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</style></head><body lang=3DEN-US link=3Dblue vlink=3Dpurple style=3Dtab-i=
nterval:.5in><div class=3DSection1><div align=3Dcenter><table class=3DMsoN=
ormalTable border=3D0 cellspacing=3D0 cellpadding=3D0 width=3D591 style=3D=
'width:443.45pt;margin-left:.45in;background:#E5D68D;border-collapse:
collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;background-position-x:0%;
background-position-y:
50%;background-attachment:scroll'><tr style=3Dmso-yfti-irow:0;mso-yfti-las=
trow:yes;height:77.25pt><td width=3D591 nowrap valign=3Dtop style=3D'width=
:443.45pt;padding:0in 5.4pt 0in 5.4pt;
height:77.25pt'><h3><span lang=3DEN-CA>The Investment</span></h3><p class=3D=
MsoNormal align=3Dcenter style=3Dtext-align:center><span lang=3DEN-CA styl=
e=3D'font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:"Franklin Goth=
ic Demi";
color:black'>Issue 23<span style=3Dmso-spacerun:yes>=FFFFFFA0=FFFFFFA0=FFF=
FFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFF=
FA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA=
0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0 </span></span><b><span lang=3DEN-CA =
style=3D'font-size:36.0pt;mso-bidi-font-size:
12.0pt;font-family:Algerian;color:green'>Journal<span style=3Dmso-spacerun=
:yes>=FFFFFFA0=FFFFFFA0=FFFFFFA0 </span></span></b><span lang=3DEN-CA styl=
e=3D'font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:"Franklin Goth=
ic Demi";
color:black'>April 2002</span><b><span lang=3DEN-CA style=3D'font-size:36.=
0pt;
mso-bidi-font-size:12.0pt;font-family:Algerian;color:#999999'><o:p></o:p><=
/span></b></p></td></tr></table></div><p class=3DMsoNormal align=3Dcenter =
style=3Dtext-align:center><span lang=3DEN-CA style=3Dcolor:white><o:p>&nbs=
p;</o:p></span></p><p class=3DMsoHeader align=3Dcenter style=3D'text-align=
:center;tab-stops:.5in center 3.0in right 6.0in'><span lang=3DEN-CA style=3D=
'font-size:22.0pt;mso-bidi-font-size:12.0pt;font-family:Arial;
color:white;mso-ansi-language:EN-CA'><span style=3Dmso-spacerun:yes>=FFFFF=
FA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0 </span></span><span lang=3DEN-CA s=
tyle=3D'font-size:22.0pt;mso-bidi-font-size:12.0pt;
font-family:Arial;color:green;mso-ansi-language:EN-CA'>BIOTECH HOLDINGS LT=
D.</span><span lang=3DEN-CA style=3D'font-size:22.0pt;mso-bidi-font-size:1=
2.0pt;font-family:Arial;
color:white;mso-ansi-language:EN-CA'><o:p></o:p></span></p><p class=3DMsoH=
eader style=3D'tab-stops:.5in center 3.0in right 6.0in'><span lang=3DEN-CA=
 style=3Dmso-ansi-language:EN-CA><o:p>&nbsp;</o:p></span></p><table class=3D=
MsoNormalTable border=3D0 cellspacing=3D0 cellpadding=3D0 style=3D'border-=
collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt'><tr style=3Dmso-yft=
i-irow:0;mso-yfti-lastrow:yes;height:549.0pt><td width=3D431 valign=3Dtop =
style=3D'width:323.6pt;padding:0in 5.4pt 0in 5.4pt;
height:549.0pt'><table class=3DMsoNormalTable border=3D0 cellspacing=3D0 c=
ellpadding=3D0 style=3D'background:#E5D68D;border-collapse:collapse;mso-pa=
dding-alt:0in 5.4pt 0in 5.4pt'><tr style=3Dmso-yfti-irow:0;mso-yfti-lastro=
w:yes><td width=3D405 valign=3Dtop style=3D'width:303.4pt;padding:0in 5.4p=
t 0in 5.4pt'><h1 align=3Dcenter style=3Dtext-align:center><span lang=3DEN-=
CA style=3D'font-family:"Calisto MT";color:green'>BIOTECH HOLDINGS PROFILE=
 <o:p></o:p></span></h1><h1 align=3Dcenter style=3Dtext-align:center><span=
 lang=3DEN-CA style=3D'font-family:"Calisto MT";color:green'><span style=3D=
mso-spacerun:yes>=FFFFFFA0</span>BREAKTHROUGH DIABETES DRUG</span><span la=
ng=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-fon=
t-family:
Arial;color:green'><o:p></o:p></span></h1></td></tr></table><h1 align=3Dce=
nter style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:
10.0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;color:green'><o=
:p>&nbsp;</o:p></span></h1><p class=3DMsoNormal style=3Dtext-align:justify=
><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font=
-family:Arial>The Company: Biotech is a pharmaceutical company based in </=
span><st1:place><st1:City><span lang=3DEN-CA style=3D'font-size:9.0pt;mso-=
bidi-font-size:10.0pt;font-family:
Arial'>Vancouver</span></st1:City><span lang=3DEN-CA style=3D'font-size:9.=
0pt;
mso-bidi-font-size:10.0pt;font-family:Arial'>, </span><st1:country-region>=
<span lang=3DEN-CA style=3D'font-size:9.0pt;mso-bidi-font-size:10.0pt;font=
-family:
Arial'>Canada</span></st1:country-region></st1:place><span lang=3DEN-CA st=
yle=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>.<span s=
tyle=3Dmso-spacerun:yes>=FFFFFFA0 </span>Biotech <b>controls and is bringi=
ng to market a breakthrough diabetes drug</b>.<span style=3Dmso-spacerun:y=
es>=FFFFFFA0 </span>The drug, called DIAB II, is classed as an insulin-sen=
