Form 5 RAB

FORM 5
[ ] Check this box if no
longer subject to Section
16. Form 4 or Form 5
obligations may continue
See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported

UNITED STATES SECURITIES AND
EXCHANGE COMMISSION

Washington, D.C.  20549
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

OMB APRIVAL

OMB Number: 3235-0362
Expires: December 31, 2001
Estimated average burden
hours per response. . . . 1.0

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

  1. Name and Address of
      Reporting Person*

    Law, Kim
    Suite 212, 214 - 11th Avenue S.E.
    Calgary, Alberta T2G 0X8
  • Issuer Name and Ticker or Trading Symbol

  • Westsphere Asset Corporation Inc.

      WSHA

  • Statement for (Month/Year)

  • December 2001

    1. Relationship of Reporting Person to Issuer
      g(Check all appropriate)


    Director _____10% Owner
    X Officer (Give title below)
    Other (Specify below)

    3.  Social Security Number

    5.  If Amendment, Date of Original
    (Month/Year)

    TABLE I - Non Derivative Securities Acquired, Disposed of or Beneficially Owned.

    1. Title of Security
    (Instr.3)

    2. Transaction
    Date (Month/
    Day/Year)

    3. Transaction
    Code
    (Instr. 8)

    4.  Securities Acquired (A) or Disposed of (D)
    (Instr. 3, 4 and 5)

    5. Amount of Securities Beneficially Owned at End of Issuer's Fiscal Year
    (Instr. 3 and 4)

    6. Ownership Form:
    Direct (D) or
    Indirect (I)
    (Instr. 4)

    1. Nature of Indirect

    Beneficial Ownership
    (Instr. 4)

    Amount

    (A) or (D)

    Price

       

    Common Stock

       

     

     

     

    351,000

    D

     
                     
       

     

     

     

     

         
       

     

     

     

     

         

    Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
    * If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

    (Over)
    SEC 2270 (3/91)

    TABLE II - Derivative Securities Acquired, Disposed of or Beneficially Owned
    (e.g. puts, calls, warrants, options, convertible securities)

    1. Title of
      Derivative
      Security
     (Instr.3)

    2. Conversion or Exercise Price of Derivative
    Security

    3. Transaction Date
    (Month/
    Day/Year

    4. Transaction Code
    (Instr. 8)

    5. Number of Derivative
    Securities Acquired
    (A) or Disposed of (D)
    (Instr. 3, 4 and 5)

    6. Date Exercisable and
    Expiration
    Date (Month/
    Day/Year)

    7. Title and
    Amount of
    Underlying
    Securities
    (Instr. 3 and 4)

    8. Price of
    Derivative
    Securities
    (Instr. 5)

    9. Number of
    Derivative
    Underlying
    Securities
    Benefically
    Owned at
    End of Year
    (Instr. 4)

    10. Ownership
      Form of
      Derivative
      Security:
      Direct (D)
      or
      Indirect (I)
      (Instr. 4)

    11. Nature of Indirect
    Beneficial Ownership
    (Instr. 4)

    (A)

    (D)

    Date Exercisble

    Expiration Date

    Title

    Amount or
    Number of-
    Shares

                             

     

    Explanation of Responses:

     

    /s/ Kim Law February 15, 2002

     

    Signature of Reporting Person Date

     

     

     

    **  Intentional missstatements or omissions of facts constitute Federal Criminal Violations
    See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).