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EX-32.1 - CERTIFICATION - INFITECH VENTURES INCexhibit32-1.htm
EX-31.1 - CERTIFICATION - INFITECH VENTURES INCexhibit31-1.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2010

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to _____

COMMISSION FILE NUMBER 000-51073

INFITECH VENTURES INC.
(Exact name of registrant as specified in its charter)

NEVADA 98-0335119
(State or other jurisdiction of incorporation or organization) (I.R.S Employer Identification No.)

20 Lyall Avenue  
Toronto, Ontario, Canada M4E 1V9
(Address of principal executive offices) (Zip Code)

(416) 691-4068
(Registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

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.
[X] Yes   [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (s. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
[ ] Yes   [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] (Do not check if a smaller reporting company) Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[X] Yes    [ ] No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
As of December 13, 2010, the Registrant had 14,494,999 shares of common stock outstanding.


PART I - FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS.

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders' equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the three months ended October 31, 2010 are not necessarily indicative of the results that can be expected for the year ending July 31, 2010.

As used in this Quarterly Report, the terms "we,” "us,” "our,” and “Infitech” mean Infitech Ventures Inc. unless otherwise indicated. All dollar amounts in this Quarterly Report are in U.S. dollars unless otherwise stated.

2


INFITECH VENTURES INC.
(A Development Stage Company)

FINANCIAL STATEMENTS
(Expressed in United States Dollars)

October 31, 2010

F-1



INFITECH VENTURES INC.
(A Development Stage Company)
BALANCE SHEETS
(Expressed in United States Dollars)

    October 31,     July, 31  
    2010     2010  
             
ASSETS            
             
Current            
           Cash $  557   $  925  
           Deferred tax asset less valuation allowance of $266,935   -     -  
             
             
Total assets $  557   $  925  
             
             
LIABILITIES AND STOCKHOLDERS' DEFICIENCY            
             
Current            
           Accounts payable and accrued liabilities $  52,602   $  32,494  
           Accounts payable and accrued liabilities - related party   17,400     16,800  
           Due to related parties (Note 6)   76,946     76,946  
                   Total current liabilities   146,948     126,240  
             
             
             
Stockholders' deficiency            
           Common stock
                 Authorized 100,000,000 common shares with par value of $0.15 
                 Issued and outstanding 14,494,999 shares
                 (July 31, 2010 - 14,494,999)
 


14,495
   


14,495
 
           Additional paid-in capital   633,765     618,765  
           Deficit accumulated during the development stage   (794,651 )   (758,575 )
           Total stockholders' deficiency   (146,391 )   (125,315 )
             
Total liabilities and stockholders' deficiency $  557   $  925  

Subsequent event (Note 10)

The accompanying notes are an integral part of these financial statements.

F-2



INFITECH VENTURES INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Expressed in United States Dollars)

    Period from              
    Inception              
    (October 24, 2000)   Three months ended     Three months ended  
    to October 31, 2010     October 31, 2010     October 31, 2009  
                   
Expenses                  
   Contributed executive services $  435,000   $  15,000   $  15,000  
   Office   30,413     3,059     1,333  
   Professional fees   288,252     17,417     11,800  
   Rent   22,200     600     600  
   Foreign exchange gain/loss   (406 )   -     -  
   Web-site development   1,692     -     -  
                   
Loss before other items   (777,151 )   (36,076 )   (28,733 )
                   
   Write off of patent (Note 4)   (17,500 )   -     -  
                   
Loss before income taxes   (794,651 )   (36,076 )   (28,733 )
                   
Provision for income taxes   -     -     -  
                   
Net loss $  (794,651 ) $  (36,076 ) $  (28,733 )
                   
Basic and diluted net loss per share       $  (0.00 ) $  (0.00 )
                   
Weighted average number of shares outstanding         14,494,999     13,994,999  

The accompanying notes are an integral part of these financial statements.

F-3


INFITECH VENTURES INC.
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY)
(Expressed in United States Dollars)

                                  Deficit        
                                  Accumulated        
    Common Shares     Additional     Obligation           During the        
                Paid in     to Issue     Share     Development        
    Number     Amount     Capital     Shares     Subscriptions     Stage     Total  
                                           
                                           
Balance, October 24, 2000 (date of inception)   -   $  -   $  -   $  -   $  -   $  -   $  -  
                                           
Common stock issued for cash at $0.001
             per share, November 13, 2000
 
6,000,000
   
6,000
   
-
   
-
   
-
   
-
   
6,000
 
Common stock issued for cash at $0.01 
             per share, February 28, 2001
 
6,000,000
   
6,000
   
54,000
   
-
   
-
   
-
   
60,000
 
Net loss   -     -     -     -     -     (6,995 )   (6,995 )
                                           
