UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1 on

Form 10-Q/A

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2008

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 000-52933

NIVS IntelliMedia Technology Group, Inc.

(Exact name of Registrant as specified in its charter)

Delaware		20-8057809
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

NIVS Industry Park, No. 29-31, Shuikou Road, Huizhou, Guangdong, China 516006

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)

86-752-3125862

(COMPANY’S TELEPHONE NUMBER, INCLUDING AREA CODE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” as defined in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨		Accelerated filer ¨

Non-accelerated filer x		Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The number of shares outstanding of the registrant’s Common Stock, par value $0.0001 per share, was 36,855,714 as of August 18, 2008.

EXPLANATORY NOTE

Please note that NIVS IntelliMedia Technology Group, Inc. (the “Company,” “we” or “us”) was originally organized as a “blank check” shell company to investigate and acquire a target company or business seeking the perceived advantages of being a publicly held corporation. On July 25, 2008 (the “Effective Date”), the Company closed a share exchange transaction (the “Share Exchange”) pursuant to which it (i) became the 100% parent of NIVS Holding Company Limited, a British Virgin Islands corporation (“NIVS BVI”), and its subsidiaries, including NIVS (Huizhou) Audio & Video Tech. Co., Ltd., a company organized under the laws of the PRC (“NIVS PRC”), which is 97.5% owned by NIVS BVI and 2.5% owned by Tianfu Li, the Company’s Chief Executive Officer and Chairman of the Board, (ii) assumed the operations of NIVS BVI and its subsidiaries, and (iii) changed its name from SRKP 19, Inc. to NIVS IntelliMedia Technology Group, Inc. See Note 2 to the financial statements of this report for more information on the Company’s organization and ownership structure. The Company reported the closing of the Share Exchange in the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 30, 2008. This Amendment No. 1 (this “Amendment”) on Form 10-Q/A contains information regarding the Company and NIVS BVI, as indicated herein.

Since the Share Exchange closed subsequent to the reporting period covered by this report, this report includes both discussion of our business as it existed as of June 30, 2008 and of the Company’s business post-Share Exchange, as the 100% parent of NIVS BVI, to ensure that the disclosure included herein is complete and not misleading. The sections entitled “SRKP 19, INC.” describe the Company prior to July 25, 2008 and the sections entitled “NIVS IntelliMedia Technology Group, Inc.” describe the Company on and after July 25, 2008.

This Amendment, which amends and restates items identified below with respect to the Form 10-Q, filed by the Company with the Securities and Exchange Commission (the “SEC”) on August 19, 2008 (the “Original Filing”), is being filed to reflect revisions to Financial Statements, Management’s Discussion and Analysis of Financial Condition and Results of Operation, Controls and Procedures, Risk Factors, and Other Information. The Company has revised its financial statements for the three months and six months ended June 30, 2008 and 2007 to reflect various adjustments, primarily to account for restatements made due to an error in the accounting treatment of imputed interest on loans due to one of the Company’s shareholders resulting in an understatement of the Company’s expenses for certain periods and due to a misclassification for “Due from related parties,” resulting in an overstatement of the Company’s assets and shareholders’ equity for certain periods.

This Form 10-Q/A only amends information in Item 1 (Financial Statements), Item 1A (Risk Factors), Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operation), Item 4 (Controls and Procedures), and Item 5 (Other Information) and the other Items as presented in the Original Filing are not being amended but are restated without change in this Amendment for ease of reference. As a result of this Amendment, the certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, filed as exhibits to our Original Filing have been revised, re-executed and re-filed as of the date of this Amendment. Except for the foregoing amended and restated information, this Amendment continues to describe conditions as of the date of the Original Filing, and the disclosures contained herein have not been updated to reflect events, results or developments that have occurred after the Original Filing, or to modify or update those disclosures affected by subsequent events unless otherwise indicated in this report. Among other things, forward-looking statements made in the Original Filing have not been revised to reflect events, results or developments that have occurred or facts that have become known to us after the date of the Original Filing, and such forward-looking statements should be read in their historical context. This Amendment should be read in conjunction with the Company’s filings made with the SEC subsequent to the Original Filing, including any amendments to those filings.

NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC.

