iForum Financial Network Inc. is reporting a loss for the year ended June 30, 2003.

The net loss increased to $615,745, or 3.7¢ per share, for the year compared to net loss of $290,201, or 1.8¢ per share, for 2002.

For the year ended June 30, 2003 revenues totalled $7,311,137 an increase of 81% compared to $4,049,921 for 2002.

The company says the growth in revenue is due to increased commission revenue, which includes the integration of iForum Securities Inc.

The operating loss for the year was $241,680 compared to an operating income of $196,149 in 2002.

“We are pleased with iForum’s growth to date but also recognize that we have more to do to achieve our objective of becoming an important wealth management company in Canada. We are, however, well positioned with the right strategy and people to meet this challenge,” said Joseph Pettinicchio, CEO of iForum, in a news release.

IForum operates an independent network of brokers across Canada, which offer mutual fund, insurance and securities brokerage products and services.

In a separate release, iForum Financial Network Inc. said it has signed a letter of understanding to enter into a strategic alliance with Polygone Financial Services Inc.

Polygone, based in Montreal, has 30 years of experience in the insurance and financial planning industry.

The alliance will allow iForum Insurance Brokerage Inc. to strengthen its position as an MGA and to offer iForum’s advisors improved back-office services and access to proven concept-selling techniques.

“We believe that this agreement with Polygone is an important step in the development of our insurance business and the overall performance of iForum in the financial services market,” said Pettinicchio.