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<TITLE>Form S-8</TITLE>
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<META NAME="date" CONTENT="03/21/2005">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, D.C. 20549</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>FORM S-8</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>GARUDA CAPITAL CORP.</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Exact name of Registrant as specified in its charter)</P>
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<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980209053</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(State or other jurisdiction of incorporation</P>
<P style="margin:0pt; padding-left:36pt; text-indent:238.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(IRS Employer Identification No.)</P>
<P style="margin:0pt; padding-left:36pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">or organization)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>502 &#150; 1978 Vine Street, Vancouver, BC, V6K 4S1</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>&nbsp;(Address of principal executive offices) (Zip Code)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(604) 737-0203</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Issuer's telephone number)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>2005 Non-Qualified Stock Compensation Plan</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Full title of the plan)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Robin Relph, 502 &#150; 1978 Vine Street, Vancouver, BC V6K 4S1</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Name and address of agent for service)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(604) 737-0203</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Telephone number, including area code, of agent for service)</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>2</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>CALCULATION OF REGISTRATION FEE</P>
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<TABLE cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=175.2><P style="margin:0pt; font-family:Times New Roman">TITLE OF SECURITIES TO BE REGISTERED </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=103.8><P style="margin:0pt; font-family:Times New Roman" align=center>AMOUNT OF SHARES TO BE REGISTERED</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=103.8><P style="margin:0pt; font-family:Times New Roman" align=center>PROPOSED MAXIMUM OFFERING PRICE PER SHARE</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=104.4><P style="margin:0pt; font-family:Times New Roman" align=center>PROPOSED MAXIMUM AGGREGATE OFFERING PRICE (1)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=center>AMOUNT OF REGISTRATION FEE</P>
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<TR><TD valign=top width=175.2>&nbsp;</TD><TD valign=top width=103.8>&nbsp;</TD><TD valign=top width=103.8>&nbsp;</TD><TD valign=top width=104.4>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=175.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$.001 par value common stock</P>
</TD><TD valign=top width=103.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>3,000,000</P>
</TD><TD valign=top width=103.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>$0.13(1)</P>
</TD><TD valign=top width=104.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>$ &nbsp;390,000</P>
</TD><TD valign=top width=120><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>$45.90</P>
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<TR><TD style="border-top:0.5pt solid #000000" valign=top width=175.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=103.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=103.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=104.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=175.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">TOTALS</P>
</TD><TD valign=top width=103.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>3,000,000</P>
</TD><TD valign=top width=103.8>&nbsp;</TD><TD valign=top width=104.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>$ &nbsp;&nbsp;390,000</P>
</TD><TD valign=top width=120><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>$45.90</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.75pt; text-indent:-45.75pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:63.75pt; text-indent:-27.75pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This calculation is made solely for the purposes of determining the registration fee pursuant to the provisions of Rule 457(c) under the Securities Act of 1933, as amended, and is calculated on the basis of the average of the bid and asked price per share of the common stock listed on the OTC Bulletin Board as of March 17, 2005, a date within five business days prior to the filing of this registration statement.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PROSPECTUS</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>GARUDA CAPITAL CORP.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>3,000,000 Shares of Common Stock</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This prospectus relates to the offer and sale by Garuda Capital Corp. (&#147;Garuda Capital&#148;), a Nevada corporation, of shares of its $.001 par value per share common stock under the Company&#146;s 2005 Non-Qualified Stock Compensation Plan (the &quot;Stock Plan&quot;). Pursuant to the Stock Plan, Garuda Capital is registering hereunder and then issuing, upon receipt of adequate consideration therefore, to the persons covered by the Stock Plan, 3,000,000 shares of common stock.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The common stock is not subject to any restriction on transferability. Recipients of shares other than persons who are &quot;affiliates&quot; of Garuda Capital within the meaning of the Securities Act of 1933 (the &quot;Act&quot;) may sell all or part of the shares in any way permitted by law, including sales in the over-the-counter market at prices prevailing at the time of such sale. Garuda Capital is registering no shares hereunder for affiliates of the company. An affiliate is summarily, any director, executive officer or controlling shareholder of Garuda Capital Corp. or anyone of its subsidiaries. An &quot;affiliate&quot; of Garuda Capital is subject to Section 16(b) of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;). If a consultant who is not now an &quot;affiliate&quot; becomes an &quot;affiliate&quot; of Garuda Capital in the future, he/she would then be subject to Section 16(b) of the Exchange Act. The common stock is traded on the OTC Bulletin Board under the symbol &quot;GRUA.&quot;</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The date of this prospectus is March 17, 2005.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This prospectus is part of a registration statement which was filed and became effective under the Act, and does not contain all of the information set forth in the registration statement, certain portions of which have been omitted pursuant to the rules and regulations promulgated by the U.S. Securities and Exchange Commission (the &quot;SEC&quot;) under the Act. The statements in this prospectus as to the contents of any contracts or other documents filed as an exhibit to either the registration statement or other filings by Garuda Capital with the Commission are qualified in their entirety by the reference thereto.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A copy of any document or part thereof incorporated by reference in this prospectus but not delivered herewith will be furnished without charge upon written or oral request. Requests should be addressed to: Garuda Capital Corp. 502 &#150; 1978 Vine Street, Vancouver, BC V6K 4S1. Garuda Capital's telephone number is (604) 737 0203.