---

|EXHIBIT 11                     
|-------------------------------
|                               
|                               
|                               
|                               
|UltraGuard water Systems Corp. 
|Computation of Per-Share Income
|Treasury Stock Method          
|As Modified for 20% Test       

|Period Ended                                                                                                                                                                                                                                                                                |   | September 30, 2003 |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------------ | -
|                                                                                                                                                                                                                                                                                            |   |                    |  
|Weighted average number of shares outstanding                                                                                                                                                                                                                                               |   | 13,122,065         |  
|                                                                                                                                                                                                                                                                                            |   |                    |  
|Total common and common equivalent shares                                                                                                                                                                                                                                                   |   | 13,122,065         |  
|                                                                                                                                                                                                                                                                                            |   |                    |  
|Net income (loss) for the period                                                                                                                                                                                                                                                            |   | (577,657           | )
|                                                                                                                                                                                                                                                                                            |   |                    |  
|Loss per common and common equivalent shares                                                                                                                                                                                                                                                | $ | (0.04              | )
|                                                                                                                                                                                                                                                                                            |   |                    |  
|Earnings per share:                                                                                                                                                                                                                                                                         |   |                    |  
|                                                                                                                                                                                                                                                                                            |   |                    |  
|The earnings per share are computed
        by dividing the net income (loss) for the period by the weighted average
        number of common shares outstanding for the period. Common stock equivalents
        are excluded from the computation if their effect would be anti-dilutive. |   |                    |  

---