Balance, July 31, 2001   12,000,000     12,000     54,000     -     -     (6,995 )   59,005  
                                           
Net loss   -     -     -     -     -     (3,645 )   (3,645 )
                                           
Balance, July 31, 2002   12,000,000     12,000     54,000     -     -     (10,640 )   55,360  
                                           
Common stock issued for cash at $0.05 
             per share, August 15, 2002
 
40,000
   
40
   
1,960
   
-
   
-
   
-
   
2,000
 
Common stock issued for cash at $0.05 
             per share, December 31, 2002
 
54,000
   
54
   
2,646
   
-
   
-
   
-
   
2,700
 
Net loss   -     -     -     -     -     (5,722 )   (5,722 )
                                           
Balance, July 31, 2003   12,094,000     12,094     58,606     -     -     (16,362 )   54,338  
                                           
Contributed executive services   -     -     60,000     -     -     -     60,000  
Obligation to issue shares for patent   -     -     -     7,500           -     7,500  
Net loss   -     -     -     -     -     (78,146 )   (78,146 )
                                           
Balance, July 31, 2004   12,094,000     12,094     118,606     7,500     -     (94,508 )   43,692  
                                           
Contributed executive services   -     -     60,000     -     -     -     60,000  
Shares issued for patent   150,000     150     7,350     (7,500 )   -     -     -  
Share subscriptions                           33,960           33,960  
Net loss   -     -     -     -     -     (139,743 )   (139,743 )
                                           
Balance, July 31, 2005   12,244,000     12,244     185,956     -     33,960     (234,251 )   (2,091 )
                                           
Contributed executive services   -     -     60,000     -     -     -     60,000  
Common stock issued for cash at $0.06 
             per share , October 20, 2005
 
601,000
   
601
   
35,459
   
-
   
(33,960
)  
-
   
2,100
 
Net loss   -     -     -     -     -     (98,821 )   (98,821 )
                                           
Balance, July 31 2006   12,845,000     12,845     281,415     -     -     (333,072 )   (38,812 )
                                           
Contributed executive services   -     -     60,000     -     -     -     60,000  
Net loss   -     -     -     -     -     (122,641 )   (122,641 )
                                           
Balance, July 31 2007   12,845,000     12,845     341,415     -     -     (455,713 )   (101,453 )
                                           
Common stock issued for cash at $0.06 
             per share, October 26, 2007
 
400,000
   
400
   
23,600
   
-
   
-
   
-
   
24,000
 
Contributed executive services   -     -     60,000     -     -     -     60,000  
Net loss   -     -     -     -     -     (109,388 )   (109,388 )
                                           
Balance, July 31, 2008   13,245,000     13,245     425,015     -     -     (565,101 )   (126,841 )
                                           
                                           
Common stock issued at $0.06 
             per share August 21, 2008
 
416,666
   
417
   
24,583
   
-
   
-
   
-
   
25,000
 
Common stock issued at $0.06 
             per share, May 11, 2009
 
333,333
   
333
   
19,667
   
-
   
-
   
-
   
20,000
 
Contributed executive services   -     -     60,000     -     -     -     60,000  
Net Loss   -     -     -     -     -     (96,268 )   (96,268 )
                                           
                                           
Balance, July 31, 2009   13,994,999     13,995     529,265     -     -     (661,369 )   (118,109 )
                                           
Common stock issued at $0.06 
             per share January 21, 2010
 
250,000
   
250
   
14,750
   
   
   
   
15,000
 
Common stock issued at $0.06 
             per share June 15, 2010
 
250,000
   
250
   
14,750
   
   
   
   
15,000
 
Contributed compensation services               60,000                       60,000  
Net Loss                                 (97,206 )   (97,206 )
                                           
                                           
Balance, July 31, 2010   14,494,999     14,495     618,765     -     -     (758,575 )   (125,315 )
                                           
                                           
Contributed executive services   -     -     15,000     -     -     -     15,000  
Net Loss   -     -     -     -     -     (36,076 )   (36,076 )
                                           
Balance, October 31, 2010   14,494,999   $  14,495   $  633,765   $  -   $  -   $  (794,651 ) $  (146,391 )

The accompanying notes are an integral part of these financial statements.

