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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-KSB/A-2(AMENDMENT NO. 2 )

(Mark one) [ x ] ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, 2006

OR

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-32479

TRIMAX CORPORATION(Exact name of small business issuer in its charter)

|Nevada                            | 76-0616468         
|--------------------------------- | -------------------
|(State or other jurisdiction      | (I.R.S. Employer   
|of incorporation or organization) | Identification No.)

2 Lombard St. Suite 204Toronto Ontario,
M5C-1M1(Address of principal executive offices)

Registrant's telephone number:
  (416) 832-9315

Securities registered under Section 12(b) of the Act:
None.

Securities registered under Section 12(g) of the Act:
Common Stock, par value $0.001 per share(Title of
class)

Check whether the Issuer (1) filed all reports required to be
  filed by Section 13 or 15(d) of the Securities 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 [ ] No [ x ] 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/A or any amendment to this Form 10-KSB/A. [ ]

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes[ ] No[ x ]

Registrants revenues for its most recent fiscal year: $nil

As of January 15, 2007, the aggregate market value of the voting
common equity held by non-affiliates of the registrant was approximately
$5,815,382 based on the closing trade reported on the NASD Over-the-Counter
Bulletin Board National Quotation System.

On January 24, 2007 the registrant had 38,324,527 of Common
Stock, par value $0.001, and no shares of preferred stock, par value $0.001
issued and outstanding.

Documents incorporated by reference: None

Transitional Small Business Disclosure Format: Yes [ ] No [ x ]

---



|Trimax Corporation                   
|-------------------------------------
|                                     
|Index to                             
|Annual Report on Form 10-KSB/A       
|For the Year Ended September 30, 2006

|Part I     |                                                                                                                             | Page
|---------- | --------------------------------------------------------------------------------------------------------------------------- | ----
|Item 1     | Description
      of Business                                                                                               | 3   
|Item 2     | Description of Property                                                                                                     | 8   
|Item 3     | Legal Proceedings                                                                                                           | 8   
|Item 4     | Submission of Matters to a
      Vote of Security Holders                                                                   | 8   
|           |                                                                                                                             |     
|Part II    |                                                                                                                             |     
|Item 5     | Market for
      Common Equity and Related Stockholder Matters                                                              | 9   
|Item 6     | Management's Discussion and
      Analysis or Plan of Operation                                                             | 10  
|Item 7     | Financial
      Statements                                                                                                  | F-1 
|Item 8     | Changes In and Disagreements
      With Accountants on Accounting and Financial Disclosure                                  | 13  
|Item 8A    | Controls
      and Procedures                                                                                               | 13  
|Item 8B    | Other Information                                                                                                           | 14  
|           |                                                                                                                             |     
|Part III   |                                                                                                                             |     
|Item 9     | Directors,
      Executive Officers, Promoters and Control Persons; Compliance With Section
      16(a) of the Exchange Act | 14  
|Item 10    | Executive Compensation                                                                                                      | 14  
|Item 11    | Security Ownership of Certain
      Beneficial Owners and Management and Related Stockholder Matters                        | 15  
|Item 12    | Certain Relationships and Related Transactions                                                                              | 15  
|Item 13    | Exhibits                                                                                                                    | 15  
|Item 14    | Principal Accountants Fees and Services                                                                                     | 16  
|           |                                                                                                                             |     
|Signatures |                                                                                                                             | 17  

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PART I

ITEM 1. DESCRIPTION OF BUSINESS

Nature of Operations

Urbanesq.com Inc. (Urbanesq) was incorporated August 25, 2000
under the laws of the Province of Canada.

Effective October 18, 2001, Urbanesq completed a merger with
Koala International Wireless Inc. (Koala), a public company incorporated in
the State of Nevada on August 18, 1999. This merger constituted a reverse
takeover of Urbanesq by Koala resulting in the period of operations being
reported from the commencement of operations of Urbanesq.

The Company changed its name to KIWI Network Solutions Inc. on
December 23, 2003.

On November 4, 2004 the Company announced a reverse stock split
of one of the Corporations common stock for each one hundred shares outstanding
in the name of such shareholder; and authorized any fractional shares to be
rounded to one share.

On February 11, 2005, the Company approved its Amended and
Restated Articles of Incorporation, changed the name of the Company to Trimax
Corporation (Trimaxor the Company), and increased the number of its
authorized stock by 95,000,000 shares of common stock and 19,000,000 shares of
preferred stock, both with a par value of $0.01 per share.

On August 17, 2005, pursuant to a reorganization agreement by
and among PLC Network Solutions Inc. (PLC), a private company incorporated in
the Province of Ontario under the Ontario Business Corporations Act and Trimax,
Trimax Corporation acquired all of the outstanding common stock of PLC.

On July 29, 2005, the Company entered into an Exclusive Supply
agreement with a technology partner (the "Partner"), a privately-held
corporation based in Toronto, Ontario. This agreement provided the Company with
the exclusive right to sell Switzerland based Ascom broadband over power line
communication access products ("Products") in Canada and non-exclusive rights
world wide, which the Partner represented that it had secured itself from
Ascom. In accordance with the agreement, the Partner agreed not to sell or
supply Products to any other person or legal entity in Canada with the exception
of any hydro organizations. In consideration for these rights the Company agreed
to pay the Partner an annual license fee of $100,000 in Canadian dollars for
five years commencing on August 1, 2005.

Subsequent to the signing and the advancement of funds for the
Exclusive Supply Agreement the company was made aware that the product
supplier had no right to grant a sub-license from Ascom. Furthermore, the
supplier was previously in default and was never in any position to grant any
sub-license on its own license. Due to these events, Trimax has since developed
relationships with other vendors for BPL products, whom the Company considers to
be more cost effective while possessing similar performance characteristics. As
well, no annual license fees are required to be paid by Trimax.

On March 22, 2006 Trimax filed an action in The Superior Court
of Ontario against Electrolinks Corporation for fraud and fraudulent
misrepresentation alleging damages of $1,250,000. Subsequently, Trimax received
a court ordered judgment, and is awaiting payment of $107,000 plus applicable
legal fees and interest.

On June 1, 2006, pursuant to a reorganization agreement by and
among Multi-Source Inc. (MSI), a private company incorporated in the Province
of Ontario under the Ontario Business Corporations Act and Trimax, Trimax
Corporation acquired all of the outstanding common stock of MSI.

Overview

Trimax is a leading broadband over powerline (BPL) integrator
and service provider. Using existing powerline infrastructures, it delivers
innovative data, voice and video communications to commercial, residential and
other markets at very low cost, while providing exceptional performance. The
companys entrepreneurial spirit and ability to adapt to changing market
conditions remain key strengths in a rapidly evolving industry. BPL technology
has exponentially evolved over the last twelve months from 85 mbps to where new
generation chip sets now deliver triple-play applications at 225 mbps transfer
rates. New intellectual properties (IP) applications such as video streaming,
online gaming and IPTV need sufficient bandwidth to operate. BPLs fiber-like
speeds are now considerably faster than cable or DSL without the corresponding
capex costs.

A hydro utilities main asset, its electrical distribution
infrastructure, is in most cases used only to deliver power. New Millennium
Research recently reported that approximately 20 percent of U.S. utilities are
considering investments in BPL technology. Utilities are implementing Automatic
Meter Reading (AMR) and other real-time performance monitoring services to
create a smart electrical grid.

Through its public trading instrument, acquisitions, joint
ventures and organic development, Trimax has positioned itself with a potential
for rapid growth and long term value. Trimax has acquired key companies (PLC
Network Solutions and Multi-Source Inc.) and is increasing its resources to
accomplish its short term and long term goals. The Companys anticipated
contracts for large scale communications infrastructure deployments will have
long-term service agreement commitments from utilities and governments, creating
recurring revenue streams for future shareholder value.

3

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Risk Factors

The risks and uncertainties described below are those that the
Company currently deems to be material and that it believes are specific to the
Company and the industry in which it competes. In addition to these risks, the
Companys business may be subject to risks currently unknown to the Company.

The Company has a history of operating losses and an
accumulated deficit and expects to continue to incur losses for the foreseeable
future.

Since inception through September 30, 2006, the Company has
incurred cumulative losses of $10,683,471 and has never generated enough funds
through operations to support its business. The Company expects to continue to
incur operating losses through 2007. The Companys losses to date have resulted
principally from:

- research and development costs relating to the development of its previous
  technologies which was categorized as a Personal Digital Assistance device
- costs and expenses associated with distribution and marketing of the
  Companys products;
- Costs associated with the marketing and acceptance of its products within
  developed and emerging markets
- Costs associated with deploying test pilots for potential customers and
  clients within various markets around the world;
- general and administrative costs relating to the Companys operations;

The Company is currently unprofitable and the possibility
exists that it may never become profitable. Since inception, the Company has
funded its research and development activities primarily from private placements
of equity and debt securities, a bank loan and short term shareholder advances
from certain executive officers. As a result of its substantial research and
development expenditures and limited product revenues, the Company has incurred
substantial net losses. The Companys ability to achieve profitability will
depend primarily on its ability to successfully commercialize its BPL solutions.

Potential fluctuations in operating results could have a
negative effect on the price of the Companys common stock.

The Companys operating results may fluctuate significantly
in the future as a result of a variety of factors, most of which are outside the
Companys control, including:

- The level of use of the Internet;
- the acceptance of BPL to be a viable alternative to existing technologies;
- the demand for high-tech goods; and
- the amount and timing of capital expenditures and other costs relating to
  the expansion of the Companys operations.

Ninety-six percent of the worlds population is connected by a
common ubiquitous network - the electric powerline infrastructure. BPL has
proven to be a very competitive alternative to communications technology for the
Telecommunications and Cable communications sectors that use Digital Subscriber
Line (DSL) and cable modem technologies for last mile delivery of high-speed
internet. Trimax is positioning itself to gain first-to-market traction in this
relatively untapped new market place in both the developed and developing
world.

4

---

Trimaxs core business is providing best-of-breed hybrid communications
solutions to end users. Through its independent and cohesive wholly owned profit
oriented divisions, PLC Network Solutions Inc. and Multi-Source Inc., Trimax is
positioned to grow organically and by way of partnerships and acquisitions. It
has established a corporate infrastructure that is flexible and capable of
handling rapid growth with both national and international programs. This
corporate structure can effectively deal with the new recurring revenue streams
as opportunities present.

Trimax is well positioned to profitably leverage and capture
market share in the expanding Broadband over Powerline (BPL) application and
equipment markets. Initial target markets include hydro utility grid monitoring,
last-mile broadband access and home networking provisioning. Trimax is ahead of
plan and competitively placed with a strong best-of-breed BPL product offering
and sales and marketing platform.

The Companys strategy is to create recognition, nationally and
internationally, of the Trimax brand. Specifically, to identify Trimax as a
leading edge BPL integrator and provider of broadband over powerline services
for residential, commercial, industrial, hospital, government, and utility
applications.

The Company anticipates securing agreements for the
distribution of its products through value added resellers and electrical and
networking contractors in certain targeted areas of the world. As well, in these
targeted areas, the company has retained the services of local consultants for
the purpose of project management, marketing and the procurement of further
contracts.

Restatement of Financial Statements

The Company has restated its comparative consolidated financial
statements for the year ended September 30, 2005 due to an accounting change
based on new events and transactions, which occurred during the quarter, ended
March 31, 2006.

On August 17, 2005 Trimax acquired all of the outstanding
common stock of PLC Network Solutions Inc. (PLC) whereby each share of the
21,900,000 issued and outstanding common stock of PLC were converted into the
right to receive one share of Trimax stock. Originally for accounting purposes,
the acquisition had been treated as a recapitalization of PLC with PLC as the
acquirer (reverse acquisition). However, on March 16, 2006 the Company
effectively cancelled 16,000,000 common shares for reason of non payment and no
consideration. Enough shares were cancelled, so that the remaining shareholders
were not sufficient enough to take control of Trimax and therefore the original
accounting treatment for the acquisition as reverse merger was no longer
appropriate. Consequently, the Company has restated the comparative figures and
accounted for the acquisition using the purchase method whereby Trimax acquired
100% of PLC.

As a result of the restatement of the September 30, 2005
consolidated financial statements, additional paid-in capital and accumulated
deficit balances have been reclassified to include the historical financial
statements of Trimax since August 25, 2000 (inception). The historical financial
statements previously reported were those of PLC.

