SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    Form 20-F


[_]  Registration Statement pursuant to Section 12(b) or 12(g) of the Securities
     Exchange Act of 1934;

[X]  Annual Report  pursuant to Section 13 or 15(d) of the  Securities  Exchange
     Act of 1934.
                  For the fiscal year ended: December 31, 2004

[_]  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:
                       -------------


                        OXFORD INVESTMENTS HOLDINGS INC.
                        --------------------------------
             (Exact name of registrant as specified in its charter)

                                 Not Applicable
                 (Translation of Registrant's name into English)

                                 Ontario, Canada
                                 ---------------
                 (Jurisdiction of incorporation or organization)

                            1315 Lawrence Avenue East
                                    Suite 520
                                Toronto, Ontario
                                 Canada M3A 3R3
                    (Address of principal executive offices)

Securities  registered  or to be  registered  pursuant  to Section  12(b) of the
Exchange Act: None.
              -----

Securities  registered  or to be  registered  pursuant  to Section  12(g) of the
Exchange Act: Title of Class: Common Stock, no par value
                              --------------------------

Securities for which there is a reporting  obligation  pursuant to Section 15(d)
of the Act: None.
            -----

The number of outstanding shares of the issuer's common Stock as of December 31,
2004: 20,581,100.

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 which financial statement item the registrant has elected
to follow: Item 17    Item 18 X
                  ---        ---




<PAGE>

                                TABLE OF CONTENTS
                                                                            Page
                                     PART I

Item 1.   Identity of Directors, Senior Management and Advisers                *
Item 2.   Offer Statistics and Expected Timetable                              *
Item 3.   Key Information                                                      3
             Selected Financial Data                                           3
             Risk Factors                                                      5
Item 4.   Information on the Company                                           9
             History and Development of the Company                            9
             Business Overview                                                10
             Organizational Structure                                         16
             Property, Plants and Equipment                                   16
Item 5.   Operating and Financial Review and Prospects                        17
             Operating Results                                                17
             Liquidity and Capital Resources                                  20
             Research and Development                                         20
             Trend Information                                                21
             Safe harbor                                                      21
Item 6.   Directors, Senior Management and Employees                          22
             Directors and Senior Management                                  22
             Compensation of Directors and Officers                           22
             Board Policies                                                   23
             Employees                                                        23
             Share Ownership                                                  23
Item 7.   Major Shareholders and Related Party Transactions                   24
             Major Shareholders                                               24
             Related Party Transactions                                       24
Item 8.   Financial Information                                               24
             Consolidated Statements and Other Financial Information          24
             Significant Changes                                              24
Item 9.   The Offer and Listing                                               24
Item 10.  Additional Information                                              25
             Share Capital                                                     *
             Memorandum and articles of incorporation                         25
             Material Contracts                                               25
             Exchange Controls                                                26
             Taxation                                                         26
             Dividends and paying agents                                       *
             Statements by experts                                             *
             Documents on display                                             31
Item 11.  Quantitative and Qualitative Disclosures About Market Risk           *
Item 12.  Description of Securities Other Than Equity Securities               *

                                     PART II

Item 13.  Defaults, Dividends Arrearages and Delinquencies                     *
Item 14.  Material Modifications to the Rights of Security Holders and
          Use of Proceeds                                                      *
Item 15.  Controls and Procedures                                             31
Item 16A. Audit Committee Financial Expert                                    31
Item 16B. Code of Ethics                                                      32
Item 16C. Principal Accountant Fees and Services                              32
Item 17.  Financial Statements                                                33
Item 18.  Financial Statements                                                33
Item 19.  Exhibits                                                            34
SIGNATURES                                                                    35
CERTIFICATIONS                                                                36
* Omitted pursuant to General Instruction E(b) of Form 20-F.



                                       2
<PAGE>
<TABLE>
<CAPTION>

                                     PART I

Item 1. Identity of Directors, Senior Management and Advisers

         Not Applicable.


Item 2. Offer Statistics and Expected Timetable

         Not Applicable.

Item 3. Key Information

A.       Selected Financial Data

         The following  selected financial data for the period from inception on
October 13, 2000 through  December 31, 2000 and for the years ended December 31,
2001,  2002,  2003 and 2004 is derived from our audited  consolidated  financial
statements.  The selected financial data, as well as the consolidated  financial
statements and  accompanying  notes,  are prepared in accordance with accounting
principles  generally accepted in the United States. The Registrant presents its
consolidated  financial  statements in United States dollars. All dollar amounts
in  this  Form  20-F  are in  United  States  dollars,  except  where  otherwise
indicated.  You should read the following selected  consolidated  financial data
with "Management's Discussion and Analysis of Financial Condition and Results of
Operations" and the consolidated financial statements and accompanying notes and
other financial information included elsewhere in this annual report.

                                            From period
                                            of inception
                                            (October 13, 2000)
                                            through Year Ended     Year Ended        Year Ended       Year Ended      Year Ended
                                            Dec. 31, 2000         Dec. 31, 2001     Dec. 31, 2002    Dec. 31, 2003   Dec. 31, 2004
                                            --------------------------------------------------------------------------------------
<S>                                         <C>                   <C>              <C>              <C>
Statement of Operations Data:
      Total revenues                        $     112,172         $     401,793    $     298,550    $     439,157
      Net Income/(Net Loss)                      (100,896)           (2,117,900)        (748,796)        (331,127)
      Basic and diluted
       net loss per share -                          (0.1)                (0.12)           (0.04)           (0.02)
     Weighted average number of
      Shares used in computing basic and
      Diluted net loss per share-              13,300,000            17,152,915       19,756,999       20,005,006
Balance Sheet Data:
     Cash and cash equivalents              $           0         $         508    $         637    $      11,745
     Total current assets                         121,880               107,879           48,246          147,516
     Total assets                                 187,578               523,488           57,121          157,309
     Total current liabilities                    176,865               525,774          780,366        1,126,698
     Total liabilities                            176,865               525,774          780,366        1,126,698
     Total accumulated deficit                   (100,896)           (2,218,796)      (2,967,592)      (3,298,719)
     Total stockholders' equity (deficit)          10,713                (2,286)        (723,245)        (969,389)
</TABLE>

EXCHANGE RATES

         The following  table sets out the exchange  rates for the conversion of
Canadian  dollars into United States  dollars.  The exchange  rates used are the
closing rates provided by The Bank of Canada. The table lists the rate in effect
at the end of the following  periods,  the average  exchange rates (based on the
average of the  exchange  rates on the last day of each month in such  periods),
and the range of high and low exchange rates for such periods.



                                       3
<PAGE>

Year ended December 31,
--------------------------------------------------------------------------------

                        2004            2003           2002          2001
--------------------------------------------------------------------------------
End of Period
                        .83             .77            .63           .63
--------------------------------------------------------------------------------
Average for Period
                        .81             .71            .63           .65
--------------------------------------------------------------------------------
High for Period
                        .85             .78            .65           .67
--------------------------------------------------------------------------------
Low for Period
                        .72             .64            .63           .63
--------------------------------------------------------------------------------

         The following  table sets out the range of high and low exchange rates,
for the  conversion of Canadian  dollars into United States  dollars for each of
the  corresponding  months during 2004 and 2005. The exchange rates used are the
closing rates as provided by the Bank of Canada.

----------------------------------------------------
Month                       High              Low
----------------------------------------------------
December 2004               .84               .81
----------------------------------------------------
January 2005                .83               .81
----------------------------------------------------
February 2005               .81               .80
----------------------------------------------------
March 2005                  .83               .80
----------------------------------------------------
April 2005                  .82               .80
----------------------------------------------------
May 2005                    .81               .79
----------------------------------------------------
June 2005                   .82               .80
----------------------------------------------------

         The  exchange  rate on December 31, 2004 for the  conversion  of United
States dollars into Canadian dollars was $1.20 (CDN$1.00 = US$.083).  As of June
30, 2005 the close rate of exchange for the  conversion of United States dollars
into Canadian  dollars was $1.23  (CDN$1.00 = US$0.82).  The exchange rates used
are the noon  buying  rates in New York  City for  cable  transfers  in  foreign
currencies, as certified for customs purposes by the Federal Reserve Bank of New
York.



                                       4
<PAGE>

B.       Capitalization and Indebtedness.

         Not Applicable.

C.       Reasons for the Offer and Use of the Proceeds.

         Not Applicable.

D.       Risk Factors.

         The risks  described  below  are not the only ones we face.  Additional
risks  that  generally  apply to  publicly  traded  companies,  that are not yet
identified or that are currently  perceived as  immaterial,  may also impair our
business  operations.  Our business,  operating results and financial  condition
could be adversely  affected by any of the following  risks. You should refer to
the  other  information  set forth in this  document,  including  our  financial
statements and the related notes.

         This annual report also  contains  certain  forward-looking  statements
that involve  risks and  uncertainties.  These  statements  relate to our future
plans,  objectives,   expectations  and  intentions.  These  statements  may  be
identified  by the use of words  such as  "expects,"  "anticipates,"  "intends,"
"plans" and similar expressions. Our actual results could differ materially from
those  discussed  in these  statements.  Factors that could  contribute  to such
differences include, but are not limited to, those discussed below and elsewhere
in this annual report.

                      RISK FACTORS RELATED TO OUR BUSINESS

We Have a Limited  Operating  History so It May be Difficult for You to Evaluate
Our Business and Its Future Prospects

         It may be difficult to evaluate our business and  prospects  because we
have a limited  operating  history.  We were incorporated in October 2000 and we
began  operations  in November  2000. In our first two years of  operations,  we
focused our business on the Internet e-gaming market,  however in early 2003, we
expanded our  operations  into the  lifestyle  consumables  market.  Through our
subsidiaries Celebrity Tan, Inc. and Ontario Private Water Labeling Ltd, we have
entered the UV-free  sunless  tanning and private water  labeling  markets.  Our
prospects  must be considered in light of the risks,  expenses and  difficulties
frequently  encountered  by  companies  in their  early  stage  of  development,
particularly  companies in new and rapidly evolving markets. The risks, expenses
and difficulties that we expect to encounter include:

         o        implementing an evolving and unpredictable business model that
                  relies,  in large part, on customer  growth and  word-of-mouth
                  publicity among the targeted audiences;
         o        building   our   corporate   brand  to   attract   purchasers,
                  advertisers and  affiliates,  and our network brands to expand
                  our audience;
         o        increasing our product  offerings on existing networks through
                  internal development and affiliate partnerships;
         o        developing and integrating new networks  addressing our target
                  audience and advertiser base;
         o        diversifying  our revenue  sources by  focusing  on  different
                  business  opportunities for a consumer market and by launching
                  various marketing initiatives;
         o        expanding  our sales and  marketing  efforts to  increase  our
                  affiliate   and  customer   base  and  our  reach  within  the
                  consumables market audience;
         o        attracting, retaining and motivating qualified personnel; and
         o        responding to competitive developments.

         There can be no assurance that we will effectively address the risks we
face,  and the  failure  to do so could have a  material  adverse  effect on our
business, financial condition and results of operations.

We have a History of Operating Losses and a Significant Accumulated Deficit, and
we May Not Maintain Revenue or Achieve Profitability in the Future.




                                       5
<PAGE>

         We have not been  profitable  since our  inception in October  2000. We
expect to  continue  to incur  additional  losses for the next  fiscal year as a
result of a high level of operating expenses, significant up-front expenditures,
pursuing new initiatives for the Company and our marketing activities.  While we
have some  revenues,  we may never  realize  significant  revenues from our core
business or be profitable.  Factors that will influence the timing and amount of
our growth and profitability include:

         . the success of implementing our business plan;

         . obtaining the necessary funding to grow our business; and

         . our ability to expand, diversify and grow our business.

Our Ability to Continue as a Going Concern

         We face significant  challenges in shifting from the development  stage
to the commercialization of the products that we offer. Our business may fail if
we do not achieve significant  revenue growth or obtain sufficient funding.  Our
accountants  have raised  substantial  doubts about our ability to continue as a
going concern. Our prospects must be considered in light of the risks,  expenses
and difficulties  frequently encountered in such a transition,  and there can be
no assurance that we will be successful or that we will ever achieve  profitable
operations.

Our Rapid  Growth May Strain Our  Resources  And Hinder Our Ability To Implement
Our Business Strategy

         Our historical  growth has placed,  and any further growth is likely to
continue to place, a significant strain on our limited resources.  If we fail to
manage  our growth  effectively,  our  business  could be  materially  adversely
affected.  Our ability to achieve and maintain  profitability will depend on our
ability to manage our growth  effectively,  to implement and expand  operational
and customer support systems and to hire personnel worldwide. We may not be able
to augment or improve  existing  computer  systems and controls or implement new
systems and controls to respond to any future growth. In addition, future growth
may result in increased responsibilities for our management personnel, which may
limit their ability to effectively manage our business.


