U.S. SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-KSB

 

ANNUAL REPORT PURSUANTTO SECTION 13 OR 15(D)

OF THE SECURITIESEXCHANGE ACT OF1934

 

FOR THE FISCAL YEARENDED DECEMBER 31, 2002

 

EMPYEANCOMMUNICATIONS, INC.

----------------------------

(Name of SmallBusiness Issuer in its charter)

 

| Nevada
000-30118
88-0413417
State or other      jurisdiction of incorporation
Commission File      Number
IRS      Identification No.
 

2537 South Gessner,Suite 114, Houston Texas 77063

-------------------------------------------

Address of principalexecutive offices) (Zip Code)

 

Issuer's telephonenumber: (713) 260-7236

-----------------------------

 

DirectionTechnologies, Inc.

-----------------------------

(Former Name)

 

Securities to beregistered pursuant to Section 12(b) of the Act:

 

None

 

Securities to beregistered pursuant to Section 12(g) of the Act:

 

Title of Class: CommonStock

 

Title of Class:Preferred

 

Check whether the issuer(1) filed all reports required to be filed by Section 13 or 15(d) of theExchange Act during the past 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes [X] No [_]

 

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

 

Revenues for the fiscalyear ended December 31, 2002 were NIL

 

The Aggregate marketvalue of the voting and non-voting common equity held by non-affiliates computedby reference to the average bid and asked price of such common equity as ofMarch 14, 2003: $216,553.00

 

Number of shares ofCommon Stock, $0.001 par value per share, of the registrant outstanding as ofDecember 31, 2002: 3,675,951

 

Number of shares ofPreferred Stock of the registrant outstanding as of December 31, 2002:10,000,000

 

DOCUMENTS INCORPORATEDBY REFERENCE

No documents areincorporated herein by reference.

 

Transitional SmallBusiness Issuer Format Yes No X

---- ----

 

PART I.

ITEM 1. DESCRIPTION OFBUSINESS.

 

(a) BusinessDevelopment.

 

Empyrean Communications,Inc., a Nevada corporation ("Company"), was originally organized onApril 30, 1998 as Fuji International, Inc.; the name was changed on December 28,1998 to Direction Technologies, Inc. In March of 2001, Direction Technologies,Inc., merged with Empyrean Communications, Inc., and the name was changed toEmpyrean Communications, Inc., The business office of the Company is located at2537 South Gessner, Suite 114, Houston Texas 77063. The Company operates on thecalendar fiscal year. Currently, the Company has no employees. The Companyanticipates venturing into other businesses with the intent of being in a betterposition to improve its anticipated income position. Management feels that suchdiversification may be a hedge against the continuing concerns of raisingcapital to fund its operations and diversify its holdings, and will produce adirect and tangible benefit to the Company in the future.

 

(b) Business of Issuer.

 

EmpyreanCommunications, Inc., formed as a private company in 2000, was originallyintended to be a broadband provider capable of delivering fiber capacity toOC-192 levels. The company, however, after considering the plight of thebroadband industry in late 2001 and early 2002 decided that it would be prudentto undertake other businesses that would be capable of providing it with incomestreams. After detailed study, a decision was made to move into the Basalt Fibermanufacturing and derivative products business.

In January 2002, thecompany purchased two Virginia corporations, Basalt Fiber Company and BelfiberCorporation, which are involved in the Basalt Fiber industry, through a stockswap. Empyrean Communications Inc. issued 10,000,000 common shares and10,000,000 preferred stock for all the outstanding shares of these twocompanies. Mr. Anthony Fanale, the previous owner of these two companies and anexperienced expert in the Basalt fiber Industry joined the company's Board ofDirectors and continues to be responsible for all the activities of these Basaltfiber related companies.

 

BASALT FIBER COMPANY

Executive Summary

 

Basalt Fiber Company(BFC), by concentrating on its unique strengths, key customers, and nichemarkets, will attempt to penetrate the industrial fiber market. At the same timeBFC will strive to meet projected sales goals so as to produce a favorable grossmargin on sales, cash management and working capital.

 

BFC, once itsmanufacturing facilities are set up, will produce coated mineral fiber in theform of continuous basalt glass filament. The company will target the 9 millionton worldwide market for the reinforcement of epoxy resins, gasket materials,fine paper and other products. The basalt products for the thermal insulation,acoustics and corrosion resistive application will have an extremely largemarket potential. Since the acquisition of BFC, top management has madesustained efforts to seek the financing required to set up the manufacturingplant that will be located in South Hill, Virginia. Applications for financinghave been and continue to be made to both domestic and overseas Banks andprivate Lenders. Despite the intensive efforts made in Panama during July/August2002, financing terms acceptable to the company could not be obtained. Thedepressed economic conditions that prevailed for the whole of 2002 and theextension into the new year of economic uncertainty has, of course, been asevere constraint not only to Empyrean Communications, Inc. (ECI) but to themajority of companies seeking startup capital. Top Management continues topursue all avenues for financing and intends to reconsider the use of a PrivatePlacement to raise $5.00 million from Accredited Investors once the economypicks up. The Private Placement Memorandum to be used is, in fact, close tofinalization and this capital raising exercise can commence as soon as there isa significant upturn is the economy.

 

Corporate Mission

 

Basalt Fiber Company(BFC) is a Virginia corporation created for the sole purpose of introducingbasalt fiber and related products to the American market. BFC hopes to generatea fair return for shareholders and finance continued growth and the developmentof quality products with earned profits. The company will strive to maintain afriendly, fair and creative work environment, and one that respects diversity,new ideas and hard work.

 

BFC anticipates thatbasalt fiber, in specific markets, will replace the commonly used E and S glassproducts. Basalt fiber is an advanced technology for the fiber and compositesindustry that offers the potential to replace many of the conventional fiberglass products

 

Products

 

Derived in part fromthe U.S. Environmental Agency's ban on asbestos, BFC believes that theavailable market in the United States for basalt filament is currently 100,000tons per year and will grow rapidly, once a national source is in commercialproduction.

