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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 

FORM 10-KSB 

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

For the fiscal year ended December 31, 2003 

Commission file number 0-31198

| **Stellar International Inc.**
(Name of small business issuer in its charter)   Ontario, Canada Not Applicable(Jurisdiction of incorporation or      organization)  (I.R.S. Employer Identification No.)      201-82 Wellington      Street South, London, Ontario, Canada N6B 2K3(Address of principal executive      offices) (Postal Code)   
Issuer's telephone number (519) 434-1540 

Securities registered under Section 12(b) of the Exchange Act: 
Title of each      class Name of each      exchange on which registered   Not applicable Not Applicable   
Securities registered under Section 12(g) of the Exchange Act: 
Common Shares(Title of Class)
Check whether the issuer (1) filed all reports required to  be filed by Section 13 or 15(d) of the Exchange Act during the past 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 ___. 

Check if there is no disclosure of delinquent filers in  response to Item 405 of Regulation S-B contained in this form, and no  disclosure will be contained, to the best of registrant's knowledge, in  definitive proxy or information statements incorporated by reference in Part  III of this Form 10-KSB [X] 

State issuer's revenues for its most recent fiscal year.  $1,109,431(Cdn.). 
    UNITED STATES 10-KSB filing 2003 

As of March 1, 2004, the aggregate market value of the  voting and non-voting common equity held by non-affiliates computed by  reference to the average bid and asked price for 2004, of such common equity,  as of such date, was $9,685.337 (Cdn.) 

As of December 31, 2003, 16,407,912 Common Shares were outstanding. 

Transitional small business disclosure format (check one): Yes __      No   X    

 
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**General**
In this annual report, "Stellar" and the "Company" refer toStellar International Inc., an Ontario, Canada corporation. All dollar amountsin this annual report are stated in Canadian Dollars unless stated otherwise.Certain terms used in this annual report are defined below in the sectionentitled "Glossary." The names of products referred to in this annual report arethe trademarks or registered trademarks of their respective owners. 
**Forward-Looking Statements**
Readers are cautioned that actual results may differmaterially from the results projected in any "forward-looking" statementsincluded in the foregoing report, which involve a number of risks oruncertainties. Forward-looking statements are statements that are not historicalfacts, and include statements regarding the Company's planned research anddevelopment programs, anticipated future losses, revenues and market shares,planned clinical trials, expected future expenditures, the Company's intentionto raise new financing, sufficiency of working capital for continued operations,and other statements regarding anticipated future events and the Company'santicipated future performance. Forward-looking statements generally can beidentified by the words "expected", "intends", "anticipates", "feels","continues", "planned", "plans", "potential", "with a view to", and similarexpressions or variations thereon, or that events or conditions "will", "may","could" or "should" occur, or comparable terminology referring to future eventsor results. 

The Company's actual results could differ materially fromthose anticipated in these forward-looking statements as a result of numerousfactors, including those listed under "Risks and Uncertainties", any of whichcould cause actual results to vary materially from current results or theCompany's anticipated future results. The Company assumes no responsibility toupdate the information contained herein. 
**Exchange Rate for Canadian Dollar**
The accounts for Stellar are maintained in Canadian dollars.All dollar amounts contained herein are expressed in Canadian dollars, except asotherwise indicated. As at February 16, 2004 the exchange rate for Canadiandollars/United States dollars was $1.00 (Cdn.) = $0.7606 (U.S.). 

Set forth below are the exchange rates for the Canadian dollar equivalentexpressed in United States currency during 2003, 2002 and 2001. 
**Years ended December 31, 2003, 2002 and 2001     **2003****2002****2001**    At      End of Year0.77380.66310.6278          Average0.72810.64130.6460    High0.77260.66180.6700    Low0.63810.61990.6297**Enforceability of Certain United States Judgments**
The Company is a Province of Ontario, Canada corporation anda substantial part of its assets are located outside of the United States. TheCompany's directors and officers are neither citizens nor residents of theUnited States, and all or a substantial part of the assets of such persons maybe 
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located outside the United States. As a result, it may bedifficult to effect service of process within the United States upon the Companyand such persons or to realize against the Company or such persons within theUnited States upon judgments of courts of the United States predicated uponcivil liabilities under the United States federal securities laws. Fogler,Rubinoff LLP, Canadian counsel for the Company, has advised that there is doubtas to whether courts in the Province of Ontario would (i) enforce judgments ofUnited States courts obtained in actions against the Company or such personspredicated upon the civil liability provisions of the United States federalsecurities laws or (ii) enforce, in original actions, liabilities against theCompany or such persons predicated solely upon such statutory provisions. 
**PART I
**Item 1.     Description of Business. 

Overview**
Stellar is a Canadian pharmaceutical company involved in thedevelopment and marketing of high quality, cost-effective, polysaccharide-basedtherapeutic products used in the treatment of osteoarthritis and certain typesof cystitis. Stellar also intends to develop additional healthcare productsaimed at niche pharmaceutical markets. Stellar's product development strategyfocuses on seeking novel applications for its products in markets where itsproducts demonstrate true cost effective therapeutic advantages. It also intendsto build revenues through in-licensing products for Canada and internationalmarkets that are focused on similar niche markets. 

Stellar has developed and currently markets the followingthree medical products: (i) NeoVisc, (ii) Uracyst-S and (iii) the Uracyst-S TestKit. NeoVisc, a 3 injection sodium hyaluronate therapy, was developed to providea cost-effective alternative treatment to the over 3 million Canadians sufferingfrom osteoarthritis. Uracyst-S, a chondroitin-based therapy, and the Uracyst-STest Kit were developed to identify defective bladder linings and providesymptomatic relief to the over 40,000 patients in Canada diagnosed withinterstitial cystitis. Each of these products has received regulatory approvalin Canada. Uracyst-S and the Uracyst-S Test Kit are patented in the UnitedStates (U.S. Patent No. 6,083,933) and in Canada (Patent No. 2,269,260). 

Stellar markets its products in Canada through direct salesusing a network of commissioned and salaried sales people. The Company's focuson product development continues to be two fold, in-licensing and out-licensingfor immediate impact on revenue stream allowing Stellar to fund its own in-houseproduct development for future growth stability. Stellar intends to conductclinical trials necessary to obtain the required regulatory approvals for itsproducts in foreign markets. 

Effective December 2001, Stellar entered into a strategiclicensing agreement with G. Pohl-Boskamp GmbH & Co. ("Pohl-Boskamp") for thesale of Uracyst-S products in Europe. In December of 2003, Pohl-Boskamp receivedapproval to begin selling Uracyst in Europe. 

In June of 2003 Stellar entered into distribution agreementswith CMI Canada Medical Inc and BurnsAdler Pharmaceuticals to sell Stellar'sproducts in the Middle East, Latin America and the Caribbean. 

In October of 2003, Stellar in-licensed BladderChek, for theCanadian market. BladderChek is a unique point of care diagnostic used in thediagnosis and monitoring of bladder cancer. Stellar expects to launch thisproduct in mid 2004, once Canadian regulatory approval is completed. 

Stellar also has acquired the exclusive Canadian marketing and distributionrights, with Millenium Biologix Inc., to sell SkeliteTM,. SkeliteTM is a bone voidfiller that is resorbed by the 
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natural remodeling process and replaced with new bone duringthe healing period. In December of 2003, all validations were completed withSkeliteTM, with the Canadian launch occuring on January 29, 2004. 

Stellar was incorporated under the Business Corporations Act(Ontario) on November 14, 1994. The Company's registered office and executiveoffices are located at 201 - 82 Wellington Street South, London, Ontario, CanadaN6B 2K3. The Company's telephone number is (519) 434-1540, its facsimile numberis (519) 434-4382 and its e-mail address is stellar@stellarint.com.
**Offering**
In November 2000, the Company completed an initial publicoffering (the "Offering") of its common shares ("Common Shares") in Canada. TheOffering was not registered under the Securities Act. Following the Offering,the Common Shares were approved for listing on Tier 3 of The Canadian VentureExchange (now the TSX Venture Exchange). The Common Shares traded on the TSXVenture Exchange under the symbol "YYS." In December 2002, the Common Shareswere approved for trading on the OTC Bulletin Board service of the NationalAssociation of Securities Dealers, Inc. (the "OTC Bulletin Board") under thesymbol "SLRXF." Effective January 2, 2004, Stellar was approved for listing onTier 2 of TSX Venture Exchange trading under the symbol "SLX." 
**Glossary 

"hyaluronate" or "HA" - A naturally occurring polysaccharide, which by virtue of its viscosity andelasticity, acts as a lubricating and shock absorbing component in synovialfluids. It is the active ingredient in NeoVisc. 
**"interstitial cystitis" or "IC" - A chronic inflammation of the bladder wall. 
**"NeoVisc®" - A 2 mL pre-filled syringe of sterile 1.0% sodium hyaluronate solution usedfor the temporary replacement of synovial fluid in osteoarthritic joints.NeoVisc is the Company's proprietary product for the treatment forosteoarthritis. 
**"osteoarthritis" or "OA"- A degenerative disease associated with long-term wear primarily on weightbearing joints. 
**"polysaccharide"- A carbohydrate containing a large number of saccharide (sugar) groups. Starchis a common type of polysaccharide. 
**"synovial fluid"- A clear viscid fluid, the function of which is to lubricate the joint. 
**"TPD" - The Therapeutic Products Directorate of Health Canada, which, among otherfunctions, regulates medical devices and other therapeutic products used inCanada. 
**"Uracyst®-S" - A sterile 0.2% sodium chondroitin sulfate solution and Uracyst-SConcentrate A sterile 2.0% sodium chondroitin sulfate solution. Uracyst-Sproducts are the Company's proprietary treatments for certain forms of IC andnon-common cystitis. The products are instilled by catheter directly into apatient's bladder. 
**"Uracyst®-S Test Kit" - The Company's proprietary test kit that confirms the existence of bladderlining defects in IC patients and identifies those patients who should respondpositively to Uracyst-S. 
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**Development Strategy**
Stellar focuses its product development activity aroundnaturally occurring, well-studied (human body) chemicals and seeks novelapplications in markets where its products demonstrate cost-effectivetherapeutic advantages. By using this development strategy, management ofStellar believes it can bring products with niche applications to unsatisfied,under-serviced markets with relatively low regulatory risk. In addition,management of the Company believes that a focus on in-licensing additionalproducts focused on these same niche pharmaceutical markets improves its abilityto compete with larger companies and gain significant market share for itsproducts and licensed-in products. 
**Competition Generally**
The pharmaceutical industry is highly competitive and ischaracterized by rapidly changing technology. The Company competes with othercompanies to market its products aimed at treating similar conditions. Many ofthese companies have substantially greater resources than the Company. There canbe no assurance that the Company will continue to be able to compete with suchcompanies or that developments by others will not render the Company's productsor technologies non-competitive or obsolete. In order to maintain and improveits position in the industry, the Company must continue to enhance its currentproducts, develop or acquire new products and product extensions and implement acomprehensive international sales and distribution marketing strategy. TheCompany's competition comes from a variety of sources, including companies,which target all, or a portion of the Company's current product offerings. See"- Products and Markets." Also, many current and potential competitors of theCompany may have greater name and brand recognition and more extensive customerbases that could be leveraged to gain market share to the Company's detriment.In addition, competitors may be able to complete the regulatory approval processsooner than the Company, and therefore market their products earlier than theCompany can market certain of its products. If the Company is not able tocompete effectively against current and future competitors, such failure mayresult in fewer customer orders, reduced gross margins and profitability andloss of market share, any of which would materially adversely affect theCompany. 
**Competitive Advantages of Stellar**
Management believes that Stellar's main competitive advantages include: 
- the ability to conduct research and development and produce products in    a cost-effective manner;    
-  a focus on the development of formulations and    technologies targeted at smaller market niches that larger multi-national    pharmaceutical companies have largely ignored because of size;  the ability to offer cost-effective pricing while maintaining acceptable    gross profit margins; 
 
the patents it holds for certain of its products and 
 
the ability to identify market needs and develop new niche products.    
**Products and Markets**
Stellar has developed and currently markets the followingthree medical products: (i) NeoVisc®, (ii) Uracyst®-S and (iii) the Uracyst-STest Kit. Each of these products is presently licensed for use in Canada and theCompany's sales are primarily in Canada. In addition, Stellar has 
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signed an agreement for the distribution of two medicalproducts SkeliteTM and BladderChek TM. Stellar launchedthe selling of SkeliteTM in January 2004, and anticipates the sale of BladderChekTMto occur in mid 2004. 
***NeoVisc®***
NeoVisc is a 2 mL pre-filled syringe of sterile 1.0% sodiumhyaluronate solution used for the temporary replacement of synovial fluid inosteoarthritic joints. NeoVisc is classified in Canada by the TPD as a "medicaldevice" under the Medical Devices Regulations of the Food and Drugs Act(Canada). NeoVisc is packaged, sold and marketed as a 3 injection therapy. Theproduct is administered weekly by injection directly into the affected joint.This type of injection is referred to as an intra-articular injection. 