sitizing drug. Drugs of this type improve the body=FFFFFF92s ability<o:p><=
/o:p></span></p><p class=3DMsoNormal style=3Dtext-align:justify><span clas=
s=3DGramE><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10=
.0pt;font-family:Arial>to</span></span><span lang=3DEN-CA style=3Dfont-siz=
e:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial> make use of insulin, =
the hormone that controls blood sugar levels.<span style=3Dmso-spacerun:ye=
s>=FFFFFFA0 </span>Currently available insulin-sensitizers such as <span c=
lass=3DSpellE>Avandia</span> and <span class=3DSpellE>Actos</span> have hu=
ge sales <span class=3DGramE>volumes<span style=3Dmso-spacerun:yes>=FFFFFF=
A0 </span>--</span> <b>over $700 million annually in the case of <span cla=
ss=3DSpellE>Avandia</span>, and over $1 Billion for <span class=3DSpellE>A=
ctos</span></b><span style=3Dmso-spacerun:yes>=FFFFFFA0 </span>-- despite =
a number of drawbacks including potential liver toxicity.<span style=3Dmso=
-spacerun:yes>=FFFFFFA0 </span>The success of these drugs demonstrates the=
 tremendous potential for an effective and safe insulin sensitizer such as=
 DIAB II.</span><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-s=
ize:12.0pt;font-family:Arial><o:p></o:p></span></p><p class=3DMsoNormal st=
yle=3Dtext-align:justify><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bi=
di-font-size:10.0pt;font-family:Arial>&nbsp;</span><span lang=3DEN-CA styl=
e=3Dfont-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:Arial><o:p></o:p=
></span></p><p class=3DMsoNormal style=3Dtext-align:justify><b><span lang=3D=
EN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>=
The Potential Market: The market for Type II Diabetes drug worldwide is es=
timated to be more than $10 billion annually.</span></b><span lang=3DEN-CA=
 style=3Dfont-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:Arial><o:p>=
</o:p></span></p><p class=3DMsoNormal style=3Dtext-align:justify><span lan=
g=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Ar=
ial>&nbsp;</span><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-=
size:12.0pt;font-family:Arial><o:p></o:p></span></p><p class=3DMsoNormal s=
tyle=3Dtext-align:justify><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-b=
idi-font-size:10.0pt;font-family:Arial>Biotech=FFFFFF92s first goal is to =
bring DIAB II onto the market in </span><st1:place><span lang=3DEN-CA styl=
e=3D'font-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:
Arial'>Latin America</span></st1:place><span lang=3DEN-CA style=3D'font-si=
ze:
9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial'>, as preparation for br=
inging DIAB II to the drug market in the </span><st1:country-region><st1:p=
lace><span lang=3DEN-CA style=3D'font-size:9.0pt;mso-bidi-font-size:10.0pt=
;font-family:
Arial'>U.S.</span></st1:place></st1:country-region><span lang=3DEN-CA styl=
e=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial> and </spa=
n><st1:country-region><st1:place><span lang=3DEN-CA style=3D'font-size:9.0=
pt;mso-bidi-font-size:10.0pt;font-family:
Arial'>Canada</span></st1:place></st1:country-region><span lang=3DEN-CA st=
yle=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>. <b>Dis=
cussions with potential pharmaceutical partners for the </b></span><st1:co=
untry-region><st1:place><b><span lang=3DEN-CA style=3D'font-size:9.0pt;mso=
-bidi-font-size:10.0pt;font-family:
Arial'>U.S.</span></b></st1:place></st1:country-region><b><span lang=3DEN-=
CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial> ma=
rket have begun.</span></b><span lang=3DEN-CA style=3D'font-size:9.0pt;mso=
-bidi-font-size:
10.0pt;font-family:Arial'></span><span lang=3DEN-CA style=3D'font-size:9.0=
pt;
mso-bidi-font-size:12.0pt;font-family:Arial'><o:p></o:p></span></p><p clas=
s=3DMsoNormal style=3Dtext-align:justify><span lang=3DEN-CA style=3Dfont-s=
ize:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>&nbsp;</span><span l=
ang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:=
Arial><o:p></o:p></span></p><p class=3DMsoNormal style=3Dtext-align:justif=
y><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;fon=
t-family:Arial>In </span><st1:place><span lang=3DEN-CA style=3D'font-size:=
9.0pt;mso-bidi-font-size:10.0pt;font-family:
Arial'>Latin America</span></st1:place><span lang=3DEN-CA style=3D'font-si=
ze:
9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial'>, </span><st1:country-r=
egion><st1:place><span lang=3DEN-CA style=3D'font-size:9.0pt;mso-bidi-font=
-size:10.0pt;font-family:
Arial'>Mexico</span></st1:place></st1:country-region><span lang=3DEN-CA st=
yle=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial> is firs=
t on the company=FFFFFF92s list of target markets. In his report to shareh=
olders issued </span><st1:date Month=3D3 Day=3D1 Year=3D2002><span lang=3D=
EN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>=