F-4



INFITECH VENTURES INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Expressed in United States Dollars)

    Period from              
    Inception     Three     Three  
    (October 24, 2000)   months ended     months ended  
    to October 31, 2010     October 31, 2010     October 31, 2009  
CASH FLOWS FROM OPERATING ACTIVITIES                  
                   Net loss $  (794,651 ) $  (36,076 ) $  (28,733 )
                   Items not affecting cash:                  
                                         Contributed executive services   435,000     15,000     15,000  
                                         Write off of patent   17,500     -     -  
                   Changes in non-cash working capital items                  
                                         Increase (Decrease) in accounts payable 
                                                               and accrued liabilities
 
52,602
   
20,108
   
9,633
 
                                         Increase in accounts payable and accrued 
                                                               liabilities - related party
 
17,400
   
600
   
600
 
                   
                   Net cash used in operating activities   (272,149 )   (368 )   (3,500 )
                   
                   
CASH FLOWS FROM FINANCING ACTIVITIES                  
                   Proceeds from the issuance of common stock   205,760     -     -  
                   Increase (decrease) in due to related parties   76,946     -     800  
                   Net cash provided by financing activities   282,706     -     800  
                   
CASH FLOWS FROM INVESTMENT ACTIVITIES                  
                   Acquisition of patent   (10,000 )   -     -  
                   Net cash used in investment activities   (10,000 )   -     -  
                   
Change in cash for the period   557     (368 )   (2,700 )
                   
Cash, beginning of period   -     925     3,185  
                   
Cash, end of period $  557   $  557   $  485  
                   
Cash paid for interest during the period $  -   $  -   $  -  
                   
Cash paid for income taxes during the period $  -   $  -   $  -  

Supplemental Cash Flow Disclosure (Note 7)

The accompanying notes are an integral part of these financial statements.

F-5



INFITECH VENTURES INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
(Expressed in United States Dollars)
October 31, 2010

1.

HISTORY AND ORGANIZATION OF THE COMPANY

   

The Company was incorporated on October 24, 2000 under the Laws of the State of Nevada. The Company intended to develop and market a wax technology relating to the process of solidifying and removing spilled oil on land and water. The Company is considered to be a development stage company as it has not generated revenues from operations.

   

All amounts are stated in United States dollars unless otherwise noted.

   
2.

GOING CONCERN

   

These financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America with the on-going assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. However, certain conditions noted below currently exist which raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.

   

The operations of the Company have primarily been funded by the issuance of common stock. Continued operations of the Company are dependant on the Company’s ability to complete equity financings or generate profitable operations in the future. Management’s plan in this regard is to secure additional funds through future equity sales. Such sales may not be available or may not be available on reasonable terms.

   
3.

SIGNIFICANT ACCOUNTING POLICIES

   

The significant accounting policies adopted by the Company are as follows:

   

Use of estimates

   

These financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America. The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates.

   

Foreign currency translation

   

Transaction amounts denominated in foreign currencies are translated at exchange rates prevailing at transaction dates. Carrying values of monetary assets and liabilities are adjusted at each balance sheet date to reflect the exchange rate at that date. Non-monetary assets and liabilities are translated at the exchange rate on the original transaction date. Gains and losses from restatement of foreign currency monetary assets and liabilities are included in the consolidated statements of operations. Revenues and expenses are translated at the rates of exchange prevailing on the dates such items are recognized in the statement of operations.

F-6



INFITECH VENTURES INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
(Expressed in United States Dollars)
October 31, 2010

3.

SIGNIFICANT ACCOUNTING POLICIES (cont’d)

Cash and cash equivalents

The Company considers cash held at banks and all highly liquid investments with original maturities of three months or less to be cash and cash equivalents. At October 31, 2010 and July 31, 2010, cash and cash equivalents consisted of cash held at banks.

Accounting for impairment of long-lived assets and for long-lived assets to be disposed of

Long-lived assets to be held and used by the Company are continually reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

For long-lived assets to be held and used, the Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. In the event that facts and circumstances indicate that the carrying amount of an asset may not be recoverable and an estimate of future undiscounted cash flows is less than the carrying amount of an asset, an impairment loss will be recognized.

Web-site development costs

Web-site development costs are expensed as incurred.

Contributed executive services

The Company is required to report all costs of conducting its business. Accordingly, the Company records the fair value of contributed executive services provided to the Company at no cost as compensation expense, with a corresponding increase to additional paid-in capital, in the year in which the services are provided.

For each of the three month periods ended October 31, 2010, and 2009 the Company recorded contributed executive services in the amount of $15,000.

Income taxes

A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expenses (benefit) result from the net change during the period of deferred tax assets and liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

F-7



INFITECH VENTURES INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
(Expressed in United States Dollars)
October 31, 2010

3.

SIGNIFICANT ACCOUNTING POLICIES (cont’d)

     

Net loss per share

     

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share takes into consideration shares of common stock outstanding (computed under basic net loss per share) and potentially dilutive shares of common stock.

     
4.

PATENT APPLICATION AND INTELLECTUAL PROPERTY

     

Pursuant to an agreement dated May 6, 2004, the Company acquired a patent application and intellectual rights to a process to solidify and remove spilled oil on land and water.

