  -             (804,934)
                                                                      -----------          -----------          -----------
CASH FLOWS FROM FINANCING ACTIVITIES
   Bank overdraft                                                           2,341                  -                4,275
   Net proceeds on sale of common stock                                   505,000                  -              950,000
   Net proceeds from common stock subscriptions                                 -                  -              633,000
   Net advances (to) from related parties                               (121,470)             29,004              254,132
   Advances receivable                                                          -                  -              420,000
                                                                      -----------        -----------           -----------
CASH PROVIDED FINANCING ACTIVITIES                                        385,871             29,004            2,261,407

(DECREASE) INCREASE IN CASH                                                     -            (4,266)                    -

CASH, BEGINNING OF PERIOD                                                       -             28,266                    -
                                                                      -----------        -----------           -----------
CASH, END OF PERIOD                                                  $          -       $     24,000          $         -
                                                                      ===========        ===========           ===========

Other non-cash transactions: During the current period, the Company cancelled
1,000 common shares with restrictions previously issued for services valued at
$3,000 and 333 shares without restrictions previously issued for services valued
at $2,500.

   The accompanying notes are an integral part of these financial statements


</table>

<PAGE>F-3

                           ICEBERG BRANDS CORPORATION
                     (formerly Precise Life Sciences Ltd.)
                         (A Development Stage Company)

                     NOTES TO INTERIM FINANCIAL STATEMENTS
                                 MARCH 31, 2003
                                  (Unaudited)

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION

The Company was incorporated as Venture Investments Inc. under the Laws of the
State of Nevada on November 29, 1983.  The company underwent a name change to
Asdar Group on December 10, 1997 and another name change to Precise Life
Sciences Ltd. on April 30, 2002 and a further name change to Iceberg Brands
Corporation on March 3, 2003.  The company was dormant from 1991 to 1996 and
currently has no revenue generating operations.  In accordance with SFAS #7, the
company is considered a development stage company since January 1, 1996.

The financial statements have been prepared on the basis of a going concern
which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business.  The Company is in the development stage, has
not generated any revenues or completed development of any commercially
acceptable products or services to date and further significant losses are
expected to be incurred in developing its business.  The ability of the Company
to continue as a going concern is dependent on raising additional capital and
ultimately on generating future profitable operations.

Unaudited Interim Financial Statements The accompanying unaudited interim
financial statements have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-QSB of Regulation S-B. They do not include all
information and footnotes required by generally accepted accounting principles
for complete financial statements. However, except as disclosed herein, there
has been no material changes in the information disclosed in the notes to the
financial statements for the year ended December 31, 2002 included in the
Company's Annual Report on Form 10-KSB filed with the Securities and Exchange
Commission. The interim unaudited financial statements should be read in
conjunction with those financial statements included in the Form 10-KSB. In the
opinion of Management, all adjustments considered necessary for a fair
presentation, consisting solely of normal recurring adjustments, have been made.
Operating results for the three months ended March 31, 2003 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2003.

<PAGE>F-4

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying financial statements are presented in
United States dollars and are prepared in accordance with accounting principles
generally accepted in the United States.

Use of Estimates and Assumptions

Preparation of the Company's financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect certain reported amounts and disclosures.  Accordingly,
actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all liquid investments, with an original maturity of three
months or less when purchased, to be cash equivalents.

Fair Value of Financial Instruments

The following disclosure of the estimated fair value of financial instruments
is made in accordance with the requirements of SFAS No. 107 Disclosures about
Fair Value of Financial Instruments. The estimated fair value amounts have been
determined by the Company, using available market information and appropriate
valuation methodologies.  The fair value of financial instruments classified as
current assets or liabilities including cash and cash equivalents and notes and
accounts payable approximate carrying value due to the short-term maturity of
the instruments.

<PAGE>F-5

Oil and Gas Properties

The Company follows the full cost method of accounting for its oil and gas
operations whereby all cost related to the acquisition of petroleum and natural
gas interests are capitalized.  Such costs include land and lease acquisition
costs, annual carrying charges of non-producing properties, geological and
geophysical costs, costs of drilling and equipping productive and non-productive
wells, and direct exploration salaries and related benefits.  Proceeds from the
disposal of capital assets are recorded as a reduction of the related
expenditures without recognition of a gain or loss unless the disposal would
result in a change of 20 percent or more in the depletion rate.

Depletion and depreciation of the capitalized costs will be computed using the
unit-of-production method based on the estimated proven reserves of oil and gas
determined by independent consultants.

A ceiling test will be applied to capitalized costs to ensure that such costs do
not exceed estimated future net revenues from production of proven reserves at
year end market prices less future production, administrative, financing, site
restoration, and income tax costs plus the lower of cost or estimated market
value of unproved properties.  The Company has not established proven
recoverable reserves on properties held, and the Company has provided an
impairment provision for costs incurred to date on unproven properties.

Foreign Currency Translation

The financial statements are presented in United States dollars.  In accordance
with Statement of Financial Accounting Standards No. 52, "Foreign Currency
Translation", foreign denominated monetary assets and liabilities are translated
to their United States dollar equivalents using foreign exchange rates which
prevailed at the balance sheet date.  Revenue and expenses are translated at
average rates of exchange during the year. Related translation adjustments are
reported as a separate component of stockholders' equity, whereas gains or
losses resulting from foreign currency transactions are included in results of
operations.

<PAGE>F-6

Stock-based compensation

In December 2002, the Financial Accounting Standards Board issued Financial
Accounting Standard No. 148, "Accounting for Stock-Based Compensation -
Transition and Disclosure" ("SFAS No. 148"), an amendment of Financial
Accounting Standard No. 123 "Accounting for Stock-Based Compensation" ("SFAS No.
123").  The purpose of SFAS No. 148 is to: (1) provide alternative methods of
transition for an entity that voluntarily changes to the fair value based method
of accounting for stock-based employee compensation, (2) amend the disclosure
provisions to require prominent disclosure about the effects on reported net
income of an entity's accounting policy decisions with respect to stock-based
employee compensation, and (3) to require disclosure of those effects in interim
financial information.  The disclosure provisions of SFAS No. 148 were effective
for the Company for the year ended December 31, 2002 and the required
disclosures have been made below.

The Company has elected to continue to account for stock-based employee
compensation arrangements in accordance with the provisions of Accounting
Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees",
("APB No. 25") and comply with the disclosure provisions of SFAS No. 123 as
amended by SFAS No. 148 as described above.  In addition, in accordance with
SFAS No. 123 the Company applies the fair value method using the Black-Scholes
option-pricing model in accounting for options granted to consultants. Under APB
No. 25, compensation expense is recognized based on the difference, if any, on
the date of grant between the estimated fair value of the Company's stock and
the amount an employee must pay to acquire the stock.  Compensation expense is
recognized immediately for past services and pro-rata for future services over
the option-vesting period.