 

BFC will produce andmarket basalt fiber filament, a filament relatively new to the U.S., which canbe used in stead of E-glass filament and in many cases, instead of S-glass andECR-glass filament. Beyond the use as a replacement for E-glass filament, basaltfiber filament can be used in special applications where E-glass cannot be useddue to its properties, like in higher temperature applications. As in theseapplications a much higher priced special glass and other filaments are used,basalt fiber filament can command higher prices that will make the business moreprofitable.

 

BFC will initiallyoffer its products to their niche markets by asking a higher price for itsfilament, it will maximize equity for its investors. Later, as productioncapacity is expanded, the penetration into larger, lower priced markets will bemade to obtain increased sales and profits. Also, to maintain the market lead,the company intends to increase research and development, in order to enhancemarket and technology leadership.

 

Since BFC expects tobe the first in the western hemisphere to introduce this product, the companywill have to initially invest funds to optimize the bushing and meltingtechnology. The existing technology available, however, is more than adequate tobe used for initial installation and production. Detailed planning is in placeto allow for production to commence within a year of the financing of $6.00million being sought is obtained.

 

CompetitiveComparison

 

Due to basalt fiberhaving technologically advanced properties, the company expects that its majorcompetitive strength will be the improvement in performance over current Fiberglass products and its usage in unique applications such as filtration,separation at high temperatures, corrosive resistance to acid and alkali, higherinsulation temperatures and stronger in tensile strength.

 

Raw material sourcing

 

The basalt stone isin abundance in the Northeastern and Southeastern United States. As the companywill locate its factory in Virginia it will have the advantage of purchasingbasalt stone form a number of locations. BFC can purchase a higher quality ofbasalt stone, which has already been tested, from New Jersey and North Carolina.Once sales increase, the company will be able to buy at more competitive prices,in view of the increase in requirement volumes.

 

Testing andcertification of the basalt fiber is an important step in introducing theproduct to the available markets. Certain potential buyers have tested basaltfiber and will be providing the company with the technical data obtained. BFCalso intends to undertake additional testing in the future, to try and identifynew markets.

 

Marketing issues

Consumers: will beany application that require high strength, heat resistant fibers

Competition: BFCknows of no current direct competition from existing companies. However, as theindustry is highly competitive, the company expects that competition will emergewithin the next five (5) years

 

Government andIndustry: BFC anticipates that continuous basalt fiber filament will have strongand active industrial and research support. It should also be welcomed as anasbestos alternative with no negative health consequences.

 

Price base: Price ofbasalt fiber should be close to fiberglass. However, technical superiority overglass and its special usage applications may command a premium for certainspecific applications.

 

Technology

 

Continuous basaltfiber filament has a melting point approaching that of ceramic fiber.Furthermore, basalt fiber has high tensile strength, excellent fiber/resinadhesion and the ability to be easily processed using conventional processes andequipment. There is also available technology to enhance the properties ofbasalt fibers. Continuous basalt fiber filament has a window of opportunity foracceptance in several new applications in the friction, textile, composites,cement and paper industries. This window of opportunity should be available forthe next 2 to 3 years and it is the company's intention to move as swiftly aspossible in order to exploit the situation to its maximum.

 

Applications

 

Basalt fiber is theeffective replacement for the ecology-dangerous asbestos, fiberglass and naturalor synthetic fibers used in the manufacturing of technical fibers. Basalt fiberand fabrics are far superior to other modern day fiber materials in theirproperties and technical parameters,- low volume mass, wide applicationtemperature range, an ability to absorb water 10 times lower than the sameparameter of fiberglass or other fibers, high chemical resistance to alkali,acids and other aggressive environments, low thermal conductivity and highability to absorb sound. Unique modern ecology-safe technology, inexpensive rawmaterials, high mechanical, acoustic-thermal and electric insulating, filteringand other properties of basalt fiber and derivative products are anticipated tobe in demand in different segments of industry, such as:

 

Aviation (engine andparts insulation, acoustic insulation of exhaust systems in gas-dynamic units)

 

Electronic(fabrication of printed circuit boards with high thermal and stable electricproperties)

Refinery and chemical(use in filters to clean process air from dust and waste water from oilproducts)

 

Automotive (engineand body insulation; use in brake shoe as alternative to asbestos)

 

Construction(nonflammable durable construction parts as alternative to wooden parts; softand hard roof materials)

 

Shipbuilding (thermalinsulation as alternative to asbestos)

 

Bag filters (Basaltfiber is superior to traditionally used filter materials by their ability towithstand high temperature, low water absorption (less than 1%), high chemicalstability and low thermal conductivity)

 

The superiority ofbasalt fiber and its derivative products allows it to have many moreapplications in Paints/Caulks/Coatings/Sealants, Plastics, Cement reinforcement,Heat shields, rubber products, Asphalt/Bitumen and Paper products.

 

BELFIBER CORPORATION

 

Management report

 

Belfiber Corporation(BF) was acquired in January 2002, and became a wholly owned subsidiary ofEmpyrean Communications Inc. Prior to the acquisition, BF had entered into anagreement to purchase all the assets of Air Purator Corporation (APC), subjectto certain conditions. The company was, however, unable to fulfill all theconditions of the agreement and the purchase of APC did not occur. Once it wasconfirmed that the purchase of APC could not be concluded in May 2002, immediatesteps were taken by management to seek other business opportunities for BF. Theanticipated revenues for BF to be obtained through the purchase of APC weretherefore not obtained, and this had an adverse affect on the operating revenuesfor the company for the year ending December 31, 2002. Currently, negotiationsare being undertaken to acquire a suitable basalt related business for BF.Should it not be possible to close on this acquisition in the near future,management intends to consider the other alternatives available for the futureof this subsidiary company.

 

ITEM 2. PROPERTIES

 

EmpyreanCommunications, Inc. does not own any real property. Current lease contract isfor a 140 square feet office in an Executive Suite located at 2537 South Gessner,Suite 114, Houston Texas, 77063. The terms of the lease covers a period of monthto month at a rate of $500.00 per month.

 

ITEM 3. LEGALPROCEEDINGS

 

The Company is notinvolved in any legal proceedings.
 