     

In consideration for the sale, assignment and transfer of the technology, the Company agreed to:

     
a)

Pay the inventor the sum of $10,000 upon execution of the agreement (paid);

b)

Issue to the inventor a total of 150,000 shares of common stock upon execution of the agreement (issued); and

c)

Pay to the inventor a royalty fee in the amount of $0.075 (Cdn $0.10) per pound of the formulation produced by or on behalf of the Company to any subsidiary, affiliate, agent or sub-contractor of the Company as defined in the agreement.

     

During the year ended July 31, 2007, due to the uncertainty of the development of this patent, management wrote off the cost to date in its statement of operations.

     
5.

CAPITAL STOCK

     

Holders of common stock are entitled to one vote for each share held. There are no restrictions that limit the Company's ability to pay dividends on its common stock. The Company has not declared any dividends since incorporation.

F-8



INFITECH VENTURES INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
(Expressed in United States Dollars)
October 31, 2010

6.

RELATED PARTY TRANSACTIONS

   

At October 31, 2010, there is $76,946 (July 31, 2010 - $76,946) due to a director and shareholders of the Company. The amounts are unsecured, non-interest bearing and are due on demand. Although these advances are interest free, interest will be imputed and charged to contributed capital. To date imputed interest is an immaterial amount and has not been recorded through October 31, 2010.

   

For each of the three month periods ended October 31, 2010 and 2009 the Company paid rent of $600 to a director of the Company. Rent is paid on a month to month basis.

   

These transactions were in the normal course of operations and were measured at the exchange value which represents the amount of consideration established and agreed to by the related parties.


7.

SUPPLEMENTAL CASH FLOW DISCLOSURE

   

During the years ended July 31, 2006, 2007, 2008, 2009, and 2010 the Company’s sole director contributed $60,000 per year as executive services which was recorded as additional paid in capital.

   

During the three month period ended October 31, 2010, the Company’s sole director contributed $15,000 (October 31, 2009 - $15,000) as executive services which was recorded as additional paid in capital.


8.

FINANCIAL INSTRUMENTS

   

The Company’s financial instruments consist of cash, accounts payable and accrued liabilities, accounts payable and accrued liabilities – related parties and due to related parties. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of these financial instruments approximate their carrying values, unless otherwise noted.

   
9.

SEGMENT INFORMATION

   

The Company operates in one reportable segment, being the development of a technology relating to the process of solidifying and removing spilled oil on land and water, primarily in Canada.

   
10.

SUBSEQUENT EVENTS

   

As of November 15, 2010, the Company approved an offering of up to 1,000,000 shares of the Corporation’s common stock at a price of $0.15 per share.

F-9


ITEM 2.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report on Form 10-Q constitute "forward-looking statements." These statements, identified by words such as “plan,” "anticipate," "believe," "estimate," "should," "expect" and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under the caption “Part II – Item 1A. Risk Factors” and elsewhere in this Quarterly Report. We do not intend to update the forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information. We advise you to carefully review the reports and documents, particularly our Annual Reports, our Quarterly Reports and our Current Reports we file from time to time with the United States Securities and Exchange Commission (the “SEC”). Copies of all of our filings with the SEC may be accessed by visiting the SEC site (http://www.sec.gov) and performing a search of our electronic filings.

INTRODUCTION

The following discussion and analysis summarizes our plan of operation for the next twelve months, our results of operations for the three months ended October 31, 2010, and changes in our financial condition from July 31, 2010. This discussion should be read in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2010 filed with the SEC on October 29, 2010.

OVERVIEW

We were incorporated on October 24, 2000 under the laws of the State of Nevada for the purpose of seeking business opportunities with respect to environmental technologies and products.

Our business revolves around the development and marketing of a proprietary technology (the “Wax Technology”) that uses a molten wax compound consisting of paraffin wax and resins to control, clean and remediate oil and other liquid fuel spills on land and water. In addition, as part of our long-term business plan, we intend to pursue business opportunities in wastewater treatment solutions.

We continue to require additional financing if we are to continue as a going concern and to finance our business operations. As of October 31, 2010, we had cash on hand of $557. If we are not able to acquire sufficient financing in the near future, our business could fail and investors could lose their investment.

PLAN OF OPERATION

Our current plan of operation calls for us to spend approximately $750,000 over the next twelve months in pursuing our plan of operation subject to obtaining sufficient financing. This amount is significantly greater than the total amount of financing that we have been able to obtain to date. There exists a substantial doubt that we will be able to obtain sufficient financing to complete this plan of operation in the current economic climate.

If we are able to obtain sufficient financing, our plan of operation for the next twelve months will involve the following:

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1.

