VALCENT PRODUCTS INC.
[Formerly - Nettron.com, Inc.]
THE ATTACHED UNAUDITED INTERIM FINANCIAL STATEMENTS FORM AN INTEGRAL
PART OF THIS MANAGEMENT DISCUSSION AND ANALYSIS AND ARE HEREBY
INCLUDED BY REFERENCE
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
We were incorporated in accordance with the provisions of the Business Corporations Act (Alberta) on January
19, 1996, as 681673 Alberta Ltd., later changed to Ironclad Systems Inc. Beginning in 1996, following the
completion of a public offering, our common shares began trading as a junior capital pool company on the
Alberta Stock Exchange (later becoming part of the Canadian Venture Exchange, which was thereafter acquired
and renamed the TSX Venture Exchange). On June 30, 1998, we acquired all of the outstanding capital stock of
Good Times Roll Bicycle Rentals Inc., a bicycle rental business incorporated under the Company Act (British
Columbia), and of Arizona Outback Adventures LLC, an Arizona limited liability company which operated
guided adventure eco-tours. We also changed our name from Ironclad Systems, Inc. to Bikestar Rentals Inc.
On May 8, 1999, while still operating our bicycle rental and eco-tour businesses through Bikestar Rentals Inc.,
we incorporated Nettron Media Group Inc., a wholly-owned subsidiary under the laws of the State of Texas, as
a marketing enterprise focusing on products and services that could be effectively marketed through internet as
well as more traditional business channels. Nettron Media Group Inc.’s primary focus was Cupid’s Web, an
interactive online dating and marketing service. We also changed our name from Bikestar Rentals Inc. to
AdventurX.com, Inc., and later to Nettron.com, Inc.
In 2000, and in connection with Cupid’s Web, we signed an agreement in principle to acquire all of the
outstanding capital stock of a group of companies operating a worldwide dating service franchise, as well as a
collection of dating magazines a