March 1, 2002</span></st1:date><span lang=3DEN-CA style=3D'font-size:9.0pt=
;mso-bidi-font-size:
10.0pt;font-family:Arial'>, the President of Biotech Holdings, Robert <spa=
n class=3DSpellE>Rieveley</span>, said: <b>We believe that we are well pos=
itioned for receiving regulatory approval shortly.<span style=3Dmso-spacer=
un:yes>=FFFFFFA0 </span>Accordingly, we have been making preparations for =
supply of DIAB II to the Mexican market, which is the eighth largest pharm=
aceutical market in the world.</b></span><span lang=3DEN-CA style=3D'font-=
size:9.0pt;mso-bidi-font-size:
12.0pt;font-family:Arial'><o:p></o:p></span></p><p class=3DMsoNormal style=
=3Dtext-align:justify><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-=
font-size:10.0pt;font-family:Arial>&nbsp;</span><span lang=3DEN-CA style=3D=
font-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:Arial><o:p></o:p></s=
pan></p><p class=3DMsoNormal style=3Dtext-align:justify><span lang=3DEN-CA=
 style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>In </=
span><st1:place><span lang=3DEN-CA style=3D'font-size:9.0pt;mso-bidi-font-=
size:10.0pt;font-family:
Arial'>Latin America</span></st1:place><span lang=3DEN-CA style=3D'font-si=
ze:
9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial'>, DIAB II has already b=
een approved in </span><st1:country-region><st1:place><span lang=3DEN-CA s=
tyle=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>Peru</s=
pan></st1:place></st1:country-region><span lang=3DEN-CA style=3Dfont-size:=
9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial> and Biotech has signed =
distribution agreements for </span><st1:country-region><st1:place><b><span=
 lang=3DEN-CA style=3D'font-size:9.0pt;mso-bidi-font-size:10.0pt;font-fami=
ly:
Arial'>Venezuela</span></b></st1:place></st1:country-region><b><span lang=3D=
EN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>=
, </span></b><st1:country-region><st1:place><b><span lang=3DEN-CA style=3D=
font-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>Chile</span></=
b></st1:place></st1:country-region><b><span lang=3DEN-CA style=3Dfont-size=
:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial> and </span></b><st1:co=
untry-region><st1:place><b><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-=
bidi-font-size:10.0pt;font-family:Arial>Argentina</span></b></st1:place></=
st1:country-region><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-fon=
t-size:10.0pt;font-family:Arial>.<span style=3Dmso-spacerun:yes>=FFFFFFA0 =
</span>In other markets, a distributor has been signed for </span><st1:cou=
ntry-region><st1:place><b><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-b=
idi-font-size:10.0pt;font-family:Arial>Turkey</span></b></st1:place></st1:=
country-region><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-si=
ze:10.0pt;font-family:Arial> and preliminary agreements are in place for <=
/span><st1:country-region><st1:place><b><span lang=3DEN-CA style=3D'font-s=
ize:9.0pt;mso-bidi-font-size:10.0pt;font-family:
Arial'>Spain</span></b></st1:place></st1:country-region><b><span lang=3DEN=
-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>, =
</span></b><st1:country-region><st1:place><b><span lang=3DEN-CA style=3Dfo=
nt-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>Greece</span></b=
></st1:place></st1:country-region><b><span lang=3DEN-CA style=3Dfont-size:=
9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>, </span></b><st1:countr=
y-region><st1:place><b><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi=
-font-size:10.0pt;font-family:Arial>South Africa</span></b></st1:place></s=
t1:country-region><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font=
-size:10.0pt;font-family:Arial> and several markets in the </span><st1:pla=
ce><span lang=3DEN-CA style=3D'font-size:
9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial'>Middle East</span></st1=
:place><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0p=
t;font-family:Arial> and </span><st1:place><span lang=3DEN-CA style=3D'fon=
t-size:9.0pt;mso-bidi-font-size:
10.0pt;font-family:Arial'>South Asia</span></st1:place><span lang=3DEN-CA =
style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>.</spa=
n><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:12.0pt;fon=
t-family:Arial><o:p></o:p></span></p><p class=3DMsoNormal style=3Dtext-ali=
gn:justify><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:1=
0.0pt;font-family:Arial>&nbsp;</span><span lang=3DEN-CA style=3Dfont-size:=
9.0pt;mso-bidi-font-size:12.0pt;font-family:Arial><o:p></o:p></span></p><p=
 class=3DMsoNormal style=3Dtext-align:justify><span lang=3DEN-CA style=3Df=
ont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>The </span><st1=
:country-region><st1:place><b><span lang=3DEN-CA style=3D'font-size:9.0pt;=