This administration process, referred to asviscosupplementation, is a relatively new therapy for the treatment ofosteoarthritis, having gained Canadian approval in 1992 and United Statesapproval in 1997. However, viscosupplementation has been used for many years inthe veterinarian market. Replacing or supplementing the joint fluid providessymptomatic relief from the pain of osteoarthritis for up to 6 to 8 monthsbefore a repeat set of injections is required. 

Osteoarthritis and Treatment Options. Osteoarthritis is adegenerative disease associated with long-term wear on weight bearing joints.With no known cure, it is estimated that OA affects an estimated 33% of personsover 45 years of age, and approximately 85% over the age of 70. The CanadianArthritis Association estimates that 3 million Canadians suffer from the "osteo"form of arthritis. Stellar estimates the number of American OA sufferers at over30 million. The aggregate number of patients with OA is expected to growsignificantly as the average age of the population increases. 

Current OA remedies focus on symptomatic relief and postponement of surgicalintervention. These remedies include: 
- Drugs:  Pain killers such as aspirin, acetaminophen and other  non-steroidal anti-inflammatory drugs (NSAID), such as naproxen and diclofenac,  as well as new COX/2 Inhibitors;    
- Steroidal    Anti-Inflammatory:  Corticosteroids are also used to treat the inflammation  associated with the disease and    
- Joint Replacement:  Surgical replacement with artificial joints.  

Products such as NeoVisc have added a fourthnon-pharmacological option in obtaining symptomatic improvements bysupplementing the synovial fluid in the affected joint. NeoVisc can also be usedin conjunction with drug treatments like COX/2 Inhibitors, reducing the overallcost of treatment, increasing clinical benefits and delaying or avoiding steroiduse and joint replacement. 

Role of Hyaluronate. The active ingredient in NeoViscis hyaluronate, also referred to as hyaluronic acid or "HA." HA is a naturallyoccurring polysaccharide found throughout the human body, which has been shownto play an important role in such biological processes as cell differentiation,tissue hydration and proteoglycans organization. It has also been shown thatinjected HA provides an anti-inflammatory and analgesic effect. HA plays afundamental role in human joints, where by virtue of its viscosity, elasticityand other rheological properties, acts as a lubricating and shock absorbingcomponent in joint fluids, and as an ocular lubricant. HA products are currently
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being used in eye surgery, wound healing, intra-articular injections and asan adjunct to certain grafting procedures. 

Marketing Strategy. Purchase decisions in theprescription pharmaceutical market are influenced by the prescribing physician,pharmacist and end use patient/customer. State and private health care plans andpatients user groups may also play a role in product/therapy selection,especially where the cost of therapy is high. In treating OA, it is typicallythe physician that decides which therapeutic option is best for the patient andwhich related products to use. 

Stellar's marketing and sales strategy focuses on thosephysicians currently prescribing HA intra-articular injection products. Stellarhas created a database focused on orthopaedic surgeons, rheumatologists, sportsmedicine specialists and select general practitioners in Canada. Directmarketing to the physicians in this database has been, and will continue to be,effective in persuading treating physicians and specialists already usingviscosupplementation to convert to NeoVisc, or recommend it to patients.Management of the Company believes that NeoVisc is at least as effective as anyother competitive product and is the lowest cost intra-articular therapycurrently on the market. Accordingly, Stellar's strategy is to demonstrate thatNeoVisc is the most cost-effective viscosupplement therapy available. 

Competitive Analysis. The major competitive product toNeoVisc in Canada and the United States is Synvisc, which is manufactured byGenzyme Corp. Synvisc is a 3 injection therapy marketed in the United States byWyeth-Ayerst Pharmaceuticals, a division of American Home Products Corporation.Synvisc is marketed in Canada directly by Genzyme Corp. Synvisc has beenavailable in Canada since 1992 and in the United States since 1997. Synvisc isthe dominant product in the viscosupplementation market. Management of Stellarestimates Synvisc's market share at over 70% in the United States and 65% inCanada. 

In the United States, NeoVisc would also compete with Fidias,SpA's product, marketed under the trade name "Hyalgan" by Sanofi-Synthelabo Inc.and Seikagaku's product "Supartz" marketed by Smith and Nephew. In Canada,NeoVisc also competes with Orthovisc, manufactured by Anika Therapeutics, Inc.and Suplasyn, manufactured by Bioniche Life Sciences Inc ("Bioniche"). Withlittle to differentiate these HA products for use in the treatment ofdegenerative joint disease, management of the Company believes that Stellar'slower patient cost and high quality will allow NeoVisc to effectively penetratethe market and obtain a significant share in Canada and, ultimately, the UnitedStates. 
***Uracyst®-S and the Uracyst®-S Test Kit***
Stellar developed Uracyst-S Concentrate, a sterile 2.0%sodium chondroitin sulfate solution and the Uracyst-S Test Kit, comprisingUracyst-S 2.0% and Solution K, a 3.0% potassium chloride solution. Uracyst-Sproducts and the Uracyst-S Test Kit are used in the diagnosis and treatment ofcertain forms of IC and non-common cystitis. Uracyst S products were previouslypackaged and sold in 40 mL (which was discontinued in late 2003) and 10 mLvials. The Uracyst-S Test Kit contains a 100 mL pouch of Solution K and a 10 mLvial of Uracyst-S. These products are instilled by catheter directly into apatient's bladder. 

Uracyst-S provides symptomatic relief for patients sufferingfrom IC and non-common cystitis (including radiation-induced cystitis andhemorrhagic cystitis) by supplementing and replenishing deficiencies in theglycosaminoglycan ("GAG") lining of the bladder wall. This GAG lining acts as aprotective barrier against irritants and toxins (e.g., microcrystals,carcinogens and acid) in the urine and serves as an important defense mechanismagainst bacterial adherence. Many researchers now believe that a large number ofIC patients (over 70%) have "leaky" or deficient GAG layers in their bladders.
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When Solution K is instilled in an IC patient's bladder withGAG deficiencies, the patient experiences pronounced IC like symptoms.Instilling Uracyst-S into the bladder of those patients responding positively tothe test, neutralizes the irritations. This test allows the clinician todetermine which IC patient has a leaking GAG layer and therefore determine whichIC patient will more likely respond positively to Uracyst-S to control ICsymptoms. 

Uracyst-S is typically instilled in patients weekly for theinitial month of therapy, then once a month until symptoms resolve. Becausethese types of cystitis are typically chronic diseases of no known cause,patients will usually require re-treatment after a variable period of time whensymptoms recur. 

The Company has been issued a patent in the United States andCanada for the use of the Uracyst-S Test Kit and the Uracyst-S treatments andhas other international patents pending. Uracyst-S and the Uracyst-S Test Kitare both classified in Canada by the TPD as medical devices under the MedicalDevices Regulations of the Food and Drugs Act (Canada). 

Prior to the Offering, Stellar was unable to fund thenecessary clinical work for Uracyst-S. Dr. Gary Steinhoff of Vancouver, BritishColumbia agreed to perform such work, on behalf of Stellar, in consideration fora variable royalty payable until August 31, 2008. The royalty is based upon apercentage of Uracyst-S net sales. The royalty percentage for the period whichbegan on September 1, 1998 and ended on August 31, 2000 was 5%. The royaltypercentage for the period which began on September 1, 2000 and ended on August31, 2003 was 3%. The royalty percentage for the period beginning on September 1,2003 and ending on August 31, 2008 will be 2%. Dr. Steinhoff is not otherwiseaffiliated with Stellar or any of its officers, directors or principalshareholders. 

In December 2001, the Company entered into a licenseagreement (the "European License") with Pohl-Boskamp of Hohenlockstedt, Germany.Under the European License, Pohl-Boskamp was granted the exclusive right tomanufacture, market and sell the Company's Uracyst-S product line in Europe. Inconsideration for the grant of such exclusive right, Pohl-Boskamp paid Stellar$300,000 (Cdn.) upon execution of the European License. The European Licenserequired an additional $300,000 (Cdn.) payment to Stellar at the time of Pohl-Boskamp'sfirst sale of Uracyst-S products in Europe, which occurred in December of 2003.Pohl-Boskamp is also obligated to pay the Company a royalty. The royalty isequal to 17.5% of the quarterly net sales ("Net Sales") of Uracyst-S products byPohl-Boskamp and its affiliates and sublicensees; provided, however,until such time as Net Sales exceed $3,000,000 (Cdn.), a royalty of only 7.5% ofNet Sales is required to be paid to Stellar. Subject to extension in the case ofpatented improvements to the Uracyst-S product line, the term of the EuropeanLicense is scheduled to expire on December 21, 2008. In June of 2003, Stellarentered into two distribution agreements; the first agreement was with CMICanada Medical Inc. (located in Oshawa, Ontario Canada) to distribute Stellar'sproducts in the Middle East, the second with BurnsAdler Pharmaceuticals (locatedin Charlotte, North Carolina USA) to distribute Stellar's NeoVisc in LatinAmerica and the Caribbean. Both of these arrangements are simple distributionagreements. 
**Interstitial Cystitis and Treatment Options.Interstitial cystitis is a chronic inflammation of the bladder wall. Unlikecommon cystitis, IC is not caused by bacteria and does not respond toconventional antibiotic therapy. IC can affect people of any age, race or sex,but is more frequently diagnosed in women. 

Interstitial cystitis causes some or all of the following symptoms: 
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*Frequency*:Day and/or night      frequency of urination (up to 60 times a day in severe cases). In early or      very mild cases, frequency is sometimes the only symptom.   *Urgency*:Pain, pressure or      spasms may also accompany the sensation of having to urinate immediately.  *Pain*:Can be abdominal,      urethral or vaginal. Pain is also frequently associated with sexual      intercourse.  *Other*:Some patients also      report experiencing symptoms such as muscle and joint pain, migraines,      allergic reactions, colon and stomach problems, as well as the more common      symptoms of IC described above. 
At present, there is no cure for IC nor is there an effectivetreatment, which works for everyone. The following treatments have been used torelieve the symptoms of IC in some people: (i) diet, (ii) bladder distention,(iii) instilled dimethylsulfoxide (DMSO), heparin or hyaluronic acid, (iv)anti-inflammatory drugs, (v) antispasmodic drugs, (vi) antihistamines and (vii)muscles relaxants. 

In severe cases, several types of surgery have been performedincluding bladder augmentation and urinary diversion. Products available fortreating IC vary in their effectiveness. Most work for short periods of timeand, in general, are effective in about 30% to 40% of patients. Some therapiescan take up to 6 months of active treatment before patients start to showsymptomatic improvement. 

Market For Uracyst-S and the Uracyst-S Test Kit. Dataon the number of IC patients being treated and the method of treatment is notreadily available in Canada or the United States. Many products such as DMSO andheparin are not used exclusively to treat IC. This lack of detailed end-useproduct and prescription data make it difficult to define the size of the ICmarket. A United States epidemiology study (The Journal of Urology, February,1999) conservatively estimates the number of people with interstitial cystitisin the U.S. at approximately 700,000. The number of people in Canada with IC isestimated by Stellar to be 70,000. 

Marketing Strategy. Stellar currently markets Uracyst-Sand Uracyst-S Test Kits directly to physicians and pharmacies (although in manycases the patient is the ultimate purchaser) in Canada. Stellar intends to focusits promotion to a core group of urologists currently treating interstitialcystitis, largely in major Canadian urban centers (all Provincial capitals andcities with medical teaching centers). Management estimates that there are over550 practicing urologists in Canada and 7,500 in the United States. Thiswell-defined target audience makes direct marketing an effective strategy forStellar. Pursuant to the European License, Stellar markets its Uracyst-S productline in Europe through the European Licensee. 

Stellar's sales efforts emphasize the patented Uracyst-S TestKit's ability to determine those IC patients who are GAG deficient, and thendemonstrate the potential to treat these same patients with Uracyst-S. Thisability is important as GAG replenishment therapy can take up to 6 months beforepatients start to show substantial symptomatic improvement. Sales efforts alsopromote the ongoing clinical work that Stellar has undertaken with Uracyst-Swhich shows a response rate of over 60% and an excellent safety profile. 

Management believes that the monthly maintenance therapy costof Uracyst-S is less than that of all other active treatments. Stellar expectsto gain acceptance more readily from both physicians and patients as the mostcost-effective therapy for treating GAG deficient IC patients. 
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Cost is an important factor in selecting a treatment optionas most patients will be on and off GAG replacement therapy for an indeterminateamount of time. In addition, Stellar's unique test kit provides Stellar with asubstantial competitive advantage over its competitors. 

Competitive Analysis. The treatment of IC is arelatively small niche market supplied by smaller pharmaceutical companies.Because of low efficacy rates and relatively expensive treatment costs,management believes the treatment of IC remains an unsatisfied market with nodominant competitive product. Alza Corporation and Shire PharmaceuticalCorporation are the two major suppliers to the IC market. 

