Document:

Exhibit  EX-4.94

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE
SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933 (the “1933 ACT”), AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.

THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED WITHIN THE UNITED STATES
OR TO ANY U.S. PERSON (AS DEFINED IN RULE 902 OF THE 1933 ACT) (I) IN THE ABSENCE OF (A) AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE 1933 ACT, OR (B) AN OPINION OF
COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT IN RELIANCE UPON RULE 144 OR RULE 144A UNDER SAID ACT OR ANOTHER AVAILABLE EXEMPTION.
NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES TOGETHER WITH OTHER
SECURITIES OF THE HOLDER.

UNLESS PERMITTED UNDER CANADIAN SECURITIES LAWS, THE HOLDER OF THIS WARRANT AND THE COMMON SHARES
ISSUABLE UPON EXERCISE OF THIS WARRANT SHALL NOT TRADE SUCH SECURITIES BEFORE NOVEMBER 28, 2005.

ART Advanced Research Technologies Inc.

Warrant To Purchase Common Shares

Warrant No.: B-4

Number of Common Shares: 18,502     

Date of Issuance: July 28, 2005 (“Issuance Date”)

ART Advanced Research Technologies Inc., a Canadian corporation (the “Company”), hereby
certifies that, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, LANGLEY PARTNERS, L.P., the registered holder hereof or its permitted assigns
(the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at
the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase
Common Shares (including any Warrants to Purchase Common Shares issued in exchange, transfer or
replacement hereof, the “Warrant”), at any time or times on or after the Issuance Date, but not
after 11:59 p.m., New York Time, on the Expiration Date (as defined below), EIGHTEEN THOUSAND AND
FIVE HUNDRED AND TWO (18,502) fully paid non-assessable Common Shares (as defined below) (the
"Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall
have the meanings set forth in Section 15. This Warrant is one of the Warrants to Purchase Common
Shares (the “SPA Warrants”) issued pursuant to Section 1 of that certain Securities Purchase
Agreement, dated as of July 28, 2005 (the “Subscription Date”), by and among the Company and the
investors (the “Buyers”) referred to therein (the “Securities Purchase Agreement”).

1. EXERCISE OF WARRANT.

(a) Mechanics of Exercise. Subject to the terms and conditions hereof (including,
without limitation, the limitations set forth in Section 1(e) and the conditions set forth in the
Exercise Notice (as defined below)), this Warrant may be exercised by the Holder on any day on or
after the Issuance Date, in whole or in part, by (i) delivery of a written notice, in the form
attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise
this Warrant and (ii) payment to the Company of an amount equal to the applicable Exercise Price
multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the
"Aggregate Exercise Price”) in cash or wire transfer of immediately available funds. The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder.
Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares
shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant
evidencing the right to purchase the remaining number of Warrant Shares. On or before the first
Business Day following the date on which the Company has received each of the Exercise Notice and
the Aggregate Exercise Price (the “Exercise Delivery Documents”), the Company shall transmit by
facsimile an acknowledgment of confirmation of receipt of the Exercise Delivery Documents to the
Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the third Business
Day following the date on which the Company has received all of the Exercise Delivery Documents
(the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is
participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program,
upon the request of the Holder, credit such aggregate number of Common Shares to which the Holder
is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit Withdrawal Agent Commission system, or (Y) if the foregoing shall not apply,
issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a
certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Common Shares to which the Holder is entitled pursuant to such exercise. Upon
delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes
to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant
Shares. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a)
and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than
the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as
practicable and in no event later than three (3) Business Days after any exercise and at its own
expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant,
less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional
Common Shares are to be issued upon the exercise of this Warrant, but rather the number of Common
Shares to be issued shall be rounded up to the nearest whole number. The Warrant Shares shall bear
the legends referred to in Sections 2(g) of the Securities Purchase Agreement, to the extent
required thereby.

(b) Exercise Price. For purposes of this Warrant, “Exercise Price” means CDN$1.39,
subject to adjustment as provided herein.

(c) Company’s Failure to Timely Deliver Securities. If within three (3) Trading Days
(as defined in the SPA Securities) after the Company’s receipt of the facsimile copy of a Exercise
Notice the Company shall fail to issue and deliver a certificate to the Holder and register such
Common Shares on the Company’s share register or credit the Holder’s balance account with DTC for
the number of Common Shares to which the Holder is entitled upon such holder’s exercise hereunder,
and if on or after such Trading Day the Holder purchases (in an open market transaction or
otherwise) Common Shares to deliver in satisfaction of a sale by the Holder of Common Shares
issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In"),
then the Company shall, within three (3) Business Days after the Holder’s request and in the
Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total
purchase price (including brokerage commissions, if any) for the Common Shares so purchased (the
“Buy-In Price"), at which point the Company’s obligation to deliver such certificate (and to issue
such Common Shares) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder
a certificate or certificates representing such Common Shares and pay cash to the Holder in an
amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of
Common Shares, times (B) the Closing Bid Price on the date of exercise.

(d) Disputes. In the case of a dispute as to the determination of the Exercise Price
or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder
the number of Warrant Shares that are not disputed and resolve such dispute in accordance with
Section 15.

(e) Limitation on Exercises.

(i) Beneficial Ownership. Notwithstanding anything
contained herein to the contrary, the Company shall not effect any
exercise of this Warrant, and the Holder shall not have the right to
exercise any portion this Warrant, that would be exercisable for that
number of Common Shares which, when added to the number of Common
Shares otherwise beneficially owned by the Holder including those
issuable upon the exercise of convertible securities, warrants or
options held by the Holder, would exceed 4.99% (the “Maximum
Percentage”) of the outstanding Common Shares at the time of
conversion. For purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended. For purposes of this
Warrant, in determining the number of outstanding Common Shares, the
Holder may rely on the number of outstanding Common Shares as
reflected in (1) the Company’s most recent Form 20-F, Current Report
on Form 6-K or other public filing with the Securities and Exchange
Commission or the Canadian Securities Administration, as the case may
be, (2) a more recent public announcement by the Company or (3) any
other notice by the Company or the Transfer Agent setting forth the
number of Common Shares outstanding. For any reason at any time,
upon the written request of the Holder, the Company shall within one
Business Day of receipt of a written request from the Holder confirm
in writing to the Holder the number of Common Shares then
outstanding. In any case, the number of outstanding Common Shares
shall be determined after giving effect to the conversion or exercise
of securities of the Company, including the SPA Securities and the
SPA Warrants, by the Holder and its affiliates since the date as of
which such number of outstanding Common Shares was reported. By
written notice to the Company, the Holder may increase or decrease
the Maximum Percentage to any other percentage not in excess of 9.99%
specified in such notice; provided that (i) any such increase will
not be effective until the sixty-first (61st) day after
such notice is delivered to the Company, and (ii) any such increase
or decrease will apply only to the Holder and not to any other holder
of SPA Securities.

(ii) Principal Market Regulation. The Company shall not
be obligated to issue any Common Shares upon exercise of this Warrant
if the issuance of such Common Shares would exceed that number of
Common Shares which the Company may issue upon exercise of this
Warrant (including, as applicable, any Common Shares issued upon
conversion or exercise of the SPA Securities) without breaching the
Company’s obligations under the rules or regulations of the Principal
Market (the “Exchange Cap”). The Company shall seek the approval of
the Principal Market, and shall seek the approval of its shareholders
as may be required by the applicable rules of the Principal Market,
for issuances of Common Shares in excess of the Exchange Cap. Once
the Company has obtained the approval or approvals required by the
foregoing sentence, the Exchange Cap shall no longer be applicable.
Until such approval is obtained, no Buyer shall be issued, upon
exercise or conversion, as applicable, of any SPA Warrants or SPA
Securities, Common Shares in an amount greater than the product of
the Exchange Cap multiplied by a fraction, the numerator of which is
the total number of Common Shares issued to such Buyer pursuant to
the Securities Purchase Agreement on the Issuance Date and the
denominator of which is the aggregate number of Common Shares issued
to the Buyers pursuant to the Securities Purchase Agreement on the
Issuance Date (with respect to each Buyer, the “Exchange Cap
Allocation”). In the event that any Buyer shall sell or otherwise
transfer any of such Buyer’s SPA Warrants, the transferee shall be
allocated a pro rata portion of such Buyer’s Exchange Cap Allocation,
and the restrictions of the prior sentence shall apply to such
transferee with respect to the portion of the Exchange Cap Allocation
allocated to such transferee. In the event that any holder of SPA
Warrants shall exercise all of such holder’s SPA Warrants into a
number of Common Shares which, in the aggregate, is less than such
holder’s Exchange Cap Allocation, then the difference between such
holder’s Exchange Cap Allocation and the number of Common Shares
actually issued to such holder shall be allocated to the respective
Exchange Cap Allocations of the remaining holders of SPA Warrants on
a pro rata basis in proportion to the Common Shares underlying the
SPA Warrants then held by each such holder. In the event that the
Company is prohibited from issuing any Warrant Shares for which an
Exercise Notice has been received as a result of the operation of
this Section 1(e)(ii), the Company shall pay cash in exchange for
cancellation of such Warrant Shares, at a price per Warrant Share
equal to the difference between the Closing Sale Price and the
Exercise Price as of the date of the attempted exercise.

2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and
the number of Warrant Shares shall be adjusted from time to time as follows:

(a) Adjustment upon Issuance of Common Shares. If and whenever on or before the first
anniversary of the Subscription Date the Company issues or sells, or in accordance with this
Section 2 is deemed to have issued or sold, any Common Shares (including the issuance or sale of
Common Shares owned or held by or for the account of the Company, but excluding Common Shares
deemed to have been issued by the Company in connection with any Excluded Securities (as defined in
the SPA Securities) for a consideration per share (the “New Issuance Price”) less than a price (the
"Applicable Price”) equal to the Exercise Price in effect immediately prior to such issue or sale
or deemed issuance or sale (the foregoing a “Dilutive Issuance"), then immediately after such
Dilutive Issuance, the Exercise Price then in effect shall be reduced to the New Issuance Price.
Upon each such adjustment of the Exercise Price hereunder, the number of Warrant Shares shall be
adjusted to the number of Common Shares determined by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares acquirable upon exercise of
this Warrant immediately prior to such adjustment and dividing the product thereof by the Exercise
Price resulting from such adjustment. For purposes of determining the adjusted Exercise Price
under this Section 2(a), the following shall be applicable:

(i) Issuance of Options. If the Company in any manner grants
any Options and the lowest price per share for which one Common Share is
issuable upon the exercise of any such Option or upon conversion, exercise
or exchange of any Convertible Securities issuable upon exercise of any such
Option is less than the Applicable Price, then such Common Share shall be
deemed to be outstanding and to have been issued and sold by the Company at
the time of the granting or sale of such Option for such price per share.
For purposes of this Section 2(a)(i), the “lowest price per share for which
one Common Share is issuable upon exercise of such Options or upon
conversion, exercise or exchange of such Convertible Securities” shall be
equal to the sum of the lowest amounts of consideration (if any) received or
receivable by the Company with respect to any one Common Share upon the
granting or sale of the Option, upon exercise of the Option and upon
conversion, exercise or exchange of any Convertible Security issuable upon
exercise of such Option. No further adjustment of the Exercise Price or
number of Warrant Shares shall be made upon the actual issuance of such
Common Shares or of such Convertible Securities upon the exercise of such
Options or upon the actual issuance of such Common Shares upon conversion,
exercise or exchange of such Convertible Securities.

(ii) Issuance of Convertible Securities. If the Company in any
manner issues or sells any Convertible Securities and the lowest price per
share for which one Common Share is issuable upon the conversion, exercise
or exchange thereof is less than the Applicable Price, then such Common
Share shall be deemed to be outstanding and to have been issued and sold by
the Company at the time of the issuance or sale of such Convertible
Securities for such price per share. For the purposes of this Section
2(a)(ii), the “lowest price per share for which one Common Share is issuable
upon the conversion, exercise or exchange” shall be equal to the sum of the
lowest amounts of consideration (if any) received or receivable by the
Company with respect to one Common Share upon the issuance or sale of the
Convertible Security and upon conversion, exercise or exchange of such
Convertible Security. No further adjustment of the Exercise Price or number
of Warrant Shares shall be made upon the actual issuance of such Common
Shares upon conversion, exercise or exchange of such Convertible Securities,
and if any such issue or sale of such Convertible Securities is made upon
exercise of any Options for which adjustment of this Warrant has been or is
to be made pursuant to other provisions of this Section 2(a), no further
adjustment of the Exercise Price or number of Warrant Shares shall be made
by reason of such issue or sale.