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Garuda Capital is subject to the reporting requirements of the Exchange Act and in accordance therewith files reports and other information with the Commission. These reports, as well as the proxy statements, information statements and other information filed by Garuda Capital under the Exchange Act may be inspected and copied at the public reference facilities maintained by the SEC at 450 Fifth Street, N.W. Washington D.C. 20549.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No person has been authorized to give any information or to make any representation, other than those contained in this prospectus, and, if given or made, such other information or representation must not be relied upon as having been authorized by Garuda Capital. &nbsp;This prospectus does not constitute an offer or a solicitation by anyone in any state in which such is not authorized or in which the person making such is not qualified or to any person to whom it is unlawful to make an offer or solicitation.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Neither the delivery of this prospectus nor any sale made hereunder shall, under any circumstances, create any implication that there has not been a change in the affairs of Garuda Capital since the date hereof.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>TABLE OF CONTENTS</B></P>
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<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Page</U></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 1. &nbsp;Plan Information</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 2. &nbsp;Registrant Information and Employee Plan Annual Information</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">7</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 3. &nbsp;Incorporation of Documents by Reference</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 4. &nbsp;Description of Securities</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 5. &nbsp;Interests of Named Experts and Counsel</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 6. &nbsp;Indemnification of Officers, Directors, Employees and Agents; Insurance</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 7. &nbsp;Exemption from Registration Claimed</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 8. &nbsp;Exhibits</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 9. &nbsp;Undertakings</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">14</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SIGNATURES</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">16</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBIT INDEX</P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">16</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PART 1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>INFORMATION REQUIRED IN THE SECTION 10(a)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PROSPECTUS</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 1. THE PLAN INFORMATION.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE COMPANY</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Garuda Capital Corp. (&#147;Garuda&#148;) has its principal executive offices at 502 &#150; 1978 Vine Street, Vancouver, BC V6K 4S1. Garuda Capital's telephone number is (604) 737-0203.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">PURPOSE</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Garuda Capital will issue common stock to certain persons pursuant the 2005 Non-Qualified Stock Compensation Plan (the &#147;Stock Plan&#148;), which has been approved by the Board of Directors of Garuda Capital. The Stock Plan is intended to provide a method whereby Garuda Capital may be stimulated by the personal involvement of the persons covered by the Stock Plan in Garuda Capital&#146;s future prosperity, thereby advancing the interests of Garuda Capital, and all of its shareholders. A copy of the Stock Plan has been filed as an exhibit to this registration statement.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">COMMON STOCK</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Board has authorized the issuance of up to 3,000,000 shares of the common stock of Garuda Capital pursuant to the Stock Plan upon effectiveness of this registration statement (the &#147;Shares&#148;). </P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NO RESTRICTIONS ON TRANSFER</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The recipients of the Shares will become the record and beneficial owners of the Shares upon issuance and delivery and are entitled to all of the rights of ownership, including the right to vote any shares awarded and to receive ordinary cash dividends on the Stock.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">TAX TREATMENT TO THE RECIPIENTS</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Stock is not qualified under Section 401(a) of the Internal Revenue Code. The recipients, therefore, will be required for federal income tax purposes to recognize compensation during the taxable year of issuance unless the shares are subject to a substantial risk of forfeiture. Accordingly, absent a specific contractual provision to the contrary, the recipients will receive compensation taxable at ordinary rates </P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>equal to the fair market value of the shares on the date of receipt since there will be no substantial risk of forfeiture or other restrictions on transfer. The recipients are urged to consult each of their tax advisors on this matter. Further, if any recipient is an &quot;affiliate,&quot; Section 16(b) of the Exchange Act is applicable and will affect the issue of taxation.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">TAX TREATMENT TO THE COMPANY</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The amount of income recognized by any recipient hereunder in accordance with the foregoing discussion will be a tax deductible expense by Garuda Capital for federal income tax purposes in the taxable year of Garuda Capital during which the recipient recognizes income.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">RESTRICTIONS ON RESALES</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the event that an affiliate of Garuda Capital acquires shares of common stock hereunder, the affiliate will be subject to Section 16(b) of the Exchange Act. Further, in the event that any affiliate acquiring shares hereunder has sold or sells any shares of common stock in the six months preceding or following the receipt of shares hereunder, any so called &quot;profit,&quot; as computed under Section 16(b) of the Exchange Act, would be required to be disgorged from the recipient to Garuda Capital. Services rendered have been recognized as valid consideration for the &quot;purchase&quot; of shares in connection with the &quot;profit&quot; computation under Section 16(b) of the Exchange Act. &nbsp;Garuda Capital Corp. has agreed that for the purpose of any &quot;profit&quot; computation under 16(b), the price paid for the common stock issued to affiliates is equal to the value of services rendered. Shares of common stock acquired hereunder by persons other than affiliates are not subject to Section 16(b) of the Exchange Act.