ITEM 4. SUBMISSION OFMATTERS TO A VOTE OF SECURITY HOLDERS

 

The AnnualStockholders meeting, previously scheduled for on or around July 30, 2002 wasnot held due mainly to the serious medical problem experienced by the Presidentand CEO, Mr. Robert L. Lee. Mr. Lee was hospitalized on July 1, had surgery inlate August 2002 and is now nearing full recovery. It has recently been decidedto hold the postponed Annual Stockholder's meeting on or around September 30,2003, to deal with normal business. In addition, the shareholders will be askedto vote on changes to its Articles of Incorporation incorporating a name change,expanding voting rights for holders of Preferred Stock of the Company andincreases in the Company's authorized preferred and common stock.

 

PART II.

ITEM 5. MARKET FORREGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDERS MATTERS.

 

On March 3, 2000 theCompany was cleared by the NASD for trading on the OTC Bulletin Board. Thesymbol under the name Empyrean Communications, Inc. is EPYR

 

At the present time,there are no assets available for the payment of dividends on the Shares. TheCompany does not anticipate paying any dividends in the next twelve months.

 

The Articles ofIncorporation currently authorize the issuance of 50,000,000 shares of commonstock, with a par value of $0.001. The holders of the Shares: (a) have equalratable rights to dividends from funds legally available therefore, when, as,and if declared by the Board of Directors of the Company; (b) are entitled toshare ratably in all of the assets of the Company available for distributionupon winding up of the affairs of the Company; (c) do not have preemptivesubscription or conversion rights and there are no redemption or sinking fundapplicable thereto; and (d) are entitled to one non-cumulative vote per share onall matters on which shareholders may vote at all meetings of shareholders.These securities do not have any of the following rights: (a) cumulative orspecial voting rights; (b) preemptive rights to purchase in new issues ofShares; (c) preference as to dividends or interest; (d) preference uponliquidation; or (e) any other special rights or preferences. In addition, theShares are not convertible into any other security. There are no restrictions ondividends under any loan other financing arrangements or otherwise. See a copyof the Articles of Incorporation, and an amendment thereto, and Bylaws of theCompany, attached as Exhibit 3.1, Exhibit 3.2, and Exhibit 3.3, respectively, tothis Form 10-SB/A. As of December 31, 2002, the Company had 3,675,951 shares ofcommon stock outstanding.

 

Non-Cumulative Voting.

 

The holders of Shares ofCommon Stock of the Company do not have cumulative voting rights, which meansthat the holders of more than 50% of such outstanding Shares, voting for theelection of directors, can elect all of the directors to be elected, if they sochoose. In such event, the holders of the remaining Shares will not be able toelect any of the Company's directors.

 

Share Purchase Warrants

 

At December 31, 2002, noshare purchase warrants were outstanding.

 

Share Purchase Option

 

At December 31, 2002,65,000 share (pre-split) purchase options were outstanding. Each option entitlesthe holder to purchase one additional share of the company at $15.00 per shareuntil April 17, 2010.

 

Dividends.

 

The Company does notcurrently intend to pay cash dividends. The Company's proposed dividend policyis to make distributions of its revenues to its stockholders when the Company'sBoard of Directors deems such distributions appropriate. Because the Companydoes not intend to make cash distributions, potential shareholders would need tosell their shares to realize a return on their investment. There can be noassurances of the projected values of the shares, nor can there be anyguarantees of the success of the Company. A distribution of revenues will bemade only when, in the judgment of the Company's Board of Directors, it is inthe best interest of the Company's stockholders to do so. The Board of Directorswill review, among other things, the investment quality and marketability of thesecurities considered for distribution; the impact of a distribution ofsecurities on its customers, joint venture associates, management contracts,other investors, financial institutions, and the company's internal management,plus the tax consequences and the market effects of an initial or broaderdistribution of such securities.

 

Transfer Agent.

 

The Company continues toretain the services of Pacific Stock Transfer Company, 500 E. Warm Springs Road,Suite 240, Las Vegas, NV 89119, to act as transfer agent and registrar.

 

ITEM 6. MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

Company management haddecided after considerable review in late 2001 and early 2002, to move thecompany into a new direction away from the broadband industry. In January of2002, the Company acquired, by way of a stock swap, two Virginiafiber-manufacturing companies, Belfiber Company and Basalt Fiber Company. In sodoing, the Company acquired 100% of all outstanding stock of both companies, andintends to direct all of its efforts to the development of these companies, aswell as possible future acquisitions of any viable businesses in other sectorslike real estate, financial services, oil and gas and medical nanotechnology.

To reflect more closelythe revamped Business strategy of the company, the Board of Directors haselected to change the name of the Corporation from Empyrean Communications Inc.to Uniwelkin Capital Inc.

 

ITEM 7. FINANCIALSTATEMENTS

 

Included herewith arethe following financial statements:

 

 

 

 

 
**EMPYREANCOMMUNICATIONS, INC.**
(A Development StageCompany)

REPORT ANDCONSOLIDATED FINANCIAL STATEMENTS

December 31, 2002 and2001

(Stated in USDollars)
** **
 
**INDEPENDENT AUDITORS'REPORT**
 

To the Stockholders,

Empyrean Communications, Inc.

(A Development Stage Company)

We have audited the accompanying consolidated balance sheets ofEmpyrean Communications, Inc. (A Development Stage Company) as of December 31,2002 and 2001 and the related consolidated statements of loss, stockholders'equity and cash flows for the two years ended December 31, 2002 and 2001 and forthe two month period ended December 31, 2000 and for the period October 30, 2000(Date of Incorporation) to December 31, 2002. These financial statements are theresponsibility of the Company's management. Our responsibility is to express anopinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standardsgenerally accepted in the United States of America. Those standards require thatwe plan and perform an audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

In our opinion, these consolidated financial statements referredto above present fairly, in all material respects, the financial position ofEmpyrean Communications, Inc. as of December 31, 2002 and 2001 and the resultsof their operations and their cash flows for the years ended December 31, 2002and 2001, for the two months ended to December 31, 2000 and for the periodOctober 30, 2000 (Date of Incorporation) to December 31, 2002, in conformitywith accounting principles generally accepted in the United States of America.

