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  Exhibit 4.8    
    

 
 

  REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS    
    

To
the Board of Directors of 1768248 Ontario Limited: 

        We
have audited the balance sheet of 1768248 Ontario Limited (the "Corporation") as at August 22, 2008. The financial statement is the responsibility of the
Corporation's management. Our responsibility is to express an opinion on this financial statement based on our audit. 

        We
conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether
the financial statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also
includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement presentation. 

        In
our opinion, this financial statement presents fairly, in all material respects, the financial position of the Corporation as at August 22, 2008 in accordance with Canadian
generally accepted accounting principles. 

        The
Corporation is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control
over financial reporting as a basis of designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation's
internal control over financial reporting. Accordingly we express no such opinion. 

        On
August 25, 2008, we reported to the Corporation's Board of Directors on our audit of the Corporation's financial statement as at August 22, 2008, prepared in accordance
with Canadian generally accepted accounting principles but did not include Note 5, subsequent events, and Note 6, reconciliation of the financial statement with United States
generally accepted accounting principles. 

/s/
Deloitte & Touche LLP

Independent Registered Chartered Accountants

Licensed Public Accountants

Toronto, Ontario

August 25, 2008, except as to Notes 5 and 6 which are as of October 8, 2008 

1

 
 
  
  1768248 ONTARIO LIMITED    
    
    BALANCE SHEET    
    
    As at August 22, 2008 (in Canadian dollars)    
    

					
	 
	 	 
	 
	 ASSETS
	 	 	 	 
	 Cash
	 	$	100	 
	 	 	 	 
	 SHAREHOLDER'S EQUITY
	 	 	 	 
	 Common shares (Note 2)
	 	$	100	 
	 	 	 	 
	 Description of the proposed Plan of Arrangement and Contingency (Notes 3 & 4)
	 	 	 	 

2

 

 
  
  1768248 ONTARIO LIMITED    
    
    NOTES TO THE BALANCE SHEET    
    
    As at August 22, 2008 (in Canadian dollars)    
    

 1.     INCORPORATION AND BASIS OF PRESENTATION  

1768248 Ontario
Limited (the "Corporation") was incorporated under the provisions of the Business Corporations Act (Ontario) on May 5, 2008, with one common share issued to the
incorporator for cash consideration of $1.00. On July 25, 2008, the Corporation issued a further 99 common shares for total cash consideration of $99. Other than the issuance of common
shares, and the execution of an arrangement agreement dated August 18, 2008, there have been no other activities and the Corporation will be inactive until the arrangement is completed. The
Corporation was formed to become the ultimate parent in the proposed Plan of Arrangement described below (Note 3). This balance sheet has been prepared in accordance with Canadian generally
accepted accounting principles. 

 2.     SHARE CAPITAL  

						
	 	Authorized

An unlimited number of common shares, voting;

An unlimited number of preferred shares, non-voting, non-participating, issuable in series;

An unlimited number of special voting shares, voting, non-participating.	 	 	 	 
	
 	
 Issued	
 	
 	

 	
 
	 	 	 	 	 
	 	100 common shares	 	 	$100	 
	 	 	 	 	 

 3.     DESCRIPTION OF THE PROPOSED PLAN OF ARRANGEMENT  

On
August 18, 2008, the Board of Trustees of BFI Canada Income Fund (the "Fund") approved a proposed transaction providing for the reorganization of the Fund's income trust structure
into a corporate structure through a Plan of Arrangement (the "Conversion"). If the reorganization is approved by holders (the "Unitholders") of ordinary trust units
(the "Units"), the holder of the Class A Unit and the Ontario Superior Court of Justice, Unitholders will receive, for each Unit held, one common share of the Corporation
(a "Share") on the effective date of the Conversion (the "Effective Date"). The Class A Unit will be redeemed by the Fund for $10.00 in cash, and IESI Corporation will subscribe
for 11,137,744 special voting shares in the capital of the Corporation (the "Special Shares") (representing the number of Units for which the issued and outstanding Participating
Preferred Shares (as defined herein) were exchangeable at the date hereof, subject to any changes as a result of exchanges prior to the effective date of the Conversion) for an aggregate
subscription price of $10.00 in cash. The participating preferred shares of IESI Corporation, a subsidiary of the Fund (the "Participating Preferred Shares") will remain outstanding following
the Conversion but will become exchangeable for Shares, instead of Units, based on the number of Units into which such Participating Preferred Shares are exerciseable on the Effective Date, in
accordance with a securityholders' agreement dated January 21, 2005 between the Fund, 4264126 Canada Limited and IESI Corporation. Since the Conversion does not contemplate a change of
control for accounting purposes, the financial statements of the Corporation will be the continuation of the Fund's financial statements. As a result of the Conversion, the consolidated financial
statements of the Corporation will reflect the assets and liabilities of the Fund at the respective carrying amounts. Any change in the future income tax balance due to a change in tax status will be
charged to income tax expense on the effective date of the exchange. 