In 1993, Alza Corporation launched Elmiron (pentosanpolysulfate sodium) in Canada. Elmiron is used as an oral GAG replenishmenttherapy. Alza Corporation has been extremely active in the market providingcomprehensive materials and services for physicians and IC patients. Sideeffects may also be difficult to manage for some patients and can include hairloss, diarrhea and extreme to mild gastrointestinal discomfort. 

Shire Pharmaceutical Corporation's RIMSO 50 (also known asDMSO) was previously a market leader for urinary tract diseases, but has seenits market eroded by generic DMSO selling for 50% of its price. Since DMSO maybe used in treatments for diseases or symptoms other than IC it is difficult tofind exact usage data for IC. DMSO works to desensitize the bladder wall and hasnumerous negative side effects. The principal side effects include somediscomfort and an emission of a strong, unpleasant odor similar to garlic for upto 48 hours after an instillation. DMSO, although not favored by patients,remains a product of choice for many urologists. 

Elmiron has a typical cost of about $150 (Cdn.)/month as compared to $80 (Cdn.)/monthfor DMSO and $55 (Cdn.)/month for Uracyst-S. 
***SkeliteTM
Stellar has acquired the exclusive Canadian marketing anddistribution rights to SkeliteTM from Millenium Biologix Inc. SkeliteTMhas been approved by both the FDA in the United States and TPD in Canada, assynthetic bone void filler. SkeliteTM is a registered trademark ofMillenium Biologix Inc. The agreement is for a period of five years with arenewal term for a successive term of three years. The product is brought intoStellar on a consignment basis, with payment terms of 45 days following the endof the month. 

SkeliteTM is a novel, 100% synthetic, resorbablebone void filler consisting of 67% Silicon stabilized TCP + 33% hydroxyapatite.SkeliteTM contains a multi-directional, interconnected porositysimilar in structure to human cancellous bone allowing for the integration oftissue and fluids. This product provides a bone void filler that is resorbed bythe natural remodeling process and replaced with new bone during the healingperiod. Orthopedic surgeons will use this product, with or without bone marrow,to pack into bony voids or gaps of the skeletal system (i.e., the extremities,spine and pelvis). The defects may be surgically created osseous defects orosseous defects created from traumatic injury to the bone. 
**Bone Graft Treatment Options. Bone grafting materials are primarilydivided into three categories: autologous, allograft and synthetics. 

For more than a century, bone fracture repair has beenaugmented with the use of autologous (taken from patient's own body) cancellousbone grafting. The advantages are that autologous grafts provide the threerequisite properties: the scaffolds for osteoconduction, the growth factors forosteoinduction and the progenitor stem cells for osteogenesis. The disadvantagesare procurement 
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(harvesting) site morbidity, longer operating times and limited availability.

Allograft (taken from other human donors) bone material isprocessed bone taken from cadavers. Many countries have some form of bone donorprograms whereby bone material is harvested upon death from patients who havegiven prior consent. However, to combat the risks of disease transmission andhistoincompatible response, this bone material is subject to harsh processingtechniques that diminish the mechanical properties (osteoconduction) and thebiological (osteoinductive) properties. There are national bone banks and manyhospitals have instituted their own bone bank. The costs for allografts rangefrom minimal to extensive and the supply of material is still limited. 

Synthetic alternatives for bone graft procedures have beenavailable since the 1990's. Currently used in about 10% of the 2.2 million bonegraft procedures worldwide, these new materials offer the advantages ofunlimited availability and safety. Newer materials offer the improved osteoconductive characteristics necessary for bone and tissue integration. 
**Marketing. The rising cost of healthcare in hospitals hasresulted in payers (i.e. materials management departments andstate/provincial/private plans) reducing the number of products covered andrestricting the entry of new products. New products must offer real competitivebenefits and cost advantages. SkeliteTM is expected to offer the highquality that is important to orthopedic surgeons and the cost attractivenessdemanded by the payer. 

The orthopedic surgeon plays an important role in theselection of products. Stellar already focuses on orthopedic surgeons and theirhospital groups. Orthopedic surgeons may use SkeliteTM in manyprocedures but, initially, it is expected that SkeliteTM will be usedin trauma and hip / knee revisions. Stellar currently expects to market SkeliteTMin the Canadian marketplace in January of 2004. 
**Competitive Analysis. SkeliteTM will competedirectly with other synthetic bone graft products. ProOsteon (Interpore Cross),DynaGraft (GenSci) and Osteoset (Wright Medical Technology) are available inCanada. Stellar management feels that the positive attributes demonstrated inearlier studies by SkeliteTM will be well accepted by orthopedicsurgeons and the competitive pricing will allow for early entry into thehospital systems. Stellar believes this product will capture significantin-market share. 
**NMP22® BladderChekTM**
Stellar has licensed BladderChekTM for the Canadian market,from Matritech, USA. The initial term of this agreement begins January 1, 2004to December 31, 2008, with an extension period of one year. Stellar has agreedto a minimum order of $2,000 U.S., with payment terms of net 30 days. The NMP22BladderChek test is a simple to use, point-of-care, in vitro diagnostic test forbladder cancer, and provides results (within 30 minutes) while the patient is inthe physician's office. By placing four drops of urine on the NMP22 BladderChektest cassette, a physician is able to detect the presence of elevated NMP22. 

Matritech's scientists discovered that high levels of thenuclear matrix protein, NMP22, in urine frequently indicated the presence ofcancer. NMPs are found in the nuclei of cells where they contribute to nuclearstructure and regulate important cell functions. NMP22 is elevated in bladdercancer cells 20 to 80 fold and is released into the urine of bladder cancerpatients. 
**Market Overview: In the USA, more than one million patients receive adiagnostic work up for bladder cancer each year. Another 10 million are at riskfor the disease. According to the 
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American Cancer Society (2001), 54,300 new cases of bladder cancer (2.5:1men: women) are diagnosed each year. ****
If diagnosed in its early stages, the five-year bladdercancer survival rate exceeds 90 percent. However, 12,400 people in the UnitedStates died of bladder cancer in 2001. Many died because the disease was notcaught in its earliest stages 

The estimate for Canada is 270,000 opportunities for use (diagnosis andmonitoring) for BladderChek. 
**Market Growth: BladderChek, a third generation urinebased biomarker, was able to correctly identify cancers not seen by cystoscopyand provides more accurate and clinically useful information than cytology. Thestrategy will be to introduce BladderChek directly to hospitals and urologyclinics where the overall value of a POC device will be appreciated.****
BladderChek will be sold at a competitive price, which shouldallow for immediate savings per final test and eliminate the current practice ofrepeated cytology tests due to the inaccuracy of the readings. 

Stellar expects to initially launch BladderChek into the Canadian market inmid 2004. 
**Sales and Distribution**
Stellar currently has six commissioned and salaried salesrepresentatives and one sales agent, promoting its products in key Canadiancentres. These sales representatives primarily target medical physicians,pharmacies, hospitals and patient support groups. Stellar is building a salesnetwork across Canada to generate NeoVisc and Uracyst-S sales. See "- HumanResources." Marketing and sales efforts are coordinated from Stellar's London,Ontario head office. One of Stellar's immediate corporate goals is to establisha stronger network of representatives selling its products and in-licensedproducts in Canada. 

Stellar's product line is also sold in Europe, Middle East, Latin America,and the Caribbean by other companies, through licensing or distributionagreements. 
**Customers**
The Company has historically derived the majority of itsrevenues from a small number of major customers, although the composition ofthis group of customers has changed from year to year. In the event that one ormore of these major customers significantly reduced or terminated theirpurchases of the Company's products, the Company's results of operations andfinancial condition could be materially adversely affected. The Company has not,however, received any indication from any of its current major customers that itintends to discontinue its relationship with the Company or to reduce itspurchases of the Company's products. 
**Human Resources**
Stellar currently employs eleven full-time employees and hasa contractual arrangement with one independent commission sales agent. Six ofthe Company's full-time employees are located at the Company's offices in LondonOntario, Canada. The other five full-time employees of the Company sell theCompany's products in major urban areas throughout Canada. The Company plans toadd additional staff in the areas of sales, marketing, regulatory affairs andadministration over the next 18 to 24 months. Management of the Company believesthat its relations with its 
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employees are excellent. 

The Company is substantially dependent on the services of itskey senior management personnel. The Company has entered into employmentagreements with Peter Riehl, the Chief Executive Officer, , but there can be noassurance that the Company will be able to continue to retain his services. See"Item 10. Executive Compensation. - Employment Agreements and Termination ofEmployment." Loss of the services of this key person, or any other keymanagement employee, would have a material adverse effect on the Company. TheCompany does not maintain key man life insurance on the life of Messrs. Riehl.In addition, the Company's future success will depend in part upon itscontinuing ability to hire, train, motivate and retain key senior management andskilled technical, professional and marketing personnel. Although management ofthe Company believes that it will be able to hire qualified managerial andtechnical personnel for such purposes, there can be no assurance that theCompany will be able to attract or retain such personnel in the future. Themarket for qualified personnel has historically been, and the Company expectsthat it will continue to be, intensely competitive. The Company's success willdepend in part on the integration, performance and retention of theseindividuals. The loss of key employees or the Company's inability to attract,hire and retain other qualified employees could have a material adverse effecton the Company. 
**Manufacturing**
Stellar currently out sources the manufacturing of itsproducts, other than Uracyst-S products offered for sale in Europe, to a specialsterile facility at the Ottawa Hospital. This facility, which is in compliancewith applicable Health Canada, TPD division medical device guidelines, hassufficient excess capacity at present to meet the Company's Canadian estimatedrequirements for the next 6 to 12 months. The Company's products offered forsale in Europe are manufactured by Pohl-Boskamp and its sublicensees. See"Products and Markets - Uracyst-S and the Uracyst-S Test Kit." 

Stellar has entered into an agreement with Dalton ChemicalLabs. Inc ("Dalton") to manufacture Uracyst-S and NeoVisc for Stellar. Thevalidation and start-up process for this change will start in early 2004.Stellar expects to supply product from this facility during the second quarterof 2004. Upon receipt of the necessary United States Food and DrugAdministration ("FDA") approvals, Stellar will move most of its manufacturing toDalton. Dalton has the capacity to meet Stellar's long-term growth needs.Dalton, is a GMP manufacturing facility that has the capability to meet domesticand international manufacturing regulations. A significant interruption in thesupply of any of the Company's products could impair the successful marketing ofsuch products. 

The Company's arrangement with Dalton is currently covered bya written agreement (the "Supply Agreement"). The Supply Agreement provides forDalton to supply all of the Company's clinical and commercial productionrequirements well into the future. Stellar believes the Supply Agreement willcause its production costs to improve based on the economies of scale projected.This Supply Agreement will replace the present agreement Stellar has with OttawaHospital. 

The Company has established non-contractual supplyarrangements for its raw materials with several sources, which will continue tobe in effect. Stellar currently purchases the HA used in NeoVisc from Lifecoreand the chondroitin sulfate used in the formulation of Uracyst-S from Bioiberica,a Spanish supplier. In the event of an interruption in the supply of these rawmaterials from such suppliers, Stellar believes that it would be able to securesimilar raw materials at competitive prices from other suppliers locatedworldwide. 

The manufacture of the Company's products involves thehandling and use of substances that are subject to various environmental lawsand regulations that impose limitations on the discharge of pollutants into thesoil, air and water, and establish standards for their storage and disposal. The
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Company believes that the manufacturers of its products are in materialcompliance with such environmental laws and regulations. 

The sale and use of the Company's products entails risk ofproduct liability and the Company presently carries product liability insurance.There can be no assurance that, despite testing by the Company, as well astesting in use by current and potential customers and regulatory agencies,defects will not be found in new products after commencement of commercialshipments. The occurrence of such defects could result in the loss of, or delayin, market acceptance of the Company's products, which could have a materialadverse effect on the Company. Furthermore, litigation, regardless of itsoutcome, could result in substantial costs to the Company, divert management'sattention and resources from the Company's operations and result in negativepublicity that might impair the Company's on-going marketing efforts. 
**Patent and Proprietary Protection**
Where deemed appropriate, Stellar may file patentapplications for technologies, which it owns or in respect of which it hasacquired a license and, if necessary, then further developed to make suchtechnologies marketable. Such applications may cover composition of matter, theproduction of active ingredients and their novel applications. 

The Company retains independent patent counsel whereappropriate. Management of the Company believes that the use of outside patentspecialists ensures prompt filing of patent applications, as well as the abilityto access specialists in various areas of patents and patent law to ensurecomplete patent filing. 

The patent position relating to medical devices and drugdevelopment is uncertain and involves many complex legal, scientific and factualquestions. While the Company intends to protect its valuable proprietaryinformation and believes that certain of its information is novel andpatentable, there can be no assurance that: (i) any patent application owned byor licensed to the Company will issue to patent in all countries; (ii)proceedings will not be commenced seeking to challenge the Company's patentrights or that such challenges will not be successful; (iii) proceedings takenagainst a third party for infringement of patent rights will be successful; (iv)processes or products of the Company will not infringe upon the patents of thirdparties or (v) the scope of patents issued to or licensed by the Company willsuccessfully prevent third parties from developing similar and competitiveproducts. It is not possible to predict how any litigation may affect theCompany's efforts to develop, manufacture or market products. The cost oflitigation to uphold the validity and prevent infringement of the patents ownedby or licensed to the Company may be significant. 