The effect on the accompanying consolidated balance sheet as of
September 30, 2005 was an increase in additional paid-in capital of $9,230,593
and an increase in accumulated deficit of $9,202,808. The effect on the
consolidated statements of operations for the period from inception (August 25,
2000) to September 30, 2005 was an increase in the net loss of $9,830,312. This
change had no effect on the earnings subsequent to the acquisition. This change
had no effect on the earnings per share for the year ended September 30, 2005.

5

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Acquisitions

Multi-Source Inc.

On June 1, 2006 Trimax entered into a Reorganization Agreement
with the shareholders of Multi Source Inc. (MSI), a company incorporated in
the Province of Ontario, Canada. Under the terms of the Reorganization
Agreement, the shareholders of MSI conveyed all of the issued and outstanding
shares of MSI to Trimax in exchange for up to 5,000,000 shares of Trimaxs
common stock. The acquisition was accounted for under the purchase method of
accounting. Accordingly, the financial position and results of operations of MSI
have been consolidated subsequent to the acquisition date. Trimax allocated the
purchase price to the acquired tangible net assets and liabilities. In addition
the company allocated $1,557,327 to the acquired intangible assets. The
intangible assets have been amortized over a five year period on a straight-line
basis. Of the exchange for up to 5,000,000 shares, 3,000,000 shares of common
stock of Trimax were issued at closing on June 1, 2006. 750,000 shares of this
3,000,000 were issued to a third party subscriber for transaction costs. Up to
2,000,000 additional shares may be issued to the principal shareholder of MSI,
subsequent to the acquisition, upon the achievement of certain milestones by the
MSI business within 18 months of the closing date.

The purchase price was allocated as follows:



|                                                                                                                                    |   | **At June 1, 2006** |  
|----------------------------------------------------------------------------------------------------------------------------------- | - | ------------------- | -
|Consideration exchanged:                                                                                                            |   |                     |  
|3,000,000 shares of common stock valued at
      the average price two days before and after the measurement date                   | $ | 1,530,000           |  
|Transaction costs - 750,000 shares of common stock valued
      at the average price two days before and after the measurement date |   | (382,500            | )
|                                                                                                                                    |   |                     |  
|Purchase price                                                                                                                      | $ | 1,147,500           |  
|Liabilities assumed                                                                                                                 |   | (442,540            | )
|Estimated fair value of tangible assets acquired                                                                                    |   | 32,713              |  
|Estimated fair value of identifiable
      intangible assets acquired completed technology                                         |   | 1,557,327           |  
|                                                                                                                                    |   |                     |  
|Goodwill                                                                                                                            | $ | -                   |  

Intangible assets, net, consisted of the following:



|                     |  | Estimated
      Useful Life and Amortization Basis |  |   | Gross Intangible Asset |  |   | **Accumulated
      Amortization** |  |   | **Net
      Intangible** Asset | 
|-------------------- |  | -------------------------------------------------- |  | - | ---------------------- |  | - | ---------------------------------- |  | - | ------------------------------ | 
|                     |  |                                                    |  |   |                        |  |   |                                    |  |   |                                | 
|Completed technology |  | 5 years using straight-line basis                  |  | $ | 1,557,327              |  | $ | 103,822                            |  | $ | 1,453,505                      | 

6

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**3One Networks Inc.**

On May 17, 2006, Trimax entered into a purchase and sale
agreement with 3One Networks Inc. (3One). 3One is a technology and service
company that has commercialized BPL technologies that transmit digital signals
through the electrical power line infrastructure.

3One markets products for (Industrial) Power Grid Management
and (Commercial) In-building Broadband Access. 3Ones energy saving BPL Power
Grid Management Solutions combine advanced hardware and software to enable the
remote and real- time monitoring and control of electrical power grids. 3Ones
BPL In-Building Access products provide low cost methods to deliver broadband
Internet to end-users within commercial and multi-tenant buildings.

Trimax is purchasing the High Speed Internet Access (HSIA) service
business, including a portfolio of 50 Hotels consisting of approximately 4,600
rooms and all existing service contracts and related assets for providing HSIA
services to these hotels, motels and resorts. The purchase price was $220,230
CDN. Trimax has paid initial deposits and payments totaling $94,600 USD. The
company has halted further payments while in negotiations with 3One for possible
mutually beneficial changes in its relationship on a going forward basis.
Therefore, remaining, payments pertaining to the purchase and sale agreement
have yet to be fulfilled and the rights to these assets do not transfer to the
company until fully paid, the deposits and payments paid as of September 30,
2006 have been reflected in the balance sheet under prepaid expenses and
deposits. No additional deposits and payments have been paid subsequent to year
end. The agreement also provides for 3One to deliver certain BPL equipment based
on normal distribution pricing. The agreement called for the acquisition of the
service book for 50 Hotels, which represents recurring revenue stream from 4,600
rooms in total. The acquisition allows for the potential to upgrade the
services, technology, IP applications and broadband provisioning to these hotel
sites.

Intellectual Property

The nature of patent and trademark registration is very complex
and requires legal expertise. To date, no applications have been prepared to
patent any of the Companys assets or concepts.

Government Regulation

The FCC has ruled that BPL-enabled internet access services
have been classified as an information service in the US instead of its previous
telecommunications service label. The CRTC in Canada has taken a similar stance
with telecommunication regulation with the intent to reduce barriers to
competition. This promotes Trimax's BPL technology and applications on an equal
regulatory footing as enjoyed by the cable and DSL companies.

Employees

The Company currently has ten consultants and contractors on
staff. The Company also looks to its directors and officers for their combined
entrepreneurial skills and talents, and to outside subcontracted consultants.
Management plans to use consultants, attorneys and accountants as necessary. A
portion of any employee compensation package likely would include the right to
acquire stock in the Company, which would dilute the ownership interest of
holders of existing shares of the Company's common stock.

7

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ITEM 2. DESCRIPTION OF PROPERTY

The Company has for the past year been leasing a 2,000 square
foot office facility with principal address located at 2 Lombard Street, Suite
204, Toronto, Ontario, M5C-1M1. Currently the lease is month-to-month and there
is no commitment.

ITEM 3. LEGAL PROCEEDINGS

On June 27, 2005 a complaint was filed in the Circuit Court of
the Seventeenth Judicial Circuit In And For Broward County, State Of Florida
Civil Division. The complaint alleges that Trimax Corporation failed to tender
400,000 shares of its common stock in consideration for services provided by the
Plaintiff, of which 300,000 were to be delivered no later than December 15,
2004. The Plaintiff was asking for $457,500 in damages. On February 3, 2006 both
Trimax Corporation (the defendant) and the Plaintiff entered into a settlement
for the claim filed on June 27, 2005 in the Circuit Court Of The Seventeenth
Judicial Circuit In And For Broward County, State Of Florida Civil Division. On
February 6, 2006 the Company issued 75,000 shares in settlement of this matter.
The common shares issued have been valued at their market value of $59,407,
which is the amount that would have been received if the shares had been issued
for cash.

On March 22, 2006 Trimax filed an action in The Superior Court
of Ontario against Electrolinks Corporation for fraud and fraudulent
misrepresentation alleging damages of $1,250,000. Subsequently, Trimax received
a court ordered judgment, and is awaiting payment of $107,000 plus applicable
legal fees and interest.

On May 22, 2006 Trimax was notified of an action out of the
district court of Clark County Nevada whereby 16 plaintiffs registered an action
exceeding $50,000. The Company has been in negotiations and both parties have
agreed to settle the matter for $120,000 USD in total to be paid out over an
eight month period. The first payment is expected to be remitted commencing
February 1, 2007.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS

None.

8

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PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS

The Company's common shares, par value $0.001 (the Shares)
were approved for trading on the Over-the-Counter Bulletin Board (OTC-BB) under
the symbol KTLR on August 24, 2001. In connection with the change of the
Company's name to Koala International Wireless Inc., the Company's trading
symbol was changed to KIWI on December 10, 2001. The Company changed its name in
January 2004 to Trimax Corporation. The Company completed a 1 for 100 reverse
split on November 5, 2004 at which time the Companys trading symbol was changed
to TXMO.

The table set forth below reflects the reported high and low
bid prices of the Common Stock for each quarter for the period indicated. These
prices are all on the basis of the pre reverse stock split. Such prices are
interdealer prices without retail markups, markdowns or commissions and may not
represent actual transactions.

QUARTER ENDED
      
      HIGH
      
      
      LOWDecember 31, 2002
    $
    .11
    
    $
    .11March 31, 2003
    $
    .38
    
    $
    .32June 30, 2003
    $
    .135
    
    $
    .135September 30, 2003
    $
    .16
    
    $
    .13December 31, 2003
    $
    .12
    
    $
    .11March 31, 2004
    $
    .08
    
    $
    .07June 30, 2004
    $
    .06
    
    $
    .05September 30, 2004
    $
    .01
    
    $
    .01December 31, 2004
    $
    .15
    
    $
    .15March 31, 2005
    $
    1.09
    
    $
    .95June 30, 2005
    $
    .30
    
    $
    .30September 30, 2005
    $
    1.07
    
    $
    1.01December 31, 2005
    $
    1.47
    
    $
    0.71March 31, 2006
    $
    0.93
    
    $
    0.35June 30, 2006
    $
    0.66
    
    $
    0.36September 30, 2006
    $
    0.57
    
    $
    0.18


The Company has not paid dividends in prior years and has no
plans to pay dividends in the near future. The Company intends to reinvest its
earnings, if any are achieved, in the continued development and operation of its
business. Any payment of dividends would depend upon the Company's pattern of
growth, profitability, financial condition, and such other factors as the Board
of Directors may deem relevant.

RECENT SALES OF UNREGISTERED SECURITIES

In September 2004, the Board of Directors approved a 1-for-100
reverse stock split of our outstanding shares of capital stock. The reverse
stock split became effective on 5 November 2004. All share and per share
information included in these consolidated financial statements have been
adjusted to reflect this reverse stock split.

On 20 July 2005 the Company issued 21,900,000 of common shares
at par value to the Company's founders.

On 17 August 2005 Trimax acquired the net liabilities of PLC.
This was accounted for as a recapitalization of PLC into Trimax and resulted in
the issuance of 19,183,718 shares, further described in note 1.

In August 2005 the Company's Board of Directors approved the
issuance 100,000 common stock in exchange for the settlement of $18,446 in debt
of the Company.

On 31 August 2005 the Company issued 50,000 common shares to a
former director of the Company as compensation for his services and sundry costs
as a director of Trimax. The common shares issued have been valued at their
market value of $25,000 or $.50 per share, which is the amount that would have
been received if the shares had been issued for cash. Management believes that
the fair market value of the services received from the former director
approximates this value.

On 21 November 2005 the Company's Board of Directors approved
the issuance of 358,529 common shares to various investors. The funds were
raised through a non-brokered private placement of common stock at an average
price of $0.75 per share from a group of accredited non-US investors.

On 11 January 2006 the Company issued 55,300 private placement
restricted common shares to various shareholders at issue prices between $0.65
and $0.80 per share.

On 11 January 2006 the Company issued 164,247 private placement
restricted common shares to various shareholders at issue prices between $0.65
and $0.80 per share.

On 6 February 2006 the Company issued 75,000 shares in
settlement of a civil court case in which the Company was a defendant. The
common shares issued have been valued at their market value of $59,407, which is
the amount that would have been received if the shares had been issued for cash.
Management believes that the fair market value of the services received from the
former director approximates this value.

9

---

From 10 February 2006 to 15 March 2006, the Company issued a
total of 113,177 various private placement restricted common shares for $0.50 to
$0.57 per share.

On 16 March 2006 the Companys Board of Directors approved the
cancellation of 16,000,000 common shares. These shares which were originally
issued in July 2005 to the former shareholders of PLC in consideration for their
shares in PLC, however due to non payment and no consideration of the
subscribing shares they were cancelled.

From 11 April 2006 to 15 May 2006, the Company issued a total
of 433,819 various private placement restricted common shares between $0.42 to
$0.60 per share.

On 1 June 2006 pursuant to Reorganization agreement, the
Company issued 2,250,000 restricted common shares for $0.01 par value in
exchange for 100% the common stock of Multi-Source Inc.

On 1 June 2006 pursuant to Reorganization agreement, the
Company issued 750,000 common shares for $0.01 par value in consideration to a
company for brokering the Multi-Source Inc. acquisition. These transaction costs
have been charged as a reduction of additional paid-in capital.

On 1 June 2006 the Company issued 2,275,985 private placement
restricted common shares in settlement of certain debts for $0.05 per share.

