SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 20-F

ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 FOR
THE FISCAL YEAR ENDED SEPTEMBER 30, 2004

Commission File No. 0-29320

EIGER TECHNOLOGY, INC.
(Exact name of Registrant as specified in its charter)

Ontario, Canada
(Jurisdiction of incorporation or organization)

330 Bay Street, Suite 602
Toronto, Ontario M5H 2S8
(Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act:
None

Securities registered or to be registered pursuant to Section
12(g) of the Act:

Common Shares, without par value
(Title of Class)

Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:
None

Indicate the number of outstanding shares of each of the Issuer's classes of
capital or common stock as of the close of the period covered by the annual
report: 38,860,174 Common Shares without par value.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes |X| No |_|

Indicate by check mark which financial statement item the registrant has elected
to follow.

Item 17 |_| Item 18 |X|

The Index to Exhibits
is found at Page 34

FORWARD LOOKING STATEMENTS

Forward-Looking Information is Subject to Risk and Uncertainty. This report
contains certain "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. When used in this report, the
words "estimate," "project," "intend," "expect," "anticipate" and similar
expressions are intended to identify forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date of this report. These statements are subject to risks
and uncertainties that could cause actual results to differ materially from
those contemplated in such forward-looking statements. Such risks and
uncertainties include, but are not limited to, those identified under the
subheading "Risk Factors" in Item 3 hereof.

GLOSSARY

The following is a glossary of some terms that appear in the discussion of the
business of the Company as contained in this Annual Report.

The following is a glossary of some terms that appear in the discussion of the
business of the Company as contained in this Annual Information Form.

"electronic ballasts" A component that starts a fluorescent lamp.

"LAN" "Local Area Network" is a group of PC's, computers
and peripheral devices that are linked together where
each device is located in close proximity to all the
other devices. LANs typically consist of a number of
PC's, shares printers, shared directories and files.

"peripherals" A peripheral is a device, which can be attached to a
PC and is controlled by its processor. Examples
include printers and modems.

"VoIP" Voice over Internet Protocol is a term used in
telecommunications for a set of facilities for
managing the delivery of voice information over
broadband. A major advantage of VOIP is that it
avoids the tolls charged by ordinary telephone
service.

TABLE OF CONTENTS

Page

PART I

Item 1. Identity of Directors, Senior Management and Advisors 4
Not Applicable
Item 2. Offer Statistics and Expected Timetable - Not Applicable 4
Item 3. Key Information 4
Item 4. Information on the Company 9
Item 5. Operating and Financial Review and Prospects 14
Item 6. Directors, Senior Management and Employees 17
Item 7. Major Shareholders and Related Party Transactions 20
Item 8. Financial Information 21
Item 9. The Offer and Listing 22
Item 10. Additional Information 24
Item 11. Quantitative and Qualitative Disclosure about Market Risk
Not Applicable 32
Item 12. Description of Securities Other than Equity Securities
Not Applicable 32

PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies
Not Applicable 33
Item 14. Material Modifications to the Rights of Security Holders and
Use of Proceeds - Not Applicable 33
Item 15. Controls and Procedures 33
Item 16. Reserved 33
Item 16A. Audit Committee Financial Expert 33
Item 16B. Code of Ethics 33

PART III

Item 17. Financial Statements - Not Applicable 34
Item 18. Financial Statements 34
Item 19. Exhibits 34

SIGNATURES

PART I

Item 1. Identity of Directors, Senior Management and Advisers

Not Applicable.

Item 2. Offer Statistics and Expected Timetable

Not Applicable.

Item 3. Key Information

A. Selected financial data.

The selected consolidated financial information set out below has been obtained
from financial statements that reflect the Company's business operations. The
financial statements have been prepared in accordance with accounting principles
generally accepted in Canada. For reconciliation to US GAAP refer to Note 14 of
the attached audited statements. The following table summarizes information
pertaining to operations of the Company for the last five years ended September
30, 2004.

2004 2003 2002 2001 2000
---- ---- ---- ---- ----

Working Capital ($3,511,000) $4,942,000 ($400,000) $4,942,000 $12,815,000

Revenue $12,825,000 $19,325,000 $22,722,000 $19,325,000 $30,070,000

Income (Loss) from
Operation: ($3,396,000) ($7,414,000) ($5,238,000) ($20,327,000) ($693,000)

Income (Loss) from
Continuing Operation: ($3,732,000) ($3,987,000) ($5,238,000) ($20,327,000) ($629,000)

Net Income (Loss): ($6,438,000) ($7,414,000) ($5,238,000) ($20,327,000) ($693,000)

Earnings (Loss) per Share: ($0.17) ($0.20) ($0.15) ($0.59) ($0.03)

Total Assets: $7,048,000 $15,778,000 $23,758,000 $30,721,000 $57,145,000

Net Assets: $3,274,000 $9,159,000 $16,123,000 $21,127,000 $38,348,000

Long Term Debt: $347,000 $1,036,000 $940,000 $1,014,000 $1,488,000

Total Liabilities: $3,774,000 $9,791,000 $9,508,000 $10,265,000 $15,501,000

Share Capital: $43,297,000 $42,235,000 $42,685,000 $42,235,000 $42,001,000

Retained Earnings
(Deficit): ($40,023,000) ($33,743,000) ($26,329,000) ($21,091,000) ($764,000)

Number of Shares: 38,860,174 37,608,951 36,615,853 36,215,853 33,945,858

CURRENCY EXCHANGE INFORMATION

The Company's accounts are maintained in Canadian dollars. In this Annual
Report, all dollar amounts are expressed in Canadian dollars except where
otherwise indicated.

The following table sets forth, for the periods indicated, the high and low
rates of exchange of Canadian dollars into United States dollars, the average of
such exchange rates on the close of each day during the periods, and the end of
period rates. Such rates are shown as, or are derived from, the reciprocals of
the Bank of Canada nominal noon exchange rates in Canadian dollars.

- --------------------------------------------------------------------------------
Fiscal Year Ended
September 30
- --------------------------------------------------------------------------------

2004 2003 2002 2001 2000

High 0.7912 0.7506 0.6654 0.6711 0.6984

Low 0.7159 0.6254 0.6179 0.6319 0.6604

Average 0.7550 0.6854 0.6359 0.6515 0.6795

Period 0.7912 0.7408 0.6300 0.6335 0.6651

On March 29, 2005 the exchange rate of Canadian dollars into United States
dollars, based upon the Bank of Canada nominal noon exchange rate was Cdn. $1.00
equals U.S. $0.8240.

The following table sets forth, for the most recent previous six months, the
high and low rates of exchange of Canadian dollars into United States dollars.
The latest practicable date for March was on March 29, 2005.

MAR FEB JAN DEC NOV OCT
2005 2005 2005 2004 2004 2004

High 0.8320 0.8131 0.8342 0.8433 0.8493 0.8199
Low 0.8024 0.7958 0.8051 0.8056 0.8150 0.7859

B. Capitalization and indebtedness.

Not Applicable.

C. Reasons for the offer and use of proceeds.

Not Applicable.

D. Risk factors.

The Company's operations are subject to a variety of risks and uncertainties.
The following factors are to be considered a list of known material risks that
are specific to the Company or its industries.

Foreign Operations

The Company derived 38% of its revenue from outside of North America and 40% of
its revenue from the U.S. in fiscal 2003. International sales are subject to
certain risks, including unexpected changes in legal and regulatory requirements
and policy changes affecting the Company's markets; changes in tariffs, currency
exchange rates and other barriers; political and economic instability;
difficulties in accounts receivable collection; difficulties in managing
distributors and representatives; difficulties in protecting the Company's
intellectual property; and potentially adverse tax consequences. See also
"Foreign Exchange Rate" below.

Management of the Growth of the Company

The implementation of the Company's business strategy could result in a period
of rapid growth. This growth could place a strain on the Company's managerial,
operational and financial resources and information systems. Future operating
results will depend on the ability of senior management to manage rapidly
changing business conditions, and to implement and improve the Company's
technical, administrative, financial control and reporting systems. No assurance
can be given that the Company will succeed in these efforts. The failure to
effectively manage and improve these systems could increase the Company's costs
and adversely affect its ability to sell and deliver its products and services.

Competition

The Company faces competition in each of its markets and has competitors, many
of which are larger and have greater financial resources than the Company. There
can be no assurance that the Company will be able to continue to compete
successfully in its markets. Because the Company competes, in part, on the
technical advantages and cost of its products, significant technical advances by
competitors or the achievement by such competitors of improved operating
effectiveness that enable them to reduce prices could

reduce the Company's competitive advantage in these products and thereby
adversely affect the Company's business and financial results.

New Products and Technological Change

The market for the Company's products is characterized by rapidly changing
technology, evolving industry standards and frequent new product introductions,
which may be comparable or superior to the Company's products. The Company's
success will depend upon market acceptance of its existing products and its
ability to enhance its existing products and to introduce new products and
features to meet changing customer requirements. There can be no assurance that
the Company will be successful in identifying, manufacturing and marketing new
products or enhancing its existing products on a timely and cost-effective basis
or that such new products will achieve market acceptance. In addition, there can
be no assurance that products or technologies developed by others will not
render the Company's products or technologies non-competitive or obsolete.

New Market Development

There can be no assurance that the Company will be able to identify, develop and
export to countries or geographic areas in which it is not presently selling.

Going Concern

The Company's continued existence as a going concern is dependent upon the
Company's ability to raise additional capital, to increase sales, and ultimately
become profitable. Should the Company be unable to continue as a going concern,
it may be unable to realize the carrying value of its assets and to meet its
liabilities as they become due.

Intellectual Property

The Company has not obtained patent protection nor registered trademarks or
copyrights for all of its proprietary technology or products. As the Company has
not protected all of its intellectual property, its business may be adversely
affected by competitors copying or otherwise exploiting features of the
Company's technology, products, information or services.

Employment Contracts/Reliance Upon Officers

The Corporation has not entered into an employment contract with all of its
executive officers, upon whose personal efforts and abilities the Corporation is
largely dependent. The loss or unavailability to the Corporation of these
individuals may have a materially adverse effect upon the Corporation's
business.

Legal Proceedings Against Foreign Persons

The Corporation's jurisdiction of incorporation falls under the laws of the
Province of Ontario, Canada, and all of the Corporation's officers and directors
are residents of Canada. Consequently, it may be difficult for United States
investors to effect service of process within the United States upon the
Corporation or its officers and directors, or to realize in the United States
upon judgements of United States courts predicated upon civil

liabilities under U.S. securities laws. Furthermore, it may be difficult for
investors to enforce judgments of the U.S. against the Company or any of the
Company's non-U.S. resident executive officers or directors. There is
substantial doubt whether an original lawsuit could be brought successfully in
Canada against any of such persons or the Corporation predicated solely upon
civil liabilities arising under U.S. securities laws.

Dependence on Key Personnel and Skilled Employees

The success of the Company is dependent, in large part, on certain key personnel
and on the ability to motivate, retain and attract highly skilled persons. The
employment market for skilled technology employees is extremely tight. There can
be no assurance that the Company will be able to attract and retain employees
with the necessary technical and technological skills given the highly
competitive state of the employment market for these individuals. The loss of
such services or the failure by the Company to continue to attract and retain
other key personnel may have a material adverse effect on the Company, including
its ability to develop new products, its ability to grow earnings and its
ability to accelerate revenue growth.

Risks of International Business

The Company currently has production facilities in Asia and North America. As
well, the

Company distributes, markets and sells its products in numerous foreign
countries. Accordingly, the Company is subject to the risks associated with
producing and selling in international markets. These risks include the
imposition of tariff and non-tariff barriers to trade requirements for export
licenses local business regulation including the imposition of taxes.

Relationship with Production Employees

Although the employees of the Company are not unionized, there can be no
assurance that this will not occur. Management of the Company is of the opinion
that the unionization of its operations would have a detrimental effect on the
Company's ability to remain competitive.

Uncertain Operating Results

The Company's operating results have varied and may continue to vary
significantly depending on such factors as the timing of new product
announcements, increases in the cost of raw materials and changes in pricing
policies of the Company and its competitors. The market price of the Shares may
be highly volatile in response to such fluctuations.

Foreign Exchange Rate

Material appreciation of the Canadian dollar against the US dollar would reduce
the profitability of the Company's U.S. sales. The Company is also exposed to
exchange rate fluctuations in the U.S. and Canadian dollar against the Korean
Won.

Political Climate in South Korea and China

Political instability in South Korea or China may negatively affect the
Company's ability to manufacture its products on a timely basis, resulting in
product shortages. Management

is unaware of any present evidence of political instability of this magnitude in
South Korea or China.

Item 4. Information on the Company

A. History and development of the company.

The Company entered the energy efficient lighting business in 1991. The
Company's two main operating subsidiaries in this non-core business have been
K-Tronik and ADH Custom Metal Fabricators Inc. ("ADH"). ADH operated from the
Company's 55,000 square foot manufacturing and engineering facility located in
Stratford, Ontario. ADH manufactured and distributed transformer housings,
switch housings and electronic data racks, as well as fluorescent light fixtures
and reflectors. ADH was wound-up in August 2003.