FORM 10-Q/A

For the Quarterly Period Ended June 30, 2008

INDEX

				Page
Part I	Financial Information

	Item 1.	Financial Statements		1

			NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC. (FORMERLY SRKP 19, INC.)

		a)	Balance Sheet as of June 30, 2008 (Unaudited) and December 31, 2007	1

		b)	Statements of Operations for the Three and Six Months Ended June 30, 2008 and 2007 (Unaudited)	2

		c)	Statements of Cash Flows for the Six Months Ended June 30, 2008 and 2007 (Unaudited)	3

		d)	Notes to Financial Statements (Unaudited)	4

			NIVS HOLDING COMPANY LIMITED

		a)	Condensed Consolidated Balance Sheets as of June 30, 2008 (Unaudited) and December 31, 2007	7

		b)	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2008 and 2007 (Unaudited)	8

		c)	Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2007, 2006, and 2005 and the Six Months Ended June 30, 2008 (Unaudited)	9

		d)	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2008 and 2007 (Unaudited)	10

		e)	Notes to Condensed Consolidated Financial Statements (Unaudited)	11

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		33

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		43

	Item 4.	Controls and Procedures		43

Part II	Other Information

	Item 1.	Legal Proceedings		45

	Item 1A.	Risk Factors		45

	Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds		61

	Item 3.	Default Upon Senior Securities		61

	Item 4.	Submission of Matters to a Vote of Security Holders		61

	Item 5.	Other Information		61

	Item 6.	Exhibits		63

Signatures				64

Part I. Financial Information

Item 1. Financial Statements

NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC.

(Formerly SRKP 19, Inc.)

BALANCE SHEET

(Stated in US Dollars)

	June 30, 2008 (Unaudited)			December 31, 2007
ASSETS

CURRENT ASSETS
Cash	$	2,555		$	857

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

CURRENT LIABILITIES
Due to Stockholders	$	47,500		$	32,500

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY (DEFICIT):
Preferred stock, $.0001 par value, 10,000,000 shares authorized, none issued		—			—
Common stock, $.0001 par value, 100,000,000 shares authorized, 7,096,390 shares issued and outstanding		710			710
Additional Paid in Capital		6,790			6,790
(Deficit) accumulated during development stage		(52,445	)		(39,143	)

Total Stockholders’ Equity (Deficit)		(44,945	)		(31,643	)

	$	2,555		$	857

See accompanying notes to financial statements.

NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC.

(Formerly SRKP 19, Inc.)

STATEMENTS OF OPERATIONS

(Stated in US Dollars)

(Unaudited)

										Period From			Cumulative from
	Three Months			Three Months			Six Months			January 3, 2007			January 3, 2007
	Ended			Ended			Ended			(Inception) to			(Inception) to
	June 30, 2008			June 30, 2007			June 30, 2008			June 30, 2007			June 30, 2008

REVENUE	$	—		$	—		$	—		$	—		$	—

EXPENSES		1,921			15,441			13,302			15,441			52,445

NET (LOSS)	$	(1,921	)	$	(15,441	)	$	(13,302	)	$	(15,441	)	$	(52,445	)

NET (LOSS) PER COMMON SHARE-BASIC	$		*	$		*	$		*	$		*

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		7,096,390			7,096,390			7,096,390			7,096,390

* Less than $.01

See accompanying notes to financial statements.

NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC.

(Formerly SRKP 19, Inc.)

STATEMENTS OF CASH FLOWS

(Stated in US Dollars)

(Unaudited)

				Period From			Cumulative from
	Six Months			January 3, 2007			January 3, 2007
	Ended			to			(Inception) to
	June 30, 2008			June 30, 2007			June 30, 2008

CASH FLOWS FROM (TO) OPERATING ACTIVITIES:
Net (loss)	$	(13,302	)	$	(15,441	)	$	(52,445	)

Net Cash (Used In) Operating Activities		(13,302	)	$	(15,441	)		(52,445	)

CASH FLOWS FROM (TO) FINANCING ACTIVITIES:

Advances from stockholders		15,000			22,500			47,500
Warrants issued for cash		—			2,500			2,500
Common stock issued for cash		—			7,500			5,000

Net Cash Provided by Financing Activities		15,000			30,000			55,000

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS:		1,698			14,559			2,555

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		857			-			-

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	2,555		$	14,559		$	2,555

See accompanying notes to financial statements.

NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC.

(Formerly SRKP 19, Inc.)

NOTES TO FINANCIAL STATEMENTS

(Stated in US Dollars)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

History

SRKP 19, Inc. (the Company), a development stage company, was incorporated under the laws of the State of Delaware on December 7, 2006. There was no activity during 2006 and no equity was issued. The common stock of the Company was sold and issued on January 3, 2007 and, as such, has been used as the date of inception for the Company. The Company is in the development stage as defined in Financial Accounting Standards Board Statement No. 7. The fiscal year end is December 31.

The Company filed a Form 10-SB registration statement with the Securities and Exchange Commission (SEC) pursuant to Section 12(g) of the Securities Exchange Act of 1934. The registration statement has been declared effective as of January 25, 2008.

Going Concern and Plan of Operation

The Company's financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is in the development stage and has negative working capital, negative stockholders’ equity and has not earned any revenues from operations to date. These conditions raise substantial doubt about its ability to continue as a going concern.