From 29 June 2006 to September 2006, the Company issued a total
of 581,012 various private placement restricted common shares between $0.16 to
$0.40 per share.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION

Certain statements in this report and elsewhere (such as in
other filings by the Company with the Securities and Exchange Commission
("SEC"), press releases, presentations by the Company of its management and oral
statements) may constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates," and
"should," and variations of these words and similar expressions, are intended to
identify these forward-looking statements. Actual results may materially differ
from any forward-looking statements. Factors that might cause or contribute to
such differences include, among others, competitive pressures and constantly
changing technology and market acceptance of the Company's products and
services. The Company undertakes no obligation to publicly release the result of
any revisions to these forward-looking statements, which may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

The following discussion should be read in conjunction with the
consolidated financial statements included herein. Certain statements contained
herein may constitute forward-looking statements, as discussed above. Because
such statements include risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking statements.
Factors that could cause or contribute to such differences include those
discussed in the "Risk Factors" section of this Form 10-KSB/A.

10

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PLAN OF OPERATIONS

Trimax and its wholly owned subsidiaries Multi-Source Inc. and
PLC Network Solutions Inc. are providers of BPL communication technologies.
Trimax specializes in the development, distribution, implementation, and
servicing technologies that use the power grid to deliver 128-bit encrypted
high-speed symmetrical broadband for data, voice and video transmission. BPL is
a communications technology that turns the existing ubiquitous power line
infrastructure and common electrical wiring in commercial and residential
buildings into a high-bandwidth network. Broadband is delivered simultaneously
on a single platform, to every electrical outlet throughout the home or
business. To connect, users simply plug a modem into any electrical outlet, and
plug their computer, phone or IP device into the modem at a speed substantially
faster than conventional DSL or cable. Since the building's electrical wiring
becomes the backbone for a secure local area network, there is no need to
install any new wiring in the walls. The company's technologies use the existing
electrical wiring as a "smart" network to deliver broadband access to computers,
video on demand (VOD), VOIP phones, surveillance cameras, elevator
applications, IPTVs, AMR, etc. as well as connect printers, faxes, entertainment
systems, etc. on the hotel, office or home network. Installation is usually
implemented in a matter of hours or days instead of weeks or months and avoids
the expense and disruption to the business of burying cables or opening walls
and ceilings to run new cables, which is necessary for other broadband access
technologies. This technology has been successfully deployed around the globe,
in hotels, homes, apartments, office towers, schools, hospitals, museums and
government buildings.

The Company and its BPL devices are presently Federal
Communications Commission (FCC) certified. No further research and development
is needed in order for the Company to be able to sell and market its products.
In 2006, the Company has completed pilot projects, deployed test equipment begun
negotiations of contracts worldwide including North and South America, Africa,
India, Pakistan, and Saudi Arabia, and anticipates an increase in interest for
deployment of its devices and bundled services in the 2007 calendar year. The
Company anticipates securing some noteworthy contracts in 2007 for its devices
and bundled services in emerging markets through its subsidiaries MSI and PLC.
The Company anticipates and foresees a significant trend towards the adoption of
BPL technology worldwide.

For the fiscal year ended September 30, 2006, the Company
incurred a loss in the amount of $926,607. Most of the expenses incurred during
this period were for basic monthly Company expenses including marketing and
technological expenses. These expenditures were principally due to research and
development costs related to the development of marketing strategies, costs
associated with deploying test pilots for potential customers and clients within
various markets around the around. Also included are salary and travel costs
related to increased sales and marketing functions. Operation costs over the
next year will depend on a number of factors, including the costs attributed to
the various products acquired from third party suppliers, as well as the cost of
marketing research and executing its marketing campaign. Fifty percent of the
budgeted expenditures over the next year are budgeted for the finalization and
deployment of its South American contracts. The remaining fifty percent are
budgeted toward the procurement and deployment of the residential and commercial
clients based in North America and various other parts of the world. These
expenditures are expected to be financed mainly through its convertible
debenture agreement and various private placements.

Recent Developments and Discussions

Trimax plans to provide IP services over broadband to the city
of Manta, Ecuador with a signed MOU (non binding agreement) with Emelmanabi the
regional utility, which is owned 72% by the government. MSI (a wholly owned
division of Trimax) deployed the first pilot test in March 2006. The pilot using
BPL provided in the city of Manta IP services to ten residential customers for
Internet and VoIP services. The demonstration also provides AMR data acquisition
on the energy consumption for eight customers. This pilot lasted three months
and the purpose was to qualify the BPL and metering technology to Emelmanabi,
the Municipal and Provincial and the Federal Governments. This was a successful
deployment and provided MSI a P.O. for $55,000 US to deploy in January 2007 an
Industrial solution for AMR only.

At the same time MSI has initiated a Swiss Challenge where MSI
provided the bases to the electrical Utility Emelmanabi the requirements for a
bid to be tendered in the market to provide further AMR to their entire customer
base approx. 190,000 customers. MSI anticipates that bid to be closed in late
January 2007, with MSI being awarded this contract. Emelmanabi experiences an
energy loss annually of 40 million US and growing at 10% per annum and therefore
requires technology such as MSI has showcased/ deployed to monitor and control
their electrical distribution and provide in real-time auditable billing of
energy consumption in the form of digital data. The additional requirement was
to be able to remotely disconnect and reconnect power to the transformer as well
as to each customer connected to the primary power. The equipment must be
ruggedized and be pole mounted or in an underground vault.

The contract will be for a term of 25 years with an estimated
value of 100 Million US for the initial hardware only. The Company is excited to
be able to provide this technology to Ecuador in helping to mitigate their
electrical energy loss. This business model once installed will be a showcase
for the rest of Ecuador and South America furthering MSIs opportunities to
extend this technology to other countries and their utilities that have similar
requirements.

Management is working to add to its business and is assessing
adding to the business plan by partnering up or purchasing identified
prospective companies that can deliver voice and data through wireless and
satellite as well as emerging technologies to advance the companys Competitive
advantage in the BDL sector. However the Company is also assessing more viable
opportunities within the current market segment and beyond.

Liquidity and Capital Resources

Since the consummation of the merger between Trimax and PLC
Network Solutions Inc. the Company has raised funds through its convertible
debenture, and private placement funds through various investors. The Company
continues to raise funds through its convertible debenture and various small
individual investors to keep its business operational until it can be self
sufficient. The Company foresees a trend towards the adoption of BPL devices and
the technology in general, which will assist the Company in the prospects of
being able to attract and procure revenue generating clients and contracts.
Although the Company anticipates to raise the finances necessary to allow it to
fulfill its needs until revenues are received and the company is self
sufficient, there can be no assurance that any additional funds will be
available on terms acceptable to the Company at all.

The forecast of the period of time through which the Company's
financial resources will be adequate to support operations is a forward-looking
statement that involves risks and uncertainties. The actual funding requirements
may differ materially from this as a result of a number of factors including
plans to rapidly expand its new operations. There can be no guarantee that
financing adequate to carry out the Company's business plan will be available on
terms acceptable to the Company, or at all. No material commitments for capital
expenditures were made during the period ended September 30, 2006.

11

---

The forecasted expenses of implementing the Company's business
plan will exceed the Company's current resources. The Company therefore will
need to secure additional funding through an offering of its securities or
through capital contributions from its stockholders. No commitments to provide
additional funds have been made by management; however the company feels that it
can draw down on funds through a previously executed convertible debenture
agreement executed on May 15, 2006. This commitment is non binding; therefore,
there can be no assurances that any additional funds will be available on terms
acceptable to the Company at all. The agreement is with a private accredited
group of investors. The commitment of $1,500,000 is available to be drawn down
in $300,000 tranches at Trimax's option. The loans mature on May 14, 2009 and
bear an annual interest rate of 12%. At the investor's option, the loan is
convertible to common shares at the prior 20 day average price. Each common
share has one purchase warrant attached, with each warrant exercisable for one
common share at $1.25 until May 14, 2009. In October 2006 the Company and the
investors agreed to allow the Company to draw down $150,000 of the available
funds in two increments. The Company drew on the $150,000 and expects to draw on
further funds in the first quarter.

The Company does not require any further research and
development at this time in order to be able to market and sell its products,
although the Company requires financing and/or joint ventures with strategic
partners to allow for the fulfillment of any orders that have been secured. To
date the Company has raised funds to keep its business operational and to allow
it to market its products and procure contracts. The availability of future
financings will depend on market conditions.

Effect of Fluctuations in Foreign Exchange Rates

The Company's reporting and functional currency is the US
dollar. Currently, most of the Company's assets are located in Canada.
Transactions in Canadian dollars have been translated into U.S. dollars using
the current rate method, such that assets and liabilities are translated at the
rates of exchange in effect at the balance sheet date and revenue and expenses
are translated at the average rates of exchange during the appropriate fiscal
period. As a result, the carrying value of the Company's investments in Canada
is subject to the risk of foreign currency fluctuations. Additionally, any
revenues received from the Company's international operations in other than US
dollars will be subject to foreign exchange risk.

Critical Accounting Policies

Our financial statements and accompanying notes are prepared in
accordance with generally accepted accounting principles used in the United
States. Preparing financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenue,
and expenses. These estimates and assumptions are affected by managements
application of accounting policies. We believe that understanding the basis and
nature of the estimates and assumptions involved with the following aspects of
our financial statements is critical to an understanding of our financial
statements. We believe the following critical accounting policies require us to
make significant judgments and estimates in the preparation of our financial
statements:

Going Concern

The Company's financial statements are presented on a going
concern basis, which contemplates the realization of assets and satisfaction of
liabilities in the normal course of business. The Company has experienced losses
from operations since inception that raise substantial doubt as to its ability
to continue as a going concern.

The Company's ability to continue as a going concern is
contingent upon its ability to obtain the financing and strategic alliances
necessary to attain profitable operations. Management is pursuing various
sources of financing and intends to raise equity financing through a private
placement with a private group of investors in the near future.

The financial statements do not include any adjustments to
reflect the possible future effects on the recoverability and classification of
assets or the amounts and classification of liabilities that may result from the
possible inability of the Company to continue as a going concern.

Foreign Translation Adjustment

The accounts of the Company were translated into United States
dollars in accordance with the provisions of SFAS No. 52, Foreign Currency
Translation. In accordance with the provisions of SFAS No. 52, transaction gains
and losses on these assets and liabilities are included in the determination of
income for the relevant periods. Adjustments resulting from the translation of
the financial statements from their functional currencies to United States
dollars are accumulated as a separate component of accumulated other
comprehensive income and have not been included in the determination of income
for the relevant periods.

Intangible Assets

Intangible assets of acquired businesses, is stated at cost.
The intangibles have limited lives which the Company has determined to be five
years. Other intangible assets include deferred financing fees. The Company
evaluates intangible assets at least annually to determine whether events and
circumstances continue to support a definite useful life.

Deferred Financing Costs

The costs of financing are capitalized and amortized by the
straight-line method over the term of the related debt. If any or all of the
related debt is repaid prior to its maturity date, a pro-rata share of the
related deferred financing costs are written off and recorded as amortization
expense in the period of the repayment in the consolidated statement of
operations.

Use of Estimates

The preparation of financial statements in conformity with
accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. These estimates are reviewed periodically, and, as adjustments become
necessary, they are reported in earnings in the period in which they become
known.

12

---

ITEM 7. FINANCIAL STATEMENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Board of Directors and Stockholders of

Trimax Corporation and Subsidiaries

We have audited the accompanying consolidated balance sheet of
  Trimax Corporation and Subsidiaries(A Development Stage Company) as
  at 30 September 2006 and 2005 and the related consolidated statements of operations,
  changes in stockholders' equity and cash flows for the years ended 30 September
  2006 and 2005 and for the
  cumulative period from inception to September 30, 2006. These consolidated
  financial statements are the responsibility of the Company's management. Our
  responsibility is to express an opinion on these consolidated financial statements
  based on our audits.

We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform an audit to obtain reasonable assurance whether
the consolidated financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall consolidated financial statement
presentation. We believe our audits provide a reasonable basis for our
opinion.

In our opinion, the consolidated financial statements referred
  to above present fairly, in all material respects, the financial position of
  Trimax Corporation and Subsidiaries (A Development Stage Company) as at 30 September
  2006 and 2005 and the results of its operations, cash flows and changes in stockholders'
  deficit for the years ended 30 September 2006 and 2005 and
  for the cumulative period from inception to September 30, 2006 in accordance
  with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been
prepared assuming that the Company will continue as a going concern. As
discussed in note 3 to the financial statements, the Company has suffered losses
from operations since inception that raise substantial doubt about its ability
to continue as a going concern. Management's plans in regard to these matters
are described in note 3. The consolidated financial statements do not include
any adjustments that might result from the outcome of this uncertainty.