Operational Risks

         Our revenue and operating  results may fluctuate in future  periods and
we may fail to meet expectations,  which may cause the price of our common stock
to decline. As a result of our limited operating history and the emerging nature
of the markets in which we compete,  we are unable to forecast  our revenue with
precision.  We  anticipate  that the  results of our  operations  may  fluctuate
significantly  in the future as a result of a variety of factors,  many of which
are  outside our  control.  Factors  that may affect our  results of  operations
include, but are not limited to:

         o        the addition or loss of customers  for our tanning  booths and
                  spring  water  private-labeling,  or our  failure  to add  new
                  customers;
         o        our ability and the  ability of our  customers  to attract and
                  retain a large retail audience for our products;
         o        our ability to attract and retain advertisers and sponsors;
         o        seasonal trends in sunless tanning ;
         o        the amount and timing of  expenditures  for  expansion  of our
                  operations,  including the acquisition of new affiliates,  the
                  hiring of new  employees,  capital  expenditures  and  related
                  costs;
         o        our ability to continue to enhance,  maintain  and support our
                  networks and technology and avoid system downtime; and
         o        the   introduction  of  new  or  enhanced   offerings  by  our
                  competitors.



                                       6
<PAGE>

Key Individual

         Our future success will depend to a significant extent on the continued
services of senior  management  and other key  personnel,  particularly  Michael
Donaghy,  our founder,  President and Chief Executive Officer. Any loss of a key
employee could have a detrimental  effect on our business.  Currently no key-man
insurance is in place with respect to Mr. Donaghy or any of our other personnel.

         Our success is also  dependent  on our  ability to attract,  retain and
motivate  highly  skilled  technical  and  other  personnel.  While we have been
successful  in doing so thus  far,  there are a limited  number of  persons  who
possess the necessary  technical skills and understanding,  thus competition for
their services is intense. A failure to recruit or retain personnel could have a
material  adverse  effect on our  business,  financial  condition and results of
operations.

Protection and Enforcement of Intellectual Property Rights

         We  regard  the   protection  of   trademarks,   copyrights  and  other
proprietary rights as important to our success and competitive  position.  We do
not have any patented  technology that would prevent  competitors  from entering
our market.  Although we seek to protect our  trademarks,  copyrights  and other
proprietary  rights through  confidentiality  and  "non-compete"  agreements and
common law  precedents,  these  actions may be  inadequate to protect them or to
prevent others from claiming violations of their patents, trademarks, copyrights
and  other  proprietary   rights.  As  a  result,   third  parties  could  claim
infringement by us with respect to current or future services.

         We currently license and may in the future license certain technologies
from third parties,  which may subject us to infringement actions based upon the
technologies  licensed from these third  parties.  Any of these claims,  with or
without merit, could subject us to costly litigation and divert the attention of
our technical and management  personnel.  These third party technology  licenses
may not continue to be available to us on  commercially  reasonable  terms.  The
loss of the ability to use such technology could require us to obtain the rights
to use  substitute  technology,  which  could be more  expensive  or offer lower
quality or  performance,  and therefore  have a material  adverse  effect on our
business.

Risks Associated With Foreign Operations

         It is anticipated that substantially all of our revenue will be derived
from fees in foreign countries.

         In addition, there are certain difficulties and risks inherent in doing
business  internationally,  including the burden of complying  with multiple and
often conflicting regulatory requirements,  foreign exchange controls, potential
restrictions or tariffs on gaming  activities  that may be imposed,  potentially
adverse  tax  consequences  and tax risks,  as well as  political  and  economic
instability.  Changes in the  political,  regulatory  and taxation  structure of
jurisdictions  in which we operate and in which our  sub-licensee  customers are
located  could  have  a  material  adverse  effect  on our  business,  revenues,
operating results and financial condition.

         Likewise,  our ability to expand our business in certain countries will
require  modification of our products,  particularly  domestic language support.
There can be no  assurance  that we will be able to sustain or increase  revenue
derived  from  international  operations  or that  we will be able to  penetrate
linguistic,  cultural or other barriers to new foreign  markets.  The failure to
sustain or increase revenue from international  operations could have a material
adverse  effect on our  business,  revenues,  operating  results  and  financial
condition.

         Our financial results are reported in United States currency,  which is
subject to  fluctuations  in respect of the currencies of the countries in which
we  operate.  Fluctuations  in the  exchange  rate of the  U.S.  dollar  and the
Canadian  dollar  could  have a  positive  or  negative  effect on our  reported
results.  Given the constantly  changing currency  exposures and the substantial
volatility of currency  exchange rates, we cannot predict the effect of exchange
rate fluctuations upon future operating results.  There can be no assurance that
we will not experience currency losses in the future which could have a material
adverse  effect on our  business,  revenues,  operating  results  and  financial
condition.

Uncertainty of Enforcement of U.S. Laws and Judgments against Foreign Persons

         We and our  wholly-owned  subsidiaries  through  which we  operate  are
organized  under the laws of the  Province  of  Ontario,  Canada and St.  Johns,
Antigua,  respectively;  our executive offices are in Canada,  our directors and
officers and certain of our advisers are residents of Canada,  and a substantial



                                       7
<PAGE>

portion of our assets and assets of those persons are located outside the United
States.  As a result,  it may be difficult  for you to initiate a lawsuit in the
United States against us or these non-U.S. residents, or to enforce any judgment
obtained in the United States against us or any of these persons.

         Consequently,  you may be deterred or prevented from pursuing  remedies
under United  States  federal  securities  laws  against us or other  non-United
States residents.

We  Currently  Depend  On the Sale of a few  Products  to  Generate  Most of Our
Revenue

         We expect the sales of our tanning  booths,  tanning  supplies and to a
lesser  extent the sale of  private-labeled  spring water and  sub-licensing  of
World  Gaming  e-gaming  software  to  constitute  most of our  revenue  for the
foreseeable  future.  If  customers  do not  purchase  our  products,  we do not
currently  offer any other products or services that would enable us to generate
revenue or to become profitable.


We May Not Have Sufficient Capital To Fund Our Operations And Additional Capital
May Not Be Available On Acceptable Terms if At All.

         If we do not have sufficient capital to fund our operations,  we may be
forced to  discontinue  product  development,  reduce  our  sales and  marketing
efforts or forego attractive business opportunities. Any of these outcomes could
adversely impact our ability to respond to competitive  pressures and could have
a material  adverse effect on our business,  financial  condition and results of
operations.

Our Operating Results may be Impacted by Foreign Exchange Rates

         Substantially  all of our  revenue  is  expected  to be  earned in U.S.
dollars. A significant  portion of our expenses is incurred in Canadian dollars.
Changes in the value of the  Canadian  dollar  relative  to the U.S.  dollar may
result in currency  translation  gains and losses and could adversely affect our
operating results. To date, foreign currency exposure has been minimal. However,
in the future we may consider hedging all or a significant portion of our annual
estimated Canadian dollar expenses to minimize our Canadian dollar exposure.



                    RISK FACTORS RELATED TO OWNING OUR STOCK

Control By Existing Shareholders; Anti-Takeover Effects

         As of December 31, 2004, Michael Donaghy, our sole director, indirectly
through his spouse,  beneficially owned approximately 8,300,000 shares or 40.31%
of our outstanding common shares. As a result, Mr. Donaghy can exert substantial
influence over us and influence  most matters  requiring  shareholder  approval,
including the election of directors,  and thereby exercise  significant  control
over our affairs.  The voting power of Mr.  Donaghy under certain  circumstances
could have the effect of delaying or  preventing  a change in our  control,  the
effect of which may be to deprive you of a control  premium that might otherwise
be realized in connection with our acquisition.

No Established Public Trading Market

         Our shares began trading on the Over the Counter Bulletin Board (OTCBB)
in May 2004,  however,  at present our shares are thinly traded, and there is no
assurance that a significant trading market will develop, or if developed,  that
such market will be sustained.

Possible Volatility of Stock Price

         Many factors could affect the market price of our common shares.  These
factors include but are not limited to:



                                       8
<PAGE>

         o        Variations in our operating results;
         o        Variations in industry growth rates;
         o        Actual or anticipated  announcements of technical  innovations
                  or  new  products  or  product   enhancements  by  us  or  our
                  competitors;
         o        General  economic  conditions  in the markets for our products
                  and services;
         o        Divergence   of   our   operating   results   from   analysts'
                  expectations; and
         o        Changes in earnings estimates by research analysts.

         In particular, the market prices of the shares of many companies in the
technology and emerging  growth sectors  experience wide  fluctuations  that are
often unrelated to the operating performance of such companies.  When the market
price of a company's  stock drops  significantly,  shareholders  often institute
securities class action lawsuits against that company. Such a lawsuit against us
could  cause  us to  incur  substantial  costs  and  could  divert  the time and
attention of our management and other resources.  Any of these events could have
a material  adverse effect on our business,  financial  condition and results of
operations.

         Our common stock trades in the over-the-counter market on the OTCBB. As
a result,  an investor  may find it more  difficult  to dispose of, or to obtain
accurate  quotations  as to the value of, our common  stock.  Because our common
stock is subject to federal  securities  rules affecting penny stock, the market
liquidity for our common stock may be adversely affected.

         Our common  stock could become  subject to  additional  sales  practice
requirements for low priced securities. Our common stock could become subject to
Rule 15g-9 under the Securities  Exchange Act of 1934, which imposes  additional
sales practice  requirements  on  broker-dealers  that sell our shares of common
stock to persons other than established customers and "accredited  investors" or
individuals  with net worth in excess of $1,000,000 or annual incomes  exceeding
$200,000 or $300,000 together with their spouses.

         Rule  15g-9  requires  a  broker-dealer  to make a special  suitability
determination  for the  purchaser  and have  received  the  purchaser's  written
consent to the transaction prior to sale. Consequently,  the rule may affect the
ability of  broker-dealers  to sell our securities and may affect the ability of
our  shareholders  to  sell  any of our  securities  in  the  secondary  market;
generally define a "penny stock" to be any non-Nasdaq equity security that has a
market  price less than $5.00 per share or with an  exercise  price of less than
$5.00 per share,  subject  to certain  exceptions;  requires  broker  dealers to
deliver,  prior to a transaction  in a penny stock, a risk  disclosure  document
relating to the penny stock market.

         Disclosure  is also required to be made about  compensation  payable to
both the broker-dealer and the registered  representative and current quotations
for the securities.  In addition,  the rule requires that broker dealers deliver
to customers  monthly  statements that disclose recent price information for the
penny stock held in the account and  information  on the limited market in penny
stocks.


Item 4.  Information on the Company

A. History and Development of the Company

         The  Company  was  incorporated  under the laws of  Ontario,  Canada on
October  13, 2000 as a holding  company  under the name  International  E Gaming
Developers  Ltd. On May 17, 2001 the Company changed its name to Oxford Software
Developers  Inc.  and on  December  16,  2003 it  changed  its name from  Oxford
Software  Developers  Inc.  to Oxford  Investments  Holdings  Inc.  The  Company
operates its business through three  wholly-owned  subsidiaries  International E
Gaming  Developers,  Inc.  incorporated  under the laws of Antigua and  Barbuda,
British West Indies on November 3, 2000; Celebrity Tan, Inc.  incorporated under
the laws of Ontario,  Canada on May 28, 2003; and Ontario Private Water Labeling
Ltd.  incorporated  under the laws of Ontario,  Canada on May 28, 2003.  In this
Annual Report, unless the context indicates otherwise, the term "Company" refers
to Oxford Investments Holdings Inc.


                                       9
<PAGE>

B. Business Overview


         We were  incorporated  with the objective of capitalizing on the growth
of  Internet  gaming  and  entertainment  -  e-gaming.  However,  as a result of
persistent   uncertainty  in  Internet  gaming  laws  in  various  jurisdictions
worldwide, particularly in the United States, we felt that it was beneficial for
us to closely review our strategic planning as we move forward.  As a result, we
did not renew our e-gaming  license and in May 2003,  we initiated  two business
ventures  to  further  diversify  the  Company's  interests  in  the  lifestyles
consumables  market.  The first initiative is the distribution of a private line
of  UV-free  tanning  products  and  booths  and the  second  initiative  is the
distribution  of private  labeled  bottled spring water.  The Company intends to
grow these segments of its business but are continuing to aggressively  seek and
develop new business venture opportunities.  The Company will maintain sales and
distribution  control of its product  lines once they are  established  in their
respective markets.

International E Gaming Developers, Inc.
---------------------------------------

         International   E  Gaming   Developers,   Inc.   ("Egaming"),   is  our
wholly-owned  subsidiary through which we operate our gaming business.  In April
2001, we acquired the assets of Suchow Holdings Ltd., a  Bahamian-based  company
that provided back-end  administrative  software solutions for e-commerce driven
websites.  In 2003, we did not renew our online gaming license since the Company
decided to no longer operate an online casino.  Instead,  International E Gaming
Developers,  Inc. has limited its activities in the Internet  gaming industry to
the delivery of software solutions to that market.  However, the Company intends
to use Egaming's gaming experience to expand into the land-based casino industry
through the distribution of land-based  gaming kiosk and slot machine  equipment
and technology.