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The &nbsp;documents &nbsp;containing &nbsp;the &nbsp;information specified in Part I, Items 1 and 2, will &nbsp;be &nbsp;delivered &nbsp;to each of the participants in accordance with Form S-8 and Rule 428 promulgated under the Securities Act of 1933. The participants shall be provided &nbsp;a &nbsp;written &nbsp;statement notifying them that upon written or oral request they &nbsp;will &nbsp;be &nbsp;provided, &nbsp;without &nbsp;charge, &nbsp;(i) &nbsp;the &nbsp;documents incorporated by reference &nbsp;in &nbsp;Item &nbsp;3 &nbsp;of Part II of the registration statement, and (ii) other documents &nbsp;required &nbsp;to be delivered pursuant to Rule 428(b). The statement will inform &nbsp;the &nbsp;participants &nbsp;that these documents are incorporated by reference in the &nbsp;Section &nbsp;10(a) &nbsp;prospectus, &nbsp;and shall include the address (giving title or department) &nbsp;and &nbsp;telephone &nbsp;number &nbsp;to &nbsp;which &nbsp;the &nbsp;request &nbsp;is to be directed.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A &nbsp;copy &nbsp;of &nbsp;any &nbsp;document &nbsp;or &nbsp;part &nbsp;hereof &nbsp;incorporated &nbsp;by reference in this registration &nbsp;Statement &nbsp;but &nbsp;not delivered with this Prospectus or any document required &nbsp;to &nbsp;be delivered pursuant to Rule 428(b) under the Securities Act will be &nbsp;furnished &nbsp;without &nbsp;charge &nbsp;upon written or oral request. Requests should be addressed to Robin Relph, Chief Executive Officer at &nbsp;502 &#150; 1978 Vine Street, Vancouver, BC, Canada V6K 4S1, telephone number (604) 737-0203.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PART II</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The following documents filed with the SEC by Garuda Capital, are incorporated herein by reference:</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Garuda Capital's latest Annual Report on Form 10-KSB for the fiscal year ended June 30, 2004, pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;); and</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All reports of the Company filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;) since the end of the fiscal year covered by the Annual Report on Form 10-KSB referred to in subparagraph (a) above; and</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(3)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof and prior to filing of a post-effective amendment which indicate that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 4. DESCRIPTION OF SECURITIES.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>None.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 6. INDEMNIFICATION OF OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS; INSURANCE.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 78.7502 of the Nevada general corporation law provides as follows:</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorney's fees, judgements, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he acted in good faith and in a manner which he reasonable believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgement, order, settlement conviction or upon a plea of nolo contendre or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent </P>
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<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(3)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections 1 and 2, or in defense of any claim, issue or matter therein, the corporation shall indemnify him against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with the defense.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 78.751 of the Nevada general corporation law also provides as follows:</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any discretionary indemnification under NRS 78.7502, unless ordered by a court or advanced pursuant to subsection 2, may be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made:</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By the stockholders;</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>By the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding;</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion; or</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The articles of incorporation, the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the corporation. The provisions of this subsection do not affect any rights to advancement of expenses to which corporate personnel other than directors or officers may be entitled under any contract or otherwise by law.</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(3)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The indemnification and advancement of expenses authorized in or ordered by a court pursuant to this section:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in his official capacity or an action in another capacity while holding his office, except that indemnification, unless ordered by a court pursuant to NRS 78.7502 or for the advancement of expenses made pursuant to subsection 2, may not be made to or on behalf of any director or officer if a final adjudication establishes that his acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Continues for a person who has ceased to be a director, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such a person.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 78.752 of the Nevada general corporation statutes also provides as follows:</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A corporation may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee or agent, or arising out of his status as such, whether or not the corporation has the authority to indemnify him against such liability and expenses.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The other financial arrangements made by the corporation pursuant to subsection 1 may include the following:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The creation of a trust fund.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The establishment of a program of self-insurance.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The securing of its obligation of indemnification by granting a security interest or other lien on any assets of the corporation.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<BR>
<BR>
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<P style="margin:0pt; font-family:Times New Roman">#</P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
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<P style="page-break-before:always; margin:0pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>12</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The establishment of a letter of credit, guaranty or surety. &nbsp;No financial arrangement made pursuant to this subsection may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud or a knowing violation of law, except with respect to the advancement of expenses or indemnification ordered by a court.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(3)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any insurance or other financial arrangement made on behalf of a person pursuant to this section may be provided by the corporation or any other person approved by the board of directors, even if all or part of the other person's stock or other securities is owned by the corporation.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(4)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the absence of fraud:</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The decision of the board of directors as to the propriety of the terms and conditions of any insurance or other financial arrangement made pursuant to this section and the choice of the person to provide the insurance or other financial arrangement is conclusive; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>the insurance or other financial arrangement:</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>is not void or voidable; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>does not subject any director approving it to personal liability for his action, even if a director approving the insurance or other financial arrangement is a beneficiary of the insurance or other financial arrangement.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(5)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>A corporation or its subsidiary which provides self-insurance for itself or for another affiliated corporation pursuant to this section is not subject to the provisions of Title 57 of NRS.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Garuda Capital&#146;s Bylaws also provide as follows:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>No Director or Officer of Garuda Capital shall be liable for the acts, defaults, or omissions of any other Director or Officer, or for any loss sustained by Garuda Capital, unless the same has resulted from his own willful misconduct, willful neglect, or negligence.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<BR>