 4.     CONTINGENCY  

The
Corporation has agreed to indemnify its directors and officers, to the extent permitted under corporate law, against costs and damages incurred by the directors and officers as a result of
lawsuits or any other judicial, administrative or investigative proceeding in which the directors and officers are sued as a result of their services. The Corporation's directors and officers are
covered by directors' and officers' liability insurance. No amount has been recorded in this financial statement with respect to the indemnification agreements. 

 5.     SUBSEQUENT EVENTS  

Effective
September 19, 2008, the Board of Directors approved a special quarterly dividend payable in four equal amounts of $0.125 per share commencing on March 31, 2009. 

Effective
September 25, 2008, Unitholders voted in favour of the Fund's conversion from an income trust to a corporation. The conversion received approval from the Ontario Superior Court of
Justice on September 30, 2008 and is effective October 1, 2008. In advance of the Corporation's common shares trading on the Toronto Stock Exchange, the Corporation changed its name to
BFI Canada Ltd. Common shares of BFI Canada Ltd. commenced trading on the Toronto Stock Exchange, under the symbol "BFC", on October 2, 2008. Concurrently, trust units of the Fund
have been delisted from the Toronto Stock Exchange and the Fund has submitted an application to cease to be a reporting issuer. 

3

 

1768248 ONTARIO LIMITED 

 NOTES TO THE BALANCE SHEET (Continued) 

 As at August 22, 2008 (in Canadian dollars) 

 5.     SUBSEQUENT EVENTS (Continued) 

Effective
October 1, 2008, the Fund entered into a Fourth Amending Agreement to its Fourth Amended and Restated Credit Agreement and a Sixth Amending Agreement to its Amended and Restated
Revolving Credit and Term Loan Agreement. The amending agreements simply recognize the Fund's structural change and had no impact on the Fund's committed amounts, maturity dates or pricing. 

 6.     RECONCILIATION OF CANADIAN TO UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES  

There
are no material differences between the financial statement prepared in accordance with Canadian generally accepted accounting principles and United States generally accepted accounting
principles as at August 22, 2008. 

4

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Exhibit 4.8

REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS

1768248 ONTARIO LIMITED BALANCE SHEET As at August 22, 2008 (in Canadian dollars)

1768248 ONTARIO LIMITED NOTES TO THE BALANCE SHEET As at August 22, 2008 (in Canadian dollars)exhibit2.htm

     

    
      
        

      

      AGREEMENT

      

      by and
between

      

      Z Trim Holdings,
Inc.,

      (Hereinafter
referred to as "Z Trim" or the
“Company”)

      

      and

      

      John Malinowski
d/b/a M&M Services (collectively hereinafter referred to as "M&M")

      

      WHEREAS, Z Trim has purchased
certain equipment (described in Appendix A, and said equipment hereinafter
referred to as “Equipment”) from M&M, and

      

      WHEREAS, the parties have
agreed that the price of the equipment and installation of such would be
$60,000; and

      

      WHEREAS, Z Trim has an unpaid
balance of $60,000; and

      

      WHEREAS, M&M agrees to
convey title to the equipment free and clear of all liens and to forgive the
unpaid balance of $60,000 (the “Balance”)  in exchange for 6 units,
each consisting of  10,000 shares of the common stock $0.00005 par
value per share of the Company  (the “Common Stock”)  and a
warrant to purchase 15,000 shares of Common Stock at $1.50 per share (the
Warrants and together with the Common Stock the “Units”)  pursuant to
the terms and conditions of the current equity offering of the Company as set
forth in the Private Placement Memorandum and exhibits thereto dated February
11, 2009, attached hereto as Appendix B, with the exception  that
M&M will be provided 15,000 warrants per Unit rather than 10,000 (the
“February 11, 2009 PPM”);

      

      WHEREAS, M&M acknowledges
receipt and review of Z Trim’s convertible debt offering (described in detail in
the Private Placement Memorandum dated March 25, 2009,) (“March 25, 2009, PPM”)
and has chosen the equity offering over the convertible debt
offering;

      

      WHEREAS, John
Malinowski  has acknowledged to the Company that he is an accredited
investor as that term is defined in Rule 502 of Regulation D;

      

      WHEREAS, M&M acknowledges
receipt and review of (a) Z Trim’s Form 10-K for the year ended December 31,
2008, filed with the SEC on April 15, 2009; and (b) Z Trim’s Form 8-Ks filed
with the SEC on April 21, 2009 and March 31, 2009.