Issues may arise with respect to claims of others to rightsin the patents or patent applications owned by or licensed to the Company. Asthe industry expands, and more patents are issued, the risk increases that theCompany's processes and products may give rise to claims that they infringe thepatents of others. Actions could be brought against the Company or itscommercial partners claiming damages or an accounting of profits and seeking toenjoin them from clinically testing, manufacturing and marketing the affectedproduct or process. If any such action were successful, in addition to anypotential liability for damages, the Company or its commercial partners could berequired to obtain a license in order to continue to manufacture or market theaffected product or use the affected process. There can be no assurance that theCompany or its commercial partners could prevail in any such action or that anylicense required under any such patent would be made available or, if available,would be available on acceptable terms. If no license is available, theCompany's ability to commercialize its products may be negatively affected.There may be significant litigation in the industry regarding patents and otherintellectual property rights and such litigation could consume substantialresources. If required, the Company may seek to negotiate licenses under 
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competitive or blocking patents, which it believes are required for it tocommercialize its products. 

Although the scope of patent protection ultimately affordedby the patents and patent applications owned by or licensed to the Company isdifficult to quantify, management of the Company believes that such patents willafford adequate protection for it to ensure exclusivity in the conduct itsbusiness operations as described herein. The Company also intends to rely upontrade secrets, confidential and unpatented proprietary know-how, and continuingtechnological innovation to develop and maintain its competitive position. Toprotect these rights, the Company whenever possible requires all employees andconsultants to enter into confidentiality agreements with the Company. There canbe no assurance, however, that these agreements will provide meaningfulprotection for the Company's trade secrets, know-how or other proprietaryinformation in the event of any unauthorized use or disclosure. Further, in theabsence of patent protection, the Company's business may be adversely affectedby competitors who independently develop substantially equivalent or superiortechnology. 
**Regulatory Considerations 
*Product Regulation***
The Canadian health care industry is regulated by HealthCanada. This federal agency has a role similar to that of the FDA and hasresponsibility for regulating drugs for both human and animal use, cosmetics,medical devices, radiation-emitting devices and other products affecting humanhealth. A manufacturer is required to follow specific regulations referred to ascurrent Good Manufacturing Practice ("GMP") regulations in the manufacture ofsuch products. Regulations imposed by federal, provincial, state and localauthorities in Canada and the United States are a significant factor in theconduct of the development, manufacturing and eventual marketing activities forany proposed products. 

Stellar has received a license to manufacture and sellNeoVisc, Uracyst-S and the Uracyst-S Test Kit in Canada from Health Canadathrough TPD. These products are regulated under the Medical Devices Regulationsof the Food and Drugs Act (Canada) and the regulations promulgated there underby TPD to ensure the safety and efficacy of medical devices, such as theCompany's products, for the Canadian public. New Medical Device Regulationsrequired all Canadian device manufacturers, such as the Company, to comply withthe National Standard of Canada Quality Systems-Medical Device requirements bytheir 2003 licence renewal date. The quality assurance program of the devicemanufacturer must be certified pursuant to such regulations to demonstrate eachdevice's compliance with the Canadian regulations for such products. The Companyhas been granted their ISO 13485 certification as of July 2003. 

Under the European License, Pohl-Boskamp is required to causeall Uracyst-S products offered for sale in Europe to be manufactured inaccordance with all applicable laws including, without limitation, CouncilDirective 90/385/EEC of 20 June 1990 and Council Directive 93/42/EEC of 14 June1993 concerning medical devices. See "Products and Markets - Uracyst-S and theUracyst-S Test Kit." 

Stellar intends to market its products in the United Statesand, as such, it is important that a quality assurance program be designed toalso comply with the FDA's Medical Device GMP regulation. The Company intends toapply to have NeoVisc, Uracyst-S and the Uracyst-S Test Kit approved under thePre-Market Approval ("PMA") program of the FDA for marketing in the UnitedStates. The FDA GMP regulation requires significant documentation on allrelevant procedures of the manufacturing and quality control of each device. 

Management of Stellar believes that the best strategic approach for theCompany to take, 
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with respect to the initiation of its United Statesapprovals, is to take advantage of the pre-consultation process with the FDAreviewers, prior to the submission of the PMA application. A detailed andcomprehensive scientific and medical package will be prepared by the Company forthis consultation process and will include, among other things, the safety andefficacy information collected from the Canadian market. It is expected thatsubstantial evidence to establish the chemical and physical equivalency of theCompany's products to existing devices marketed in the United States will alsobe included. The FDA requires the completion of the clinical trials for thesafety and efficacy of each therapeutic device before it will issue a PMA.Accordingly, the Company's efforts will be focused on determining the necessaryclinical trial size and time horizon so that it can establish the basis for theequivalency, in terms of safety and efficacy, to existing products. Further, anInvestigational Device Exemption ("IDE") application, prepared in accordancewith the requirements of the pre-consultation process, must be submitted to the FDA prior to the commencement of the clinical trials in the United States 

The Company submitted its IDE application to the FDA on May30, 2001. In September 2001, the FDA requested that certain changes be made tosuch application. Stellar resubmitted its IDE application to the FDA on November1, 2001. On December 5, 2001, Stellar received a conditional approval on itsNeoVisc IDE application from the FDA. In response thereto, Stellar made anadditional submission on January 17, 2002 to clear the conditions before theinitiation of NeoVisc clinical studies. Stellar has received approval for theNeoVisc IDE and now that a strategic party has been formalized, expects to seemulti-center clinical trials in place for NeoVisc. 

Open label trials of Uracyst-S have been completed andpublished in The Canadian Journal of Urology. The Company is currently workingwith an American clinic in establishing an animal model to further demonstratethe role of Uracyst-S in the treatment of cystitis. In connection with the FDAapproval process, Stellar anticipates that it will utilize such American clinicto perform additional services. 

Stellar anticipates that the FDA approvals required to marketNeoVisc and Uracyst-S in the United States will be obtained no later than theend of 2005. There can be no assurance, however, that such FDA approvals will beobtained or that Stellar will be able to successfully market its products in theUnited States. Stellar expects that the costs associated with obtaining such FDAapprovals will be approximately $1,500,000 (Cdn.) and $1,000,000 (Cdn.),respectively. The funding of these FDA approvals will be the responsibility ofSJ Pharma as per our License Agreement. 

Stellar intends to continue to increase sales of its existingproduct line in Canada and to negotiate in-license agreements to add to thisproduct pipeline. Second, Stellar will endeavor to further negotiateout-licensing agreements with third parties to strategically assist Stellar inregistering and promoting its products in international markets. 
***Pricing and Reimbursement***
As pressures for cost containment increase, particularly inCanada and the United States, there can be no assurance that the prices theCompany can charge for its products will be as favorable as historicalpharmaceutical product prices. Reimbursement by payers such as government andmanaged care organizations has become increasingly important, as has the listingof new products on large formularies, such as those of managed careorganizations, pharmaceutical benefit providers and group buying organizations.The failure of one or more products to be included on formulary lists, or to bereimbursed by managed care organizations, could have a negative impact on theCompany's results of operation and financial condition. 
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**Future Product Development**
Stellar is currently developing a series of new product lineextensions, with the intention of expanding the indications for its currentproducts, NeoVisc and Uracyst-S, and, ultimately, expanding into other productareas. However, Stellar's efforts will be focused initially on developingstrategic partners to assist Stellar in gaining regulatory approval in theUnited States for its NeoVisc and Uracyst-S related products. The United Statessubmissions will be a priority for the Company, as management believes that thismarket has significant potential for the distribution of its products. Theregistration for all current products will likely require completion of clinicaltrials. Clinical work, done in Canada and the United States, can then be usedfor submissions for entry into other countries. Negotiations between Stellar andSJ Pharma started in December, 2003 and resulted in a License Agreement andSupply Agreement with SJ Pharma being signed in March, 2004 for both Stellarproducts for the United States market. 
**Item 2.        Description of Property.**
The Company maintains its executive offices at leased officespace located at 201-82 Wellington Street South in London, Ontario. The leasewith MacNeill and Blake Holdings Ltd. for the Company's executive office spacecovers approximately 2,600 square feet, expired on May 31, 2003 and provides formonthly rental payments of $ 2,400 (Cdn.). The lease is renewable at the optionof Stellar for an additional two-year period at such rent as shall be mutuallyagreed upon, but which under no circumstances shall be less than $ 2,400 (Cdn.)per month. The Company is presently working on a month to month rentalarrangement, and is presently researching a new location to meet is requirementto sustain its expanding business needs. 
**Item 3.        Legal Proceedings.**
The Company is not a party to any pending legal proceedings,except for a claim commenced by Bioniche against Stellar and others in theOntario Court (General Division) in London, Ontario on May 2, 1997. Bionicheclaimed injunctive relief against the defendants as well as damages in theamount of $20,000,000 (Cdn.) for, among other things, alleged breach offiduciary duty, alleged breach of contract and alleged misuse of confidentialinformation. Stellar has defended the action and counterclaimed against Bionichefor damages in the amount of $500,000 (Cdn.). Since certain unsuccessfulattempts by Bioniche to obtain injunctive relief in 1997, no further steps havebeen taken by either side in the prosecution of the litigation. Management ofthe Company considers the claims of Bioniche to be unfounded and without merit.
**Item 4.        Submission of Matters to aVote of Security Holders.**
Not applicable. 
**PART II
**Item 5.       Market for Common Equity, Related Stockholder Matters and Small Business IssuerPurchases of Equity Securities. 

Market Information**
On December 5, 2000, the Common Shares were approved forlisting and trading on Tier 3 of the CDNX, now the TSX Venture Exchange, underthe symbol "YYS". This symbol changed to "SLX" effective in January 2004 asStellar was approved for Tier 2 status on the TSX Venture 
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Exchange. The following table sets forth for the periods indicated the marketprice ranges expressed in Canadian dollars of the Common Shares on the TSXVenture Exchange. 
 **($) (Cdn.)**Period****High****Low**1st      Quarter of 20020.290.182nd      Quarter of 20020.400.203rd      Quarter of 20020.420.254th      Quarter of 20020.440.301st      Quarter of 20030.480.302nd      Quarter of 20030.540.233rd      Quarter of 20030.600.314th      Quarter of 20030.870.33
In December 2002, the Common Shares were approved for listingand trading on the OTC Bulletin Board under the symbol "SLRXF". The followingtable sets forth the periods indicated, the market price ranges expressed inUnited States dollars of the common shares on the OTC Bulletin Board 
 **($) (USD.)****Period****High****Low**1st Quarter of      20020.340.212nd Quarter of      20020.410.153rd Quarter of      20020.450.234th Quarter of      20020.680.25
Holders 

As at January 1, 2004, there were 52 holders of record of the Common Shares.
**Dividends**
The Company currently intends to retain future earnings, ifany, for use in its business. The Company does not anticipate paying dividendson the Common Shares in the foreseeable future. Any determination to pay anyfuture dividends will remain at the discretion of the board of directors of theCompany and will be made taking into account Stellar's financial condition andother factors deemed relevant by the Board of Directors. 
**Penny Stock Considerations**
The Securities Exchange Commission has adopted regulationsapplicable to broker/dealers who sell "penny stock." A "penny stock" isgenerally defined to be any equity security that has a market price (as defined)of less than $5.00 per share, subject to certain exceptions. These regulationsimpose additional sales practice requirements on broker/dealers who sell "pennystock" to persons other than established customers and accredited investors.These additional sales practice requirements may have the effect of reducing thelevel of trading activity in the secondary market for "penny stock." 
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**Equity Compensation Plan Information 

The table set forth below provides information as ofDecember 31, 2003 with respect to Common Shares that may be issued underexisting equity plans. For additional information, see "Item 10. ExecutiveCompensation - Stock Option Plan." 
Plan categoryNumber of      securities      Weighted-averageNumber of      securites to be issued      uponexercise      price ofremaining      available exercise ofoutstanding      options,for future      issuance outstanding      options,warrants and      rightsunder equity warrants and      rights**In      Canadian $**compensation      plans   (excluding      securities   reflected in      column (a))     *(a)**(b)**(c)*    Equity compensation   plans approved by    **__****__****__**security holders   Equity compensation   plans not approved by    2,650,000.50202,000security holders       Total    2,650,000.50202,000**Exchange Controls and Other Limitations Affecting Security Holders.**
Canada has no system of exchange controls. There are noexchange restrictions on borrowing from citizens or residents of foreigncountries nor on the remittance of dividends, interest, royalties or similarpayments, management fees, loan repayments, settlement of trade debts or therepatriation of capital. 