Since the accompanying consolidated financial statements have
not been prepared and audited in accordance with generally accepted accounting
principles and standards in Canada, they may not satisfy the reporting
requirements of Canadian statutes and regulations.

As discussed in Note 2 to the financial statements, the Company
restated its 2005 consolidated financial statements to correct the accounting
treatment applied to a business combination.

Walker & Company"Chartered
Accountants Professional Corporation

Markham, Canada 20 December 2006

---

|TRIMAX CORPORATION AND SUBSIDIARIES 
|------------------------------------
|                                    
|(A Development Stage Company)       
|CONSOLIDATED BALANCE SHEETS         
|AS AT 30 SEPTEMBER                  
|(Expressed in United States Dollars)

|                                                       |  |      |  |   |             |   |   | 2005       |  
|------------------------------------------------------ |  | ---- |  | - | ----------- | - | - | ---------- | -
|                                                       |  | Note |  |   | 2006        |   |   | Restated   |  
|ASSETS                                                 |  |      |  |   |             |   |   |            |  
|                                                       |  |      |  |   |             |   |   |            |  
|Current Assets                                         |  |      |  |   |             |   |   |            |  
|Cash                                                   |  |      |  | $ | 764         |   | $ | 19,855     |  
|Prepaid expenses                                       |  |      |  |   | 107,027     |   |   | 6,366      |  
|Stock subscriptions receivable                         |  |      |  |   | -           |   |   | 21,900     |  
|Prepaid
      license fees                             |  |      |  |   | -           |   |   | 67,599     |  
|Total
      Current Assets                             |  |      |  |   | 107,791     |   |   | 115,720    |  
|Long Term Assets                                       |  |      |  |   |             |   |   |            |  
|Equipment                                              |  | 6    |  |   | 17,654      |   |   | 6,607      |  
|Intangibles                                            |  | 7    |  |   | 1,463,483   |   |   | -          |  
|Total
      Long Term Assets                           |  |      |  |   | 1,481,137   |   |   | 6,607      |  
|Total Assets                                           |  |      |  | $ | 1,588,928   |   | $ | 122,327    |  
|                                                       |  |      |  |   |             |   |   |            |  
|LIABILITIES AND STOCKHOLDERS' EQUITY                   |  |      |  |   |             |   |   |            |  
|                                                       |  |      |  |   |             |   |   |            |  
|Current Liabilities                                    |  |      |  |   |             |   |   |            |  
|Bank Indebtedness                                      |  |      |  |   | 20,622      |   |   | -          |  
|Accounts payable and accrued liabilities               |  |      |  |   | 364,967     |   |   | 215,832    |  
|Advances from related parties                          |  | 8    |  |   | 413,603     |   |   | 55,046     |  
|Long
      term debt - current portion                 |  | 9    |  |   | 54,528      |   |   | -          |  
|                                                       |  |      |  |   |             |   |   |            |  
|Total Current Liabilities                              |  |      |  |   | 853,720     |   |   | 270,878    |  
|                                                       |  |      |  |   |             |   |   |            |  
|Long Term Liabilities                                  |  |      |  |   |             |   |   |            |  
|Long term debt                                         |  | 9    |  |   | 98,496      |   |   | -          |  
|Total Liabilities                                      |  |      |  |   | 952,216     |   |   | 270,878    |  
|                                                       |  |      |  |   |             |   |   |            |  
|Commitment and Contingent Liability                    |  | 10   |  |   |             |   |   |            |  
|                                                       |  |      |  |   |             |   |   |            |  
|Stockholders' Equity                                   |  |      |  |   |             |   |   |            |  
|Capital stock                                          |  | 11   |  |   | 32,291      |   |   | 41,234     |  
|Additional paid-in capital                             |  | 11   |  |   | 11,311,180  |   |   | 9,235,124  |  
|Stock issuable                                         |  | 11   |  |   | -           |   |   | 217,314    |  
|Accumulated other comprehensive loss                   |  |      |  |   | (23,288     | ) |   | (5,359     | )
|Deficit accumulated during the
      development stage |  |      |  |   | (10,683,471 | ) |   | (9,636,864 | )
|Total Stockholders' Equity (Deficit)                   |  |      |  |   | 636,712     |   |   | (148,551   | )
|Total Liabilities and Stockholders' Equity             |  |      |  | $ | 1,588,928   |   | $ | 122,327    |  

The accompanying notes are an integral part of these financial
statements.

F-2

---

|TRIMAX CORPORATION AND SUBSIDIARIES  
|-------------------------------------
|(A Development Stage Company)        
|CONSOLIDATED STATEMENTS OF OPERATIONS
|(Expressed in United States Dollars) 

|                                      |   |            |   |   | For
      The  |   |   | For
      The |  
|------------------------------------- | - | ---------- | - | - | -------------- | - | - | ------------- | -
|                                      |   | For The    |   |   | **Year Ended** |   |   | Period From   |  
|                                      |   | Year       |   |   | 30             |   |   | Inception to  |  
|                                      |   | Ended 30   |   |   | **September**  |   |   | 30            |  
|                                      |   | September  |   |   | 2005           |   |   | September     |  
|                                      |   | 2006       |   |   | Restated       |   |   | 2006          |  
|                                      |   |            |   |   |                |   |   |               |  
|EXPENSES                              |   |            |   |   |                |   |   |               |  
|Consultants and subcontractors        | $ | 276,469    |   | $ | 15,958         |   | $ | 6,479,314     |  
|General and administrative            |   | 257,065    |   |   | 108,786        |   |   | 1,135,275     |  
|Management fees                       |   | 231,438    |   |   | 11,116         |   |   | 918,438       |  
|License fees                          |   | 50,523     |   |   | 14,430         |   |   | 64,953        |  
|Financial                             |   | 8,379      |   |   | 11,021         |   |   | 95,392        |  
|(Gain) loss on exchange               |   | (9,565     | ) |   | 1,127          |   |   | (8,438        | )
|Stock based compensation              |   | -          |   |   | -              |   |   | 998,660       |  
|Product development                   |   | -          |   |   | -              |   |   | 400,495       |  
|Selling and delivery                  |   | -          |   |   | -              |   |   | 205,074       |  
|Depreciation of intangible assets     |   | 104,526    |   |   | -              |   |   | 104,526       |  
|Depreciation of tangible
      assets |   | 7,772      |   |   | 146            |   |   | 32,101        |  
|                                      |   | 926,607    |   |   | 162,584        |   |   | 10,425,790    |  
|NET OPERATING LOSS                    |   | (926,607   | ) |   | (162,584       | ) |   | (10,425,790   | )
|LEGAL SETTLEMENT                      |   | 120,000    |   |   | -              |   |   | 120,000       |  
|WRITE OFF MERGER GOODWILL             |   | -          |   |   | -              |   |   | 38,013        |  
|NET LOSS                              | $ | (1,046,607 | ) | $ | (162,584       | ) | $ | (10,583,803   | )
|FOREIGN CURRENCY TRANSLATION          |   |            |   |   |                |   |   |               |  
|ADJUSTMENT                            |   | (17,929    | ) |   | (5,359         | ) |   | (23,288       | )
|COMPREHENSIVE LOSS                    | $ | (1,064,536 | ) | $ | (167,943       | ) | $ | (10,607,091   | )
|                                      |   |            |   |   |                |   |   |               |  
|LOSS PER WEIGHTED NUMBER OF SHARES    |   |            |   |   |                |   |   |               |  
|OUTSTANDING - BASIC AND DILUTED       | $ | (0.04      | ) | $ | (0.01          | ) |   |               |  
|                                      |   |            |   |   |                |   |   |               |  
|WEIGHTED AVERAGE NUMBER OF SHARES     |   |            |   |   |                |   |   |               |  
|OUTSTANDING - BASIC
      AND DILUTED |   | 27,836,636 |   |   | 19,310,882     |   |   |               |  

The accompanying notes are an integral part of these financial
statements.

F-3

---

|TRIMAX CORPORATION AND SUBSIDIARIES                                          
|-----------------------------------------------------------------------------
|(A Development Stage Company)                                                
|CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
      EQUITY             
|FOR THE YEARS ENDED 30 SEPTEMBER 2006 AND 2005 AND FROM
      INCEPTION TO 30
|SEPTEMBER 2006                                                               
|(Expressed in United States Dollars)                                         