The Company is currently devoting its efforts to locating merger candidates. The Company's ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company, and ultimately, achieve profitable operations. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Income Taxes

The Company uses the liability method of accounting for income taxes pursuant to Statement of Financial Accounting Standards No. 109. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year-end.

For federal income tax purposes, substantially all startup and organizational expenses must be deferred until the Company commences business. The Company may elect a limited deduction of up to $5,000 in the taxable year in which the trade or business begins. The $5,000 must be reduced by the amount of startup costs in excess of $50,000. The remainder of the expenses not deductible must be amortized over a 180-month period beginning with the month in which the active trade or business begins. These expenses will not be deducted for tax purposes and will represent a deferred tax asset. The Company will provide a valuation allowance in the full amount of the deferred tax asset since there is no assurance of future taxable income. Tax deductible losses can be carried forward for 20 years until utilized.

NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC.

(Formerly SRKP 19, Inc.)

NOTES TO FINANCIAL STATEMENTS

(Stated in US Dollars)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Deferred Offering Costs

Deferred offering costs, consisting of legal, accounting and filing fees relating to an offering will be capitalized. The deferred offering costs will be offset against offering proceeds in the event the offering is successful. In the event the offering is unsuccessful or is abandoned, the deferred offering costs will be expensed.

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in banks and highly liquid investments with original maturities of 90 days or less.

Concentrations of Credit Risk

The Company maintains all cash in deposit accounts, which at times may exceed federally insured limits. The Company has not experienced a loss in such accounts.

Earnings Per Common Share

Basic earnings per common share are computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share consists of the weighted average number of common shares outstanding plus the dilutive effects of options and warrants calculated using the treasury stock method. In loss periods, dilutive common equivalent shares are excluded as the effect would be anti-dilutive.

At June 30, 2008 and 2007, the only potential dilutive securities were 7,096,390 common stock warrants. Due to the net loss, none of the potentially dilutive securities were included in the calculation of diluted earnings per share since their effect would be anti-dilutive.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.

Recently Issued Accounting Pronouncements

The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company.

NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC.

(Formerly SRKP 19, Inc.)

NOTES TO FINANCIAL STATEMENTS

(Stated in US Dollars)

NOTE 2 - STOCKHOLDERS' EQUITY

During January 2007, the Company sold for $5,000 for a subscription receivable, which was paid in April 2007, 7,096,390 shares of its $0.0001 par value common stock to various investors. In addition, the Company also sold to these investors for $2,500 cash warrants to purchase 7,096,390 shares of common stock at an exercise price of $.0001.

These warrants expire at the earlier date of 10 years from date of purchase or 5 years from the date the Company consummates a merger or other business combination with an operating business or any other event to which the Company ceases to be a “shell company.”

NOTE 3 - RELATED PARTY TRANSACTIONS

The Company neither owns nor leases any real or personal property. Most office services are provided without charge by WestPark Capital. The Company’s President is also the Chief Executive Officer of WestPark Capital. Such costs are immaterial to the financial statements. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities that become available. Such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.

NOTE 4 - DUE TO STOCKHOLDERS

Since inception certain stockholders have advanced the Company $47,500 to pay for operating expenses. These funds have been advanced interest free, are unsecured, and are due on demand.

NOTE 5 – SUBSEQUENT EVENT

Share Exchange

On July 25, 2008, the Company consummated a share exchange transaction (the “Share Exchange”) pursuant to a share exchange agreement (the “Exchange Agreement”) dated as of June 27, 2008, and amended as of July 25, 2008, by an among the Company, NIVS Holding Company Limited, a British Virgin Islands corporation (“NIVS BVI”) and the shareholders of NIVS BVI (the “Shareholders”), whereby the Company, in exchange for 27,546,667 shares of its common stock, acquired 100% of the issued and outstanding securities of NIVS BVI.

In addition, the Company agreed to cancel 4,756,390 shares of its common stock and an aggregate of 6,149,723 warrants such that there were 2,340,000 shares of common stock and 946,667 warrants outstanding immediately prior to the Share Exchange.

Private Placement

Pursuant to subscription agreements entered into with certain investors, the Company sold an aggregate of 5,239,460 shares of common stock in an initial closing of a private placement at $1.80 per share for aggregate gross proceeds of approximately $9.4 million on July 25, 2008. On August 12, 2008, the Company conducted a second and final closing of the private placement pursuant to which the Company sold an additional 1,304,587 shares of common stock at $1.80 per share for gross proceeds of approximately $2.3 million. Accordingly, we sold a total of 6,544,047 shares of common stock in the private placement for aggregate gross proceeds of approximately $11.8 million.

