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 ITEM 4. CONTROL OF REGISTRANT

      The following table sets forth, as of August 2, 1999, certain information
with respect to (i) each person known by the Company to be the owner of more
than 10% of the Company's Common Shares, and (ii) the officers and directors of
the Company as a group:

Title of Class    Identity of Person or Group   Amount Owned    Percent of Class

Common Shares     Ataraxia Corp.(1)              3,900,000            10.7%
                  P. O. Box 267
                  B.C.M. Cape Building
                  Leeward Highway
                  Turks & Caicos

Common Shares     Hugh G. O'Neill(1)             3,930,500(2)         10.8%

Common Shares     All officers and directors as a   179,500       [less than 1%]
                  group

(1)   Ataraxia Corp., a company incorporated under the laws of the Turks &
      Caicos Islands, is controlled by Hugh O'Neill.

(2)   Includes 3,900,000 Common Shares owned by Ataraxia Corp. Information as to
      direct holdings is as of June 30, 1999. The Company has no reason to
      believe that the number as of August 2, 1999 is materially different.

There are no arrangements known to the Company the operation of which may at a
subsequent date result in a change of control of the Company.