On 2 September 2005, the Malta Financial Services Authority, as the
Competent Authority responsible, in terms of the Financial Institutions
Act 1994, has issued financial institutions licences to Northway Financial
Corporation Ltd and Northway Broker Ltd. Northway Financial
Corporation Ltd is licensed to carry out the business of lending,
specialising in short-term unsecured loans known as payday loans, whilst
Northway Broker Ltd is licensed to carry out the business of money
broking.

The newly licensed institutions are subsidiaries of Northway Financial
s.a.r.l a company in Luxembourg which in turn is part of the NDG Group
based in Canada. The NDG Group specialises in providing unsecured
short-term loans over the Internet to U.S., Canadian, Irish and U.K.
consumers.

The Group was founded in 1995 as a retail operator of payday loans in
Canada. The Group has since shifted its focus on providing this service
through the Internet, and has three operating locations in Canada and
one in Dublin, Ireland providing the necessary support.