On April 1, 1998, the Company purchased 53% of the common stock of K-Tronik for
$275,000, plus options entitling the holders to acquire up to 250,000 common
shares of the Company. During fiscal 1998, the Company consolidated two of its
South Korean subsidiaries, Energy Products, Inc. (its South Korean energy saving
products sales arm) and (a manufacturer of electronic ballasts) and, which were
eventually combined under the name "K-Tronik Asia, Inc." The Company currently
is a 64% shareholder of K-Tronik. On September 15, 2000, the Company sold its
60% interest in Lexatec VR Systems, Inc. to facilitate focussing on Eiger's core
business at the time. On December 15, 2004, K-Tronik entered into an agreement
to sell all of its interest in K-Tronik N.A. Inc. and the fixed assets of its
subsidiary, K-Troniks Asia Ltd. It is expected that K-Tronik International Corp.
will no longer be engaged in the business of manufacturing, distributing or
selling electronic ballasts.

The Company entered the computer peripheral business following a series of
transactions in September 1999 that has since resulted in the Company owning a
58% interest in Eiger Net of South Korea. This was affected through payment of a
US $1,000,000 cash consideration and 500,000 common shares of the Company issued
for a combined aggregate value of US $1,500,000. Additionally, 600,000 common
shares of the Company were issued on February 29, 2000 pursuant to this
agreement. On July 31, 2004, the remaining operating management shareholders of
Eiger Net, Inc. in South Korea acquired Eiger's interest in Eiger Net, Inc. for
a nominal sum as required by South Korean law. As such, the purchasers will
assume all of the outstanding liabilities of Eiger Net, Inc. as at that date.

The Company entered into the VoIP telecom services business when, through
Onlinetel Corp., it acquired 100% of the shares of Onlinetel, Inc. through a
Share Exchange agreement under the provisions of Chapter 92a of the NGCL (Nevada
General Corporate Law). 99.97% of Onlinetel's shares have been exchanged
pursuant to the Share Exchange Agreement. Eiger has issued 1,800,000 shares on a
pro rata basis for 100% of the shares of Onlinetel, Inc.

As consideration for the acquisition of Onlinetel, Inc. Eiger will issue a
maximum of 9,000,000 common shares which shall be comprised of 1,800,000 shares
issued to the

former shareholders of Onlinetel and up to an additional 7,200,000 shares
pursuant to an earn out provision totalling 1,800,000 shares per year, over a
period of four years, with possible extension provisions for an additional
period of four years, based on Onlinetel's ability to meet the following
operating benchmarks and Eiger's approval:

----------------------------------------------------------------------
2002 2003 2004 2005
----------------------------------------------------------------------
REVENUE $19,083,488 $37,347,766 $50,849,180 $59,867,184
----------------------------------------------------------------------
NET INCOME $ 2,442,015 $ 6,212,532 $ 9,352,747 $13,848,741
----------------------------------------------------------------------

Under the formula in the agreements, if any of the above targets is not met in
any of the above noted years, any gross sales or net income earned or achieved
in that year is added to the targets of subsequent years. The common shares of
the company to be issued in respect of those targets are to be considered
cumulative and can be achieved in any subsequent year in respect of the terms of
the agreement, if extensions are granted by Eiger.

On March 18, 2004, Newlook completed an agreement to acquire 100% of the
outstanding common shares of Onlinetel by issuing 12,727,273 common shares of
Newlook to Eiger. A further 7,272,727 common shares were issued to Eiger in
settlement of $1,200,000 of debt owing from Onlinetel to Eiger. Immediately
prior to the transaction, Eiger owned 100% of the shares of Onlinetel, and over
80% of the shares of Newlook.

Recent Financings

2004 Newlook Private Placement

On March 18, 2004, Newlook closed a private placement of 1,000,000 units of its
securities at a price of $1.00 per unit. Each unit is comprised of one share and
one warrant. Each warrant is convertible to one common share for a period of one
year at an exercise price of $1.25 per share. Newlook has the right to request
the exercise of the warrants if its common shares equal or exceed $2.00 for 10
or more consecutive trading days. The private placement was fully subscribed,
for which Newlook received proceeds of $1,000,000.

March 2003 Private Placement

On March 27, 2003, the Company closed a private placement of units at $0.45 with
a 1-year warrant to purchase an additional share for $0.55. The shares and
warrants comprising the private placement carried a hold period of four months
commencing from the date of their issuance, being July 26, 2003. Insiders of the
company purchased a total of 310,598 units at $0.46 per unit. The higher price
to insiders resulted in the issuance of 993,098 units for total proceeds of
$450,000.

Other Recent Developments

Eiger takes Onlinetel Public

Newlook closed its acquisition of all the issued and outstanding shares of
Onlinetel from Eiger on March 18, 2004. On November 18, 2003, Newlook entered
into the agreement to acquire all of the issued and outstanding shares of
Onlinetel from Eiger. As consideration for the acquisition, Newlook was to issue
a total of 20,000,000 common shares to Eiger at $0.165 per share for a deemed
value for the transaction of $3,200,000. On February 18, 2004, Newlook entered
into an agreement to settle $1,200,000 of debt which was owed by Onlinetel to
Eiger by issuing 7,272,727 common shares to Eiger. Concurrently with the signing
of the debt settlement agreement, the Onlinetel agreement was amended to reduce
to 12,727,273 the number of shares issued to Eiger as consideration for the
Onlinetel shares. The February 18, 2004 amendment to the Onlinetel agreement and
the debt settlement agreement did not change the total number of shares to be
issued to Eiger by the Company. This number remained at 20,000,000. The
20,000,000 shares of Newlook issued to Eiger under the terms of the Onlinetel
agreement and the debt settlement agreement are subject to a six year Tier II
surplus security escrow agreement.

Eiger takes K-Tronik Public

On January 21, 2004, Eiger's majority-owned subsidiary, K-Tronik commenced
trading on the NASDAQ OTCBB under the symbol "KTRK". Eiger currently owns 14.4
million common shares or 64% of K-Tronik.

B. Business overview.

The Company has two principal subsidiaries, namely, Newlook Industries Corp. and
K-Tronik International Corp.

NEWLOOK INDUSTRIES CORP.

Newlook Industries Corp. ("Newlook") has a 100% ownership stake in Onlinetel
Corp., a next-generation telecommunications software and services company, which
harnesses the power of proprietary soft-switch technology to deliver state of
the art Voice over Internet Protocol (VoIP) communication services to
individuals, businesses and carriers. Utilizing soft switch technology,
Onlinetel converts analog voice conversations to digital I.P. packets and routes
voice calls, phone-to-phone, over the Internet from any wireless or landline
connection. The integration of voice and data networks eliminates the need for
traditional telecom services and provides a substantial increase in
communication cost efficiencies.

By leveraging its technology platform and scalable network infrastructure,
Onlinetel has taken advantage of disruptive pricing and delivers multiple
communication offerings to its customers. Onlinetel offers telephony services
for international calling, long distance calling subscriptions plans and
Internet access. Through its Intelliswitch application, Onlinetel has pioneered
and developed a new media for advertisers, enabling individuals and businesses
to benefit from free long distance while sponsors benefit from one-to-one
advertisements to callers. Through the use of the proprietary "Ad-Tree"
software, sponsors are able to focus on a targeted consumer base.

Onlinetel delivers toll-quality communications at some of the most competitive
long distance rates possible. With reduced investment cost burdens, Onlinetel's
soft-switch technology reliably scales to service millions of callers.
Onlinetel's continued expansion of its own national network along with seamless
and virtual connections worldwide with leading carriers extends Onlinetel's
reach to the global community. Onlinetel's operations have been serving the
Canadian market for over 14 years.

K-TRONIK INTERNATIONAL CORP.

On December 15, 2004, K-Tronik International Corp. entered into an agreement to
sell all of its interest in K-Tronik N.A. Inc. ("KTNA") and the fixed assets of
its subsidiary, K-Troniks Asia Ltd. ("KTA"). The terms of the Agreement call for
KTA to use the purchase proceeds to retire the debts of KTA to the purchaser.
Upon final closing of the agreement, it is expected that the purchaser will own
all of the issued and outstanding shares of KTNA and the assets of KTA. It is
further expected that K-Tronik International Corp. will no longer be engaged in
the business of manufacturing, distributing or selling electronic ballasts.
Eiger sees this as a step in restructuring of debt in its subsidiaries and upon
completion of this transaction, K-Tronik will be reviewing opportunities to
enhance shareholder value through acquisition.

Description of Principal Products

Newlook serves the retail and business market segments of the long distance
industry across Canada through its subsidiary, Onlinetel. Onlinetel's foundation
blocks are a national and scalable VoIP network infrastructure, toll-quality
service and offering some of the most competitive long distance rates possible.
Upon these foundation blocks, Onlinetel provides multiple innovative products
and services, producing four main revenue streams. These revenue streams
include:

1. Call Zone/Call World - Free, sponsor-subsidized, ad-based provincial
calling with no-ad international calling.

2. Subscription Plans - Traditional long distance and Internet plans
for the residential and small office/home office ("SOHO") market.

3. Advertising - New media services for sponsors on the Call Zone free
calling network.

4. 10-10-580 - Dial-around services for pay-per-call domestic and
international calling.

During fiscal 2004, the K-Tronik subsidiary served the retrofit and new building
electronic fluorescent light ballast market in the USA, Canada, South America
and Korea. K-Tronik energy efficient electronic ballasts were manufactured in
China with research and development facilities in both Asia and the U.S.

Sales and Revenue Analysis

Sales Fiscal 2004 Fiscal 2003 Fiscal 2002
- -----------------------------------------------------------------------------

Electronic Ballasts $ 7,329,000 $ 9,152,000 $10,107,000

Computer Peripherals $ nil $ 8,638,000 $ 5,882,000

Telecommunication Services $ 5,496,000 $ 4,932,000 $ 1,918,000

Fabricated Products $ nil $ 787,000 $ 1,418,000

The electronic ballasts are distributed in the United States, while the
VoIP-based telecommunication services are offered to the Canadian market. The
computer peripherals and fabricated products businesses have been discontinued.
The Company's main businesses are not seasonal.

Marketing and Distribution Channels

The Company's Newlook subsidiary markets its telephony services through various
advertising and promotional medium, including its own advertising based calling
network and internal sales staff. By focusing on delivering Canadians a
high-quality, premium-value service offering competitive national rates, the
subscription base has expanded through customers' word of mouth.

The K-Tronik subsidiary has an extensive distribution network that includes a
head office sales force coupled with regional sales representatives. This has
allowed K-Tronik to sell to a broad base of customers in the construction and
retrofit sector of the U.S.

C. Organizational structure.

The following is a list of each material subsidiary of the Company and the
jurisdiction of incorporation and the direct or indirect percentage ownership by
the Company of each subsidiary:

Percentage of Voting
Jurisdiction of Securities
Name of Subsidiary Organization Owned of Controlled
- --------------------------------------------------------------------------------
Newlook Industries Corp. ("Newlook") British Columbia 90%

K-Tronik International Corp. Nevada 64%
("K-Tronik")

The following is an organizational chart showing the Company's material
subsidiaries:

-------------------------------------
Eiger Technology, Inc.
-------------------------------------
|
|
----------------------------------------------------
| |
| 64% 90% |
| |
------------------- --------------------------
K-Tronik Newlook Industries Corp.
International Corp. (a British Columbia corp.)
(a Nevada corp.)
------------------- --------------------------
|
|
100% |
--------------------------
Onlinetel Corp.
(a Canadian corp.)
--------------------------

D. Property, plants and equipment.

The Company sold its manufacturing facility and land in Stratford, Ontario that
previously housed the operations of ADH Custom Metal Fabricators Inc. on
November 30, 2004.

Item 5. Operating and Financial Review and Prospects

The information provided in this section endeavors to summarize the company's
financial condition and results of operations for the periods specified,
including the causes for material changes to provide an understanding of the
company's business as a whole. The information also attempts to relate all
separate segments of the company. The discussion provided therein should be read
in conjunction with the Company's consolidated financial statements and related
notes.

A. Operating results.

Comparative Analysis Between Fiscal 2004 and 2003

For the fiscal year ended September 30, 2004, net loss before non-recurring
items of $3,396,000 ($0.09 per share) improved 18% from $4,124,000 ($0.11 per
share) during the prior year. Reported net loss (including discontinued
operations and non-recurring items) of $6,438,000 ($0.17 per share) compared to
$7,551,000 ($0.21 per share) during the previous year. Revenues for the period
were $12,825,000, compared to $22,722,000 in the preceding year. Revenue from
ongoing operations were as follows:

($'000s) FYE-Sept. 2003 2003 Increase (Decrease)
Eiger Net * 8,638 n.a.
K-Tronik 7,329 9,152 -20%
Newlook 5,496 4,932 +11%
------ ------
Total 12,825 22,722 -44%
====== ======
* - discontinued operations

Consolidated operating expenses from continuing operations of $6,281,000 for the
year ended September 30, 2004 decreased 19% from $7,796,000 in fiscal 2003. The
largest component of operating expenses is selling, general and administrative
expenses ("SG&A"), which consists primarily of salaries and benefits, and the
operating costs associated with sales. Consolidated SG&A of $5,375,000 for the
year ended September 30, 2004 decreased 17% from $6,500,000 in fiscal 2003.