mso-bidi-font-size:10.0pt;font-family:
Arial'>U.S.</span></b></st1:place></st1:country-region><b><span lang=3DEN-=
CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial> pa=
tents that protect DIAB II</span></b><span lang=3DEN-CA style=3D'font-size=
:9.0pt;mso-bidi-font-size:
10.0pt;font-family:Arial'> - - issued on </span><st1:date Month=3D11 Day=3D=
28 Year=3D2000><span lang=3DEN-CA style=3D'font-size:9.0pt;mso-bidi-font-s=
ize:10.0pt;
font-family:Arial'>November 28, 2000</span></st1:date><span lang=3DEN-CA s=
tyle=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial> and </=
span><st1:date Month=3D9 Day=3D18 Year=3D2001><span lang=3DEN-CA style=3D'=
font-size:9.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial'>September 18, 2001</span></st=
1:date><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0p=
t;font-family:Arial> - - confer the sole right to the use of treatments co=
mbining insulin-sensitizing drugs with any other standard medications for =
Type II Diabetes.<span style=3Dmso-spacerun:yes>=FFFFFFA0 </span><b>Many l=
arge pharmaceutical companies active in the diabetes field may be affected=
.</b></span><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:=
12.0pt;font-family:Arial><o:p></o:p></span></p><p class=3DMsoNormal style=3D=
text-align:justify><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-fon=
t-size:10.0pt;font-family:Arial>&nbsp;</span><span lang=3DEN-CA style=3Dfo=
nt-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:Arial><o:p></o:p></spa=
n></p><p class=3DMsoNormal style=3Dtext-align:justify><span lang=3DEN-CA s=
tyle=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>In addi=
tion to its prescription drug business, Biotech has a non-prescription, pe=
rsonal care products division which is showing steady growth.<span style=3D=
mso-spacerun:yes>=FFFFFFA0 </span>In addition to its growing private label=
 business, this division is planning to launch a new line of high-margin c=
osmetic products, which will be sold primarily in the </span><st1:country-=
region><st1:place><span lang=3DEN-CA style=3D'font-size:9.0pt;mso-bidi-fon=
t-size:10.0pt;font-family:
Arial'>U.S.</span></st1:place></st1:country-region><span lang=3DEN-CA styl=
e=3Dfont-size:9.0pt;mso-bidi-font-size:12.0pt;font-family:Arial><o:p></o:p=
></span></p><p class=3DMsoNormal style=3Dtext-align:justify><span lang=3DE=
N-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:10.0pt;font-family:Arial>&=
nbsp;</span><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-font-size:=
12.0pt;font-family:Arial><o:p></o:p></span></p><p class=3DMsoNormal style=3D=
text-align:justify><span lang=3DEN-CA style=3Dfont-size:9.0pt;mso-bidi-fon=
t-size:10.0pt;font-family:Arial>Biotech=FFFFFF92s revenues are set to grow=
 sharply as <b>markets for DIAB II open up</b>, as <b>non-prescription rev=
enues grow</b> and as the implications of the above-mentioned patents are =
pursued, <b>with potential for royalty payments from major pharmaceutical =
companies</b>. In his Report to Shareholders, the President of Biotech con=
cluded: <b>We look forward with enthusiasm to developments in the coming m=
onths.</b><b style=3Dmso-bidi-font-weight:normal><o:p></o:p></b></span></p=
><h1 align=3Dleft style=3Dtext-align:left><span lang=3DEN-CA style=3D'font=
-family:
"Calisto MT"'><o:p>&nbsp;</o:p></span></h1></td><td width=3D327 valign=3Dt=
op style=3D'width:245.2pt;padding:0in 5.4pt 0in 5.4pt;
height:549.0pt'><table class=3DMsoNormalTable border=3D0 cellspacing=3D0 c=
ellpadding=3D0 align=3Dleft width=3D323 style=3D'width:242.6pt;border-coll=
apse:collapse;mso-table-overlap:
never;mso-table-lspace:9.0pt;margin-left:6.75pt;mso-table-rspace:9.0pt;
margin-right:6.75pt;mso-table-anchor-vertical:paragraph;mso-table-anchor-h=
orizontal:
margin;mso-table-left:left;mso-table-top:97.8pt;mso-padding-alt:0in 5.4pt =
0in 5.4pt'><tr style=3Dmso-yfti-irow:0><td width=3D179 valign=3Dtop style=3D=
'width:134.6pt;border:solid windowtext 1.0pt;
mso-border-alt:solid windowtext .5pt;background:green;padding:0in 5.4pt 0i=
n 5.4pt'><p class=3DMsoNormal><span lang=3DEN-CA style=3D'font-size:10.0pt=
;font-family:
"Calisto MT";mso-bidi-font-family:Arial;color:white'>Company Name<o:p></o:=
p></span></p></td><td width=3D144 valign=3Dtop style=3D'width:1.5in;border=
:solid windowtext 1.0pt;
border-left:none;mso-border-left-alt:solid windowtext .5pt;mso-border-alt:
solid windowtext .5pt;background:#E5D68D;padding:0in 5.4pt 0in 5.4pt'><p c=
lass=3DMsoNormal><b><span lang=3DEN-CA style=3D'font-size:10.0pt;font-fami=
ly:
"Calisto MT";mso-bidi-font-family:Arial'>Biotech Holdings Ltd.<o:p></o:p><=
/span></b></p></td></tr><tr style=3Dmso-yfti-irow:1><td width=3D179 valign=
=3Dtop style=3D'width:134.6pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-botto=
m-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
