X0202 4 2006-01-31 0 0001103544 ADSERO CORP ADSO.OB 0001346462 Brueckmann-Turbon Holger C/O HBT HOLDINGS GMBH GOECKINGHOFSTRASSE 34 SCHWELM 2M D-58332 GERMANY 0 0 1 0 Common stock, $0.001 par value per share 2006-01-31 2006-01-31 4 C 0 2400000 0 A 6792397 I see note Subscription Receipts 0 2006-01-31 4 C 0 0 D Common Stock 2400000 I see note On November 4, 2005, the Reporting Person, through HBT Holdings GmbH, acquired 2,400,000 subscription receipts for $1,200,000. Effective January 31, 2006 these subscription receipts were automatically exercised for 2,400,000 shares of common stock and 2,400,000 common stock purchase warrants, each exercisable to purchase one share of common stock at $1.25 per share through May 3, 2008. The January 31, 2006 exercise of the subscription receipts did not involve any outlays of additional cash. The acquisition of the subscription receipts and underlying warrants were previously reported by the Reporting Person on Form 3. The record owner of the securities is HBT Holding GmbH, a company owned by the Reporting Person. /s/ Holger Brueckmann - Turbon 2006-02-01