Comparative Analysis Between Fiscal 2003 and 2002

Revenues for the fiscal year ending September 30, 2003 increased 18% to $22.7
million from $19.3 million during the prior year. Loss from operations (net of
unusual items) for the period was $4.0 million ($0.11 per share), compared to a
loss of $5.2 million ($0.15 per share) during the prior year. Unusual items
totaling $3.4 million ($.09 per share) are comprised of non-recurring items
relating to the write-down of certain capital assets, inventory and goodwill and
the discontinued operations of ADH Custom Metal Fabricators, Inc. ("ADH").
Revenue from ongoing operations were as follows:

($'000s) FYE-Sept. 2003 2002 Increase (Decrease)
Onlinetel 4,932 1,917 +157%
Eiger Net 8,638 5,882 +47%
K-Tronik 9,152 10,107 -9%
Newlook n.a.* 1,418 -44%
------ ------
Total 22,722 19,324 +18%
====== ======
* - discontinued operations

Onlinetel and Eiger Net drove Eiger's considerable revenue growth in fiscal
2003. Onlinetel experienced a significant increase in revenues as the company's
core operations shift increasingly towards the rapidly expanding residential
market. Eiger Net's dramatic revenue growth was primarily the result of
increased consumer demand for its products due to the improving global economy.
Newlook's revenues were categorized as discontinued operations as a result of
its May 2003 announcement that it would be ceasing its ADH business and closing
its manufacturing facility. ADH operations were wound-up in August 2003.

Operating expenses decreased 17% for fiscal 2003 to $8,166,000 from $9,809,000
for the same period last year. Selling, general and administrative expenses
("SG&A") decreased by 20% in the fiscal year to $6,750,000 from $8,451,000 in
the prior year. SG&A consists primarily of salaries and benefits, and the
operating costs associated with sales. Amortization of capital assets, goodwill
and other assets increased to $908,000 from

$797,000 in the previous year mainly due to the relatively larger capital asset
base existing during fiscal 2003. Interest on long-term debt, other interest and
bank charges decreased to $508,000 in fiscal 2003 from $561,000 in the prior
year.

B. Liquidity and capital resources.

Cash at September 30, 2004 was $245,000, down from $618,000 at September 30,
2003. The Company's accounts receivables declined to $2,221,000 from $3,598,000
while accounts payable/accrued liabilities increased to $5,103,000 from
$4,569,000 at September 30, 2003, respectively during the fiscal year.

C. Research and development, patents and licenses, etc.

Research and development expenses were nil (nil: 2003; nil: 2002) for the year
ended September 30, 2004 as the Company is no longer active in the computer
peripherals business.

D. Trend information.

The Company is currently affected by several industry trends. One trend is that
of the expansion of Voice over Internet Protocol (VoIP) usage in North America.
VoIP is expected to a high growth market over the next few years. For example,
IDC Canada forecasts that the VoIP market in Canada will have an annual growth
rate of 85% and will reach over $442 million in 2006.

According to IDC Canada, total retail VoIP minutes in Canada were estimated at
153 million minutes in 2001 and are expected to grow to 5.5 billion minutes by
2006, for a CAGR of 105%. The impetus for this growth is the competitive threat
that VoIP poses to providers of traditional telecom services. Essentially, VoIP
substantially increases communication cost efficiencies by running voice and
data over a single integrated infrastructure and bypassing traditional per
minute telecommunication usage rates.

Through its majority-owned subsidiary, Newlook, Eiger is positioned to play a
principal role in the Canadian VoIP services market. Advertising based calling
networks have been launched nationally in order to significantly expand its user
base and introducing several potentially lucrative VoIP products to its growing
user base including lowest cost 10-10 based international calling and
residential and corporate flat rate subscription plans for unlimited calling
between major centers nationally.

E. Off-balance sheet arrangements.

The Company has no off-balance sheet arrangements that have or are reasonably
likely to have a current or future effect on the Company's financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that are material to
investors.

Item 6. Directors, Senior Management and Employees

A. Directors and senior management.

The following is a list of the current directors and senior officers of the
Company, their municipalities of residence, their current position with the
Company and their principal occupations:

Gerry A. Racicot Norwich ON President, C.E.O., and Director

Director since August 21, 1992.

Mr. Racicot has a long career in administration, management and self-employment.
The majority of these years were spent as an Investment Account Executive at a
major Canadian brokerage house (Burns Fry), import/export wholesale distribution
and retail business (Red Mountain Holdings Inc. - Stedmans). Mr. Racicot is
wholly involved in managing Eiger's business operations.

Jason R. Moretto Vaughan ON C.F.O. and Director

Director since January 5, 2004.

Mr. Moretto is a Chartered Financial Analyst and Certified General Accountant
whose previous experience includes equity research and practicing as an
accountant in both industry and public practice. He also holds a Bachelor of
Commerce degree from the University of Toronto. Mr. Moretto is wholly involved
in managing Eiger's business operations.

Sidney S. Harkema Orillia ON Director

Director since August 22, 1992.

Mr. Harkema founded and built one of Canada's largest privately owned transport
and express companies (Harkema Trucking Group). He served as President and
Chairman of the Board for 27 years. He has since sold the entire trucking
operation, cartage equipment and all 18 terminals located throughout the country
and has devoted his time to public service organizations (principally as
Chairman of the Huntley St. Group of Ministries). Mr. Harkema is not involved in
managing Eiger's daily business operations.

Roland P. Austrup Port Sydney ON Director

Director since April 10, 2003.

Mr. Austrup is president and CEO of Integrated Managed Futures Corp., the
managed futures subsidiary of Integrated Asset Management (IAM), a Toronto-based
asset manager with $1.3 billion under management. Mr. Austrup has been an
important bridge between the investment community and Eiger Technology in the
past. Mr. Austrup is not involved in managing Eiger's daily business operations.

Philip Cassis St. Thomas ON Director

Director since March 22, 2005.

Mr. Cassis is a director and former president of China Diamond Corp. He has been
responsible for many aspects of capital management and financing for a number of
private and publicly traded companies in Canada and in the U.S. He is also
president of Nu Media Systems and retains interests in international real estate
development projects. Mr. Cassis is not involved in managing Eiger's daily
business operations.

There are no arrangements or understandings between any of the officers or
directors of the Company as to their election or employment, nor are there any
family relationships.

B. Compensation.

For the year ended September 30, 2004 Gerry Racicot was compensated $150,000 for
his role as President of the Company. For the same period, Jason Moretto
received $150,000 for his role as CFO of the Company.

A total of 10 persons served as members of the administrative, supervisory or
management bodies of the subsidiaries of the Company during fiscal 2004. The
aggregate remuneration paid to such persons was approximately $1.0 million.

The following is a list of stock options granted during the last full financial
year to members of the Company's executives.

Name Quantity Exercise price Expiry
- --------------------------------------------------------------------------------

Gerry Racicot 200,000 $ .96 December 23, 2008
Jason Moretto 200,000 $ .96 December 23, 2008
Gerry Racicot 500,000 $ .85 March 31, 2009
Jason Moretto 250,000 $ .85 March 31, 2009
Sidney Harkema 10,000 $ .85 March 31, 2009
Rob Hoegler 10,000 $ .85 March 31, 2009
Roland Austrup 10,000 $ .85 March 31, 2009

None of the above options were exercised during the Company's most recently
completed financial year.

There are no other arrangements under which, directors or members of the
Company's administrative, supervisory or management body, were compensated by
the Company during the most recently completed financial year for their
services.

No plan exists, and no amount has been set aside or accrued by the Company or
any of its subsidiaries, to provide pension, retirement or similar benefits for
directors or officers of the Company, or any of its subsidiaries.

C. Board practices.

The directors of the Company are elected annually and hold office until the next
annual general meeting of the Company's shareholders or until their successors
in office are duly elected or appointed. All of the Company's directors were
elected at the Company's most recent annual general meeting, which took place on
March 22, 2005. Under the Company Act (Ontario) the Company is required to hold
an annual general meeting no more than 15 months after its most recent annual
general meeting.

There are no service contracts with the Company or any of it subsidiaries for
the directors providing benefits upon termination of their service.

The Company does not have an executive committee. The audit committee is
comprised of Jason Moretto, Sidney Harkema, Roland Austrup and Philip Cassis.
The committee operates within the guidelines of the Toronto Stock Exchange.

D. Employees.

The Company and its subsidiaries employed approximately 42 staff worldwide
during the last fiscal year. The following is a breakdown of persons employed by
main category of activity and geographic location for the last full financial
year:

Administrative/ Sales/
Location Clerical Marketing Manufacturing
- --------------------------------------------------------------------------------

Canada 14 2 0
United States 2 5 2
South Korea 5 5 7

The reduction in the number of employees from 52 in the prior year was primarily
due to cost controls implemented, eliminating approximately 10 staff.

The Company and its subsidiaries have no involvement with labour unions. The
Company and its subsidiaries do not employ a significant number of temporary
employees.

E. Share ownership.

Name and Address Occupation Director Since Number of Voting Shares
Beneficially Owned or
Controlled Directly or Indirectly
- --------------------------------------------------------------------------------------------------------------

Gerry A. Racicot President, Chief August 21, 1992 1,724,880(1)
Norwich, ON Executive Officer and
Director

Jason R. Moretto Chief Financial Officer January 5, 2004 164,496(2)
Vaughan, ON and Director of the
Company;

Sidney S. Harkema Director of the Company; August 21, 1992 1,514,100(3)
Orillia, ON retired

Robert Hoegler Director of the Company February 23, 1996 Nil(4)
Richmond, BC at last fiscal year end;
did not stand for
re-election on March 22,
2005

Roland P. Austrup Director of the Company; April 10, 2003 6,500(5)
Port Sydney, ON President/CEO of
Integrated Managed
Futures Corp.

- --------------------------------------------------------------------------------

(1) Mr. Racicot holds options to purchase 1,800,000 shares.

(2) Mr. Moretto holds options to purchase 560,000 shares.

(3) Mr. Harkema holds options to purchase 235,000 shares.

(4) Mr. Hoegler holds options to purchase 160,000 shares.

(5) Mr. Austrup holds options to purchase 275,000 shares.

-----------------------------------------------------------------------------------
Number of Shares
Beneficially Owned or
Controlled Directly or Percentage of Total
Name Indirectly Shares Issued(1)
-----------------------------------------------------------------------------------

Directors and Officers as a Group 3,409,976 8.8%
-----------------------------------------------------------------------------------

(1) Based on a total of 38,860,174 common shares issued and outstanding as at
March 29, 2005.

At the discretion of the Board, the stock option plan may be exercised in
consideration of services rendered and to be rendered by key personnel and
consultants to the Company, its subsidiaries and affiliates.

Item 7. Major Shareholders and Related Party Transactions

A. Major shareholders.

To the Company's knowledge no person holds five percent or more of the Company's
common shares. There has been no significant change in percentage ownership held
by any major shareholder.

All common shareholders have identical voting rights.

There is no trading market for the common shares in the United States. The
following table indicates the approximate number of record holders of common
shares with U.S. addresses and portion and percentage of common shares so held
in the U.S. The calculation is based on the total issued and outstanding as
stated in item 6.E.

Number of Number of Common % of Common shares
U.S. Holders shares held in U.S. held in U.S.
- -------------------------------------------------------------------------
13 2,537,626 6.53 %

The computation of the number and percentage of common shares held in the United
States is based upon the number of common shares held by record holders with
United States addresses and by trusts, estates or accounts with United States
addresses as disclosed to the Company following inquiry to all record holders
known to the trustees, executors, guardians, custodians or the fiduciaries
holding common shares for one or more trusts, estates, or accounts. United
States residents may beneficially own common shares held of record by non-United
States residents.

A substantial number of common shares are held in "Street Name" by trustees,
executors, guardians, custodians or other fiduciaries, including depositories,
brokerage firms and financial institutions. Management is unable to determine
the total number of individual shareholders that this represents.

To the Company's knowledge, the Company is not directly or indirectly owned or
controlled by another corporation(s) or by any foreign government.

The Management does not anticipate any change in the control of the Company.

B. Related party transactions.

No director, executive officer nor any of their associates or affiliates has or
has had an interest in material transactions of the Company.

All transactions within the corporate group are in the normal course of
business, are transacted at fair market value, are recorded at the carrying
value at the time and are eliminated upon consolidation.

C. Interests of experts and counsel.

Not Applicable

Item 8. Financial Information

A. Consolidated Statements and Other Financial Information.

The following financial statements have been audited by an independent auditor,
are accompanied by an audit report, and are attached and incorporated herein:

(a) balance sheet;

(b) income statement;

(d) cash flow statement;

(e) related notes and schedules required by the comprehensive body of
accounting standards pursuant to which the financial statements are prepared;
and

(f) a note analyzing the changes in each caption of shareholders' equity
presented in the balance sheet.

Incorporated herewith are the comparative financial statements covering the
latest two financial years, audited in accordance with a comprehensive body of
auditing standards.

Export Sales

Total Sales Export Sales Export Sales as % of Total Sales
- ----------------------------------------------------------------------------
$ 12,825,000 $ 7,329,000 57.1%

Legal Proceedings

There are no material pending legal proceedings to which the Company is a party
or of which any of its subsidiaries or properties are subject. Management is not
aware of any material proceedings in which any director, any member of senior
management, or any of the Company's affiliates are a party adverse to, or have a
material interest adverse to the Company or its subsidiaries.

Dividend Policy

The Company has not paid dividends on the common shares in any of its last five
fiscal years. The directors of the Company will determine if and when dividends
should be declared and paid in the future based on the Company's financial
position at the relevant time. All of the common shares of the Company are
entitled to an equal share in any dividends declared and paid.

B. Significant Changes.

There have been no significant changes since the date of the annual financial
statements included in this document.