Product Formulation and Testing: We intend to continue to develop, refine and test various formulations of our Wax Technology to develop a number of final products for application on various types of oils and fuels and locations. During this phase of our business plan, we expect that the majority of our activities will involve laboratory research and development and field testing of various formulations. During this stage of our development we will also work to develop application equipment designed to meet the needs of specific customers. We anticipate spending approximately $75,000 to complete the product formulation and testing phase of our plan of operation. If we are able to obtain sufficient financing, of which there is no assurance, we expect that it will take us approximately six months to complete this phase of our plan of operation.

   
2.

Product Refinement, Market Development and Regulatory Approvals: Once we have completed the development of our anticipated products, we intend to focus our efforts on developing the market for those products. We will refine our marketing and sales program for each of the products depending upon the results our product development efforts. We expect that this phase of our plan will involve the following:


  (i)

We will analyze our business model based on the anticipated costs of manufacturing our products and will determine the price of our products based upon that analysis and upon our analysis of market demand.

     
  (ii)

We will conduct field tests of our product formulations and applicator equipment in an attempt to further refine them prior to marketing.

     
  (iii)

Subject to our obtaining additional financing, of which there is no assurance, we intend to submit our products to Environment Canada and the US Environmental Protection Agency and other regulatory bodies in an attempt to obtain their approval for our products.


We anticipate spending approximately $75,000 to complete this phase of our plan of operation. We do not anticipate beginning this stage of our plan of operation until we have completed the product formulation and testing phase. We anticipate that this phase of our business will take approximately six to twelve months to complete and we do not anticipate making any significant sales or generating any significant revenues until this phase of our plan of operation is complete.

   
3.

Production and Manufacturing: Once we have completed the market development stage of our plan, we anticipate that we will begin to produce and manufacture our products. We expect to expend approximately $325,000 over a twelve month period in producing and manufacturing our planned products and the applicator equipment to be used for dispensing those products. Production and manufacturing costs are expected to include the cost of raw materials, including paraffin wax, blending of the wax and other raw materials and packaging.

   
4.

Marketing: We also anticipate that, once we have completed the market development stage of our plan, we will begin to aggressively market our products. We intend to develop marketing literature, demonstration videos and digital media, enhance our internet capabilities, visit potential customers and conduct demonstrations and present exhibits at tradeshows. We expect to spend approximately $100,000 on marketing activities over a twelve month period.

In addition, we anticipate spending approximately $75,000 on legal, patent and other professional fees and approximately $100,000 on general administrative expenses and salaries for any sales and/or administrative personnel that we may hire.

Although we will explore opportunities in wastewater treatment as they present themselves, we do not expect to actively pursue opportunities in this area over the next twelve months and we intend to focus our available resources on developing and marketing the Wax Technology.

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Financing Requirements

Currently, we do not have sufficient financial resources to complete our plan of operation for the next twelve months. As such, our ability to complete our plan of operation is dependent upon our ability to obtain additional financing in the near term.

To date, we have relied on short term loans from our sole executive officer and director and private placement sales of our equity securities in order to finance our ongoing activities and to meet our outstanding financial obligations. There is no assurance that we will be able to continue to obtain financing from these sources in the future. Our sole executive officer and director could refuse to provide us with any additional financing and we may not be able to find suitable investors willing to purchase our equity securities. If we are unable to obtain financing, our business could fail and shareholders could lose some or all of their investment.

RESULTS OF OPERATIONS

Three Months Summary                  
    Three Months Ended October 31,     Percentage  
    2010     2009     Increase / (Decrease)  
 Revenue $  -   $  -     n/a  
 Expenses   (36,076 )   (28,733 )   25.6%  
 Net Loss $  (36,076 ) $  (28,733 )   25.6%  

Revenues

We have not earned any revenues to date and we do not anticipate earning revenue until we have completed commercial development of products incorporating our Wax Technology. We are presently in the development stage of our business and we can provide no assurance that we will be able to complete commercial development or successfully sell or license products incorporating our Wax Technology once development is complete

Operating Costs and Expenses

Our operating expenses for the three months ended October 31, 2010 and 2009 consisted of the following:

    Three Months Ended October 31,     Percentage  
    2010     2009     Increase / (Decrease)  
Contributed Executive Services $  15,000   $  15,000     0.0%  
Office   3,059     1,333     129.5%  
Professional Fees   17,417     11,800     47.6%  
Rent   600     600     0.0%  
Web-Site Development   -     -     n/a  
Foreign Exchange Loss (Gain)   -     -     n/a  
Total Operating Expenses $  36,076   $  28,733     25.6%  

During the three months ended October 31, 2010, our operating expenses primarily consisted of accounting expenses, legal expenses and office administration expenses. Operating expenses for the three months ended October 31, 2010 increased as a result of increased professional fees and office expenses.