Under the Investment Canada Act (the "ICA Act"), a Canadianfederal statute, certain "non-Canadian" individuals, governments, corporationsor other entities who wish to acquire a "Canadian business" (as defined in theICA Act) or establish a "new Canadian business" (as defined in the ICA Act) maybe required to file either a notification or an application for review with agovernmental agency known as "Industry Canada". The ICA Act further requiresthat certain acquisitions of control of a Canadian business by a "non-Canadian"must be reviewed and approved by the Minister responsible for the ICA Act on thebasis that he is satisfied that the acquisition is "likely to be of net benefitto Canada". Only acquisitions of control are reviewable under the ICA Act;however, the ICA Act provides detailed rules for the determination of whethercontrol has been acquired and, pursuant to those rules, the acquisition ofone-third or more of the voting shares of the Company may, in somecircumstances, be considered to constitute an acquisition of control. Failure tocomply with the review provisions of the ICA Act could result in, among otherthings, an injunction or a court order directing disposition of assets orshares. 

There are no limitations on the rights of non-Canadian residents ornon-Canadian 
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shareholders to hold or vote the Common Shares contained in the Company'sArticles of Incorporation, as amended, or By-Laws, as amended. 
**Taxation 
*Dividends***
In general, dividends paid by a corporation resident inCanada to non-residents of Canada are subject to Canadian withholding tax. Therate of withholding tax under the Income Tax Act (Canada) (the "Tax Act") ondividends is twenty-five percent (25%). Such rate may be reduced under theprovisions of a relevant international tax treaty to which Canada is a party.The Canada-United States Income Tax Convention (1980) (the "U.S. Treaty")provides for a general reduction in the rate of Canadian withholding tax tofifteen percent (15%) on dividends paid on shares of a corporation resident inCanada to residents of the United States, and also provides that where thebeneficial owner of the dividends is a corporation resident in the UnitedStates. Notwithstanding the foregoing, a reduced rate of (i) ten percent (10%)applies to dividends from a non-resident owned investment corporation if therecipient is a corporation that is the beneficial owner of at least ten percent(10%) of the voting shares of the corporation paying the dividends and (ii) fivepercent (5%) applies if the recipient is a corporation resident in the UnitedStates that is the beneficial owner of at least ten percent (10%) of the votingshares of the corporation paying the dividends. 
***Capital Gains***
A non-resident of Canada is not subject to tax under the TaxAct in respect of a capital gain realized upon the disposition of a share of apublic corporation for purposes of the Tax Act unless the share representstaxable Canadian property to the holder thereof. A share of a public corporationwill be taxable Canadian property to the holder thereof if, at any time duringthe period of sixty (60) months immediately preceding a disposition, thenon-resident, persons with whom the non-resident did not deal at arm's length,or the non-resident together with persons with whom he did not deal at arm'slength, owned (or had an option in respect of or had an interest in) twenty-fivepercent (25%) or more of the issued shares of any class or series of thecorporation or if, upon ceasing to be a resident of Canada, the holder electedthat the share be taxable Canadian property. The Company is a public corporationfor purposes of the Tax Act. 

The U.S. Treaty provides that, in general, a resident of theUnited States will not be subject to tax on any capital gains realized by him onthe disposition of shares that are taxable Canadian property unless (i) suchresident has or had (within the twelve-month period preceding the disposition) apermanent establishment in Canada and such shares formed part of the businessproperty of that permanent establishment, (ii) such shares formed part of thepersonal property pertaining to a fixed base which is or was available (within atwelve-month period preceding the disposition) to such resident for the purposeof performing independent personal services, (iii) the value of the shares isderived principally from real property situated in Canada or (iv) theshareholder is an individual who was resident in Canada for 120 months in anytwenty-year period preceding the disposition and at any time during the ten-yearperiod immediately preceding the disposition and who owned the shares of thecorporation at the time he or she ceased to be a resident of Canada. 
***Estate and Gift Tax***
At present, Canada does not impose any estate or gift tax. 
**Recent Sales of Unregistered Securities**
SJ Strategic Investments LLC, a private Tennessee limited liability company,on February 19, 2004, announced that Stellar agreed to issue 4,088,794 commonshares to SJ for U.S.$ 0.74 
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(approximately Cdn$1.00) per common share, which represents19.9% of the issued and outstanding Stellar common shares, on a non-dilutedbasis (including the Stellar common shares issued on the private placement). Theaggregate proceeds of the proposed private placement was. $3,025,708 U.S(approximately Cdn $4,000,000). The Stellar common shares issued in the privateplacement offering are subject four month hold period by virtue of its UnitedStates residency. 

In connection, with the completion of this offering, SJ thesubscriber, also obtained a right from the company to subscribe for additionalStellar common shares in the future from time to time in order to maintain itspercentage equity ownership interest in Stellar, subject to adjustment incertain circumstances, and subject to regulatory approval. SJ has also beengranted the right by Stellar to participate as a selling shareholder in futureofferings of common shares. In addition, Peter Riehl, Samuel Hahn and each oftheir spouses have entered into agreements with SJ pursuant to which they havegranted rights of first refusal to SJ in respect of the sale of securities inStellar owned by them. 

The Stellar common shares were acquired by SJ for investmentpurposes only, and not with the purpose of influencing control or direction overStellar. SJ may acquire further Stellar common shares, or dispose of itsholdings of Stellar common shares, as investment conditions warrant. The Stellarcommon shares purchased by SJ in the private placement are all of the securitiesof Stellar that SJ owns, or exercises control or direction over. 

Exemption from the registration provisions of the SecuritiesAct for the transaction described above was claimed under Section 4(2) of theSecurities Act and the rules and regulations promulgated thereunder on the basisthat such transaction did not involve any public offering, the purchaser wassophisticated with access to the kind of information registration would provideand that such purchaser acquired such securities without a view towardsdistribution thereof. 
**Issuer Purchases of Equity Securities.**
None. 
**Item 6.        Management's Discussion andAnalysis or Plan of Operartion 

General**
The following discussion and analysis should be read inconjunction with the Company's consolidated financial statements and notesthereto appearing elsewhere in this annual report. Such discussion and analysiscontains forward-looking statements. The Company's actual results may differsignificantly from those projected in the forward-looking statements. TheCompany's consolidated financial statements have been prepared in accordancewith United States generally accepted accounting principles ("GAAP"). 
**Nature of Operations**
Stellar derives revenue from the sale ofphysician-administered products used to treat certain medical disorders. Suchproducts are developed by the Company, manufactured under contract and sold bothdirectly and through sales representatives. 

From its inception, the Company has focused on developingproducts for the treatment of certain types of arthritis and bladder disorders.As such, a significant portion of its capital was used in the development,testing and licensing of its products for use in the Canadian market. Stellar
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anticipates the continued development of new products alongwith testing and licensing of its existing products in new markets. The Companyexpects to fund such activity from growing domestic sales and new capitalplacements. 
**Results of Operations (in Canadian Dollars) 

General**
Stellar International Inc. ("Stellar" or the "Company"),founded in 1994, is a Canadian pharmaceutical company involved in thedevelopment and commercialization of high quality, polysaccharide-basedtherapeutic products used in the treatment of osteoarthritis and certain typesof cystitis. Stellar also markets a test kit that confirms the existence ofbladder lining defects in interstitial cystitis patients and identifies thosepatients who should respond positively to the Company's proprietary therapeuticproduct. 

Stellar has developed and is marketing three products inCanada based on its core polysaccharide technology: NeoVisc®, for the treatmentof osteoarthritis, Uracyst®-S and the Uracyst® Test Kit, Stellar's patentedtechnology for the diagnosis and treatment of Interstitial Cystitis (IC), aninflammatory disease of the urinary bladder wall. Stellar also has in-licensingagreements for SkeliteTM a proprietary synthetic bonegrafting product andNMP22® BladderChekTM, a proteomics-based diagnostic test for the diagnosis andmonitoring of bladder cancer. These products are expected to positively impactsales in 2004. 
**Fiscal 2003 Highlights**
In fiscal 2003, Stellar continued to focus on its corebusiness strategies by growing the Canadian market through aggressive promotionof its current products, building revenue through in-licensing and out-licensingagreements and expanding its product line through product development. 

The year 2003 was another growth year for Stellar with gainsbeing made in all areas of its business. Sales growth in 2003 was positive butwas significantly impacted in the second quarter by the SARS outbreak. Stellar'sproducts have high institutional use and their use was severely constrainedthrough this period, as patient access to hospitals was restricted. Once theepidemic subsided product growth returned and both products achieved doubledigit sales increases for the year. 

In June, Stellar signed two out-licensing agreements, withtwo companies. Both companies are working on gaining regulatory approval intheir respective countries. Stellar does not expect these commercialrelationships to impact revenue until mid 2004. 

In December of 2003 Uracyst®-S was launched in Europeresulting in an additional milestone payment and the initiation of royaltypayments. These royalty payments have been treated as deferred revenue on the2003 financial statements. 

In December Stellar also began negotiations for theout-licensing of Stellar's products in the USA, these discussions continue.During 2003 the company began working on a number of in-licensing agreements tobuild domestic sales. These agreements will lead to Stellar launching three newproducts in 2004. Although the statements show expenses for Stellar'sin-licensing and out-licensing agreements completed in 2003, there will be nooffsetting revenues until 2004. 

The company will continue to focus on in-licensing and out-licensing productsto drive revenue growth. This will allow the company to develop Stellar's ownproducts for future sales and 
    UNITED STATES 10-KSB filing 2003 
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profit growth. 
**Results of Operations for the 12 Months Ending December 31, 2003**
For the 12 month period ending December 31, 2003, totalrevenue increased 29.8 % to $ 1,109,431, compared to $854,705 in fiscal 2002.In-market growth for current products was negatively impacted by the SARSoutbreak. Stellar conservatively estimates lost sales in March, April May andJune 2003 to be in excess of $ 250,000. Sales force activities continue to havea positive impact on product revenues. NeoVisc® gross sales grew by 27.2 % and Uracyst®-S gross sales grew by 43.7%. 

The operating loss for the year 2003 was $ 807,920 ascompared to net loss in 2002 of $ 812,339. It should be noted that during 2003Stellar incurred non cash expenses for consulting of $312,273 (issued commonshares), up 656.1% over 2002. In 2003 Stellar also had increased expensesassociated with its in-licensing and out-licensing efforts including businessdevelopment and legal fees. These fees increased by 87.3% over 2002. As wellStellar incurred ongoing expenses for improvements to its manufacturingfacility, which included upgrading our quality systems. These expenditures werenecessary for the Company to continue to grow and meet Stellar's long termgoals. 

Stellar currently has no debt and remains confident that itcan continue to fund its ongoing operations from the sale of its products andfrom milestone and royalty payments resulting from out-licensing agreements. 
**Cost of Sales**
During fiscal 2003 cost of sales amounted to 19.5 % of product sales. Thisrepresents a 1.2 % reduction when compared to previous year as Stellar continuesto benefit from improved efficiencies in our manufacturing processes. 
**Research and Development**
Stellar continues to invest in research necessary to expand its products intointernational markets. However, clinical trial investment has been put on holddue to out-licensing discussions. In June of 2003 Stellar announced twoin-licensing agreements: one with BurnsAdler Pharmaceuticals for Latin America,Mexico and Caribbean, and the second, with CMI Canada Medical Inc. for theMiddle East. Both these agreements have positive potential but will not have amajor impact on income until the products have received specific countryregulatory approval. These approvals are expected by mid 2004. 

Uracyst®-S was launched in Europe in December of 2003 resulting in a secondmilestone payment. Royalty revenues from this agreement are expected throughout2004. 

In September 2003, Stellar in-licensed BladderChekTM, for theCanadian market BladderChekTM is a unique point of care diagnostic used in thediagnosis and monitoring of bladder cancer. Stellar expects to launch thisproduct in early 2004, once Canadian regulatory approval has been completed. 

In December of 2003 all validations were completed withSkeliteTM, our in-licensed product from Millenium Biologix Inc. and the productwas launched in Canada on January 29, 2004. Stellar is encouraged with the earlyphysician interest in SkeliteTM and expects it to perform well in 2004. 
    UNITED STATES 10-KSB filing 2003 
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During 2003 Stellar worked with Dr. Robert Hurst of theUniversity of Oklahoma on animal studies with Uracyst®-S. Dr. Hurst producedwhat Stellar feels is important experimental evidence to further understandingof the mode action of Uracyst®-S. Dr Hurst expects to publish his results in2004. 
**Selling, general and administrative expenses**
For the year ended December 31, 2003, selling, general andadministrative expenses increased by $336,776 mainly due to $312,272 in non cashexpenses, share issuance fees, legal and consulting fees, which increased byover $53,000 compared to fiscal 2002. In addition, there has been ongoinginvestment to expand Stellar's infrastructure to support Stellar's long termcommercial objectives. A portion of these expenses were incurred to meetnecessary quality standards that resulted in Stellar receiving its ISO 13485registration in July of 2003. 
**Interest income and expense**
Stellar has managed its current positive cash position generating over $4,119in investment income in 2003. 
**Liquidity and Capital Resources**
Cash, cash equivalents and short-term investments totaled$255,237 at December 31, 2003 as compared with $80,451 at September 30, 2003 and$138,820 at June 30, 2003. During the first quarter of fiscal 2004, the Companyreceived aggregate exercise proceeds of $390,700 for the exercise of 735,000stock options and $1,316.15 for the exercise of 3,889 warrants. There are1,935,000 stock options outstanding and 645,778 outstanding warrants. 