Item 9. The Offer and Listing.

A. Offer and listing details.

Information regarding the price history of the stock.

Calendar Period High (Cdn$) Low (Cdn$) Volume

Month Ended

February, 2005 0.30 0.22 721,200
January, 2005 0.34 0.25 576,300
December, 2004 0.33 0.22 1,470,500
November, 2004 0.37 0.24 1,444,800
October, 2004 0.42 0.29 841,300

Quarter Ended

September 30, 2004 0.63 0.36 2,233,400
June 30, 2004 0.97 0.45 2,186,500
March 31, 2004 1.40 0.75 7,447,600
December 31, 2003 1.29 0.42 10,195,800
September 30, 2003 0.58 0.43 4,132,700
June 30, 2003 0.69 0.44 3,301,200
March 31, 2003 0.85 0.42 3,250,400
December 31, 2002 0.84 0.50 3,862,507

Year Ended

September 30, 2002 2.24 0.37 32,601,669
September 30, 2001 3.24 0.35 16,397,600
September 30, 2000 10.30 0.90 37,181,900

Prior to October 11, 1996, all trades were cleared through the VSE and
subsequent to that date all trades were cleared on the TSE.

B. Plan of distribution.

Not Applicable.

C. Markets.

The common shares of the Company were listed for trading on the Toronto Stock
Exchange (the "TSE") on October 11, 1996 and previous to this, on the Vancouver
Stock Exchange (the "VSE") on April 3, 1991 under the symbol "AXA".

The common shares were listed on the NASD OTC Electronic Bulletin Board on
October 8, 1997 and trade under the symbol "ETIFF".

D. Selling shareholders.

Not Applicable.

F. Dilution.

Not Applicable.

F. Expenses of the issue.

Not Applicable.

Item 10. Additional Information.

A. Share capital.

Not Applicable.

B. Memorandum and articles of association.

The Company is incorporated under the laws of the Province of Ontario, Canada
and has been assigned company number 942684, with its registered office situated
at 330 Bay St., Suite 602, Toronto, ON M5H 2S8, Canada. The telephone number at
that location is (416) 216-8659.

The purpose of the Company is to perform any and all corporate activities
permissible under Ontario law. A director may vote in respect of any contract or
arrangement in which such director has an interest notwithstanding. Such
director's interest and an interested director will not be liable to the Company
for any profit realized through and such contract or arrangement by reason of
such director holding the office of director. The remuneration of the directors
shall, from time to time be determined by the Company by ordinary resolution.
Directors of the Company are not required to own shares of the Company in order
to serve as directors.

The share capital of the Company is an unlimited number of authorized common
shares and 38,860,174 common shares outstanding as at the fiscal year end
September 30, 2004 and 38,860,174 as of March 29, 2005.

All common shares rank equally with other common shares, entitling the common
shareholder to one vote at the annual shareholder's meeting.

There are no provisions for a classified board of directors or for cumulative
voting for directors.

There are no limitations on the rights to own securities, including the rights
of non-resident or foreign shareholders to hold or exercise voting rights on the
securities.

There are no provisions in the Articles of Incorporation that would have the
effect of delaying, deferring or preventing a change in control of the Company
and that would operate only with respect to a merger, acquisition or corporate
restructuring involving the Company (or any of its subsidiaries).

There are no provisions in the Articles of Incorporation governing the ownership
threshold above which shareholder ownership must be disclosed. United States
federal law and Ontario provincial securities law, however, requires that all
directors, executive

officers and holders of 10% or more of the stock of a company that has a class
of stock registered under the Securities Exchange Act of 1934, as amended,
disclose such ownership. In addition, holders of more than 5% of a registered
equity security must disclose such ownership.

C. Material contracts.

The Company has not entered into any material contracts, other than in the
ordinary course of business, during the preceding two years.

D. Exchange controls.

Canada has no system of currency exchange controls. There are no exchange
restrictions on borrowing from foreign countries nor on the remittance of
dividends, interest, royalties and similar payments, management fees, loan
repayments, settlements of trade debts or the repatriation of capital.

The Investment Canada Act (the "ICA"), enacted on June 20, 1985, requires prior
notification to the Government of Canada on the "acquisition of control" of
Canadian businesses by a non-Canadian, as defined by the ICA. Certain
acquisitions of control, discussed below, are reviewed by the Government of
Canada. The term "acquisition of control" is defined as one or more non-Canadian
persons acquiring all or substantially all of the assets used in the Canadian
business, or the acquisition of the voting shares of a Canadian corporation
carrying on the Canadian business, or the acquisition of the voting interests of
an entity controlling or carrying on the Canadian business. The acquisition of
the majority of the outstanding shares is deemed to be an "acquisition of
control" of a corporation. The acquisition of less than a majority, but
one-third or more, of the voting shares of a corporation is presumed to be an
"acquisition of control" of a corporation unless it can be established that the
purchaser will not control the corporation.

Investments requiring notification and review are all direct acquisitions of
Canadian business with assets of Cdn. $5,000,000 or more (subject to the
comments below on WTO investors) and all indirect acquisitions of Canadian
businesses (subject to the comments below on WTO investors) with assets of more
than Cdn. $50,000,000 or with assets of between $5,000,000 and Cdn. $50,000,000
which represent more than 50% of the value of the total international
transactions. In addition, specific acquisitions or new business in designated
types of business activities related to Canada's cultural heritage or national
identity could be reviewed if the government of Canada considers that it is in
the public interest to do so.

The ICA was amended with the implementation of the agreement establishing the
World Trade Organization ("WTO") to provide for special review of thresholds for
"WTO investors", as defined in the ICA. "WTO investors" generally means:

(a) an individual, other than a Canadian, who is a member of a WTO member (such
as, for example, the United States), or who has the right of permanent residence
in relation to that WTO member.

(b) governments of WTO members; and

(c) entities that are not Canadian controlled, but which are WTO investor
controlled as determined by the rules specified in the ICA.

The special review thresholds for WTO investors do not apply, and general rules
described above do not apply, to the acquisition of control of certain types of
businesses specified in the ICA, including business that is a "cultural
business". If the WTO investor rules apply, an investment in the shares of the
Company by or from a WTO investor will be reviewable only if it is an investment
to acquire control of the Company and the value of the assets of the Company is
equal to or greater than a specified amount (the "WTO Review Threshold"). The
WTO Review Threshold is adjusted annually by using a formula relating to
increases in the nominal gross domestic product of Canada. The 1996 WTO Review
Threshold is Cdn. $168,000,000.

If any non-Canadian, whether or not a WTO investor, acquires control of the
Company by the acquisition of shares, but the transaction is not reviewable as
described above, the non-Canadian is required to notify the Canadian government
and to provide certain basic information relating to the investment. A
non-Canadian, or non-WTO investor, is required to provide a notice to the
government on the establishment of a new Canadian business. If the business of
the Company is then a prescribed type of business activity related to Canada's
cultural heritage or national identity, and if the Canadian government considers
it in the public interest to do so, then the Canadian government may give a
notice in writing within 21 days requiring the investment to be reviewed.

For non-Canadian (other than WTO investors), and indirect acquisition of
control, by the acquisition of voting interests of an entity that directly or
indirectly controls the Company, is reviewable if the value of the assets of the
Company is then Cdn. $50,000,000 or more. If the WTO investor rules apply, then
this requirement does not apply to a WTO investor, or to a person acquiring the
entity from a WTO investor. Special rules specified in the ICA apply if the
assets of the Company is more than 50% of the value of the assets of the entity
so acquired. By these special rules, if the non-Canadian (whether or not a WTO
investor) is acquiring control of an entity that directly or indirectly controls
the Company, and the value of the assets of the company and all other entities
carrying on business in Canada, calculated in the manner provided by the ICA and
the regulations under the ICA, of the assets of all entities, the control of
which is acquired, directly or indirectly, in the transaction of which the
acquisition of control of the Company forms a part, then the threshold for a
direct acquisition of control as discussed above will apply, that is, a WTO
Review Threshold of Cdn. $168,000,000 (n 1996) for a WTO investor or a threshold
of CDN. $5,000,000 for non-Canadian other than a WTO investor. If the value
exceeds that level the transaction must be reviewed in

the same manner as a direct acquisition of control by the purchase of shares by
the Company.

If an investment is renewable, an application for review in the form prescribed
by the regulations is normally required to be filed with the Director appointed
under the ICA (the "Director") prior to the investment taking place and the
investment may not be consummated until the review has been completed. There
are, however, certain exceptions. Applications concerning indirect acquisitions
may be filed up to 30 days after the investment is consummated and applications
concerning reviewable investments in culture-sensitive sectors are required upon
receipt of a notice for review. In addition, the Minister (a person designated
as such under the ICA) may permit an investment to be consummated prior to
completion of the review, if he is satisfied that the delay would cause undue
hardship to the acquirer or jeopardize the operations of the Canadian business
that is being acquired. The Director will submit the application to the
Minister, together with any other information or written undertakings given by
the acquirer and any representation submitted to the Director by a province that
is likely to be of net benefit to Canada, taking into account the information
provided and having regard to certain factors of assessment where they are
relevant. Some of the factors to be considered are:

(a) the effect of the investment on the legal economic activity in Canada,
including the effect on employment, on resource processing, and on the
utilization of parts, components and services produced in Canada;

(b) the effect of the investment on exports from Canada;

(c) the degree and significance of participation by Canadians in the Canadian
business and in any industry in Canada of which it forms a part;

(d) the effect of the investment on productivity, industrial efficiency,
technological development, product innovation and product variety in Canada;

(e) the effect of the investment on competition within any industry or
industries in Canada;

(f) the compatibility of the investment with national, industrial, economic, and
cultural policies;

(g) the compatibility of the investment with national, industrial, economic, and
cultural policies taking into consideration industrial, economic, and cultural
objectives enunciated by the government of legislature of any province likely to
be significantly affected by the investment; and

(h) the contribution of the investment to Canada's ability to compete in world
markets.

To ensure prompt review, the ICA set certain time limits for the Director and
the Minister. Within 45 days after a completed application has been received,
the Minister

must notify the acquirer that he is satisfied that the investment is likely to
be of net benefit to Canada, or that he is unable to complete his review, in
which case he shall have 30 additional days to complete his review (unless the
acquirer agrees to longer period), or he is not satisfied that the investment is
likely to be of net benefit to Canada.

Where the Minister has advised the acquirer that he is not satisfied that the
investment is likely to be of net benefit to Canada, the acquirer has the right
to make representations and submit undertakings within 30 days of the date of
notice (or any period that is agreed upon between the acquirer and the
Minister). On the expiration of the 30 day period (or the agreed-upon
extension), the Minister must quickly notify the acquirer that he is not
satisfied that the investment is likely to be of net benefit to Canada. In the
latter case, the acquirer my not proceed with the investment or, if the
investment has already been consummated, must divest itself of control of the
Canadian business.

The ICA provides civil remedies for non-compliance with any provision. There are
also criminal penalties for breach of confidentiality or providing false
information.

Except as provided in the ICA, there are no limitations under the laws of
Canada, the Province of British Columbia, or in any constituent documents of the
Company on the right of non-Canadians to hold or vote the common shares of the
Company.

E. Taxation.

Certain United States Federal Income Tax Consequences

The following is a general discussion of the material United States Federal
income tax law for U.S. holders that hold such common shares as a capital asset,
as defined under United States Federal income tax law and is limited to
discussion of U.S. Holders that own less than 10% of the common stock. This
discussion does not address all potentially relevant Federal income tax matters
and it does not address consequences peculiar to persons subject to special
provisions of Federal income tax law, such as those described below as excluded
from the definition of a U.S. Holder. In addition, this discussion does not
cover any state, local or foreign tax consequences.

The following discussion is based upon the sections of the Internal Revenue Code
of 1986, as amended to the date hereof (the "Code"), Treasury Regulations,
published Internal Revenue Service ("IRS") rulings, published administrative
positions of the IRS and court decisions that are currently applicable, any or
all of which could be materially and adversely changed, possibly on a
retroactive basis, at any time. In addition, this discussion does not consider
the potential effects, both adverse and beneficial, of any future legislation
which, if enacted, could be applied, possibly on a retroactive basis, at any
time. The following discussion is for general information only and it is not
intended to be, nor should it be construed to be, legal or tax advice to any
holder or prospective holder of common shares of the Company and no opinion or
representation with respect to the United States Federal income tax consequences
to any such holder or prospective holder is made. Accordingly, holders and
prospective

holders of common shares of the Company should consult their own tax advisors
about the Federal, state, local, and foreign tax consequences of purchasing,
owning and disposing of common shares of the Company.

U.S. Holders

As used herein, a "U.S. Holder" is a holder of common shares of the Company who
or which is a citizen or individual resident (or is treated as a citizen or
individual resident) of the United States for federal income tax purposes, a
corporation or partnership created or organized (or treated as created or
organized for federal income tax purposes) in the United States, including only
the States and District of Columbia, or under the law of the United States or
any State or Territory or any political subdivision thereof, or a trust or
estate the income of which is includable in its gross income for federal income
tax purposes without regard to its source, if, (i) a court within the United
States is able to exercise primary supervision over the administration of the
trust and (ii) one or more United States trustees have the authority to control
all substantial decisions of the trust. For purposes of this discussion, a U.S.
Holder does not include persons subject to special provisions of Federal income
tax law, such as tax-exempt organizations, qualified retirement plans, financial
institutions, insurance companies, real estate investment trusts, regulated
investment companies, broker-dealers and Holders who acquired their stock
through the exercise of employee stock options or otherwise as compensation.