In accordance with SEC Staff Accounting Bulletin Topics 1:B and 5:T, we are required to report all costs of conducting our business. As such, we have recorded as an expense the fair market value of

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contributed executive services provided to us at no cost. We recorded contributed executive services of $5,000 per month. These services are provided to us at no charge and a corresponding increase in additional paid-in capital has been recorded.

If we are able to obtain sufficient financing to proceed with our plan of operation, of which there is no assurance, we expect that our expenses will increase significantly as we engage in product and business development activities.

LIQUIDITY AND CAPITAL RESOURCES

Working Capital                  
                Percentage  
    At October 31, 2010     At July 31, 2010     Increase / (Decrease)  
Current Assets $  557   $  925     (39.8 )%
Current Liabilities   (146,948 )   (126,240 )   16.4%  
Working Capital Deficit $  (146,391 ) $  (125,315 )   16.8%  

Cash Flows

    Three Months Ended October 31,  
    2010     2009  
Cash Flows (Used In) Operating Activities $  (368 ) $  (3,500 )
Cash Flows (Used In) Investing Activities   -     -  
Cash Flows From Financing Activities   -     800  
Net Increase (Decrease) In Cash During Period $  (368 ) $  (2,700 )

We had no source of financing for the three month period ended October 31, 2010.

Our plan of operation calls for us to spend significantly more than our current capital resources or the amount of financing that we have been able to obtain to date. As such, there is a substantial doubt that we will be able to raise significant financing to complete our stated plan of operation. Any substantial financing that we are able to obtain is expected to be in the form of equity financing.

OFF-BALANCE SHEET ARRANGEMENTS

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

CRITICAL ACCOUNTING POLICIES

The financial statements presented with this Quarterly Report have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information. These financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments (consisting solely of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows as at October 31, 2010, and for all periods presented in the attached financial statements, have been included. Interim results for the three months ended October 31, 2010 are not necessarily indicative of the results that may be expected for the fiscal year as a whole.

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We have identified certain accounting policies, described below, that are most important to the portrayal of our current financial condition and results of operations. Our significant accounting policies are disclosed in the notes to the interim financial statements included with this Quarterly Report.

Foreign Currency Translation

Transaction amounts denominated in foreign currencies are translated at exchange rates prevailing at transaction dates. Carrying values of monetary assets and liabilities are adjusted at each balance sheet date to reflect the exchange rate at that date. Non-monetary assets and liabilities are translated at the exchange rate on the original transaction date. Gains and losses from restatement of foreign currency monetary assets and liabilities are included in the consolidated statements of operations. Revenues and expenses are translated at the rates of exchange prevailing on the dates such items are recognized in the statement of operations.

Contributed Executive Services

We are required to report all costs of conducting our business. Accordingly, we record the fair value of contributed executive services provided to us at no cost as compensation expense, with a corresponding increase to additional paid-in capital, in the year in which the services are provided.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

ITEM 4T. CONTROLS AND PROCEDURES.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rules 13a-15(e) and 15(d)-15(e) as of October 31, 2010 (“Evaluation Date”). Based upon that evaluation our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of the Evaluation Date as a result of the material weaknesses in internal control over financial reporting discussed in our Annual Report on Form 10-K for the year ended July 31, 2010 (the “2010 Annual Report”).

Notwithstanding the assessment that our internal controls over financial reporting were not effective and that there were material weaknesses as identified in our 2010 Annual Report, we believe that our financial statements contained in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2010 report fairly present our financial condition, results of operations and cash flows in all material respects.

Changes in Internal Controls

There were no changes in our internal control over financial reporting during the fiscal quarter ended October 31, 2010 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We are not a party to any other legal proceedings and, to our knowledge; no other legal proceedings are pending, threatened or contemplated.

ITEM 1A. RISK FACTORS.

The following are some of the important factors that could affect our financial performance or could cause actual results to differ materially from estimates contained in our forward-looking statements. We may encounter risks in addition to those described below. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, may also impair or adversely affect our business, financial condition or results of operation.

Need For Financing

We do not currently have the financial resources to complete our plan of operation for the next twelve months. We anticipate that we will require financing in the amount of $750,000 in order to fund our plan of operation over the next twelve months. We presently do not have any sufficient financing arrangements in place and there is no assurance that we will be able to obtain sufficient financing on terms acceptable to us or at all. If further financing is not available, our ability to meet our financial obligations and pursue our plan of operation will be substantially limited. If we are not able to meet our financial obligations as they come due, our business could fail and investors could lose a substantial portion or all of their investment.