background:green;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal><span l=
ang=3DEN-CA style=3D'font-size:10.0pt;font-family:
"Calisto MT";mso-bidi-font-family:Arial;color:white'>Stock Exchange in U.S=
<o:p></o:p></span></p></td><td width=3D144 valign=3Dtop style=3D'width:1.5=
in;border-top:none;border-left:
none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.=
0pt;
mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowt=
ext .5pt;
mso-border-alt:solid windowtext .5pt;background:#E5D68D;padding:0in 5.4pt =
0in 5.4pt'><p class=3DMsoNormal><span lang=3DEN-CA style=3D'font-size:10.0=
pt;font-family:
"Calisto MT";mso-bidi-font-family:Arial;color:black'>OTC BB: BIOHF</span><=
span lang=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-b=
idi-font-family:
Arial'><o:p></o:p></span></p></td></tr><tr style=3Dmso-yfti-irow:2><td wid=
th=3D179 valign=3Dtop style=3D'width:134.6pt;border:solid windowtext 1.0pt=
;
border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:
solid windowtext .5pt;background:green;padding:0in 5.4pt 0in 5.4pt'><p cla=
ss=3DMsoNormal><span lang=3DEN-CA style=3D'font-size:10.0pt;font-family:
"Calisto MT";mso-bidi-font-family:Arial;color:white'>Stock Exchange in </s=
pan><st1:country-region><st1:place><span lang=3DEN-CA style=3D'font-size:1=
0.0pt;font-family:"Calisto MT";mso-bidi-font-family:
Arial;color:white'>Canada</span></st1:place></st1:country-region><span lan=
g=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-font=
-family:
Arial;color:white'><o:p></o:p></span></p></td><td width=3D144 valign=3Dtop=
 style=3D'width:1.5in;border-top:none;border-left:
none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.=
0pt;
mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowt=
ext .5pt;
mso-border-alt:solid windowtext .5pt;background:#E5D68D;padding:0in 5.4pt =
0in 5.4pt'><p class=3DMsoNormal><span class=3DSpellE><span lang=3DEN-CA st=
yle=3D'font-size:
10.0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;color:black'>TS=
X.Venture</span></span><span lang=3DEN-CA style=3D'font-size:10.0pt;font-f=
amily:"Calisto MT";mso-bidi-font-family:
Arial;color:black'>: BIO</span><span lang=3DEN-CA style=3D'font-size:10.0p=
t;
font-family:"Calisto MT";mso-bidi-font-family:Arial'><o:p></o:p></span></p=
></td></tr><tr style=3Dmso-yfti-irow:3><td width=3D179 valign=3Dtop style=3D=
'width:134.6pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:
solid windowtext .5pt;background:green;padding:0in 5.4pt 0in 5.4pt'><p cla=
ss=3DMsoNormal><span lang=3DEN-CA style=3D'font-size:10.0pt;font-family:
"Calisto MT";mso-bidi-font-family:Arial;color:white'>52-week High/Low BIOH=
F<o:p></o:p></span></p></td><td width=3D144 valign=3Dtop style=3D'width:1.=
5in;border-top:none;border-left:
none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.=
0pt;
mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowt=
ext .5pt;
mso-border-alt:solid windowtext .5pt;background:#E5D68D;padding:0in 5.4pt =
0in 5.4pt'><p class=3DMsoNormal><span lang=3DEN-CA style=3D'font-size:10.0=
pt;font-family:
"Calisto MT";mso-bidi-font-family:Arial;color:black'>$.41/$0.07</span><spa=
n lang=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi=
-font-family:
Arial'><o:p></o:p></span></p></td></tr><tr style=3Dmso-yfti-irow:4;mso-yft=
i-lastrow:yes><td width=3D179 valign=3Dtop style=3D'width:134.6pt;border:s=
olid windowtext 1.0pt;
border-top:none;mso-border-top-alt:solid windowtext .5pt;mso-border-alt:
solid windowtext .5pt;background:green;padding:0in 5.4pt 0in 5.4pt'><p cla=
ss=3DMsoNormal><span lang=3DEN-CA style=3D'font-size:10.0pt;font-family:
"Calisto MT";mso-bidi-font-family:Arial;color:white'>52-week High/Low BIO<=
o:p></o:p></span></p></td><td width=3D144 valign=3Dtop style=3D'width:1.5i=
n;border-top:none;border-left:
none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.=
0pt;
mso-border-top-alt:solid windowtext .5pt;mso-border-left-alt:solid windowt=
ext .5pt;
mso-border-alt:solid windowtext .5pt;background:#E5D68D;padding:0in 5.4pt =
0in 5.4pt'><p class=3DMsoNormal><span lang=3DEN-CA style=3D'font-size:10.0=
pt;font-family:
"Calisto MT";mso-bidi-font-family:Arial;color:black'>$.65/$.12</span><span=
 lang=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-=
font-family:
Arial'><o:p></o:p></span></p></td></tr></table><p class=3DMsoNormal><span =
lang=3DEN-CA><o:p>&nbsp;</o:p></span></p><p class=3DMsoNormal><span lang=3D=
EN-CA><o:p>&nbsp;</o:p></span></p><p class=3DMsoNormal><span lang=3DEN-CA>=
<o:p>&nbsp;</o:p></span></p><p class=3DMsoNormal><span lang=3DEN-CA><o:p>&=
nbsp;</o:p></span></p><p class=3DMsoNormal><span lang=3DEN-CA><o:p>&nbsp;<=
/o:p></span></p><p class=3DMsoNormal><span lang=3DEN-CA><o:p>&nbsp;</o:p><=
/span></p><table class=3DMsoNormalTable border=3D0 cellspacing=3D0 cellpad=
