IN THIS SECTION

›	Introduction
›	Highlights
›	Overview
›	Operations
›	Operational Review
›	Results from Operations
›	Selected Quarterly Financial Information
›	Selected Annual Information
›	Financial Results
›	Liquidity and Capital Resources
›	Commitments and Contractual Obligations
›	Related Party Transactions
›	Outlook
›	Share Capital
›	Critical Accounting Estimates
›	Risks and Uncertainties
›	Comprehensive Income
›	Adoption of New Accounting Policies
›	New Accounting Pronouncements
›	Safe Harbour Statement
›	Non-GAAP Measures

Management’s Discussion and Analysis of Financial Condition and Results of Operations

For the year ended December 31, 2007 (Expressed in United States dollars)

SHARE CAPITAL

The authorized share capital at March 28, 2008 was 1,000,000,000 common shares without par value. At March 28, 2008, we had 464,947,362 shares issued and outstanding. An additional 119,954,546 shares may be issued on the conversion of our convertible bonds. During the twelve months ended December 31, 2007 we issued 41,922,487 shares as a result of a private placement.

The Company maintains a Share Option Plan which authorizes our Board of Directors to grant up to 26,000,000 options to directors, officers and employees of Crew or its subsidiaries and to acquire common shares of the Company at a price that is greater than or equal to the fair market value of each common share on the date the option is granted. Options are generally exercisable for up to five years from the date of grant. As at March 28, 2008, there remained 1,055,166 options available for grant.

At March 28, 2008, there were 20,052,500 share options outstanding at an average weighted price of CAD$2.08 each.