Robert Jennings

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    Dubious Canadian firm forms Bermuda subsidiary

    A Canadian company described as "a disaster waiting to happen" has incorporated a subsidiary in Bermuda to promote the firm's interests overseas.International Hi-Tech Industries Inc, which is listed on the notorious Vancouver Stock Exchange, has a net worth of CDN$4 million.But the company's market capitalization — the value placed on it by investors in the marketplace — stands at a staggering CDN$335 million even though Hi-Tech reportedly has no sales revenue and no contracts for any sales.