EXHIBIT 11

UltraGuard Water Systems Corp. 
  Computation of Per-Share Income 
  Treasury Stock Method 
  As Modified for 20% Test



|Period Ended                                                                                                                                                                                                                                                                                     |   | June 30, 2003 |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | - | ------------- | -
|                                                                                                                                                                                                                                                                                                 |   |               |  
|Weighted average number of shares outstanding                                                                                                                                                                                                                                                    |   | 12,226,732    |  
|                                                                                                                                                                                                                                                                                                 |   |               |  
|Total common and common equivalent shares                                                                                                                                                                                                                                                        |   | 12,226,732    |  
|                                                                                                                                                                                                                                                                                                 |   |               |  
|Net income (loss) for the period                                                                                                                                                                                                                                                                 | $ | (331,335      | )
|                                                                                                                                                                                                                                                                                                 |   |               |  
|Loss per common and common equivalent shares                                                                                                                                                                                                                                                     | $ | (0.03         | )
|                                                                                                                                                                                                                                                                                                 |   |               |  
|                                                                                                                                                                                                                                                                                                 |   |               |  
|Earnings per share:                                                                                                                                                                                                                                                                              |   |               |  
|                                                                                                                                                                                                                                                                                                 |   |               |  
|The earnings per share
        are computed by dividing the net income (loss) for theperiod
        by the weighted average number of common shares outstanding for theperiod.
        Common stock equivalents are excluded from the computation if theireffect
        would be anti-dilutive. |   |               |  





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