Distributions on common shares of the Company

U.S. Holders receiving dividend distributions (including constructive dividends)
with respect to common shares of the Company are required to include in gross
income for United States Federal income tax purposes the gross amount of such
distributions to the extent that the Company has current or accumulated earnings
and profits, without reduction for any Canadian income tax withheld from such
distributions. Such Canadian tax withheld may be credited, subject to certain
limitations, against the U.S. Holder's United States Federal income tax
liability or, alternatively, may be deducted in computing the U.S. Holder's
United States Federal taxable income by those who itemize deductions. (See more
detailed discussion at "Foreign Tax Credit" below). To the extent that
distributions exceed current or accumulated earnings and profits of the Company,
they will be treated first as a return of capital up to the U.S. Holder's
adjusted basis in the common shares and thereafter as gain from the sale or
exchange of the common shares. Preferential tax rates for long-term capital
gains are applicable to a U.S. Holder which is an individual, estate or trust.
There are currently no preferential tax rates for long-term capital gains for a
U.S. Holder which is a corporation.

Dividends paid on the common shares of the Company will not generally be
eligible for the dividends received deduction provided to corporations receiving
dividends from certain United States corporations. A U.S. Holder which is a
corporation may, under certain circumstances, be entitled to a 70% deduction of
the United States source portion of dividends received from the Company if such
U.S. Holder owns shares representing at

least 10% of the voting power and value of the Company. The availability of this
deduction is subject to several complex limitations, which are beyond the scope
of this discussion.

Foreign Tax Credit

A U.S. Holder who pays (or has withheld from distributions) Canadian income tax
with respect to the ownership of common shares of the Company may be entitled,
at the option of the U.S. Holder, to either a deduction or a tax credit for such
foreign tax paid or withheld. Generally, it will be more advantageous to claim a
credit because a credit reduces United States Federal income taxes on a
dollar-for-dollar basis, while a deduction merely reduces the taxpayer's income
subject to tax. This election is made on a year-by-year basis and applies to all
foreign taxes paid by (or withheld from) the U.S. Holder during that year. There
are significant and complex limitations, which apply to the credit, among which
is the general limitation that the credit cannot exceed the proportionate shares
of the U.S. Holder's United States income tax liability that the U.S. Holder's
foreign source income bears to his or its world-wide taxable income. In the
determination of the application of this limitation, the various items of income
and deduction must be classified into foreign and domestic sources. Complex
rules govern this classification process. There are further limitations on the
foreign tax credit for certain types of income such as "passive income," "high
withholding tax interest," "financial services income," "shipping income" and
certain other classifications of income. The availability of the foreign tax
credit and the application of the limitations on the credit are fact specific
and holders and prospective holders of common shares of the Company should
consult their own tax advisors regarding their individual circumstances.

Disposition of common shares of the Company

A U.S. Holder will recognize gain or loss upon the sale of common shares of the
Company equal to the difference, if any, between the amount of cash plus the
fair market value of any property received, and the Holder's tax basis in the
common shares of the Company. This gain or loss will be capital gain or loss if
the common shares are a capital asset in the hands of the U.S. Holder. Any
capital gain will be a short-term or long-term capital gain or loss depending
upon the holding period of the U.S. Holder. Gains and losses are netted and
combined according to special rules in arriving at the overall capital gain or
loss for a particular tax year. Deductions for net capital losses are subject to
significant limitations. For U.S. Holders which are individuals, any unused
portion of such net capital loss may be carried over to be used in later tax
years until such net capital loss is thereby exhausted. For U.S. Holders which
are corporations (other than corporations subject to Subchapter S of the Code),
an unused net capital loss may be carried back three years from the loss year
and carried forward five years from the loss year to be offset against capital
gains until such net capital loss is thereby exhausted.

Canadian Federal Income Taxation

The following discussion summarizes the principal Canadian federal income tax
considerations generally applicable to a person who owns one or more common
shares of the Company (the "Shareholder"), and who at all material times for the
purposes of the Income Tax Act (Canada) (the "Canadian Act") deals at arm's
length with the Company, holds all common shares solely as capital property, is
a non-resident of Canada, and does not, and is not deemed to, use or hold any
Common share in or in the course of carrying on business in Canada. It is
assumed that the common shares will at all material times be listed on a stock
exchange that is prescribed for the purposes of the Canadian Act.

This summary is based on the current provisions of the Canadian Act, including
the regulations thereunder, and the Canada-United States Income Tax Convention
(1980) (the "Treaty") as amended. This summary takes into account all specific
proposals to amend the Canadian Act and the regulations thereunder publicly
announced by the government of Canada to the date hereof and the Company's
understanding of the current published administrative and assessing practices of
Canada Customs and Revenue Agency. It is assumed that all such amendments will
be enacted substantially as currently proposed, and that there will be no other
material change to any such law or practice, although no assurances can be given
in these respects. Except to the extent otherwise expressly set out herein, this
summary does not take into account any provincial, territorial or foreign income
tax law or treaty.

This summary is not, and is not to be construed as, tax advice to any particular
Shareholder. Each prospective and current Shareholder is urged to obtain
independent advice as to the Canadian income tax consequences of an investment
in common shares applicable to the Shareholder's particular circumstances.

A Shareholder generally will not be subject to tax pursuant to the Canadian Act
on any capital gain realized by the Shareholder on a disposition of a Common
share unless the Common share constitutes "taxable Canadian property" to the
Shareholder for purposes of the Canadian Act and the Shareholder is not eligible
for relief pursuant to an applicable bilateral tax treaty. A Common share that
is disposed of by a Shareholder will not constitute taxable Canadian property of
the Shareholder provided that the Common share is listed on a stock exchange
that is prescribed for the purposes of the Canadian Act (the Toronto Stock
Exchange is so prescribed), and that neither the Shareholder, nor one or more
persons with whom the Shareholder did not deal at arm's length, alone or
together at any time in the five years immediately preceding the disposition
owned, or owned any right to acquire, 25% or more of the issued shares of any
class of the capital stock of the Company. In addition, the Treaty generally
will exempt a Shareholder who is a resident of the United States for the
purposes of the Treaty, and who would otherwise be liable to pay Canadian income
tax in respect of any capital gain realized by the Shareholder on the
disposition of a Common share, from such liability provided that the value of
the Common share is not derived principally from real property (including
resource property) situated in Canada or that the Shareholder does not have, and
has not had within the 12-month period preceding the disposition, a "permanent
establishment" or "fixed base," as those terms are defined for the purposes of
the Treaty, available to the

Shareholder in Canada. The Treaty may not be available to a non-resident
Shareholder that is a U.S. LLC, which is not subject to tax in the U.S.

Any dividend on a Common share, including a stock dividend, paid or credited, or
deemed to be paid or credited, by the Company to a Shareholder will be subject
to Canadian withholding tax at the rate of 25% on the gross amount of the
dividend, or such lesser rate as may be available under an applicable income tax
treaty. Pursuant to the Treaty, the rate of withholding tax applicable to a
dividend paid on a Common share to a Shareholder who is a resident of the United
States for the purposes of the Treaty will be reduced to 5% if the beneficial
owner of the dividend is a company that owns at least 10% of the voting stock of
the Company, and in any other case will be reduced to 15%, of the gross amount
of the dividend. It is Canada Customs and Revenue Agency`s position that the
Treaty reductions are not available to a Shareholder that is a "limited
liability company" resident in the United States. The Company will be required
to withhold any such tax from the dividend, and remit the tax directly to Canada
Customs and Revenue Agency for the account of the Shareholder.

F. Dividends and paying agents.

Not Applicable.

G. Statement by experts.

Not Applicable.

H. Documents on display.

The documents concerning the Company which are referred to in the document are
located at its principal executive office in Toronto, at the address stated at
the beginning of this document.

I. Subsidiary Information.

Not Applicable.

Item 11. Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.

Item 12. Description of Securities other than Equity Securities.

Not Applicable.

PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies.

Not Applicable.

Item 14. Material Modifications to the Rights of Security Holders and Use of
Proceeds.

Not Applicable.

Item 15. Controls and Procedures.

Our Chief Executive Officer and Chief Financial Officer, after evaluating the
effectiveness of the Company's disclosure controls and procedures (as defined in
US Exchange Act Rule 13a-14(c)) within 90 days of the date of this Form 20-F,
have concluded that, as of such date, the Company's disclosure controls and
procedures were effective to ensure that material information relating to the
Company was made known to them by others within the Company particularly during
the period in which this Form 20-F was being prepared.

There were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date
our Chief Executive Officer and our Chief Financial Officer completed their
evaluation, nor were there any significant deficiencies or material weaknesses
in the Company's internal controls requiring corrective actions.

Item 16. [Reserved]

Item 16A. Audit committee financial expert.

The Company's Board of Directors has determined that the Company has at least
one audit committee financial expert serving on its audit committee. The
Company's audit committee financial expert is Jason Moretto, who is not
independent for audit committee purposes, and who also serves as the Company's
Chief Financial Officer.

Item 16B. Code of Ethics.

The Company has adopted a code of ethics that applies to its Chief Executive
Officer and Chief Financial Officer. The code of ethics may be viewed on the
Company's website, www.eigertechnology.com.

PART III

Item 17. Financial Statements.

Not Applicable.

Item 18. Financial Statements.

The following financial statements are attached to and form part of this Annual
Report:

Audit Report

Audited Consolidated Financial Statements of the Company for the years ended
September 30, 2004 and September 30, 2003.

Item 19. Exhibits.

Exhibit Number

Page
----

1.1 Certificate of Incorporation dated September 8, 1986. *
1.2 Certificate of Name Change dated November 26, 1999. *
1.3 Articles (Bylaws) of the Corporation. *
1.4 Company Stock Option Plan *
4.a.1 Plan of Exchange dated as of August 3, 2001 between Onlinetel and
Eiger Technology, Inc. *
4.a.2 Share Purchase Agreement dated as of November 8, 2001 among ETIFF
Holdings Inc., K-Tronik International Corp., and LMC Capital Corp. *
4.a.3 Share Purchase Agreement dated as of December 19, 2001 among
Vision Unlimited Equipment Inc., ADH Custom Metal Fabricators Inc.,
and Newlook Capital Corp. *
31 Section 302 Certifications
32 Section 906 Certifications

* Adopted by reference, as previously filed with the Commission.

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for
filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this Annual Report on its behalf.

Eiger Technology, Inc.

/s/ GERRY RACICOT
-------------------

Gerry Racicot
President and C.E.O.

March 29, 2005

EIGER TECHNOLOGY, INC.

CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED SEPTEMBER 30, 2004

CONTENTS

Auditors' Report 1

Consolidated Balance Sheet 2

Consolidated Statement of Operations 3

Consolidated Statement of Cash Flows 4

Notes to Consolidated Financial Statements 5 - 21

AUDITORS' REPORT

To the Shareholders of
Eiger Technology, Inc.

We have audited the consolidated balance sheet of Eiger Technology, Inc.
as at September 30, 2004 and the consolidated statements of operations and cash
flows for the year then ended. The financial statements are the responsibility
of the company's management. Our responsibility is to express an opinion on
these consolidated financial statements based on our audit.

We conducted our audit in accordance with Canadian generally accepted
auditing standards. Those standards require that we plan and perform an audit to
obtain reasonable assurance whether the consolidated financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the consolidated financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
consolidated financial statements presentation.

In our opinion, these consolidated financial statements present fairly, in
all material respects, the financial position of the company as at September 30,
2004 and the results of its operations and its cash flows for the year then
ended in accordance with Canadian generally accepted accounting principles.

The consolidated financial statements as at September 30, 2003 and for the
year then ended were audited and reported on by another public accounting firm
to which they attached their audit report, without qualification, dated December
30, 2003.