Limited Operating History, Risks Of A New Business Venture

We were incorporated on October 24, 2000 and, prior to our acquisition of the Wax Technology, we had been involved primarily in organizational activities and in seeking business opportunities related to environmental technologies and products. We have not earned any revenues to date.

Potential investors should be aware of the difficulties normally encountered by a new enterprise and the high rate of failure of such enterprises. The potential for future success must be considered in light of the problems, expenses, difficulties complications and delays encountered in connection with the development of a business in the area in which we intend to operate and in connection with the formation and commencement of operations of a new business in general. These include, but are not limited to, unanticipated problems relating to research and development programs, marketing, approvals by government agencies, competition and additional costs and expenses that may exceed current estimates. There is no history upon which to base any assumption as to the likelihood that our business will prove successful, and there can be no assurance that we will generate any operating revenues or ever achieve profitable operations.

Our Operations Will Be Subject To Extensive Government Regulations

Our operations will be subject to extensive government regulations in the United States, Canada and in other countries in which we may operate. In order to sell our anticipated products, we may be required to obtain a number of regulatory approvals at the federal, state and local level, including the approval of the U.S. Environmental Protection Agency and Environment Canada. We may incur material costs or liabilities in obtaining such approvals and/or complying with applicable laws and regulations. Furthermore, our potential customers may be required to comply with numerous laws and regulations when engaging in environmental remediation activities. There can be no assurance that we will be able to successfully comply with all present or future government regulations. An inability to obtain necessary regulatory approvals or the imposition of onerous conditions on the use of our anticipated products will have a materially adverse effect on us, our business and our financial condition.

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Our Business Operations, Assets and Personnel Are Located Outside The United States

Although we are incorporated in the United States, all of our current operating activities are conducted in, and all of our assets and personnel are located in, Canada. As such, investors in our securities may experience difficulty in enforcing judgments or liabilities against the Company or our personnel under United States securities laws.

Our corporate headquarters are located at 20 Lyall Avenue, Toronto, Ontario, Canada, M4E 1V9. As we are a Nevada corporation, we are required to maintain a resident agent in the State of Nevada for the purpose of receiving service of process. Under Section 78.090 of the Nevada Revised Statutes, all legal process and any demand or notice authorized by law to be served upon the Company may be served upon our resident agent in Nevada. Our resident agent for this purpose is Camlex Management (Nevada) Inc. of 8275 S. Eastern Avenue, Suite 200, Las Vegas, Nevada, 89123.

As a Nevada corporation, we are subject to the laws of the United States, including the federal securities laws of the United States, and to the jurisdiction of United States courts. As such, investors may bring proceedings against us, and enforce judgments obtained against us, in United States courts.

Generally, original actions to enforce liabilities under United States federal securities laws may not be brought in a Canadian court. Such actions must be brought in a court in the United States with applicable jurisdiction. Persons obtaining judgments against us in United States courts, including judgments obtained under United States federal securities laws, will then be required to bring an application in a Canadian court to enforce such judgments in Canada.

Competition Is Intense And We May Be Unable To Achieve Market Acceptance

The business environment in which we intend to operate is highly competitive. Currently, there exist a number of established methods, products and technologies used to control, clean and remediate oil spills and we expect to experience competition from a number of established companies involved in the environmental remediation industry. Certain of our potential competitors will have greater technical, financial, marketing, sales and other resources than us.

In addition, while the environmental remediation industry is a mature one, there is no established market for products utilizing our Wax Technology. We are unable to provide assurances that our target customers and markets will accept our technologies or will purchase our products and services in sufficient quantities to achieve profitability. If a significant market fails to develop or develops more slowly than we anticipate, we may be unable to recover the losses incurred to develop products and we may be unable to meet our operational expenses. Acceptance of our anticipated products by environmental remediation firms and other organizations will depend upon a number of factors, including the cost competitiveness of our products, customer reluctance to try new products or services, regulatory requirements or the emergence of more competitive or effective products.

Asserting And Defending Intellectual Property Rights May Impact The Results Of Our Operations

We had applied for a patent from the CIPO, however, we did not receive a final grant of patent from the CIPO, and we have decided to abandon our patent application at this time. As patent applications are publicly available documents, competitors may be able to copy the formulations set out in our patent application. Due to our limited financial resources, we do not expect to apply for patent protection for any new developments that we make to the Wax Technology. As a result, in order to protect future developments, we will need to maintain the secrecy of our formulations and the methods we use. If we are unable to maintain the secrecy of those developments, then competitors may be able to copy our formulations and methodology, which would have a material adverse effect on our business.

Dependence On Key Personnel

Our success will largely depend on the performance of our directors and officers and our key consultants. Our success will also depend on our ability to attract and retain highly skilled technical, research, management, regulatory compliance, sales and marketing personnel. Competition for such personnel is intense. The loss of the services of such personnel or the inability to attract and retain other key personnel could impair the development of our business, operating results and financial condition.

