Item 5. OTHER IMPORTANT EVENTS (a) On June 17, 2002 the company successfully fulfilled an agreement for CND$139,963.26, including principal and interest. The elimination of this debt was achieved through private investment. The agreement of June 2001 with ODC [formerly IOC] and noted in the companys 10KSB of June 30,2001 and subsequent quarterly reports for fiscal 2002 results in the elimination of CND$506,311.20 from balance sheets current liabilities and will be treated as Other Income for the financial year ending June 30, 2002. Additionally, completion of this aggreement returns Mortile Industries Ltd. to that of a wholly owned subsidiary of Technical Ventures Inc. This Form 8-K may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995; The actual results could differ materially from those set forth in the forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results, and other risks. (2) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Not applicable (b) Not applicable SIGNATURE 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 hereunto duly authorized. TECHNICAL VENTURES INC. (Registrant) By:/s/Frank Mortimer _________________________ Frank Mortimer President & CEO Dated: June 21, 2002 (3)