|                                                 |  |             |   |   |         |   |   |            |   |   |          |   |   | Accumulated   |   |   |             |   |   | Total         |  
|------------------------------------------------ |  | ----------- | - | - | ------- | - | - | ---------- | - | - | -------- | - | - | ------------- | - | - | ----------- | - | - | ------------- | -
|                                                 |  |             |   |   |         |   |   | Additional |   |   |          |   |   | Other         |   |   |             |   |   | Stockholders' |  
|                                                 |  |             |   |   | Common  |   |   | Paid-in    |   |   | Stock    |   |   | Comprehensive |   |   | Accumulated |   |   | Equity        |  
|                                                 |  | Shares      |   |   | Stock   |   |   | Capital    |   |   | issuable |   |   | Income (Loss) |   |   | Deficit     |   |   | (Deficit)     |  
|August 25, 2000                                  |  | 5,400       |   | $ | 6       |   | $ | 27,183     |   | $ | -        |   | $ | -             |   | $ | -           |   | $ | 27,189        |  
|Foreign currency                                 |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | (194          | ) |   | -           |   |   | (194          | )
|Net loss                                         |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | -             |   |   | (45,676     | ) |   | (45,676       |  
|Stock subscribed for services and concept        |  | -           |   |   | -       |   |   | -          |   |   | 40,192   |   |   | -             |   |   | -           |   |   | 40,192        |  
|Balance Sept 30, 2000                            |  | 5,400       |   |   | 6       |   |   | 27,183     |   |   | 40,192   |   |   | (194          | ) |   | (45,676     | ) |   | 21,511        |  
|Foreign currency                                 |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | 8,643         |   |   | -           |   |   | 8,643         |  
|Stock issued                                     |  | 8,142       |   |   | 8       |   |   | 187,397    |   |   | (40,192  | ) |   | -             |   |   | -           |   |   | 147,213       |  
|Net loss                                         |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | -             |   |   | (179,888    | ) |   | (179,888      | )
|Balance Sept 30, 2001                            |  | 13,542      |   |   | 14      |   |   | 214,580    |   |   | -        |   |   | 8,449         |   |   | (225,564    | ) |   | (2,521        | )
|Stock issued to acquire subsidiary               |  | 111,458     |   |   | 111     |   |   | (119,328   | ) |   | -        |   |   | -             |   |   | 119,218     |   |   | 1             |  
|Stock cancelled                                  |  | (5,000      | ) |   | (5      | ) |   | (3,810     | ) |   | -        |   |   | -             |   |   | 3,815       |   |   | 0             |  
|Stock issued for settlement of debt              |  | 16,460      |   |   | 16      |   |   | 59,364     |   |   | -        |   |   | -             |   |   | -           |   |   | 59,380        |  
|Stock issued for salaries                        |  | 500         |   |   | 1       |   |   | 2,499      |   |   | -        |   |   | -             |   |   | -           |   |   | 2,500         |  
|Stock option benefit                             |  | -           |   |   | -       |   |   | 2,263,560  |   |   | -        |   |   | -/            |   |   | -           |   |   | 2,263,560     |  
|Foreign currency                                 |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | (3,436        | ) |   | -           |   |   | (3,436        | )
|Net loss                                         |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | -             |   |   | (3,137,115  | ) |   | (3,137,115    | )
|Balance Sept 30, 2002                            |  | 136,690     |   |   | 137     |   |   | 2,416,865  |   |   | -        |   |   | 5,013         |   |   | (3,239,646  | ) |   | (817,631      | )
|Sock issued for debt                             |  | 87,590      |   |   | 87      |   |   | 926,468    |   |   | -        |   |   | -             |   |   | -           |   |   | 926,555       |  
|Stock issued on exercise of options              |  | 11,000      |   |   | 11      |   |   | 42,989     |   |   | (7,100   | ) |   | -             |   |   | -           |   |   | 35,900        |  
|Stock issued for services and technology         |  | 28,645      |   |   | 29      |   |   | 289,427    |   |   | -        |   |   | -             |   |   | -           |   |   | 289,456       |  
|Stock issued for consulting                      |  | 155,000     |   |   | 155     |   |   | 1,549,845  |   |   | -        |   |   | -             |   |   | -           |   |   | 1,550,000     |  
|Stock compensation benefit                       |  | -           |   |   | -       |   |   | 214,660    |   |   | -        |   |   | -             |   |   | -           |   |   | 214,660       |  
|Stock compensation                               |  | 95,000      |   |   | 95      |   |   | 949,905    |   |   | -        |   |   | -             |   |   | -           |   |   | 950,000       |  
|Foreign currency                                 |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | (162          | ) |   | -           |   |   | (162          | )
|Net loss                                         |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | -             |   |   | (3,212,184  | ) |   | (3,212,184    | )
|Balance Sept 30, 2003                            |  | 514,195     |   |   | 514     |   |   | 6,390,159  |   |   | (7,100   | ) |   | 4,851         |   |   | (6,451,830  | ) |   | (63,406       | )
|Adjustment                                       |  | 23          |   |   | -       |   |   | 123,031    |   |   | -        |   |   | -             |   |   | (123,031    | ) |   | 0             |  
|Stock issued for debt                            |  | 378,000     |   |   | 378     |   |   | 188,622    |   |   | -        |   |   | -             |   |   | -           |   |   | 189,000       |  
|Shares cancelled                                 |  | (38,000     | ) |   | (38     | ) |   | (379,962   | ) |   | -        |   |   | -             |   |   | -           |   |   | (380,000      | )
|Stock issued on exercise of options              |  | 3,000       |   |   | 3       |   |   | 14,997     |   |   | 7,100    |   |   | -             |   |   | -           |   |   | 22,100        |  
|Stock issued for services and technology         |  | 115,000     |   |   | 115     |   |   | 1,379,885  |   |   | -        |   |   | -             |   |   | -/          |   |   | 1,380,000     |  
|Shares issued for consulting                     |  | 189,000     |   |   | 189     |   |   | 1,330,811  |   |   | -        |   |   | -             |   |   | -           |   |   | 1,331,000     |  
|Stock issued for compensation                    |  | 1,500       |   |   | 2       |   |   | 23,998     |   |   | -        |   |   | -             |   |   | -           |   |   | 24,000        |  
|Shares cancelled                                 |  | (39,000     | ) |   | (39     | ) |   | (398,961   | ) |   | -        |   |   | -             |   |   | -           |   |   | (399,000      | )
|Shares cancelled                                 |  | (40,000     | ) |   | (40     | ) |   | (399,960   | ) |   | -        |   |   | -             |   |   | -           |   |   | (400,000      | )
|Foreign currency                                 |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | 769           |   |   | -           |   |   | 769           |  
|Net
      loss                                   |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | -             |   |   | (2,799,751  | ) |   | (2,799,751    | )
|Balance Sept 30, 2004                            |  | 1,083,718   |   | $ | 1,084   |   | $ | 8,272,620  |   | $ | -        |   | $ | 5,620         |   | $ | (9,374,612  | ) | $ | (1,095,288    | )
|Acquisition of PLC Network Solutions Inc.        |  | 21,900,000  |   |   | 21,900  |   |   | -          |   |   | -        |   |   | (5,620        | ) |   | (99,668     | ) |   | (83,388       | )
|Common stock issued for debt                     |  | 18,200,000  |   |   | 18,200  |   |   | 937,554    |   |   | -        |   |   | -             |   |   | -           |   |   | 955,754       |  
|Common stock issued for services                 |  | 50,000      |   |   | 50      |   |   | 24,950     |   |   | -        |   |   | -             |   |   | -           |   |   | 25,000        |  
|Common stock issuable - debt settlement          |  | -           |   |   | -       |   |   | -          |   |   | 50,998   |   |   | -             |   |   | -           |   |   | 50,998        |  
|Common stock issuable - cash                     |  | -           |   |   | -       |   |   | -          |   |   | 166,316  |   |   | -             |   |   | -           |   |   | 166,316       |  
|Foreign currency translation                     |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | (5,359        | ) |   | -           |   |   | (5,359        | )
|Net
      loss                                   |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | -             |   |   | (162,584    | ) |   | (162,584      | )
|Balance, 30
      September 2005                 |  | 41,233,718  |   | $ | 41,234  |   | $ | 9,235,124  |   | $ | 217,314  |   | $ | (5,359        | ) | $ | (9,636,864  | ) | $ | (148,551      | )
|Common stock issued for cash                     |  | 1,706,084   |   |   | 1,706   |   |   | 760,700    |   |   | (217,314 | ) |   | -             |   |   | -           |   |   | 545,092       |  
|Cancellation of common stock                     |  | (16,000,000 | ) |   | (16,000 | ) |   | -          |   |   | -        |   |   | -             |   |   | -           |   |   | (16,000       | )
|Common stock issued for debt                     |  | 2,275,985   |   |   | 2,276   |   |   | 111,523    |   |   | -        |   |   | -             |   |   | -           |   |   | 113,799       |  
|Common stock issued in settlement of legal claim |  | 75,000      |   |   | 75      |   |   | 59,333     |   |   | -        |   |   | -             |   |   | -           |   |   | 59,408        |  
|Acquisition of Multi- Source Inc.                |  | 3,000,000   |   |   | 3,000   |   |   | 1,144,500  |   |   | -        |   |   | -             |   |   | -           |   |   | 1,147,500     |  
|Foreign currency translation                     |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | (17,929       | ) |   | -           |   |   | (17,929       | )
|Net loss for the period                          |  | -           |   |   | -       |   |   | -          |   |   | -        |   |   | -             |   |   | (1,046,607  | ) |   | (1,046,607    | )
|Balance, 30
      September 2006                 |  | 32,290,787  |   | $ | 32,291  |   | $ | 11,311,180 |   | $ | -        |   | $ | (23,288       | ) | $ | (10,683,471 | ) | $ | 636,712       |  

The accompanying notes are an integral part of these financial
statements.

F-4

---

|TRIMAX CORPORATION AND SUBSIDIARIES 
|------------------------------------
|(A Development Stage Company)       
|CONSOLIDATED STATEMENT OF CASH FLOWS
|(Expressed in United States Dollars)

|                                                            |   |            |   |   |            |   |   | For
      The |  
|----------------------------------------------------------- | - | ---------- | - | - | ---------- | - | - | ------------- | -
|                                                            |   |            |   |   | For The    |   |   | Period        |  
|                                                            |   | For The    |   |   | Year Ended |   |   | From          |  
|                                                            |   | Year Ended |   |   | 30         |   |   | Inception to  |  
|                                                            |   | 30         |   |   | September  |   |   | 30            |  
|                                                            |   | September  |   |   | 2005       |   |   | September     |  
|                                                            |   | 2006       |   |   | Restated   |   |   | 2006          |  
|CASH FLOWS FROM OPERATING ACTIVITIES                        |   |            |   |   |            |   |   |               |  
|Net loss                                                    | $ | (1,046,607 | ) | $ | (162,584   | ) | $ | (10,583,803   | )
|Adjustment to reconcile net loss to net
      cash provided |   |            |   |   |            |   |   |               |  
|by
      operating activities:                              |   |            |   |   |            |   |   |               |  
|Depreciation of tangible
      assets                       |   | 7,772      |   |   | 146        |   |   | 32,101        |  
|Depreciation of intangible assets                           |   | 107,024    |   |   | -          |   |   | 107,024       |  
|Cancellation of common
      stock                          |   | (16,000    | ) |   | -          |   |   | (16,000       | )
|Common
      stock issued for debt                          |   | 113,799    |   |   | -          |   |   | 113,799       |  
|Common stock issued in
      settlement of legal claim      |   | 59,408     |   |   | -          |   |   | 59,408        |  
|Accounts
      payable forgiven                             |   | -          |   |   | (10,171    | ) |   | (10,171       | )
|Common stock issued for
      services                      |   | -          |   |   | 25,000     |   |   | 6,469,576     |  
|Common
      stock issued for salaries                      |   | -          |   |   | -          |   |   | 986,500       |  
|Write off of salaries
      payable                         |   | -          |   |   | -          |   |   | (111,355      | )
|Write off
      of directors compensation                   |   | -          |   |   | -          |   |   | (200,000      | )
|                                                            |   |            |   |   |            |   |   |               |  
|Changes in operating assets
      and liabilities:          |   |            |   |   |            |   |   |               |  
|Stock subscriptions
      receivable                        |   | 21,900     |   |   | (21,900    | ) |   | -             |  
|Prepaid expenses                                            |   | (90,463    | ) |   | (6,366     | ) |   | (96,829       | )
|Prepaid license fees                                        |   | 67,599     |   |   | (67,599    | ) |   | -             |  
|Accounts
      payable and accrued liabilities              |   | 69,998     |   |   | 38,364     |   |   | 1,465,637     |  
|NET CASH USED IN
      OPERATING ACTIVITIES                 |   | (705,570   | ) |   | (205,110   | ) |   | (1,784,113    | )

The accompanying notes are an integral part of these financial
  statements.

F-5

---

|TRIMAX CORPORATION AND SUBSIDIARIES             
|------------------------------------------------
|(A Development Stage Company)                   
|CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)
|(Expressed in United States Dollars)            

|                                              |   |            |   |   |            |   |   | For The      |  
|--------------------------------------------- | - | ---------- | - | - | ---------- | - | - | ------------ | -
|                                              |   |            |   |   | For The    |   |   | Period       |  
|                                              |   | For The    |   |   | Year Ended |   |   | From         |  
|                                              |   | Year Ended |   |   | 30         |   |   | Inception to |  
|                                              |   | 30         |   |   | September  |   |   | 30           |  
|                                              |   | September  |   |   | 2005       |   |   | September    |  
|                                              |   | 2006       |   |   | Restated   |   |   | 2006         |  
|CASH FLOWS FROM INVESTING ACTIVITIES          |   |            |   |   |            |   |   |              |  
|Acquisition of Multi-Source
      Inc.        |   | 14,016     |   |   | -          |   |   | 14,016       |  
|Acquisition of equipment                      |   | (7,110     | ) |   | (6,754     | ) |   | (53,372      | )
|CASH FLOWS USED IN INVESTING
      ACTIVITIES |   | 6,906      |   |   | (6,754     | ) |   | (39,356      | )
|CASH FLOWS FROM FINANCING ACTIVITIES          |   |            |   |   |            |   |   |              |  
|Proceeds from bank
      indebtedness         |   | 1,308      |   |   | -          |   |   | 1,308        |  
|Proceeds from long term debt                  |   | 2,077      |   |   | -          |   |   | 2,077        |  
|Advances from related parties                 |   | 105,095    |   |   | 63,523     |   |   | 269,880      |  
|Proceeds from the issuance of common stock    |   | 545,092    |   |   | -          |   |   | 730,648      |  
|Proceeds from common stock to
      be issued |   | -          |   |   | 173,555    |   |   | 173,555      |  
|Loans payable                                 |   | -          |   |   | -          |   |   | 626,123      |  
|CASH FLOWS USED IN FINANCING
      ACTIVITIES |   | 653,572    |   |   | 237,078    |   |   | 1,803,591    |  
|EFFECT OF FOREIGN CURRENCY TRANSLATION        |   | 26,001     |   |   | (5,359     | ) |   | 20,642       |  
|NET (DECREASE) INCREASE IN CASH               |   | (19,091    | ) |   | 19,855     |   |   | 764          |  
|CASH, BEGINNING OF YEAR                       |   | 19,855     |   |   | -          |   |   | -            |  
|CASH, END OF YEAR                             | $ | 764        |   | $ | 19,855     |   | $ | 764          |  

The accompanying notes are an integral part of these financial
statements.