Gaming Business Strategy
------------------------

         A  pioneer  in the  Internet  gaming  industry,  International  EGaming
Developers Inc. began building and selling online gaming web sites in 1999. Even
though  Egaming  no  longer  operates  an  online  casino,  it uses  its  unique
combination of experience and technical  expertise to continue to derive revenue
from reselling  gaming  software and from providing  consulting and  maintenance
services to the site owners.  EGaming's  planned  expansion  into the land-based
kiosk market will  exploit its  extensive  knowledge of the gaming  industry and
benefit from the vast network of gaming contacts it has developed.

Gaming Market
-------------

         Legalized  gambling is one of the  fastest  growing  industries  in the
world. The universal appeal of gambling  provides a potential of huge returns to
those companies that can  successfully tap into this developing  market.  Online
casinos have quickly increased in revenue volume,  while the savings realized in
real  estate,  employee  payroll,  and  operations  costs  make the  Internet  a
cost-effective  distribution channel. Combined with this is the ability to offer
casino  games and sports  wagering to  customers  anywhere in the world from the
convenience of their own home. All of this makes the outlook for this enterprise
fiscally  bright,  with some  experts  forecasting  that  growth  will  continue
exponentially for at least the next few years.  However,  due to the uncertainty
in Internet gaming laws in various jurisdictions worldwide,  particularly in the
United States there can be no assurance  that the online gaming market will grow
as predicted and in fact the market may be  negatively  impacted if adverse laws
are enacted.

         The  addition of kiosk  gaming  systems to EGaming 's product line will
allow the  Company  to  market to  land-based  gaming  organizations  worldwide.
Studies have shown that industry professionals overwhelmingly agree that, in the
near  future,  casinos  will adopt  coinless  machines  and that the ability for
operators to download new games instead of having to physically  replace  gaming
machines will be a huge benefit to casino operations.  The Gaming Systems kiosks



                                       10
<PAGE>

to be marketed by EGaming will include these  features,  making them a desirable
alternative  to the  machine  games  of the  past.  There  can be no  assurance,
however,  that the  kiosk  gaming  market  will  develop  as  anticipated  or if
developed that it will be profitable.

EGaming Product Offerings

         EGaming has an agreement  with World  Gaming Plc, the global  leader in
internet gaming software development.  While Egaming itself does not participate
in online gaming,  it resells World Gaming e-gaming software products to clients
wishing to participate in the potential profits of the online gambling business.

         EGaming 's also intends to enter into a distribution  arrangement  that
allows the Company to exploit the movement  toward  coinless  machines on gaming
floors  throughout the world.  The Company will move rapidly to secure a product
line recognized by gaming organizations  worldwide,  in order to be the kiosk of
choice for upgrading and expansion by casino operators.

Product and Company Advantages

         EGaming 's long-term  involvement  in the online gaming  industry since
its  beginnings  has  given  the  Company  extensive   experience  in  building,
maintaining,  and marketing casino and sportsbook products. Each gaming presence
EGaming  markets is designed to be visually  enticing,  highly  functional,  and
easily  managed.  The  company 's  clients  benefit  from  expert  guidance  and
direction every step of the way.

         The  planned  kiosk   product   lines  feature  a  wide   selection  of
smooth-working versions of casino games that gaming patrons know and understand,
with brilliant 3D graphics,  full game speech and sound,  transaction  security,
and management  reporting.  User IDs and passwords  remain in a database to keep
customer  account  information for the benefit of both the casino patron and the
operator.

         The gaming kiosk systems will feature  player  enhancements  such as an
interactive  multimedia  touch screen,  and built-in  bill acceptor  designed to
accept  almost any type of currency.  User IDs and  passwords  allow  players to
access their account at any kiosk whenever they desire.  The gaming kiosk system
will save the player's  balance,  and produce a bar-coded  receipt so the player
can claim his  winnings  to the  location  manager.  This allows the kiosk to be
accessible  24  hours  a  day,7  days  a  week.  The  games  themselves  operate
independently  within  each  kiosk,  with  transactions  controlled  through  an
internal gaming server.

         For the  casino  owner,  the  kiosks  will  feature  fully-customizable
graphics,  allowing branding of the machines for marketing and loyalty purposes.
The proprietary  software is available  separately from the cabinets,  so owners
can  upgrade,  add,  or  delete  games as they  desire.  Reporting  tools can be
customized  to suit the casino 's needs and control  what will be visible on the
gaming terminal reports page for various levels of management access. Kiosks can
be  monitored  and  managed  anywhere  through  the  Internet.  Owners that have
multiple  locations  will be  able  to  monitor  individual  accounts,  separate
locations, or multiple locations simultaneously.

         World Gaming Online Products

         The Internet-based  software and electronic  commerce software products
licensed  to us by World  Gaming are used by  sub-licensees  to create  "virtual
casinos."  The software  package  transfers the "front end"  information  (i.e.,
playing cards, roulette wheel, dice numbers, etc.) between the user and a remote
server.  The  software  package  utilizes  each user's  computer to generate the
graphics of the virtual  casino  while the gaming  server  performs the "dealer"
function,  generating the random numbers of playing cards,  roulette numbers and
dice numbers, as applicable.

         Among  other  things  the  software  contains  proprietary   encryption
features,  which allow secure  transmission of data. Our software generally does
not require the transmission of graphical  information over the Internet,  which
eliminates  the long waits which  users of other  software  products  experience
while graphics are redrawn as new hands are dealt. In addition,  our proprietary
Internet software package permits our sub-licensees to offer multi-player games,
a  3D  panoramic  virtual  casino  floor  and  Internet  browsing  features  and
facilitates inter-player chatting.



                                       11
<PAGE>

         Enhanced  technology and networks,  and a flow of both improved and new
software products developed by and/or licensed from World Gaming will complement
a high level of  marketing.  This  provides the gaming  customer with the widest
diversity of gaming  experiences.  Venues offered range from currently available
casino games,  sportsbooks  and bingo,  to the live  horseracing  paramutual web
simulcasts,  international  lottery  ticket  brokerage  and other  live  webcast
events.  We  intend  to  make  this  type of  diversified  portfolio  of  gaming
experiences available to our sub-licensees and so to their customers.

EGaming Future Strategy

         EGaming  no longer  has a license  to  operate  its own casino but will
continue to use the resources it has developed in order to market turnkey gaming
systems  for  use  by  third-party  corporations.  The  Company  will  establish
relationships  with government and independent  gaming  organizations to get its
land-based gaming product line recognized,  and promote benefits of the kiosk 's
gaming systems in order to make it the gaming system of choice for upgrading and
expansion by casino operators.

         The company may also derive revenue from reselling WorldGaming software
to parties that want to own and operate online casino web sites.


GOVERNMENT GAMING LICENSING AND REGULATION AND RELATED RISKS

         Our  subsidiary  EGaming  although  no longer an owner and  operator of
online  casinos,  will resell World  Gaming,  Plc.,  online  gaming  software to
various  third-party  entities,  which  deploy such  software for the purpose of
conducting interactive gaming casinos utilizing the Internet. These entities are
licensed  to operate  interactive  casinos in the  country  where  their  gaming
equipment is physically located.

         EGaming,   from  its  offices  in  Antigua,   provides  consulting  and
maintenance  services  to the  site  owners.  .  These  entities  operate  their
interactive  casinos  from  servers  maintained  by  World  Gaming  through  its
subsidiary Starnet Systems and located in Antigua.

         A significant  debate exists whether the laws of any country other than
the country  where the  computer  gaming  servers are  physically  located  have
jurisdiction  over the  operations  of the  licensees  of  Starnet  Systems.  In
addition, a significant debate exists whether the laws of any country other than
the country  where the  computer  gaming  servers are  physically  located  have
jurisdiction  over the operations of companies,  which perform  services for the
licensees.

         Our licensing agreement is with World Gaming Plc., which holds a gaming
license in the  Country of Antigua  and  Barbuda.  Our  licensees  each have the
responsibility  to  determine  from  which  countries  they will  accept  gaming
transactions and ensure that their own gaming license is maintained.  All of our
licensees gaming transactions are accepted on servers located in Antigua and are
governed  by the  conditions  of those  licensees  gaming  licenses.  No  gaming
transactions  are accepted or recorded by any  subsidiary  of the Company  other
than those  processed  on our  servers  located in Antigua  and  licensed by the
government of Antigua and Barbuda under our subsidiary, EGaming.

         Most  countries  and  jurisdictions   within  countries  have  laws  or
regulations  restricting gaming activities.  For example,  in the United States,
the Wire Act contains provisions that make it a crime for anyone in the business
of gaming to use an interstate or international  wire communication line to make
wagers or to transmit  information  assisting  in the  placing of wagers.  Other
United States laws impacting  gaming  activities  include the  Interstate  Horse
Racing Act,  the  Interstate  Wagering  Paraphernalia  Act,  the Travel Act, the
Organized Crime Control Act and the Patriot Act.

         While we have been advised that  e-gaming  activities of Egaming do not
violate or are not subject to such laws and  regulations,  because there is very
little clear statutory and case law authority,  this conclusion is not free from
doubt.  We face the risk of either  civil or  criminal  proceedings  brought  by
governmental or private  litigants who disagree with our  interpretation of laws



                                       12
<PAGE>

and regulations. Because there is little guiding authority, there is a risk that
we could lose such lawsuits or actions and be subject to significant  damages or
civil or criminal  penalties  and fines.  Such  proceedings  could also  involve
substantial  litigation  expense,  diversion of the attention of key executives,
injunctions or other  prohibitions being invoked against our licensees or us and
our subsidiaries.  The uncertainty surrounding regulation of the Internet gaming
could  have a  material  adverse  effect on our  business,  revenues,  operating
results and financial condition.

         Currently,  the U.S.  Justice  Department  has  taken the view that all
offshore gaming funds are tainted,  because all offshore gaming is illegal. This
creates a serious disincentive for non-U.S. banks to provide banking services to
Internet gaming operators,  and thus negatively  impacts our market of potential
licensees.  MBNA,  Bank of  America,  Chase  Manhattan  Bank and  Citibank  have
announced that they will decline authorization to Americans who try to use their
credit cards for online gaming.

         We believe that if current laws or any future laws become applicable to
activities of our licensor,  World Gaming,  or our subsidiary  that resell World
Gaming  Software,  such laws  would  have an  adverse  effect  on our  business,
revenues, operating results and financial condition

Celebrity Tan, Inc.
-------------------

         Celebrity Tan, our wholly-owned subsidiary, entered the UV-free tanning
market in 2003,  marketing a line of instant mist tanning  booths and  supplies.
The  Company  has  developed  a  national  network  of sales  agents to  promote
Celebrity Tan booths to salons,  health spas, fitness centers, and hotels across
Canada  and in other  countries,  including  Europe and the  United  States.  In
addition  to booth  sales to salon  owners  internationally,  the first  year of
operation  saw  the set up of the  Company  's  Ontario  showroom  and  training
facility and other showrooms introduced during 2004.

         Through its  experience in marketing  the Celebrity Tan booth  product,
and through  research  into  competing  products,  Celebrity  Tan has  developed
significant product  improvements,  which has led the Company to recently expand
its operations to include the manufacturing and development of the Celebrity Tan
UV-free mist tanning booth.

The Product and Market
----------------------

         Many people enjoy the healthy look of a beautiful  golden brown tan. In
the past there has been a market for year-round tanning within salons.  However,
with  increased  awareness of the  potential  of UV light to damage  skin,  some
people have begun to avoid conventional tanning methods. There is also a segment
of  the   population  who  has  skin  types  that  resist  tanning  using  these
conventional methods.

         Sunless  tanning creams have been  developed to serve this market,  but
they are difficult to apply evenly, and require the assistance of another person
for  hard-to-reach  areas of the body.  UV-free spray tanning using  instant-tan
booths is the latest  solution  for this  problem.  Recent  media  exposure  has
increased the awareness  and demand for this  service,  and tanning  studios are
increasingly considering providing UV-free tanning to their clients. Moving into
the areas of product development and manufacturing gives the Company the ability
to improve upon the existing tanning booths in the market.  By ensuring that end
users have a satisfying  result,  the Company can ensure  growth in this market,
and develop a brand with a reputation for quality results.

         Being a relatively new cosmetic tanning  service,  the target market is
not yet fully aware of the availability and benefits of spray tanning. As market
awareness increases,  we believe the demand for this service will also increase.
By  developing  and  providing a superior  product that  addresses  the needs of
salons and their customers,  Celebrity Tan has gained a distinct  advantage over
its  competitors.  Through  continuing  quality  improvements  and joint venture
arrangements,  the  Company  hopes to make its  booths  the choice of both salon
owners and instant tanners alike.