While the Company is generating royalty revenue and revenuefrom the distribution of pharmaceutical products in Canada, such revenue willnot be sufficient to fund the Company's planned research, development andmarketing activities. Accordingly, the Company expects to continue to incurlosses in fiscal 2004 and reduce its holdings of cash, cash equivalents andshort-term investments. In addition, the Company intends to actively seekadditional funding in calendar 2004. See "Outlook" below. 
**Subsequent Events**
During December 2003, Stellar entered into discussions withSJ Strategic Investments LLC ("SJ") regarding a number of business opportunitiesin the United States of America. SJ is owned and managed by the founder andformer Chairman and CEO of King Pharmaceuticals, John Gregory. In February 2004,Stellar completed a private placement with SJ, issuing 4,088,794 common sharesfor US $ 0.74 per share, which represents 19.9 % of the issued and outstandingStellar common shares. Stellar believes this association and infusion of capitalwill allow Stellar to accelerate its growth in Canada and international markets.The company also received a significant milestone payment from its Europeanlicensee of Uracyst® as the product was launched for sale in Europe. 
**Outlook**
As at February 29, 2004, the Company had working capital of $3,956,530. Aftertaking into 
    UNITED STATES 10-KSB filing 2003 
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account the receipt of royalties from the sale of Uracyst® inEurope, the Caribbean and South America, research and development and marketingexpenditures relating primarily to Neovisc® and Uracyst®, as well as costsassociated with the launch of several licensed in products, the Company expectsthat its current working capital will be sufficient to finance operations forthe next 24 months. 

The Company may seek additional funding, primarily by way ofone or more equity offerings, to carry out its business plan and to minimizerisks to its operations. The market for equity financings for companies such asStellar is challenging, and there can be no assurance that additional funding byway of equity financing will be available. The failure of the Company to obtainadditional funding on a timely basis may result in the Company reducing ordelaying one or more of its planned research, development and marketing programsand reducing related personnel, any of which could impair the current and futurevalue of the business. Any additional equity financing, if secured, may resultin significant dilution to the existing shareholders at the time of suchfinancing. The Company may also seek additional funding from other sources,including technology licensing, co-development collaborations, and otherstrategic alliances, which, if obtained, may reduce the Company's interest inits projects or products. There can be no assurance, however, that anyalternative sources of funding will be available. 
**Risks and Uncertainties**
Stellar is subject to risks, events and uncertainties, or"risk factors", associated with being both a publicly traded company operatingin the biopharmaceutical industry, and as an enterprise with several projects inthe research and development stage. Such risk factors could cause reportedfinancial information to not necessarily be indicative of future operatingresults or of future financial position. The Company cannot predict all of therisk factors, nor can it assess the impact, if any, of such risk factors on theCompany's business or the extent to which any factor, or combination of factors,may cause future results or financial position to differ materially from thosereported or those projected in any forward-looking statements. Accordingly,reported financial information and forward-looking statements should not berelied upon as a prediction of future actual results. 

Some of the risks and uncertainties affecting the Company,its business, operations and results include, but are not limited to: theCompany's dependence on a few customers and a few suppliers, the loss of any ofwhich would negatively impact the Company's operations; the need to develop andcommercialize new products which will require further time consuming and costlyresearch and development, the success of which cannot be assured; the Company'sdependency on third parties for manufacturing, materials and for research,development and commercialization assistance and support; the Company'sdependency on assurances from third parties regarding licensing of proprietarytechnology owned by others; government regulation and the need for regulatoryapprovals for both the development and commercialization of products, which arenot assured; uncertainty that the Company's products will be accepted in themarketplace; rapid technological change and competition from pharmaceuticalcompanies, biotechnology companies and universities, which may make theCompany's technology or products obsolete or uncompetitive; the need to attractand retain skilled employees; risks associated with claims of infringement ofintellectual property and of proprietary rights; risks inherent in manufacturing(including upscaling) and marketing; product liability and insurance risks;risks associated with clinical trials, including the possibility that trials maybe terminated early, delayed or unsuccessful; exchange rate fluctuations;political, economic and environmental risks; the need for performance by buyersand suppliers of products; the Company's dependency on performance by itslicensees regarding the sale of our licensed out products NeoVisc® and Uracyst®,and the risk of unanticipated expenses or unanticipated reductions in revenue,or both, any of which could cause the Company to reduce, delay or divest one ormore of its research, development or marketing programs. 
    UNITED STATES 10-KSB filing 2003 
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**Results of Operations 
*Fiscal Year Ended December 31, 2002 Compared to Fiscal YearEnded December 31, 2001 (in Canadian Dollars)*
General**
In 2002, Stellar made significant strides on its corebusiness objectives to expand its medical device/pharmaceutical business.Stellar's objectives for 2002 focused on: growing its business in the Canadianmarket for current products, building strategic relationships to expand itsbusiness into international markets and in-licensing and/or developingadditional pharmaceutical and medical device products focused on niche healthcare markets. As multinational companies grow through acquisitions and mergers,small niche segments in the health care markets are left under serviced,providing opportunity for companies such as Stellar. Developing and promotingquality products and services concentrated on these markets today, presentsgrowing future opportunity as these markets expand with an aging population. 

To achieve the Company's current and longer term goals it wasnecessary for Stellar to strategically create an infrastructure that willsupport these objectives. In 2002, Stellar added field representation to improvethe sales and services to an expanding customer base. The capacity Stellar nowhas in field representation is expected to build interest from foreign companieslooking for partners to promote their products in Canada. A Quality Managementposition was also added this year to enhance Stellar's quality systems,nurturing continuous quality improvement in all aspects of the organization.Continuous quality improvement is a necessity to meet and exceed current qualitystandards, a prerequisite to growth in health care markets. Growing theCompany's product pipeline is important to accelerate top line sales andprofitability for the organization. To that end, Stellar hired an experiencedbusiness development specialist to focus on in-licensing opportunities andchampion the proper integration of these products into the Company's promotionactivities. 

The changes implemented over the past year are expected to assist the Companyin meeting the following objectives for 2003: 
- Double sales revenues for the Canadian market.    
- In-license products complimentary to current products.    
- Out-license current products to other international markets including the  United States through the development of strategic partners.    
- Use profits from operations to develop additional proprietary Stellar  products. 
**Results**
For the 12 month period ending December 31, 2002, totalrevenue increased 9.7 % to $ 854.7 thousand, compared to $ 778.9 thousand in2001. The 2001 revenue included a onetime milestone payment, where revenue for2002 did not include any such payments. In-market growth for current productsgrew by 78.5% for this 12 month period, which was exceptional given thecompetitive environment. The expansion of the Company's sales force continues tohave a positive impact on product performance; NeoVisc sales grew by 69.2% in anextremely competitive market and Uracyst-S grew by 149.5% as a direct result ofthis increased sales activity. 
    UNITED STATES 10-KSB filing 2003 
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Operating loss for the year was $ 795.1 thousand as comparedto net loss in 2001 of $ 545.8 thousand. This increase is directly related tothe expansion of the Company's sales force, expenses associated with ongoingin-licensing and out-licensing efforts, improvements to manufacturing andcontinuous upgrading of quality systems. These expenditures were essential toassure Stellar's continued growth and ability to meet long term goals. 

**Cost of Sales**
For the 12 month period ending December 31, 2002, cost of sales amounted to20.8% of product sales. This represents a 2% improvement over the previous yeardue to improved efficiencies in manufacturing processes. 
**Research and Development**
The Company continues to invest in research necessary toexpand its products into international markets. Product development continues tobe focused in two areas, in-licensing and out-licensing for immediate impact onrevenue stream and in-house product development for future growth stability. 

In September 2002, the Company secured a Canadianin-licensing agreement with Millenium Biologix Inc. for SkeliteTM,their proprietary, synthetic bone grafting product. SkeliteTM isapproved by Health Canada and is expected to officially introduced to theCanadian market by April 2003. This product fits well with the Company's focuson orthopaedic surgeons, as these physicians also prescribe NeoVisc. 
**Selling, general and administrative expenses**
Selling, general and administrative expenses increased by $387.4 thousand over the previous year due mainly to the hiring of salespersonnel and expanding the infrastructure to properly support the Company'slong term commercial objectives. It also includes one-time charges related tolisting of the Common Shares on the OTC Bulletin Board. 
**Interest income and expense**
Stellar has managed its current positive cash position generating over $ 17.1thousand in investment income. 
**Off-Balance Sheet Arrangements**
The Company, as part of its ongoing business, does notparticipate in transactions that generate relationships with unconsolidatedentities or financial partnerships, such as entities ("SPEs"), which would havebeen established for the purpose of facilitating off-balance sheet arrangementsor other contractually narrow or limited purposes, As of March 1, 2004, theCompany was not involved in any material unconsolidated SPE transactions. 
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**Item 7.        Financial Statements.**
The financial statements of the Company, including thenotes thereto, together with the report thereon of Kraft, Berger, Grill,Schwartz, Cohen & March LLP, Chartered Accountants, are attached to the end ofthis annual report and are hereby incorporated herein by reference. 
**Item 8.        Changes In andDisagreements with Accountants on Accounting and Financial Disclosure.**
Not applicable. 
**Item 8A.     Controls and Procedures**
Within the 90-day period prior to the Company's filing ofthis annual report, an evaluation was carried out under the supervision and withthe participation of the Company's management, including its Chief ExecutiveOfficer and Chairman, of the effectiveness of the design and operation of theCompany's disclosure controls and procedures (as defined in Rule 13a-15 and15d-15 under the Exchange Act). Based upon that evaluation, the Chief ExecutiveOfficer and Chairman concluded, that those disclosure controls and procedureswere adequate to ensure that information required to be disclosed by the Companyin the reports that it files or submits under the Exchange Act is recorded,processed, summarized and reported, within the time periods specified in theCommission's rules and forms. There have been no significant changes in theCompany's internal controls or in other factors that could significantly affectthese controls subsequent to the date of their evaluation. 
**PART III
**Item 9.        Directors, ExecutiveOfficers, Promoters and Control Persons; Compliance With Section 16(a) of theExchange Act. 