(iii) Change in Option Price or Rate of Conversion. If the
purchase price provided for in any Options, the additional consideration, if
any, payable upon the issue, conversion, exercise or exchange of any
Convertible Securities, or the rate at which any Convertible Securities are
convertible into or exercisable or exchangeable for Common Shares increases
or decreases at any time, the Exercise Price and the number of Warrant
Shares in effect at the time of such increase or decrease shall be adjusted
to the Exercise Price and the number of Warrant Shares which would have been
in effect at such time had such Options or Convertible Securities provided
for such increased or decreased purchase price, additional consideration or
increased or decreased conversion rate, as the case may be, at the time
initially granted, issued or sold. For purposes of this Section 2(a)(iii),
if the terms of any Option or Convertible Security that was outstanding as
of the date of issuance of this Warrant are increased or decreased in the
manner described in the immediately preceding sentence, then such Option or
Convertible Security and the Common Shares deemed issuable upon exercise,
conversion or exchange thereof shall be deemed to have been issued as of the
date of such increase or decrease. No adjustment pursuant to this Section
2(a) shall be made if such adjustment would result in an increase of the
Exercise Price then in effect or a decrease in the number of Warrant Shares.

(iv) Calculation of Consideration Received. In case any Option
is issued in connection with the issue or sale of other securities of the
Company, together comprising one integrated transaction in which no specific
consideration is allocated to such Options by the parties thereto, the
Options will be deemed to have been issued for a consideration of $0.01. If
any Common Shares, Options or Convertible Securities are issued or sold or
deemed to have been issued or sold for cash, the consideration received
therefor will be deemed to be the net amount received by the Company
therefor. If any Common Shares, Options or Convertible Securities are
issued or sold for a consideration other than cash, the amount of such
consideration received by the Company will be the fair value of such
consideration, except where such consideration consists of securities, in
which case the amount of consideration received by the Company will be the
Closing Sale Price of such security on the date of receipt. If any Common
Shares, Options or Convertible Securities are issued to the owners of the
non-surviving entity in connection with any merger in which the Company is
the surviving entity, the amount of consideration therefor will be deemed to
be the fair value of such portion of the net assets and business of the
non-surviving entity as is attributable to such Common Shares, Options or
Convertible Securities, as the case may be. The fair value of any
consideration other than cash or securities will be determined jointly by
the Company and the Required Holders. If such parties are unable to reach
agreement within ten (10) days after the occurrence of an event requiring
valuation (the “Valuation Event”), the fair value of such consideration will
be determined within five (5) Business Days after the tenth day following
the Valuation Event by an independent, reputable appraiser jointly selected
by the Company and the Required Holders. The determination of such
appraiser shall be final and binding upon all parties absent manifest error
and the fees and expenses of such appraiser shall be borne by the Company.

(v) Record Date. If the Company takes a record of the holders
of Common Shares for the purpose of entitling them (A) to receive a dividend
or other distribution payable in Common Shares, Options or in Convertible
Securities or (B) to subscribe for or purchase Common Shares, Options or
Convertible Securities, then such record date will be deemed to be the date
of the issue or sale of the Common Shares deemed to have been issued or sold
upon the declaration of such dividend or the making of such other
distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

(b) Adjustment upon Subdivision or Combination of Common Shares. If the Company at
any time on or after the Subscription Date subdivides (by any share split, share dividend,
recapitalization or otherwise) one or more classes of its outstanding Common Shares into a greater
number of shares, the Exercise Price in effect immediately prior to such subdivision will be
proportionately reduced and the number of Warrant Shares will be proportionately increased. If the
Company at any time on or after the Subscription Date combines (by combination, reverse share
split or otherwise) one or more classes of its outstanding Common Shares into a smaller number of
shares, the Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under
this Section 2(b) shall become effective at the close of business on the date the subdivision or
combination becomes effective.

(c) Other Events. If any event occurs of the type contemplated by the provisions of
this Section 2 but not expressly provided for by such provisions (including, without limitation,
the granting of share appreciation rights, phantom share rights or other rights with equity
features), then the Company’s Board of Directors will make an appropriate adjustment in the
Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided
that no such adjustment pursuant to this Section 2(c) will increase the Exercise Price or decrease
the number of Warrant Shares as otherwise determined pursuant to this Section 2.

3. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common
Shares, by way of return of capital or otherwise (including, without limitation, any distribution
of cash, shares or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
"Distribution”), at any time after the issuance of this Warrant, then, in each such case the
Exercise Price in respect of Warrants not exercised on or prior to the close of business on the
record date fixed for the determination of holders of Common Shares entitled to receive the
Distribution shall be reduced, effective as of the close of business on such record date, to a
price determined by multiplying such Exercise Price by a fraction of which (i) the numerator shall
be the arithmetic average of the Weighted Average Price (as defined in the SPA Securities) of the
Common Shares for the 10 Trading Days immediately preceding such record date minus the value of the
Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one
Common Share, and (ii) the denominator shall be the arithmetic average of the Weighted Average
Price (as defined in the SPA Securities) of the Common Shares for the 10 Trading Days immediately
preceding such record date.

4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

(a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if
at any time the Company grants, issues or sells any Options, Convertible Securities or rights to
purchase shares, warrants, securities or other property pro rata to all of the record holders of
any class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights and in lieu of any adjustments to which the
Holder is otherwise entitled under Section 3 above in respect of such Purchase Rights, the
aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of
Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of
which the record holders of Common Shares are to be determined for the grant, issue or sale of such
Purchase Rights.

(b) Fundamental Transactions. The Company shall not enter into or be party to a
Fundamental Transaction unless (i) the Successor Entity assumes in writing all of the obligations
of the Company under this Warrant and the other Transaction Documents in accordance with the
provisions of this Section (4)(b) pursuant to written agreements in form and substance satisfactory
to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction,
including agreements to deliver to each holder of Warrants in exchange for such Warrants a security
of the Successor Entity evidenced by a written instrument substantially similar in form and
substance to this Warrant, including, without limitation, an adjusted exercise price equal to the
value for the Common Shares reflected by the terms of such Fundamental Transaction, and exercisable
for a corresponding number of shares of capital shares equivalent to the Common Shares acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of
this Warrant) prior to such Fundamental Transaction, and satisfactory to the Required Holders and
(ii) subject to Section 4(c) below, the Successor Entity is a publicly traded corporation whose
common shares are quoted on or listed for trading on an Eligible Market (a “Public Successor”).
Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Fundamental Transaction, the provisions of
this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may
exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Warrant with the same effect as if such Successor Entity had been named as the
Company herein. Upon consummation of the Fundamental Transaction, the Successor Entity shall
deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any
time after the consummation of the Fundamental Transaction, in lieu of the shares of the Common
Shares (or other securities, cash, assets or other property) purchasable upon the exercise of the
Warrant prior to such Fundamental Transaction, such shares, securities, cash, assets or any other
property whatsoever (including warrants or other purchase or subscription rights) which the Holder
would have been entitled to receive upon the happening of such Fundamental Transaction had this
Warrant been converted immediately prior to such Fundamental Transaction, as adjusted in accordance
with the provisions of this Warrant. In addition to and not in substitution for any other rights
hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of
Common Shares are entitled to receive securities or other assets with respect to or in exchange for
Common Shares (a “Corporate Event”), the Company shall make appropriate provision to insure that
the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time
after the consummation of the Fundamental Transaction but prior to the Expiration Date, in lieu of
the shares of the Common Shares (or other securities, cash, assets or other property) purchasable
upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of shares,
securities, cash, assets or any other property whatsoever (including warrants or other purchase or
subscription rights) which the Holder would have been entitled to receive upon the happening of
such Fundamental Transaction had the Warrant been exercised immediately prior to such Fundamental
Transaction; provided, however, that in the event that, pursuant to the terms of the Fundamental
Transaction, the holders of Common Shares may elect the consideration to be received in exchange
for the Common Shares in the such Fundamental Transaction, the Holder shall elect, within the same
time periods as provided to the holders of Common Shares, the kind or amount of such shares,
securities, cash, assets or any other property (including warrants or other purchase or
subscription rights) that the Holder will, following the consummation of such transaction, be
entitled to receive upon exercise; provided, further, however, that no such election by the Holder
shall be construed to require the exercise of this Warrant in connection with such Fundamental
Transaction. If the Holder is required to make any election of the kind described in the foregoing
sentence, the Company shall deliver to the Holder all documentation, informational materials and
election forms relating to such Fundamental Transaction contemporaneously with the delivery of such
documentation, materials and forms to the holders of the Common Shares. Provision made pursuant to
the preceding sentence shall be in a form and substance reasonably satisfactory to the Required
Holders. The provisions of this Section shall apply similarly and equally to successive
Fundamental Transactions and Corporate Events and shall be applied without regard to any
limitations on the exercise of this Warrant.

(c) Notwithstanding the foregoing and the provisions of Section 4(b) above, in the event of a
Fundamental Transaction where the Successor Entity (and not the Parent Entity) is not a Public
Successor, if the Holder has not exercised the Warrant in full prior to the consummation of the
Fundamental Transaction, then the Company may enter into a Fundamental Transaction pursuant to
which the Holder shall receive, simultaneously with the consummation of the Fundamental
Transaction, in lieu of the warrant referred to in Section 4(b) cash in an amount equal to the
value of the remaining unexercised portion of this Warrant on the date of such consummation, which
value shall be determined by use of the Black and Scholes Option Pricing Model reflecting (i) a
risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining
term of this Warrant as of such date of request and (ii) an expected volatility equal to the
greater of 60% and the 100 day volatility obtained from the HVT function on Bloomberg.

5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will
not, by amendment of its Articles of Incorporation, Bylaws or through any reorganization, transfer
of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, and will at all times in good faith carry out all the provisions of this
Warrant and take all action as may be required to protect the rights of the Holder. Without
limiting the generality of the foregoing, the Company (i) shall take all such actions as may be
reasonably necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable Common Shares upon the exercise of this Warrant, and (ii) shall, so long as
any of the SPA Warrants are outstanding, take all reasonable action necessary to reserve and keep
available out of its authorized and unissued Common Shares, solely for the purpose of effecting the
exercise of the SPA Warrants, the requisite number of Common Shares as shall from time to time be
necessary to effect the exercise of the SPA Warrants then outstanding (without regard to any
limitations on exercise).

6. WARRANT HOLDER NOT DEEMED A SHAREHOLDER. Except as otherwise specifically
provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall
not be entitled to vote or receive dividends or be deemed the holder of share capital of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon
the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a
shareholder of the Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of shares, reclassification of shares, consolidation, merger,
conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or
otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then
entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this
Section 6, the Company shall provide the Holder with copies of the same notices and other
information given to the shareholders of the Company generally, contemporaneously with the giving
thereof to the shareholders.

7. REISSUANCE OF WARRANTS.

(a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall
surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon
the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder
may request, representing the right to purchase the number of Warrant Shares being transferred by
the Holder and, if less then the total number of Warrant Shares then underlying this Warrant is
being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the
right to purchase the number of Warrant Shares not being transferred.

(b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary form and, in the case of mutilation, upon surrender and
cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in
accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying
this Warrant.

(c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the
surrender hereof by the Holder at the principal office of the Company, for a new Warrant or
Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the
right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of
such surrender; provided, however, that no Warrants for fractional Common Shares shall be given.

(d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant
pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this
Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase
the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued
pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when
added to the number of Common Shares underlying the other new Warrants issued in connection with
such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii)
shall have an issuance date, as indicated on the face of such new Warrant which is the same as the
Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

8. NOTICES. Whenever notice is required to be given under this Warrant, unless
otherwise provided herein, such notice shall be given in accordance with Section 9(f) of the
Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of
all actions taken pursuant to this Warrant, including in reasonable detail a description of such
action and the reason therefore. Without limiting the generality of the foregoing, the Company
will give written notice to the Holder (i) immediately upon any adjustment of the Exercise Price,
setting forth in reasonable detail, the calculation of such adjustment and (ii) at least seven days
prior to the date on which the Company closes its books or takes a record (A) with respect to any
dividend or distribution upon the Common Shares, (B) with respect to any grants, issuances or sales
of any Options, Convertible Securities or rights to purchase shares, warrants, securities or other
property to all holders of Common Shares or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information
shall be made known to the public prior to or in conjunction with such notice being provided to the
Holder.