         The Company's new manufacturing  division allows the Company to benefit
from the increased control over quality,  production,  and delivery times, while
gaining from production cost savings and tax advantages.




                                       13
<PAGE>

Product and Company Advantages
------------------------------

         By  participating  in this  early  stage of the UV free  spray  tanning
market,  both the Company and its customers expect to benefit from the growth in
the  industry.  The  Celebrity  Tan mist  tanning  booth is designed to offer an
upscale   atmosphere,   and  has  many  features  for  spray   consistency   and
personalization, customer comfort and safety, and ease of maintenance. The booth
makes  efficient  use of the instant  tanning  product and can be installed in a
small  space.  The  Celebrity  Tan booth is more user  friendly,  and  easier to
troubleshoot and maintain than any other booth on the market.

The Strategy
------------

         In addition to  promoting  the  Celebrity  Tan instant  tanning  booths
through its sales  representatives  across  Canada and in other  countries,  the
Company  expects to embark on a direct sales  campaign to about 30,000  existing
spa, esthetics,  and fitness facilities in the upcoming year.  Celebrity Tan has
begun an international magazine advertising campaign in order to further promote
brand recognition.  The opening of Celebrity Tan 's manufacturing  division will
enable the Company to provide  superior  quality  control while allowing for the
development of  improvements  over existing  booths in this market.  The Company
will be better able to manage delivery times,  and will have the ability to ship
the booth as  components  that will maximize the  efficiency of assembly,  while
allowing the Company to coordinate  set-up and training  personnel with delivery
times.

         The cost  reductions  and tax benefits  achieved by  manufacturing  the
Celebrity  Tan booth  will  give the  Company  opportunities  to  provide  booth
purchasers with more financing options.  By increasing  affordability to salons,
we will further promote sales and corporate  branding.  Producing a product that
is recognized  for its quality will allow  Celebrity Tan more  opportunities  in
promoting the sales to  independent-run  operations.  With the knowledge  gained
through previous  experience with customers within the salon market, the Company
has the ability to provide  training for future  customers  and assist with site
development using premium store design techniques developed specifically for the
Celebrity Tan brand.

         Additional  income potential may be tapped through sales of the tanning
product to salons, and through the launch of the "Celebrity Tan " bottled lotion
for the retail market, for use when a full-body tan is not required. The Company
expects to sell this retail product at existing booth locations, and through the
Company 's existing Internet infrastructure.

         As this industry moves forward we anticipate  both salon owners and the
general  public will  recognize  Celebrity Tan as the sunless  tanning system of
choice.  The  Company  's goal is to  secure  its  position  as  Number 1 in the
industry by providing the "perfect tan ".

Customers
---------

         The Company maintains  long-term  relationships  with its Celebrity Tan
customers,  many  of  whom  are  seeking  significant  market  shares  in  their
respective locations. The Company premises its marketing strategy on its ability
to offer customers a package of services,  including product planning and design
tailored to the customers' needs, high-tech quality manufacturing,  distribution
and logistics setup and marketing strategies.

         Celebrity Tan has a strong in-house  manufacturing  team. The Company's
on-staff  equipment  designer has a 23-year  background in the use of air-driven
spraying equipment,  and has drawn upon this extensive expertise to develop what
the Company  believes is a distinctly  superior product to others in the market.
The Company's design  specialists  remain  constantly  apprised of technological
innovations in UV-free spray booth equipment. The Company's presence in both the
United  States  and its  planned  presence  in Europe  also  enable  its  design
personnel  to offer  significant  sales and  marketing  advice in both  markets.
Although  Celebrity  Tan's  products are sold under its own label and brand,  it
collaborates closely with its customers to manufacture and develop products. The
design  team  prepares  presentations  for  customers  and with  the  customer's
participation,  develops  and installs  tanning  booths that are relevant to the
customer's specific needs.  Celebrity Tan believes that the comprehensive nature
of the services it offers is a major factor in the strength of its  relationship
with its customers.



                                       14
<PAGE>

Ontario Private Water Labeling Ltd.
-----------------------------------

         Ontario  Private  Water  Labeling  Ltd.  ("OPWLL"),   our  wholly-owned
subsidiary,  specializes  in bottled water  distribution  and sales.  Through an
arrangement with an existing  water-bottling  company,  OPWLL has set up a sales
and distribution facility through the Toronto office of the Company. The Company
is developing and branding its water products for global distribution and sales.
These corporate  brands,  which include the "Water Rocks " label, are being made
available  for both  wholesale  and  retail  consumption.  The  Company  is also
marketing a private label product for resellers who wish to carry  store-branded
water.


The Product and Market
----------------------

         People  are  increasingly  using  bottled  water for its  fresh  taste,
convenience,  and purity.  OPLWLL 's water is obtained  through a natural spring
located  near  Innisfil,  Ontario.  OPLWLL has a network of  connections  in the
entertainment  and food service  industries.  By retailing the corporate  brands
through  these  high-profile   connections,   the  Company  intends  to  develop
recognized brands that consumers will desire as status products.

Product and Company Advantages
------------------------------

         The  corporate  brands,  such as "Water  Rocks(TM)  ", are  designed to
create appeal in specific markets. By targeting markets selectively, the various
brands will become  recognized as the choice for their target  groups.  In April
2004,  OPWLL was  granted a  trademark  in Canada for its  product  name  "Water
Rocks."

The Strategy
------------

         OPWLL is branding its exclusive labels for a variety of target markets.
Through  associations with the entertainment  industry,  the Company will market
its water product for sale at venues such as concerts, theatre performances, and
sporting  events,  with the ultimate  goal of making its branded  water a status
product available on the retail market. We will also approach both corporate and
retail  clients  who wish to brand  their own label of water  products  and make
custom labeling available for promotional and charity events.

Business Strategy

         Operating  within the lifestyle  consumables  industry,  we developed a
comprehensive  business  strategy designed to utilize our strengths and create a
sustainable  competitive  advantage.  The rapid  development of the Internet has
created  opportunities  to develop  new,  efficient  and secure  ways to deliver
business opportunity  information and life-enhancing  products to customers.  We
intend to expand our market  share of the  UV-free  tanning  market,  the spring
water private-labeling and branding market and become a leader in the land-based
gaming industry.

Initially, we will derive our revenue from the following sources:

o        Manufacture  and sale of UV-free spray tanning  booths to customers and
         partners;
o        Sale of tanning supplies to tanning booth purchasers;
o        Sale and private labeling of bottled water;
o        Provision of marketing  services,  support  maintenance  and consulting
         services to customers;
o        Sale of gaming kiosk systems to land-based casino owners;

Specifically, our key strategic objectives are to:

o        Expand  and  continually  improve  our sale of  UV-free  spray  tanning
         booths;
o        Develop an integrated network of UV-free spray tanning booth locations;
o        Develop our role as a leading  provider of UV-free spray tanning booth,
         tanning services and related products;
o        Expand geographically to other markets; and
o        Selectively  pursue   opportunities  that  allow  us  to  leverage  our
         marketing and sale competencies into other market segments.



                                       15
<PAGE>

We will  employ a variety of  strategies  to  achieve  these  objectives.  These
strategies include:

o        Rapidly expanding our presence through our Internet web site;
o        Obtaining  rapid  sales  and  increasing  market  penetration  via  the
         in-house  manufacture  and delivery of our UV-free spray tanning booths
         at a  substantial  discount  from  the  cost of  purchasing  them  from
         third-party manufacturers;
o        Development and promotion of a solid marketable brand image;
o        Promoting  our brand name and driving  sales by  combining  traditional
         offline  strategies,  including public relations and print, with online
         marketing vehicles;
o        Negotiating strategic partnerships with relevant partners and expanding
         into foreign markets; and
o        Accessing  our  customer  base  to  generate  a  rapidly   growing  and
         potentially fertile source for marketing and promotional activities.

Sales And Marketing

         The Company  customizes its sales and marketing  strategy  according to
individual  customers'  geographic regions and based on the market segment.  For
example,  through Ontario Private Water Limited, the Company intends to approach
corporate  and retail  entities that wish to insert their own labels and use the
water as promotional or marketing  tools.  Additionally,  the Company intends to
market  its own  line of  bottled  spring  water to sell at  concerts,  sporting
events, and other venues.

         With  respect  to  Celebrity  Tan,  the  Company  has set up  show-room
facilities  and intends to set up more  show-room  type  facilities to provide a
model for potential  customers to experience the UV-free  tanning  process first
hand.

         The Company employs experienced  personnel who maintain ongoing contact
with its customers and respond to customers' needs promptly and effectively.



C. Organizational Structure


                         OXFORD INVESTMENTS HOLDINGS INC
                         -------------------------------
                                        |
                                        |
         -------------------------------------------------------------
         |                              |                            |
         |                              |                            |
-----------------------           --------------     ---------------------------
INTERNATIONAL EGAMING             CELEBRITY TAN,          ONTARIO PRIVATE
DEVELOPERS, INC. (100%)             INC. (100%)      WATER LABELLING, LTD. 100%)
-----------------------           --------------     ---------------------------



D. Property, Plants and Equipment

         Our registered  office and principal  executive  offices are located in
the City of Toronto, in the Province of Ontario, Canada, at 1315 Lawrence Avenue
East, Suite 520,  Toronto,  Canada M3A 3R3. The registered  office and principal
executive offices of our Antigua  subsidiary are located at No. 6 Temple Street,
St.  John's,  Antigua,  at our Antigua  counsel's  office,  without any lease or
charge.



                                       16
<PAGE>

         We lease 2000 square feet of office  space at 1033 Toy Avenue,  Unit 2,
Pickering, Ontario, Canada from an unaffiliated party. The office space provides
us with the necessary  office and  development  space.  The term of the lease is
three years beginning December 1, 2003, with rent of $1,443 per month. .

         We occupy the office space at No. 6 Temple Street,  St. John's Antigua,
without lease or charge, from our Antigua counsel.  The office space provides us
with the necessary office and development space.

Item 5. Operating and Financial Review and Prospects

         A. Operating Results

         You  should  read the  following  discussion  in  conjunction  with our
consolidated financial statements and the accompanying notes appearing elsewhere
in this annual report.

Overview

         We were  incorporated  with the objective of capitalizing on the growth
of  Internet  gaming  and  entertainment  -  e-gaming.  However,  as a result of
persistent   uncertainty  in  Internet  gaming  laws  in  various  jurisdictions
worldwide, particularly in the United States, we felt that it was beneficial for
us to closely review our strategic planning as we move forward.  As a result, we
did not renew our e-gaming  license and in May 2003,  we initiated  two business
ventures  to  further  diversify  the  Company's  interests  in  the  lifestyles
consumables  market.  The first initiative is the distribution of a private line
of  UV-free  tanning  products  and  booths  and the  second  initiative  is the
distribution of private labeled bottled spring water.

         The period from  inception  on October 20, 2000 to December 31, 2000 is
not  comparable to the fiscal year ended  December 31, 2001 because we were just
starting to engage in the operation and  management of Internet  gaming sites in
2000.

         Our consolidated  financial  statements are prepared in accordance U.S.
generally  accepted  accounting  principles.  Our  functional  currency  is  the
Canadian  dollar  and  our  subsidiaries'  are the  United  States  dollar.  Our
financial statements are reported in United States dollars.

Sources of Revenue

         Our  product  revenue  consists of UV free  Tanning  Booths and related
supplies, bottled water and bottled water private labeling, software sub-license
fees and web site  customization  fees.  Our services  revenue  include  amounts
derived  from  hosting  fees,  royalties  and revenue  sharing  arrangements  on
e-commerce transactions.

Revenue Recognition

         Our  licensing  agreements  contain  multiple fee elements  such as web
customization,  web hosting, licensing and marketing fees. Fees are allocated to
the various components based on objective evidence of fair value, which includes
the price charged as if the element was sold  separately.  We recognize  revenue
when  there  is  persuasive  evidence  of an  arrangement,  such as a  licensing
agreement, when delivery has occurred, when there is a fixed or determinable fee
and when  collectibility is probable.  When the fee is not fixed or determinable
or when collectibility is not assured,  the revenue is recognized when received.
As amounts are  collected,  the  appropriate  revenue is recognized and deferred
revenue is recorded for the annual amortizable portion as described below.

         Pursuant to our agreement  with World Gaming,  we are required to pay a
monthly royalty fee of 20% based on net monthly revenues.

Current Sources Of Revenue

         UV-Free Tanning Booths and Related Products



                                       17
<PAGE>

         We manufacture and sell UV-Free Tanning Booths and related  supplies to
our  customers.  Revenue  on such  sales  are  recognized  when the  product  is
delivered  and  installed  at a  customer's  location.  Revenue from the sale of
related products is recognized upon the sale and delivery of such products.