ding=3D0 style=3D'background:#E5D68D;border-collapse:collapse;mso-padding-=
alt:0in 5.4pt 0in 5.4pt'><tr style=3Dmso-yfti-irow:0;mso-yfti-lastrow:yes>=
<td width=3D324 valign=3Dtop style=3D'width:242.65pt;padding:0in 5.4pt 0in=
 5.4pt'><h1 align=3Dleft style=3D'text-align:left;tab-stops:12.75pt center=
 115.9pt'><span lang=3DEN-CA style=3D'font-family:"Calisto MT";color:green=
'><span style=3Dmso-tab-count:2>=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFF=
FA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA=
0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0 </span>THE </span><st1:place><span l=
ang=3DEN-CA style=3D'font-family:"Calisto MT";color:green'>OPPORTUNITY</sp=
an></st1:place><span lang=3DEN-CA style=3D'font-family:"Calisto MT";color:=
green'><o:p></o:p></span></h1></td></tr></table><p class=3DMsoNormal align=
=3Dcenter style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:=
11.0pt;mso-bidi-font-size:12.0pt;font-family:"Calisto MT"'><o:p>&nbsp;</o:=
p></span></p><h1 align=3Dcenter style=3Dtext-align:center><i><span lang=3D=
EN-CA>There has been growing investor interest and substantial volumes in =
trading of BIOHF shares.<span style=3Dmso-spacerun:yes>=FFFFFFA0 </span>Si=
nce January 2002 trading has averaged nearly 1 million shares per week.<sp=
an style=3Dmso-spacerun:yes>=FFFFFFA0 </span>This suggests to some market =
watchers that a strong base is being formed, with the next step being a si=
gnificant upward movement.<span style=3Dmso-spacerun:yes>=FFFFFFA0=FFFFFFA=
0 </span>Research the growth potential of this special situation while the=
 Company that developed, controls and markets DIAB II is still trading as =
a penny stock.<o:p></o:p></span></i></h1><p class=3DMsoNormal><span lang=3D=
EN-CA><o:p>&nbsp;</o:p></span></p><p class=3DMsoNormal><span lang=3DEN-CA>=
<o:p>&nbsp;</o:p></span></p><table class=3DMsoNormalTable border=3D0 cells=
pacing=3D0 cellpadding=3D0 style=3D'background:#E5D68D;border-collapse:col=
lapse;mso-padding-alt:0in 5.4pt 0in 5.4pt'><tr style=3Dmso-yfti-irow:0;mso=
-yfti-lastrow:yes><td width=3D324 valign=3Dtop style=3D'width:242.65pt;pad=
ding:0in 5.4pt 0in 5.4pt'><h2 align=3Dcenter style=3Dtext-align:center><sp=
an lang=3DEN-CA style=3D'font-family:"Calisto MT";color:green'>INVESTOR IN=
FORMATION</span><span lang=3DEN-CA style=3Dcolor:green><o:p></o:p></span><=
/h2></td></tr></table><p class=3DMsoNormal><b><span lang=3DEN-CA style=3D'=
font-family:"Calisto MT";
color:black'><o:p>&nbsp;</o:p></span></b></p><table class=3DMsoNormalTable=
 border=3D0 cellspacing=3D0 cellpadding=3D0 width=3D332 style=3D'width:249=
.0pt;border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt'><tr sty=
le=3Dmso-yfti-irow:0><td width=3D192 valign=3Dtop style=3D'width:144.2pt;b=
order:none;border-bottom:
solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;
background:green;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=3D=
center style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:10.=
0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:white'>Active Float:</span><span lang=3DEN-CA style=3D'font-size:10.=
0pt;
mso-bidi-font-size:12.0pt;color:white'><o:p></o:p></span></p></td><td widt=
h=3D140 valign=3Dtop style=3D'width:104.8pt;border:none;border-bottom:
solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;
background:#E5D68D;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=
=3Dcenter style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:=
10.0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:black'>20,000,000</span><span lang=3DEN-CA style=3D'font-size:10.0pt=
;
mso-bidi-font-size:12.0pt'><o:p></o:p></span></p></td></tr><tr style=3Dmso=
-yfti-irow:1><td width=3D192 valign=3Dtop style=3D'width:144.2pt;border:no=
ne;border-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:green;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=3D=
center style=3Dtext-align:center><st1:country-region><st1:place><span lang=
=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-font-=
family:
Arial;color:white'>U.S.</span></st1:place></st1:country-region><span lang=3D=
EN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-font-fam=
ily:
Arial;color:white'> SEC Registration No.:</span><span lang=3DEN-CA style=3D=
font-size:10.0pt;mso-bidi-font-size:12.0pt;color:white><o:p></o:p></span><=
/p></td><td width=3D140 valign=3Dtop style=3D'width:104.8pt;border:none;bo=
rder-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:#E5D68D;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=
=3Dcenter style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:=
10.0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:black'>0 - 29108</span><span lang=3DEN-CA style=3D'font-size:10.0pt;
mso-bidi-font-size:12.0pt'><o:p></o:p></span></p></td></tr><tr style=3Dmso=
-yfti-irow:2><td width=3D192 valign=3Dtop style=3D'width:144.2pt;border:no=