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<P style="margin:0pt; font-family:Times New Roman">#</P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>13</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each Director and Officer of Garuda Capital and each &nbsp;person who shall serve at Garuda Capital&#146;s &nbsp;request as a director or officer of another &nbsp;corporation in which Garuda Capital &nbsp;owns shares of capital stock or of which it is a &nbsp;creditor &nbsp;shall &nbsp;be &nbsp;indemnified &nbsp;by Garuda Capital against all reasonable &nbsp;costs, &nbsp;expenses and liabilities &nbsp;(including &nbsp;reasonable attorneys' &nbsp;fees) &nbsp;actually and &nbsp;necessarily &nbsp;incurred by or imposed upon him in connection &nbsp;with, &nbsp;or &nbsp;resulting &nbsp;from &nbsp;any &nbsp;claim, &nbsp;action, &nbsp;suit, &nbsp;proceeding, investigation, &nbsp;or inquiry of &nbsp;whatever &nbsp;nature in which he may be involved as a party or &nbsp;otherwise &nbsp;by reason of his being or having been a Director or Officer of Garuda Capital &nbsp;or such &nbsp;director &nbsp;or officer &nbsp;of such &nbsp;other &nbsp;corporation, whether or not he continues to be a Director or Officer of Garuda Capital or a director or officer of such other &nbsp;corporation, &nbsp;at the time of the incurring or imposition of such costs, expenses or liabilities, except in relation to matters as to which he shall be &nbsp;finally &nbsp;adjudged &nbsp;in such &nbsp;action, &nbsp;suit, &nbsp;proceeding, investigation, &nbsp;or inquiry to be liable for willful misconduct, willful neglect, or gross negligence toward or on behalf of Garuda Capital in the performance of his duties as such Director or Officer of Garuda Capital or as such director or officer of such other &nbsp;corporation. &nbsp;As to whether or not a Director &nbsp;or Officer was liable by reason of willful misconduct, willful neglect, or gross negligence toward or on behalf of Garuda Capital in the performance of his duties as such Director or Officer of Garuda Capital or as such &nbsp;director or officer of such other corporation, in the absence of such &nbsp;final &nbsp;adjudication &nbsp;of the &nbsp;existence &nbsp;of such liability, &nbsp;the &nbsp;Board of Directors and each Director and Officer may conclusively rely upon on opinion of independent &nbsp;legal counsel selected by or in the manner &nbsp;designated by the Board of Directors. The foregoing right to indemnification shall be in addition to and not in &nbsp;limitation &nbsp;of all other &nbsp;rights &nbsp;which such person may be entitled as a matter of law, and shall inure to his legal representatives' benefit. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Garuda Capital may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent &nbsp;of &nbsp;Garuda Capital &nbsp;or &nbsp;who is or was &nbsp;serving &nbsp;at the &nbsp;request &nbsp;of Garuda Capital as a director, officer, &nbsp;employee, or agent of another corporation, partnership, &nbsp;joint venture, trust, association, or other enterprise against any liability &nbsp;asserted &nbsp;against &nbsp;him and &nbsp;incurred &nbsp;by him in any such &nbsp;capacity or arising out of his status as such, whether or not he is indemnified against such liability by Garuda Capital&#146;s Bylaws.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Garuda Capital has not currently made any arrangements regarding insurance but may do so in the future.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>INSOFAR AS INDEMNIFICATION FOR LIABILITIES OCCURRING PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OF 1933 MAY BE PERMITTED AS TO DIRECTORS, OFFICERS, OR PERSONS CONTROLLING THE COMPANY PURSUANT TO THE FOREGOING PROVISIONS, THE COMPANY HAS BEEN INFORMED THAT IN THE OPINION OF THE SECURITIES AND EXCHANGE COMMISSION, SUCH INDEMNIFICATION IS AGAINST PUBLIC POLICY AS EXPRESSED IN THAT ACT AND, THEREFORE, IS UNENFORCEABLE.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; font-family:Times New Roman">#</P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>14</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 8. EXHIBITS.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The following exhibits are filed as part of this registration statement pursuant to Item 601 of the Regulation S-K and are specifically incorporated herein by this reference:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=115.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit No</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=475.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title</P>
</TD></TR>
<TR><TD valign=top width=115.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5.1</P>
</TD><TD valign=top width=475.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Legal opinion and Consent of Dennis Brovarone, Attorney</P>
</TD></TR>
<TR><TD valign=top width=115.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">10.1</P>
</TD><TD valign=top width=475.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2005 Non Qualified Stock Compensation Plan</P>
</TD></TR>
<TR><TD valign=top width=115.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.1</P>
</TD><TD valign=top width=475.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Williams &amp; Webster, Chartered Accountants</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 9. UNDERTAKINGS.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The undersigned registrant hereby undertakes:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to:</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-26.2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>include any prospectus required by Section 10(a)(3) of the Securities Act;</P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-26.2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represents a fundamental change in the information set forth in the registration statement;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-26.2pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii)</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Provided, however, that paragraphs (1)(i) and (1)(ii) shall not apply if the information required to be included in a post-effective amendment by those paragraph is incorporated by reference from periodic reports filed by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