         Spring Water

         We  provide  private  labeling  and  sell  spring  water.   Revenue  is
recognized upon the sale and delivery of the water to a customer.

         License Fees

         Our  sub-licensees  pay us  up-front  software  licensing  fees for the
purchase of a web site.  Licensing  fees for e-gaming web sites are deferred and
recognized throughout the first year of a sub-licensee's operation.

         Web Site Customization Fees and Hosting Fees

         Our existing  customers  require us, and our  potential  customers  may
require us to customize,  host and manage the server infrastructure and software
platform as part of the purchase of an e-gaming web site. Revenues from web site
customization  fees are recognized as sold to third parties.  We provide hosting
service for a monthly fee. The web hosting fees are deferred and recognized over
a twelve-month  period.  Revenue from the sale of software  sub-licenses  to our
related reseller is recognized upon sell through to the unrelated third parties.

         Royalties/Marketing

         We  earn  monthly   royalties  and  advertising   revenue  from  casino
operations.  Revenue  from  casino  operations,   marketing  and  royalties  are
recognized monthly as earned.

         A.  Operating Results

         The  following  is  management's  discussion  and  analysis  of the our
financial  condition and results of its operations from the date of inception on
October 13, 2000 to December  31, 2000 and for the fiscal  years ended  December
31, 2001,  2002, 2003 and 2004.  Because we are an emerging  company and we have
recently  diversified  our  business  operations,  the  comparisons  between our
financial statements may not be meaningful and may not necessarily be indicative
of our future results of operation.

Fiscal Year Ended December  31, 2004*
-------------------------------------

         * To be filed amendment.

Fiscal Year Ended December  31, 2003
------------------------------------

         Revenues
         --------

         For the fiscal year ended  December 31, 2003, we reported a net loss of
$331,127 or $0.02 per share.  Revenues amounted to $439,157 of which $58,534 was
from the sale of UV-Free  Tanning Booths and related  supplies,  $0 was from the
sale of spring water, $ 96,600 was from the sale of software licenses and casino
operations,  $11,419 was from  advertising  and  marketing and $272,604 was from
royalties from e-gaming activities.

         Our revenue  increased by 47% over the comparable period from the prior
year. The increase in revenue was mainly due to the Company's  entering into the
UV-Free Tanning business and to a lesser extent spring water branding and sales.
Sales from tanning booths and related products  accounted for 13% of our revenue
and spring water branding and sales accounted for 0% of revenue.



                                       18
<PAGE>

         Cost of Revenues
         ----------------

         Cost of  revenues  amounted  to  $321,388  from  $70,752 an increase of
$250,636 or 354% from the  comparable  period from the prior year and  consisted
principally of costs associated with the  manufacturing  and distribution of our
UV-free tanning booths and material ($41,067),  casino operations ($209,345) and
gaming license expenses ($70,976).

         Selling, General and Administrative Expense
         -------------------------------------------

         Selling,  general  and  administrative  expense  ("SG&A")  amounted  to
$428,687 from $641,249, a decrease of $212,562 or 33% and consisted  principally
of payroll  ($74,854),  advertising and marketing  ($49,614),  professional fees
(comprised  of  accounting,   audit  and  legal)   ($73,906),   consulting  fees
($127,061),  rent ($38,086)  other  administrative  and  communication  expenses
($67,227).

         SG&A  expenses  were due to our entry into the UV-free  tanning and the
spring  water  branding  business,   increased  corporate   activity,   business
development,  promotion and  marketing.  SG&A  decreased  significantly  because
decrease  in  consulting  expenses  and the  professional  accounting  and legal
expenses that was  attributable  to our efforts to register as a public  company
with the Securities & Exchange Commission.

         Financial Condition, Liquidity and Capital Resources
         ----------------------------------------------------

         At December 31, 2003,  the Company had total current assets of $147,517
consisting  of cash and cash  equivalents  of  $11,746,  inventory  of  $43,977,
receivables of $3,721 and prepaid expenses of $88,073.

         Operations  used $7,108 for the fiscal year ended  December  31,  2003.
Funds used in operations  primarily  relate to the Company's  expansion into new
market.

         Investing activities used $1,684 for the fiscal year ended December 31,
2003. Funds used in investing activities consisted of purchases of equipment and
software.

         Financing  activities  provided  $206,096  for the  fiscal  year  ended
December 31, 2003. Funds provided by financing  activities were from the sale of
796,500 shares of common stock.  The Company used $63,345 to repay loans made to
the Company from related parties.

         We had no long-term debt at December 31, 2003.

Fiscal Year Ended December  31, 2002
------------------------------------

         Revenues
         --------

         For the fiscal year ended  December 31, 2002, we reported a net loss of
$748,796 or $0.04 per share.  Revenues  amounted to $298,550,  of which $171,551
was from the sale of software licenses and casino operations,  $112,776 was from
advertising   and  marketing  and  $8,223  was  from   royalties  from  e-gaming
activities.

         Cost of Revenues
         ----------------

         Cost of revenues  amounted to $70,752 for the same period and consisted
principally of casino operations ($62,850) and gaming license expenses ($7,902).

         Selling, General and Administrative Expense
         -------------------------------------------

         Selling,  general  and  administrative  expense  ("SG&A")  amounted  to
$641,249 and consisted  principally of consulting fees ($152,413),  professional
fees (comprised of accounting,  audit and legal) ($191,743) other administrative
and communication expenses ($297,093).



                                       19
<PAGE>

         SG&A expenses were due to our increased  corporate  activity,  business
development,  sub-licensee  acquisition,  promotion and marketing.  Professional
accounting and legal expenses were  attributable to our efforts to register as a
public company with the Securities & Exchange Commission.

         Financial Condition, Liquidity and Capital Resources
         ----------------------------------------------------

         At December 31, 2002,  the Company had total current  assets of $48,246
consisting  principally  of cash and cash  equivalents  of $637,  receivables of
$15,793 and prepaid license fees of 30,949.

         Operations  used $185,653 for the fiscal year ended  December 31, 2002.
Funds used in operations  primarily  relate to  professional  fees regarding the
registering of the company with the Securities and Exchange Commission.

         Investing activities used $3,617 for the fiscal year ended December 31,
2002, funds used in investing activities consisted of purchases of equipment.

         Financing  activities  provided  $188,300  for the  fiscal  year  ended
December 31, 2002.  Funds provided by financing  activities were from loans made
to the Company from related parties and from the sale of 17,000 shares of common
stock.

         We had no long-term debt at December 31, 2002.

         B.  Liquidity and Capital Resources

         The Company will require additional  liquidity over the next 12 months.
Even though the Company partially funds its operations through revenues from the
sale of its  products,  the Company will also require both internal and external
sources of liquidity.

         To provide working capital for its operations and project  development,
the Company may need to raise new funds.  Traditionally,  the Company has raised
capital through the issuance of common shares. In addition, from time to time in
the past,  Michael Donaghy,  the President of the Company,  personally  advanced
non-interest-bearing  loans to the Company for the day-to-day  operations of the
Company.  It is contemplated that it will continue to raise capital primarily in
private placements through investors.  No assurance,  however, can be given that
the Company's future capital requirements will be obtained. The Company's access
to  capital  is  always  dependent  upon  future  financial  market  conditions,
especially those pertaining to early-stage companies.  There can be no guarantee
that  the  Company  will be  successful  in  obtaining  future  financing,  when
necessary, on economically acceptable terms.

         For the year ended December 31, 2004, the Company believes that it will
need  approximately  CAD$360,000  of  cash to  cover  administrative  costs  and
approximately   CAD$60,000  for  payment  of  lease   properties.   The  Company
anticipates that it will pay for its 2004  administrative  and operational costs
from existing  working  capital,  from current  revenue streams and from private
placements  through  investors.  The Company  believes  it can raise  sufficient
working  capital to complete its anticipated  expenditures  during the remaining
portion of 2004,  however,  no assurances  can be given that the Company will be
able to raise cash from additional  financing efforts.  If the Company is unable
to obtain sufficient funds from future financing,  or from current revenues, the
Company may not be able to become profitable.


C. Research and development, patents and licenses, etc.

         On January 25,  2001,  the Company  entered  into a software  licensing
agreement   with  World   Gaming  and  also  paid  World   Gaming  a   one-time,
non-refundable  software development fee for its own virtual casino. Pursuant to
the  agreement  with World  Gaming,  the  Company is  required  to pay a monthly
royalty fee of 20% based on net monthly  revenues.  According to the  agreement,
15% of the  net  monthly  casino  revenues  must be  spent  on  advertising  and
marketing  per month.  The term of the  license  agreement  is for one year with
automatic  one-year  extensions.  The license allows the Company to resell World
Gaming software.



                                       20
<PAGE>

         In  January,  2004  the  Company's  subsidiary  Ontario  Private  Water
Labelling  Limited was granted a trademark in Canada for its product name "Water
Rocks(TM)."

         In the fiscal years 2004, 2003, 2002 and 2001, the Company did not have
any research, development or patent expenses.


D. Trend Information

The Internet

         The Internet continues to grow at a high rate in terms of the number of
users online,  the total revenue being  generated  online and the speed at which
communications  can be carried.  All of these  factors  contribute to a parallel
growth in the number and value of online  gaming  transactions  globally and the
market audience for our UV free tanning and spring water distribution business.

         According to published reports,  the popularity of the Internet and the
continuing  increase in the on-line  population has established it as one of the
fastest  growing  communications  mediums in history,  reaching an  estimated 50
million users worldwide within only 5 years since its establishment for business
and personal use. Comparably, radio did not reach the same level of exposure for
38 years, television for 13 years and cable for 10 years.

         The intense  increase in Internet  penetration  is due to several major
factors,  the  first  and  foremost  relating  to PC  penetration.  Most PCs are
equipped with some form of Internet access,  and most homes have telephone lines
or other forms of internet access. Once a PC is inside a home, the Internet is a
natural part of its use. Second,  technology  advances in personal computers for
the home and office, as well as those that help connection speed,  encourage the
use of the Internet.  Most product  developments,  such as computers  that offer
Internet  access by the touch of a button,  make the  Internet  experience  more
enjoyable and, therefore,  consumers are drawn to it. Lastly, the content on the
Internet is self-enforcing.  Advertising on the Internet directs consumers go to
other  websites,  thus  extending  the average time that users spend on the web.
North America has dominated the  development  of the Internet,  but the greatest
growth potential is outside that region.

         We  expect  these  growth  trends  will have a  positive  impact on the
Company's sales and revenues. See "Forward Looking Information," below.

The Economy

         We believe that significant  opportunities  exist in the economy in the
lifestyle  enrichment and consumables  market,  including gaming activities,  UV
free tanning  services and products and spring water branding,  distribution and
sales.  Specifically,  we believe  that our UV-free  tanning  booths and product
sales will increase as our brand name becomes more  entrenched in the market and
as we focus on developing more partner distribution  channels.  In addition,  we
anticipate  that our gaming  purchases and activity will continue to increase as
we focus on  providing a wide  variety of gaming  opportunities.  We expect such
increases to occur primarily as a result of a marketing plan and the development
of relationships with various land-based casinos. We expect to grow sales of our
Water  Rocks(TM)  through  associations  with the  entertainment  industry.  The
Company  will  market its water  product  for sale at venues  such as  concerts,
theatre performances,  and sporting events, with the ultimate goal of making its
branded water a status product available on the retail market.

G. Safe harbor (Forward Looking Information)

We are projecting positive cash flow.

         We are  projecting  positive  cash  flow  for the  fiscal  year  ending
December 31, 2004, but anticipate increased expenses.  It is expected that these
expenses will be caused primarily by:



                                       21
<PAGE>

o        Cost to start-up and operate new lines of business
o        marketing costs
o        costs for software and related applications
o        startup, including personnel and office costs
o        customer acquisition costs
o        legal and accounting costs

We are in the emerging stage.

         We have a  limited  operating  history  since our  operations  began in
November 2000.  Consistent with other  early-stage  companies,  expenditures are
heavily  weighted  in  favor  of  our  company  branding,   marketing,  customer
acquisition and partnering affiliations.  We realize that these expenditures are
necessary in order to compete for customers  more  effectively  and to develop a
profitable company capable of surviving and prospering well into the future.

         We expect to continue  developing  our three lines of business  through
expanding  our customer  base and  improving  functionalities  based on customer
needs,  requests and  requirements.  In the event that we target an  appropriate
acquisition or licensing candidate,  which we currently have not, we may require
additional funding to consummate such a relationship.

         We do not currently  have  sufficient  financial  resources to meet the
funding  requirements  referenced above.  Accordingly,  we are currently seeking
funding from outside  sources.  At the date hereof,  we have no firm commitments
from anyone to provide additional funding.