9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this
Warrant may be amended and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company has obtained the written consent
of the Required Holders; provided that no such action may increase the exercise price of any SPA
Warrant or decrease the number of shares or class of shares obtainable upon exercise of any SPA
Warrant without the written consent of the Holder. No such amendment shall be effective to the
extent that it applies to less than all of the holders of the SPA Warrants then outstanding.

10. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in
accordance with, and all questions concerning the construction, validity, interpretation and
performance of this Warrant shall be governed by, the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York. Any action brought by either party against the
other concerning the transactions contemplated by this Agreement shall be brought only in the state
courts of New York or in the federal courts located in the State of New York and waive trial by
jury. Both parties agree to submit to the jurisdiction of such courts. The prevailing party shall
be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event
that any provision of this Warrant is invalid or unenforceable under any applicable statute or rule
of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such
provision which may prove invalid or unenforceable under any law shall not affect the validity or
enforceability of any other provision of this Warrant. Nothing contained herein shall be deemed or
operate to preclude the Holder from bringing suit or taking other legal action against the Company
in any other jurisdiction to collect on the Company’s obligations to the Holder, to realize on any
collateral or any other security for such obligations, or to enforce a judgment or other court
ruling in favour of the Holder.

11. JUDGMENT CURRENCY.

(a) If for the purpose of obtaining or enforcing judgment against the Company in any court in
any jurisdiction it becomes necessary to convert into any other currency (such other currency being
hereinafter in this Section 11 referred to as the “Judgment Currency”) an amount due in US dollars
under this Warrant, the conversion shall be made at the Exchange Rate prevailing on the business
day immediately preceding:

(i) the date actual payment of the amount due, in the case of any
proceeding in the courts of New York or in the courts of any other
jurisdiction that will give effect to such conversion being made on
such date: or

(ii) the date on which the foreign court determines, in the case of
any proceeding in the courts of any other jurisdiction (the date as
of which such conversion is made pursuant to this Section 11(a)(ii)
being hereinafter referred to as the “Judgment Conversion Date”).

(b) If in the case of any proceeding in the court of any jurisdiction referred to in Section
11(a)(ii) above, there is a change in the Exchange Rate prevailing between the Judgment Conversion
Date and the date of actual payment of the amount due, the applicable party shall pay such adjusted
amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of US dollars which
could have been purchased with the amount of Judgment Currency stipulated in the judgment or
judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

(c) Any amount due from the Company under this provision shall be due as a separate debt and
shall not be affected by judgment being obtained for any other amounts due under or in respect of
this Warrant.

12. CURRENCY. All amounts owing under this Warrant or any Transaction Document that,
in accordance with their terms, are paid in cash shall be paid in US dollars. All amounts
denominated in other currencies shall be converted in the US dollar equivalent amount in accordance
with the Exchange Rate on the date of calculation (for the purpose of Section 2 hereof, the date of
calculation shall equal the date of such event resulting in the adjustment of the Exercise Price
thereunder). “Exchange Rate” means, in relation to any amount of currency to be converted into US
dollars pursuant to this Warrant, the US dollar exchange rate as published in the Wall Street
Journal on the relevant date of calculation.

13. TAXES.

(a) Any and all payments by the Company hereunder, including any amounts received on an
exercise of this Warrant and any amounts on account of interest or deemed interest, shall be made
free and clear of and without deduction for any and all present or future taxes, levies, imposts,
deductions, charges or withholdings, and all liabilities with respect thereto, imposed under Part
XIII of the Income Tax Act (Canada) (collectively referred to as “Part XIII Taxes”). If the
Company shall be required to deduct any Part XIII Taxes from or in respect of any sum payable
hereunder to the Holder, (i) the sum payable shall be increased by one-half of the amount by which
the sum payable would otherwise have to be increased (the “make-whole amount”) to ensure that after
making all required deductions (including deductions applicable to the make-whole amount) the
Holder would receive an amount equal to the sum it would have received had no such deductions been
made, (ii) the Company shall make such deductions and (iii) the Company shall pay the full amount
withheld or deducted to the Canada Revenue Agency within the time required. For example, assuming
that the Company is required to deduct 25% of a $100 interest payment hereunder, the Company shall
be required to increase such payment by $16.67.

(b) In addition, the Company agrees to pay to the relevant governmental authority in
accordance with applicable law any present or future stamp or documentary taxes or any other excise
or property taxes, charges or similar levies that arise from any payment made hereunder or in
connection with the execution, delivery, registration or performance of, or otherwise with respect
to, this Warrant (“Other Taxes”). The Company shall deliver to the Holder official receipts, if
any, in respect of any Part XIII Taxes and Other Taxes payable hereunder promptly after payment of
such Part XIII Taxes, Other Taxes or other evidence of payment reasonably acceptable to the Holder.

(c) The obligations of the Company under this Section 13(c) shall survive the termination of
this Warrant and the exercise of this Warrant and all other amounts payable hereunder.

14. MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or
require the payment of a rate of interest or other charges in excess of the maximum permitted by
applicable law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be
credited against amounts owed by the Company to the Holder and thus refunded to the Company.

15. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the
Company and all the Buyers and shall not be construed against any person as the drafter hereof.
The headings of this Warrant are for convenience of reference and shall not form part of, or affect
the interpretation of, this Warrant.

16. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the
disputed determinations or arithmetic calculations via facsimile within two (2) Business Days of
receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If
the Holder and the Company are unable to agree upon such determination or calculation of the
Exercise Price or the Warrant Shares within three (3) Business Days of such disputed determination
or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2)
Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an
independent, reputable investment bank selected by the Company and approved by the Holder or (b)
the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside
accountant. The Company shall cause at its expense the investment bank or the accountant, as the
case may be, to perform the determinations or calculations and notify the Company and the Holder of
the results no later than ten (10) Business Days from the time it receives the disputed
determinations or calculations. Such investment bank’s or accountant’s determination or
calculation, as the case may be, shall be binding upon all parties absent demonstrable error. In
the event the Company’s determination or calculation is correct, the expenses of the investment
bank or accountant, as the case may be, shall be borne by the Holder.

17. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under
this Warrant and the other Transaction Documents, at law or in equity (including a decree of
specific performance and/or other injunctive relief), and nothing herein shall limit the right of
the Holder right to pursue actual damages for any failure by the Company to comply with the terms
of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will
cause irreparable harm to the Holder and that the remedy at law for any such breach may be
inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the holder of this Warrant shall be entitled, in addition to all other available remedies,
to an injunction restraining any breach, without the necessity of showing economic loss and without
any bond or other security being required.

18. TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned
without the consent of the Company, except as may otherwise be required by Section 2(f) of the
Securities Purchase Agreement.

19. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings:

(a) "Bloomberg” means Bloomberg Financial Markets.

(b) "Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in The City of New York are authorized or required by law to remain closed.

(c) "Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the
Principal Market, as reported by Bloomberg or by the Principal Market, or, if the Principal Market
begins to operate on an extended hours basis and does not designate the closing bid price or the
closing trade price, as the case may be, then the last bid price or last trade price, respectively,
of such security prior to 4:00:00 p.m., New York Time, as reported by Bloomberg or by the Principal
Market, or, if the Principal Market is not the principal securities exchange or trading market for
such security, the last closing bid price or last trade price, respectively, of such security on
the principal securities exchange or trading market where such security is listed or traded as
reported by Bloomberg or by the Principal Market, or if the foregoing do not apply, the last
closing bid price or last trade price, respectively, of such security in the over-the-counter
market on the electronic bulletin board for such security as reported by Bloomberg or by the
Principal Market, or, if no closing bid price or last trade price, respectively, is reported for
such security by Bloomberg or by the Principal Market, the average of the bid prices, or the ask
prices, respectively, of any market makers for such security as reported in the “pink sheets” by
Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Bid Price or the
Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on
such date shall be the fair market value as mutually determined by the Company and the Holder. If
the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved pursuant to Section 15. All such determinations to be appropriately
adjusted for any share dividend, share split, share combination or other similar transaction during
the applicable calculation period.

(d) "Common Shares” means (i) the Company’s Common Shares, no par value per share, and (ii)
any share capital into which such Common Shares shall have been changed or any share capital
resulting from a reclassification of such Common Shares.

(e) “Common Shares Deemed Outstanding” means, at any given time, the number of Common Shares
actually outstanding at such time, plus the number of Common Shares deemed to be outstanding
pursuant to Sections 2(a)(i) and 2(a)(ii) hereof regardless of whether the Options or Convertible
Securities are actually exercisable at such time, but excluding any Common Shares owned or held by
or for the account of the Company or issuable upon conversion and exercise, as applicable, of the
SPA Securities and the Warrants.

(f) "Convertible Securities” means any shares or securities (other than Options) directly or
indirectly convertible into or exercisable or exchangeable for Common Shares.

(g) "Eligible Market” means the Principal Market, The New York Stock Exchange, Inc., the
American Stock Exchange, the Nasdaq National Market or The Nasdaq SmallCap Market.

(h) "Expiration Date” means the date sixty (60) months after the Issuance Date or, if such
date falls on a day other than a Business Day or on which trading does not take place on the
Principal Market (a “Holiday”), the next date that is not a Holiday.

(i) "Fundamental Transaction” means that the Company shall, directly or indirectly, in one or
more related transactions, (i) consolidate or merge with or into (whether or not the Company is the
surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose
of all or substantially all of the properties or assets of the Company to another Person, or (iii)
allow another Person to make a purchase, tender or exchange offer that is accepted by the holders
of more than the 50% of the outstanding Common Shares (not including any Common Shares held by the
Person or Persons making or party to, or associated or affiliated with the Persons making or party
to, such purchase, tender or exchange offer), or (iv) consummate a share purchase agreement or
other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than
the 50% of the outstanding Common Shares (not including any Common Shares held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or
party to, such share purchase agreement or other business combination), or (v) reorganize,
recapitalize or reclassify its Common Shares. For the avoidance of doubt, and notwithstanding the
foregoing, the Company may create new Subsidiaries, including trusts the sole trustees of which are
members of the Company’s Board of Directors, and transfer any assets of any kind or nature to
either its existing Subsidiaries or to any new Subsidiaries, and neither the creation of any such
new Subsidiaries nor the transfer of assets to existing or new Subsidiaries shall be deemed a
Fundamental Transaction so long as, concurrently with any such transactions, the Company causes
such existing Subsidiaries or new Subsidiaries to grant a security interest and/or hypothec in
accordance with the security arrangements referenced in Section 10 of the SPA Securities to the
extent required.

(j) "Options” means any rights, warrants or options to subscribe for or purchase Common Shares
or Convertible Securities.

(k) "Parent Entity” of a Person means an entity that, directly or indirectly, controls the
applicable Person and whose common shares or equivalent equity security is quoted or listed on an
Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent
Entity with the largest public market capitalization as of the date of consummation of the
Fundamental Transaction.

(l) "Person” means an individual, a limited liability company, a partnership, a joint venture,
a corporation, a trust, an unincorporated organization, any other entity and a government or any
department or agency thereof.

(m) "Principal Market” means the Toronto Stock Exchange.

(n) "Required Holders” means the holders of the SPA Warrants representing at least a majority
of Common Shares underlying the SPA Warrants then outstanding.

(o) "SPA Securities” means the Notes issued pursuant to the Securities Purchase Agreement.

(p) "Successor Entity” means the Person (or, if so elected by the Required Holders, the Parent
Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so
elected by the Required Holders, the Parent Entity) with which such Fundamental Transaction shall
have been entered into.

[Signature Page Follows]

1

IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Shares to be
duly executed as of the Issuance Date set out above.

ART ADVANCED RESEARCH TECHNOLOGIES INC.

By:

Name:

Title:

2

EXHIBIT A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON SHARES

ART ADVANCED RESEARCH TECHNOLOGIES INC.

The undersigned holder hereby exercises the right to purchase      of the
Common Shares (“Warrant Shares”) of ART Advanced Research Technologies Inc., a Canadian corporation
(the “Company”), evidenced by the attached Warrant to Purchase Common Shares (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set
forth in the Warrant.

1. Payment of Exercise Price. The holder shall pay the Aggregate Exercise Price in the sum
of $     to the Company in accordance with the terms of the Warrant.

2. Delivery of Warrant Shares. The Company shall deliver to the holder      Warrant
Shares to      1in accordance with the terms of the Warrant.

Notwithstanding anything to the contrary contained herein, this Exercise Notice shall
constitute a representation and warranty by the undersigned that, after giving effect to the
exercise provided for in this Exercise Notice, the undersigned (together with its affiliates) will
not have beneficial ownership (together with the beneficial ownership of such Person’s affiliates)
of a number of Common Shares which exceeds the Maximum Percentage. It shall also constitute a
representation and warranty by the undersigned that all of the representations and warranties set
forth in Section 2 of the Securities Purchase Agreement, modified as if all of the references
therein to the Notes and Warrants were references to Warrant Shares, are true and correct as of the
date hereof.