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<P style="margin:0pt; font-family:Times New Roman">#</P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>15</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>That, for the purpose of determining any liability pursuant to the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities offered at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(3)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(4)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the latest annual report to security holders that is incorporated by reference in the prospectus and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and, where interim financial information require to be presented by Article 3 of Regulation S-X is not set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference in the prospectus to provide such interim financial information.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(5)</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of registrant pursuant to the foregoing provisions, or otherwise, registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by registrant of expenses incurred or paid by a director, officer or controlling person of registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The undersigned hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of registrant's annual report pursuant to Section 13(a) of the Securities Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
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<P style="margin:0pt; font-family:Times New Roman">#</P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>16</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned thereunto duly authorized in the City of Vancouver, Province of British Columbia, on March 17, 2005.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>GARUDA CAPITAL CORP.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>(Registrant)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:328.5pt; font-family:Arial; font-size:12pt" align=right><BR></P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>By: &nbsp;<U>/s/ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><I><U>C. Robin Relph</U></I><U>___________</U></P>
<P style="margin:0pt; padding-left:144pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>C. Robin Relph, President, Chief </P>
<P style="margin:0pt; padding-left:144pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Executive Officer, Chief Financial </P>
<P style="margin:0pt; padding-left:144pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Officer </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=198.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SIGNATURES</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=196><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">TITLE</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=196><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">DATE</P>
</TD></TR>
<TR><TD valign=top width=198.4><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ &nbsp;&nbsp;<I>C. Robin Relph</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">______________________</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">C. Robin Relph</P>
</TD><TD valign=top width=196><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director, President, Chief Executive Officer, Chief Financial Officer</P>
</TD><TD valign=top width=196><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 17, 2005</P>
</TD></TR>
<TR><TD valign=top width=198.4><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s<I>/ &nbsp;&nbsp;Jurgen Wolf</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">_______________________</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Jurgen Wolf</P>
</TD><TD valign=top width=196><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
</TD><TD valign=top width=196><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March &nbsp;17, 2005</P>
</TD></TR>
<TR><TD valign=top width=198.4><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ &nbsp;<I>G. Arnold Armstrong</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">_______________________</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">G. Arnold Armstrong</P>
</TD><TD valign=top width=196><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
</TD><TD valign=top width=196><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 17, 2005</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>INDEX TO EXHIBITS</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=115.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit No</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=475.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title</P>
</TD></TR>
<TR><TD valign=top width=115.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5.1</P>
</TD><TD valign=top width=475.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Legal opinion and Consent of Dennis Brovarone, Attorney</P>
</TD></TR>
<TR><TD valign=top width=115.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">10.1</P>
</TD><TD valign=top width=475.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2005 Non Qualified Stock Compensation Plan</P>
</TD></TR>
<TR><TD valign=top width=115.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.1</P>
</TD><TD valign=top width=475.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Williams &amp; Webster, Chartered Accountants</P>
</TD></TR>
</TABLE>
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{"company-data": {"conformed-name": "GARUDA CAPITAL CORP", "cik": "0001116539", "assigned-sic": "2060", "irs-number": "980209053", "state-of-incorporation": "NV", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-123478", "film-number": "05695805"}, "business-address": {"street1": "1895 26TH STREET", "street2": "XXX", "city": "VANCOUVER BC CANADA", "state": "A1", "zip": "V7V4K2", "phone": "6044820111"}, "mail-address": {"street1": "XXX", "street2": "XXX", "city": "XXX"}, "former-company": {"former-conformed-name": "VANSTAR FILMS INC", "date-changed": "20000613"}}
Form S-8
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
GARUDA CAPITAL CORP.
(Exact name of Registrant as specified in its charter)
Nevada                                                         980209053
(State or other jurisdiction of incorporation
(IRS Employer Identification No.)
or organization)
502 – 1978 Vine Street, Vancouver, BC, V6K 4S1
(Address of principal executive offices) (Zip Code)
(604) 737-0203
(Issuer's telephone number)
2005 Non-Qualified Stock Compensation Plan
(Full title of the plan)
Robin Relph, 502 – 1978 Vine Street, Vancouver, BC V6K 4S1
(Name and address of agent for service)
(604) 737-0203
(Telephone number, including area code, of agent for service)
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CALCULATION OF REGISTRATION FEE
TITLE OF SECURITIES TO BE REGISTERED
AMOUNT OF SHARES TO BE REGISTERED
PROPOSED MAXIMUM OFFERING PRICE PER SHARE
PROPOSED MAXIMUM AGGREGATE OFFERING PRICE (1)
AMOUNT OF REGISTRATION FEE
$.001 par value common stock
3,000,000
$0.13(1)
$  390,000
$45.90
TOTALS
3,000,000
$   390,000
$45.90
(1)
This calculation is made solely for the purposes of determining the registration fee pursuant to the provisions of Rule 457(c) under the Securities Act of 1933, as amended, and is calculated on the basis of the average of the bid and asked price per share of the common stock listed on the OTC Bulletin Board as of March 17, 2005, a date within five business days prior to the filing of this registration statement.
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PROSPECTUS
GARUDA CAPITAL CORP.
3,000,000 Shares of Common Stock
This prospectus relates to the offer and sale by Garuda Capital Corp. ("Garuda Capital"), a Nevada corporation, of shares of its $.001 par value per share common stock under the Company's 2005 Non-Qualified Stock Compensation Plan (the "Stock Plan"). Pursuant to the Stock Plan, Garuda Capital is registering hereunder and then issuing, upon receipt of adequate consideration therefore, to the persons covered by the Stock Plan, 3,000,000 shares of common stock.