Niveous Holding Company Limited and Subsidiaries

Consolidated Balance Sheets

(In US Dollars)

	June 30,			December 31,
	2008			2007
	(Unaudited)			(As restated)
	(As restated)
Assets
Current Assets
Cash and cash equivalents	$	984,981		$	1,438,651
Short-term investment, marketable securities		10,711			10,061
Trade receivables, net (Note 4)		5,416,746			4,510,833
Inventories, net (Note 7)		18,830,860			17,347,370
Restricted cash (Note 14)		3,838,685			1,983,247
Prepaid expenses and deposits		82,754			18,585
Total current assets		29,164,737			25,308,747
Property and equipments, net (Note 9)		50,197,852			46,624,502
Advances to suppliers (Note 5)		28,180,770			14,391,650
Intangible assets, net (Note 10)		2,338,369			2,228,974
Total Assets	$	109,881,728		$	88,553,873

Liabilities & Shareholders' Equity
Current Liabilities
Accounts payable – trade	$	5,756,748		$	14,560,824
Customer deposit		20,987,293			2,454,761
Accrued liabilities and other payable		1,309,809			490,142
Various taxes payable		234,675			187,711
Short-term loans (Note 12)		31,597,195			28,645,571
Current portion of long-term bank loan payable (Note 13)		2,554,125			4,455,656
Wages payable		407,032			608,222
Bank notes payable (Note 14)		13,182,685			6,399,693
Corporate tax payable		2,840,543			1,725,765
Total current liabilities		78,870,105			59,528,345
Due to shareholder (Note 15)		9,843,657			11,008,770
Total liabilities		88,713,762			70,537,115

Minority interest		829,894			620,131

Shareholders' Equity
Capital shares ($1.00 par value, 50,000 shares authorized, 10,000 shares issued and outstanding) (Note 2)		10,000			10,000
Additional paid-in capital		1,047,891			748,558
Accumulated other comprehensive income		3,872,843			2,122,612
Statutory surplus reserve fund (Note 17)		1,278,764			1,278,764
Retained earnings (unrestricted)		21,795,490			15,450,063
Due from related parties (Note 8)		(7,666,916	)		(2,213,370	)
Total Shareholders' Equity		20,338,072			17,396,627
Total Liabilities & Shareholders' Equity	$	109,881,728		$	88,553,873

The accompanying notes are an integral part of these consolidated financial statements.

Niveous Holding Company Limited and Subsidiaries

Consolidated Statements of Operations

(In US Dollars)

	For Three Months Ended						For Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	(As restated)			(As restated)			(As restated)			(As restated)

Revenue	$	24,860,574		$	17,561,852		$	51,636,895		$	33,929,853
Other Sales		93,182			178,006			156,053			285,381
Cost of Goods Sold		(19,207,711	)		(13,735,656	)		(39,590,833	)		(25,998,678	)
Gross Profit		5,746,045			4,004,202			12,202,115			8,216,556

Selling Expenses		742,892			795,160			1,363,104			1,716,987

General and administrative
Amortization		16,988			15,434			33,488			30,624
Depreciation		65,729			64,112			161,209			133,882
Bad debts expense (recovery)		(68,199	)		629,430			384,102			783,623
Others General and administrative (Note 16)		272,310			570,557			1,033,707			1,101,328
Total General and administrative		286,828			1,279,533			1,612,506			2,049,457
Research and development		252,410			78,875			407,182			142,272
Total operating expenses		1,282,130			2,153,568			3,382,792			3,908,716
Income from operations		4,463,915			1,850,634			8,819,323			4,307,840

Other income (expenses)
Write-down of inventory		-			(3,107	)		-			(390,406	)
Gain on disposal of assets		-			-			-			-
Interest income		139			1,007			139			11,308
Interest expense		(513,735	)		(353,946	)		(1,045,237	)		(640,095	)
Imputed interest		(109,194	)		(140,817	)		(299,333	)		(249,239	)
Sundry income (expense), net		(6,559	)		(32,428	)		9,174			(32,428	)
Total other income (expenses)		(629,349	)		(529,291	)		(1,335,257	)		(1,300,860	)

Income before minority interest and income taxes		3,834,566			1,321,343			7,484,066			3,006,980
Income taxes		(469,571	)		(217,510	)		(975,084	)		(434,122	)
Minority interest		(79,482	)		(24,991	)		(163,555	)		(64,660	)

Net Income	$	3,285,513		$	1,078,842		$	6,345,427		$	2,508,198

The accompanying notes are an integral part of these consolidated financial statements.