The following table illustrates the pro forma effect on net income (loss) and
net income (loss) per share as if the Company had accounted for its for stock-
based employee compensation using the fair value provisions of SFAS No. 123
using the assumptions as described in Note 6:

<PAGE>F-7

<table>
<caption>

                                       <c>             <c>            <c>

                                                  Three months ended   Three months ended
                                                   March 31, 2003        March 31, 2002
                                       --------------------------------------------------
Net income (loss) for the period        As reported  $ (691,562)       $  (1,617,269)
SFAS 123 compensation expense           Pro-forma      (251,100)              -
                                                      -------------    -------------
Net loss for the period                 Pro-forma    $ (942,662)       $  (1,617,269)
                                                      ============     ==============
Pro-forma basic net loss per share      Pro-forma    $   (0.067)       $  (0.095)
                                                      ============     =============
</table>

The Company accounts for equity instruments issued in exchange for the receipt
of goods or services from other than employees in accordance with SFAS No. 123
and the conclusions reached by the Emerging Issues Task Force in Issue No.
96-18, "Accounting for Equity Instruments That Are Issued to Other Than
Employees for Acquiring or in Conjunction with Selling Goods or Services" ("EITF
96-18").  Costs are measured at the estimated fair market value of the
consideration received or the estimated fair value of the equity instruments
issued, whichever is more reliably measurable.  The value of equity instruments
issued for consideration other than employee services is determined on the
earlier of a performance commitment or completion of performance by the provider
of goods or services as defined by EITF 96-18.

The Company has also adopted the provisions of the Financial Accounting
Standards Board Interpretation No.44, Accounting for Certain Transactions
Involving Stock Compensation - An Interpretation of APB Opinion No. 25 ("FIN
44"), which provides guidance as to certain applications of APB 25.  FIN 44 is
generally effective July 1, 2000 with the exception of certain events occurring
after December 15, 1998.

<PAGE>F-8

Income Taxes

The Company follows the liability method of accounting for income taxes.  Under
this method, deferred income tax assets and liabilities are recognized for the
estimated tax consequences attributable to differences between the financial
statement carrying values and their respective income tax basis (temporary
differences).  The effect on deferred income tax assets and liabilities of a
change in tax rates is recognized in income in the period that includes the
enactment date.

Recent accounting pronouncements

In July 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial Accounting Standards No. 141 ("SFAS 141"), "Business Combinations",
which eliminates the pooling method of accounting for business combinations
initiated after June 30, 2001.  In addition, SFAS 141 addresses the accounting
for intangible assets and goodwill acquired in a business combination.  This
portion of SFAS 141 is effective for business combinations completed after June
30, 2001.  The adoption of SFAS 141 has not had a material impact on the
Company's financial position or results of operations.

In July 2001, the FASB issued Statement of Financial Accounting Standards No.
142 ("SFAS 142"), "Goodwill and Intangible Assets", which revises the accounting
for purchased goodwill and intangible assets.  Under SFAS 142, goodwill and
intangible assets with indefinite lives will no longer be amortized and will be
tested for impairment annually.  SFAS 142 is effective for fiscal years
beginning after December 15, 2001, with earlier adoption permitted.  The
adoption of SFAS has not had a material impact on the Company's financial
position or results of operations.


NOTE 3 - OIL AND GAS PROPERTIES

Harvester Property, California, USA:

The Company owns a 2% royalty interest carried at a nominal value of $1 due to
the uncertainty of realization.

LAK Ranch Oil Project, Wyoming, USA:

The Company owns a 0.7% gross overriding royalty interest on 6,360 acres of oil
and natural gas rights located in the Powder River Basin of eastern Wyoming
carried at a nominal value of $1 due to the uncertainty of realization.

<PAGE>F-9

NOTE 4 - SERVICE CONTRACTS

On November 15, 2001, the Company entered into an agreement with Palisades
Financial Ltd., a private company controlled by a significant shareholder, with
a three-year term, whereby Palisades will provide investment-banking services to
the Company (valued at $94,000) in exchange for 200,000 restricted shares of the
Company's common stock.

On December 13, 2002, the Company entered into an agreement with Advantage
Nevada Corporation, a private company, with a two and one-half year term,
whereby Advantage will provide consulting services to the Company (valued at
$270,000) in exchange for 2,250,000 restricted shares of the Company's common
stock. The consultant will provide such services and advice to the Company in
business development, business strategy and corporate image. In addition, the
consultant will assist the Company in developing, studying and evaluating
acquisition proposals within North America.

On December 13, 2002, the Company entered into an agreement with HBK Investments
Services Ltd., a private company controlled by a shareholder, with a two year
term, whereby HBK will provide investor relations services to the Company
(valued at $90,000) in exchange for 750,000 restricted shares of the Company's
common stock. The investor relations individual will provide such services as
researching, editing and generating a company profile, technical chart analysis,
relaying the Company's business perspectives and distribution of corporate
updates, including press releases.

On December 13, 2002, the Company entered into an agreement with Asiatic
Management Consultants Ltd., a private company controlled by a significant
shareholder, with a two and one-half year term, whereby Asiatic will provide
investment-banking services to the Company (valued at $300,000) in exchange for
2,500,000 restricted shares of the Company's common stock. The investment banker
will provide access to investors and ongoing funding for the Company's
investment in Iceberg Acquisition Corporation.

<PAGE>F-10

On December 13, 2002, the Company entered into an agreement with a shareholder,
with a two and one-half year term, whereby the shareholder will provide
consulting services to the Company (valued at $120,000) in exchange for
1,000,000 restricted shares of the Company's common stock. The consultant will
provide such services and advice to the Company in business development,
business strategy and corporate image. In addition, the consultant will assist
the Company in developing, studying and evaluating acquisition proposals outside
of North America.

At March 31, 2003 the current portion of the prepaid service contracts totaled
$365,707.


NOTE 5 - INVESTMENT IN ICEBERG ACQUISITION CORPORATION

On December 22, 2002, the Company signed an agreement with Iceberg Acquisition
Corporation, whereby it agreed to acquire 100% interest in Iceberg Acquisition
Corporation upon the issue of 10,000,000 restricted shares of common stock of
the Company to the shareholders of Iceberg Acquisition Corporation and upon
compliance with the terms of a Letter of Intent dated December 21, 2002 (as
amended February 17, 2003) between Iceberg Acquisition Corporation, a Nevada
Corporation and Iceberg Drive Inn, Inc., a Utah Corporation. The Company has
been assigned 100% of the general terms and conditions agreed to by Iceberg
Acquisition Corporation in the Letter of Intent dated December 21, 2002 (as
amended February 17, 2003) with Iceberg Drive Inn, Inc. by payment of the
initial $25,000 non-refundable deposit to the controlling shareholders of
Iceberg Drive Inn, Inc. The general terms and conditions the Company must
perform, satisfy and comply with in order for Iceberg Drive Inn, Inc. to tender
all of their common voting shares to Iceberg Acquisition Corporation are as
follows:

1.      A non-refundable payment of $25,000 to the controlling shareholders of
Iceberg Drive Inn, Inc. upon execution of the Letter of Intent dated December
31, 2002 (paid).

2.      A payment of $95,000 to the controlling shareholders of Iceberg Drive
Inn, Inc. on or before February 12, 2003 (paid).

3.      A payment of $105,000 to the controlling shareholders of Iceberg Drive
Inn, Inc. upon delivery of audited financial statements of Iceberg Drive Inn,
Inc. as at December 31, 2002, to the Company.  This payment will effectively
close the transaction.

4.      A further payment of $1,050,000 to the controlling shareholders of
Iceberg Drive Inn, Inc. payable in five equal quarterly payments of $210,000.
The first payment will be paid on July 12, 2003 and follow every ninety days
thereafter until paid in full.

<PAGE>F-11

5.      The issue of 500,000 common shares of the Company upon the closing date
of the transaction to the shareholders of Iceberg Drive Inn, Inc.