Date:      ,      

Name of Registered Holder

By:

Name:

Title:

1 To insert account of holder for delivery of
Warrant Shares.

3

ACKNOWLEDGMENT

The Company hereby acknowledges this Exercise Notice and hereby directs National Bank Trust to
issue the above indicated number of Common Shares in accordance with the Transfer Agent
Instructions dated July 28, 2005 from the Company and acknowledged and agreed to by National Bank
Trust.

ART ADVANCED RESEARCH TECHNOLOGIES INC.

By:

Name:

Title:

4Exhibit  EX-4.95

DEED OF MOVEABLE HYPOTHEC

TO SECURE TITLES OF INDEBTEDNESS

ON THIS TWENTY-EIGHTH DAY OF JULY TWO THOUSAND AND FIVE.

BEFORE MTRE LAURENT BENHAIM, the undersigned Notary for the Province of Quebec, practicing in the
City and District of Montreal.

APPEARED:

ART ADVANCED RESEARCH TECHNOLOGIES INC./ART RECHERCHES ET TECHNOLOGIES AVANCÉES INC., a legal
person and corporation duly incorporated under the Canada Business Corporations Act, having its
head office and a place of business at 2300 Alfred-Nobel Boulevard, Saint-Laurent, Quebec H4S 2A4,
herein acting and represented by Jacques Bédard, its Chief Financial Officer and by Sébastien
Gignac, its Corporate Secretary duly authorized in virtue of a Resolution of the Board of Directors
enacted on July 22, 2005, a certified extract of which resolution remains annexed as Annex “A”
hereto after having been acknowledged as true and signed for identification by the said signing
officers with and in the presence of the undersigned notary.

(the “Grantor”)

AND:

PORTSIDE GROWTH AND OPPORTUNITY FUND, a legal person duly constituted under the laws of the Cayman
Islands in its capacity as Fondé de Pouvoir of the Noteholders and of any present or future holders
of the Notes, having a place of business at 666, Third Avenue, 26th Floor, New York, New
York, 10017, herein acting and represented by Michael Gaon, its attorney, mandatary and
representative, duly authorized for the purposes hereof pursuant to a “Power of Attorney” executed
at New York, New York, on July 25, 2005 by Jeffrey C. Smith, its duly authorized representative,
which “Power of Attorney” remains annexed hereto as Annex “B” hereto after having been signed for
identification by said representative with and in the presence of the undersigned Notary.

(the “Trustee”)

WHEREAS the Grantor is authorized by law to issue and sell, pledge or hypothecate bonds or
other titles of indebtedness and/or give them as security;

WHEREAS Article 2692 of the Civil Code of Quebec permits a legal person to grant a hypothec
securing payment of titles of indebtedness in favour of the person authorized to do so on behalf of
the creditors of such indebtedness;

WHEREAS the Trustee has been appointed as Fondé de Pouvoir of the Noteholders pursuant to the
terms, conditions and provisions of the Securities Purchase Agreement and, to the extent necessary
or useful, the Trustee is hereby appointed the Fondé de Pouvoir of the Noteholders in order to hold
the hypothecs created hereby as security for the Obligations;

WHEREFORE, THE PARTIES HAVE AGREED WITH EACH OTHER AND HAVE DECLARED UNTO THE UNDERSIGNED NOTARY AS
FOLLOWS:

	 	1.	 	PREAMBLE

1.1 The preamble forms part hereof as if recited at length herein.

	 	2.	 	DEFINITIONS

2.1 Unless otherwise defined herein or unless there is something in the subject or the context
hereof inconsistent therewith, each capitalized term used in this Deed has the meaning ascribed
thereto in the Securities Purchase Agreement.

2.2 Unless the context otherwise requires, the following expressions will have the respective
meanings hereinafter set forth:

2.2.1 “Administrator” has the meaning ascribed to it in Section 8.2(a) hereof;

2.2.2 “Adverse Encumbrance” means any lien, hypothec, encumbrance, charge, right or
prior claim (other than the Permitted Liens) whether ranking prior to, equal with or
after the security hereby created in favour of the Trustee, or any seizure or
attachment, which affects the whole or any portion of the Charged Property;

2.2.3 “Charged Property” has the meaning ascribed to it in Section 3.1 hereof;

2.2.4 “Default” has the meaning ascribed thereto in Section 7.1 hereof;

2.2.5 “Event of Default” has the meaning ascribed thereto in the Notes;

2.2.6 “Existing Subsidiaries” means the two subsidiaries of the Grantor set forth on
Schedule 3(a) of the Securities Purchase Agreement and “Existing Subsidiary” means
either one of them;

2.2.7 “Fondé de Pouvoir” means a person holding the power of attorney of creditors and
acting as the “Fondé de Pouvoir” of creditors, in favour of which person hypothecs
securing payment of bonds, debentures or other titles of indebtedness may be granted,
all as envisaged pursuant to Article 2692 of the Civil Code of Quebec;

2.2.8 “Hypothec Amount” means the sum of TWELVE MILLION DOLLARS ($12,000,000.00);

2.2.9 “Insurance” means, collectively, all insurance policies relating directly or
indirectly to any of the Charged Property and/or any parts thereof and any and all
present and future indemnities or other amounts paid or payable under any and all
present and future insurance contracts covering the Charged Property as well as all
claims and security therefore and the right to collect and receive same;

2.2.10 “Interest Rate” means twenty-five percent (25%) per annum;

2.2.11 ”Leased Premises” means the two distinct premises occupied and leased by the
Grantor from Société Immobilière Technologique de Montréal and Timex Realty Corp. as
landlords, corresponding to civic addresses 2300 Alfred-Nobel Blvd., St. Laurent,
Quebec H4S 2A4 and 5897 St. François Road, St. Laurent, Quebec H4S 1B6, respectively;

2.2.12 “Lien” has the meaning ascribed thereto in the Notes;

2.2.13 “Noteholders”, means collectively, the parties to the Securities Purchase
Agreement named and designated as the “Buyers” pursuant to the terms thereof as holders
of the Notes, as well as their respective successors and assigns and “Noteholder” means
any one of them;

2.2.14 “Notes” means collectively, the Initial Notes issued and sold to the Noteholders
pursuant to the Securities Purchase Agreement and “Note” means any one of the Initial
Notes;

2.2.15 “Obligations” means the payment of any and all amounts in principal and interest
(including interest on amounts in default) as well as any other indebtedness and
obligations due in virtue of, or arising under, the Notes and any of the other
Transaction Documents, as well as payment of all other sums, if any, from time to time
due under this Deed to the Noteholders or the Trustee;

2.2.16 “Permitted Liens” has the meaning ascribed thereto in the Notes;

2.2.17 “RDPRM” means the Register of Personal and Movable Real Rights of the Province
of Quebec;

2.2.18 “Scheduled Intellectual Property” means any and all of the property and rights
described in Clause 3.1.4;

2.2.19 “Securities Purchase Agreement” means the “Securities Purchase Agreement” dated
or to be dated on or about July 28, 2005 executed by and among the Grantor and the
Noteholders, as same may be amended, modified, supplemented or restated from time to
time.

	 	3.	 	HYPOTHEC AND ADDITIONAL HYPOTHEC

3.1 Hypothec

As continuing and collateral security for the payment to the Noteholders and the Trustee
of the Obligations and the fulfilment of the other obligations of the Grantor hereunder,
the Grantor hereby hypothecates to and in favour of the Trustee, for the benefit of and
as “Fondé de Pouvoir” of the Noteholders, for and in the Hypothec Amount with interest
thereon at the Interest Rate, both before and after maturity, demand, default and
judgment, (i) the universality of its moveable property, present and future, corporeal
and incorporeal, of whatever nature and wherever it may be situated, (ii) all rights,
title and interest now or hereafter held by the Grantor in all such movable property to
the extent of such rights, title and interest, and (iii) all present and future renewals,
accretions, replacements and substitutions of such property as well as everything now or
hereafter united to such property by accession (collectively, the “Charged Property”)
including, without limitation:

3.1.1 as a universality, all accounts receivable, book accounts, book debts, debts,
claims, monies, rentals, revenues, incomes, loans receivable, demands, choses in
action, rebates, refunds, amounts owing by or claimable from the crown, state or
government (or any departments, agents or agencies thereof) and any other amounts which
now are or which may at any time in the future be due or owing to or owned by the
Grantor from any Person, wherever the debtors thereof may be situated, and all of the
right, title and interest in any of the foregoing which the Grantor, now or at any time
in the future, has or may have as well as all security interests, hypothecs,
assignments, guarantees, bills of exchange, notes, negotiable instruments, contracts,
invoices, books of account, letters of credit and/or other documents and rights, now or
at any time in the future, held or owned by the Grantor or any other Person on behalf
of the Grantor in respect of any of the foregoing and any and all rights of an unpaid
vendor (including rights to merchandise returned, repossessed or recovered) (the
“Claims”);

3.1.2 as a universality, all goods, wares and merchandise, property in stock,
inventories and any other corporeal movable property kept for sale, lease, processing,
manufacture, transformation and/or use in providing service, whether raw, in process,
finished, in transit, to be used or to be consumed which now are or which may at any
time in the future be owned by the Grantor and all of the rights, title and interest in
any of the foregoing which the Grantor now or at any time in the future has or may
have, as well as all present and future packaging and shipping materials and all
materials and property ancillary to any of the foregoing (the “Inventory”);

3.1.3 as a universality, all corporeal movable property of any and all nature, form or
description whatsoever (other than property described elsewhere in Sections 3.1 through
3.1.12 hereof, inclusively) including, without limitation, all tools, machinery,
equipment, rolling stock, leasehold improvements and fixed assets which now are or
which may at any time in the future be owned by the Grantor and all of the rights,
title and interest in any of the foregoing which the Grantor now or at any time in the
future has or may have (the “Equipment”);

3.1.4 as a universality, all incorporeal movable property of any and all nature, form
or description whatsoever (other than property described elsewhere in Sections 3.1
through 3.1.12 hereof, inclusively) including, without limitation: (i) all patents,
patent applications and patents pending, registered and unregistered trademarks, trade
or brand names, service marks, copyrights, industrial designs, formulae, processes,
trade secrets, goodwill, contractual rights, licenses and permits which now are or
which may at any time in the future be owned by the Grantor and all of the rights,
title and interest in any of the foregoing which the Grantor now or at any time in the
future has or may have including, but without limitation, the Scheduled Intellectual
Property; and (ii) all rights, title and interest of the Grantor in and to all
contracts and other writings to which the Grantor is now or may, at any time in the
future, become a party to or is now or may, at any time in the future, become bound by
(the “Intangible Property”);

3.1.5 as a universality, all documents of title, whether negotiable or non-negotiable,
including, without limitation, all promissory notes, bills of exchange, drafts,
cheques, warehouse receipts and bills of lading which now are or which may at any time
in the future be owned by the Grantor and all of the rights, title and interest in any
of the foregoing which the Grantor now or at any time in the future has or may have
(the “Documents of Title”);

3.1.6 as a universality, all shares, stocks, warrants, bonds, debentures, debenture
stock and other securities which now are or which may at any time in the future be
owned by the Grantor and all of the rights, title and interest in any of the foregoing
which the Grantor now or at any time in the future has or may have including, without
limitation, all shares, stocks, warrants, bonds, debentures, debenture stock and other
securities issued in addition to or in replacement of those originally forming part of
the Charged Property including those issued in connection with a distribution of
dividends in kind, a conversion, a stock split, a purchase, a repurchase, a
cancellation, a merger, a change or a transformation affecting the shares, stocks,
warrants, bonds, debentures and other securities forming part of the Charged Property
(the “Securities”);

3.1.7 as a universality, all monies, cash, foreign currencies and credits which now are
or which may at any time in the future be owned by the Grantor and all the right, title
and interest in any of the foregoing which the Grantor now or at any time in the future
has or may have (the “Monies”);

3.1.8 as a universality, all indemnities and all other amounts which now are or which
may at any time in the future be due or owing to the Grantor or to which the Grantor
now is or may at any time in the future be entitled to receive under and/or as a result
of any Insurance (the “Insurance Claims”);

3.1.9 all computer programs, firmware and software and all computer and other records
and data, whether in hard copy or otherwise, pertaining to any of the Charged Property
and the equipment containing same and owned by the Grantor (the “Records”);

3.1.10 all property in any form derived directly or indirectly from any dealings with
any of the Charged Property and all proceeds of lease or sale as well as all
indemnities or compensation paid in respect thereof (the “Proceeds”);

3.1.11 the principal and the income of the Charged Property as well as any right
attached to the Charged Property;

3.1.12 as a universality, all deeds, documents, registers, invoices and books of
account evidencing the Charged Property or relating thereto; and

3.1.13 as a universality, all corporeal and incorporeal moveable property, assets
rights and undertakings of any kind or nature (other than the property, assets and
undertakings described in Clauses Sections 3.1.1 through 3.1.12 hereof), wherever
situated, now owned or hereafter acquired by the Grantor,

the whole wherever any of the foregoing Charged Property is or may in the future be located,
whether in possession of the Grantor, in possession of third parties, in transit or otherwise.