Niveous Holding Company Limited and Subsidiaries

Consolidated Statements of Changes in Stockholders' Equity and Comprehensive Income

For the years ended December 31, 2007, 2006 and 2005 and the six months ended June 30, 2008 (unaudited) (As restated)

(In US Dollars)

									Accumulated
					Additional		Statutory		Other			Retained			Due From			Total
	Capital Shares				Paid-in		Reserve		Comprehensive			Earnings			Related			Stockholders’			Comprehensive
	Shares		Amount		Capital		Fund		Income			(Unrestricted)			Party			Equity			Income

Balance at December 31, 2004		10,000	$	10,000	$	-	$	-	$	(22,367	)	$	1,022,410		$	-		$	1,010,043
Imputed interest allocated		-		-		97,106		-		-			-			-			97,106
Due from related parties		-		-		-		-		-			-			(855,684	)		(855,684	)
Foreign currency translation adjustment		-		-		-		-		92,536			-			-			92,536		$	92,536
Net income for the year		-		-		-		-		-			2,037,612			-			2,037,612			2,037,612
Comprehensive income		-		-		-		-		-			-			-			-		$	2,130,148
Balance at December 31, 2005 (As restated)		10,000		10,000		97,106		-		70,169			3,060,022			(855,684	)		2,381,613
Allocation of retained earnings to statutory reserve fund		-		-		-		522,058		-			(522,058	)		-			-
Imputed interest allocated		-		-		125,024		-		-			-			-			125,024
Due from related parties		-		-		-		-		-			-			(6,159,334	)		(6,159,334	)
Foreign currency translation adjustment		-		-		-		-		369,519			-			-			369,519		$	369,519
Net income for the year		-		-		-		-		-			5,202,285			-			5,202,285			5,202,285
Comprehensive income		-		-		-		-		-			-			-			-		$	5,571,804
Balance at December 31, 2006 (As restated)		10,000		10,000		222,130		522,058		439,688			7,740,249			(7,015,018	)		1,919,107
Allocation of retained earnings to statutory reserve fund		-		-		-		756,706		-			(756,706	)		-			-
Imputed interest allocated		-		-		526,428		-		-			-			-			526,428
Due from related parties		-		-		-		-		-			-			4,801,648			4,801,648
Foreign currency translation adjustment		-		-		-		-		1,682,924			-			-			1,682,924		$	1,682,924
Net income for the year		-		-		-		-		-			8,466,520			-			8,466,520			8,466,520
Comprehensive income		-		-		-		-		-			-			-			-		$	10,149,444
Balance at December 31, 2007 (As restated)		10,000		10,000		748,558		1,278,764		2,122,612			15,450,063			(2,213,370	)		17,396,627
Imputed interest allocated		-		-		299,333		-		-			-			-			299,333
Due from related parties		-		-		-		-		-			-			(5,453,546	)		(5,453,546	)
Foreign currency translation adjustment		-		-		-		-		1,750,231			-			-			1,750,231		$	1,750,231
Net income for six months ended June 30, 2008		-		-		-		-		-			6,345,427			-			6,345,427			6,345,427
Comprehensive income		-		-		-		-		-			-			-			-		$	8,095,658
Balance at June 30, 2008 (Unaudited) (As restated)		10,000	$	10,000	$	1,047,891		1,278,764	$	3,872,843		$	21,795,490		$	(7,666,916	)	$	20,338,072

The accompanying notes are an integral part of these consolidated financial statements.

Niveous Holding Company Limited and Subsidiaries

Consolidated Statements of Cash Flows

(In US Dollars)

	For Six Months Ended
	June 30,
	2008			2007
	(Unaudited)			(Unaudited)
	(As restated)			(As restated)
Cash Flows From Operating Activities

Net Income	$	6,345,427		$	2,508,198
Adjustments to reconcile net income to net cash provided by operating activities:
Minority Interest		163,555			64,660
Bad debt		384,102			783,623
Depreciation		2,347,467			482,603
Amortization		33,488			30,624
Imputed interest		299,333			249,239
Write-down of inventory		-			390,406
Changes in operating assets and liabilities:
Account receivable-trade, net		(1,290,015	) )		(5,840,037	)
Advance to suppliers for purchases		(13,789,120	)		(4,594,346	)
Prepaid expenses and deposits		(64,169	)		56,618
Inventories, net		(1,483,490	)		183,641
Restricted cash		(1,617,120	)		(267,974	)
Accounts payable and accrued liabilities		10,548,123			1,573,274
Various taxes payable		46,964			(700,402	)
Wages payable		(201,190	)		(49,719	)
Corporate tax payable		1,114,778			456,168
Net cash provided by (used in) operating activities		2,838,133			(4,673,424	)

Cash Flows From Investing Activities
Due from related parties		(5,453,546	)		(3,674,872	)
Purchases of property and equipment		(2,899,305	)		(978,698	)
Net cash provided by (used in) investing activities		(8,352,851	)		(4,653,570	)

Cash Flows From Financing Activities
Proceeds of loans		46,903,423			33,302,808
Repayments of loans		(48,352,615	)		(24,111,541	)
Proceeds of bank notes		19,740,993			6,283,611
Repayments of bank notes		(12,832,265	)		(6,198,643	)
Capital lease payable		-			(61,669	)
Due to shareholder		(1,165,113	)		1,387,950
Net cash provided by (used in) financing activities		4,294,423	)		10,602,516

Effect of exchange rate changes on cash		766,625			389,036
Net increase in cash and cash equivalents		(453,670	)		1,664,558

Cash and cash equivalents, beginning of period		1,438,651			559,390

Cash and cash equivalents, end of period	$	984,981		$	2,223,948

Supplemental disclosure information:

Interest expense paid	$	1,045,237		$	640,095
Income taxes paid	$	975,084		$	434,122

The accompanying notes are an integral part of these consolidated financial statements.