6.      The issue of $3,000,000 worth of convertible preferred shares of the
Company (See Note 10) upon the closing date of the transaction. Each share
issued will yield a dividend of sixty cents per year. Dividend payments will be
made quarterly. Preferred shares will be convertible into common shares at a
ratio of one preferred share to five common shares at any time. The Company may
repurchase preferred shares within thirty days written notice for the face value
of $10 per share.  Shareholders have the option to convert preferred shares to
common shares at the ratio aforementioned within the thirty day period.

Iceberg Drive Inn operates a quick service restaurant business with eleven
stores operating in Utah, Arizona and Idaho. The restaurants specialize in
quality hand made ice cream treats, old- fashioned hamburgers, French fries and
hand breaded onion rings. As at March 31, 2003, the Company had not yet received
the audited financial statements from Iceberg Drive Inn, Inc. Until these
financial statements are received, the transaction cannot close.


NOTE 6 - CAPITAL STOCK

On February 14, 2003, the Company held a Special Meeting whereby the Board of
Directors, by unanimous consent and with majority shareholder approval, adopted,
effective March 3, 2003, the following amendments to its Articles of
Incorporation:

1.      Increased the authorized common shares that the Company shall have
authority to issue from fifty million shares (50,000,000) shares of capital
stock with par value of $0.001 per share to two hundred million (200,000,000)
shares of capital stock with par value of $0.001 per share.

2.      Created a new class of convertible preferred Class A voting capital
stock. The aggregate number of preferred Class A voting shares that the Company
shall have authority to issue is five million (5,000,000) shares with a par
value of $0.001 per share.

<PAGE>F-12

3.      Created a new class of convertible preferred Class B non-voting capital
stock. The aggregate number of preferred Class B non-voting shares that the
Company shall have authority to issue is five million (5,000,000) shares with a
par value of $0.001 per share.

During the quarter ended March 31, 2003, previously issued share purchase
warrants expired without exercise as follows:

-      1,000,000 warrants to purchase an additional share of par value common
stock at $0.75 per share (pre-reverse split) until January 30, 2003.

-       356,000 warrants to purchase an additional share of par value common
stock at $0.60 per share (pre-reverse split) until January 12, 2003.

During the quarter ended March 31, 2003, the Company had outstanding share
purchase warrants as follows:

-       800,000 warrants entitling the holder to purchase an additional one-half
share at a price of $2.00 per share until March 17, 2005.

During the quarter ended March 31, 2003, the Company issued the following shares
of common stock:

The Company issued a total of 2,700,000 common shares pursuant to the exercise
of stock options at a price of $0.15 per share for proceeds of $405,000 on the
following dates: January 2, 2003 (300,000 shares), January 24, 2003 (100,000
shares), February 18, 2003 (100,000 shares), February 25, 2003 (250,000 shares),
March 3, 2003 (1,950,000 shares).

On March 6, 2003, the Company cancelled 1,000 common shares with restrictions
previously issued for services valued at $3,000 and 333 shares without
restrictions previously issued for services valued at $1,688.

On March 17, 2003, the Company issued 800,000 units at $0.125 per unit for
proceeds of $100,000.  Each unit consists of one common share plus a warrant
entitling the holder to purchase an additional one-half share at a price of
$2.00 per share for two years.

<PAGE>F-13

NOTE 6 - CAPITAL STOCK

Stock options

On December 20, 2002, the Company filed a Registration Statement on Form S-8 to
cover 4,100,000 shares of common stock to be issued pursuant to the Company's
2002 Stock Incentive and Option Plan (the "Plan").  During the period ended
March 31, 2003 the Company granted options under the Plan to acquire a total of
4,100,000 shares of the Company's common stock at a price of $0.15 per share
being the market value as at the date of grant.  Of the total number of options
granted, 2,325,000 were granted to consultants for which a consulting expense of
$328,900 was recorded during the period representing the fair value of the
options.  The fair value was estimated using the Black-Scholes option pricing
model assuming an expected life of 10 years, a risk-free interest rate of 3% and
an expected volatility of 116%.

The fair value of the 1,775,000 options granted to directors and employees, as
disclosed on a pro-forma basis in Note 2, was estimated using the Black-Scholes
option pricing model assuming an expected life of 10 years, a risk-free interest
rate of 3% and an expected volatility of 116%.


NOTE 7 - RELATED PARTY TRANSACTIONS

During the quarter ended March 31, 2003 the Company incurred $12,000 in
management fees to a director. At March 31, 2003 the Company owes $40,000 in
management fees to a director.

During the quarter ended March 31, 2003, the Company incurred $7,310 in rent and
office expenses to a private company controlled by an employee.

During the quarter ended March 31, 2003, the Company incurred $37,500 in
consulting fees to a significant shareholder and $37,500 in professional and
consulting fees to two employees.

During the quarter ended March 31, 2003, two companies controlled by a
significant shareholder earned $37,833 and a company controlled by an employee
earned $11,250 pursuant to prepaid services agreements (See note 4).

At March 31, 2003 an amount of $181,719 is receivable from a public company and
its subsidiary, which have a director in common with the Company, a net amount
of $1,010 is payable to an employee, a net amount of $22,541 is owing to a
significant shareholder and $40,000 is owing to a director for accrued
management fees. These amounts are non-interest bearing and have no specific
terms of repayment.

NOTE 8 - CONTINGENCY

On February 21, 2002, the Company issued 350,000 shares valued at $119,000 to
Empire Sterling Corporation for services to be rendered  with respect to the
acquisition of ACGT Corporation.  The shares were to be held in trust and not
sold until all necessary financing was in place to complete the ACGT
acquisition. Empire Sterling Corporation breached the trust agreement and the
Company placed a stop transfer on these shares and requested they be returned to
the Company. Empire Sterling Corporation failed to return the share certificate
and as such, the Company commenced court proceedings against the principals of
Empire Sterling Corporation. The Company argued for an interim injunction
against all parties and was successful. On May 9, 2002, the Court ordered Empire
Sterling Corporation to deposit the shares with the Court pending judicial
disposition.  The Company intends to file legal process claiming ownership of
the shares and breach of trust inter alia. If successful, the Company intends to
cancel the shares and return them to treasury.


NOTE 9 - SUBSEQUENT EVENTS

Subsequent to March 31, 2003, a total of 700,000 shares of common stock were
issued at a price of $.15 per share on the exercise of incentive stock options.

<PAGE>F-14

ITEM 2.         Plan of Operation

THIS FOLLOWING INFORMATION SPECIFIES CERTAIN FORWARD-LOOKING STATEMENTS OF
MANAGEMENT OF THE COMPANY. FORWARD-LOOKING STATEMENTS ARE STATEMENTS THAT
ESTIMATE THE HAPPENING OF FUTURE EVENTS AND ARE NOT BASED ON HISTORICAL FACT.
FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE USE OF FORWARD-LOOKING
TERMINOLOGY, SUCH AS "MAY", "SHALL", "WILL", "COULD", "EXPECT", "ESTIMATE",
"ANTICIPATE", "PREDICT", "PROBABLE", "POSSIBLE", "SHOULD", "CONTINUE", OR
SIMILAR TERMS, VARIATIONS OF THOSE TERMS OR THE NEGATIVE OF THOSE TERMS.  THE
FORWARD-LOOKING STATEMENTS SPECIFIED IN THE FOLLOWING INFORMATION HAVE BEEN
COMPILED BY OUR MANAGEMENT ON THE BASIS OF ASSUMPTIONS MADE BY MANAGEMENT AND
CONSIDERED BY MANAGEMENT TO BE REASONABLE. OUR FUTURE OPERATING RESULTS,
HOWEVER, ARE IMPOSSIBLE TO PREDICT AND NO REPRESENTATION, GUARANTY, OR WARRANTY
IS TO BE INFERRED FROM THOSE FORWARD-LOOKING STATEMENTS.

