| ·   | Encourage honest and ethical conduct, including fair dealing and the ethical handling of conflicts of interest. |
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| ·   | Encourage full, fair, accurate, timely and understandable disclosure. |
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| ·   | Encourage compliance with applicable laws and governmental rules and regulations. |
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| ·   | Ensure the protection of Calibrus’ legitimate business interests, including corporate opportunities, assets and confidential information. |
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| ·   | Deter wrongdoing. |
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| ·   | Act with integrity, including being honest and ethical while still maintaining the confidentiality of information where required or consistent with Calibrus’ policies. |
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| ·   | Observe both the form and spirit of laws and governmental rules and regulations, accounting standards and Calibrus’ policies. |
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| ·   | Adhere to a high standard of business ethics. |
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| ·   | Accept no improper or undisclosed material personal benefits from third parties as a result of any transaction or transactions of Calibrus. |
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| ·   | Familiarize himself or herself with the disclosure requirements applicable to Calibrus as well as the business and financial operations of Calibrus. |
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| ·   | Not knowingly misrepresent, or cause others to misrepresent, facts about Calibrus to others, whether within or outside Calibrus, including to Calibrus’ independent auditors, governmental regulators and self-regulatory organizations. |
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| ·   | Notify the appropriate Code of Ethics Contact promptly of any existing or potential violation of this Code. |
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| ·   | Not retaliate against any other director, officer or employee for reports of potential violations that are made in good faith. |
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| ·   | The General Counsel or the Chief Financial Officer, as the case may be, will take all appropriate action to investigate any violations reported. In addition, the Chief Financial Officer or the General Counsel, as appropriate, shall report each violation and alleged violation involving a director or an executive officer to the Chairperson of the Audit Committee. To the extent he or she deems appropriate, the Chairperson of the Audit Committee shall participate in any investigation of a director or executive officer. After the conclusion of an investigation of a director or executive officer, the conclusions shall be reported to the Audit Committee. |
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| ·   | The Audit Committee will conduct such additional investigation as it deems necessary. If the Audit Committee determines that a director or executive officer has violated this Code, it will report its determination to the Board of Directors. Upon being notified that a violation has occurred, the Board of Directors or the Chief Financial Officer, as the case may be, will take such disciplinary or preventive action as deemed appropriate, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. |
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