Niveous Holding Company Limited and Subsidiaries

Notes to Consolidated Financial Statements

(Amounts and disclosures at and for the three and six months ended June 30, 2008 and 2007 are unaudited)

1.	RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

On October 7, 2008, independent registered public accounting firm Kempisty & Company Certified Public Accountants, P.C. (“Kempisty & Company”), informed NIVS IntelliMedia Technology Group, Inc. (the “Company”) that its financial statements for the year ended December 31, 2007, 2006, 2005, and the six months ended June 30, 2008, should not be relied upon due to an error in the accounting treatment of imputed interest on due to shareholders loan, resulting in an understatement of the registrant’s expenses for those periods. Authorized officers of the Company’s Board of Directors concluded on October 7, 2008, that the Company should restate the financial statements described above and file an amendment to its registration statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on August 13, 2008 and Form 10-Q filed with the SEC on August 19, 2008.

Subsequently, Kempisty & Company informed the Company that its financial statements for the year ended December 31, 2007, 2006, and 2005 and for the quarter ended June 30, 2008 and 2007 should not be relied upon due to a misclassification for “Due from related parties,” resulting in an overstatement of the registrant’s assets and shareholders’ equity for those periods. Authorized officers of the Company’s Board of Directors concluded that the Company should restate the financial statements described above and file an amendment to its registration statement on Form S-1 filed with the SEC on December 24, 2008 and Form 10-Q filed with the SEC on August 19, 2008.

Effects of Restatements

To correct the above noted errors, the Company has restated the accompanying consolidated balance sheets as of June 30, 2008 and December 31, 2007, and its consolidated statements of operations for the three and six months ended June 30, 2008 and 2007, consolidated statements of cash flows for the six months ended June 30, 2008 and 2007, and consolidated statements of stockholders’ equity and comprehensive income for the six months ended June 30, 2008 and the years ended December 31, 2007, 2006, and 2005, and the notes to the consolidated financial statements for such periods as appropriate.

The following is a summary of the corrections described above:

Consolidated Balance sheets

	As previously reported at December 31, 2007		As restated at December 31, 2007			As previously reported at June 30, 2008		As restated at June 30, 2008
Assets
Due from related parties		2,213,370		-			7,666,916		-
Minority interest		638.844		620,131			856,090		829,894
Shareholders’ Equity
Additional paid-in capital		-		748,558			-		1,047,891
Retained earnings		16,179,908		15,450,063			22,817,185		21,795,490
Due from related parties		-		(2,213,370	)		-		(7,666,916	)

Consolidated Statements of Operations

	For the three months ended June 30, 2008				For the three months ended June 30, 2007				For the six months ended June 30,2008				For the six months ended June 30,2007
	As previously reported		As restated		As previously reported		As restated		As previously reported		As restated		As previously reported		As restated

Imputed interest	$	-		109,194	$	-		140,817	$	-	$	299,333	$	-	$	249,239

Minority interest		86,965		79,482		31,222		24,991		171,038		163,555	$	70,891	$	64,660

Niveous Holding Company Limited and Subsidiaries

Notes to Consolidated Financial Statements

(Amounts and disclosures at and for the three and six months ended June 30, 2008 and 2007 are unaudited)

Consolidated Statements of changes in Stockholders’ Equity and Comprehensive Income

	For the year ended December 31, 2007					For the year ended December 31, 2006					For the year ended December 31, 2005					For the quarter ended June 30, 2008
	As previously reported		As restated			As previously reported		As restated			As previously reported		As restated			As previously reported		As restated

Additional Paid-in Capital	$	-	$	748,558		$	-	$	222,130		$	-	$	97,106		$	-	$	1,047,891

Retained Earnings(unrestricted)		16,179,908		15,450,063			7,956,825		7,740,249			3,154,701		3,060,022			26,817,185		21,795,490

Due from related parties		-		(2,213,370	)		-		(7,015,018	)		-		(855,684	)		-		(7,666,916	)

Consolidated Statements of Cash Flows

	For the quarter ended June 30, 2008						For the quarter ended June 30, 2007
	As previously reported			As reported			As previously reported			As restated