THE ASSUMPTIONS USED FOR PURPOSES OF THE FORWARD-LOOKING STATEMENTS SPECIFIED IN
THE FOLLOWING INFORMATION REPRESENT ESTIMATES OF FUTURE EVENTS AND ARE SUBJECT
TO UNCERTAINTY AS TO POSSIBLE CHANGES IN ECONOMIC, LEGISLATIVE, INDUSTRY, AND
OTHER CIRCUMSTANCES. AS A RESULT, THE IDENTIFICATION AND INTERPRETATION OF DATA
AND OTHER INFORMATION AND THEIR USE IN DEVELOPING AND SELECTING ASSUMPTIONS FROM
AND AMONG REASONABLE ALTERNATIVES REQUIRE THE EXERCISE OF JUDGMENT. TO THE
EXTENT THAT THE ASSUMED EVENTS DO NOT OCCUR, THE OUTCOME MAY VARY SUBSTANTIALLY
FROM ANTICIPATED OR PROJECTED RESULTS, AND, ACCORDINGLY, NO OPINION IS EXPRESSED
ON THE ACHIEVABILITY OF THOSE FORWARD-LOOKING STATEMENTS. NO ASSURANCE CAN BE
GIVEN THAT ANY OF THE ASSUMPTIONS RELATING TO THE FORWARD-LOOKING STATEMENTS
SPECIFIED IN THE FOLLOWING INFORMATION ARE ACCURATE, AND WE ASSUME NO OBLIGATION
TO UPDATE ANY SUCH FORWARD-LOOKING STATEMENTS.

Our Business.

The company was incorporated as Venture Investments Inc. under the Laws of the
State of Nevada on November 29, 1983.  The company underwent a name change to
Asdar Group on December 10, 1997 and another name change to Precise Life
Sciences Ltd. on April 30, 2002. The company was inactive from 1991 to 1996 and
currently has no revenue generating operations.  In accordance with SFAS #7, the
company is considered a development stage company since January 1, 1996.  At
March 31, 2003, we had a cash overdraft of $2,341. We primarily rely on
directors and certain shareholders for financing.

<PAGE>2

Currently, we own certain interests in oil and gas properties.  (described more
particularly below). Recently, we changed our name from Precise Life Sciences
Ltd.to Iceberg Brands Corporation to reflect the fact that we intend to pursue,
as part of our business, development of a quick service restaurant chain known
as "Iceberg Drive Inn's" (described more particularly below). We believe that
this project will increase the total value of the corporation to our
shareholders. As of the date of this quarterly report on Form 10QSB, we are in
the process of researching potential partnerships and acquisitions which may
complement our new business direction. There is no guarantee that we will be
able to successfully enter into relationships which will produce revenue.  To
March 31, 2003, we have suffered an accumulated net loss of $11,287,401.  There
is no guarantee that we will not continue to suffer significant losses in the
foreseeable future.

Our Investment In Iceberg Acquisition Corporation.

On December 22, 2002, The Company Signed An Agreement With Iceberg Acquisition
Corporation, Whereby It Will Acquire 100% Interest In Iceberg Acquisition
Corporation Upon The Issue Of Ten Million (10,000,000) Restricted Common Shares
Of The Company To Iceberg Acquisition Corporation And Upon Compliance With The
Terms Of A Certain Letter Of Intent Dated December 21, 2002 (As Amended February
17,2003) Between Iceberg Acquisition Corporation, A Nevada Corporation And
Iceberg Drive Inn, Inc., A Utah Corporation. The Company Has Been Assigned 100%
Of The General Terms And Conditions Agreed To By Iceberg Acquisition Corporation
In The Letter Of Intent Dated December 21, 2002 (As Amended February 17, 2003)
With Iceberg Drive Inn, Inc. By Payment Of The Initial $25,000 Non-Refundable
Deposit To The Controlling Shareholders Of Iceberg Drive Inn, Inc. The General
Terms And Conditions The Company Must Perform, Satisfy And Comply With In Order
For Iceberg Drive Inn, Inc. To Tender All Of Their Common Voting Shares To
Iceberg Acquisition Corporation Are As Follows:

1.      A non-refundable payment of $25,000 to the controlling shareholders of
Iceberg Drive Inn, Inc. upon execution of the Letter of Intent dated December
31, 2002 (paid).

2.      A payment of $95,000 to the controlling shareholders of Iceberg Drive
Inn, Inc. on or before February 12, 2003. (paid)

3.      A payment of $105,000 to the controlling shareholders of Iceberg Drive
Inn, Inc. upon delivery of audited financial statements of Iceberg Drive Inn,
Inc. as at December 31, 2002, to the Company. This payment will effectively
close the transaction.

<PAGE>3

4.      A further payment of $1,050,000 to the controlling shareholders of
Iceberg Drive Inn, Inc. payable in five equal quarterly payments of $210,000.
The first payment will be paid on July 12, 2003 and follow every ninety  (90)
days thereafter until paid in full.

5.      The issue of 500,000 common shares of the Company upon the closing date
of the transaction to the shareholders of Iceberg Drive Inn, Inc.

6.      The issue of $3,000,000 worth of convertible preferred shares of the
Company upon the closing date of the transaction. Each share issued will yield a
dividend of sixty cents per year. Dividend payments will be made quarterly.
Preferred shares will be convertible into common shares at a ratio of one
preferred share to five common shares at any time. The Company may repurchase
preferred shares within thirty days written notice for the face value of $10 per
share. Shareholders have the option to convert preferred shares to common shares
at the ratio aforementioned within the thirty day period.

Iceberg Drive Inn- quick service restaurants specialize in quality hand made ice
treats, old-fashioned hamburgers, french fries and hand breaded onion rings.
Each restaurant is designed to purvey a feeling of an old-fashioned neighborhood
"burger joint" or malt shop.  Iceberg's distinctive "over the rim" extra thick
shakes, made in dozens of flavors, have made the brand famous and set it apart
from competitors.

The original Iceberg Drive Inn opened in the summer of 1960 in Salt Lake City,
Utah.  The founders created the concept from a small 600 square foot farmhouse
equipped with a chicken coop on the corner of what later became a busy city
intersection.  As Iceberg grew to 1,200 square feet, it quickly became the
city's most popular ice cream destination with a reputation for providing
innovative new shake flavors that could be found nowhere else.  The complete
range of Iceberg treats and food offerings were then created over time to
satisfy the increasing customer following.

<PAGE>4

Though the Iceberg Drive Inn name connotes the image of a drive-in restaurant,
complete with carhops and window trays, Iceberg does not offer car service,
except through a drive up window.  The distinctive spelling of the term "Drive
Inn" (rather than "drive-in") goes back to the original opening of the Iceberg
when the founder decided it appeared more friendly to invite people to visit an
"inn" rather that simply "drive-in" for a treat.

In 1996 the original Iceberg Drive Inn was purchased by the KCJS group.  Iceberg
continued to be extremely popular under the leadership of the KCJS group.  In
fact, it became even more successful.  The new ownership group was able to
increase revenues from the small Iceberg location by close to 90% since they
took over.