Directors and Executive Officers**
The following table sets forth certain information with respect to thedirectors and executive officers of Stellar as of March 1, 2004. 
      NameAgePositions    Peter Riehl 58Director, President and      Chief   Executive OfficerSamuel T. Hahn62Director,Steven H.      Goldman48Director    John J. Kime61Director     UNITED STATES 10-KSB filing 2003 
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NameAgePositions   David A. Rosenkrantz46Director and Chairman of the  BoardDoug Froom59Director
Set forth below are brief biographies of the Company'sdirectors and officers. All of the directors and executive officers of theCompany have held their principal occupations indicated below for the past fiveyears unless otherwise noted. 
**Peter Riehl, President, Chief Executive Officer and Director.Peter Riehl joined the Company in 1996. Mr. Riehl has over 30 years experiencein the Canadian and international pharmaceutical markets. He was a formerdirector of sales and marketing for Fisons Corp. Ltd. in Canada responsible forthe commercial side of their pharmaceutical business in Canada. His experiencecovers sales, marketing, business development and logistics in thepharmaceutical industry. In 1993, Mr. Riehl was Chairman of the prescriptiondrug sector of the Canadian Wholesale Drug Association. He is also a formerdirector of sales and marketing for Bioniche Life Sciences Inc. Mr. Riehl hasbeen involved in numerous professional and industry related training programsand has a Diploma in Business Administration from Conestoga College, Kitchenerand studied marketing at York University, Toronto. 
**Samuel T. Hahn, Director. Samuel Hahn joined the Companyin 1996. Mr. Hahn has over 30 years experience with major multi-nationalpharmaceutical companies in Korea and Canada. He has been instrumental increating new pharmaceutical and medical device products, and has extensive workexperience in both regulatory affairs and quality control. Mr. Hahn has hadextensive experience in both the Canadian and the United States drug and medicaldevice approval systems. From 1990 to 1992, Mr. Hahn was Chairman of theScientific and Regulatory Affairs Committee of the Non-prescription DrugsManufacturers Association of Canada. He has an M.Sc. Pharmacy from SeoulNational University, Korea, and a B.Sc., Organic Chemistry from the Universityof Toronto, Canada. Mr. Hahn is currently a member of the CanadianPharmaceutical Association, the American Society of Health Systems Pharmacists,the Drug Information Association and the Parenteral Drug Association andPharmaceutical Science Group (Toronto). Mr. Hahn is also a board member of theToronto 2008 Olympic Bid Corporation and a governor of the Canadian OlympicFoundation. 
**Steven H. Goldman, Corporate Secretary and Director.Steven H. Goldman has been a director of the Company since August 31, 2000. Mr.Goldman is a senior partner with the Toronto law firm of Goldman, Rosen and hasbeen legal counsel to the Company since 1997. Mr. Goldman has a B.A. fromCarleton University (President's Medal, 1976) and a LL.B. from Queen'sUniversity. He has been practicing law in Toronto since 1982. 
**John J. Kime, Director. John J. Kime has been a directorof the Company since December 2000. Mr. Kime has been the President and ChiefExecutive Officer of the London Economic Development Corporation since 1998. TheLondon Economic Development Corporation is a public/private partnership withprimary responsibility for economic development activities in London, Ontario,Canada. From 1991 to 1998, Mr. Kime served as Director of InternationalDevelopment for Big 'O' Incorporated, a company primarily engaged in the designand manufacture of control and containment systems for water, chemicals andother substances. Mr. Kime has a B.A. from the University of Western Ontario andis a chartered accountant. Mr. Kime is also a director of 
    UNITED STATES 10-KSB filing 2003 
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Cancer Care Ontario, Canada. 
**David A. Rosenkrantz, Chairman of the Board and Director.Mr. Rosenkrantz is Chairman of Patica Corporation, a small-cap merchant bankbased in Toronto, which focuses on junior growth companies. He has over fifteenyears experience in investment and merchant banking. Mr. Rosenkrantz has beeninvolved in private and public financing and merger and acquisition transactionsinvolving health care, real estate, oil and gas, and high technology companies.Mr. Rosenkrantz is a graduate of Carleton University and obtained his MBA fromYork University. 
**W. Douglas Froom, Director. Mr. Froom is presentlyretired but brings with him over 35 years experience in the pharmaceutical andbiotechnology industry. He has been General Manager for Procter and Gamblepharmaceuticals in both Canada and the United Kingdom and more recently servedas Vice President of Business Development for Allelix Biopharmaceuticals andSynsorb Biotech Inc. 
**Board of Directors**
The board of directors of the Company consists of six members. Directorsserve for terms of one year or until their successors are duly elected orappointed. 
**Committees of the Board of Directors**
As a public company, the Company has established an Audit Committee and aCompensation Committee of the board of directors. 
***Audit Committee***
The Audit Committee consists of Messrs. Froom, Goldman andKime, and is responsible for recommending the firm to be appointed as auditorsto audit financial statements and to perform services related to the audit,reviewing the scope and results of the audit with the auditors, reviewing withmanagement and the auditors the Company's annual operating results andconsidering the adequacy of the internal accounting procedures and the effect ofsuch procedures on the auditors' independence. Mr. John Kime who sits on thiscommittee is a chartered accountant and provides financial expertise to theAudit Committee. Each Audit Committee member is an independent director of theCompany. 
***Compensation Committee***
The Compensation Committee consists of Messrs. Rosenkrantzand Froom, and is responsible for evaluating, reviewing and supervising theprocedures of the Company with regard to human resources, assessing theperformance of the officers of the Company, reviewing annually the remunerationof the directors and recommending to the board of directors general remunerationpolicies regarding salaries, bonuses and other forms of remuneration for thedirectors and executive officers of the Company. 
**Audit Committee Financial Expert**
The board of directors of the Company has determined that Mr.Kime is an audit committee financial expert as defined by Item 401(h) ofRegulation S-K of the Exchange Act and is independent within the meaning of Item7(d)(3)(iv) of Schedule 14A of the Exchange Act. 
**Compliance with Section 16(a) of the Exchange Act**    UNITED STATES 10-KSB filing 2003 
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Section 16(a) of the Exchange Act requires Stellar'sexecutive officers, directors and persons who beneficially own more than 10% ofStellar's Common Shares ("reporting persons") to file initial reports ofownership and reports of changes of ownership with SEC. Executive officers,directors and greater than 10% beneficial owners are required by SEC regulationsto furnish Stellar with copies of all Section 16(a) forms they file. 

Based solely on its review of copies of forms received by itpursuant to Section 16(a) of the Exchange Act or written representatives fromreporting persons, Stellar believes that with respect to 2003, all Section 16(a)filing requirements applicable to its executive officers, directors and greaterthan 10% beneficial owners have been filed up to the end of December 31, 2003.
**Code of Ethics**
The Company has not adopted a code of ethics in light of itslimited number of executive officers. The Company anticipates that it will adopta code of ethics applicable to its principal executive officer, principalfinancial officer and principal accounting officer during 2004. 
**Item 10.      Executive Compensation. 

Summary Compensation Table**
The following table sets forth all compensation earned duringeach of the last three fiscal years included in the period ended December 31,2003 by the Chief Executive Officer and the Chief Financial Officer of Stellar(collectively, the "Named Executive Officers"), such individuals being the onlyexecutive officers of Stellar whose total annual salary, bonus and other annualcompensation exceeded $100,000 (Cdn.). 
**Name and****Year****Annual      Compensation****Long Term****Principal**    **Compensation****Position**       **Salary****Bonus****Other Annual****Securities**  **($)(Cdn.)****($)(Cdn.)****Compensation****Underlying**    **($)(Cdn.)****Options (#)**Peter      Riehl,2003100,000--25,000      President &2002100,000--25,000Chief      Executive2001100,000  _      Officer     
The Company does not have a long-term incentive plan or pension plan and hasnever granted stock appreciation rights to any of its directors, officers oremployees. 
**Employment Agreements and Termination of Employment**
Effective as of September 1, 2000, Stellar entered intoseparate employment agreements with Peter Riehl and with Samuel Hahn. Under Mr.Riehl's employment agreement Mr. Riehl has agreed to serve as a director ofStellar and is employed as the President and Chief Executive Officer of Stellar.Under Mr Hahn's employment agreement, Mr. Hahn agreed to serve as a director ofStellar 
    UNITED STATES 10-KSB filing 2003 
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and was employed as the Vice-President, Chief ScientificOfficer and Interim Chief Financial Officer of Stellar. In October 2003, Stellarand Mr. Hahn entered into a new agreement in which he will act as a scientificconsultant for Stellar and which shall in all respects, cancel and supercede theSeptember 2000 agreement. The Corporation has agreed to pay Mr. Hahn an annualfee of $50,000 (Cdn.) for a period of two years. Mr. Hahn will not be entitledto participate in any further stock options grants made by the Corporation. Mr.Hahn has agreed to not compete with the Company for a period of 18 months fromthe date of the termination. 

Mr. Riehl's employment agreement provided for gross annualremuneration of $100,000 (Cdn.), plus standard dental and life insurancebenefits. Messrs. Riehl is also entitled to be reimbursed for allCompany-related travel and other out-of-pocket expenses. Pursuant to hisrespective employment agreement, Mr. Riehl is entitled to receive an annualbonus, at the discretion of the board of directors, in the form of cash and/orstock options, based upon the achievement of certain performance goals to beestablished by the Compensation Committee of the board of directors. Theemployment agreement is for an initial term of two years and are renewableautomatically at the expiration of the initial term for successive one yearterms unless and until notice of intent to terminate is given by either Mr.Riehl, as the case may be, or Stellar at least 3 months prior to the expirationof the initial term or any renewal term. Notwithstanding the foregoing, in theevent that Mr. Riehl's employment is terminated, other than for cause, by theCompany, the terminated party is entitled to a lump sum payment equal to 200% ofhis then current base salary. In the event of any such termination, any investedstock options held by the terminated party will immediately vest. Pursuant tothe respective employment agreement, Mr. Riehl has agreed to not compete withthe Company for a period of 2 years from the date of the termination of hisemployment, irrespective of the cause of such termination. 
**Stock Option Plan**
The Company has established a stock option plan for thedirectors, executive officers, employees and consultants of the Company and anysubsidiaries of the Company that may be formed (the "Plan") in order to attractand retain competent directors, executive officers, employees and consultantsmotivated to work toward ensuring the Company's success and to encourage suchpersons to acquire shares of the Company. Individuals who are eligible toreceive options to purchase Common Shares under the Plan are directors,executive officers, employees and consultants of the Company and subsidiaries ofthe Company, as determined by the board of directors of Stellar. The board ofdirectors administers the Plan and has the power to amend, modify, suspend orterminate the Plan, subject to any necessary regulatory approvals. 

All of the options granted under the Plan may be exercisedwithin a maximum period of three and one-half years following the date of grantthereof. Subject to the Plan, the board of directors of Stellar designates therecipients of options and determines the number of Common Shares covered by eachof such options, the date of vesting of each option, the exercise price of eachoption, the expiry date and any other question relating thereto, in each case inaccordance with the applicable legislation of the securities regulatoryauthorities. The price at which the Common Shares may be purchased pursuant tothe Plan may not be lower than the closing price of the Common Shares on theprincipal stock exchange where the Common Shares are listed on the date ofgrant. The maximum number of Common Shares that are issuable under the Plan maynot exceed 2,852,000. The maximum number of Common Shares that may be granted toany person may not exceed 5% of the outstanding Common Shares. 

As at January 1, 2004, the number of Common Shares which remain available forissuance under the Plan is 2,852,000 of which 2,540,000 are subject to currentlyoutstanding options. 

The Plan has not been approved by the Company's shareholders. 
    UNITED STATES 10-KSB filing 2003 
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**Option Grants in Last Fiscal Year**
25,000 options to purchase Common Shares were granted to each of the NamedExecutive Officers during the fiscal year ended December 31, 2003. 
**Aggregated Option Exercises and Fiscal Year-End Option Value Table**
The following table sets forth information concerning each exercise ofoptions by the Named Executive Officers during the fiscal year ended December31, 2003. 
**Name****Securities****Value Realized****Unexercised****Value of      Unexercised** **Acquired on****($) (Cdn.)****Options at****In-the-Money      Options** **Exercise (#)** **December 31, 2003****at December 31,      2003**   **(#)****($) (Cdn.)**        **Exercisable/****Exercisable/**   **Unexercisable****Unexercisable**Peter Riehl____295,000/0-$0- / -$0 -**Compensation of Directors**
The directors of the Company are not currently entitled toreceive any cash compensation for acting in such capacity but are eligible toparticipate in the Plan established by the Company. Each of Messrs. Riehl, Hahn,Kime, Froom, Rosenkrantz and Goldman has been granted an option under the Planto purchase 25,000 Common Shares in consideration for serving as a director ofthe Company. Each such option provides for an exercise price of $0.33 (Cdn.) pershare and an expiry date of June 19, 2006. In addition Messrs. Kime, Froom andGoldman received an additional 15,000 options for their duties on the Audit andCompensation Committees. Mr. Goldman has been granted an additional 10,000options for his duties as Secretary. Mr. Rosenkrantz has been granted anadditional 25,000 options for his duties as chairman of the Board. Theseadditional options were issued at the same price and expiry date as statedabove. 
**Indemnification of Directors**
The Company has agreed to indemnify each of its directors tothe fullest extent permitted by Ontario, Canada corporate law for all costs,liabilities and expenses incurred by each director, including legal fees, inrespect of claims to which each director is made a party by reason of being orhaving been a director of the Company or any subsidiary thereof, provided suchdirector acted honestly and in good faith with a view to the best interests ofthe Company and, in the case of a criminal or administrative proceeding enforcedby monetary penalty, such director had reasonable grounds for believing that hisconduct was lawful. 
**Directors' and Officers' Liability Insurance**
The Company maintains insurance for the benefit of itsdirectors and officers against liability in their respective capacities asdirectors and officers. The annual premium payable by the Company in respect ofsuch insurance is $ 29,160 (Cdn.) and the total amount of insurance purchasedfor the directors and officers as a group is $1,000,000 (Cdn.). The directorsand officers are not required to pay any premium in respect of the insurance.The insurance policy does not contain deductibility provisions. 
**Item 11.      Security Ownership of CertainBeneficial Owners and Management.**
The following table sets forth, as at March 1, 2004, certain information asto (i) each person, 
    UNITED STATES 10-KSB filing 2003 
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who to the knowledge of the Company, is the beneficial ownerof more than five percent (5%) of any class of the Company's voting securitiesand (ii) each class of equity securities of the Company or any of itssubsidiaries (other than directors qualifying shares) beneficially owned by (A)each director of the Company and the Named Executive Officers (as such term ishereinafter defined in "Item 6. Executive Compensation") and (B) all directorsand executive officers of the Company as a group. 
  Amount and  Name and Address ofNature of Beneficial Title of ClassBeneficial OwnerOwnershipPercent of Class    Common SharesPeter      Riehl3,664,741(1)17.7% 14      Exmoor Pl.         London, Ontario         Canada N5X 3W2      Common Shares      Samuel T. Hahn3,486,9612)16.8% 23      Snowball Cres.         Toronto, Ontario         Canada M1B 1S5      Common Shares      Steven H. Goldman618,669(3)3.0% 22      Vesta Dr.         Toronto, Ontario         Canada M5P 2Z5      Common SharesJohn      J. Kime125,000(4)0.6% 138      Hunt Club Dr.         London, Ontario         Canada N6H 3Y7      Common SharesDoug      Froom215,000(5)1.0% 4216      Spruce Ave.         Burlington, Ontario         Canada L7L 1L2      Common SharesDavid      A. Rosenkrantz1,277,833(6)6.2% c/o      Patica Corporation   105      Adelaide Street West         Toronto, Ontario         Canada M5H 1P9      Common SharesSJ      Strategic4,088,794(7)19.7% 340      Edgemont Ave   Suite      500         Bristol, Tennessee   U.S.A      37620      Common SharesAll      directors and9,388,204(8)45.2%       executive officers (6         individuals)    
 