The accompanying financial statements referred to above havebeen prepared assuming that the Company will continue as a going concern. Asdiscussed in Note 1 to the financial statements, the Company is in thedevelopment stage, has no established source of revenue and is dependent on itsability to raise capital from shareholders or other sources to sustainoperations. These factors, along with other matters as set forth in Note 1,raise substantial doubt that the Company will be able to continue as a goingconcern. The financial statements do not include any adjustments that mightresult from the outcome of this uncertainty.

 

 

Vancouver, Canada
"AMISANO      HANSON"
April 15, 2003
Chartered      Accountants
 

 
**EMPYREANCOMMUNICATIONS, INC.**
(A Development StageCompany)

CONSOLIDATED BALANCESHEETS

December 31, 2002 and2001

(Stated in USDollars)

 

                                                                              **ASSETS**

2002      

2001      

Current      

       

       

Cash      

$                 

$                 191>      

Prepaid expenses -Notes      4 and 7      

258,679

-    
 

                                        

                                        

       

$             258,679

$                  191      

 

                                        

                                        
LIABILITIES
Current      

       

       

Accounts payable - Note 7      

$               66,891

$             969,217      

Due to shareholders -      Note 7      

34,011      

20,844      

 

                                        

                                        

       

100,902      

990,061      

 

                                        

                                        
STOCKHOLDERS'      EQUITY (DEFICIENCY)      
Capital stock      

       

       

Authorized:      

       

       

50,000,000 common shares,      $0.001 par value      

       

       

10,000,000 preferred      shares, $0.001 par value      

       

       

Issued:      

       

       

3,250,112 (2001:  787,612)      common shares - Note 5      

3,250      

788      

10,000,000 (2001:  Nil)      preferred shares      

10,000      

-      

Additional paid-in capital      

10,463,809      

5,828,020      

Deficit accumulated during the development stage      

         ( 10,319,282)      

         ( 6,818,678)      

 

                                        

                                        

       

157,777      

         (      989,870)      

 

                                        

                                        

       

$             258,679      

$                   191      

 

                                        

                                        

 

Nature and Continuanceof Operations - Note 1

Commitments - Note 5

Contingencies - Note11

Subsequent Events -Note 12

 

 

APPROVED BY THE      DIRECTORS:
"*Robert      L. Lee*"
"*Anthony      Fanale*"
, Director
, Director
 
**EMPYREANCOMMUNICATIONS, INC.**
(A Development StageCompany)

CONSOLIDATEDSTATEMENTS OF LOSS

for the years endedDecember 31, 2002 and 2001,

for the two monthsended to December 31, 2000

and for the periodOctober 30, 2000 (Date of Incorporation) to December 31, 2002

(Stated in USDollars)

 

 

       

       

       

       

October      30,      

       

       

       

       

2000      

       

       

       

Two      months      

(Date      of Incor-      

       

       

       

ended      

poration)      to      

       

Years      ended December 31,      

December      31,      

December      31,      

       

2002      

2001      

2000      

2002      

Expenses      

       

       

       

       

Accounting      and legal fees      

$            107,385      

$              22,796      

$                      -      

$            130,181      

Business      plan and asset valuation      

-      

16,380      

-      

16,380      

Consulting      fees - Note 7      

851,766      

790,574      

67,200      

1,709,540      

Office      and miscellaneous - Note 7      

6,706      

18,383      

1,575      

26,664      

Promotion      and entertainment      

-      

53,110      

392      

53,502      

Rent      - Note 7      

2,974      

15,933      

-      

18,907      

Travel      costs      

-      

7,350      

1,416      

8,766      

Website      expenses      

-      

20,000      

-      

20,000      

 

                                     

                                     

                                     

                                     

Net loss for the period before other      items      

       (      968,831)      

       (      944,526)      

       (            70,583)      

       (  1,983,940)      

Other items:      

       

       

       

       

Investments      written-off - Note 6      

       (   2,600,000)      

-      

-      

       (   2,600,000)      

Loss on      write-off of technology - Note 3      

-      

       (   5,843,140)      

-      

       (   5,843,140)      

Accounts      payable written-off      

68,227      

-      

-      

68,227      

Gain on      forgiveness of debt - Note 7      

-      

29,578      

-      

29,578      

Miscellaneous      income      

-      

9,993      

-      

9,993      

 

                                     

                                     

                                     

                                     

Net loss for the period      

$                      (  3,500,604)      

$                      (  6,748,095)      

$                      (  70,583)      

$                      (  10,319,282)      

 

                                     

                                     

                                     

                                     

Basic loss per share      

$                  (  1.61)      

$                  (  17.97)      

$                  (  1.88)      

       

 

                                     

                                     

                                     

 

Weighted average      number of shares      

 outstanding      

       

2,178,270      

       

375,593      

       

37,500      

       

 

                                     

                                     

                                     

 

 
**EMPYREANCOMMUNICATIONS, INC.**
(A Development StageCompany)

CONSOLIDATEDSTATEMENTS OF CASH FLOWS

for the years endedDecember 31, 2002 and 2001,

for the two monthsended to December 31, 2000

and for the periodOctober 30, 2000 (Date of Incorporation) to December 31, 2002

(Stated in USDollars)

 

       

       

       

       

October      30,      

       

       

       

       

2000      

       

       

       

Two      months      

(Date      of Incor-      

       

       

       

ended      

poration)      to      

       

Year      ended December 31      

December      31      

December      31,      

       

2002      

2001      

2000      

2002      

Operating Activities      

       

       

       

       

Net      loss for the period      

$                        (  3,500,604)      

$                        (  6,748,095)      

$                        (  70,583)      

$                        (  10,319,282)      

Items      not affecting cash:      

       

       

       

       

Loss      on write-off of technology      

-      

5,843,140      

-      

5,843,140      

Gain      on forgiveness of debt      

-      

       (              29,578)      

-      

       (              29,578)      

Accounts      payable written-off      

       (              68,227)      

-      

-      

       (              68,227)      

Investments      written-off      

2,600,000      

-      

-      

2,600,000      

Non-cash:      

       

       

       

       

Legal      expenses      

56,100      

-      

-      

56,100      

Consulting      expenses      

750,966      

-      

-      

750,966      

Changes      in non-cash working capital      

 balances      related to operations:      

       

       

       

       

Prepaid      expenses      

-      

16,000      

-      

16,000      

Accounts      payable      

148,407      

874,164      

70,583      

1,093,154      

 