Item 6. Directors, Senior Management and Employees

         A.  Directors and senior  management.  Set forth below are  particulars
respecting  our sole  director  and officer as of  December  31,  2004,  and his
business experience:

         Name                Business Address           Position
         ----                ----------------           --------
         Michael Donaghy     1315 Lawrence Ave. East    Chief Executive Officer,
                             Suite 520                  President and Director
                             Toronto, Ontario
                             Canada M3A 3R3


         Michael  Donaghy,   President.  Mr.  Donaghy,  age  42,  has  been  our
President,  since  inception.  From  February  2000 to October 2000 he served as
Interim President of Zaurak Capital Corp., an e-gaming holding company.  In 1999
he formed and was named  President and Chief  Executive  Officer of  CyberGaming
Inc.,  a company  engaged in the  business of Internet  e-gaming  sub-licensing,
website  creation  and hosting.  Mr.  Donaghy  resigned as President  and CEO of
CyberGaming  Inc. in September  2000,  just prior to joining us. Mr.  Donaghy is
also President of Citywebsites.com, a website design company, since March 1995.

         B.  Compensation.  Mr.  Donaghy  received a salary of $6,800 during the
fiscal  period  ended  December  31,  2000,  $78,500  for the fiscal  year ended
December  31,  2001,  $125,000  for the fiscal  year ended  December  31,  2002,
$125,000 for the fiscal year ended December 31, 2003 and $125,000 for the fiscal
year ended  December 31, 2004,  as the Company's  President and Chief  Executive
Officer. No other compensation was paid to our executive officers.

         We do not presently pay any cash  compensation to directors for serving
on our board,  but we do  reimburse  directors  for  out-of-pocket  expenses for
attending board meetings.

Executive Compensation

         The following table sets forth the aggregate cash compensation paid for
the past fiscal year.


                                       22
<PAGE>
<TABLE>
<CAPTION>


                           SUMMARY COMPENSATION TABLE

                                                                          Long Term Compensation

                                    Annual Compensation                 Awards                Payouts

                                                                Restricted   Securities   LTIP       All Other
Name and               Fiscal    Cash            Other Annual   Stock        Underlying   Payouts    Compensation
Principal position     Year      compensation    Compensation   Award(s)     Options (#)
                                 (US$)           (US$)
<S>                    <C>       <C>             <C>            <C>          <C>          <C>        <C>

Michael Donaghy        2004      $125,000             -            -             -           -            -
Director and
President & Chief
Executive Officer
</TABLE>



         C. Board  Practices.  While not required,  the Company's  director is a
resident of Canada and holds office until the Company's  annual meeting or until
his successor is duly elected or appointed.  Officers are appointed  annually by
the  Board of  Directors  to serve  at the  Board's  will.  The  Company  has no
contracts with any of its Directors that provide for payments upon  termination.
With only one director on the Board, the Company does not have separate audit or
compensation committees.


         D. Employees.  As of December 31, 2004, we had a total of fourteen (14)
employees  (eleven (11) full-time and three (3) part-time) in Toronto,  Ontario.
None of our employees are covered by any  collective  bargaining  agreement.  We
believe that relations with our employees are good.

         E. Share Ownership. The following table sets forth information relating
to the  beneficial  ownership  of our common stock as of the date of this annual
report by those  persons who  beneficially  own more than 5% of our common stock
and by all of our directors and  executive  officers as a group,  as of July 13,
2005.



Name and Address of          Position with              Number of
Beneficial Owner (1)         the Company                Shares Owned     Percent
--------------------         -------------              ------------     -------
Michael Donaghy (2)          Chief Executive Officer    8,300,000        37.94%

CEDE & Co.                   N/A                        4,500,195        20.57%
P.O. Box 222
Bowling Green Station
New York, NY 10274

All Officers and Directors                              8,300,000        37.94%
as a Group
(1 Person)


(1) All  officer and  director  addresses  are c/o the Company at 1315  Lawrence
Avenue East, Suite 520,  Toronto,  Canada M3A 3R3.
(2) Mr. Donaghy beneficially owns these shares indirectly through his spouse.



                                       23
<PAGE>

Item 7. Major Shareholders and Related Party Transactions

         A.  Major  shareholders.  The  Company  is not aware of any  beneficial
owners of 5% or more of the Company's common stock other than those disclosed in
Item 6.E. above.

         B. Related party transactions.

         As  of  June  15,  2004,  the  Company  owed  officers,  directors  and
stockholders $398,629 and $415,027,  respectively, for cash advances, consulting
fees and expenses  paid on behalf of the Company.  These related party loans are
uncollateralized, non-interest bearing and due on demand.

         Approximately 33% of the Company's Egaming customers are represented by
one entity,  which is owned and operated by a stockholder  of the Company.  This
related party currently has no accounts  receivables included in these financial
statements  but had  $497,000 of the  contracts in place in 2001.  In 2002,  the
majority of the casino websites were closed down or taken over by the Company.

         During  November  2000, we issued to Mr.  Donaghy  8,400,000  shares of
common  stock at  $0.0009  per share in  exchange  for office  equipment  with a
historical  cost of $3,472 and expenses valued at $3,992,  which  represents his
historical cost.


Item 8. Financial Information

         A. Consolidated Statements and Other Financial Information. This annual
report on Form 20-F contains the financial information set forth under Item 18.

         B.  Significant  Changes.  In May 2003,  the Company  entered  into two
initiatives to further  diversify  it's interests in the lifestyles  consumables
market.  The first is the  distribution  of a private  line of  UV-free  tanning
booths  and  related  products  and the  second is the  distribution  of private
labeled bottled spring water. .


Legal Proceedings
-----------------

         The  Company is not a party to any  pending or ongoing  material  legal
proceeding nor is the company aware of any  threatened or  anticipated  material
legal proceeding against it.

Dividend Policy
---------------

         The Company has not paid and does not plan to pay any cash dividends on
its capital stock. The Company  currently  intends to retain any future earnings
to fund growth,  and therefore  does not expect to pay any cash dividends in the
foreseeable future.

Item 9. The Offer and Listing

Price History of Shares

         The  Company's  common  shares are  listed in the United  States on the
National  Association of Securities Dealers OTC Bulletin Board, under the symbol
OXIHF.  Even though our stock is listed on the OTCBB,  it is very thinly  traded
and as of December 31, 2004, no active  established market within or outside the
United States existed for our common stock.



                                       24
<PAGE>

         The high and low prices  expressed in United States  dollars  quoted on
the OTC Bulletin Board for the last twelve months are as follows:


                               OTC Bulletin Board
                             (United States Dollars)

Period
                                            High            Low

June 2005                                    0.05          0.05
May 2005                                     0.03          0.02
April 2005                                   0.15          0.15
March 2005                                   0.15          0.15
February 2005                                0.10          0.10
January 2005                                 0.13          0.06
December 2004                                0.15          0.07
November 2004                                0.30          .020
October 2004                                 0.20          0.20
September 2004                               0.20          0.20
August 2004                                  0.43          0.20
July 2004                                    0.55
0.45

Item 10. Additional Information

A.  Share Capital.

         Not Applicable

B. Memorandum and articles of incorporation.

         Incorporated by reference from the Company's  registration statement on
Form 20-F filed on December 19, 2001.

C. Material contracts.

         On January 25,  2001,  the Company  entered  into a software  licensing
agreement   with  World   Gaming  and  also  paid  World   Gaming  a   one-time,
non-refundable  software development fee of $100,000 for its own virtual casino.
Pursuant to the agreement  with World  Gaming,  the Company is required to pay a
monthly  royalty  fee of 20% based on net  monthly  revenues.  According  to the
agreement,  a minimum of 15% of the previous month's net monthly casino revenues
must be spent on  advertising  and marketing per month.  The term of the license
agreement is for one year with automatic  indefinite  one-year  extensions.  The
World Gaming license allows the Company to assign sub-licenses.


         The Company has employment  agreements  with its president as discussed
more fully below.

         The  Company  entered  into a three  -year  employment  agreement  with
Michael  Donaghy  dated July 1, 2001 to serve as our  President  and also as the
general manager of our wholly-owned subsidiary International E Gaming Developers
Inc.  Mr.  Donaghy is  entitled  to receive an annual  salary of  $125,000  plus
customary   vacation,   medical,   dental  and  life   insurance   benefits  and
reimbursement  of certain  business  expenses.  We may terminate the  employment
agreement for "cause" which includes,  (i) failure by Mr. Donaghy to perform his
duties  in  accordance  with  the  employment  agreement;   (ii)  Mr.  Donaghy's
conviction for a criminal offense involving fraud,  misappropriation  of monies,



                                       25
<PAGE>

property  or  rights  of the  Company  or an act of moral  turpitude;  (iii) Mr.
Donaghy's  willful  malfeasance  or willful gross  misconduct;  (iv) a breach of
certain provisions of the employment agreement; and (v) for any reason permitted
by law that would allow the Company to terminate the agreement without notice or
for payment in lieu of notice.

         The Company may also  terminate the employment  agreement  prior to the
end  of the  term  by  payment  to  Mr.  Donaghy  of a  lump  sum  equal  to his
compensation and benefits payable under the remaining term of the agreement.


D. Exchange controls.

         The Company is an Ontario corporation. Canada has no system of exchange
controls.  There are no Canadian  restrictions on the repatriation of capital or
earnings of a Canadian  public company to non-resident  investors.  There are no
laws in Canada or exchange  restrictions  affecting the remittance of dividends,
profits,  royalties and other payments to  non-resident  holders of the Canadian
securities.

         There are no limitations under the laws of Canada or in the controlling
documents of the Company on the right of foreigners  to hold or vote  securities
of the Company,  except that the  Investment  Canada Act may require  review and
approval  by the  Minister  of  Industry  (Canada)  of certain  acquisitions  of
"control" of the Company by a "non-Canadian".  The threshold for acquisitions of
control is generally  defined as being one-third or more of the voting shares of
the Company.  "Non-Canadian" generally means an individual who is not a Canadian
citizen,  or  a  corporation,  partnership,  trust  or  joint  venture  that  is
ultimately controlled by non-Canadians.

E. Taxation.

Canadian Federal Income Tax Consequences

         The  following  is a brief  summary of some of the  principal  Canadian
federal  income tax  consequences  to a U.S.  Holder (as  defined  below) of the
Company's  common  shares who deals at arm's  length with and is not  affiliated
with the Company, holds the shares as capital property and who, for the purposes
of the  Income  Tax  Act  (Canada)  and  the  Canada-United  States  Income  Tax
Convention,  is at all relevant  times  resident or deemed to be resident in the
United  States  and is not nor is deemed  to be in Canada  and does not carry on
business in Canada.

         This summary is of a general  nature only and is not, and should not be
interpreted  as,  legal or tax  advice  to any  particular  U.S.  Holder  and no
representation  is made with respect to the Canadian income tax  consequences to
any particular  person.  Accordingly,  U.S. Holders are advised to consult their
own tax advisers with respect to their particular circumstances.

         Under the Income Tax Act  (Canada)  and  pursuant to the  Canada-United
States Income Tax Convention,  a U.S. Holder of common shares will be subject to
a 15 percent  withholding  tax on  dividends  paid or  credited or deemed by the
Income  Tax Act  (Canada)  to have been paid or  credited  on such  shares.  The
withholding tax rate is 5 percent for 1999, 2000 and 2001, where the U.S. Holder
is a corporation that beneficially owns at least 10 percent of the voting shares
of the Company.

         In general, a U.S. Holder will not be subject to Canadian income tax on
capital gains arising on the disposition of the Company common shares unless (i)
at any time in the five-year period  immediately  preceding the disposition,  25
percent or more of the shares of any class or series of the capital stock of the
Company  were owned (or were under  option or subject to an interest  in) by the
U.S.  Holder,  by persons with whom the U.S. Holder did not deal at arm's length
and (ii) the  value  of the  common  shares  of the  Company  at the time of the
disposition   derives   principally  from  real  property  (as  defined  in  the
Canada-United States Income Tax Convention) situated in Canada.



                                       26
<PAGE>

United States Federal Income Tax Consequences

         The following is a general  discussion of certain possible U.S. federal
income tax  consequences,  under  current law,  generally  applicable  to a U.S.
Holder of common shares of the Company.  This  discussion is of a general nature
only and does not take into account the particular facts and circumstances, with
respect to U.S. federal income tax issues,  of any particular U.S. Holder.  This
discussion  does not cover any state,  local or foreign tax  consequences.  (See
"Taxation-- Canadian Federal Income Tax Consequences", above).

         The  following  discussion  is based upon the  sections of the Internal
Revenue Code of 1986, as amended (the "Code"),  Treasury Regulations,  published
Internal Revenue Service ("IRS") rulings,  published administrative positions of
the IRS and court decisions that are currently  applicable,  any or all of which
could be materially and adversely  changed,  possibly on a retroactive basis, at
any time and which are subject to  differing  interpretations.  This  discussion
does not consider the potential  effects,  both adverse and  beneficial,  of any
proposed  legislation  which,  if  enacted,  could  be  applied,  possibly  on a
retroactive basis, at any time.