3.2 Notwithstanding anything herein to the contrary, if the assignment or creation of a
hypothec in any of the Grantor’s right, title or interest (a) in any intellectual property
constituting Charged Property would constitute or result in the abandonment, invalidation or
rendering unenforceable any right, title or interest of the Grantor therein, or (b) in any licence,
permit, contract or agreement constituting Charged Property to which the Grantor is a party would,
under the terms of such licence, contract or agreement, or otherwise, result in a breach or
termination of the terms of, or constitute a default under or termination of any such licence,
permit, contract or agreement under the terms thereof, the hypothec created hereby on any such
intellectual property, licence, permit, contract or agreement shall be under the suspensive
condition of the ineffectiveness, lapse or termination of any such provision or condition which
would cause the results indicated in clause (a) or (b). Upon such ineffectiveness, lapse or
termination, the hypothec created under this Deed shall apply to the applicable intellectual
property, licence, permit, contract or agreement without regard to this section and without the
necessity of any further act or assurance to effect the hypothecation thereof.

	 	4.	 	COLLECTION OF CLAIMS

4.1 Notwithstanding the hypothecation of the Claims and the Insurance Claims created hereby in
favour of the Trustee (as well as any publications, registrations and/or significations perfecting
same), the Trustee, subject to the provisions hereof, hereby authorizes the Grantor to collect the
Claims and the Insurance Claims as they fall due. Upon the occurrence of an Event of Default and
as long as same is continuing, all amounts collected or received by the Grantor in respect of the
Claims and the Insurance Claims (after the Trustee has withdrawn the authorization of the Grantor
to collect the Claims and the Insurance Claims) will be deemed to have been collected or received
by the Grantor as mandatary of and in trust for the Trustee and will be remitted immediately to the
Trustee in identical form as received, duly endorsed in blank, or deposited into such bank accounts
as are acceptable from time to time to the Trustee.

4.2 The Trustee may, upon occurrence of an Event of Default and for as long as same is continuing,
withdraw the authorization of the Grantor to collect the Claims and Insurance Claims, whereupon all
Claims and Insurance Claims thenceforth falling due shall be paid by the lessees and/or payers
thereof solely to the Trustee and not to any other person(s) (including, without limitation the
Grantor) whatsoever, the Trustee being the sole person authorized and entitled to grant discharge
thereof.

4.3 Upon the occurrence of an Event of Default and (i) after the exercise of a hypothecary recourse
and surrender of the Charged Property or (ii) the withdrawal of the authorization of the Grantor to
collect the Claims and Insurance Claims:

4.3.1 The Trustee shall be entitled to give good and sufficient discharge for all
Claims and Insurance Claims collected by it, but the Trustee shall not be liable for
any loss or damage resulting from non-collection thereof, any irregularity in the
payment thereof or any failure to inform the Grantor of such non-collection or
irregularity;

4.3.2 The Trustee shall hold any proceeds received by the Trustee, in a separate
account to be applied by the Trustee for any of the following purposes, namely:

	 	i)	 	The maintenance, operation and administration of the
Charged Property, the amount charged against such maintenance, operation
or administration to include the usual charges of independent property
managers for such services as well as reasonable compensation for any
professional or agent engaged by the Trustee for the maintenance,
operation and administration of the Charged Property and/or collection of
the Claims and the Insurance Claims, provided there is no duplication in
charges to independent property managers and compensation to professionals
or agents engaged by the Trustee; and

	 	ii)	 	The payment or reduction of the whole or any portion
of the Obligations then due, whether principal, interest or any compound
interest thereon, as the Trustee, in its sole discretion, deems
appropriate.

4.4 Neither the receipt nor the application of any Claims or any Insurance Claims by the Trustee
shall reduce, novate or otherwise affect the hypothecs, security and rights hereby created in
favour of the Trustee, all of which shall remain in full force and effect for the full amount
thereof unless reduced or discharged in writing by the Trustee.

4.5 In the event that the Trustee becomes entitled, pursuant to Clause 4.2 hereof, to collect the
Claims and Insurance Claims:

4.5.1 the Trustee will be the only party authorized and entitled to collect,
dispose of and deal with the Claims or the Insurance Claims (as the case may be);

4.5.2 the Trustee will have the right to collect, dispose of and deal with the Claims
or the Insurance Claims (as the case may be) as it may deem expedient including,
without limiting the generality of the foregoing, to demand, sue for, enforce, recover
and receive payment of the Claims or the Insurance Claims (as the case may be) and to
compound, compromise, grant extensions, take and give up securities, accept
compositions and grant releases and discharges with respect thereto, the whole without
notice to the Grantor and without any liability for any loss resulting therefrom;

4.5.3 actions to enforce rights with respect to the Claims or the Insurance Claims (as
the case may be) may be instituted by the Trustee, at its discretion, in its own name,
in the name of the Grantor, or in the name of the Trustee and the Grantor jointly;

4.5.4 the Trustee will not be obliged to inform the Grantor of any irregularity in the
payment of any of the Claims or the Insurance Claims (as the case may be); and,

4.5.5 the Trustee shall be entitled to apply such collections towards
the payment or reduction of the whole or any portion of the Obligations, whether
principal, interest or any compound interest thereon, as the Trustee, in
its discretion, deems appropriate, the whole whether or not a Default shall have
occurred.

	 	5.	 	INSURANCE

5.1 As additional security for the payment of the Obligations and performance of the Grantor’s
other obligations hereunder, the Grantor shall insure and keep insured all of the Charged Property.

5.2 At least ten (10) days prior to the expiry or cancellation of any Insurance, the Grantor shall
deliver to the Trustee evidence of renewal or replacement thereof.

5.2.1 Should the Grantor fail to insure and keep insured the corporeal property
hypothecated hereby or renew or replace the Insurance as herein required, the Trustee
may, subject to providing prior written notice to the Grantor, insure and keep insured
the corporeal property hypothecated hereby and/or renew or replace any such Insurance,
in which case the Grantor shall pay to the Trustee, upon the Trustee’s demand all sums
expended by the Trustee in effecting any of the foregoing together with interest
thereon at the same interest rate as the highest interest rate payable by under the
Notes, calculated from the respective dates of payment thereof by the Trustee.

5.2.2 In the event of any material loss of or damage to the corporeal property
hypothecated hereby:

	 	i)	 	the Grantor shall immediately notify the Trustee as to the details
thereof; and

	 	ii)	 	all Insurance Claims may be paid to and collected by the Grantor, save
and except where Insurance Claims are payable at a time when there has occurred and
there is continuing an Event of Default, in which case, such amounts are to be paid
to and collected by the Trustee; the Grantor hereby acknowledging that any Insurance
Claims received by it in such instances shall be deemed to be held in trust for and
on behalf of the Trustee.

	 	6.	 	COVENANTS, REPRESENTATIONS AND WARRANTIES

6.1 The Grantor covenants, represents and warrants as follows:

6.1.1 The Grantor will maintain the Charged Property in good repair and prevent any use
thereof which might materially diminish the value thereof or the Trustee’s hypothec
thereon, and from time to time at the request of the Trustee give the Trustee’s
officers, employees and agents access thereto for the purpose of inspection during
normal business hours;

6.1.2 The Grantor will perform, observe and comply with all obligations, terms,
conditions and covenants provided under the Securities Purchase Agreement, the Notes
and the other Transaction Documents;

6.1.3 The Grantor will not, other than in the ordinary course of business, sell or
otherwise dispose of any of the Charged Property without the prior written consent of
the Trustee, which consent will not be unreasonably withheld;

6.1.4 The Grantor is and shall be the sole and absolute owner of the Charged Property
by good and valid title free and clear of all Adverse Encumbrances, save and except for
the following:

	 	a)	 	Liens in favour of lessors under leases, Liens in favour of vendors
under conditional sale agreements and Liens in favour of other Persons
holding Liens on specific moveable property of the Grantor in order to
secure the financing or the acquisition of such specific property by the
Grantor, including but without limitation, Liens charging specific motor
vehicles or equipment;

	 	b)	 	Movable hypothec on claims granted in favour of the
Canadian Imperial Bank of Commerce in the principal amount of
$1,495,000.00 plus interest at the rate of 25% per annum, registered at
the RDPRM on December 22, 1999 under number 99-0228926-0001, which Lien is
to be discharged and radiated forthwith upon the purchase of the Notes by
the Buyers;

	 	c)	 	Movable hypothec in favour of Timex Realty Corp. on
the universality of movable property located at 5897 chemin St. François,
St. Laurent, Quebec H4S 1B6 in the principal amount of $47,500.00
registered at the RDPRM on January 14, 2003 under number 03-0016143-0006;

	 	d)	 	Movable hypothec on a universality of movable
property including inventory, claims, equipment, insurance proceeds,
intellectual property, documents of title, motor vehicles granted in
favour of Canadian Imperial Bank of Commerce in the principal amount of
$4,600,000.00 plus interest at the rate of 25% per annum, registered at
the RDPRM on July 21, 1998 under number 98-0091614-0001, which Lien is to
be discharged and radiated forthwith upon the purchase of the Notes by the
Buyers; and

	 	e)	 	Movable hypothec in favour of Société Immobilière
Technologique de Montréal Inc. on a universality of movable property
located at 2300 rue Alfred Nobel, St. Laurent, Quebec in the principal
amount of $600,000.00 (reduced to $240,000.00 July 31, 2002) registered at
the RDPRM on July 8, 1997 under number 97-0082706-0001.

6.1.5 The Trustee shall be notified in writing of any change in the Grantor’s head
office as well as in respect of any change in and to the nature of any enterprise
carried on by the Grantor, within thirty (30) days of any such change;

6.1.6 The Grantor holds no shares in the capital stock of, or any other equity interest
in, any corporation or company other than the Existing Subsidiaries;

6.1.7 Neither of the Existing Subsidiaries operates any active business nor holds any
assets of any kind or nature;

6.1.8 The Grantor will not acquire or create any new subsidiaries or transfer any
assets of any kind or nature to either of the Existing Subsidiaries or to any new
subsidiary unless, concurrently with any such transactions, the Grantor has caused such
Existing Subsidiary or such new subsidiary to grant a security interest and/or hypothec
in favour of the Trustee, in form and substance satisfactory to the Trustee, pursuant
to which a security interest and/or hypothec has been created and granted in conformity
with all relevant jurisdictions;

6.1.9 The Grantor will not amend or otherwise alter any of the terms or conditions of
either of the leases relating to the Leased Premises where same would result in the
increase of any of the obligations of the Grantor due under either of said leases; and

6.1.10 The aggregate amount of the prior-ranking hypothecs granted by the Grantor in
favour of the landlords of the Leased Premises as security for the Grantor’s
obligations thereunder shall not at any time exceed the aggregate sum of $647,500.00.

	 	7.	 	EVENTS OF DEFAULT

	 	 	 	 	 	 	 
	7.1	 	Each of the following events constitutes a “Default” hereunder:
	 
	 	 	 	 	 	 
	
 
	 	 	7.1.1	 	 	The occurrence of any Event of Default; and

7.1.2 The failure by the Grantor to comply with any of the provisions of this Deed
within fifteen (15) consecutive Trading Days after written notice to the Grantor
specifying the nature of such failure.