                                       

                                       

                                       

                                       

       

       (              13,358)      

       (              44,369)      

-      

       (         57,727)      

 

                                       

                                       

                                       

                                       

Investing Activities      

       

       

       

       

Cash      acquired on business acquisition      

-      

316      

-      

316      

Increase      in shareholder loans      

13,167      

20,844      

-      

34,011      

 

                                       

                                       

                                       

                                       

       

13,167      

21,160      

-      

34,327      

 

                                       

                                       

                                       

                                       

Financing Activity      

       

       

       

       

Proceeds      from issuance of common      

 shares      

       

-      

       

22,400      

       

1,000      

       

23,400      

 

                                       

                                       

                                       

                                       

Net increase      (decrease) in cash during      

 the period      

       

       (                   191)      

       

       (                   809)      

       

1,000      

       

-      

Cash,      beginning of the period      

191      

1,000      

-      

-      

 

                                       

                                       

                                       

                                       

Cash, end of the      period      

$                        -      

$                    191      

$                  1,000      

$                        -      

 

                                       

                                       

                                       

                                       

 

-/Cont'd.

 

**EMPYREANCOMMUNICATIONS, INC.**Continued

(A Development StageCompany)

CONSOLIDATEDSTATEMENTS OF CASH FLOWS

for the years endedDecember 31, 2002 and 2001,

for the two monthsended to December 31, 2000

and for the periodOctober 30, 2000 (Date of Incorporation) to December 31, 2002

(Stated in USDollars)

 

 

       

       

       

       

October      30,      

       

       

       

       

2000      

       

       

       

Two      months      

(Date      of Incor-      

       

       

       

ended      

poration)      to      

       

Year      ended December 31      

December      31      

December      31,      

       

2002      

2001      

2000      

2002      

Supplemental disclosure of cash flow      

 information      

       

       

       

       

Cash      paid for:      

       

       

       

       

Interest      

$                        -      

$                        -      

$                        -      

$                        -      

 

                                       

                                       

                                       

                                       

Income      taxes      

$                        -      

$                        -      

$                        -      

$                        -      

 

                                       

                                       

                                       

                                       

 

Non-cash Transactions- Note 10

 
**EMPYREANCOMMUNICATIONS, INC.**
(A Development StageCompany)

CONSOLIDATED STATEMENTOF STOCKHOLDERS' EQUITY (DEFICIENCY)

for the period October30, 2000 (Date of Incorporation) to December 31, 2002

(Stated in USDollars)

 

       

       

       

       

       

       

Deficit      

       

       

       

       

       

       

       

Accumulated      

       

       

       

       

       

       

Additional      

During      the      

       

       
Preferred      Shares      
Common      Shares

Paid-in      

Development      

       

       

Number      

Par      Value      

Number      

Par      Value      

Capital      

Stage

Total      

Issued for cash      

-      

$                      -      

750,000      

$                 750      

$                 250      

$                      -      

$               1,000      

Net      loss for the period      

-      

-      

-      

-      

-      

        (    70,583)      

        (    70,583)      

 

                                    

                                    

                                    

                                    

                                    

                                    

                                    

Balance, December 31,      2000      

-      

-      

750,000      

750      

250      

        (    70,583)      

        (      69,583)      

Issued for      cash pursuant to exercise      

 of      warrants                            - at $200      

       

-      

       

-      

       

112      

       

-      

       

22,400      

       

-      

       

22,400      

Issued for      acquisition of subsidiary      

-      

-      

37,500      

38      

5,805,370      

-      

5,805,408      

Net loss for      the year      

-      

-      

-      

-      

-      

(6,748,095)      

(6,748,095)      

 

                                    

                                    

                                    

                                    

                                    

                                    

                                    

Balance,      December 31, 2001      

-      

-      

787,612      

788      

5,828,020      

(6,819,678)      

(989,870)      

Issued      pursuant to consulting fee      

 agreements                                     - at $0.15      

       

-      

       

-      

       

400,000      

       

400      

       

59,600      

       

-      

       

60,000      

-      at $0.20      

-      

-      

1,200,000      

1,200      

238,800      

-      

240,000      

-      at $1.60      

-      

-      

5,000      

5      

7,995      

-      

8,000      

-      at $1.80      

-      

-      

170,000      

170      

305,830      

-      

306,000      

-      at $4.00      

-      

-      

99,186      

99      

396,645      

-      

396,744      

-      at $5.20      

-      

-      

17,500      

17      

90,983      

-      

91,000      

-      at $12.18      

-      

-      

15,000      

15      

182,635      

-      

182,650      

-      at $12.39      

-      

-      

15,000      

15      

185,895      

-      

185,910      

-      at $12.72      

-      

-      

15,000      

15      

190,721      

-      

190,736      

-      at $15.00      

-      

-      

25,814      

26      

387,185      

-      

387,211      

 

-/Cont'd.

 

**EMPYREANCOMMUNICATIONS, INC.**Continued

(A Development StageCompany)

CONSOLIDATED STATEMENTOF STOCKHOLDERS' EQUITY (DEFICIENCY)

for the period October30, 2000 (Date of Incorporation) to December 31, 2002

(Stated in USDollars)

 

 

       

       

       

       

       

       

Deficit      

       

       

       

       

       

       

       

Accumulated      

       

       

       

       

       

       

Additional      

During      the      

       

       
Preferred      Shares      
Common      Shares

Paid-in      

Development      

       

       

Number      

Par      Value      

Number      

Par      Value      

Capital      

Stage

Total      

Issued for      acquisition of subsidiaries      

                                                  - at $2.60      

       

-      

       

-      

       

500,000      

       

500      

       

1,299,500      

       

-      

       

1,300,000      

-      at $0.13      

10,000,000      

10,000      

-      

-      

1,290,000      

-      

1,300,000      

Net loss for the year      

-      

-      

-      

-      

-      

(3,500,604)      

(3,500,604)      

 

                                    

                                    

                                    

                                    

                                    

                                    

                                    

Balance, December 31,      2002      

10,000,000      

$              10,000      

3,250,112*

$               3,250      

$        10,463,809      

$        10,319,282      

$            157,777      

 

                                    

                                    

                                    

                                    

                                    

                                    

                                    

 

* Does not include  1,150,000 escrowed shares that have been issued at December 31, 2002 and are  to be returned to treasury. Refer to Note 4.
**EMPYREANCOMMUNICATIONS, INC.**
(A Development StageCompany)

NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS

December 31, 2002 and2001

(Stated in USDollars)

 

 

Note 1 Nature andContinuance of Operations
 

The Company      currently is seeking new business opportunities.