In early 2000, the limited franchising of the Iceberg Drive Inn concept began.
Immediately, strong interest was shown by potential franchisees to expand the
brand presence.  To accommodate the proper franchising of the concept a new
company, Iceberg Drive Inn, Inc. was formed. Iceberg Acquisition Corporation not
only looks forward to continuing the same great service and products as its
predecessors, but also plans to expand Iceberg locations, with their great-
specialized thick ice-cream shakes, throughout the United States and Canada.
Currently there are eleven franchised locations operating with an additional 13
locations planned by the end of 2003.

As at  March 31, 2003, we are awaiting the audited financial statements as at
December 31, 2002 from Iceberg Drive Inn's, Inc. As at March 31, 2003, the
Company had not yet received the audited financial statements from Iceberg Drive
Inn, Inc. Until these financial statements are received, the transaction cannot
close.

Our Oil and Gas Properities.

The Wyoming Property. During the time Iceberg Brands Corporation was
reconsidering its Internet-related activities, it decided to pursue oil and gas
interests. In that regard, on September 20, 2000, Iceberg Brands Corporation
signed an Asset Purchase and Sale Agreement with 2U Online.com, Inc. ("2U"), a
Delaware corporation, whereby Iceberg Brands Corporation acquired all of 2U's
working interest to the oil and natural gas rights on a Wyoming Property located
in the Powder River Basin of eastern Wyoming (the "LAK Ranch") for five million
(5,000,000) shares of Iceberg Brands Corporation's $0.001 par value common
stock.  On October 13, 2000, the Assignment of Working Interest in Oil and Gas
Lease was filed in the Offices of County Clerk for Weston County, Wyoming,
whereby 2U's 25% working interest in the Wyoming Property was transferred and
assigned to the Iceberg Brands Corporation and Iceberg Brands Corporation issued
to 2U five million (5,000,000) shares of its $0.001 par value common stock with
Rule 144 restrictions. The LAK Ranch Project was introduced to Iceberg Brands
Corporation by May Joan Liu, now a consultant to Iceberg Brands Corporation,
after Iceberg Brands Corporation's management expressed an interest in acquiring
a viable oil and gas venture.  May Joan Liu received a finders fee of 475,000
shares of Iceberg Brands Corporation's $0.001 par value common stock and Steve
Nemergut, former President and a Director of Iceberg Brands Corporation,
received a finders fee of 25,000 shares of Iceberg Brands Corporation's $0.001
par value common stock.

<PAGE>5

The LAK Ranch Oil Project is located four miles south of the town of Newcastle
in Wyoming's prolific oil producing Powder River Basin. Previous exploration
activities at the LAK Ranch have been headed up by Texaco, Conoco, Parent Oil,
Mapco and Surtek (previously Exoil Services). The LAK Ranch has no proven oil
reserves.

Pursuant to an agreement dated September 24, 1997, Derek Resources Corporation
acquired an option to earn a 75% interest in the LAK Ranch oil property in
Wyoming by incurring certain expenditures to develop a (SAGD) pilot plant on the
Property and by making certain option payments.  In 1998, Derek completed
preliminary site investigation, engineering and confirmation drilling on the
Property. The data returned indicated that a SAGD project was viable for the
property.

Derek commenced the drilling and installation of the first SAGD well pair on the
LAK Ranch property June 22, 2000 and by August of 2000 the well pair had been
successfully installed.  During the remainder of 2000, Derek continued working
on construction of the SAGD plant and in January 2001, announced that final
installation and assembly procedures, including fabrication, welding, electrical
and instrument component installation and equipment testing were nearing
completion.  Further, a 33,000 foot long four-inch natural gas pipeline was
installed to the site and the completed sections successfully pressure tested.
In March 2001, Derek announced that steam generation and injection to its SAGD
well pair had commenced.

During December 2000 and January 2001, a dispute arose between the Iceberg
Brands Corporation and Derek concerning Derek's expenditures and operations
under a September 24, 1997, Option Agreement addressing development of a pilot
SAGD oil recovery plant on the LAK Ranch site. The parties were unable to agree
about Derek's decision to incur certain expenses for the LAK project in light of
the terms of the Option Agreement. Derek also asserted certain demands for
payment concerning its development of the LAK Ranch site project which Iceberg
Brands Corporation felt were inconsistent with the terms of the Option
Agreement. Derek ultimately asserted a purported right to foreclose a lien
against Iceberg Brands Corporation's interest in the LAK property and Iceberg
Brands Corporation disagreed and disputed the legality of Derek's lien
assertions and activities. As a result, the Iceberg Brands Corporation filed a
lawsuit against Derek in Wyoming District Court in Weston County, Wyoming
requesting an accounting by Derek of its expenditures and seeking other relie

<PAGE>6

On October 19, 2001, an agreement was reached with Derek to settle the existing
litigation on the LAK Ranch Property.  The settlement is as follows:

-       Precise and Derek will agree to discontinue their respective court
actions commenced in the State of Wyoming with respect to the LAK Ranch
Property.

-       Precise will release the lis pendens filed against the property and will
quitclaim to Derek all of Iceberg Brands Corporation's right, title and interest
in the property.

-       Derek will grant to Precise a 0.70% (.7 of 1%) proportionate, reducible,
Gross Overriding Royalty over all of Derek's interest in the property.  This
equates to $0.1575 per barrel based on a price of $22.50 per barrel.

-       Payment of the royalty is to be retroactive to the commencement of
production.

-       If Derek sells any or all of its interest in the LAK Ranch Property, it
will pay to Asdar, subject to adjustments, 7.5% of the net sales proceeds on the
first US$7,500,000 and 1% on any sums over US$7,500,000.

As a result of the settlement, Iceberg Brands Corporation has written down the
carrying value of its interest in the LAK Ranch property to the nominal value of
$1. During the three months ended March 31, 2003, there was no production from
the Wyoming Property.

The California Property.

On February 26, 2001, Iceberg Brands Corporation signed
a Working Interest Agreement with International Brooks Petroleum Ltd. whereby
Iceberg Brands Corporation acquired a 50% working interest in a property
described as the E/2 of Section 24, all of Section 25, and the NE/4 of Section
36 all located within Township 23 South, Range 21 East, mount Diablo Base And
Meridian, Kings County, California containing 1,120 acres more or less.  Iceberg
Brands Corporation acquired this interest for a total payment to International
Brooks Petroleum Ltd. of $312,659 USD, to be spent on a re-entry program on the
Harvester #1-25 well.  The well is located northeast of the East Lost Hills deep
gas discovery.  After the initial $300,000 is spent, future costs will be split
50/50 between Iceberg Brands Corporation and International Brooks Petroleum Ltd.
A finders fee of 50,000 shares of Iceberg Brands Corporation's common stock with
Rule 144 restrictions, valued at $29,250, was issued to May Joan Liu on April 4,
2001 with respect to this acquisition.

<PAGE>7

On July 10, 2001, the Company's re-entry program on the Harvester #I-25 in
Bakersfield, California commenced. As of August 1, 2001 the Operator had
penetrated the well bore of the Harvester # I-25 well to a total depth of 14,242
feet.  Logging of the Temblor, Vedder, Kreyenhagen and Vaqueros formations was
performed by Halliburton Energy Services in Houston, Texas using Halliburton's
RMT Elite through the pipe logging tool. The subsequent report indicated 486
feet of gross pay identified with 250 feet of net pay as shown below:

ZONE           DEPTH (ft)       GROSS PAY           NET PAY
-------       ----------        ----------        -----------
Temblor      11,690-11,750         60                  22
Temblor      12,080-12,148         68                  37
Vedder       12,974-13,052         78                  46
Vedder       13,148-13,206         58                  48
Vedder       13,264-13,360         96                  74
Vaqueros     13,745-13,794         49                  15
Kreyenhagen  14,016-14,093         77                   8

Iceberg Brands Corporation conducted a review of the analysis with its technical
staff and determined the completion program for the well. The estimated
completion costs for the well were $539,295.00. On October 10, 2001 Iceberg
Brands Corporation advanced its 50% share of these costs or $269,647.50 to the
operator and the next stage in the program began on October 15, 2001. This
involved perforation of the well casing and testing to determine the flow rates
that can be achieved. The primary target for perforation and testing was the
interval 13,264 -13,360 located in the Vedder formation.  The target is
contained in clean productive gas sand, which exhibits a porosity ranging
between 18 and 22%. This target was successfully perforated and the well was
swabbed for four hours on November 27, 2001.  Additional swabbing, using a more
economical swabbing rig is required for the perforated interval and has been
postponed until the second zone is perforated.