         This discussion is for general  information only and it is not intended
to be, nor should it be construed to be, legal or tax advice to any U.S.  Holder
or prospective  U.S.  Holder of common shares of the Company,  and no opinion or
representation  with respect to the U.S.  federal income tax consequences to any
such U.S. Holder or prospective U.S. Holder is made.  Accordingly,  U.S. Holders
and  prospective  U.S.  Holders of common shares of the Company  should  consult
their own financial  advisor,  legal  counsel or  accountant  regarding the U.S.
federal,  state,  local and foreign tax  consequences of purchasing,  owning and
disposing of common shares of the Company.

U.S. Holders
------------

         As used herein, a "U.S.  Holder" means a holder of common shares of the
Company  who is (i) a  citizen  or  individual  resident  of  the  U.S.,  (ii) a
corporation or partnership created or organized in or under the laws of the U.S.
or of any political subdivision thereof, (iii) an estate whose income is taxable
in the U.S.  irrespective  of  source  or (iv) a trust  subject  to the  primary
supervision  of a court  within  the U.S.  and  control of a U.S.  fiduciary  as
described Section 7701(a)(30) of the Code.

Persons Not Covered
-------------------

         This summary does not address the U.S.  federal income tax consequences
to  persons  (including  persons  who  are  U.S.  Holders)  subject  to  special
provisions  of  U.S.   federal   income  tax  law,   including  (i)   tax-exempt
organizations,  (ii) qualified  retirement  plans,  (iii) individual  retirement
accounts and other  tax-deferred  accounts,  (iv)  financial  institutions,  (v)
insurance  companies,  (vi)  real  estate  investment  trusts,  (vii)  regulated
investment companies, (viii) broker-dealers,  (ix) persons or entities that have
a "functional  currency" other than the U.S. dollar,  (x) persons subject to the
alternative minimum tax, (xi) persons who own their common shares of the Company
as part of a straddle,  hedging,  conversion  transaction,  constructive sale or
other arrangement  involving more than one position,  (xii) persons who acquired
their  common  shares of the  Company  through the  exercise  of employee  stock
options or otherwise as  compensation  for services,  (xiii) persons that own an
interest in an entity that owns common shares of the Company,  (xiv) persons who
own,  exercise or dispose of any  options,  warrants or other  rights to acquire
common shares of the Company, or (xv) persons who own their common shares of the
Company  other than as a capital asset within the meaning of Section 1221 of the
Code.

Distribution on Common Shares of the Company
--------------------------------------------

         U.S.   Holders   receiving   distributions    (including   constructive
distributions)  with  respect to common  shares of the Company  are  required to
include in gross income for U.S. federal income tax purposes the gross amount of
such distributions,  equal to the U.S. dollar value of such distributions on the
date of receipt  (based on the exchange  rate on such date),  to the extent that
the Company has current or accumulated  earnings and profits,  without reduction
for any Canadian income tax withheld from such distributions.  Such Canadian tax
withheld  may be  credited,  subject to certain  limitations,  against  the U.S.
Holder's U.S. federal income tax liability or, alternatively, may be deducted in
computing the U.S.  Holder's U.S.  federal  taxable  income by those who itemize
deductions. (See more detailed discussion at "Foreign Tax Credit" below). To the
extent  that  distributions  from the  Company  exceed  current  or  accumulated
earnings and profits of the Company, such distributions will be treated first as
a return of capital,  to the extent of the U.S.  Holder's  adjusted basis in the
common  shares,  and  thereafter as gain from the sale or exchange of the common
shares of the Company.  (See more detailed  discussion at "Disposition of Common
Shares of the Company" below)



                                       27
<PAGE>

         In the case of foreign currency  received as a distribution that is not
converted  by the  recipient  into U.S.  dollars on the date of receipt,  a U.S.
Holder will have a tax basis in the foreign  currency  equal to its U.S.  dollar
value on the date of  receipt.  Generally  any  gain or loss  recognized  upon a
subsequent  sale or other  disposition  of the foreign  currency,  including the
exchange  for  U.S.  dollars,  will be  ordinary  income  or loss.  However,  an
individual  whose  realized  gain does not exceed $200 will not  recognize  that
gain, to the extent that there are no expenses  associated  with the transaction
that meet the  requirements  for  deductibility  as a trade or business  expense
(other than travel expenses in connection with a business trip) or as an expense
for the production of income.

         Dividends  paid on the common shares of the Company  generally will not
be  eligible  for  the  "dividends  received  deduction"  allowed  to  corporate
shareholders receiving dividends from certain U.S.  corporations.  Under certain
circumstances,  a U.S.  Holder  that  is a  corporation  and  that  owns  shares
representing  at least 10% of the total  voting power and the total value of the
Company's  outstanding  shares may be entitled to a 70%  deduction  of the "U.S.
source"  portion of  dividends  received  from the  Company  (unless the Company
qualifies  as  a  "Foreign  Personal  Holding  Company"  or a  "Passive  Foreign
Investment  Company"  as  defined  below).  The  availability  of the  dividends
received  deduction is subject to several complex  limitations  which are beyond
the scope of this  discussion,  and U.S. Holders of common shares of the Company
should  consult  their  own  financial  advisor,  legal  counsel  or  accountant
regarding the dividends received deduction.

         Certain  information  reporting and backup  withholding rules may apply
with respect to certain  payments  related to the Company's  common  shares.  In
particular,  a payor or middleman  within the U.S.,  or in certain cases outside
the U.S., will be required to withhold 30% (which rate is scheduled for periodic
adjustment) of any payments to a U.S.  Holder of the Company's  common shares of
dividends  on, or proceeds from the sale of, such common shares within the U.S.,
if a U.S. Holder fails to furnish its correct taxpayer  identification number or
otherwise  fails to comply with,  or establish  an  exemption  from,  the backup
withholding  tax  requirements.  Any  amounts  withheld  under  the U.S.  backup
withholding  tax rules will be allowed as a refund or a credit  against the U.S.
Holder's U.S. federal income tax liability, provided the required information is
furnished to the IRS. U.S.  Holders should consult their own financial  advisor,
legal  counsel or  accountant  regarding  the  information  reporting and backup
withholding rules applicable to the Company's common shares.

Foreign Tax Credit
------------------

         A U.S. Holder who pays (or has withheld from distributions) Canadian or
other  foreign  income tax with respect to the ownership of common shares of the
Company may be entitled,  at the option of the U.S. Holder,  to either receive a
deduction or a tax credit for U.S.  federal  income tax purposes with respect to
such foreign tax paid or withheld.  Generally,  it will be more  advantageous to
claim a  credit  because  a  credit  reduces  U.S.  federal  income  taxes  on a
dollar-for-dollar  basis, while a deduction merely reduces the taxpayer's income
subject to U.S.  federal  income tax.  This  election is made on a  year-by-year
basis and applies to all foreign taxes paid by (or withheld  from  distributions
to) the U.S. Holder during that year.

         There are significant and complex limitations that apply to the foreign
tax credit,  among which is the general limitation that the credit cannot exceed
the proportionate  share of the U.S. Holder's U.S. income tax liability that the
U.S.  Holder's  "foreign  source"  income bears to his or its worldwide  taxable
income.  In applying this limitation,  the various items of income and deduction
must be classified as either "foreign  source" or "U.S.  source."  Complex rules
govern this classification  process. In addition,  this limitation is calculated
separately with respect to specific classes of income such as "passive  income,"
"high withholding tax interest," "financial services income," "shipping income,"
and  certain  other  classifications  of income.  Dividends  distributed  by the
Company  will  generally   constitute  "foreign  source"  income,  and  will  be
classified  as  "passive  income"  or,  in the  case of  certain  U.S.  Holders,
"financial services income" for these purposes.

         In addition,  U.S.  Holders that are  corporations  and that own 10% or
more of the voting stock of the Company may be entitled to an "indirect" foreign
tax  credit  under  Section  902 of the Code  with  respect  to the  payment  of
dividends  by the Company  under  certain  circumstances  and subject to complex



                                       28
<PAGE>

rules and  limitations.  The  availability  of the  foreign  tax  credit and the
application of the  limitations  with respect to the foreign tax credit are fact
specific,  and each U.S.  Holder of common shares of the Company  should consult
their own financial advisor,  legal counsel or accountant  regarding the foreign
tax credit rules.

Disposition of Common Shares of the Company
-------------------------------------------

         A U.S.  Holder  will  recognize  gain or loss  upon  the  sale or other
taxable disposition of common shares of the Company equal to the difference,  if
any,  between (i) the amount of cash plus the fair market  value of any property
received,  and (ii) the  shareholder's  tax  basis in the  common  shares of the
Company. This gain or loss will be capital gain or loss if the common shares are
a capital asset in the hands of the U.S. Holder, which will be long-term capital
gain or loss if the  common  shares  of the  Company  are held for more than one
year.

         Preferential tax rates apply to long-term capital gains of U.S. Holders
that are individuals,  estates or trusts.  Deductions for net capital losses are
subject to significant limitations.  For U.S. Holders that are not corporations,
any unused  portion of such net capital  loss may be carried  over to be used in
later tax years  until  such net  capital  loss is thereby  exhausted.  For U.S.
Holders that are corporations  (other than corporations  subject to Subchapter S
of the Code),  an unused net  capital  loss may be carried  back three years and
carried forward five years from the loss year to be offset against capital gains
until such net capital loss is thereby exhausted.

Other Considerations for U.S. Holders
-------------------------------------

         In the following  circumstances,  the above sections of this discussion
may not  describe  the U.S.  federal  income tax  consequences  to U.S.  Holders
resulting from the ownership and disposition of common shares of the Company:

Foreign Personal Holding Company
--------------------------------

         If at any time  during a  taxable  year (i) more  than 50% of the total
voting power or the total value of the  Company's  outstanding  shares is owned,
directly  or  indirectly,  by five or  fewer  individuals  who are  citizens  or
residents  of the U.S.  and (ii) 60% (or 50% in  certain  cases)  or more of the
Company's  gross  income  for such year is  "foreign  personal  holding  company
income"  as  defined  in Section  553 of the Code  (e.g.,  dividends,  interest,
royalties,  certain  gains from the sale of stock and  securities,  and  certain
gains from commodities  transactions),  the Company may be treated as a "Foreign
Personal Holding Company"  ("FPHC") In that event, U.S. Holders of common shares
of the Company  would be required to include in gross income for such year their
allocable  portions of such "foreign  personal  holding  company  income" to the
extent the Company does not actually distribute such income.

         The Company  does not believe  that it  currently  qualifies as a FPHC.
However,  there can be no assurance  that the Company  will not be  considered a
FPHC for the current or any future taxable year.

Foreign Investment Company
--------------------------

         If (i) 50% or more of the total  voting power or the total value of the
Company's  outstanding shares is owned,  directly or indirectly,  by citizens or
residents of the U.S., U.S.  partnerships or  corporations,  or U.S.  estates or
trusts (as  defined by the Code  Section  7701(a)(30)),  and (ii) the Company is
found to be engaged  primarily in the  business of  investing,  reinvesting,  or
trading in securities,  commodities, or any interest therein, the Company may be
treated as a "Foreign  Investment Company" ("FIC") as defined in Section 1246 of
the Code,  causing all or part of any gain realized by a U.S.  Holder selling or
exchanging  common shares of the Company to be treated as ordinary income rather
than capital gain.

         The Company  does not believe  that it  currently  qualifies  as a FIC.
However, there can be no assurance that the Company will not be considered a FIC
for the current or any future taxable year.

Controlled Foreign Corporation
------------------------------

         If more than 50% of the total  voting  power or the total  value of the
Company's  outstanding shares is owned,  directly or indirectly,  by citizens or
residents of the U.S., U.S.  partnerships or  corporations,  or U.S.  estates or



                                       29
<PAGE>

trusts (as defined by the Code Section 7701(a)(30)), each of which own, directly
or  indirectly,  10% or  more  of  the  total  voting  power  of  the  Company's
outstanding shares (each a "10% Shareholder"), the Company could be treated as a
"Controlled Foreign Corporation" ("CFC") under Section 957 of the Code.

         The  classification  of the Company as a CFC would  effect many complex
results,  including that 10%  Shareholders of the Company would generally (i) be
treated as having received a current  distribution  of the Company's  "Subpart F
income"  and (ii) would also be subject to current  U.S.  federal  income tax on
their pro rata shares of the Company's earnings invested in "U.S. property." The
foreign tax credit may reduce the U.S.  federal  income tax on these amounts for
such 10%  Shareholders  (See more  detailed  discussion  at "Foreign Tax Credit"
above). In addition, under Section 1248 of the Code, gain from the sale or other
taxable  disposition of common shares of the Company by a U.S. Holder that is or
was a 10%  Shareholder  at any time during the five-year  period ending with the
sale is treated as ordinary  income to the extent of earnings and profits of the
Company attributable to the common shares sold or exchanged.