 

These consolidated      financial statements have been prepared on a going concern basis. As at      December 31, 2002 the Company has accumulated losses totalling      $10,319,282. The Company is in the development stage and has no      established source of revenue. Its ability to continue as a going concern      is dependent upon the ability of the Company to generate profitable      operations in the future and/or to obtain the necessary financing to meet      its obligations and repay its liabilities arising from normal business      operations when they come due.

 

The Company was      incorporated in Nevada on April 30, 1998 as Fuji International, Inc. and      on December 28, 1998 the Company changed its name to Direction      Technologies, Inc. On April 9, 2001, the Company changed its name to      Empyrean Communications, Inc.

 

Note 2 Summary      of Significant Accounting Policies
 

The consolidated      financial statements of the Company have been prepared in accordance with      accounting principles generally accepted in the United States of America.      Because a precise determination of many assets and liabilities is      dependent upon future events, the preparation of financial statements for      a period necessarily involves the use of estimates which have been made      using careful judgement. Actual results may differ from these estimates.

 

The consolidated      financial statements have, in management's opinion, been properly      prepared within reasonable limits of materiality and within the framework      of the significant accounting policies summarized below:

 

Development StageCompany

The Company is a    development stage company as defined in Statement of Financial Accounting    Standards No. 7. The Company is devoting substantially all of its present    efforts to develop a business. All losses accumulated since inception have    been considered as part of the Company's development stage activities.

 

Principles of    Consolidation

The consolidated    financial statements include the accounts of Empyrean Communications, Inc.,    a Nevada company and the accounts of its wholly-owned subsidiaries, Empyrean    Communications, Inc. ("ECI"), a Texas company, Belfiber Company    ("Belfiber") and Basalt Fiber Company ("Basalt"), both    Virginia companies. All significant inter-company transactions and balances    have been eliminated on consolidation.

 

 

Note 2 Summary of  Significant Accounting Policies - (cont'd)

 

Income Taxes

The Company uses the    liability method of accounting for income taxes pursuant to Statement of    Financial Accounting Standards, No. 109 "Accounting for Income    Taxes".

 

Basic Loss Per Share

The Company reports    basic loss per share in accordance with Statement of Financial Accounting    Standards No. 128 "Earnings Per Share". Basic loss per share has    been calculated based upon the weighted average number of shares outstanding    during the period. Diluted loss per share has not been provided as it would    be anti-dilutive.

 

Fair Value of    Financial Instruments

The carrying value    of cash, accounts payable and due to shareholders approximates fair value    because of the short-term maturity of those instruments. Unless otherwise    noted, it is management's opinion that the Company is not exposed to    significant interest, currency or credit risks arising from these financial    instruments.

 

Stock-based    Compensation

The Company has    elected to account for stock-based compensation following APB No. 25    "Account for Stock Issued to Employees", and provides disclosure    requirements under SFAS No. 123 "Accounting for Stock-based    Compensation".

 

Impairment of    Long-lived Assets

The Company reports    the impairment of long-lived assets and certain identifiable intangibles in    accordance with Statement of Financial Accounting Standards No. 121,    "Accounting for the Impairment of Long-lived Assets to be Disposed    Of". Certain long-lived assets and identifiable intangibles held by the    Company are reviewed for impairment whenever assets or changes in    circumstances indicate the carrying amount of any assets may not be    recoverable. Accordingly, an impairment loss is recognized in the period it    is determined.

 

New Accounting    Standards

Management does not    believe that any recently issued, but not yet effective accounting standard    if currently adopted could have a material effect on the accompanying    financial statements.

 

 

Note 3 Business  Acquisition

 

By an agreement dated  January 23, 2001, the Company acquired all of the outstanding common shares of  ECI by issuing 37,500 common shares (post-consolidation - 750,000 shares) of  the Company.

 

As a result of this  transaction, the shareholders of ECI acquired control of the Company and  consequently ECI is deemed to be the acquirer. The acquisition has been  accounted for using the purchase method of accounting, as a reverse  transaction, and the consolidated financial statements are a continuation of  the operations of ECI and not of Empyrean Communications, Inc. The operations  of ECI are included in the consolidated statement of loss from March 8, 2001,  the effective date of the acquisition. Comparative figures presented are those  of the acquirer, ECI. The net assets (liabilities) acquired are as follows:

 

Total      assets      

       

       $              16,316      

Total      liabilities      

       

54,048      

 

 

                                        

Net      asset deficiency      

       

          (      37,732)      

Amount      assigned to technology      

       

5,843,140      

 

 

                                        

Purchase      price      

       

         $   5,805,408      

 

 

                                        

 
ECI's principal      business is the development of bandwidth technology.

 

During the year      ended December 31, 2002, the Company has written-off the amount assigned      to technology of $5,843,140 as the amount may not be recoverable.
** **
Note 4 Prepaid  Expenses - Notes 7 and 12

 

Prepaid        expenses represent prepaid consulting fees paid pursuant to consulting        agreements with terms of one year.

 

Note 5 Capital        Stock - Note 12

 

During the        year ended December 31, 2002, the Company approved a 1 new for 20 old        reverse split of its common shares. The Company has reflected this        reverse split retroactively.

 

During the        year ended December 31, 2001, the Company approved a 1 new for 20 old        reverse split of its common shares. The Company has reflected this        reverse split retroactively.
** 

 **
Note 5 Capital        Stock - Note 12 - (cont'd)

 

Escrow Shares

By agreement        dated November 29, 2000, the Company engaged a party to provide or        arrange for one or more financings and to provide custodial services,        with respect to certain assets. Pursuant to this agreement, the Company        issued 900,000 common shares as collateral for future financings. No        financing has materialized and the shares are being held in escrow. The        Company will return the shares to treasury upon receipt of the shares.