"SF PARTNERSHIP, LLP"

Toronto, Canada CHARTERED ACCOUNTANTS
February 25, 2005

- 1 -

EIGER TECHNOLOGY, INC.
(Incorporated under the Ontario Business Corporations Act)
Consolidated Balance Sheet
September 30, 2004

2004 2003

ASSETS
Current
Cash $ 245,000 $ 618,000
Short-term investments (note 5) 30,000 409,000
Accounts receivable (note 6) 2,221,000 3,598,000
Inventories 1,648,000 3,049,000
Prepaid and sundry assets 128,000 681,000
-----------------------------

4,272,000 8,355,000
Property, Plant and Equipment (note 7) 2,498,000 3,528,000
Investments (note 5) 96,000 736,000
Goodwill -- 2,114,000
Future Income Tax -- 98,000
Other (note 8) 182,000 947,000
-----------------------------

$ 7,048,000 $ 15,778,000
=============================

LIABILITIES
Current
Bank indebtedness (note 9) $ 1,847,000 $ 3,766,000
Accounts payable and accrued charges 5,103,000 4,569,000
Long-term debt - current portion (note 10) 500,000 420,000
Deferred revenue 333,000 --
-----------------------------

7,783,000 8,755,000
Long-Term Debt (note 10) 347,000 1,036,000
Non-Controlling Interest (4,356,000) (3,330,000)
-----------------------------

3,774,000 6,461,000
-----------------------------

SHAREHOLDERS' EQUITY
Capital Stock (note 12) 43,297,000 42,685,000
Contributed Surplus -- 217,000
Deficit (40,023,000) (33,585,000)
-----------------------------

3,274,000 9,317,000
-----------------------------

$ 7,048,000 $ 15,778,000
=============================

APPROVED ON BEHALF OF THE BOARD

"GERRY RACICOT" "JASON MORETTO"
- ------------------------------- ----------------------------------
Director Director

(The accompanying notes are an integral part of these financial statements)

- 2 -

EIGER TECHNOLOGY, INC.
Consolidated Statement of Operations
Year Ended September 30, 2004

2004 2003

Sales $ 12,825,000 $ 22,722,000

Cost of Sales 10,572,000 19,896,000
-----------------------------

Gross Profit 2,253,000 2,826,000
-----------------------------

Expenses
Selling, general and administrative 5,375,000 6,500,000
Amortization of Property and Equipment 394,000 658,000
Amortization of Intangibles 68,000 171,000
Interest on Long-term Debt 172,000 66,000
Other Interest and Bank Charges 272,000 401,000
-----------------------------

6,281,000 7,796,000
-----------------------------

Loss Before the Undernoted (4,028,000) (4,970,000)

Provision for income taxes - future 98,000 (98,000)
Non-controlling interest (730,000) (748,000)
-----------------------------

Loss before Non-Recurring Items (3,396,000) (4,124,000)
-----------------------------

Goodwill impairment loss 336,000 805,000
Charge for decline in value of long-term investments -- 1,021,000
-----------------------------

336,000 1,826,000
-----------------------------

Loss from Continuing Operations (3,732,000) (5,901,000)

Loss from Discontinued Operations (note 13) 2,706,000 1,601,000
-----------------------------

Net Loss (6,438,000) (7,551,000)

Deficit - beginning of year (33,585,000) (26,034,000)
-----------------------------

Deficit - end of year $(40,023,000) $(33,585,000)
=============================

Loss Per Weighted Average Number of
Shares Outstanding - Basic and Diluted

Continuing operations $ (0.09) $ (0.16)
=============================

Discontinued operations $ (0.07) $ (0.04)
=============================

Weighted Average Number of Shares
Outstanding - Basic and Diluted 37,666,513 36,544,355
=============================

(The accompanying notes are an integral part of these financial statements)

- 3 -

EIGER TECHNOLOGY, INC.
Consolidated Statement of Cash Flows
Year Ended September 30, 2004

2004 2003

Cash Flows from Operating Activities
Net loss from continuing operations $(3,732,000) $(4,929,000)
Adjustments for:
Amortization 462,000 908,000
Non-controlling interest 730,000 (572,000)
Future income taxes 98,000 (98,000)
Goodwill impairment loss 336,000 805,000
Impairment in carrying value of long-term investments -- 1,021,000
Loss from discontinued operations (2,705,000) (1,601,000)
---------------------------

(4,811,000) (4,466,000)
Changes in non-cash working capital
Accounts receivable 1,377,000 1,406,000
Inventory 1,401,000 1,444,000
Prepaid expenses and sundry assets 553,000 (303,000)
Accounts payable and accrued charges 534,000 174,000
Deferred revenue 333,000 --
---------------------------

(613,000) (1,745,000)
---------------------------

Cash Flows from Investing Activities
Acquisition of equipment (681,000) (224,000)
Long-term investments -- (847,000)
Goodwill -- (135,000)
---------------------------

(681,000) (1,206,000)
---------------------------

Cash Flows from Financing Activities
Long-term debt (609,000) 371,000
Bank indebtedness 539,000 (262,000)
Proceeds from issuance of common shares 612,000 234,000
---------------------------

542,000 343,000
---------------------------

Net Decrease in Cash (752,000) (2,608,000)

Cash - beginning of year 1,027,000 3,635,000
---------------------------

Cash - end of year $ 275,000 $ 1,027,000
===========================

Cash
Cash $ 245,000 $ 618,000
Short-term investments 30,000 409,000
---------------------------

$ 275,000 $ 1,027,000
===========================

(The accompanying notes are an integral part of these financial statements)

- 4 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

1. Going Concern

These financial statements have been prepared on a going concern basis
which contemplates the realization of assets and the payment of
liabilities in the ordinary course of business. Despite a positive
shareholders' equity position of $3,274,000 (2003-$9,317,000), Eiger
Technology, Inc. ("Eiger" or the "Company") has incurred significant
operating losses in previous years and as at September 30, 2004, has a
working capital deficiency of $3,511,000 (2003-$400,000). Its continued
existence as a going concern is dependent upon the Company's ability to
raise additional capital, to increase sales, and ultimately become
profitable. Should the Corporation be unable to continue as a going
concern, it may be unable to realize the carrying value of its assets and
to meet its liabilities as they become due. The company at year end was in
violation of a tangible net worth covenant with respect to a revolving
credit line with the Trust Company Bank of New Jersey.

The Company believes that future shares issuance and certain sales related
efforts will provide sufficient cash flow for it to continue as a going
concern in its present form. However, there can be no assurances that the
Company will achieve such results. Accordingly, the consolidated financial
statements do not include any adjustments related to the recoverability
and classification of recorded asset amounts or the amount and
classification of liabilities or any other adjustments that might be
necessary should the Company be unable to continue as a going concern.

2. Significant Accounting Policies

a) Nature of Business

Eiger was originally incorporated as Alexa Ventures Inc. on
September 8, 1986 under the laws of British Columbia. Currently,
Eiger is a company in good standing operating under the laws of
Ontario. The Company is listed as an issuer on the TSX.

Through its subsidiaries, the Company offered Voice over Internet
Protocol services to the Canadian long-distance market and
manufactured and distributed electronic/computer peripherals and
electronic ballasts to OEM and consumer markets worldwide during the
fiscal year. The Company is currently focused on developing Voice
over Internet Protocol ("VoIP") long distance calling between major
cities in North America through its subsidiary, Newlook Industries
Corp. ("Newlook").

b) Basis of Preparation

These financial statements have been prepared in accordance with
accounting principles generally accepted in Canada ("Cdn. GAAP"). A
reconciliation to U.S. generally accepted accounting principles
("U.S. GAAP") is provided in Note 15. Because a precise
determination of assets and liabilities depends on future events,
the preparation of periodic financial statements necessitates the
use of estimates and approximations. Actual amounts may differ from
these estimates.

(The accompanying notes are an integral part of these financial statements)

- 5 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

2. Significant Accounting Policies (cont'd)

c) Principles of Consolidation

The consolidated financial statements include the accounts of Eiger
and its subsidiaries as listed in Note 4. The Company's principal
subsidiary is Newlook. Another subsidiary, Eiger Net, Inc. "Eiger
Net" is presented as discontinued operations as at July 31, 2004, as
discussed in note 13. All significant intercompany transactions and
balances have been eliminated upon consolidation.

On March 18, 2004, Newlook completed its acquisition of all the
issued and outstanding shares of Onlinetel from Eiger. As the
transaction has been deemed a re-organization and not a business
combination, Newlook's interest in Onlinetel has been recorded using
the pooling of interests method. Using this method, Eiger's
statements of operations, retained earnings and cash flows have been
combined as if Newlook and Onlinetel had been combined for all
periods presented.

d) Cash and Cash Equivalents

Cash and cash equivalents consist of cash on account and short-term
investments with remaining maturities of three months or less at
acquisition.

e) Inventory

Inventory is valued at the lower of cost and net realizable value.
Cost is determined on a first-in, first-out basis and includes the
costs of materials and direct labour plus the applicable share of
manufacturing overhead.

f) Investments

All non-significant influenced investments are accounted for at
cost. Short-term investments are written down to market value when
less than cost. Long-term investments are written down to market
value when a decline in market value below the carrying value is
considered to be other than temporary.

g) Property, plant and equipment

Property, plant and equipment are recorded at cost. Amortization is
calculated using the following annual rates and methods:

Buildings 4-5%
Machinery and Equipment 5-10%
Automotive Equipment 20-30%
Computer Equipment 20-30%
Leasehold Improvements 10% straight line basis

(The accompanying notes are an integral part of these financial statements)

- 6 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

2. Significant Accounting Policies (cont'd)

h) Goodwill

Goodwill is the residual amount that results when the purchase price
of an acquired business exceeds the sum of the amounts allocated to
the tangible and intangible assets acquired, less liabilities
assumed, based on their fair values. When the Company enters into a
business combination, the purchase method of accounting is used.
Goodwill is assigned as of the date of the business combination to
reporting units that are expected to benefit from the business
combination. Goodwill is not amortized but instead is tested for
impairment annually or more frequently if events or changes in
circumstances indicate that the asset might be impaired. The
impairment test is carried out in two steps. In the first step, the
carrying amount of the reporting unit, including goodwill, is
compared with its fair value. When the fair value of the reporting
unit exceeds its carrying amount, goodwill of the reporting unit is
not considered to be impaired and the second step of the impairment
test is unnecessary. The second step is carried out when the
carrying amount of a reporting unit exceeds its fair value, in which
case, the implied fair value of the reporting unit's goodwill,
determined in the same manner as the value of goodwill is determined
in a business combination, is compared with its carrying amount to
measure the amount of the impairment loss, if any.

i) Other Assets

Product development costs meeting generally accepted criteria for
deferral are written down to expected realizable value, and are
amortized once production commences over periods ranging from three
to ten years, depending on the anticipated economic life of the
particular product. Deferred organization, finance, and regulatory
approval costs are amortized over 2 to 5 years. Long-term lease
deposits are recorded at cost.

j) Income Taxes

Income taxes are provided using the liability method of tax
allocation. Under this method, future tax assets and liabilities are
determined based on differences between financial reporting and
income tax bases of assets and liabilities, and are measured using
the substantially enacted tax rates and laws that will be in effect
when the differences are expected to reverse.

k) Issuance of Share Capital

The costs of issuing share capital are netted against share capital.

(The accompanying notes are an integral part of these financial statements)

- 7 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

2. Significant Accounting Policies (cont'd)

l) Revenue Recognition

Operating revenues are recognized when they are earned,
specifically, when services are provided, products are delivered to
customers, persuasive evidence of an arrangement exists, amounts are
fixed or determinable, and collectibility is reasonably assured. As
a result the Company recognizes sales when products are shipped as
at K-Tronik, sales to customers are FOB shipping point.

Newlook's principal sources of revenue are recognized according to
the following methods:

(i) Advertising based long distance calling subscription plans, are
recorded as revenue on a monthly basis. This is a new line of
business launched in the fiscal year;

(ii) Traditional long distance calling and Internet subscription
plans, are recorded as revenue as the services or products are
provided;

(iii) New media services for sponsors on the advertising based
calling network, are recorded in the period the advertising airs on
the Company's network; and

(iv) Dial around long distance casual calling services, are recorded
as revenue in the month in which they are earned.

Deferred revenue includes subscriber deposits and amounts received
from subscribers related to services and subscriptions to be
provided in future periods.

m) Foreign Currency Translation

The Company accounts for transactions and balances denominated in
foreign currencies using the temporal method. Under this method,
monetary assets and liabilities of foreign subsidiaries are
translated into Canadian dollars using the exchange rate in effect
at the balance sheet date, non-monetary items are translated at
historical exchange rates (except for items carried at market, which
are translated at the balance sheet date exchange rate), and
revenues and expenses are translated using average exchange rates to
approximate the rates actually in effect at the time of the
transactions. Resulting foreign exchange translation gains or losses
are included in the determination of net income for the year, except
for such gains or losses relating the translation or settlement of
foreign currency denominated long-term monetary items which are
deferred and amortized over the remaining life of the monetary item.
There were no material exchange gains or losses on long-term foreign
currency denominated monetary items during either of the reporting
periods.

(The accompanying notes are an integral part of these financial statements)

- 8 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

2. Significant Accounting Policies (cont'd)

n) Stock-based Compensation

Effective October 1, 2002, the Company adopted the recommendations
of CICA Section 3870, "Stock-based Compensation and Other
Stock-based Payments", which established standards for the
recognition, measurement and disclosure of stock-based compensation
and other stock-based payments made in exchange for goods and
services. Under the new provisions, stock-based compensation should
be recognized on a fair value basis for stock-based payments to
non-employees, and for employee awards that are direct awards of
stock, or call for settlement in cash or other assets. The new
section permits the Company to continue its existing policy of not
recognizing any compensation expense upon the granting of stock
options to its employees. Consideration paid by employees on the
exercise of stock options is recorded as share capital. The new
section does, however, require additional disclosures for options
granted to employees, including the disclosure of pro-forma earnings
and pro-forma earnings per share calculated as if the fair value
method of accounting had been used. This information is provided in
Note 3.

o) Earnings per Share

Basic earnings per share is calculated based on the weighted average
number of shares outstanding during the year. Diluted earnings per
share is calculated using the treasury stock method based on the
weighted average number of shares that would have been outstanding
during the year had all the dilutive options been exercised at the
beginning of the year, or date of issuance if later, and assuming
that option proceeds would be used to purchase common shares at the
average market price during the year.