ne;border-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:green;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=3D=
center style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:10.=
0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:white'>Shares outstandingMar.31/02:</span><span lang=3DEN-CA style=3D=
font-size:10.0pt;mso-bidi-font-size:12.0pt;color:white><o:p></o:p></span><=
/p></td><td width=3D140 valign=3Dtop style=3D'width:104.8pt;border:none;bo=
rder-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:#E5D68D;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=
=3Dcenter style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:=
10.0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:black'>69,928,130</span><span lang=3DEN-CA style=3D'font-size:10.0pt=
;
mso-bidi-font-size:12.0pt'><o:p></o:p></span></p></td></tr><tr style=3Dmso=
-yfti-irow:3><td width=3D192 valign=3Dtop style=3D'width:144.2pt;border:no=
ne;border-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:green;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=3D=
center style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:10.=
0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:white'>Recent Market Cap:</span><span lang=3DEN-CA style=3D'font-siz=
e:
10.0pt;mso-bidi-font-size:12.0pt;color:white'><o:p></o:p></span></p></td><=
td width=3D140 valign=3Dtop style=3D'width:104.8pt;border:none;border-bott=
om:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:#E5D68D;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=
=3Dcenter style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:=
10.0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:black'>$6,300,000 US</span><span lang=3DEN-CA style=3D'font-size:10.=
0pt;
mso-bidi-font-size:12.0pt'><o:p></o:p></span></p></td></tr><tr style=3Dmso=
-yfti-irow:4><td width=3D192 valign=3Dtop style=3D'width:144.2pt;border:no=
ne;border-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:green;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=3D=
center style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:10.=
0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:white'>Stock Exchange in </span><st1:country-region><st1:place><span=
 lang=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-=
font-family:
Arial;color:white'>U.S.</span></st1:place></st1:country-region><span lang=3D=
EN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-font-fam=
ily:
Arial;color:white'>:</span><span lang=3DEN-CA style=3D'font-size:10.0pt;
mso-bidi-font-size:12.0pt;color:white'><o:p></o:p></span></p></td><td widt=
h=3D140 valign=3Dtop style=3D'width:104.8pt;border:none;border-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:#E5D68D;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=
=3Dcenter style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:=
10.0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:black'>OTC BB: BIOHF</span><span lang=3DEN-CA style=3D'font-size:10.=
0pt;
mso-bidi-font-size:12.0pt'><o:p></o:p></span></p></td></tr><tr style=3Dmso=
-yfti-irow:5><td width=3D192 valign=3Dtop style=3D'width:144.2pt;border:no=
ne;border-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:green;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=3D=
center style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:10.=
0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:white'>Stock Exchange in </span><st1:country-region><st1:place><span=
 lang=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-=
font-family:
Arial;color:white'>Canada</span></st1:place></st1:country-region><span lan=
g=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";mso-bidi-font=
-family:
Arial;color:white'>:</span><span lang=3DEN-CA style=3D'font-size:10.0pt;
mso-bidi-font-size:12.0pt;color:white'><o:p></o:p></span></p></td><td widt=
h=3D140 valign=3Dtop style=3D'width:104.8pt;border:none;border-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:#E5D68D;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=
=3Dcenter style=3Dtext-align:center><span class=3DSpellE><span lang=3DEN-C=
A style=3D'font-size:10.0pt;font-family:"Calisto MT";
mso-bidi-font-family:Arial;color:black'>TSX.Venture:BIO</span></span><span=
 lang=3DEN-CA style=3Dfont-size:10.0pt;mso-bidi-font-size:12.0pt><o:p></o:=
p></span></p></td></tr><tr style=3Dmso-yfti-irow:6><td width=3D192 valign=3D=
top style=3D'width:144.2pt;border:none;border-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:green;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=3D=
center style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:10.=
0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:white'>52-week High/Low BIOHF:</span><span lang=3DEN-CA style=3Dfont=
-size:10.0pt;mso-bidi-font-size:12.0pt;color:white><o:p></o:p></span></p><=