F-6

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|1. | NATURE OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | On 11 February 2005, Kiwi Network Solutions Inc. approved
      its Amended and Restated Articles of Incorporation and changed its name to
      Trimax Corporation (Trimax or "the Company"), and increased the number
      of its authorized stock by 95,000,000 shares of common stock and
      19,000,000 shares of preferred stock, both with a par value of $0.01 per
      share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | On 17 August 2005, pursuant to a reorganization agreement
      by and among PLC Network Solutions Inc. (PLC), a private company
      incorporated in the Province of Ontario under the Ontario Business
      Corporations Act and Trimax, Trimax acquired all of the outstanding common
      stock of PLC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | On 29 July 2005, the Company entered into an Exclusive
      Supply agreement with a technology partner (the "Partner"), a
      privately-held corporation based in Toronto, Ontario. This agreement
      provided the Company with the exclusive right to sell Switzerland based
      Ascom broadband over power line communication access products ("Products")
      in Canada and non-exclusive rights world wide, which the Partner
      represented that it had secured itself from Ascom. In accordance with the
      agreement, the Partner agreed not to sell or supply Products to any other
      person or legal entity in Canada with the exception of any hydro
      organizations. In consideration for these rights the Company agreed to pay
      the Partner an annual license fee of $100,000 in Canadian dollars for five
      years commencing on 1 August 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | Subsequent to the signing and the advancement of funds
      for the Exclusive Supply Agreement the Company was made aware that the
      product supplier had no right to grant a sub-license from Ascom.
      Furthermore, the supplier was previously in default and was never in any
      position to grant any sub- license on its own license. Due to these
      events, Trimax has secured product from other vendors for BPL products,
      which it considers to be more cost effective and possessing similar
      performance characteristics. As well no annual license fees are required
      to be paid by Trimax. The Company is also in the process of negotiating an
      equity position as well as being classified as a first tier client with
      exclusive rights in certain areas of the world for BPL products with a
      company that possesses its own proprietary BPL products.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | On 22 March 2006 Trimax filed an action in The Superior
      Court Of Ontario against Electrolinks Corporation alleging damages of
      $1,250,000. Subsequently, Trimax received a settlement offer, which it has
      accepted and is awaiting payment of $112,000 Canadian dollars ($98,000
      U.S. dollars) plus applicable taxes and legal fees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | On 17 May 2006, Trimax entered into a purchase and sale
      agreement with 3One Networks Inc. ("3One"), a broadband over powerline
      provider ("BPL"), for the purchase of their High Speed Internet Access
      ("HSIA") service business, including all existing service contracts and
      related assets for providing HSIA services to their hotels, motels and
      resorts customers. The purchase price was $220,230. Trimax has paid
      initial deposits and payments totaling $94,594, with the balance payable
      in equally monthly installments ending 18 October 2006. As final payments
      pertaining to the purchase and sale agreement have yet to be fulfilled and
      the rights to these assets do not transfer to the Company until fully
      paid, the deposits and payments paid as at 30 September 2006 have been
      reflected in the balance sheet under prepaid expenses and deposits. No
      additional deposits and payments have been paid subsequent to year end.
      The agreement also provides for 3One to deliver certain BPL equipment
      based on normal distribution pricing. The agreement called for the
      acquisition of the service book for 50 hotels, which represents a
      recurring revenue stream from 4,600 rooms in total. The acquisition allows
      for the potential to upgrade the services by adding applications and
      Internet Service Provider provisioning to these hotel sites. The Company
      has halted further payments while in negotiations with 3One for possible
      mutually beneficial changes in its relationship on a going forward
      basis.

F-7

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|1. | NATURE OF OPERATIONS (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | On 1 June 2006 Trimax entered into a Reorganization
      Agreement with the shareholders of Multi- Source Inc. ("MSI"), a company
      incorporated in the Province of Ontario, Canada. Under the terms of the
      Reorganization Agreement, the shareholders of MSI conveyed all of the
      issued and outstanding shares of MSI to Trimax in exchange for up to
      5,000,000 shares of Trimaxs common stock. The acquisition was accounted
      for under the purchase method of accounting. Accordingly, the financial
      position and results of operations of MSI have been consolidated
      subsequent to the acquisition date. Trimax allocated the purchase price to
      the acquired tangible net assets and liabilities. In addition the Company
      allocated $1,557,327 to the acquired intangible assets. The intangible
      assets have been amortized over a five year period on a straight-line
      basis. At closing on 1 June 2006, 3,000,000 shares of common stock of
      Trimax were issued. Of the 3,000,000 shares issued on closing, 750,000
      were issued to a third party subscriber for transaction costs. Up to an
      additional 2,000,000 shares may be issued to the principal shareholder of
      MSI, subsequent to the acquisition, upon the achievement of certain
      milestones by the MSI business within 18 months.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | The purchase price was allocated as
  follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

| |                                                                                                                                           |  | At 1
      June |  
| | ----------------------------------------------------------------------------------------------------------------------------------------- |  | --------------- | -
| |                                                                                                                                           |  | 2006            |  
| | 3,000,000 shares of common stock (valued at
      the average price two days before and after the measurement date)                       |  | 1,530,000       |  
| | Transaction costs
      (750,000 shares of common stock valued at the average price two days before
      and after the measurement date) |  | (382,500        | )
| | Purchase price                                                                                                                            |  | 1,147,500       |  
| |                                                                                                                                           |  |                 |  
| | Liabilities assumed                                                                                                                       |  | (442,540        | )
| | Estimated fair value of tangible assets
      acquired                                                                                    |  | 32,713          |  
| | Estimated
      fair value of identifiable intangible assets acquired - completed technology                                              |  | 1,557,327       |  
| | Goodwill                                                                                                                                  |  | -               |  

Supplemental
  PRO FORMA Information

Pro
  Forma Results of Operations for the Current year ended September 30, 2006 with
  Comparative Pro Forma Results of Operations for the Prior year ended September
  30, 2005 presented as though the business combination had been completed at
  the beginning of the comparative prior year

| |                                      |   | 2006       |   |   | 2005     |  
| | ------------------------------------ | - | ---------- | - | - | -------- | -
| | EXPENSES                             |   |            |   |   |          |  
| | Fees, consultants and subcontractors | $ | 558,430    |   | $ | 41,504   |  
| | General and administrative           |   | 328,695    |   |   | 164,632  |  
| | Amortization                         |   | 117,127    |   |   | 23,586   |  
| | Loss from operations                 |   | (1,004,252 | ) |   | (229,722 | )
| | Interest income                      |   | 11,728     |   |   | 14,253   |  
| | Other:                               |   |            |   |   |          |  
| | Write down of equipment              |   | -          |   |   | (155,919 | )
| | Legal settlement                     |   | (120,000   | ) |   | -        |  
| | NET LOSS                             | $ | (1,112,524 | ) | $ | (371,388 | )
| | Earnings per share                   | $ | (0.04      | ) | $ | (0.02    | )

|2. | RESTATEMENT OF FINANCIAL STATEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | The Company has restated its comparative consolidated
        financial statements for the year ended 30 September 2005 due to an accounting
        change based on new events and transactions, which occurred during the
        quarter ended 31 March 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | On 17 August 2005 Trimax acquired all of the outstanding
        common stock of PLC Network Solutions Inc. (PLC) whereby each
        share of the 21,900,000 issued and outstanding common stock of PLC were
        converted into the right to receive one share of Trimax stock. Originally
        the acquisition had been treated as a recapitalization of PLC with PLC
        as the acquirer (reverse acquisition). However, on 16 March 2006 the Company
        effectively cancelled 16,000,000 common shares for reason of non payment
        consideration. Enough shares were cancelled, so that the remaining shareholders
        were not sufficient enough to take control of Trimax and therefore the
        original accounting treatment for the acquisition as reverse merger was
        no longer appropriate. Consequently, the Company has restated the comparative
        figures and accounted for the acquisition using the purchase method whereby
        Trimax acquired 100% of PLC.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | The
        circumstances surrounding the 29 July 2005 Exclusive Supply Agreement
        are not related to the cancellation of shares issued for the acquisition
        of PLC and the resulting restatement of the Companys financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

F-8

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|2. | RESTATEMENT OF FINANCIAL STATEMENTS (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | As a result of the restatement of the 30 September 2005
        consolidated financial statements, additional paid-in capital and accumulated
        deficit balances have been reclassified to include the historical financial
        statements of Trimax since 25 August 2000 (inception). The historical
        financial statements previously reported were those of PLC.                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | The effect on the accompanying consolidated balance
        sheet as of 30 September 2006 was an increase in additional paid-in capital
        of $9,230,593 and an increase in accumulated deficit of $9,202,808. The
        effect on the consolidated statements of operations for the period from
        inception (25 August 2000) to 30 September 2006 was an increase in the
        net loss of $9,830,312. This change had no effect on the earnings subsequent
        to the acquisition. This change had no effect on the earnings per share
        for the year ended 30 September 2006.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3. | GOING CONCERN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

The Company's financial statements are
presented on a going concern basis, which contemplates the realization of assets
and satisfaction of liabilities in the normal course of business. The Company
has experienced losses from operations since inception that raise substantial
doubt as to its ability to continue as a going concern.

The Company's ability to continue as a
going concern is contingent upon its ability to obtain the financing and
strategic alliances necessary to attain profitable operations. Management is
pursuing various sources of financing and intends to raise equity financing
through a private placement with a private group of investors in the near
future.

The financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and
classification of assets or the amounts and classification of liabilities that
may result from the possible inability of the Company to continue as a going
concern.

|4. | BASIS OF PRESENTATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The accompanying consolidated financial statements
      include the accounts of the Company and its wholly owned subsidiaries, PLC
      Network Solutions Inc., an Ontario, Canada corporation and Multi- Source
      Inc., an Ontario, Canada corporation, and have been prepared in accordance
      with accounting principles generally accepted in the United States of
      America ("GAAP"). All significant inter-company accounts and transactions
      are eliminated.                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The Company has not earned any revenues from limited
      principal operations and accordingly, the Company's activities have been
      accounted for as those of a "Development Stage Enterprise" as set forth in
      SFAS No. 7, Accounting and Reporting by Development Stage
      Enterprises. Among the disclosures required by SFAS No. 7 are that the
      Company's financial statements be identified as those of a development
      stage company, and that the statements of operation, stockholders' equity
      and cash flows disclose activity since the date of the Company's
      inception.

F-9

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|5. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                  
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                             
|   | The accounting policies of the Company are in accordance
        with United States of America generally accepted accounting principles.
        Outlined below are those policies considered particularly significant:                                                                     
|   |                                                                                                                                                                                                                                                                                             
|   | Cash and Cash Equivalents                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                             
|   | Cash and cash equivalents consist of commercial accounts,
        trust accounts and interest-bearing bank deposits and are carried at cost,
        which approximates current value. Items are considered to be cash equivalents
        if the original maturity is three months or less.
|   |                                                                                                                                                                                                                                                                                             
|   | Equipment and Depreciation                                                                                                                                                                                                                                                                  

Equipment is stated at cost less
accumulated depreciation. Depreciation, based on the estimated useful lives of
the assets, is provided using the under noted annual rates and methods:

Equipment
    20% declining balanceFurniture and fixtures
    20% declining balanceComputer
    30% declining balance


Income Taxes

The Company accounts for income taxes
pursuant to SFAS No. 109, Accounting for Income Taxes. Deferred tax
assets and liabilities are recorded for differences between the financial
statements and tax basis of the assets and liabilities that will result in
taxable or deductible amounts in the future based on enacted tax laws and rates.
Valuation allowances are established when necessary to reduce deferred tax
assets to the amount expected to be realized. Income tax expense is recorded for
the amount of income tax payable or refundable for the period increased or
decreased by the change in deferred tax assets and liabilities during the
period.

Fair Value of Financial
Instruments

The carrying value of the Company's
receivables, advances and accounts payable approximates fair value because of
the short-term maturity of these instruments.

Foreign Translation
Adjustment

The accounts of the Company were
translated into United States dollars in accordance with the provisions of SFAS
No. 52, Foreign Currency Translation. In accordance with the provisions
of SFAS No. 52, transaction gains and losses on these assets and liabilities are
included in the determination of income for the relevant periods. Adjustments
resulting from the translation of the financial statements from their functional
currencies to United States dollars are accumulated as a separate component of
accumulated other comprehensive income and have not been included in the
determination of income for the relevant periods.

F-10

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|5. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Comprehensive Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | The Company adopted SFAS No. 130, Reporting Comprehensive
        Income. SFAS No. 130 establishes standards for reporting and presentation
        of comprehensive income and its components in a full set of financial
        statements. Comprehensive income is presented in the statements of changes
        in stockholders' equity, and consists of net income (loss) and unrealized
        gains (losses) on available for sale marketable securities; foreign currency
        translation adjustments and changes in market value of future contracts
        that qualify as a hedge; and negative equity adjustments recognized in
        accordance with SFAS 87. SFAS No. 130 requires only additional disclosures
        in the financial statements and does not affect the Company's financial
        position or results of operations.

Intangible Assets

Intangible assets of acquired
businesses, is stated at cost. The intangibles have limited lives, which the
Company has determined to be five years. Other intangible assets include
deferred financing fees. The Company evaluates intangible assets at least
annually to determine whether events and circumstances continue to support a
definite useful life.

Deferred Financing Costs

The costs of financing are capitalized
and amortized by the straight-line method over the term of the related debt. If
any or all of the related debt is repaid prior to its maturity date, a pro-rata
share of the related deferred financing costs are written off and recorded as
amortization expense in the period of the repayment in the consolidated
statement of operations.