The common stock is not subject to any restriction on transferability. Recipients of shares other than persons who are "affiliates" of Garuda Capital within the meaning of the Securities Act of 1933 (the "Act") may sell all or part of the shares in any way permitted by law, including sales in the over-the-counter market at prices prevailing at the time of such sale. Garuda Capital is registering no shares hereunder for affiliates of the company. An affiliate is summarily, any director, executive officer or controlling shareholder of Garuda Capital Corp. or anyone of its subsidiaries. An "affiliate" of Garuda Capital is subject to Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). If a consultant who is not now an "affiliate" becomes an "affiliate" of Garuda Capital in the future, he/she would then be subject to Section 16(b) of the Exchange Act. The common stock is traded on the OTC Bulletin Board under the symbol "GRUA."
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this prospectus is March 17, 2005.
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This prospectus is part of a registration statement which was filed and became effective under the Act, and does not contain all of the information set forth in the registration statement, certain portions of which have been omitted pursuant to the rules and regulations promulgated by the U.S. Securities and Exchange Commission (the "SEC") under the Act. The statements in this prospectus as to the contents of any contracts or other documents filed as an exhibit to either the registration statement or other filings by Garuda Capital with the Commission are qualified in their entirety by the reference thereto.
A copy of any document or part thereof incorporated by reference in this prospectus but not delivered herewith will be furnished without charge upon written or oral request. Requests should be addressed to: Garuda Capital Corp. 502 – 1978 Vine Street, Vancouver, BC V6K 4S1. Garuda Capital's telephone number is (604) 737 0203.
Garuda Capital is subject to the reporting requirements of the Exchange Act and in accordance therewith files reports and other information with the Commission. These reports, as well as the proxy statements, information statements and other information filed by Garuda Capital under the Exchange Act may be inspected and copied at the public reference facilities maintained by the SEC at 450 Fifth Street, N.W. Washington D.C. 20549.
No person has been authorized to give any information or to make any representation, other than those contained in this prospectus, and, if given or made, such other information or representation must not be relied upon as having been authorized by Garuda Capital.  This prospectus does not constitute an offer or a solicitation by anyone in any state in which such is not authorized or in which the person making such is not qualified or to any person to whom it is unlawful to make an offer or solicitation.
Neither the delivery of this prospectus nor any sale made hereunder shall, under any circumstances, create any implication that there has not been a change in the affairs of Garuda Capital since the date hereof.
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TABLE OF CONTENTS
Page
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
Item 1.  Plan Information
6
Item 2.  Registrant Information and Employee Plan Annual Information
7
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
8
Item 3.  Incorporation of Documents by Reference
8
Item 4.  Description of Securities
8
Item 5.  Interests of Named Experts and Counsel
9
Item 6.  Indemnification of Officers, Directors, Employees and Agents; Insurance
9
Item 7.  Exemption from Registration Claimed
14
Item 8.  Exhibits
14
Item 9.  Undertakings
14
SIGNATURES
16
EXHIBIT INDEX
16
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PART 1
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
ITEM 1. THE PLAN INFORMATION.
THE COMPANY
Garuda Capital Corp. ("Garuda") has its principal executive offices at 502 – 1978 Vine Street, Vancouver, BC V6K 4S1. Garuda Capital's telephone number is (604) 737-0203.
PURPOSE
Garuda Capital will issue common stock to certain persons pursuant the 2005 Non-Qualified Stock Compensation Plan (the "Stock Plan"), which has been approved by the Board of Directors of Garuda Capital. The Stock Plan is intended to provide a method whereby Garuda Capital may be stimulated by the personal involvement of the persons covered by the Stock Plan in Garuda Capital's future prosperity, thereby advancing the interests of Garuda Capital, and all of its shareholders. A copy of the Stock Plan has been filed as an exhibit to this registration statement.
COMMON STOCK
The Board has authorized the issuance of up to 3,000,000 shares of the common stock of Garuda Capital pursuant to the Stock Plan upon effectiveness of this registration statement (the "Shares").
NO RESTRICTIONS ON TRANSFER
The recipients of the Shares will become the record and beneficial owners of the Shares upon issuance and delivery and are entitled to all of the rights of ownership, including the right to vote any shares awarded and to receive ordinary cash dividends on the Stock.
TAX TREATMENT TO THE RECIPIENTS
The Stock is not qualified under Section 401(a) of the Internal Revenue Code. The recipients, therefore, will be required for federal income tax purposes to recognize compensation during the taxable year of issuance unless the shares are subject to a substantial risk of forfeiture. Accordingly, absent a specific contractual provision to the contrary, the recipients will receive compensation taxable at ordinary rates
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equal to the fair market value of the shares on the date of receipt since there will be no substantial risk of forfeiture or other restrictions on transfer. The recipients are urged to consult each of their tax advisors on this matter. Further, if any recipient is an "affiliate," Section 16(b) of the Exchange Act is applicable and will affect the issue of taxation.
TAX TREATMENT TO THE COMPANY
The amount of income recognized by any recipient hereunder in accordance with the foregoing discussion will be a tax deductible expense by Garuda Capital for federal income tax purposes in the taxable year of Garuda Capital during which the recipient recognizes income.