The secondary zone of interest is located in the interval 11,690 -11,750 in the
Temblor formation. The target is contained in clean productive gas sand, which
exhibits a porosity ranging between 18% and 23%. This target was successfully
perforated and to December 18, 2001, 687 barrels of fluid were recovered. The
well continued to flow on its own with gas cut fluids. The operator recommended
that the well be shut in until the beginning of 2002.

<PAGE>8

During the shut down period, Iceberg Brands Corporation was invoiced for cost
overruns on the project to December 31, 2001 in the amount of $50,995 and given
a further cash call for $34,870 for more completion costs.  Iceberg Brands
Corporation requested a full accounting for the project to make a determination
on the cause of cost overruns and on participating in further expenditures on
the well. Iceberg Brands Corporation asked for certain documentation to confirm
expenditures on the project to date. Although the operator has provided certain
documentation with respect to expenditures, it is Iceberg Brands Corporation's
position that the information provided is insufficient to make a proper
determination. International Brooks Petroleum Ltd. has taken the position that
Iceberg Brands Corporation is in default and alleges that Iceberg Brands
Corporation's interest has been forfeited. Until Iceberg Brands Corporation is
provided with additional information requested from the operator, it does not
consider itself to be in default of its obligations under the agreement.
However, based on the results of the re-entry program to date, Iceberg Brands
Corporation has written down its investment to date in the Harvester Property to
a nominal value of $1, resulting in a loss of $662,550.

On September 23, 2002, the Company and International Brooks agreed to settle
their differences as follows:

1.      International Brooks Petroleum Ltd. agrees to reserve and pay Iceberg
Brands Corporation, monthly, an amount equal to 2% of the gross proceeds
received from the sale of any hydrocarbons obtained from the Property for the
prior month.  This Royalty Interest shall continue until the later of:

    a)      International Brooks' rights in the Property, pursuant to the Lease
            dated May 1, 2000 and all amendments thereto, are terminated;

or

    b)     any subsequent interest in the Property acquired by International
           Brooks or anyassociate or affiliate thereof is terminated. At such
           time, the Royalty Interest shall terminate and be of no further
           force or effect.  At such time as hydrocarbons are obtained from
           the Property, International Brooks agrees to register the Royalty
           Interest with the appropriate regulatory authorities in
           favor of Precise Life.

2.      Iceberg Brands, in consideration of the Royalty
Interest to be reserved by International Brooks in favor of Iceberg Brands,
agrees to terminate any interest it had, has or may have in the Property
pursuant to the Agreement.

<PAGE>9

3.      Each Company does remise, release and forever discharge each other and
its respective successors or assigns, from all actions, causes of action, claims
and demands which each Company had, now has or will have. This includes any
arrears of exploration expenditures which have not been paid by Precise Life
($50,995) and any costs which may be incurred to plug and abandon the Harvester
#1-25 well located on the Property.


Liquidity and Capital Resources.


For the three month period ended March 31, 2003, we had total assets of
$1,044,780 , including  taxes recoverable of $766, $181,719 due from related
parties, $5,000 due from Iceberg Acquisition Corporation and $365,707 as the
current portion of $737,293 in prepaid service contracts. We also had $2
invested in oil and gas properties, which is represented by $1 for an oil and
gas interest located in Wyoming and $1 for an oil and gas interest located in
San Joaquin, California.  At December 31, 2002, we had total assets of
$1,029,808. The slight decrease in assets was primarily due to an increase in
the amount due from related parties.

At March 31, 2003, we had current liabilities of $101,834, which was represented
by a bank overdraft of $2,341, accounts payable and accrued liabilities of
$35,942 and $63,551 due to related parties. At December 31, 2002 we had current
liabilities of $223,699. The decrease in liabilities was primarily due to an
decrease in funds due to related parties.  At March 31,2003, we had total
current assets of $553,192.  At March 31, 2003, current assets exceeded current
liabilities by $451,358. At December 31, 2002, our total current assets exceeded
our total current liabilities by $321,438.

We do not believe that our current cash resources will be able to maintain our
current operations for an extended period of time.   We will be required to
raise additional funds or arrange for additional financing over the next 12
months to adhere to our development schedule.  No assurance can be given,
however, that we will have access to additional cash in the future, or that
funds will be available on acceptable terms to satisfy our working capital
requirements. If we are not able to arrange for additional funding or if our
officers, directors and shareholders stop advancing funds to us, we may be
forced to make other arrangements for financing such as loans or entering into
strategic alliances. We have not identified any alternative sources of
financing.

<PAGE>10

Results of Operations.

We have not yet realized any revenue from operations to date. Loss from
operations decreased from $1,617,269 in the first quarter of 2002 to $691,562
in the first quarter of 2003.  This decrease in the loss was largely due to no
impairment provisions to our former investment in ACGT Corporation.

The cash and equivalents constitute our present internal sources of liquidity.
Because we are not generating any significant revenues, our only external source
of liquidity is the sale of our capital stock and any advances from officers,
directors or shareholders.

Our Plan of Operation for the Next Twelve Months.

We will continue to attempt to arrange for equity financings over the next
twelve months to satisfy our working capital requirements.  However, there is
no guarantee that we will be able to arrange for such financings. Moreover, we
have not identified any sources of financings.

We will require additional cash to implement our business strategies, and for
payment of increased operating expenses.  We anticipate that we will need to
raise additional capital within the next 12 months in order to continue as a
going concern. Such additional capital may be raised through additional public
or private financings, as well as borrowing and other resources.  To the extent
that additional capital is raised through the sale of equity or equity-related
securities, the issuance of securities could result in dilution to our
stockholders.  There can be no assurance that additional funding will be
available on favorable terms, if at all.  If adequate funds are not available
within the next twelve months, we may be required to curtail our operations
significantly or to obtain funds through arrangements with collaborative
partners or others that may require us to relinquish rights to certain of our
assets.

We do not anticipate any significant research and development within the next
twelve months, nor do we anticipate that we will lease or purchase any
significant equipment within the next twelve months.   We do not anticipate a
significant change in the number of our employees within the next twelve months.

During the fiscal year 2003, we intend to focus on our investment in Iceberg
Acquisition Corporation. During the first quarter of 2003, we raised $100,000
through the issuance of 800,000 restricted common shares at  $0.125 per share.
The proceeds were used to satisfy the terms of the agreement dated December 22,
2002 referred to above. As at March 31, 2003, the Company had not yet received
the audited financial statements from Iceberg Drive Inn, Inc., a necessary part
of the agreement. Until these financial statements are received, the remaining
terms of the agreement will not be satisfied and the transaction cannot close.
Should the transaction close, the management of Iceberg Brands Corporation and
the management of Iceberg Acquisition Corporation intend to aggressively expand
the Iceberg Drive Inns brand, beginning in the last half of 2003.

