UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
CURRENT REPORT
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-
16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
FOR March 6, 2003
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SHEP TECHNOLOGIES INC.
(FORMERLY INSIDE HOLDINGS INC.)
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(Translation of registrant's name into English)
Suite 880, 609 Granville Street, Vancouver, B.C., Canada
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(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.]
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
THE COMPANY, A FOREIGN PRIVATE ISSUER DOMICILED IN CANADA, IS REQUIRED,
UNDER THE YUKON BUSINESS CORPORATIONS ACT AND THE BRITISH COLUMBIA SECURITIES
ACT AND RULES TO FILE WITH THE BRITISH COLUMBIA SECURITIES COMMISSION AND
THE YUKON TERRITORIES, FOR PUBLIC VIEWING, QUARTERLY AND ANNUAL FINANCIAL
STATEMENTS, AND OTHER INFORMATION, WHICH THE REGISTRANT DEEMS OF MATERIAL
IMPORTANCE TO STOCKHOLDERS.
THE COMPANY PROVIDES SUMMARY OF CURRENT OPERATIONS AND IMMEDIATE PLANS GOING
FORWARD.
Copy of the News Release as filed with the Yukon Territories and BC Securities
Commission is attached hereto and filed as Exhibit 1.1 to this filing on
Form 6-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
under-signed, thereunto duly authorized.
SHEP TECHNOLOIGES INC.
By: "Malcolm P. Burke"
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Name: Malcolm P. Burke
Title: President and CEO
Date: March 6, 2003
<page>
Exhibit 1.1
News Release
March 6, 2003
SHEP Technologies Inc. Announces Summary of
Current Operations and Immediate Initiatives
March 6, 2003 - SHEP TECHNOLOGIES INC. (OTCBB: STLOF, BER: IH3), a Canadian
incorporated company with operations headquartered in the UK and subsidiaries in
the US and the UK (collectively "STI" or the "Company"), is pleased to provide a
summary of current operations and immediate plans going forward in response to
numerous recent enquiries from stockholders, brokers and other interested
parties.
Background
Inside Holdings Inc. ("Inside") completed the acquisition of SHEP limited, its
Subsidiaries and certain Ifield assets in September 2002 and subsequently
changed its name to SHEP Technologies Inc. At that time, the Company appointed
two new directors, Mr. Ray Evans, P. Eng. and Mr. Peter Humphrey, P. Eng. to the
STI Board. In early 2003, STI began implementation of its strategic business
Plan and announced pending key executive hires to drive the Company forward.
The Company is also continuing advanced discussions with Investment Bankers and
industry sources to secure senior financing. These funds will fund ongoing
technology refinement and expanded marketing efforts.
Technology Development Initiatives
STI is experiencing high levels of interest in the development and acceptance of
its proprietary "Stored Hydraulic Energy Propulsion" system ("the SHEP System"),
designed for wide ranging applications in the global transportation sector.
Using electronics, a patented hydraulic pump/motor and accumulator, the SHEP
System captures kinetic energy otherwise lost during vehicle braking, and
utilizes the recovered energy for vehicle acceleration during the inefficient
low-speed acceleration phase. Notably, STI provided SHEP System components to
Ford Motor Company ("Ford") (NYSE: F) and Eaton Corporation (NYSE: ETN), a
primary Tier 1 automotive supplier to Ford, for testing in Ford's experimental
Hydraulic Power Assist ("HPA") vehicle. In December of 2000, these components
passed Ford's "Proof of Concept" designation in preparation for "Implementation
Ready" testing. Further, in testing supervised by the US Environmental
Protection Agency in 2001, the HPA vehicle demonstrated a 24% improvement in
fuel economy under the inner city cycle, and a 38% improvement in fuel economy
under the more aggressive commercial testing cycle with frequent stops and
starts.
In February of 2003, following expressions of interest from key industry
participants, STI announced Agreement in Principle (the "Agreement") with Pi
Technology ("Pi"), a UK-based global leader in the design and development of
automotive electronics and engine control software, including innovative
technologies for the alternative fuels market. The Agreement calls for the
refinement of the SHEP System and the development and delivery of a working
prototype vehicle by late 2003. This vehicle will utilize the latest electronic
"by wire" technology in a Jaguar X Type automobile to produce a demonstration
vehicle capable of showcasing the full generic SHEP System. Under the terms of
the Agreement, Pi will utilize the services of West Surrey Racing, a leading
British rapid prototyping and engineering company, in the development of the
prototype vehicle. This generic passenger platform vehicle is expected to
demonstrate the utility of the SHEP System in a wide range of transportation
applications, including passenger, commercial and special-purpose vehicles, with
only minor detail refinement.
Growing Market Opportunity
As a result of its high-profile industry relationships and co-development
efforts, STI's marketing efforts are being received with considerable interest
from a number of key companies in the global automotive industry including two
major European automotive original equipment manufacturers, a European transit
authority and certain companies engaged in the manufacture of taxis, garbage
trucks and transit vehicles. Growing interest in the SHEP System is driven by
increasing fuel costs, demand for increased fuel efficiency, reduced engine and
break wear and tear, competitive manufacturing advantages and a mounting body of
international environmental legislation aimed at curbing harmful air pollutants.
International acceptance of the Kyoto Accord and related environmental
initiatives provide extraordinary potential for implementation of the SHEP
System in transport-related applications. In the European Union ("EU") for
example, the 15 member nations have agreed to reduce polluting greenhouse gas
emissions by 8% over the period 2008-2012. According to a 2002 report from the
European Commission, CO2 emissions from transport are the second largest single
source of greenhouse gas emissions in the EU, accounting for 20.5% of total
greenhouse gas emissions in 1999. Further, CO2 emissions from transport have
risen rapidly: between 1990 and 1999 emissions increased by 18% due to increased
road transport volumes and rising road fuel consumption. In controlled tests,
the SHEP System has demonstrated the ability to reduce polluting emissions by up
to 50%. This offers the potential of creating significant "emission credits"
for SHEP system users in addition to demonstrated operating economics.
Immediate Business Focus
In the short term, STI intends to focus on obtaining funding from identified,
pre-qualified financiers, development of the prototype platform vehicle with Pi,
and the pursuit of numerous readily available marketing opportunities. To this
end, STI is actively engaged in discussions with two major European Automotive
original equipment manufacturers for licensing, co-development and funding
initiatives.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ Malcolm P. Burke
Malcolm P. Burke,
President and Chief Executive Officer
Statements about the Company's future expectations, including future revenues
and earnings, and all other statements in this press release other than
historical facts, are "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such forward-looking statements be subject
to the safe harbors created thereby. Since these statements involve risks and
uncertainties, including the raising of funds necessary to carry out the
business plan, and are subject to change at any time, the Company's actual
results could differ materially from expected results.
For further information, please contact:
Malcolm P. Burke
Tel: 604-689-1515
website: www.shepinc.com