(1) Includes (i) 1,679,027 Common Shares      and 9,260 exercisable warrants owned by Mr. Riehl's wife and (ii)      currently exercisable options on 295,000 Common Shares granted under the      Plan (as such term is hereinafter defined). See "Item 10. Executive      Compensation. - Stock Option Plan."     UNITED STATES 10-KSB filing 2003 
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       (2)Includes (i) 1,662,934 Common      Shares owned by Mr. Hahn's wife and (ii) currently exercisable options on      295,000 Common Shares granted under the Plan. See "Item 10. Executive      Compensation. - Stock Option Plan."            (3)Includes (i) 58,960 Common      Shares owned by Mr. Goldman's wife and (ii) currently exercisable options      on 300,000 Common Shares granted under the Plan. See "Item 10. Executive      Compensation. - Stock Option Plan."            (4)Includes currently exercisable      options on 75,000 Common Shares granted under the Plan. See "Item 10.      Executive Compensation. - Stock Option Plan."            (5)Includes (i) currently      exercisable options on 65,000 Common Shares granted under the Plan See      "Item 10. Executive Compensation - Stock Option Plan" and (ii) currently      exercisable warrants on 20,000 Common Shares (iii) currently exercisable      options on 60,000 Common Shares which were granted outside of the Plan.      See "Item 12. Certain Relationships and Related Transactions."              (6)Includes (i) 911,722 Common      Shares and 56,111 exercisable warrants owned by Mr. Rosenkrantz's wife and      (ii) currently exercisable options on 130,000 Common Shares granted under      the Plan. See "Item 10. Executive Compensation. - Stock Option Plan"            (7)Shares are directly owned by SJ      Strategic Investments LLC ("SJSI"), with John M. Gregory as the managing      member deemed to have sole voting and dispositive power over the shares.      Joan P. Gregory, Susan Gregory and James M. Gregory are deemed to be      indirect beneficial owners of shares due to their financial interest in      SJSI.              (8)Includes (i) currently      exercisable options on 1,160,000 Common Shares granted under the Plan and      (ii) currently exercisable warrants on 85,371 Common Shares (iii)      currently exercisable options on 60,000 Common Shares granted outside of      the Plan. See "Item 10. Executive Compensation. - Stock Option Plan" and      "Item 12. Certain Relationships and Related Transactions."  **Item 12.      Certain Relationships and RelatedTransactions.**
The Company entered a business consulting agreement inDecember 2001 with Mr. Doug Froom. In consideration for the services which wereprovided in initiating and signing of the European License, Mr. Froom wasgranted an option to purchase 60,000 Common Shares on February 5, 2002. Suchoption provides for an exercise price of $0.23 (Cdn.) per share and an expirydate of February 5, 2005. 
**Item 13.      Exhibits and Reports on Form 8-K.**
(a)      Exhibits 
      Exhibit No.Description of      ExhibitSequential Page        Number2.1      Articles of Incorporation of the Company*****2.2First      Articles of Amendment*****2.3      Second Articles of Amendment*****2.4      By-Laws of the Company*****3.1      Specimen Form of Common Share Certificate**6.1      Employment Agreement dated as of September 1,***** 2000      between the Company and Peter Riehl    6.3      Amended and Restated Stock Option Plan of the*****       Company      UNITED STATES 10-KSB filing 2003 
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      Exhibit No.      Description of ExhibitSequential Page        Number6.4Fiscal Advisory      and Consulting Agreement dated***** November 21,      2000 between the Company and  Patica      Corporation 6.5United States      Patent No. 6,083,933*****6.6Canadian Patent      No. 2,269,260*****6.7Manufacturing      Agreement dated April 25, 2001***** between the      Company and Lifecore Biomedical 6.8Amended Lease      dated July 2002 between the***** Company and      MacNeill and Blake Holdings Ltd.  regarding the      Company's London, Ontario offices 6.11Royalty      Agreement between the Company and Dr.***** Gary Steinhoff 6.12License      Agreement dated December 21, 2001***** between the      Company and G. Pohl-Boskamp  GmbH & Co. 6.13Agreement dated      February 21, 2001 between the* Company and LMT      Financial Inc. 6.14Manufacturing      Contract between the Company** and the Ottawa      Hospital, Pharmacy Department 6.15Distribution      Agreement dated September 20, 2002*** between the      Company and Millenium Biologix Inc. 6.16Consulting      Agreement dated October 1, 2003*** between the      Company and Sam Hahn 6.17License      Agreement dated Inc. May 31, 2003*** between the      Company and CMI Canada Medical 6.18License      Agreement dated Inc. May 31, 2003*** between the      Company and BurnsAdler Pharmaceuticals Inc. 6.19Contract      Services Agreement Inc. dated October*** 10, 2003 between      the Company and Dalton  Chemical      Laboratories Inc. 6.20Exclusive      Distribution Agreement dated October  20, 2003 between      the Company and Matritech, Inc.**13.1   Form F-X of the      Company 99.1Certification of      Chief Executive Officer 99.2Certification of      Chief Financial Officer   *Filed as an exhibit      to Amendment No. 1 to the Company's Registration Statement on Form 10-SB dated February      4, 2002.**Filed as an exhibit      to Amendment No. 2 to the Company's Registration Statement on Form 10-SB dated April      26, 2003.     UNITED STATES 10-KSB filing 2003 
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***      Filed as an exhibit to Amendment No.      3 to the Company's Registration Statement on Form 10-SB filed here within.       
(b)      Reports onForm 8-K 

Not applicable. 
**Item 14. Principal Accountant Fees and Services.

Fees for Services Provided by IndependentAuditors 

Fees for all services provided by Kraft, Berger, Grill, Swartz & Cohen LLP,the Company's independent auditors, for fiscal years 2003 and 2002 are asfollows: 

Audit Fees. 
**Fees for services forfiscal years 2003 and 2002 related to the annual financial statement audits andreviews of quarterly financial statements filed in the reports on Form 10-Q andstatutory audits were approximately $39,500 in 2003 and $32,000 in 2002,respectively. 
Audit-Related Fees. 

In addition to the Audit Fees, the company paid Kraft,Berger, Grill, Swartz & Cohen LLP approximately $1,000 in each of 2003 and 2002for tax advice services and review issues with regards to out-licensingagreements, employee benefit issues and research & development credits. 
**Tax Fees.**
Kraft, Berger,Grill, Swartz & Cohen LLP fees for tax services rendered were $1,500 in 2003 and$1,500 in 2002. **All Other Fees.**
The Companygenerally does not engage Kraft, Berger, Grill, Swartz & Cohen LLP for "other"services. 
Pre-Approval Policy for Services of Independent Auditors 

As part of its duties, the Audit Committee is required topre-approve audit and non-audit services preformed by the independent auditorsin order to assure that the provision of such services does not impair theauditors' independence. On an annual basis, the Audit Committee will review andprovide pre-approval for certain types of services that may be provide by theindependent auditors without obtaining specific approval from the AuditCommittee. If a type of service to be provided by the independent auditors hasnot received pre-approval during this annual process, it will require specificpre-approval form the Audit Committee. The Audit Committee does not delegate tomanagement its responsibilities to pre-approve services performed by theindependent auditors. 

The Audit Committee of the board has appointed Mintz & Company to be thecompany's independent auditors for the fiscal year ending December 31, 2004. 
    UNITED STATES 10-KSB filing 2003 
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**SIGNATURES**
In accordance with Section 13 or 15(d) of the Exchange Act, the registrantcaused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized. 
Date:    April 13, 2004Stellar International    Inc.       By: /s/ David A.    Rosenkrantz     Name:David A. Rosenkrantz Title:Chairman of the Board
In accordance with the Exchange Act, this report has been signed below by thefollowing persons on behalf of the registrant and in the capacities and on thedates indicated. 
Date:    April 13, 2004Stellar International    Inc.       By: /s/ David A.    Rosenkrantz     Name:David A. Rosenkrantz Title:Chairman of the Board  Date:    April 13, 2004Stellar International    Inc.       By: /s/ Peter Riehl     Name:Peter Riehl Title:President, Chief    Executive Officer and Director  Date:    April 13, 2004Stellar International    Inc.       By: /s/ Samuel T. Hahn     Name:Samuel T. Hahn Title:Director  Date:    April 13, 2004Stellar International    Inc.       By: /s/ Steven H.    Goldman     Name:Steven H. Goldman Title:Director  Date:    April 13, 2004Stellar International    Inc.       By: /s/ John J. Kime     Name:John J. Kime Title:Director & Chief    Accounting Officer  Date:    April 13, 2004Stellar International    Inc.       By: /s/ W. Douglas    Froom     Name:W. Douglas Froom Title:Director  Date:    April 13, 2004Stellar International    Inc.       By: /s/ Janice Clarke     Name:Janice Clarke Title:Interim Chief Financial    Officer     UNITED STATES 10-KSB filing 2003 

**CERTIFICATIONPursuant to Rule 13a-14**
I, Peter Riehl, the Chief Executive Officer of Stellar International Inc.(the "Company"), certify that: 
-  I have reviewed this annual report on Form 10-KSB of Stellar  International Inc.  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;  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;  The registrant's other certifying officer and I are  responsible for establishing and maintaining disclosure controls and  procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the  registrant and we have:  -  Designed such disclosure controls and procedures to ensure    that material information relating to the registrant, including its    consolidated subsidiaries, is made known to us by others within those    entities, particularly during the period in which this annual report is    being prepared; 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 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;  The registrant's other certifying officer 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):  -  All significant deficiencies in the design or operation of    the internal controls which could adversely affect the registrant's ability    to record, process, summarize and report financial data and have identified    for the registrant's auditors any material weaknesses in internal controls;    and Any fraud, whether or not material, that involves management    or other employees who have a significant role in the registrant's internal    controls; and  The registrant's other certifying officer 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. Date:    April 13, 2004By: /s/ Peter Riehl     Peter    Riehl  Chief    Executive Officer      UNITED STATES 10-KSB filing 2003 

**CERTIFICATIONPursuant to Rule 13a-14**
I, Janice Clarke, the Chief Financial Officer of Stellar International Inc.(the "Company"), certify that: 
-  I have reviewed this annual report on Form 10-KSB of Stellar  International Inc.  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;  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;  The registrant's other certifying officer and I are  responsible for establishing and maintaining disclosure controls and  procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the  registrant and we have:  -  Designed such disclosure controls and procedures to ensure    that material information relating to the registrant, including its    consolidated subsidiaries, is made known to us by others within those    entities, particularly during the period in which this annual report is    being prepared; 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 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;  The registrant's other certifying officer 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):  -  All significant deficiencies in the design or operation of    the internal controls which could adversely affect the registrant's ability    to record, process, summarize and report financial data and have identified    for the registrant's auditors any material weaknesses in internal controls;    and Any fraud, whether or not material, that involves management    or other employees who have a significant role in the registrant's internal    controls; and  The registrant's other certifying officer 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. Date:    April 13, 2004By: /s/ Janice Clarke         Janice Clarke      Interim Chief Financial Officer      UNITED STATES 10-KSB filing 2003 

Exhibit 99.1 

**CERTIFICATION****Pursuant to 18 UnitedStates Code Section 1350**
The Undersigned hereby certifies that to his knowledge the annual report ofStellar International Inc. (the "Company") filed with the Securities andExchange Commission on the date hereof fully complies with the requirements ofsection 13(a) or 15(d) of the Securities Exchange Act of 1934 and that theinformation contained in such report fairly presents, in all material respects,the financial condition and results of operations of the Company. 
Date:    April 13, 2004By: /s/ Peter Riehl     Peter    Riehl  Chief    Executive Officer      UNITED STATES 10-KSB filing 2003 

Exhibit 99.2 
**CERTIFICATION **Pursuant to 18 United StatesCode Section 1350**
The Undersigned hereby certifies that to her knowledge the annual report ofStellar International Inc. (the "Company") filed with the Securities andExchange Commission on the date hereof fully complies with the requirements ofsection 13(a) or 15(d) of the Securities Exchange Act of 1934 and that theinformation contained in such report fairly presents, in all material respects,the financial condition and results of operations of the Company. 
Date:    April 13, 2004By: /s/ Janice Clarke         Janice Clarke      Interim Chief Financial Officer      UNITED STATES 10-KSB filing 2003*************************************************************** |
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