<PAGE>11

Description of Property.

Property held by the Company.  As of the dates specified in the following table,
we held the following property in the following amounts:


Property and Cash Equivalents

        March 31, 2003     December 31, 2002       December 31, 2001
        -------------      -----------------      ------------------
 Total   $(2,341)             $(1,934)                $28,266



We define cash equivalents as all highly liquid investments with maturity of 3
months or less when purchased.   We do not presently own any interests in real
estate or own any inventory or equipment.


ITEM 3. CONTROLS AND PROCEDURES


(a) Within 90 days prior to the filing date of this report, with the
participation of the Company's management, the Company's President and Chief
Executive Officer and Vice President - Finance and Chief Financial Officer,
evaluated the effectiveness of the Company's disclosure controls and procedures
in accordance with Rule 13a-14 of the Securities Exchange Act of 1934 (the
"Exchange Act"). Based upon that evaluation, the President and Chief Executive
Officer and Vice President - Finance and Chief Financial Officer concluded that
the Company's disclosure controls and procedures are effective in providing
reasonable assurance that information required to be disclosed by the Company in
reports that it files under the Exchange Act is recorded, processed, summarized
and reported within the time period specified in the Commission's rules and
procedures.

(b) Changes in Internal Controls. There were no significant changes in the
Company's internal controls or in other factors that could significantly affect
these controls subsequent to the date of the evaluation.

<PAGE>12

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

On February 21, 2002, we issued 350,000 shares valued at $119,000 to Empire
Sterling Corporation for services to be rendered and future services related to
the acquisition of a former biomedical project.  The shares were to be held in
trust and not sold until all necessary financings were concluded to complete the
acquisition. Empire Sterling Corporation breached the trust agreement and we
placed a stop transfer on the shares and requested they be returned to the
Company.  Empire Sterling Corporation failed to return the share certificate and
as such, we commenced court proceedings to retrieve the shares. We requested an
interim injunction against all parties and were successful. On May 9, 2002, the
Court ordered Empire Sterling Corporation to deposit the shares with the Court
pending judicial disposition.  We intend to file legal process claiming
ownership of the shares and breach of trust interalia. The Company was
successful and has now applied to have the share certificate released and
subsequently cancelled.

ITEM 2. CHANGES IN SECURITIES.

On December 20, 2002, the Company filed a Registration Statement on Form S-8 to
cover 4,100,000 shares of common stock, par value $0.001 per share to be issued
pursuant to the Company's 2002 Stock Incentive and Option Plan. During the three
month period ended March 31, 2003, the Company issued a total of 2,700,000
shares of common stock at a price of $.15 per share for proceeds of $405,000 as
follows:

        January 3, 2003          300,000 shares
        January 24, 2003         100,000 shares
        February 18, 2003        100,000 shares
        February 25, 2003        250,000 shares
        March 3, 2003            1,950,000 shares

At December 31, 2002, the Company had 1,000,000 outstanding share purchase
warrants to purchase an additional share of par value common stock at $0.75 per
share (pre-reverse split) until January 30, 2003 and 356,000 outstanding share
purchase warrants to purchase an additional share of par value common stock at
$0.60 per share (pre-reverse split) until January 12, 2003. During the three
months ended March 31, 2003, all these warrants expired without exercise.

<PAGE>13

On March 6, 2003, the Company cancelled 1,000 common shares with restrictions
previously issued for services valued at $3,000 and 333 common shares without
restrictions previously issued for services valued at $1,688. The 1,333 common
shares were returned to authorized, but unissued status.

On March 17, 2003, the Company issued 800,000 units at $0.125 per unit for
proceeds of $100,000. Each unit consists of one common share plus a warrant
entitling the holder to purchase an additional one-half share at a price of
$2.00 per share for two years. The proceeds from this private placement were
used to make the required payment to the shareholders of Iceberg Drive Inn, Inc.
These 800,000 restricted shares were issued to the following placees:

Jean V. Lang                                    200,000 shares
(O/I/D Subs/Agmt/02-05-03)
Jon W. Payne                                    200,000 shares
(O/I/D Subs/Agmt/02-06-03)
Vincent Marquart                                80,000  shares
(O/I/D Subs/Agmt/02-11-03)
Steven Gervais, Trustee                         40,000  shares
(O/I/D/ Subs/Agmt/02-14-03)
Timothy & Lillian Steiner, Joint Tenants        280,000 shares
(O/I/D/ Subs/Agmt/02-10-03)

The original dates of issue correspond to the dates the placees issued their
cheques to the Company.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.  SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS

On February 14, 2003, the Company held a Special Meeting whereby the Board of
Directors, by unanimous consent and with majority shareholder approval, adopted,
effective March 3, 2003, the following amendments to its Articles of
Incorporation:

1.      Changed its name from Precise Life Sciences Ltd to Iceberg Brands
         Corporation.

2.      Changed its Cusip number from 74018W 10 4 to 45105K 10 4 and its Symbol
        from PSLF to IBGB.

3.      Increased the authorized common shares that the Company shall have
        authority to issue from  fifty million shares (50,000,000) shares
        of capital stock with par value of $0.001 per share to two hundred
        million (200,000,000) shares of capital stock with par value of
        $0.001 per share.

4.      Created a new class of convertible preferred Class A voting capital
        stock. The aggregate number of preferred Class A voting shares that
        the Company shall have authority to issue is five million (5,000,000)
        shares with a par value of $0.001 per share.

5.      Created a new class of convertible preferred Class B non-voting
        capital stock. The aggregate number of preferred Class B non-voting
        shares that the Company shall have authority to issue is five million
        (5,000,000) shares with a par value of $0.001 per share.

<PAGE>14

ITEM 5.  OTHER INFORMATION

A. Security Ownership of Management

The following table sets forth information as of March 31, 2003 with respect to
the ownership of our common stock by each director and by all officers and
directors as a group.

<table>
<caption>

                  <c>                             <c>                     <c>

Name of              Address of                      Amount of Shares        % of Outstanding
Beneficial Holder    Beneficial  Holder              Beneficially Owned      Common Stock
---------------------------------------------------------------------------------------------
Robert Waters        2025-1388 W. Georgia St               50,000                  0.31%
                     Vancouver, BC V7T 1A8

Robert Klein         4540 Woodgreen Place                  50,000                  0.31%
                     West Vancouver, BC V7S 2S6




</table>

Directors' Compensation.  During the three months ended March 31, 2003, the
Company incurred $12,000 in management fees to one director. At March 31, 2003
the Company owes $40,000 in management fees to one director.

Stock Based Compensation.

During the three months ended March 31, 2003, $328,900 in stock based
compensation was recorded in our financial statements.  Stock based compensation
is an estimate of the intrinsic value placed in respect to stock options granted
to officers, directors, employees and an estimate of the fair value of stock
options granted to consultants using the Black-Sholes option pricing model We do
expect further stock based compensation in 2003.