         If the  Company  is  classified  as both a Passive  Foreign  Investment
Company as described below and a CFC, the Company  generally will not be treated
as a Passive Foreign Investment  Company with respect to 10% Shareholders.  This
rule generally will be effective for taxable years of 10% Shareholders beginning
after 1997 and for  taxable  years of the  Company  ending  with or within  such
taxable years of 10% Shareholders.

         The Company  does not believe  that it  currently  qualifies  as a CFC.
However, there can be no assurance that the Company will not be considered a CFC
for the current or any future taxable year. The CFC rules are very  complicated,
and U.S.  Holders should consult their own financial  advisor,  legal counsel or
accountant  regarding  the CFC rules and how these  rules may impact  their U.S.
federal income tax situation.

Passive Foreign Investment Company
----------------------------------

         The  Code  contains  rules  governing   "Passive   Foreign   Investment
Companies"  ("PFIC") which can have  significant tax effects on U.S.  Holders of
foreign  corporations.  Section 1297 of the Code defines a PFIC as a corporation
that is not formed in the U.S. and, for any taxable year, either (i) 75% or more
of its gross income is "passive income" or (ii) the average percentage,  by fair
market  value (or, if the  corporation  is not  publicly  traded and either is a
controlled foreign corporation or makes an election,  by adjusted tax basis), of
its assets that produce or are held for the  production  of "passive  income" is
50% or more.  "Passive  income"  includes,  for  example,  dividends,  interest,
certain  rents  and  royalties,  certain  gains  from  the  sale  of  stock  and
securities,  and certain gains from  commodities  transactions.  However,  gains
resulting  from  commodities   transactions  are  generally  excluded  from  the
definition of passive income if "substantially all" of a merchant's,  producer's
or  handler's  business  is as an active  merchant,  producer or handler of such
commodities.

         For purposes of the PFIC income test and the assets test,  if a foreign
corporation  owns (directly or indirectly) at least 25% by value of the stock of
another corporation, such foreign corporation shall be treated as if it (a) held
a proportionate share of the assets of such other corporation,  and (b) received
directly its proportionate share of the income of such other corporation.  Also,
for purposes of such PFIC tests,  passive  income does not include any interest,
dividends,  rents or  royalties  that are  received or accrued  from a "related"
person to the extent  such amount is  properly  allocable  to the income of such
related  person which is not passive  income.  For these  purposes,  a person is
related  with respect to a foreign  corporation  if such person  "controls"  the
foreign  corporation or is controlled by the foreign  corporation or by the same
persons  that control the foreign  corporation.  For these  purposes,  "control"
means  ownership,  directly or indirectly,  of stock possessing more than 50% of
the total voting power of all classes of stock  entitled to vote or of the total
value of stock of a corporation.

         U.S.  Holders owning common shares of a PFIC are subject to the highest
rate of tax on ordinary income in effect for the applicable  taxable year and to
an interest  charge based on the value of deferral of tax for the period  during
which the common  shares of the PFIC are owned with  respect to certain  "excess
distributions" on and dispositions of PFIC stock under Section 1291 of the Code.
However,  if the  U.S.  Holder  makes a  timely  election  to  treat a PFIC as a
qualified  electing  fund ("QEF") with  respect to such  shareholder's  interest
therein,  the  above-described  rules  generally  will not apply.  Instead,  the
electing  U.S.  Holder would  include  annually in his gross income his pro rata
share of the PFIC's ordinary earnings and net capital gain regardless of whether
such  income  or gain was  actually  distributed.  A U.S.  Holder  of a QEF can,
however,  elect to defer the payment of U.S.  federal  income tax on such income



                                       30
<PAGE>

inclusions.  In addition,  subject to certain limitations,  U.S. Holders owning,
actually or constructively, marketable (as specifically defined) stock in a PFIC
will be permitted to elect to mark that stock to market annually, rather than be
subject to the tax regime of Section  1291 of Code as described  above.  Amounts
included in or deducted from income under this alternative (and actual gains and
losses  realized  upon  disposition,  subject  to certain  limitations)  will be
treated as ordinary gains or losses.

         The Company  believes  that it was not a PFIC for its fiscal year ended
December  31,  2003 and does not  believe  that it will be a PFIC for the fiscal
year ending  December 31, 2004.  There can be no  assurance  that the  Company's
determination  concerning  its PFIC status will not be challenged by the IRS, or
that it will be able to satisfy record keeping requirements that will be imposed
on QEFs in the event that it qualifies as a PFIC.

         The PFIC rules are very  complicated,  and U.S.  Holders should consult
their own financial  advisor,  legal  counsel or  accountant  regarding the PFIC
rules and how these rules may impact their U.S. federal income tax situation.

F. Dividends and paying agents.

         Not Applicable.

G. Statements by experts.

         Not Applicable

H. Documents on display.

         Documents filed as exhibits to this annual report are described in Item
18(b).

Item 11. Quantitative and Qualitative Disclosures About Market Risk

         Not Applicable.

Item 12. Description of Securities Other Than Equity Securities

         Not Applicable.

                                     PART II

Item 13. Defaults, Dividends Arrearages and Delinquencies

         Not Applicable.

Item 14. Material  Modifications  to the Rights of  Security  Holders and Use of
         Proceeds

         Not Applicable.

Item 15. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

         Based  on the  evaluation  of the  Company's  disclosure  controls  and
procedures in the 90 days prior to the date of this report,  the Company's chief
executive officer/ chief financial officer has determined that such controls and
procedures were reasonably  designed to ensure that  information  required to be
disclosed  by the Company in reports it files or submits  under the Exchange Act
is  recorded,  processed,  summarized  and  reported  within  the  time  periods
specified in the rules and forms of the Securities and Exchange Commission.



                                       31
<PAGE>

         There are inherent  limitations to the  effectiveness  of any system of
disclosure controls and procedures, including the possibility of human error and
the  circumvention  or overriding of such controls and procedures.  Accordingly,
even effective  disclosure  controls and procedures can only provide  reasonable
assurance of achieving their control objectives.

Changes in Internal Controls

         No significant  change has occurred in the Company's  internal controls
or in other factors since the date of the  evaluation  that could  significantly
affect these controls, nor have there been any corrective actions with regard to
significant  deficiencies  and material  weaknesses  in the  Company's  internal
controls.

Item 16A. Audit Committee Financial Expert

         Since the  Company has only one member on its Board of  Directors,  the
Company  does not yet have an audit  committee  and  therefore  does not have an
"audit  committee  financial  expert."  The Board is  currently  endeavoring  to
increase the members of its Board and establish an audit  committee  with such a
candidate and intends to as soon as an appropriate individual is found.

Item 16B. Code of Ethics

         The Company has adopted a code of ethics  applicable  to all  employees
and directors.  A copy is available upon request to the Chief Executive Officer,
Oxford Investments Holdings Inc., 1315 Lawrence Avenue East, Suite 520, Toronto,
Ontario, Canada M3A 3R3


Item 16C. Principal Accountant Fees and Services

         The Company  paid the  following  fees to Williams  and  Webster,  P.S.
during the last two fiscal years:



                     2002              2003             2004

Audit fees       $42,719.00        $23,865.00        $
Other Fees        11,259.00          5,355.00
Total            ==========        ==========        ==========


         Audit fees  consist  of audit  work  performed  in the  preparation  of
financial  statements and services that are normally provided in connection with
statutory and regulatory filings.

POLICY ON PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES OF INDEPENDENT AUDITORS

         Since  the  Company  does not yet have an audit  committee,  the  Board
approves in advance all audit  services and all non-audit  services  provided by
the independent auditors based on a policy adopted by the Board.

         Under the policy,  proposed  services either (i) may be pre-approved by
the Board without  consideration of specific  case-by-case  services as "general
pre-approval";  or (ii)  require  the  specific  pre-approval  of the  Board  as
"specific  pre-approval".  These  services  are subject to annual  review by the
Board.








                                       32
<PAGE>

                                    PART III

Item 17. Financial Statements

         Financial Statements.  The consolidated  financial statements set forth
under Item 18 are included as part of this annual report.


Item 18.. Financial Statements

         The following auditors' reports and consolidated  financial  statements
are included in this Form 20-F:

Oxford Investments Holdings Inc.                                     Sequential
Consolidated Financial Statements                                    Page Number
---------------------------------                                    -----------

Auditors' Report.........................................................F-1*
Consolidated Balance Sheet as at December 31, 2001, December 31,
 2002, December 31, 2003 and December 31, 2004...........................F-3*
Consolidated Statements of Operations for the years ended
 December 31, 2001, December 31, 2002 December 31, 2003 and December 31,
 2004....................................................................F-4*
Statement of Stockholders Equity for the year ended, December 31,
 2001, December 31, 2002 December 31, 2003 and December 31, 2004.........F-5*
Consolidated Statements of Cash Flows for the year ended December 31,
 2001 December 31, 2002, December 31, 2003 and December 31, 2004 ........F-6*
Notes to Consolidated Financial Statements...............................F-7*

* The Auditors' Report, Financial Statements and Notes for the fiscal year ended
  December 31, 2004 will be filed by amendment.
















                                       33
<PAGE>

Item 19. Exhibits

Exhibits and Exhibit  Index.  The  following  Exhibits are filed as part of this
Annual Report and incorporated herein by reference to the extent applicable.

                                  Exhibit Index

Exhibit No.     Description                                          Page Number

    1.1         Articles of Incorporation.*

   1.2          Bylaws....................................................*
   2.1          Specimen Stock Certificate................................*
   4.1          Agreement with Starnet Systems International Inc.,
                  dated January 25, 2001..................................*
   4.2          Specimen Affiliate Sub-License Agreement..................*
   4.3          Asset Purchase Agreement with Suchow Holdings Ltd.
                  dated April 26, 2001....................................*
   4.4          Exhibits to Agreement with Starnet Systems
                International Inc., dated January 25, 2001................*

   4.5          Mutual Release with CCPC Biotech Inc. dated March 1,
                  2001....................................................*
   4.6          Sub-License Agreement between Starnet Systems N.V. and
                  International E-Gaming Developers N.V. dated
                  November 20, 2001.......................................*
   4.7          Employment Agreement between Oxford Software Developers
                  Inc. and Michael Donaghy dated July 1, 2001.............*
   4.8          Employment Agreement between Oxford Investments Holdings
                  Inc. and Victor DeLaet dated July 1, 2001...............*
   4.9          Agreement between Oxford Software Developers Inc. and
                  West America Securities Corp. dated March 7, 2002.......*
   8.1          List of Subsidiaries......................................*
   23.1         Consent of Williams & Webster, P.S., Certified Public
                  Accountants............................................
   99.1         Certificate of Chief Executive Officer pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002...........38
   99.2         Certificate of Chief Financial Officer pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002...........39


* Incorporated by reference from the Company's  annual report on Form 20-F filed
on June 28, 2002.


         Financial Statement Schedules

            None.










                                       34
<PAGE>

                                   Signatures

The registrant hereby certifies that it meets all of the requirements for filing
on Form 20-F and that it has duly caused and authorized the  undersigned to sign
this annual report on its behalf.

                                            OXFORD INVESTMENTS HOLDINGS INC.



 Date: July 15, 2004                        By: /S/Michael Donaghy
                                               --------------------------------
                                               Michael Donaghy, President/ Chief
                                               Executive Officer




                                       35
<PAGE>

     Certification by Chief Executive Officer Pursuant to Section 302 of the
                           Sarbanes-Oxley Act of 2002


I, Michael Donaghy, certify that:

1.   I have  reviewed  this  Annual  Report on Form  20-F of Oxford  Investments
     Holdings Inc. (the "Registrant");

2.   Based on my  knowledge,  this  Annual  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 Annual Report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this Annual 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 Annual 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 have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to the a  Registrant,  including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during the period in which this Annual 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 Annual Report (the "Evaluation Date"); and

     c)   presented   in  this   Annual   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 a 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
     Annual  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.


By:  /S/ Michael Donaghy
   -----------------------
       Michael Donaghy
   Chief Executive Officer

Date: July 15, 2005



                                       36
<PAGE>

     Certification by Chief Financial Officer Pursuant to Section 302 of the
                           Sarbanes-Oxley Act of 2002


I, Michael Donaghy, certify that:

1.   I have  reviewed  this  Annual  Report on Form  20-F of Oxford  Investments
     Holdings Inc. (the "Registrant");

2.   Based on my  knowledge,  this  Annual  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 Annual Report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this Annual 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 Annual 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 have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to the a  Registrant,  including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during the period in which this Annual 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 Annual Report (the "Evaluation Date"); and

     c)   presented   in  this   Annual   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 a 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
     Annual 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.



By:  /S/ Michael Donaghy
   -----------------------
       Michael Donaghy
   Chief Financial Officer

Date:  July 15, 2005



                                       37