 

By agreement        dated October 1, 2000, the Company agreed to purchase certain        telecommunication services for a period of 10 years commencing March 1,        2002. Pursuant to the terms of the agreement, the Company has issued        250,000 common shares in escrow. During the year ended December 31,        2002, the vendor has served notice to terminate the contract. The        Company will return the shares to treasury upon receipt of the shares.

 

Stock-based        Compensation

Effective        April 17, 2000, the Company granted stock options to employees of the        Company (officers, directors and employees) and consultants to the        Company to purchase common shares of the Company at the closing price of        the Company's common stock on the date of the grant. The options have        been granted with a term of 10 years. There are no specific vesting        requirements under the options.

 

Presented          below is a summary of the stock option activity for the years shown:

 

       

       

Weighted      

       

Number      of      

Average      

       

Stock      Options

Exercise      Price

Granted      

1,300,000      

$0.75      

 

                                       

 

Balance, December 31,      2000      

1,300,000      

$0.75      

1:20 reverse split      

(1,235,000)      

-      

 

                                       

 

Balance, December 31,      2001      

65,000      

$15.00      

1:20 reverse split      

(61,750)      

-      

 

                                       

 

Balance, December 31,      2002      

3,250      

$300.00      

 

                                       

                                       

 
The number of      stock options outstanding is equal to the number exercisable as there are      no vesting provisions.

 

Because of the      reverse take-over transaction (Note 3), the disclosures required by APB      No. 25 have not been provided as they would not be considered meaningful.

 

 

Note 5 Capital      Stock -Note 12 - (cont'd)

 

Stock-based      Compensation - (cont'd)

The following      common share purchase options were outstanding at December 31, 2002      entitling the holders thereof the right to purchase one common share for      each option held:

 

       

 

Exercise      Price      

 

       

Number      of Options      
Per Share      Expiry Date      
Consultants      

1,750      

$300      

April 17, 2010      

Officer, directors and      employees      

1,500      

$300      

April 17, 2010      

 

                                      

 

 

       

3,250      

       

       

 

                                      

 

 

 
Note 6 Investments      Written-off
 

By agreement      dated January 26, 2002, the Company acquired all the issued and      outstanding common shares of Belfiber by issuing 10,000,000 preferred      shares of the Company at $0.13 per share.

 

Belfiber's only      asset was a potential agreement to acquire a manufacturing company      involved in manufacturing non-woven fabric filter products. This      manufacturing agreement did not close and the Company wrote-off the      acquisition cost of $1,300,000 in the year ended December 31, 2002.

 

Further to this      agreement, the Company acquired all the issued and outstanding common      shares of Basalt by issuing 10,000,000 pre-split (500,000 post-split)      common shares of the Company at $0.13 per share.

 

Basalt was formed      to produce coated mineral fiber in the form of continuous Basalt glass      filament for reinforcement of epoxy resins, gasket materials, fine paper      and other products. Basalt did not proceed with this venture and the      Company has written off the acquisition price of $1,300,000 in the year      ended December 31, 2002. Basalt and Belfiber did not have any net      identifiable assets or net identifiable liabilities.

 

Note 7 Related      Party Transactions - Note 12

 

During the year      ended December 31, 2002:
The Company was charged      consulting fees of $295,639 (2001:  224,000;      2000:  $67,200), office expenses of $Nil      (2001:  $3,300; 2000:  $Nil) and rent of $Nil      (2001:  $1,890; 2000:  $Nil) by directors and former      directors of the Company.A former director of the      Company forgave accounts payable of $Nil (2001:  $29,578;      2000:  $Nil).
 

 

Note 7 Related      Party Transactions - Note 12 - (cont'd)

These charges      were measured by the exchange amounts, which is the amount agreed upon by      the transacting parties.

 

Prepaid      expenses include $126,214 (2001:  $Nil) paid to directors and a      former director of the Company for prepaid consulting fees.

 

Accounts      payable at December 31, 2002 includes $24,157 (2001:  $221,047)      owing to directors of the Company in respect to the above noted charges.

 

Amounts due to      shareholders are unsecured, non-interest bearing and have no specific      terms for repayment.

 

Note 8 Deferred      Tax Assets
 

The Financial      Accounting Standards Board issued Statement Number 109 in Accounting for      Income Taxes ("FAS 109") which is effective for fiscal years      beginning after December 15, 1992. FAS 109 requires the use of the asset      and liability method of accounting of income taxes. Under the assets and      liability method of FAS 109, deferred tax assts and liabilities are      recognized for the future tax consequences attributable to temporary      differences between the financial statements carrying amounts of existing      assets and liabilities and their respective tax bases. Deferred tax assets      and liabilities are measured using enacted tax rates expected to apply to      taxable income in the years in which those temporary differences are      expected to be recovered or settled.

 

The following      table summarizes the significant components of the Company's deferred      tax assets:

 

       

Total

Deferred Tax Assets      

       

Non-capital      loss carryforwards      

$          671,142      

 

                                  

Gross      deferred tax assets      

$          671,142      

Valuation allowance      for deferred tax assets      

        (  671,142)      

 

                                  

       

$                    -      

 

                                  

 
The amount taken      into income as deferred tax assets must reflect that portion of the income      tax loss carryforwards which is likely to be realized from future      operations. The Company has chosen to provide an allowance of 100% against      all available income tax loss carryforwards, regardless of their time of      expiry.

 

 

Note 9 Income      Taxes
 

No provision for      income taxes has been provided in these financial statements due to the      net loss. At December 31, 2002, the Company has net operating loss      carryforwards, which expire commencing in 2018 totalling $1,973,947, the      tax benefit of which has not been recorded in the financial statements.

 

Note 10 Non-cash      Transactions
 

Investing and      financing activities that do not have a direct impact on current cash      flows are excluded from the statement of cash flows. The following      transactions have been excluded from the statement of cash flows:

During the year      ended December 31, 2002:
The Company issued 1,962,500      common shares valued at $2,048,250 pursuant to services agreements.The Company issued 500,000      common shares valued at $1,300,000 to acquire Basalt.The Company issued 10,000,000      preferred shares valued at $1,300,000 to acquire Belfiber.
During the year      ended December 31, 2001:
The Company abandoned its      agreement to acquire the right to manufacture a proprietary electric      vehicle technology. As a result, license fees have been reduced by $50,000      and accounts payable pertaining to the acquisition of the license fees      have been reduced by $50,000.The Company issued 750,000      common shares totalling $5,805,408 pursuant to the reverse transaction      with ECI.
 