	 	8.	 	REMEDIES IN CASE OF DEFAULT

8.1 Upon the occurrence of any Default which is continuing, the Trustee, by notice to the Grantor,
may declare all of the Obligations (including all accrued and unpaid interest and fees hereunder)
to be immediately due and payable whereupon all of the Obligations shall immediately become and be
due and payable and the hypothecary rights, security interests and all other rights granted
hereunder in favour of the Trustee shall immediately become enforceable without further demand or
other notice of any kind (other than as may be strictly required by law) of demand or notice (other
than as may be strictly required by law) failing which, in addition to all hypothecary rights and
other remedies and recourses presently or in the future available under law:

8.1.1 The Trustee may immediately take proceedings for the recovery of all or any
portion of the Obligations; and

8.1.2 Upon demand by the Trustee, the Grantor will surrender and abandon the Charged
Property, or the part thereof specified by the Trustee, to the Trustee or such person
as may be designated by the Trustee, or will consent in writing to turn such property
over to the Trustee or such person as may be designated by the Trustee at the time and
place specified by the Trustee.

8.2 In the event that the Trustee obtains the surrender of the whole or any portion of the Charged
Property and until such time as such Charged Property is restored to the Grantor or, as regards any
portion thereof, the Trustee has concluded a recourse by way of taking in payment, sale by the
creditor, sale under judicial authority or otherwise, or in the event that the Trustee collects any
Claims, then, notwithstanding any provision of law to the contrary which may apply as a result of
the Trustee having acquired or being deemed to have acquired simple, full or any other
administration of the whole or any portion of the Charged Property:

	 	(a)	 	The Trustee will be entitled to generally delegate the whole or any part
of the administration of any Charged Property (including without limitation, the
exercise of all discretionary powers) to such person(s) as the Trustee may designate
or re-designate in the Trustee’s sole discretion (any such person being herein
referred to as an “Administrator”);

	 	(b)	 	The Trustee and any Administrator will be entitled to reimbursement of
all reasonable costs and expenses (including, without limitation, all reasonable
costs, expenses and fees incurred by any attorneys or other persons engaged by the
Trustee or the Administrator acting reasonably in order to assist in such
administration, or any matter pertaining thereto), as well as all reasonable fees of
the Trustee and the Administrator incurred in such administration, all of which may
be charged by the Trustee against any fruits, revenues or proceeds of alienation of
the whole or any portion of the Charged Property;

	 	(c)	 	The Trustee or the Administrator shall be entitled, under any
circumstances and in such manner as the Trustee or the Administrator deems, in their
respective discretion, appropriate, to alienate such Charged Property by onerous
title;

	 	(d)	 	The Trustee will be entitled to acquire the whole or any portion of any
Charged Property alienated by onerous title in the course of any administration
thereof;

	 	(e)	 	In the event that the Trustee or the Administrator acquire full
administration of any Charged Property, neither the Trustee nor the Administrator
will be under any obligation whatsoever to make such Charged Property productive,
increase such Charged Property or the value thereof or appropriate such Charged
Property to any purpose other than payment of the Obligations;

	 	(f)	 	The Trustee and the Administrator will be entitled to use for their own
benefits any information which either of them may obtain by reason of their
administration of the whole or any portion of the Charged Property provided such
information is not used in a manner which causes a prejudice or damage to the
Grantor;

	 	(g)	 	The Trustee and the Administrator will be entitled, whether or not for
value, to renounce to any right affecting, benefiting, pertaining to and/or forming
part of any Charged Property administered by either of them;

	 	(h)	 	Neither the Trustee nor the Administrator will be obliged, in any manner
whatsoever, to prepare any inventory of any Charged Property, insure any Charged
Property (other than as a “bon père de famille”) or give any security for any
Charged property or their administration thereof. Should the Trustee or the
Administrator, in their discretion, insure the whole or any portion of any Charged
Property, the reasonable costs and expenses of any insurance shall form part of the
costs and expenses referred to in paragraph (b) hereof ;

	 	(i)	 	The Trustee and the Administrator may change the destination of the whole
or any portion of any Charged Property under their administration and will not be
bound to continue the use or operation of any Charged Property under their
administration which produces fruits or revenues unless required by law or contract
to do so;

	 	(j)	 	Notwithstanding any provisions of law to the contrary, the Trustee and
the Administrator will only be obliged to render an account to the Grantor upon the
written request of the Grantor and once the Trustee or Administrator have
determined, to their satisfaction, the details of such account.

8.3 In the event that the Trustee exercises its right to become the absolute owner of the Charged
Property or any part thereof, the Grantor, concurrently with surrender or at any time thereafter at
the request of the Trustee, will sign a voluntary Deed providing for the to take in payment the
Charged Property or any part thereof. In the event that the Grantor requires the Trustee to sell
any such Charged Property, the Grantor acknowledges that the Trustee will not be required to
abandon its recourse of taking in payment unless, before the expiration of the delay to surrender,
the Trustee: (i) shall have been furnished with security guaranteeing that the Charged Property in
question will be sold at a sufficiently high price for the Trustee to be paid the amounts secured
hereunder in full; (ii) shall have been reimbursed the costs which it has incurred; and (iii)
shall have been advanced all amounts necessary for the sale of the Charged Property in question.

All expenditures and improvements made by any holder of the Charged Property and all payments
made on account of the Obligations and the accessories thereof will belong to the Trustee without
return or compensation. The Trustee will not be obliged to compensate or indemnify the Grantor or
any other person for any cause whatsoever.

8.4 In the event that the Trustee exercises its right to sell the whole or any portion of the
Charged Property by judicial authority or pursuant to a sale by the creditors, the following will
apply:

	 	(a)	 	Such Charged Property may be sold subject to and upon such terms and conditions (including,
without limitation, terms extending credit) by way of one (1) or more sales by private
agreement, call for tenders or public auction or combinations thereof as the Trustee or the
Administrator see fit and the Trustee or the Administrator may, at any time, change or
substitute any method of sale for any other method of sale of such Charged Property; and

	 	(b)	 	Notwithstanding any provision of law to the contrary, in any call for tenders, the Trustee or
Administrator will not be obliged to accept the highest offer or any offer and, in the event
that no offer is accepted, may proceed to sell such Charged Property by any other method.

	 	9.	 	REMEDIES CUMULATIVE

9.1 The different recourses of the Trustee hereunder are cumulative and not alternative. The
rights and remedies of the Trustee hereunder are in addition to every other right and remedy now or
hereafter existing in favour of the Trustee, whether by law or otherwise.

	 	10.	 	WAIVERS

10.1 No delay or failure on the part of the Trustee in exercising any right or remedy hereunder
shall affect such right or remedy, nor shall any single or partial exercise hereof preclude any
further exercise thereof or the exercise of any other right or remedy. Any waiver by the Trustee
of any of its rights or remedies hereunder will be valid only if express and in writing. No waiver
shall be deemed to be or constitute a waiver of any other rights or remedies of the Trustee. In no
event will the Trustee’s acceptance, after the full payment of the Obligations may have become due
and payable, of any partial payment, be deemed to alter or affect the Trustee’s rights with respect
to any subsequent payment or default thereon. Moreover, should the Trustee grant or tolerate any
extension or delay for payment or performance of any obligations of the Grantor, such extension,
delay, indulgence or tolerance will not be deemed an acquiescence by the Trustee in such default or
waiver of any of the Trustee’s rights and remedies hereunder or in respect of any future default.

10.2 To the extent necessary or useful, the parties hereto expressly waive the application of
Section 32 of the Act Respecting the Special Powers of Legal Persons (R.S.Q., c.P16) and of
Articles 1310 and 2147 of the Civil Code of Quebec.

	 	11.	 	NATURE OF INDEBTEDNESS AND SECURITY

11.1 Nothing contained in this Deed will be deemed to derogate from or alter the terms or
conditions of any of the Obligations.

11.2 The security hereby granted secures and will continue to secure the Obligations on a
continuing and fluctuating basis and is and will be valid notwithstanding that the whole or any
portion of the prestations in consideration of which the Grantor has undertaken its obligations
towards the Trustee have not yet been received and notwithstanding that the whole or any portion of
the Obligations may not yet exist. With respect to any future Obligation secured hereby, the
Grantor shall be deemed to have obligated itself again as contemplated by Article 2797 of the Civil
Code of Quebec.

11.3 The security hereby granted will remain in full force and effect for the full Hypothec Amount
until such time as an express written discharge is executed by the Trustee and delivered to the
Grantor. The hypothecs, security and rights hereby created in favour of the Trustee will not be
extinguished, reduced, novated or otherwise affected by any payments made to or amounts received by
the Trustee, directly or indirectly, from the Grantor or any other party or as a result of any
insurance indemnities arising from loss or damage to any of the Charged Property or by reason of
the collection of any Claims.

	 	12.	 	NATURE OF OBLIGATIONS

12.1 Every obligation of the Grantor hereunder is and will remain indivisible and the performance
thereof in its entirety may be claimed from any and each of the successors of the Grantor.

	 	13.	 	OTHER SECURITY

13.1 The security created hereunder is in addition to and not in substitution for nor deemed to be
substituted by any other security now or hereafter held by or for the benefit of the Trustee and
shall not be diminished or novated or otherwise affected by any other security or any promissory
note or other evidence of indebtedness which the Trustee or any party for the benefit of the
Trustee may have or obtain from the Grantor or any other person, nor shall any other security or
note or evidence of indebtedness be diminished or novated or otherwise affected hereby.

	 	14.	 	POWERS AND DUTIES OF THE TRUSTEE

14.1 The Trustee is the holder of the hypothecs and rights created hereunder as the beneficiary of
all rights hereby conferred to the Trustee, as the Fondé de Pouvoir and as the agent for and on
behalf of the Noteholders. The Trustee may do any act or execute and deliver any document
necessary to the exercise of its duties hereunder.

14.2 The Trustee shall have the right to proceed in its name as Fondé de Pouvoir hereunder in the
enforcement of the security hereby constituted by any remedy available at law. The Trustee may
exercise all of its rights hereunder without possession of the Notes and without having to produce
same in support of any judicial proceeding or trial in connection therewith.

14.3 Any Person who becomes a Noteholder will benefit from the designation of the Trustee as the
Fondé de Pouvoir and as the agent for and on behalf of all Noteholders and shall be deemed for the
purposes hereof to have irrevocably authorized the Trustee to exercise its duties hereunder.

14.4 The Trustee will be bound only to exercise reasonable care in the exercise of its rights,
remedies and recourses or the performance of its obligations under this Deed and, in any event, the
Trustee will only be liable for its intentional fault or gross negligence.

14.5 The Trustee may from time to time delegate to any Person, including a Noteholder, the exercise
of any of its rights, remedies and recourses or the performance of any of its obligations under
this Deed, in which case the Trustee may provide to such Person any information in its possession
with respect to the Grantor or the Charged Property. The Trustee shall not in any way be
responsible for any misconduct or default of any such Person.

14.6 This Deed shall be binding upon the Grantor towards the Trustee and any successor or assign
thereof, by way of amalgamation or otherwise.

14.7 No Person dealing with the Trustee or its mandataries shall be required to determine whether
the hypothecs created hereunder have become enforceable or whether the powers which the Trustee is
purporting to exercise have become exercisable.

14.8 The Trustee may proceed in its name to the realization of the hypothecs and other rights
created hereunder in any manner permitted by law.

14.9 The Trustee may at any time resign office upon written notice to the Grantor and the
Noteholders, in which case the Noteholders shall appoint a successor by Instrument of the
Noteholders provided such successor is also a Noteholder. Such resignation is effective thirty
(30) days after the date of the foregoing notice, except if the successor has been designated
before such time, in which case the resignation is effective immediately upon such successor being
appointed. Upon such appointment, the successor shall replace the Trustee as agent for the benefit
of the Noteholders and all of the terms of this Deed relating to the Trustee shall thereafter be
applicable to its successor.

	 	15.	 	NOTICE

15.1 Any notice, request or other communication hereunder to any party hereto in connection with
this Deed shall be in writing and given in accordance with the provisions of the Securities
Purchase Agreement. If the Trustee is unable to locate the Grantor at the address provided in the
Securities Purchase Agreement, then any such notice or demand may be served upon the Grantor at the
Office of the Clerk of the Superior Court, District of Montreal at which office in such event the
Grantor elects domicile for the purpose of this Deed.

	 	16.	 	GOVERNING LAW & JURISDICTION

16.1 This Deed shall be governed by and interpreted in accordance with the laws of the Province of
Quebec. The Grantor expressly submits and consents to the non-exclusive jurisdiction of the
Superior Court, District of Montreal, with respect to any controversy arising out of or relating to
this Deed or any supplement hereto or to any transaction in connection therewith. To the extent,
however, that the laws of any other jurisdiction in which the Charged Property is situated govern
the validity, perfection or enforcement of the security constituted hereunder, the local laws of
such jurisdiction shall govern those issues.