Cash flow from operating activities
Net income	$	6,637,277		$	6,345,427		$	2,751,206		$	2,508,198
Minority interest		171,038			163,555			70,891			64,660
Bad debt		-			384,102			-			783,623
Imputed interest		-			299,333			-			249,239
Account receivable-trade		(905,913	)		(1,290,015	))		(5,056,414	)		(5,840,037	)

Cash flow from investing activities
Due from related parties		-			(5,453,546	)		-			(3,674,872	)

Cash flow from financing activities
Due from related parties		(5,453,546	)		-			(3,674,872	)		-

2.	DESCRIPTION OF BUSINESS AND ORGANIZATION

NIVS IntelliMedia Technology Group, Inc. (“NIVS USA”) was incorporated in the State of Delaware on December 7, 2006. NIVS USA was originally organized as a “blank check” shell company to investigate and acquire a target company or business seeking the perceived advantages of being a publicly held corporation. On July 25, 2008, NIVS USA (i) closed a share exchange transaction pursuant to which it became the 100% parent of Niveous Holding Company Limited (“Niveous”) (ii) assumed the operations of Niveous and its subsidiaries, and (iii) changed its name from SRKP 19, Inc. to NIVS IntelliMedia Technology Group, Inc.

Because the shares issued by the NIVS USA to the shareholders of Niveous and their designees in the aforementioned transaction represented a controlling interest, the transaction has been accounted for as a recapitalization or reverse merger with Niveous being considered the acquirer. The accompanying consolidated financial statements have been restated on a retroactive basis to present the capital structure of Niveous as though it were the reporting entity.

Niveous was incorporated in the British Virgin Islands (BVI) on October 31, 2003. As at December 31, 2007, Niveous had 50,000 capital shares authorized with $1.00 par value and 10,000 shares issued and outstanding.

Niveous Holding Company Limited and Subsidiaries

Notes to Consolidated Financial Statements

(Amounts and disclosures at and for the three and six months ended June 30, 2008 and 2007 are unaudited)

In April, 2004, Niveous, the BVI company, acquired 97.5% of ownership of NIVS (HZ) Audio & Video Tech Company Limited (“NIVS PRC”) from its original shareholders. NIVS PRC is the main operating company located in Huizhou, PRC. It engages in research, development, production, marketing and sales of audio & video electronic equipments for domestic and international market. As at December 31, 2004, Niveous and Mr. Li Tianfu hold 97.5% and 2.5% of total interests of NIVS PRC, respectively.

In April, 2005, Niveous acquired 100% of ownership of NIVS International (H.K.) Limited (“NIVS HK”) under an ownership transfer agreement. NIVS HK is a holding company incorporated in November 2004 in Hong Kong, PRC with the original sole shareholder Mr. Li Tianfu. Pursuant to the transfer agreement, Niveous agreed to pay Mr. Li Tianfu 1M HKD for the ownership transfer.

In February 2006, NIVS PRC established a branch company NIVS (HZ) Audio & Video Tech Company Limited Shenzhen Branch (“NIVS Shenzhen”) located in Shenzhen, PRC. The establishment of NIVS Shenzhen is for the purpose of corporate restructuring and planning.

In November 2007, Niveous entered an ownership transfer agreement to transfer its whole ownership of NIVS PRC to NIVS HK. After the restructuring, NIVS PRC became a subsidiary of NIVS HK. As at December 31, 2007, NIVS HK and Mr. Li Tianfu hold 97.5% and 2.5% of total interests of NIVS PRC, respectively.

In June 2008, NIVS HK entered an ownership transfer agreement to transfer its whole ownership of NIVS PRC to Niveous. Pursuant to the agreement, Niveous agreed to pay NIVS HK 50M HKD within three months. After the restructuring, NIVS PRC became a subsidiary of Niveous. As a result, Niveous and Mr. Li Tianfu hold 97.5% and 2.5% of total interests of NIVS PRC, respectively.

In June 2008, Niveous entered into entered into a share exchange agreement with SRKP 19, Inc., a Delaware corporation, and all of the shareholders of Niveous. Pursuant to the exchange agreement, as it was amended (the “Exchange Agreement”), SRKP 19 agreed to issue an aggregate of 27,546,667 shares of its common stock in exchange for all of the issued and outstanding securities of Niveous (the “Share Exchange”). The Share Exchange closed in July 2008. Upon the closing of the Share Exchange on July 25, 2008, SRKP 19 issued an aggregate of 27,546,667 shares of its common stock to the shareholders of Niveous and their designees in exchange for all of the issued and outstanding securities of Niveous. Immediately after the closing of the Share Exchange, SRKP 19 changed its corporate name from “SRKP 19, Inc.” to “NIVS IntelliMedia Technology Group, Inc.” For accounting purposes, the Share Exchange will be treated as a reverse acquisition.