<PAGE>15

B. Security Ownership of Certain Beneficial Holders of ten percent or more

<table>
<caption>

                      <c>                            <c>                     <c>

Name of              Address of                      Amount of Shares        % of Outstanding
Beneficial Holder    Beneficial  Holder              Beneficially Owned      Common Stock
---------------------------------------------------------------------------------------------
Common Stock         CEDE & Co.
                    The Depository Trust Co.
                    P.O. Box 222 Bowling Green Station
                    New York, New York 10274             6,274,737              38.37 %


Common Stock        Advantage Nevada Corporation
                    7263 E . San Alfredo Drive
                    Scottsdale, Arizona 85258            2,250,000              13.76 %



Common Stock       Asiatic Management Consultants Ltd.
                   c/o Charlton Investments Ltd.
                   Flat B,18F, Nikken Heights
                   Central Hong Kong                     2,500,000              15.29 %


</table>

C. Certain Relationships and Related Party Transactions

During the three months ended March 31, 2003 the Company incurred $12,000 in
management fees to one director. At March 31, 2003 the Company owes $40,000 in
management fees to one director.

During the three months ended March 31, 2003, the Company incurred $7,310 in
rent and office expenses to a private company controlled by an employee.

During the three months ended March 31, 2003, the Company incurred $37,500 in
consulting fees to a significant shareholder and $37,500 in professional and
consulting fees to two employees.

During the three months ended March 31, 2003, two companies controlled by a
significant shareholder earned $37,833 and a company controlled by an employee
earned $11,250 pursuant to prepaid services agreements

At March 31, 2003 an amount of $181,719 is receivable from a public Company and
its subsidiary, which have a director in common with the Company, a net amount
of $1,010 is payable to an employee, a net amount of $22,541 is owing to a
significant shareholder and $40,000 is owing to one director for accrued
management fees. These amounts are non-interest bearing and have no specific
terms of repayment.

D. Subsequent Events

Subsequent to March 31, 2003, a total of 700,000 shares of common stock were
issued at a price of $.15 per share on the exercise of incentive stock options.

<PAGE>16

ITEM 6.  EXHIBITS AND FORM 8-K'S.

Index to Exhibits
(i)     Exhibits

Exhibit 3.1 - Certificate of Amendment to Articles of Incorporation.

Exhibit 99.1 - Section 906 Certification of Periodic Report of the Chief
               Executive Officer.

Exhibit 99.2 - Section 906 Certification of Periodic Report of the Chief
               Finacial Officer

(ii)      The following documents are incorporated by reference
          in this Form 10-QSB:

A.  Our Form 8-K filed January 6, 2003 announcing the acquisition of Iceberg
    Acquisition Corporation, whereby we were assigned 100% of the general
    terms and conditions agreed to by Iceberg Acquisition Corporation in the
    Letter of Intent dated December 21, 2002 with Iceberg Drive Inn, Inc.
    Iceberg Acquisition's assets are solely an agreement to acquire Iceberg
    Drive Inn, Inc. a chain of franchised fast food drive-inn restaurants
    based in the southwestern United States.

B.  Our Form 8-K filed March 6, 2003 announcing the name change to Iceberg
    Brands Corporation, an increase in the authorized capital of common shares,
    creation of two new classes of preferred shares and a change in CUSIP number
    and trading symbol.


SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, we
have duly caused this Quarterly Report on Form 10-QSB to be signed on our behalf
by the undersigned; thereunto duly authorized, in the City of Vancouver, British
Columbia, Canada, on May 20, 2003.

ICEBERG BRAND CORPORATION

A NEVADA CORPORATION

By:      /s/ Robert Waters
      ----------------------
         Robert Waters

Its:     President

<PAGE>17

CERTIFICATION


CERTIFICATION OF PERIODIC REPORT:

 I, Robert Waters, President and Chief Executive
Officer of Iceberg Brands Corporation, a Nevada Corporation (the "Company"),
certify, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, 18 U.S.C.
Section 1350, that:

1.      I have reviewed this quarterly report on Form 10-QSB for the period
ended March 31, 2003 of ICEBERG BRANDS CORPORATION.;

2.      Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.      Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.      The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a - 14 and 15d - 14) for the registrant and we have:

        a.      designed such disclosure controls and procedures to ensure that
        material information relating to the registrant, including its
        consolidated subsidiaries, is made known to us by others within those
        entities, particularly during the period in which this quarterly report
        is being prepared;

        b.      evaluated the effectiveness of the registrant's disclosure
        controls and procedures as of a date within 90 days prior to the filing
        date of this quarterly report (the "Evaluation Date"); and

        c.      presented in this quarterly report our conclusions about the
        effectiveness of the disclosure controls and procedures based on our
        evaluation as of the Evaluation Date;

5.      The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

        a.      All significant deficiencies in the design or operation of
        internal controls which could adversely affect the registrant's ability
        to record, process, summarize and report financial data and have
        identified for the registrant's auditors any material weaknesses in
        internal controls; and

        b.      Any fraud, whether or not material, that involves management or
        other employees who have a significant role in the registrant's internal
        controls; and

6.      The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 20, 2003

  /s/ Robert Waters
  ---------------
  Robert Waters
  President and Chief Executive Officer

<PAGE>18
==========================================

CERTIFICATION OF PERIODIC REPORT

I, Robert Klein, President and Chief Financial Officer of Iceberg Brands
Corporation, a Nevada Corporation (the "Company"), certify, pursuant to Section
302 of the Sarbanes- Oxley Act of 2002, 18 U.S.C. Section 1350, that:

1.      I have reviewed this quarterly report on Form 10-QSB for the period
ended March 31, 2003 of ICEBERG BRANDS CORPORATION.;

2.      Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.      Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.      The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a - 14 and 15d - 14) for the registrant and we have:

        a.      designed such disclosure controls and procedures to ensure that
        material information relating to the registrant, including its
        consolidated subsidiaries, is made known to us by others within those
        entities, particularly during the period in which this quarterly report
        is being prepared;

        b.      evaluated the effectiveness of the registrant's disclosure
        controls and procedures as of a date within 90 days prior to the filing
        date of this quarterly report (the "Evaluation Date"); and

        c.      presented in this quarterly report our conclusions about the
        effectiveness of the disclosure controls and procedures based on our
        evaluation as of the Evaluation Date;

5.      The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

        a.      All significant deficiencies in the design or operation of
        internal controls which could adversely affect the registrant's ability
        to record, process, summarize and report financial data and have
        identified for the registrant's auditors any material weaknesses in
        internal controls; and

        b.      Any fraud, whether or not material, that involves management or
        other employees who have a significant role in the registrant's internal
        controls; and

6.      The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 20, 2003

  /s/ Robert Klein
      --------------
     Robert Klein
     Director and Chief Financial Officer

<PAGE>19

Exhibit 99.1

CERTIFICATION OF PERIODIC REPORT

 I, Robert Waters, President and Chief Executive
Officer of Precise Life Sciences Ltd., a Nevada Corporation (the "Company"),
certify, pursuant to Section 906 of the Sarbanes- Oxley Act of 2002, 18 U.S.C.
Section 1350, that:

 (1) the Quarterly Report on Form 10-Q of the Company for the quarterly period
ended September 30, 2002 (the "Report") fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or
78o(d));

 and

(2) the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.

 Dated: May 20, 2003

/s/ Robert Waters
--------------
Robert Waters
President and Chief Executive Officer


Exhibit 99.2

CERTIFICATION OF PERIODIC REPORT

I, Robert Klein, Secretary, Treasurer, and the
Chief Financial Officer of Precise Life Sciences Ltd., a Nevada Corporation (the
"Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
18 U.S.C. Section 1350, that:

(1) the Quarterly Report on Form 10-Q of the Company for the quarterly period
ended September 30, 2002 (the "Report") fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or
78o(d));

and

 (2) the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.

 Dated: May 20, 2003

/s/ Robert Klein
------------------
   Robert Klein

Secretary, Treasurer and Chief Financial Officer