	 	17.	 	INTERPRETATION

17.1 Any word herein contained in the singular number will include the plural; any word importing
any gender will include the masculine, feminine and neuter genders; any word importing a person
will include a corporation, a partnership and any other entity and vice versa. The headings of this
Deed are for convenience of reference only and shall not affect in any manner any of the terms and
conditions hereof or the construction or interpretation of this Deed.

	 	18.	 	OTHER DOCUMENTS

18.1 The Grantor undertakes to perform all acts and enter into all documentation which may be
useful or necessary or required by the Trustee for purposes of giving full force and effect to the
provisions hereof or to perfect the rights of the Trustee hereunder including, without limitation,
the right to recover and collect the Claims and to exercise its hypothecary remedies with respect
thereto in accordance with the provisions hereof.

	 	19.	 	SEVERABILITY

19.1 This Deed shall not be considered as an indivisible whole and every provision of this Deed is
and shall be independent of the other and in the event that any part of this Deed is declared
invalid, illegal or unenforceable, then the remaining terms, clauses and provisions of this Deed
shall not be affected by such declaration and all of the remaining clauses of this Deed shall
remain valid, binding and enforceable.

	 	20.	 	PRECEDENCE

20.1 In the event that any provisions of this Deed contradict or are otherwise incapable of being
construed in conjunction with the provisions of the Securities Purchase Agreement, the Notes or any
of the other Transaction Documents, the following will apply: (a) the provisions of the Securities
Purchase Agreement, the Notes or the relevant Transaction Document (as the case may be) shall take
precedence over those contained in this Deed; and (b) if any act of the Grantor is expressly
permitted under the Securities Purchase Agreement, the Notes or the other Transaction Documents but
is prohibited under this Deed, any such act shall be permitted under the Securities Purchase
Agreement, the Notes or the relevant Transaction Document (as the case may be) and shall be deemed
to be permitted under this Deed; the whole unless as a result thereof the security created hereby
or any of the hypothecary remedies of the Trustee hereunder would be in any way diminished or
invalidated, in which case the provisions of this Deed will govern.

	 	21.	 	ADDITIONAL DESCRIPTIONS OF PROPERTY

21.1 Scheduled Intellectual Property:

A. The following Patents:

1. Optical Detection and Method, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	US
	 	 	6,678,049	 
	 
	 	 	 	 

2. Choice of Wavelengths for Multiwavelength Optical Imaging, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	PCT
	 	pending

	 
	 	 	 	 
	US
	 	 	6,694,159	 
	 
	 	 	 	 
	US
	 	pending

	 
	 	 	 	 
	EP
	 	pending

	 
	 	 	 	 
	HK
	 	pending

	 
	 	 	 	 

3. Scanning module for imaging through scattering media, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	US
	 	 	6,332,093	 
	 
	 	 	 	 

4. Method and apparatus for detecting malignancies in living tissue, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	CA
	 	 	2,163,914	 
	 
	 	 	 	 
	US
	 	 	5,808,304	 
	 
	 	 	 	 

5. Dual spatial integration for depth discrimination of heterogeneities in turbid media,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	CA
	 	2,296,929 (pending in exam)
	 
	 	 	 	 
	EP
	 	pending

	 
	 	 	 	 
	JP
	 	pending

	 
	 	 	 	 
	SG
	 	 	82365	 
	 
	 	 	 	 
	US
	 	 	6,415,172	 
	 
	 	 	 	 

6. Optical imaging through scattering imaging: fit to an inhomogeneous diffusion model for
differentiation, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	CA
	 	 	2,249,099	 
	 
	 	 	 	 
	EP
	 	 	98946189.2	 
	 
	 	 	 	 
	US
	 	 	6,148,226	 
	 
	 	 	 	 

7. Multi-wavelength imaging of highly turbid media, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	CA
	 	 	2,453,585	 
	 
	 	 	 	 
	CN
	 	pending

	 
	 	 	 	 
	EP
	 	pending

	 
	 	 	 	 
	JP
	 	pending

	 
	 	 	 	 
	US
	 	pending

	 
	 	 	 	 

8. N-time gate Data-type for TPSF imaging, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	EP
	 	 	02750684.9	 
	 
	 	 	 	 
	US
	 	pending

	 
	 	 	 	 

9. Simultaneous multiwavelength TPSF-based optical imaging, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	CA
	 	 	2,453,644	 
	 
	 	 	 	 
	CN
	 	pending

	 
	 	 	 	 
	EP
	 	pending

	 
	 	 	 	 
	JP
	 	pending

	 
	 	 	 	 
	US
	 	pending

	 
	 	 	 	 

10. Continuous wave optical imaging assuming a scatter law, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	US

	 	pending
	 

	 	 
	 
	 	 
	WO

	 	CA2004/000297 (pending)
	 

	 	 

11. Method and apparatus for time resolved optical imaging of biological tissue as part of
animals, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	AU

	 	pending
	 

	 	 
	 
	 	 
	CA

	 	pending
	 

	 	 
	 
	 	 
	CN

	 	pending
	 

	 	 
	 
	 	 
	EP

	 	pending
	 

	 	 
	 
	 	 
	JP

	 	pending
	 

	 	 
	 
	 	 
	IN

	 	pending
	 

	 	 
	 
	 	 
	US

	 	pending
	 

	 	 

12. Method and apparatus for positioning a patient on a table for a medical procedure on a
breast, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	US
	 	 	6883194	 
	 
	 	 	 	 

13. Method and Apparatus for Optical Imaging, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	US

	 	pending
	 

	 	 

14. Method and apparatus for positioning the arm of a patient while on a table for a
medical procedure on a breast, registered as follows:

	 	 	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	US
	 	 	6886198	 
	 
	 	 	 	 

15. Table for positioning a patient for a procedure on a breast, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	US

	 	allowed
	 

	 	 

16. Method and apparatus for combining continuous wave and time domain optical imaging,
registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	US

	 	pending
	 

	 	 
	 
	 	 
	WO

	 	CA2004/000365 (pending)
	 

	 	 

17. Method & Apparatus for Selecting Regions of Interest in Optical Imaging, registered as
follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	AU

	 	pending
	 

	 	 
	 
	 	 
	CA

	 	pending
	 

	 	 
	 
	 	 
	CN

	 	pending
	 

	 	 
	 
	 	 
	EP

	 	pending
	 

	 	 
	 
	 	 
	JP

	 	pending
	 

	 	 
	 
	 	 
	IN

	 	pending
	 

	 	 
	 
	 	 
	US

	 	pending
	 

	 	 

18. A time domain optical fluorescence method to improve estimation of fluorophore depth
and concentration, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	WO

	 	PCT/IB2004/003559 (pending)
	 

	 	 

19. Method for determining optical properties of turbid media, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	USPR

	 	pending
	 

	 	 

20. Method for selecting wavelengths for optical data acquisition, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	USPR

	 	pending
	 

	 	 

21. Method for Fluorescence Tomographic Imaging, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	USPR

	 	pending
	 

	 	 

22. Optical Imaging Method for Tissue Characterization, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	USPR

	 	pending
	 

	 	 

23. Method for improving fluorescence image contrast, registered as follows:

	 	 	 
	COUNTRY	 	REGISTRATION/APPLICATION NUMBER
	USPR

	 	pending
	 

	 	 

B. The following Trademarks:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Registration Date
	 	 	 	 	Application Date	 	and Number (if
	Trade-mark	 	Country	 	and Number	 	applicable)
	
 
	 	CANADA

	 	08/08/1996

No. 820,062
	 	13/09/1999

No. TMA516,214
	
 
	 	 	 	 
	 	

	 
	 	 	 	 	 	 
	OPTIX

	 	CANADA
	 	16/11/2003

No. 1,196,174
	 	

	 

	 	 
	 	 
	 	

	 
	 	 	 	 	 	 
	SAMI

	 	CANADA
	 	10/02/2003

No. 1,167,577
	 	

	 

	 	 
	 	 
	 	

	 
	 	 	 	 	 	 
	SOFTSCAN

	 	CANADA
	 	15/04/1998

No. 874,955
	 	05/09/2000

No. TMA532,173
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	
 
	 	CANADA

	 	07/12/2001

No. 1,124,753
	 	16/01/2004

No. TMA599,704
	
 
	 	 	 	 
	 	 
	 
	 	 	 	 	 	 
	SOFTSCAN

	 	CTM
	 	08/07/1998

No. 879,460
	 	12/07/2000

No. 879,460
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	
 
	 	USA

	 	23/09/1996

No. 75/169,800
	 	19/09/2000

No. 2,386,703
	
 
	 	 	 	 
	 	 
	 
	 	 	 	 	 	 
	OPTIX

	 	USA
	 	10/11/2003

No. 76/558,500
	 	

	 

	 	 
	 	

	 	

	 
	 	 	 	 	 	 
	SAMI

	 	USA
	 	12/03/2003

No. 76/496,766
	 	

	 

	 	 
	 	 
	 	

	 
	 	 	 	 	 	 
	SOFTSCAN

	 	USA
	 	14/04/1998

No. 75/468,074
	 	24/09/2002

No. 2,622,551
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	
 
	 	USA

	 	19/03/2002

No. 76/383,328
	 	01/03/2005

No. 2,928,474
	
 
	 	 	 	 
	 	

	 	C.	 	The following rights to Patents under license with third            parties:

1. Examination of Breast Tissue Using Time-Resolved Spectroscopy, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	US
	 	 	5,555,885	 
	 
	 	 	 	 
	WO
	 	 	9502987A3	 
	 
	 	 	 	 
	EP
	 		0708616A1	
	 
	 		 	
	CN
	 		1126945	
	 
	 		 	
	CA
	 	2,167,179 AA
	 
	 		 	

2. Apparatus for Determining the Concentration of a Tissue Pigment of Known Absorbance, In
Vivo, Using the Decay Characteristics of Scattered Electromagnetic Radiation, registered
as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,119,815	 
	 
	 	 	 	 
	JP
	 	 	2690131	 
	 
	 	 	 	 
	U.S.
	 	6,192,260 (continuation of U.S. Pat. 5,119,815)
	 
	 	 	 	 
	PCT
	 	US 94/07984

	 
	 	 	 	 
	CA
	 		2,167,179	
	 
	 		 	
	EP
	 		94923510.5	
	 
	 		 	
	JP
	 		505316/95	
	 
	 		 	
	CN
	 		94192720.2	
	 
	 		 	

3. Localization of Abnormal Breast Tissue Using Time-Resolved Spectroscopy, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,899,865	 
	 
	 	 	 	 

4. Optical Coupler for In Vivo Examination of Biological Tissue, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,596,987	 
	 
	 	 	 	 
	PCT
	 	US95/00235
	 
	 		 	
	CA
	 		2209240	
	 
	 		 	
	CN
	 		96191290.1	
	 
	 		 	
	EP
	 		96902117.9	
	 
	 		 	
	JP
	 		8521248	
	 
	 		 	

5. Optical Coupler for In Vivo Examination of Biological Tissue, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,987,351	 
	 
	 	 	 	 
	WO
	 		9620638A1	
	 
	 		 	
	EP
	 		0808124B1	
	 
	 		 	
	CA
	 	2,209,240 AA
	 
	 		 	

6. Optical Examination Device, System and Method, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,618,614	 
	 
	 	 	 	 
	PCT
	 	US96/11630

	 
	 	 	 	 
	CA
	 	 	2239552	 
	 
	 	 	 	 
	EP
	 	 	96921808.0	 
	 
	 	 	 	 

7. Spectrophotometric Examination of Tissue of Small Dimension, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 		5,402,778	
	 
	 		 	
	PCT
	 	US94/00732
	 
	 		 	
	CA
	 		2154062	
	 
	 		 	
	EP
	 		94906697.1	
	 
	 		 	
	JP
	 		517186/1994	
	 
	 		 	
	CN
	 		94190957.3	
	 
	 		 	

8. Quantitative and Qualitative In Vivo Tissue Examination Using Time Resolved
Spectroscopy, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,386,827	 
	 
	 	 	 	 
	PCT
	 	US94/03518
	 
	 		 	
	CA
	 		2158640	
	 
	 		 	
	EP
	 		94912367.3	
	 
	 		 	
	JP
	 		522359/94	
	 
	 		 	
	CN
	 		94181623.5	
	 
	 		 	
	HK
	 		98116080.0	
	 
	 		 	

9. Time-Resolved Spectroscopic Apparatus and Method Using Streak Camera,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S
	 	 	6,564,076	 
	 
	 	 	 	 