Earnings or Loss Per Share

The Company accounts for earnings per
share pursuant to SFAS No. 128, Earnings per Share, which requires
disclosure on the financial statements of "basic" and "diluted" earnings (loss)
per share. Basic earnings (loss) per share is computed by dividing net income
(loss) by the weighted average number of common shares outstanding for the year.
Diluted earnings (loss) per share is computed by dividing net income (loss) by
the weighted average number of common shares outstanding plus common stock
equivalents (if dilutive) related to stock options and warrants for each
year.

There were no dilutive financial
instruments for the period ended 30 September 2006 or 2005.

Use of Estimates

The preparation of financial statements
in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates. These estimates are reviewed periodically, and, as
adjustments become necessary, they are reported in earnings in the period in
which they become known.

F-11

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|5. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)                                                                                                                                                                                                                                                                                   
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                          
|   | Recent Accounting Pronouncements                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                          
|   | In March 2005, the FASB issued FIN No. 47, Accounting
        for Conditional Assets Retirement ObligationsAn Interpretation of
        FASB Statement No. 143. FIN 47 requires an entity to recognize a liability
        for the fair value of a conditional asset retirement obligation when incurred
        if the liability's fair

value can be reasonably estimated. The
adoption of FIN No. 47 did not have a material impact on the financial position
or results of operations of the Company.

In June 2005, the FASB issued SFAS No.
154, Accounting Changes and Error Corrections, which changes the requirements
for the accounting for and reporting of voluntary changes in accounting
principle. SFAS 154 requires retrospective application to prior periods
financial statements of changes in accounting principles, unless impracticable.
SFAS 154 supersedes Accounting Principles Board Opinion No. 20, Accounting
Change (APB 20), which previously required that most voluntary changes in
accounting principle be recognized by including in the current periods net
income the cumulative effect of changing to the new accounting principle. SFAS
154 also makes a distinction between retrospective application of an accounting
principle and the restatement of financial statements to reflect correction of
an error. SFAS 154 carries forward without changing the guidance contained in
APB 20 for reporting the correction of an error in previously issued financial
statements and a change in accounting estimate. SFAS 154 applies to voluntary
changes in accounting principle that are made in fiscal years beginning after 15
December 2005. Management does not expect that the adoption of SFAS 154 will
have a significant impact on the financial condition or results of
operations.

In February 2006, the FASB issued SFAS
No. 155, Accounting for Certain Hybrid Financial Instruments, which
amends SFAS No. 133, Accounting for Derivative Instruments and Hedging
Activities and SFAS No. 140, Accounting for Transfers and Servicing of
Financial Assets and Extinguishments of Liabilities. SFAS 155 simplifies the
accounting for certain derivatives embedded in other financial instruments by
allowing them to be accounted for as a whole if the holder elects to account for
the whole instrument on a fair value basis. The statement also clarifies and
amends certain other provisions of SFAS No. 133 and SFAS No. 140. SFAS 155 is
effective for all financial instruments acquired, issued, or subject to a
re-measurement event occurring in fiscal years beginning after 15 September
2006. Management does not expect that the adoption of SFAS 155 will have a
significant impact on the financial condition or results of operations.

In March 2006, the FASB issued SFAS No.
156, Accounting for Servicing of Financial Assets-an amendment to FASB
Statement No. 140. SFAS 156 requires that all separately recognized
servicing rights be initially measured at fair value, if practicable. In
addition, this statement permits an entity to choose between two measurement
methods (amortization method or fair value measurement method) for each class of
separately recognized servicing assets and liabilities. This new accounting
standard is effective 1 January, 2007. Management does not expect that the
adoption of SFAS 156 will have a significant impact on the financial condition
or results of operations.

In September 2006, the FASB issued SFAS
No. 157, Fair Value Measurements, which defines fair value, establishes a
framework for measuring fair value in generally accepted accounting principles,
and expands disclosures about fair value measurements. SFAS 157 is effective in
fiscal years beginning after 15 November 2007. Management is currently
evaluating the impact that the adoption of this statement may have on the
Companys consolidated financial position and results of operations.

F-12

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|6. | EQUIPMENT
|-- | ---------

The details of equipment and the
related accumulated depreciation are set forth below for the indicated
periods:

| |                        |   |        |  |   | Accumulated  |  |   | Net    |  |   | Net   | 
| | ---------------------- | - | ------ |  | - | ------------ |  | - | ------ |  | - | ----- | 
| |                        |   | Cost   |  |   | Depreciation |  |   | 2006   |  |   | 2005  | 
| |                        |   |        |  |   |              |  |   |        |  |   |       | 
| | Equipment              | $ | 4,369  |  | $ | 3,987        |  | $ | 382    |  | $ | 1,918 | 
| | Furniture and fixtures |   | 4,020  |  |   | 1,310        |  |   | 2,710  |  |   | 1,919 | 
| | Computer               |   | 24,749 |  |   | 10,187       |  |   | 14,562 |  |   | 2,770 | 
| |                        | $ | 33,138 |  | $ | 15,484       |  | $ | 17,654 |  | $ | 6,607 | 

|7. | INTANGIBLES                                          
|-- | -----------------------------------------------------
|   |                                                      
|   | Intangible assets, net, consisted of the
  following:

| |                          |   |           |  |   | Accumulated  |  |   | Net       |  |   | Net  | 
| | ------------------------ | - | --------- |  | - | ------------ |  | - | --------- |  | - | ---- | 
| |                          |   | Cost      |  |   | Depreciation |  |   | 2006      |  |   | 2005 | 
| |                          |   |           |  |   |              |  |   |           |  |   |      | 
| | Completed technology     |   | 1,557,327 |  |   | 103,822      |  |   | 1,453,505 |  |   |      | 
| | Deferred financing costs |   | 14,829    |  |   | 4,851        |  |   | 9,978     |  |   |      | 
| |                          | $ | 1,572,156 |  | $ | 108,673      |  | $ | 1,463,483 |  | $ | -    | 

|8. | ADVANCES FROM RELATED PARTIES                                                                                                                                                                                                                                                                                     
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                   
|   | The advances from directors of the Company, to facilitate
      the payment of debts, are non-interest bearing, unsecured and have no
      specific terms of repayment. The carrying value of the advances
      approximates the market value due to the short-term maturity of the
      financial instruments.

F-13

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|9. | LONG TERM DEBT
|-- | --------------

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2006    |  |   | 2005 | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------- |  | - | ---- | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         |  |   |      | 
| | Bank loan, bearing interest
        at the Business Development Bank of Canada floating rate plus a variance
        of 2%, repayable in monthly principal payments of $835 plus interest,
        with the final payment due on 23 July 2009. The loan is personally guaranteed
        by a shareholder of the Company. This loan is in default and has been
        demanded to be paid in full by the Business Development Bank of Canada.
        As a result, the entire amount has been classified as a current liability.           | $ | 30,927  |  | $ | -    | 
| | Bank
        loan, bearing interest at the Bank of Montreal Canadian prime rate plus
        3%, repayable in monthly principal payments of $1,778 plus interest, with
        the final payment due on 31 July 2012. The loan is secured by a general
        security agreement, chattel mortgage, assignment of insurance monies,
        $40,000 Canadian guaranteed by a shareholder of the Company and subrogation
        note and pledge of bills in the amount of $50,000 Canadian signed by a
        shareholder of the Company. |   | 122,097 |  |   | -    | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 153,024 |  |   | -    | 
| | Less current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 54,528  |  |   | -    | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $ | 98,496  |  | $ | -    | 

Approximate principal repayments
required by the loans are comprised as follows:

2007
    $
      54,5282008
    
      19,0872009
    
      19,0872010
    
      19,0872011
    
      41,235$
      153,024


|10. | COMMITMENT AND CONTINGENT LIABILITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | In order to complete the acquisition of 3One, as
      described in note 1, the Company must complete the required payments of
      $125,636. The deposits are otherwise non-refundable.                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | The Company was sued in the State of Nevada, in a class
      action lawsuit involving multiple plaintiffs, all of whom are former
      shareholders to PLC Network Solutions Inc., a Canadian company. The
      Company has negotiated a settlement agreement with the plaintiffs, which
      has been accepted in writing. The settlement is for a payment of $120,000
      over a period of eight months. It is expected that all settlement papers
      will be signed by the Company and finalized on or before 31 January 2007.
      The Company has recorded this expense for the year ended 30 September
      2006.

F-14

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|11. | CAPITAL STOCK                                                                                  
|--- | -----------------------------------------------------------------------------------------------
|    |                                                                                                
|    | Authorized                                                                                     
|    |                                                                                                
|    | 100,000,000 common stock, par value $0.001 20,000,000
        preferred stock, par value $0.001

| |                               |   | 2006   |  |   | 2005   | 
| | ----------------------------- | - | ------ |  | - | ------ | 
| | Issued                        |   |        |  |   |        | 
| | 32,290,787
      common stock | $ | 32,291 |  | $ | 41,234 | 

In September 2004, the Board of
Directors approved a 1-for-100 reverse stock split of our outstanding shares of
capital stock. The reverse stock split became effective on 5 November 2004. All
share and per share information included in these consolidated financial
statements have been adjusted to reflect this reverse stock split.

On 20 July 2005 the Company issued
21,900,000 of common shares at par value to the Company's founders.

On 17 August 2005 Trimax acquired the
net liabilities of PLC. This was accounted for as a recapitalization of PLC into
Trimax and resulted in the issuance of 19,183,718 shares, further described in
note 1.

In August 2005 the Company's Board of
Directors approved the issuance 100,000 common stock in exchange for the
settlement of $18,446 in debt of the Company.

On 31 August 2005 the Company issued
50,000 common shares to a former director of the Company as compensation for his
services and sundry costs as a director of Trimax. The common shares issued have
been valued at their market value of $25,000 or $.50 per share, which is the
amount that would have been received if the shares had been issued for cash.
Management believes that the fair market value of the services received from the
former director approximates this value.

On 21 November 2005 the Company's Board
of Directors approved the issuance of 358,529 common shares to various
investors. The funds were raised through a non-brokered private placement of
common stock at an average price of $0.75 per share from a group of accredited
non-US investors.

On 11 January 2006 the Company issued
55,300 private placement restricted common shares to various shareholders at
issue prices between $0.65 and $0.80 per share.

On 11 January 2006 the Company issued
164,247 private placement restricted common shares to various shareholders at
issue prices between $0.65 and $0.80 per share.

On 6 February 2006 the Company issued
75,000 shares in settlement of a civil court case in which the Company was a
defendant. The common shares issued have been valued at their market value of
$59,407, which is the amount that would have been received if the shares had
been issued for cash. Management believes that the fair market value of the
services received from the former director approximates this value.

F-15

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|11. | CAPITAL STOCK (Continued)                                                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                   
|    | From 10 February 2006 to 15 March 2006, the Company
        issued a total of 113,177 various private placement restricted common
        shares between $0.50 to $0.57 per share.

On 16 March 2006 the Companys Board of
Directors approved the cancellation of 16,000,000 common shares. These shares
which were originally issued in July 2005 to the former shareholders of PLC in
consideration for their shares in PLC, however due to non payment and no
consideration of the subscribing shares they were cancelled.

From 11 April 2006 to 15 May 2006, the
Company issued a total of 433,819 various private placement restricted common
shares between $0.42 to $0.60 per share.

On 1 June 2006 pursuant to
Reorganization agreement, the Company issued 2,250,000 restricted common shares
for $0.01 par value in exchange for 100% the common stock of Multi-Source
Inc.

On 1 June 2006 pursuant to
Reorganization agreement, the Company issued 750,000 common shares for $0.01 par
value in consideration to a company for brokering the Multi-Source Inc.
acquisition. These transaction costs have been charged as a reduction of
additional paid-in capital.

On 1 June 2006 the Company issued
2,275,985 private placement restricted common shares in settlement of certain
debts for $0.05 per share.

From 29 June 2006 to September 2006,
the Company issued a total of 581,012 various private placement restricted
common shares between $0.16 to $0.40 per share.

|12. | SUPPLEMENTAL CASH FLOW INFORMATION                                                                                                                                 
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                    
|    | During the period ended 30 September 2006 there were no
      taxes paid and $8,379 (2005 - $199) in interest paid by the
  Company.                               
|    |                                                                                                                                                                    
|    | The Company issued 75,000 shares in settlement of a legal
      matter.                                                                                            
|    |                                                                                                                                                                    
|    | The Company issued 2,275,985 private placement restricted
      common shares in settlement of certain debts for $0.05 per
share.                                  
|    |                                                                                                                                                                    
|13. | SUBSEQUENT EVENTS                                                                                                                                                  
|    |                                                                                                                                                                    
|    | On 19 October 2006 the Company's Board of Directors
      approved the issuance of 750,000 common shares in exchange for services
      provided to the Company.   
|    |                                                                                                                                                                    
|    | On 25 October 2006 the Company drew $150,000 from the
      available convertible debenture, discussed in note 16.                                                 
|    |                                                                                                                                                                    
|    | On 16 November 2006 the Company's Board of Directors
      approved the issuance of 2,000,000 common shares in exchange for services
      provided to the Company.