(The accompanying notes are an integral part of these financial statements)

- 9 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

3. Stock-based Compensation

Effective October 1, 2002, the Company adopted the recommendations of CICA
Section 3870, "Stock-based Compensation and Other Stock-based Payments",
which requires the disclosure of pro-forma net income as if the Company
had accounted for its stock options issued to employees subsequent to
September 30, 2002 under the fair value method. Pro-forma results,
including stock-based compensation, for the year ended September 30, 2004
and the year ended September 30, 2003 for comparison, are as follows:

2004 2003

Net loss from continuing operations - as reported $(3,732,000) $(4,929,000)
Stock-based compensation expense (900,000) (195,000)
---------------------------

Net loss from continuing operations - pro-forma $(4,632,000) $(5,124,000)
===========================

Weighted average basic and diluted loss per share - as reported (0.09) (0.13)
===========================

Weighted average basic and diluted loss per share - pro-forma (0.12) (0.13)
===========================

The fair value of each option grant is estimated as of the grant date
using the Black-Scholes option-pricing model. For the twelve months ended
September 30, 2004, the Company used the following weighted average
assumptions: risk-free interest rate of 4.50%; expected volatility of
65%; expected life of 5 years; expected dividend yield of 0%. Details of
outstanding stock options are disclosed in Note 12.

(The accompanying notes are an integral part of these financial statements)

- 10 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

4. Subsidiaries and Related Party Transactions

Eiger Technology, Inc. is related to the following corporations:

Name of Corporation Nature of Relationship

Newlook Industries Corp. 90% Subsidiary

Vision Unlimited Equipment Inc.* 100% Subsidiary of Newlook Industries Corp.

A.D.H. Custom Metal Fabricators Inc. 100% Subsidiary of Vision Unlimited Equipment Inc.

Alexa Properties Inc. 100% Subsidiary

ETIFF Holdings, Inc.* 100% Subsidiary

K-Tronik International Corp.* 64% Subsidiary of ETIFF Holdings, Inc.

K-Tronik North America Corp. 100% Subsidiary of K-Tronik International Corp.

K-Tronik Asia Corp. 100% Subsidiary of K-Tronik North America Corp.

Onlinetel Corp. 100% Subsidiary of Newlook Industries Corp.

Onlinetel Inc. 100% Subsidiary of Onlinetel Corp.

* Inactive - holding company only

All transactions within the corporate group are in the normal course of
business, are transacted at fair market value and recorded at the carrying
value at the time, and are eliminated upon consolidation. Inter-company
balances at the financial statement date are also eliminated upon
consolidation.

Service fees paid to corporations owned by management personnel during the
period totaled $207,000 (2003: $481,000).

(The accompanying notes are an integral part of these financial statements)

- 11 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

5. Investments

a) Short-term Investments

Short-term investments are comprised of Canadian money market funds
and short-term commercial paper plus accrued interest, having a
market value equivalent to their cost amount.

b) Long-term Investments

2004 2003

Advances to Lexatec VR Systems Inc. $ 96,000 $ 96,000
Long-term portfolio equity investments -- 640,000
--------------------

$ 96,000 $736,000
====================

The advances noted above are non-interest bearing, and have no specific
terms of repayment.

6. Accounts Receivables

Accounts receivable are reported net of an allowance for doubtful accounts
of $104,000 (2003: $2,662,000)

7. Property, Plant and Equipment

2004 2003
Accumulated Accumulated
Cost Amortization Cost Amortization
-------------------------------------------------------------

Land $ 159,000 $ -- $ 218,000 $ --
Buildings 561,000 183,000 1,102,000 183,000
Machinery and equipment 951,000 668,000 3,340,000 2,392,000
Furniture and fixtures 244,000 122,000 663,000 474,000
Automotive equipment 22,000 17,000 183,000 107,000
Telecommunications under capital leasehold 835,000 167,000 415,000 42,000
Telecommunications 989,000 458,000 923,000 344,000
Computer equipment 659,000 307,000 464,000 238,000
-------------------------------------------------------------

$4,420,000 $1,922,000 $7,308,000 $3,780,000
-------------------------------------------------------------

Net carrying amount $2,498,000 $3,528,000
---------- ----------

(The accompanying notes are an integral part of these financial statements)

- 12 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

8. Other

2004 2003

Product Development Costs
$ -- $172,000
Non-interest Bearing Long-term Deposits 61,000 544,000
Regulatory Approval 113,000 143,000
Other 8,000 88,000
---------------------

$182,000 $947,000
=====================

9. Bank Indebtedness

Foreign and domestic subsidiary lines of credit balances totaling
$2,014,000 (Cdn.), bear interest at rates ranging from 4.0 - 8.0%, are
secured by the short-term investments, inventory and equipment, and are
repayable upon demand. The company at year end was in violation of a
tangible net worth covenant with respect to a revolving credit line with
the Trust Company Bank of New Jersey.

10. Long-Term Debt

Long-term debt is comprised of the following:

2004 2003

Royal Bank of Canada term loan repayable in
monthly instalments of $10,000 plus interest
calculated at Royal Bank prime plus 1/4% $ 385,000 $ 505,000
Capital lease obligations - repayable over two years
due May 31, 2005 to April 30, 2006; interest
rates averaging 17.0% 462,000 361,000
KiUp Bank (Korea) term loan, interest only through
fiscal 2005, then repayable at $71,000 per year
through fiscal 2010, interest calculated at 4.9%
per annum -- 535,000
Other -- 55,000
----------------------------

847,000 1,456,000
Less: Current portion (500,000) (420,000)
----------------------------

Long-term debt $ 347,000 $ 1,036,000
============================

(The accompanying notes are an integral part of these financial statements)

- 13 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

10. Long-Term Debt (cont'd)

During the year, the Company paid $295,000 (2003- $102,000) in interest on
long-term debt. Principal payments required on long-term debt for the next
five years are as follows:

2005 $500,000
2006 202,000
2007 120,000
2008 25,000
--------

$847,000
--------

11. Financial Instruments

a) Fair Value

Cash and cash equivalents, short-term investments, accounts
receivable and payable, and bank indebtedness are carried at cost
which approximates fair value due to their short time to maturity.
Management believes the carrying value of long-term investments to
be equivalent to their fair market value. The fair values of the
Company's long-term debt obligations, based on current rates for
debt with similar terms and maturities, are approximately the same
as their carrying values.

b) Interest Rate Risk

The Company is not exposed to significant interest rate risk due to
the short-term maturity of its current monetary assets and
liabilities. The Company's interest rate risk pertaining to its
long-term debt obligations is not considered to be significant due
to the relatively low amounts involved.

c) Credit Risk

The Company's financial assets that are exposed to credit risk
consist primarily of short-term investments, accounts receivable,
and long-term investments.

Short-term investments consist solely of money market funds and
short-term commercial paper issued by investment-rated Canadian
financial institutions which are invested for terms not exceeding 90
days.

The Company, in the normal course of business, is exposed to credit
risk from its customers. Management believes that sufficient
allowance has been made for bad debts in these financial statements
based on a review of accounts on an individual basis. The
concentration of credit risk in trade accounts receivable is not
considered to be significant due to the Company's large client base.

The Company is also exposed to credit risk with respect to its
long-term advances to Lexatec VR Systems Inc. and certain subsidiary
investments. Advances to Lexatec VR Systems Inc. are partially
secured by a pledge of reciprocal shareholdings.

(The accompanying notes are an integral part of these financial statements)

- 14 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

12. Capital Stock

Authorized: 100,000,000 Common Shares

Issued:

No. of 2004 No. of 2003
Shares Amount Shares Amount
----------------------------------------------------------------

Beginning of Year 37,608,951 $ 43,249,000 36,615,853 $ 42,799,000

Issued - private placement 993,098 556,000 993,098 450,000
- exercise of options 130,000 56,000 -- --
- acquisitions -- -- -- --
- other 128,125 -- -- --
- costs of issue -- -- -- --
----------------------------------------------------------------

End of Year 38,860,174 43,861,000 37,608,951 43,249,000

Reciprocal Shareholdings (568,049) (564,000) (568,049) (564,000)
----------------------------------------------------------------

38,292,125 $ 43,297,000 37,040,902 $ 42,685,000
================================================================

The Company awards unconditional stock options to employees, officers,
directors and others at the recommendation of the CEO as approved by the
shareholders. Options are granted at the fair market value of the shares
on the day granted, and vest immediately. The following is a continuity
schedule of outstanding options for the reporting periods, where WAEP
refers to "weighted average exercise price".

No. of 2004 No. of 2003
Options WAEP Options WAEP
-------------------------------------------------------------------------

Beginning of Year 4,246,000 1.83 3,991,000 1.96
Granted 1,626,000 0.86 460,000 0.56
Exercised (130,000) 0.43 -- --
Expired (800,000) 4.29 (125,000) 1.07
-------------------------------------------------------------------------

End of Year 4,942,000 1.14 4,326,000 1.83
-------------------------------------------------------------------------

No stock options were exercised during the year. The weighted average
contractual life remaining for options outstanding at year end was 947
days.

(The accompanying notes are an integral part of these financial statements)

- 15 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

12. Capital Stock (cont'd)

During the year, proceeds from exercised stock options of $56,000 was
credited to share capital (2003: $nil). No amounts were recognized as
compensation expense with respect to stock options granted or exercised in
either of the reporting periods.

Stock options have been granted to the CEO of K-Tronik North America Corp.
contingent upon meeting sales quotas for that company as tabled below:

Number of
Monthly Sales for Six Options
Consecutive Months Exercisable Total Exercise
Units of Ballasts Per Plateau Cumulative Price

50,000 per mth for 6 consecutive mths 70,000 70,000 $ 0.60
60,000 per mth for 6 consecutive mths 70,000 140,000 0.60
70,000 per mth for 6 consecutive mths 70,000 210,000 0.60
80,000 per mth for 6 consecutive mths 70,000 280,000 0.60
90,000 per mth for 6 consecutive mths 70,000 350,000 0.60

No shares were issued in fiscal 2004 or fiscal 2003 as a result of this
agreement.

Management agreed to issue shares of the Company to four members of the
management team of Eiger Net, Inc. and Eiger Labs Group Inc. as
performance earn out consideration contingent upon achieving the criteria
tabled below for the combined results of those two companies:

Gross Net Common
Year Sales (U.S.) Income (U.S.) Share
-------------------------------------------------------

1999 $ 27,000,000 $ 1,000,000 600,000
2000 70,000,000 2,500,000 750,000
2001 80,000,000 3,500,000 900,000
2002 90,000,000 4,000,000 900,000
2003 110,000,000 4,000,000 900,000

600,000 shares were issued in fiscal 2000 as a result of this agreement
based on the operating results for 1999. No shares have been issued since
that time, and none will be issued in fiscal 2004 pursuant to this
agreement as the sales and income criteria have not been met.

(The accompanying notes are an integral part of these financial statements)

- 16 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

12. Capital Stock (cont'd)

In connection with the Company's acquisition of Onlinetel, Inc. in fiscal
2001, the share exchange agreement allows that additional shares of Eiger
Technology, Inc. may be issued to the former shareholders of Onlinetel,
Inc. if certain earn out provisions are met as follows:

Fiscal Gross Net Common
Year Revenue Income Shares
------------------------------------------------------

2002 $19,083,000 $ 2,442,000 1,800,000
2003 37,348,000 6,213,000 1,800,000
2004 50,849,000 9,353,000 1,800,000
2005 59,867,000 13,849,000 1,800,000

Unmet earn out targets may be carried forward and met on a cumulative
basis. The targets for fiscal 2004 were not met and are not being carried
forward.

13. Discontinued Operations

On July 31, 2004, the management shareholders of Eiger Net, Inc. in South
Korea acquired Eiger's interest in Eiger Net, Inc. for a nominal sum as
required by South Korean law. As such, the purchasers will assume all of
the outstanding liabilities of Eiger Net, Inc. as at that date.

2004 2003

Loss on discontinued operations $1,306,000 $ 321,000
Loss on disposal of assets of discontinued operations 1,400,000 1,280,000
-------------------------

$2,706,000 $1,601,000
=========================

The carrying values of the major classes of assets and liabilities of the
discontinued operations are as follows:

Cash $ 20,000
Short-term investments 227,000
Accounts receivable 462,000
Inventory 550,000
Prepaid expenses 135,000
Long-term investments 641,000
Equipment 1,135,000
Deferred charges 233,000
Other assets 588,000
Bank indebtedness (1,364,000)
Accounts payable (763,000)
Long-term debt (558,000)
-----------

$ 1,306,000
-----------

(The accompanying notes are an integral part of these financial statements)

- 17 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

14. Reconciliation to U.S. GAAP

These financial statements have been prepared in accordance with
accounting principles generally accepted in Canada ("Cdn. GAAP").
Significant differences under U.S. GAAP are discussed below.

In the U.S. reporting standards for auditors require the addition of an
explanatory paragraph (following the opinion paragraph) of the Report of
Independent Registered Public Accounting Firm when the financial
statements are affected by significant uncertainties such as those
referred to in note 1. In Canadian reporting standards such reference does
not have to be made when the uncertainties are adequately disclosed in the
notes.

For fiscal years beginning after December 15, 1998, U.S. GAAP requires
that all organization costs (including those previously deferred) be
expensed currently. Also, all product development costs are to be expensed
as incurred.

U.S. GAAP requires the measurement and reporting of "comprehensive
income". Comprehensive income includes net income and all other changes to
Shareholders' Equity other than amounts received from or paid to
shareholders. The only reportable comprehensive income item for the
Company relates to foreign currency translation adjustments as described
below.

U.S. GAAP requires the use of the current rate method of foreign currency
translation, with any resulting foreign exchange translation adjustments
forming part of comprehensive income for the year and accumulating as a
separate component of shareholders' equity.