10. Methods and Apparatus for Determining the Concentration of a Tissue Pigment of
Known Absorbance In Vivo, Using the Decay Characteristics of Scattered Electromagnetic
Radiation, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,119,815	 
	 
	 	 	 	 

11. Examination and Imaging of Biological Tissue, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,542,772	 
	 
	 	 	 	 
	U.S.
	 	 	6,058,324	 
	 
	 	 	 	 

12. Optical Techniques for Examination of Biological Tissue, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,820,558	 
	 
	 	 	 	 
	WO
	 		9616596 A1	
	 
	 		 	
	EP
	 		0796057A4	
	 
	 		 	
	CA
	 	2,209,240 AA
	 
	 		 	

13. Optical Techniques for Examination of Biological Tissue, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,673,701	 
	 
	 	 	 	 
	WO
	 		9616596A1	
	 
	 		 	
	CA
	 		2,206,591	
	 
	 		 	
	EP
	 		0796057A1	
	 
	 		 	

14. System for Tissue Examination Using Directional Optical Radiation,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,664,574	 
	 
	 	 	 	 

15. Transcranial Examination of the Brain, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,785,568	 
	 
	 	 	 	 

16. Phase Modulation Spectrophotometric Apparatus, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,708,048	 
	 
	 	 	 	 

17. Time-Resolved Spectroscopic Apparatus and Method Using Streak Camera,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,564,076	 
	 
	 	 	 	 

18. Spectrophotometer for Tissue Examination, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,549,795	 
	 
	 	 	 	 

19. Transcranial In Vivo Examination of Brain Tissue, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,526,309	 
	 
	 	 	 	 

20. Examination of Biological Tissue by Monitoring One or More Solutes, registered
as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,493,565	 
	 
	 	 	 	 

21. Non-invasive Imaging of Biological Tissue, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,397,099	 
	 
	 	 	 	 
	WO
	 		9810698A1	
	 
	 		 	
	EP
	 		926981A1	
	 
	 		 	
	AU
	 		4349097A1	
	 
	 		 	

22. Systems and Methods for Imaging Fluorophores, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S
	 	 	6,304,771	 
	 
	 	 	 	 

23. Examination of a Biological Tissue Using Photon Migration Between a Plurality
of Input and Detection Locations, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,272,367	 
	 
	 	 	 	 

24. Quantitative Analyses of Biological Tissue Using Phase Modulation Spectroscopy,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,263,221	 
	 
	 	 	 	 

25. Phase Modulation Spectroscopy, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S
	 	 	6,246,892	 
	 
	 	 	 	 

26. Methods and Apparatus for Examining Tissue In Vivo Using the Decay
Characteristics of Scattered Electromagnetic Radiation, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,192,260	 
	 
	 	 	 	 

27. Spectrophotometers with Catheters for Measuring Internal Tissue, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,134,460	 
	 
	 	 	 	 

28. Lateralization Spectrophotometer, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,873,821	 
	 
	 	 	 	 
	CA
	 	 	2,103,166	 
	 
	 	 	 	 

29. Detection of Brain Hematoma, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,954,053	 
	 
	 	 	 	 

30. Optical System and Method for Non-Invasive Imaging of Biological Tissue,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,853,370	 
	 
	 	 	 	 

31. Imaging of Biological Tissue Using Photon Migration with High Directionality
techniques, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,807,263	 
	 
	 	 	 	 

32. Optical Probe for Non-Invasive Monitoring of Neural Activity, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,792,051	 
	 
	 	 	 	 

33. Monitoring one or more solutes in a Biological System Using Optical Techniques,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,782,755	 
	 
	 	 	 	 
	WO
	 	 	9616592A1	 
	 
	 	 	 	 
	EP
	 	 	0797404A4	 
	 
	 	 	 	 
	CA
	 	 	2,206,580	 
	 
	 	 	 	 

34. Spectrophotometer for Measuring the Metabolic Condition of a Subject,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,779,631	 
	 
	 	 	 	 

35. Examination of Biological Tissue Using Frequency Domain Spectroscopy,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,553,614	 
	 
	 	 	 	 

36. Examination of Subjects Using Photon Migration with High Directionality
Techniques, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,353,799	 
	 
	 	 	 	 
	WO
	 	 	9325145A1	 
	 
	 	 	 	 
	SG
	 	 	0043103A1	 
	 
	 	 	 	 
	EP
	 	 	0647120B1	 
	 
	 	 	 	 

37. Phase Modulated Spectrophotometry, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,122,974	 
	 
	 	 	 	 
	WO
	 	 	9009003A1	 
	 
	 	 	 	 
	KR
	 	 	0145114B1	 
	 
	 	 	 	 
	EP
	 	 	0456637	 
	 
	 	 	 	 
	CA
	 	 	2,007,776	 
	 
	 	 	 	 
	US
	 	 	4,972,331	 
	 
	 	 	 	 

38. Phase Modulation Spectroscopic System, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,187,672	 
	 
	 	 	 	 

39. User-Wearable Hemoglobinometer for Measuring the Metabolic Condition of a
Subject, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,167,230	 
	 
	 	 	 	 

40. Method and Device for In Vivo Diagnosis Detecting IP Emission by Body Organ,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,062,428	 
	 
	 	 	 	 

41. Transabdominal Examination, Monitoring and Imaging of Tissue, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	WO
	 	 	9940842A1	 
	 
	 	 	 	 
	U.S.
	 	 	20050038344A1	 
	 
	 	 	 	 
	EP
	 	 	1054620A4	 
	 
	 	 	 	 
	CA
	 	 	2,319,458	 
	 
	 	 	 	 

42. Imaging and Characterization of Brain Tissue, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	WO
	 	 	9940841A1	 
	 
	 	 	 	 
	EP
	 	 	1054619A1	 
	 
	 	 	 	 
	CA
	 	 	2,319,456	 
	 
	 	 	 	 

43. Detection, Imaging and Characterization of Breast Tumors, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	WO
	 	 	9940840A1	 
	 
	 	 	 	 
	EP
	 	 	1054618A1	 
	 
	 	 	 	 
	CA
	 	 	2,319,454	 
	 
	 	 	 	 

44. Hemoglobinometers and the Like for Measuring the Metabolic Condition of a
Subject, registered as follows:

	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	WO

	 	9220273A3
	 

	 	 
	 
	 	 
	HK

	 	1014352A1
	 

	 	 
	 
	 	 
	EP

	 	0591289B1
	 

	 	 

45. Time and Frequency Domain Spectroscopy Determining Hypoxia, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	WO
	 	 	9213598A1	 
	 
	 	 	 	 
	HK
	 	 	1014645A1	 
	 
	 	 	 	 
	EP
	 	 	0568628	 
	 
	 	 	 	 

46. Fluorometry Method and Apparatus Using a Semiconductor Laser Diode as a Light
Source, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,196,709	 
	 
	 	 	 	 

47. Phase Fluorometry Using a Modulated Electroluminescent Lamp as a Light Source,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	US
	 	 	5,281,825	 
	 
	 	 	 	 

48. Determination and Quantification of Saccharides by Luminescence Lifetimes and
Energy Transfer, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,246,867	 
	 
	 	 	 	 
	CA
	 	 	2,087,411	 
	 
	 	 	 	 
	EP
	 	 	0561 053	 
	 
	 	 	 	 
	JP
	 	 	3318019	 
	 
	 	 	 	 

49. Long-Wavelength Fluorescent Probe Compounds for Calcium Ions and their Use in
Radiometrically Measuring Calcium Ion Concentrations, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,409,835	 
	 
	 	 	 	 

50. Apparatus for Multi Dimensional Phase Fluorescence Lifetime Imaging, registered
as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,485,530	 
	 
	 	 	 	 

51. Method and Apparatus for Performing Phase Fluorescence Lifetime Measurements in
Flow Cytometry, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,504,377	 
	 
	 	 	 	 
	PCT
	 	US91/07259

	 
	 	 	 	 

52. Fluorescent Energy Transfer Immunoassay, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,631,169	 
	 
	 	 	 	 
	EP
	 	 	0 552 108	 
	 
	 	 	 	 
	CA
	 	 	2,087,413	 
	 
	 	 	 	 
	JP
	 	 	3325939	 
	 
	 	 	 	 

53. pH and pCO2 Sensing by Luminescent Lifetimes and Energy Transfer,
registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,648,269	 
	 
	 	 	 	 
	CA
	 	 	2,087,412	 
	 
	 	 	 	 
	EP
	 	 	93 4000 89.4	 
	 
	 	 	 	 
	JP
	 	 	006047/1993	 
	 
	 	 	 	 

54. Chemical Sensing by Phase-Modulation Fluorometry, registered as follows:

	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.

	 	08/173,277
	 

	 	 
	 
	 	 
	EP

	 	92 911548.3
	 

	 	 

55. Method for Optically Measuring Chemical Analytes, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,624,847	 
	 
	 	 	 	 

56. Long Lifetime Anisotropy (Polarization) Probes for Clinical Chemistry,
Immunoassays, Affinity Assays and Biomedical Research, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,660,991	 
	 
	 	 	 	 
	AU
	 	 	42797/96	 
	 
	 	 	 	 

57. Method and Apparatus to Perform Trans-Cutaneous Analyte Monitoring, registered
as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,628,310	 
	 
	 	 	 	 

58. Two-Photon and Multi-Photon Measurement of Analytes in Animal and Human Tissues
and Fluids, registered as follow:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	5,759,767	 
	 
	 	 	 	 

59. Metal-Ligand Complexes as Luminescent Probes for DNA Sequencing, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,432,637	 
	 
	 	 	 	 

60. Method and Composition for Detecting the Presence of a Nucleic Acid Sequence in
a Sample, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,200,752	 
	 
	 	 	 	 
	PCT
	 	US99/00781

	 
	 	 	 	 

61. Method and Composition for Characterizing a Sample Containing a Sample Lipid
and an Assay Kit, registered as follows:

	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.

	 	08/990,819
	 

	 	 

62. Water Soluble Luminescent Oxygen Sensor, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,306,661	 
	 
	 	 	 	 
	PCT
	 	US99/2418

	 
	 	 	 	 

63. Advanced Metal-Ligand Complexes for Biophysics, Clinical, and Immunoassay
Applications (or Method of Conducting an Assay of a Sample Containing an Analyte of
Interest), registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,214,628	 
	 
	 	 	 	 
	PCT
	 	US99/00744

	 
	 	 	 	 

64. Water Soluble Luminescence Oxygen Sensor and Method, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,306,661	 
	 
	 	 	 	 

65. Method for Determining a Base Sequence of a Nucleotide Strand, registered as
follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,432,637	 
	 
	 	 	 	 

66. Polarization Based Sensing, registered as follows:

	 	 	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.
	 	 	6,395,556	 
	 
	 	 	 	 

67. Fluorescent Probes for Saccharrides, registered as follows:

	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.

	 	100/448,430
	 

	 	 

68. Anistotropy Based Sensing, registered as follows:

	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.

	 	09/831,635
	 

	 	 

69. Background Suppression in Fluorometry.

70. Long Wavelength Long Lifetime Luminophores, registered as follows:

	 	 	 
	COUNTRY	 	PATENT/APPLICATION NUMBER
	U.S.

	 	10/088,646
	 

	 	 

	 	22.	 	LANGUAGE

22.1 The parties hereby confirm their express wish that this Deed and all related documents be
drawn up in English, but without prejudice to any such documents which may from time to time be
drawn up in French only, or in both English and French.

Les parties confirment leur volonté expresse que le présent acte et tous les documents connexes
soient rédigés en anglais, mais sans préjudice cependant à tous tels documents qui pourront à
l’occasion être rédigés en français seulement, ou à la fois en anglais et en français.

WHEREOF ACTE:

DONE AND PASSED at the City of Montreal, Province of Quebec on the day, month and year hereinabove
first mentioned and of record under the
number     
     of the original Minutes of the undersigned Notary.

AND AFTER HAVING DECLARED TO HAVING COGNIZANCE OF THESE PRESENTS AND HAVING EXEMPTED THE SAID
NOTARY FROM READING THEM OR CAUSING THEM TO BE READ, the parties have signed with and in the
presence of the undersigned Notary.

ART ADVANCED RESEARCH TECHNOLOGIES INC. / ART
RECHERCHES ET TECHNOLOGIES AVANCÉES INC.

Per:      

Jacques Bédard

Chief Financial Officer

Per:      

Sébastien Gignac,

Corporate Secretary

PORTSIDE GROWTH AND OPPORTUNITY FUND

Per:      

Michael Gaon, attorney,

mandatary and representative

     

LAURENT BENHAIM, NOTARY

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]