RESTRICTIONS ON RESALES
In the event that an affiliate of Garuda Capital acquires shares of common stock hereunder, the affiliate will be subject to Section 16(b) of the Exchange Act. Further, in the event that any affiliate acquiring shares hereunder has sold or sells any shares of common stock in the six months preceding or following the receipt of shares hereunder, any so called "profit," as computed under Section 16(b) of the Exchange Act, would be required to be disgorged from the recipient to Garuda Capital. Services rendered have been recognized as valid consideration for the "purchase" of shares in connection with the "profit" computation under Section 16(b) of the Exchange Act.  Garuda Capital Corp. has agreed that for the purpose of any "profit" computation under 16(b), the price paid for the common stock issued to affiliates is equal to the value of services rendered. Shares of common stock acquired hereunder by persons other than affiliates are not subject to Section 16(b) of the Exchange Act.
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION.
The  documents  containing  the  information specified in Part I, Items 1 and 2, will  be  delivered  to each of the participants in accordance with Form S-8 and Rule 428 promulgated under the Securities Act of 1933. The participants shall be provided  a  written  statement notifying them that upon written or oral request they  will  be  provided,  without  charge,  (i)  the  documents incorporated by reference  in  Item  3  of Part II of the registration statement, and (ii) other documents  required  to be delivered pursuant to Rule 428(b). The statement will inform  the  participants  that these documents are incorporated by reference in the  Section  10(a)  prospectus,  and shall include the address (giving title or department)  and  telephone  number  to  which  the  request  is to be directed.
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A  copy  of  any  document  or  part  hereof  incorporated  by reference in this registration  Statement  but  not delivered with this Prospectus or any document required  to  be delivered pursuant to Rule 428(b) under the Securities Act will be  furnished  without  charge  upon written or oral request. Requests should be addressed to Robin Relph, Chief Executive Officer at  502 – 1978 Vine Street, Vancouver, BC, Canada V6K 4S1, telephone number (604) 737-0203.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents filed with the SEC by Garuda Capital, are incorporated herein by reference:
(1)
Garuda Capital's latest Annual Report on Form 10-KSB for the fiscal year ended June 30, 2004, pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and
(2)
All reports of the Company filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since the end of the fiscal year covered by the Annual Report on Form 10-KSB referred to in subparagraph (a) above; and
(3)
All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof and prior to filing of a post-effective amendment which indicate that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not applicable.
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ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
None.
ITEM 6. INDEMNIFICATION OF OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS; INSURANCE.
Section 78.7502 of the Nevada general corporation law provides as follows:
(1)
A corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorney's fees, judgements, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he acted in good faith and in a manner which he reasonable believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgement, order, settlement conviction or upon a plea of nolo contendre or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.
(2)
A corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent
10
jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
(3)
To the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections 1 and 2, or in defense of any claim, issue or matter therein, the corporation shall indemnify him against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with the defense.
Section 78.751 of the Nevada general corporation law also provides as follows:
(1)
Any discretionary indemnification under NRS 78.7502, unless ordered by a court or advanced pursuant to subsection 2, may be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made:
(a)
By the stockholders;
(b)
By the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding;
(c)
If a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion; or
(d)
If a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.
(2)
The articles of incorporation, the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the corporation. The provisions of this subsection do not affect any rights to advancement of expenses to which corporate personnel other than directors or officers may be entitled under any contract or otherwise by law.
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(3)
The indemnification and advancement of expenses authorized in or ordered by a court pursuant to this section:
(a)
Does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in his official capacity or an action in another capacity while holding his office, except that indemnification, unless ordered by a court pursuant to NRS 78.7502 or for the advancement of expenses made pursuant to subsection 2, may not be made to or on behalf of any director or officer if a final adjudication establishes that his acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action.
(b)
Continues for a person who has ceased to be a director, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such a person.
Section 78.752 of the Nevada general corporation statutes also provides as follows:
(1)
A corporation may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee or agent, or arising out of his status as such, whether or not the corporation has the authority to indemnify him against such liability and expenses.
(2)
The other financial arrangements made by the corporation pursuant to subsection 1 may include the following:
(a)
The creation of a trust fund.
(b)
The establishment of a program of self-insurance.
(c)
The securing of its obligation of indemnification by granting a security interest or other lien on any assets of the corporation.
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(d)
The establishment of a letter of credit, guaranty or surety.  No financial arrangement made pursuant to this subsection may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud or a knowing violation of law, except with respect to the advancement of expenses or indemnification ordered by a court.
(3)
Any insurance or other financial arrangement made on behalf of a person pursuant to this section may be provided by the corporation or any other person approved by the board of directors, even if all or part of the other person's stock or other securities is owned by the corporation.
(4)
In the absence of fraud:
(a)
The decision of the board of directors as to the propriety of the terms and conditions of any insurance or other financial arrangement made pursuant to this section and the choice of the person to provide the insurance or other financial arrangement is conclusive; and
(b)
the insurance or other financial arrangement:
(i)
is not void or voidable; and
(ii)
does not subject any director approving it to personal liability for his action, even if a director approving the insurance or other financial arrangement is a beneficiary of the insurance or other financial arrangement.
(5)
A corporation or its subsidiary which provides self-insurance for itself or for another affiliated corporation pursuant to this section is not subject to the provisions of Title 57 of NRS.