/td><td width=3D140 valign=3Dtop style=3D'width:104.8pt;border:none;border=
-bottom:
solid windowtext 1.0pt;mso-border-top-alt:solid windowtext .5pt;mso-border=
-top-alt:
solid windowtext .5pt;mso-border-bottom-alt:solid windowtext .5pt;
background:#E5D68D;padding:0in 5.4pt 0in 5.4pt'><p class=3DMsoNormal align=
=3Dcenter style=3Dtext-align:center><span lang=3DEN-CA style=3D'font-size:=
10.0pt;font-family:"Calisto MT";mso-bidi-font-family:Arial;
color:black'>$.41/$0.07</span><span lang=3DEN-CA style=3D'font-size:10.0pt=
;
mso-bidi-font-size:12.0pt'><o:p></o:p></span></p></td></tr><tr style=3Dmso=
-yfti-irow:7;mso-yfti-lastrow:yes;height:3.5pt><td width=3D192 valign=3Dto=
p style=3D'width:144.2pt;border:none;mso-border-top-alt:
solid windowtext .5pt;background:green;padding:0in 5.4pt 0in 5.4pt;
height:3.5pt'><p class=3DMsoNormal align=3Dcenter style=3Dtext-align:cente=
r><span lang=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";ms=
o-bidi-font-family:Arial;
color:white'>52-week High/Low BIO:</span><span lang=3DEN-CA style=3D'font-=
size:
10.0pt;mso-bidi-font-size:12.0pt;color:white'><o:p></o:p></span></p></td><=
td width=3D140 valign=3Dtop style=3D'width:104.8pt;border:none;mso-border-=
top-alt:
solid windowtext .5pt;background:#E5D68D;padding:0in 5.4pt 0in 5.4pt;
height:3.5pt'><p class=3DMsoNormal align=3Dcenter style=3Dtext-align:cente=
r><span lang=3DEN-CA style=3D'font-size:10.0pt;font-family:"Calisto MT";ms=
o-bidi-font-family:Arial;
color:black'>$.65/$.12</span><span lang=3DEN-CA style=3D'font-size:10.0pt;
mso-bidi-font-size:12.0pt'><o:p></o:p></span></p></td></tr></table><p clas=
s=3DMsoNormal align=3Dcenter style=3Dtext-align:center><b><span lang=3DEN-=
CA style=3D'font-family:"Calisto MT";color:black'><o:p>&nbsp;</o:p></span>=
</b></p><p class=3DMsoNormal style=3Dtab-stops:2.25in><b><span lang=3DEN-C=
A style=3D'font-family:"Calisto MT";color:black'><span style=3Dmso-tab-cou=
nt:1>=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFF=
FA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA=
0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FF=
FFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFF=
FFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFF=
A0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0=
=FFFFFFA0=FFFFFFA0=FFFFFFA0=FFFFFFA0</span></span></b></p></td></tr></tabl=
e><p class=3DMsoBodyText2 style=3Dtext-align:justify><span lang=3DEN-CA>Th=
e Investment Journal: The information herein has been obtained from source=
s which are believed to be reliable, but there are no guarantees as to its=
 accuracy or completeness. Neither the information nor any opinion express=
ed constitutes a solicitation for the purchase or sale of any security. Bi=
otech Holdings has not paid any cash or shares for its appearance on this =
report.<span style=3Dmso-spacerun:yes>=FFFFFFA0 </span>Some or all employe=
es at The Investment Journal may hold shares in companies featured. We do =
not recommend or constitute &quot;buy&quot; or &quot;sell&quot; signals or=
 advisories for our readers. The Investment Journal is not a securities br=
oker-dealer, investment advisor or a securities exchange and is not regist=
ered as such with the Securities and Exchange Commission <span class=3DGra=
mE>nor</span> any state securities regulation authority. Consult with your=
 financial advisor before making any financial decisions.</span></p><p cla=
ss=3DMsoNormal align=3Dcenter style=3Dtext-align:center><b style=3D'mso-bi=
di-font-weight:
normal'><span lang=3DEN-CA style=3Dfont-size:7.5pt>This Newsletter is inte=
nded for our opt-in readers only. If you have received this email in error=
,<o:p></o:p></span></b></p><p class=3DMsoNormal align=3Dcenter style=3Dtex=
t-align:center><b style=3D'mso-bidi-font-weight:
normal'><span lang=3DEN-CA style=3Dfont-size:7.5pt><span style=3Dmso-space=
run:yes>=FFFFFFA0</span></span></b><span class=3DGramE><b style=3Dmso-bidi=
-font-weight:normal><span lang=3DEN-CA style=3D'font-size:7.5pt;
mso-bidi-font-size:12.0pt'>you</span></b></span><b style=3D'mso-bidi-font-=
weight:
normal'><span lang=3DEN-CA style=3Dfont-size:7.5pt;mso-bidi-font-size:12.0=
pt> may remove your address by </span></b><b style=3Dmso-bidi-font-weight:=
normal><span lang=3DEN-CA style=3Dfont-size:7.5pt>e-mailing</span></b><b s=
tyle=3D'mso-bidi-font-weight:
normal'><span lang=3DEN-CA style=3D'font-size:9.0pt;mso-bidi-font-size:12.=
0pt;
font-family:Arial'>&nbsp; </span></b><b style=3Dmso-bidi-font-weight:norma=
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mso-bidi-font-size:12.0pt;font-family:Arial'><o:p></o:p></span></b></p><p =
class=3DMsoNormal><b><span lang=3DEN-CA style=3D'font-size:36.0pt;mso-bidi=
-font-size:
12.0pt;font-family:Algerian;color:green'><o:p>&nbsp;</o:p></span></b></p><=
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