      

      NOW THEREFORE,
in consideration of the
foregoing premises which are incorporated into this agreement; the mutual
promises herein made, the covenants and representations herein contained and
other good and valuable consideration the receipt and adequacy of which is
hereby acknowledge,, the Parties  agree as
follows:

      

      

      Investment in February 11,
2009 PPM

      

      M&M
hereby agrees to purchase, and Z Trim agrees to allow M&M to
purchase  6 Units in accordance  (other than with respect to
the number of Warrants as herein specified) with the terms of the offering and
related exhibits set forth in the February 11, 2009 PPM and to apply the Balance
in consideration thereof.

      

      
        	
                 
      

              	
                Delivery of Shares and
      Warrants

              

      

      
        	
                 
      

              	
                The
      Company agrees to deliver certificates representing the shares
      of  the Common Stock  and Warrants comprising the
      Units, promptly, after execution and delivery of this agreement by M &
      M .

              

      

      

      

      Release and Hold
Harmless.

      

      In
exchange for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged,  M&M hereby conveys good and
valuable title to the Equipment, free and clear of all liens and encumbrances
and releases, agrees to hold harmless and indemnify Z Trim and any customer of Z
Trim who purchases the Equipment, from any claim of M&M and/or any third
party with respect to ownership, title, debt or secured interest relating to the
Equipment that may arise in connection with, or prior to, Z Trim’s ownership,
possession, use or sale of the Equipment.

      

      M&M
further agrees that upon execution of this agreement by the parties the Balance
owed by Z Trim shall be deemed paid in full.

      .

      

      

      Requirement of Written
Form.

      

      Any
changes and/or amendments of this Agreement shall be valid only when made in
writing and signed by both Parties hereto.  This Agreement may not be
changed or amended by implied consent.

      

      Notices.

      

      Any
notice, communication or document to be made or delivered by one Party to
another pursuant to this Agreement shall (unless that other Party has by fifteen
days' written notice specified another address) be made or delivered to that
other Party at the address or facsimile as follows:

      

      If to Z
Trim, to:

      

      Chief Financial Officer

      Z Trim Holdings, Inc.

      1011 Campus Drive

      Mundelein, Illinois 60060

      

      If to
M&M, to:

      

      M&M
Services

      3 N. 280
Morningside Ave.

      West
Chicago, Illinois 60185

      

      

      Notices
shall be deemed to have been made or delivered when received (in the case of any
communication made byfacsimile or e-mail) or (in the case of any communication
made by letter) when left at that address or(as the case may be) three days
after being deposited in the post postage prepaid in an envelope addressed to it
at that address, provided, such delivery is performed during usual business
hours of the receiving Party. Otherwise delivery is deemed to be performed on
the following business day.

      

      Unless
notice is given by registered mail or against return receipt, the notifying
Party bears the

      burden of
proof that a notice was received by the other Party.

      

      Waiver

      

      Failure
by either party to insist upon strict compliance with any of the terms,
covenants or conditions hereof shall not be deemed a waiver of such terms,
covenants or conditions, nor shall any waiver or relinquishment of any right or
power hereunder at any one or more times be deemed a waiver or relinquishment of
such right or power at any other time or times.

      

      Severability.

      

      In the
event that any of the terms or provisions of this Agreement is determined to be
illegal or in conflict with regulations or rulings of authorities, governmental
or otherwise unenforceable, or if any provision or term of this Agreement shall
become illegal and/or unenforceable at any time hereafter, then all other
provisions of this Agreement shall be severable and shall
remain valid, binding and enforceable in accordance with their
terms.

      

      

      Force
Majeure.

      

      Non-performance
of either Party shall be excused to the extent that performance is
renderedimpossible by strike, fire, flood, governmental acts, orders or
restrictions, war, terrorist acts or any other reasonwhere failure to perform is
beyond the control of, and not caused by the negligence of, the non-performing
Party.

      

      

      Choice of Law and
Forum

      

      This
Agreement shall be governed and construed exclusively under the laws of the
State of Illinois without regard for conflict of law principles, in any
action.  Any and all actions brought and/or related to this Agreement
shall be brought exclusively in the state Illinois, including state courts and
federal courts seated in such state.

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                EXECUTION

              

      

      

      Z
Trim:

      

      Z Trim
Holdings, Inc.:

      

      BY.
__________________________________

      

      Title:
_________________________________

      

      Printed:
_______________________________

      

      Date:
_________________________________

      

      

      

      M&M:

      

      M&M
Services:

      

      

      BY.
__________________________________

      

      Title:
_________________________________

      

      Printed:
_______________________________

      

      Date:
_________________________________

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Appendix A

      Description
of equipment

      

      See
attached copies of Invoices:  9058, 9066, 9067, 9068, 9069, 9070,
9071, and blank invoice dated 2/17/09.

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