Note 11 Contingencies
 

Unasserted claims      have been made against the Company alleging claims for expenses incurred      in respect to the operations of the Company and expenses related to breach      of contract. While the results of these claims cannot be predicted with      certainty, management of the Company believes the final outcome of these      claims will not have an adverse material effect on the Company's      financial position or results of operations.

 

Note 12 SubsequentEvents
 

During March 2003,      the Company entered into five consulting agreements for a term of one      year. The Company will issue 5,200,000 common shares for the consulting      services. 3,000,000 of the 5,200,000 common shares will be issued to      directors of the Company.

ITEM 8. CHANGES IN ANDDISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTINGAND FINANCIAL DISCLOSURE

 

The Company has had nochanges over the past two (2) fiscal years in its certifying accountants, norhas it had any disagreements with its accountants.

 

PART III

ITEM 9. DIRECTORS ANDEXECUTIVE OFFICERS OF THE REGISTRANT; COMPLIANCE WITH SECTION 16(A) OF THEEXCHANGE ACT.

 

The names, ages, andrespective positions of the directors, officers, and significant employees ofthe Company are set forth below. Mr. Lee has held his positions since March 2001and Mr. Fanale became a Director on February 14, 2002. There are no otherpersons who can be classified as a promoter or controlling person of theCompany.

 

Robert L. Lee, Presidentand CEO and Director Age 61.

 

Anthony Fanale -Director Age 60

 

ITEM 10. EXECUTIVECOMPENSATION.

 

(a) No officer ordirector of Empyrean is receiving any remuneration at this time.

 

(b) There are noannuity, pension or retirement benefits proposed to be paid to officers,directors, or employees of the corporation in the event of retirement at normalretirement date pursuant to any presently existing plan provided or contributedto by the corporation or any of its subsidiaries.

 

(c) No remuneration isproposed to be in the future directly or indirectly by the corporation to anyofficer or director under any plan that presently exists.

 

ITEM 11. SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Mr. Fanale controls inexcess of 5% of the outstanding shares of the Company by way of his 100%ownership in Aegis Corporation, a Texas Company that holds 76.78% of the Company'sPreferred and Common shares.

 

Title of Class
Name of      Beneficial Owner
Amount Owned by      Beneficial Owner
Common
Aegis Corporation
501,000 shares
Preferred
Aegis Corporation
10,000,000 shares
 

ITEM 12. CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS.

Other than as set forthin Item 7, there are no relationships, transactions, or proposed transactions towhich the registrant was or is to be a party, in which any of the named personsset forth in Item 404 of Regulation SB had or is to have a direct or indirectmaterial interest.

 

ITEM 13. EXHIBITS ANDREPORTS ON FORM 8-K

 

(a) Exhibits

 

None.

 

(b) Reports on Form 8-K.

 

None

 

SIGNATURES

 

In accordance withSection 13 or 15(d) of the Exchange Act, the registrant caused this report to besigned on its behalf by the undersigned, thereunto duly authorized.

 

EMPYREAN COMMUNICATIONS,INC.

 

 

/s/ Robert L. Lee

Robert L. Lee, Presidentand CEO

Date: May 13, 2003

 

 

In accordance with theExchange Act, this report has been signed below by the following persons onbehalf of the registrant and in the capacities and on the dates indicated.

 

/s/ Robert L. Lee
 

/s/ Anthony Fanale
Robert L. Lee,      President and CEO
 

Anthony Fanale,      Director
Date: May 13, 2003
 

Date: May 13, 2003
 

 

CERTIFICATION PURSUANTTO SECTION 302

OF THE SARBANES-OXLEYACT OF 2002

I, Robert L. Lee,certify that:

     1.I have reviewed this annual report on Form 10-KSB of Empyrean Communication,Inc. for the year ended December 31, 2002;

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

     3.Based on my knowledge, the financial statements, and other financial informationincluded in this annual report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the registrant asof, and for, the periods presented in this annual report.

     4.The registrant's other certifying offering officers and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a)designed such disclosure controls and procedures to ensure that materialinformation relating to the registrant, including its consolidated subsidiaries,is made known to us by others within those entities, particularly during theperiod in which this annual report is being prepared; b) evaluated theeffectiveness of the registrant's disclosure controls and procedures as of adate within 90 days prior to the filing date of this annual report (the"Evaluation Date"); and c) presented in this annual report ourconclusions about the effectiveness of the disclosure controls and proceduresbased on our evaluation as of the Evaluation Date;

     5.The registrant's other certifying officers and I have disclosed, based on ourmost recent evaluation, to the registrant's auditors and the audit committee ofregistrant's board of directors (or persons performing the equivalent function):a) all significant deficiencies in the design or operation of internal controlswhich could adversely affect the registrant's ability to record, process,summarize and report financial data and have identified for the registrant'sauditors any material weaknesses in internal controls; and b) any fraud, whetheror not material, that involves management or other employees who have asignificant role in the registrant's internal controls; and

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

Date: May 13th, 2003

 

/s/ Robert L. Lee__________________Robert L. LeePresident

 

 
**CERTIFICATION PURSUANTTO
**SECTION 906 OF THESARBANES-OXLEY ACT OF 2002
**(18 U.S.C. SECTION1350)

 

In connection withthe Annual Report of Empyrean Communications, Inc., a Nevadacorporation (the "Company"), on Form 10-KSB for the year endingDecember 31, 2002 as filed with the Securities and Exchange Commission (the"Report"), I, Robert L. Lee, President of the Company, certify,pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), thatto my knowledge:

 

(1) The Report fullycomplies with the requirements of section 13(a) or 15(d) of the SecuritiesExchange Act of 1934; and

 

(2) The informationcontained in the Report fairly presents, in all material respects, the financialcondition and result of operations of the Company.

 

/s/ Robert L.Lee                       

Robert Lee

President

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