F-16

---

|TRIMAX CORPORATION AND SUBSIDIARIES           
|----------------------------------------------
|(A Development Stage Company)                 
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|30 September 2006                             
|(Expressed in United States Dollars)          

|14. | INCOME TAXES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | The Company accounts for income taxes in accordance with
      SFAS No. 109, Accounting for Income Taxes. SFAS No. 109 prescribes
      the use of the liability method whereby deferred tax asset and liability
      account balances are determined based on differences between financial
      reporting and tax bases of assets and liabilities and are measured using
      the enacted tax rates. The effects of future changes in tax laws or rates
      are not anticipated.                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | Under SFAS No. 109 income taxes are recognized for the
      following: a) amount of tax payable for the current year, and b) deferred
      tax liabilities and assets for future tax consequences of events that have
      been recognized differently in the financial statements than for tax
      purposes.                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | As at 30 September 2006, there were no differences
      between financial reporting and tax bases of assets and liabilities. The
      Company has tax losses available to be applied against future years
      income as a result of the losses incurred in the current period as well as
      losses carried forward from Trimax. However, due to the losses incurred in
      the period and expected future operating results, management determined
      that it is more likely than not that the deferred tax asset resulting from
      the tax losses available for carryforward will not be realized through the
      reduction of future income tax payments. Accordingly a 100% valuation
      allowance has been recorded for deferred income tax assets.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|15. | RELATED PARTY TRANSACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | Related party transactions are in the normal course of
      operations and are recorded at amounts established and agreed between the
      related parties. Related party transactions not disclosed elsewhere in
      these consolidated financial statements are as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | The Company issued 2,275,985 private placement restricted
      common shares in settlement of certain debts from shareholders of the
      Company for $0.05 per share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | During the year accrued management salaries have been
      recorded for services of the Chief Executive Officer, Chief Financial
      Officer and Chief Operating Officer totaling $250,000 (2005 - $Nil) and
      are included in accrued liabilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|16. | CONVERTIBLE DEBENTURE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | On 15 May 2006 Trimax secured financing from a private
      accredited group of investors. The commitment of $1,500,000 is available
      to be drawn down in $300,000 tranches at Trimax's option. The loans mature
      on 14 May 2009 and bears an annual interest rate of 12%. At the investor's
      option, the loan is convertible to common shares at the prior 20 day
      average price. Each common share has one purchase warrant attached, with
      each warrant is exercisable for one common share at $1.25 until 14 May
      2009. On 25 October 2006 the Company drew $150,000 of the available
      loan.                                                                                                                                        

F-17

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
  ACCOUNTINGAND FINANCIAL DISCLOSURE

None.

PART III

ITEM 8A. CONTROLS AND PROCEDURES

As discussed in Note 2 to the September 30, 2006 financial
statements, the Company has restated its financial statements for the fiscal
year ended September 30, 2005. These restatements are the result of the
Company's accounting treatment for the business combination of PLC and
Trimax.

As of the end of the period covered by this annual report, an
evaluation was carried out under the supervision and with the participation of
the Company's management, including our Chief Executive Officer and our Chief
Financial Officer, of the effectiveness of the design and operation of our
disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e)
under the Securities Exchange Act of 1934). Based upon that evaluation, the
Chief Executive Officer and the Chief Financial Officer concluded that the
design and operation of these disclosure controls and procedures were not
effective because of the material weakness discussed below. Notwithstanding the
material weakness discussed below, the Company's management has concluded that
the financial statements included in this Annual Report on Form 10-KSB/A fairly
present in all material respects the Company's financial condition, results of
operations and cash flows for the periods presented in conformity with
accounting principles generally accepted in the United States of America.

A material weakness is a control deficiency, or combination of
control deficiencies, that results in more than a remote likelihood that a
material misstatement of the annual or interim financial statements will not be
prevented or detected. As a result of the restatement described above and
because of the weaknesses in our internal control over financial reporting, the
following material weakness was identified in the Company's assessment of the
effectiveness of disclosure controls and procedures as of September 30,
2006:

i) The Company
  did not maintain effective controls over the accounting for the business combination
  of PLC and Trimax. This weakness was discovered by the Companys CFO upon
  his review of the financial records of PLC in January 2006 in preparation for
  the consolidation of PLC with the Trimax. The Company is instigating a policy
  whereby any potential acquisition of an additional business will require adequate
  due diligence to be perfomed, adequate consultation with the Companys
  auditors and a final review and formal approval by the board of directors.
  ii) There were certain audit adjustments that related to the timing of recording
  contingent liabilities directly related to the unsuccessful outcome of a lawsuit
  with certain former shareholders of PLC. This weakness was identified by the
  Companys auditors and came to their attention through communications with
  the Companys lawyer. The circumstances surrounding these adjustments arose
  subsequent to the Company having closed its books for the year ended September
  30, 2006 resulting in adjustments to the Companys September 30, 2006 financial
  statements. The issues at hand came to a settlement during December, 2006 and
  relate to i) above. Management intends to perform a more comprehensive review
  of every the financial statement prior to filing to ensure the completeness
  of subsequent events. 
  iii) There were certain audit adjustments that related to the cut-off of payables
  and prepaid expenses as at September 30, 2006. The cut off adjustments were
  discovered by the Companys auditor subsequent to September 30, 2006 and
  adjustments were recorded directly to the Companys financial statements.
  iv) There were certain audit adjustments that related to the lack of analysis
  of certain balance sheet accounts as at September 30, 2006. The analysis was
  requested by the Companys auditor subsequent to September 30, 2006 and
  the requested analysis had not been a function of the Companys accounting
  system. The Company has integrated this analysis with the closing of all future
  reporting period to ensure accuracy of account balances.

The Company is in the process of establishing the appropriate
internal controls over financial reporting for periods going forward. This
includes a new accounting system and additional employees in the accounting
area.

13

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During the fourth quarter of the period covered by this report,
there were no significant changes in internal controls or in other factors that
could significantly affect the internal controls, including any corrective
actions taken with regard to significant deficiencies and material
weaknesses.

ITEM 8B. OTHER INFORMATION

None

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND
CONTROL PERSONS

All directors of our company, hold office until the next annual
meeting of the stockholders or until their successors have been elected and
qualified. The officers of our company are appointed by our board of directors
and hold office until their death, resignation or removal from office.Our directors and executive officers, their ages and position held are as
follows:

|Name of Director | Age | Position                                             
|---------------- | --- | -----------------------------------------------------
|                 |     |                                                      
|Derek Pepler     | 48  | Director, President and Chief
      Executive Officer
|Robert Vivacqua  | 42  | Director and Chief Financial Officer                 

Derek Pepler

Director and President and Chief Executive Officer. From 1986
to 1994, Mr. Pepler specialized in commercial, investment and development real
estate as a Senior Consultant with Colliers International and with Oxford
Development Group as a Director. From 1994 to 1999, Mr. Pepler worked with
several merchant banks with the position of V. P. of Sales and Marketing where
he managed debt financing and venture capital opportunities. From 1999 to 2005
Derek managed sales and distribution of limited partnerships, hedge funds and
financial products for several securities dealers.

Robert Vivacqua

Director and Chief Financial Officer. Mr. Vivacqua has over
eight years experience as a Financial Planner and Investment Advisor and has
worked within several large and medium sized firms within the investment
industry. He gained his start in the investment industry while at Bank of
America where he made the transition to a currency trader. From there he
graduated into the position of Financial Analyst at Elliott & Page Mutual
Funds, which eventually amalgamated into Manulife Financial. Additionally, he
became a partner in a small boutique independent Venture Capital Firm named RJ
Sterling Venture Capital where he performs a wide range of duties such as
financial and estate planning, advising, and mortgage facilitator for individual
investors. In addition he has procured and assisted in raising financing for
various small to mid sized private and public companies through RJ Sterling and
the companys relationships within the investment industry.

ITEM 10. EXECUTIVE COMPENSATION

At this time there is no set executive compensation package for
any of the directors or officers of the Company. The Company currently has no
stock option plan or similar plans, However the company believes that it will
adopt such an executive compensation plan and employee stock option plan
sometime within the next calendar year. The Company has paid executive
compensation for services from its two key officers/shareholders of
approximately $230,000 for the year ended September 30, 2006. Of this, $210,000
remains unpaid and has been accrued as management fees payable.

14

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Employment Contracts

The Company does not presently have employment contracts with
its executive officers and directors. The Company has various consulting
contracts with companies and individuals for sales, marketing, technical and
other general services.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ANDMANAGEMENT

The following table sets forth as of January 24, 2007 certain
information known to the Company regarding the beneficial ownership of the
Company's common stock, and as adjusted to reflect the share ownership for (i)
each executive officer or director of the Company who beneficially owns shares;
(ii) each stockholder known to the Company to beneficially own five percent or
more of the outstanding shares of its common stock; and (iii) all executive
officers and directors as a group. The Company believes that the beneficial
owners of the common stock listed below, based on information furnished by such
owners, have sole investment and voting power with respect to such shares,
subject to community property laws where applicable.

|                                                                |                      | PERCENTAGE OF
|--------------------------------------------------------------- | -------------------- | -------------
|                                                                |                      | OUTSTANDING  
|NAME AND POSITION                                               | NUMBER OF SHARES (1) | SHARES       
|                                                                |                      |              
|                                                                |                      |              
|Derek Pepler                                                    | 320,000              | 0.83%        
|Robert Vivacqua                                                 | 383,000              | 1.00%        
|All Current Directors and Officers As A
      Group (2 Persons) | 703,000              | 1.83%        

(1) Based on 38,324,527 shares of common
stock issued and outstanding as of January 24, 2007.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS

The Company settled $50,998 in debt owing to shareholders of
the Company by issuing 78,458 in shares in November 2005.

The Company issued 2,275,985 private placement restricted
common shares in settlement of certain debts from shareholders of the Company
for $0.05 per share.

During the year accrued management salaries have been recorded
for services of the Chief Executive Officer, Chief Financial Officer and Chief
Operating Officer totaling $250,000 (2005 - $Nil) and are included in accrued
liabilities.

ITEM 13. EXHIBITS

|Exhibit 31.1 | Certification
      of CEO and CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|------------ | --------------------------------------------------------------------------------------------

|             |                                                                                             
|------------ | --------------------------------------------------------------------------------------------
|Exhibit 32.1 | Certification of CEO
      and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

15

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ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

|                      |   | 2006   |  |   | 2005  | 
|--------------------- | - | ------ |  | - | ----- | 
|1. Audit Fees (a)     | $ | 29,700 |  | $ | 5,000 | 
|2. Audit Related Fees |   | 13,500 |  |   | -     | 
|3. Tax Fees (b)       |   | -      |  |   | -     | 
|4. All Other Fees     |   | -      |  |   | -     | 

|(a) | Consists of fees billed for professional services
      rendered for the audit of the Company's financial statements and review of
      the interim financial statements included in quarterly reports.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                         
|(b) | Consists primarily of fees paid for tax compliance and
      tax planning services.                                                                                                                     

The Company currently does not have a designated Audit
Committee, and accordingly, the Company's Board of Directors' policy is to
pre-approve all audit and permissible non-audit services provided by the
independent auditors. These services may include audit services, audit-related
services, tax services and other services. Pre-approval is generally provided
for up to one year and any pre-approval is detailed as to the particular service
or category of services and is generally subject to a specific budget. The
independent auditors and management are required to periodically report to the
Company's Board of Directors regarding the extent of services provided by the
independent auditors in accordance with this pre-approval, and the fees for the
services performed to date. The Board of Directors may also pre-approve
particular services on a case-by-case basis.

16

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SIGNATURES

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

TRIMAX CORPORATION.

|By:   | /s/
      Robert Vivacqua                                        
|----- | -----------------------------------------------------------------
|      | Robert
      Vivacqua                                            
|      | President,
      Principal Executive Officer, Principal Financial
|      | Officer)
      and Director                                      
|      |                                                                  
|Date: | May
      22, 2008                                               

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

|By: | /s/
      Robert Vivacqua                                        
|--- | -----------------------------------------------------------------
|    | Robert
      Vivacqua                                            
|    | President,
      Principal Executive Officer, Principal Financial
|    | Officer)
      and Director                                      

17

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