Garuda Capital's Bylaws also provide as follows:
No Director or Officer of Garuda Capital shall be liable for the acts, defaults, or omissions of any other Director or Officer, or for any loss sustained by Garuda Capital, unless the same has resulted from his own willful misconduct, willful neglect, or negligence.
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Each Director and Officer of Garuda Capital and each  person who shall serve at Garuda Capital's  request as a director or officer of another  corporation in which Garuda Capital  owns shares of capital stock or of which it is a  creditor  shall  be  indemnified  by Garuda Capital against all reasonable  costs,  expenses and liabilities  (including  reasonable attorneys'  fees)  actually and  necessarily  incurred by or imposed upon him in connection  with,  or  resulting  from  any  claim,  action,  suit,  proceeding, investigation,  or inquiry of  whatever  nature in which he may be involved as a party or  otherwise  by reason of his being or having been a Director or Officer of Garuda Capital  or such  director  or officer  of such  other  corporation, whether or not he continues to be a Director or Officer of Garuda Capital or a director or officer of such other  corporation,  at the time of the incurring or imposition of such costs, expenses or liabilities, except in relation to matters as to which he shall be  finally  adjudged  in such  action,  suit,  proceeding, investigation,  or inquiry to be liable for willful misconduct, willful neglect, or gross negligence toward or on behalf of Garuda Capital in the performance of his duties as such Director or Officer of Garuda Capital or as such director or officer of such other  corporation.  As to whether or not a Director  or Officer was liable by reason of willful misconduct, willful neglect, or gross negligence toward or on behalf of Garuda Capital in the performance of his duties as such Director or Officer of Garuda Capital or as such  director or officer of such other corporation, in the absence of such  final  adjudication  of the  existence  of such liability,  the  Board of Directors and each Director and Officer may conclusively rely upon on opinion of independent  legal counsel selected by or in the manner  designated by the Board of Directors. The foregoing right to indemnification shall be in addition to and not in  limitation  of all other  rights  which such person may be entitled as a matter of law, and shall inure to his legal representatives' benefit.
Garuda Capital may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent  of  Garuda Capital  or  who is or was  serving  at the  request  of Garuda Capital as a director, officer,  employee, or agent of another corporation, partnership,  joint venture, trust, association, or other enterprise against any liability  asserted  against  him and  incurred  by him in any such  capacity or arising out of his status as such, whether or not he is indemnified against such liability by Garuda Capital's Bylaws.
Garuda Capital has not currently made any arrangements regarding insurance but may do so in the future.
INSOFAR AS INDEMNIFICATION FOR LIABILITIES OCCURRING PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OF 1933 MAY BE PERMITTED AS TO DIRECTORS, OFFICERS, OR PERSONS CONTROLLING THE COMPANY PURSUANT TO THE FOREGOING PROVISIONS, THE COMPANY HAS BEEN INFORMED THAT IN THE OPINION OF THE SECURITIES AND EXCHANGE COMMISSION, SUCH INDEMNIFICATION IS AGAINST PUBLIC POLICY AS EXPRESSED IN THAT ACT AND, THEREFORE, IS UNENFORCEABLE.
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ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
(a)
The following exhibits are filed as part of this registration statement pursuant to Item 601 of the Regulation S-K and are specifically incorporated herein by this reference:
Exhibit No
Title
5.1
Legal opinion and Consent of Dennis Brovarone, Attorney
10.1
2005 Non Qualified Stock Compensation Plan
23.1
Consent of Williams & Webster, Chartered Accountants
ITEM 9. UNDERTAKINGS.
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to:
(i)
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represents a fundamental change in the information set forth in the registration statement;
(iii)
include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement.
Provided, however, that paragraphs (1)(i) and (1)(ii) shall not apply if the information required to be included in a post-effective amendment by those paragraph is incorporated by reference from periodic reports filed by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
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(2)
That, for the purpose of determining any liability pursuant to the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities offered at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4)
To deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the latest annual report to security holders that is incorporated by reference in the prospectus and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and, where interim financial information require to be presented by Article 3 of Regulation S-X is not set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference in the prospectus to provide such interim financial information.
(5)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of registrant pursuant to the foregoing provisions, or otherwise, registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by registrant of expenses incurred or paid by a director, officer or controlling person of registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
The undersigned hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of registrant's annual report pursuant to Section 13(a) of the Securities Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned thereunto duly authorized in the City of Vancouver, Province of British Columbia, on March 17, 2005.
GARUDA CAPITAL CORP.
(Registrant)
By:
/s/
C. Robin Relph
___________
C. Robin Relph, President, Chief
Executive Officer, Chief Financial
Officer
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.
SIGNATURES
TITLE
DATE
/s/
C. Robin Relph
______________________
C. Robin Relph
Director, President, Chief Executive Officer, Chief Financial Officer
March 17, 2005
/s
/   Jurgen Wolf
_______________________
Jurgen Wolf
Director
March  17, 2005
/s/
G. Arnold Armstrong
_______________________
G. Arnold Armstrong
Director
March 17, 2005
INDEX TO EXHIBITS
Exhibit No
Title
5.1
Legal opinion and Consent of Dennis Brovarone, Attorney
10.1
2005 Non Qualified Stock Compensation Plan
23.1
Consent of Williams & Webster, Chartered Accountants
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