Prospect Ventures Inc. (fka IVAP)

[~ Blue ~]

Recent SEC filing 10Q: The Company has transitioned from being a manufacturer–wholesaler toward licensing its trademark

The Company moved operations to Vancouver in 2009.
In the spring of 2011 its design and head office moved to Los Angeles California where it now primarily designs apparel for its licensing partner, the Company continues to wholesale in very limited collections its luxury apparel to retail outlets and to individuals in Canada.

Our Apparel is designed in Los Angeles and samples manufactured by our licensing partner in North America.

The Company has transitioned from being a manufacturer–wholesaler toward licensing its trademark to other wholesalers in the primarily in the Canadian market, while promoting its marque.

The Company also entered into an agreement to purchase the trademark of a cosmetics line. Currently no sales, production or sampling of the cosmetic line has occurred or is planned.

Recent SEC filing, 10Q, March 31, 2012

PAGE F4

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8679182