HYTES Announces Corporate Update

September 8, 2005

Helping Youth Through Educational Scholarships ("HYTES") is pleased to announce our official incorporation as a nonprofit organization with Industry Canada under the Canada Corporations Act. Our letters patent, dated July 18, 2005, was mailed to us August 18, 2005 and received September 6, 2005.

HYTES also set up a no-fee bank account with BMO Bank of Montreal on September 7, 2005. BMO is the only Canadian bank we could find with free banking for nonprofit organizations. All cheques and cash raised during our August 6 fund raiser were deposited and the HYTES' account balance is now $2,641.00.

Our Application to Register a Charity under the Income Tax Act was sent on June 8, 2005 and received by the Charities Directorate of the Canada Revenue Agency on June 21, 2005. The process can take between 6 and 18 months and our application has not yet been assigned. HYTES' will mail today a copy of the letters patent to be attached to our application.

HYTES' directors wish to thank all members, volunteers, donors and sponsors for their ongoing support.

Please feel free to contact HYTES' volunteer staff with any questions or information.