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Our Stock is a Penny Stock

Because our stock is a penny stock, shareholders will be more limited in their ability to sell their stock. The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the Nasdaq system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or quotation system. Because our securities constitute “penny stocks” within the meaning of the rules, the rules apply to us and to our securities. The rules may further affect the ability of owners of shares to sell our securities in any market that might develop for them. As long as the trading price of our common stock is less than $5.00 per share, the common stock will be subject to Rule 15g-9 under the Exchange Act. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the SEC, that:

  1.

contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading;

     
  2.

contains a description of the broker’s or dealer’s duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements of securities laws;

     
  3.

contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price;

     
  4.

contains a toll-free telephone number for inquiries on disciplinary actions;

     
  5.

defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and

     
  6.

contains such other information and is in such form, including language, type, size and format, as the SEC shall require by rule or regulation.

The broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with: (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and (d) a monthly account statements showing the market value of each penny stock held in the customer’s account. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules; the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written acknowledgment of the receipt of a risk disclosure statement, a written agreement to transactions involving penny stocks, and a signed and dated copy of a written suitably statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our stock.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

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ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

The following exhibits are either provided with this Quarterly Report or are incorporated herein by reference:

Exhibit    
Number   Description of Exhibit
3.1   Articles of Incorporation.(1)
3.2   Bylaws.(1)
4.1   Specimen Common Stock Certificate.(1)
10.1   Technology Transfer Agreement dated May 6, 2004 between William Ernest Nelson and Infitech Ventures Inc.(1)
10.2   Receipt and Acknowledgement of William Ernest Nelson dated February 5, 2005.(1)
10.3   Promissory Note dated April 27, 2005 for $9,000 issued by the Company to Paul G. Daly.(3)
10.4   Promissory Note dated May 6, 2005 for $11,500 issued by the Company to Paul G. Daly.(3)
10.5   Promissory Note dated October 12, 2006 for CDN$500 issued by the Company to Paul G. Daly.(3)
10.6   Promissory Note dated December 1, 2006 for CDN$700 issued by the Company to Paul G. Daly.(3)
10.7   Promissory Note dated March 5, 2007 for CDN$400.00 issued by the Company to Paul G. Daly.(3)
10.8   Promissory Note dated June 4, 2007 for $6,000 issued by the Company to Paul G. Daly.(4)
10.9   Promissory Note dated July 19, 2007 for $6,095 issued by the Company to Paul G. Daly.(4)
10.10   Promissory Note dated August 24, 2007 for $5,000 issued by the Company to Paul G. Daly.(4)
10.11   Promissory Note dated September 24, 2007 for $20,000 issued by the Company to Paul G. Daly.(4)
10.12   Promissory Note dated March 6, 2008 for $5,000 issued by the Company to Paul G. Daly.(5)
10.13   Promissory Note dated May 9, 2008 for $11,375 issued by the Company to Paul G. Daly.(6)
10.14   Promissory Note dated September 30, 2009 for $800.00 issued by the Company to Paul G. Daly.(7)
10.15   Promissory Note dated December 3, 2009 for $800.00 issued by the Company to Paul G. Daly.(8)
14.1   Code of Ethics.(2)
31.1 Certification of Chief Executive Officer and Chief Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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Exhibit    
Number   Description of Exhibit
32.1 Certification of Chief Executive Officer and Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Notes:  
(1) Filed as an exhibit to our Registration Statement on Form 10-SB originally filed with the SEC on February 15, 2005, as amended.
(2) Filed as an exhibit to our Annual Report on Form 10-KSB filed with the SEC on November 9, 2005.
(3) Filed as an exhibit to our Quarterly Report on Form 10-QSB filed with the SEC on March 23, 2007.
(4) Filed as an exhibit to our Annual Report on Form 10-KSB filed with the SEC on November 2, 2007.
(5) Filed as an exhibit to our Quarterly Report on Form 10-QSB filed with the SEC on March 14, 2008.
(6) Filed as an exhibit to our Amended Quarterly Report on Form 10-QSB/A filed with the SEC on October 23, 2008.
(7) Filed as an exhibit to our Quarterly Report on Form 10-Q filed with the SEC on December 14, 2009.
(8) Filed as an exhibit to our Quarterly Report on Form 10-Q filed with the SEC on March 16, 2010.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

        INFITECH VENTURES INC.
         
         
         
Date: December 15, 2010   By: /s/ Paul G. Daly
        PAUL G. DALY
        Chief Executive Officer, Chief Financial Officer
        President, Secretary and Treasurer
        (Principal Executive Officer, Principal Financial Officer
        and Principal Accounting Officer)