U.S. GAAP permits, pursuant to APB Opinion 25, the use of the intrinsic
method of accounting for stock-based compensation, while SFAS No. 123, as
modified by SFAS No. 148, requires pro-forma reconciliation to the fair
value method.

Reconciliation to U.S. GAAP are as follows:

2004 2003

Net Loss
- per Cdn. GAAP $(6,438,000) $(7,551,000)
- expense deferred product development costs net
of portion relating to non-controlling interest -- (172,000)
- foreign currency translation adjustment (55,000) (283,000)
---------------------------

- per U.S. GAAP (6,493,000) (8,006,000)
Comprehensive item - foreign exchange adjustment 55,000 283,000
---------------------------

Comprehensive Loss $(6,438,000) $(7,723,000)
===========================

(The accompanying notes are an integral part of these financial statements)

- 18 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

14. Reconciliation to U.S. GAAP (cont'd)

2004 2003

Deficit
- per Cdn. GAAP $(40,023,000) $(33,585,000)
- expense deferred product development costs -- (172,000)
- foreign currency translation adjustments 417,000 384,000
-----------------------------

- per U.S. GAAP $(39,606,000) $(33,373,000)
=============================

Accumulated Other Comprehensive Items:
- foreign currency translation adjustments $ (417,000) $ (384,000)
-----------------------------

- per U.S. GAAP $ (417,000) $ (384,000)
=============================

Total Assets:
- per Cdn. GAAP $ 7,048,000 $ 15,778,000
- expense deferred product development costs -- (172,000)
-----------------------------

- per U.S. GAAP $ 7,048,000 $ 15,606,000
=============================

Pro-forma Disclosure (SFAS No. 148):
Comprehensive Loss - as Reported $ (6,610,000) $ (7,723,000)
Stock-based Compensation Expense (900,000) (195,000)
-----------------------------

Comprehensive Loss - Pro-forma $ (7,510,000) $ (7,918,000)
=============================

Weighted Average Basic and Fully Diluted Loss per Share:
Loss before Discontinued Operations (0.12) (0.12)
-----------------------------

Net Loss per Share (0.19) (0.21)
-----------------------------

15. Cash Payments of Interest and Income Taxes

2004 2003

Interest $422,000 $456,000
========================

Income Taxes $ -- $ --
========================

(The accompanying notes are an integral part of these financial statements)

- 19 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

16. Commitments

As at September 30, 2004, the Company had future minimum annual rent
payments on operating leases of $34,000.

17. Subsequent Event

On December 15, 2004, K-Tronik International Corp. ("KTI") entered into an
agreement to sell all of its interest in and to the fixed assets of its
subsidiary, K-Troniks Asia Ltd. ("KTA"). The terms of the Agreement call
for KTA to use the purchase proceeds to retire the debts of KTA to the
purchaser. KTI and the purchaser also entered into agreements whereby KTI
transfers to the purchaser ownership of all of the issued and outstanding
shares of K-Tronik N.A. Inc. ("KTNA"), its U.S. subsidiary which owns KTA.
The transfer of the shares of KTNA has not yet been effected but is
expected to be effected shortly. Upon final closing of the agreements
described above, it is expected that the purchaser will own all of the
issued and outstanding shares of KTNA and the assets of KTA. It is further
expected that KTI will no longer be engaged in the business of
manufacturing, distributing or selling electronic ballasts.

On November 30, 2004, Alexa Properties sold its manufacturing facility and
land in Stratford, Ontario that previously housed the operations of ADH
Custom Metal Fabricators Inc.

18. Contingent Liabilities

At September 30, 2004, there were three potential claims outstanding
against the Company.

The first claim is by a former employee for wrongful dismissal, alleged
breach of contract, punitive and aggravated damages and costs. It is the
Company's opinion that there is no merit to the claim of breach of
contract, punitive or aggravated damages. There may be an immaterial
amount if anything owing to this claim.

Secondly, there is a potential claim by a marketing firm for fees
allegedly due and owing that went to mediation in September 2004. The
Company took the position that if money was owed that it would be more
than offset by the Company's counter suit for damages. It is the Company's
opinion that there will be no resulting liability.

On November 25, 2004, a claim was issued against Onlinetel Corp. by a
telecommunications company for an alleged breach of a service agreement
plus interest and costs. It is the Company's opinion that although there
may be a potential for liability in this claim, an amount is not known at
the present time.

(The accompanying notes are an integral part of these financial statements)

- 20 -

EIGER TECHNOLOGY, INC.
Notes to Consolidated Financial Statements
September 30, 2004

19. Segmented Information

Management has identified two reportable segments: "Newlook" and
"K-Tronik". Segmentation is determined on the basis of the types of goods
and services provided and geographic location.

"Newlook" consists of Onlinetel Corp. and Onlinetel Inc., which provide
Voice over Internet Protocol services to the Canadian long distance
market. During the previous fiscal year, Newlook consisted of Vision
Unlimited Equipment Inc., A.D.H. Custom Metal Fabricators Inc. and Alexa
Properties Inc. Prior to its assets being sold, A.D.H. Custom Metal
Fabricators Inc. was a manufacturer of fluorescent light fixtures, data
racks and other metal cabinetry. Vision Unlimited Equipment Inc. was
inactive. Alexa Properties Inc. owns the land and manufacturing facility
in Stratford, Ontario. The operations of Vision Unlimited Equipment Inc.
and A.D.H. Custom Metal Fabricators Inc. have been discontinued (see Note
13).

"K-Tronik" includes K-Tronik North America Corp., a distributor of
electronic ballasts based in Hackensack, New Jersey, and K-Tronik Asia
Corp., a manufacturer of electronic ballasts operating in Korea.

"Eiger" includes Eiger Labs Group, Inc. and EigerNet, Inc. Both of these
companies are involved in the production and distribution of electronic
communications products. EigerNet, Inc. is located in South Korea, while
Eiger Labs Group, Inc. operates out of California. The results of Eiger
Net, Inc. are presented as discontinued operations as Eiger's ownership
stake has been acquired (see Note 13).

Segmented financial information is presented on the following two pages.

(The accompanying notes are an integral part of these financial statements)

- 21 -

[LOGO] SF Partnership, LLP
Chartered Accountants

EIGER TECHNOLOGY, INC.
SEGMENTED INFORMATION
September 30, 2004

Totals per
All Reconciling Financial
Newlook K-Tronik Others Items Statements
----------- ----------- ----------- ----------- -----------
$ $ $ $ $

Sales:
External:
- Domestic 5,481,000 -- 501,000 (486,OOO) 5,496,000
- Foreign -- 7,329,000 -- -- 7,329,000
----------- ----------- ----------- ----------- -----------
5,481,000 7,329,000 501,000 (486,000) 12,825,000

Cost of Sales 4,778,000 5,986,000 -- (192,000) 10,572,000
----------- ----------- ----------- ----------- -----------

Gross Margin 703,000 1,343,000 501,000 (294,000) 2,253,000
----------- ----------- ----------- ----------- -----------

Expenses:
Operations and Administration 2,323,000 2,350,000 996,000 (294,000) 5,375,000
Amortization of Capital and Other Assets 309,000 112,000 41,000 -- 462,000
Interest on Long-term Debt 145,000 -- 27,000 -- 172,000
Other Interest and Bank Charges 123,000 146,000 3,000 -- 272,000
----------- ----------- ----------- ----------- -----------
2,900,000 2,608,OOO 1,067,000 (294,000) 6,281,000
----------- ----------- ----------- ----------- -----------

Income (Loss) before Provision for Income
Taxes and Non-controlling Interest (2,197,000) (1,265,000) (566,000) -- (4,028,OOO)

Provision for Income Taxes - Future 98,000 -- -- -- 98,000
Non-controw Interest (264,000) (466,000) -- -- (730,000)
----------- ----------- ----------- ----------- -----------

Income (Lass) before Non-Recurring and
Discontinued Operations (2,031,000) (799,000) (566,000) -- (3,396,000)

Non-recurring Items (336,000) -- -- -- (336,000)
Discontinued Operations (259,000) -- (2,447,000) -- (2,706,000)
----------- ----------- ----------- ----------- -----------

Net Income (Loss) for the Year (2,626,000) (799,000) (3,013,000) -- (6,438,OOO)
=========== =========== =========== =========== ===========

Cash Flows:
From Operating Activities (696,000) 3,000 60,000 -- (613,000)
From Investing Activities (684,OOO) (28,000) 31,000 -- (681,000)
From Financing Activities 1,361,000 49,000 (868,000) -- 542,000
----------- ----------- ----------- ----------- -----------

(19,000) 24,000 (757,000) -- (752,000)

Cash and Cash Equivalents:
Beginning of the Year 74,000 204,000 749,000 -- 1,027,000
----------- ----------- ----------- ----------- -----------
End of the Year 55,000 228,000 (8,OOO) -- 275,000
=========== =========== =========== =========== ===========

Expenditures on Capital Assets
and Goodwill during the Year 681,000 -- -- -- 681,000
=========== =========== =========== =========== ===========

Balance of Capital Assets and
Goodwill - End of the Year
- Domestic 1,466,000 -- 627,000 -- 2,093,000
- Foreign -- 406,000 -- -- 406,000
----------- ----------- ----------- ----------- -----------

1,466,000 406,000 627,000 -- 2,499,000
=========== =========== =========== =========== ===========

Total Assets 2,305,000 3,947,000 796,000 -- 7,048,000
=========== =========== =========== =========== ===========

[LOGO] SF Partnership, LLP
Chartered Accountants

EIGER TECHNOLOGY, INC.
SEGMENTED INFORMATION
September 30, 2003

Totals per
all Reconciling Financial
Newlook R-Tronik Eiger Net Others Items Statements
----------- ----------- ----------- ----------- ----------- -----------
$ $ $ $ $ $
----------- ----------- ----------- ----------- --------- -----------

Sales:
External:
- Domestic 4,932,000 -- -- -- -- 4,932,000
- Foreign -- 9,152,000 8,638,OOO -- -- 17,790,000
----------- ----------- ----------- ----------- --------- -----------
4,932,000 9,152,000 8,638,OOO 22,722,000

Cost of Sales 3,802,000 6,896,000 9,391,000 (193,000) -- 19,896,000
----------- ----------- ----------- ----------- --------- -----------

Gross Margin 1,130,000 2,256,000 (753,000) 193,000 -- 2,826,000
----------- ----------- ----------- ----------- --------- -----------

Expenses:
Operations and Administration 1,042,000 2,988,000 1,682,000 981,OOO (193,OOO) 6,500,000
Amortization of Capital and Other Assets 287,OOO 269,000 147,000 126,000 -- 829,OOO
Interest on Long-term Debt 35,000 -- 31,000 -- -- 66,000
Other Interest and Bank Charges 29,000 226,000 134,000 12,000 -- 401,000
----------- ----------- ----------- ----------- --------- -----------
1,393,000 3,483,OOO 1,994,000 1,119,000 (193,000) 7,796,000
----------- ----------- ----------- ----------- --------- -----------

Income (Loss) before Provision for Income
Taxes and Non-controlling Interest (263,000) (1,227,000) (2,747,000) (1,119,000) 386,OOO (4,970,000)

Provision for Income Taxes - Future (98,OOO) -- -- -- -- (98,OOO)
Non-controlling Interest (210,000) (444,000) (94,000) -- -- (748,OOO)
----------- ----------- ----------- ----------- --------- -----------

Income (Loss) before Non-Recurring and
Discontinued Operations 45,000 (783,000) (2,653,000) (1,119,000) 386,000 (4,124,000)

Non-recurring Items (673,000) -- (1,153,000) -- -- (1,826,000)
Discontinued Operations (1,601,000) -- -- -- -- (1,601,000)
----------- ----------- ----------- ----------- --------- -----------

Net Income (Loss) for the Year (2,229,000) (783,OOO) (2,653,000) (l,119,000) 386,OOO (7,551,000)
=========== =========== =========== =========== ========= ===========

Cash Flows:
From Operating Activities (1,695,000) 151,000 (301,000) 100,000 -- (1,745,OOO)
From Investing Activities 789,OOO (304,000) (l,085,000) (633,000) -- (1,206,000)
From Financing Activities 713,000 (85,OOO) 182,000 (467,000) -- 343,000
----------- ----------- ----------- ----------- --------- -----------

(193,000) (238,000) (1,177,OOO) (1,000,000) -- (2,608,OOO)

Cash and Cash Equivalents:
Beginning of the Year 267,000 442,000 1,679,000 1,205,000 -- 3,635,000
----------- ----------- ----------- ----------- --------- -----------

End of the Year 74,000 204,000 502,000 205,000 -- 1,027,000
=========== =========== =========== =========== ========= ===========

Expenditures on Capital Assets
and Goodwill during the Year 159,000 304,000 1,812,000 2,000 -- 2,277,000
=========== =========== =========== =========== ========= ===========

Balance of Capital Assets and
Goodwill - End of the Year
- Domestic 1,091,000 -- -- 650,000 -- 1,741,000
- Foreign -- 576,000 1,211,000 -- -- 1,787,000
----------- ----------- ----------- ----------- --------- -----------
1,091,000 576,000 1,211,000 650,000 -- 3,528,000
=========== =========== =========== =========== ========= ===========

Total Assets 4,224,000 6,121,000 4,990,000 443,000 -- 15,778,OOO
=========== =========== =========== =========== ========= ===========