Prior to the closing of the Share Exchange, the NIVS USA’s shareholders canceled an aggregate of 4,756,390 shares held by them such that there were 2,340,000 shares of common stock outstanding immediately prior to the Share Exchange. The shareholders also canceled an aggregate of 6,149,723 warrants such that the shareholders held an aggregate of 946,667 warrants immediately after the Share Exchange.

Concurrently with the close of the Share Exchange, NIVS IntelliMedia Technology Group, Inc. conducted an initial closing of a private placement transaction pursuant to which NIVS IntelliMedia Technology Group, Inc. sold an aggregate of 5,239,460 shares of common stock at $1.80 per share, for gross proceeds of approximately $9.4 million. On August 12, 2008, NIVS IntelliMedia Technology Group, Inc. conducted a second and final closing of the private placement pursuant to which NIVS IntelliMedia Technology Group, Inc. sold an aggregate of 1,304,587 shares of common stock at $1.80 per share, for gross proceeds of approximately $2.3 million. Accordingly, NIVS IntelliMedia Technology Group, Inc. sold a total of 6,544,047 shares of common stock in the private placement for aggregate gross proceeds of $11.8 million. WestPark Capital, Inc., the placement agent for the Private Placement, was paid a commission equal to 6.5% of the gross proceeds from the financing, in addition to a $130,000 success fee for the Share Exchange, for an aggregate fee of approximately $896,000. NIVS IntelliMedia Technology Group, Inc. agreed to file a registration statement covering the common stock sold in the Private Placement within 30 days of the closing of the Share Exchange.

NIVS USA and its subsidiaries – Niveous, NIVS HK, NIVS PRC and NIVS Shenzhen shall be collectively referred to throughout as the “Company”. To summarize the paragraphs above, the organization and ownership structure of the Company is currently as follows:

Niveous Holding Company Limited and Subsidiaries

Notes to Consolidated Financial Statements

(Amounts and disclosures at and for the three and six months ended June 30, 2008 and 2007 are unaudited)

3.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America.

Basis of consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company transactions have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates.

Fair values of financial instruments

The Company values its financial instruments as required by Statement of Financial Accounting Standard (SFAS) No. 107, “Disclosures about Fair Value of Financial Instruments”. The estimated fair value amounts have been determined by the Company, using available market information and appropriate valuation methodologies. The estimates presented herein are not necessarily indicative of amounts that the Company could realize in a current market exchange.

The Company’s financial instruments primarily consist of cash and cash equivalents, trade receivables, short-term loans receivable, inventories, due from related parties, prepaid expenses and other receivables, accounts payable-trade, accrued liabilities and other payables, value-added taxes (VAT) payable, short term loans, current portion of bank loans payable, registration rights penalty payable, other taxes payable, wages payable, corporate income taxes payable, due to related parties.

As of the balance sheet date, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to the short maturities of these instruments and that the interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective year ends.

Niveous Holding Company Limited and Subsidiaries

Notes to Consolidated Financial Statements

(Amounts and disclosures at and for the three and six months ended June 30, 2008 and 2007 are unaudited)

Cash and cash equivalents

Cash and cash equivalents include cash on hand, demand deposits with banks and liquid investments with an original maturity of three months or less.

Accounts Receivable

Accounts receivables are recognized and carried at original invoiced amount less an allowance for uncollectible accounts, as needed.

The Company uses the aging method to estimate the valuation allowance for anticipated uncollectible receivable balances. Under the aging method, bad debts percentages determined by management based on historical experience as well as current economic climate are applied to customers’ balances categorized by the number of months the underlying invoices have remained outstanding. The valuation allowance balance is adjusted to the amount computed as a result of the aging method. When facts subsequently become available to indicate that the amount provided as the allowance was incorrect, an adjustment which classified as a change in estimate is made.

Inventories

Inventories are stated at the lower of cost, as determined on a weighted average basis, or market. Costs of inventories include purchase and related costs incurred in bringing the products to their present location and condition. Market value is determined by reference to selling prices after the balance sheet date or to management’s estimates based on prevailing market conditions. The management writes down the inventories to market value if it is below cost. The management also regularly evaluates the composition of its inventories to identify slow-moving and obsolete inventories to determine if valuation allowance is required.

Property and Equipment

Property and equipment are initially recognized and recorded at cost. Gains or losses on disposals are reflected as gain or loss in the period of disposal. The cost of improvements that extend the life of plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repairs and maintenance costs are expensed as incurred.

Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets:

	Building Molds Machinery and Equipment Electronic Equipment	38 years 8 years 10 years 5 years
	Leasehold Improvements	5 years
	Office and Other Equipment	5 years
	Automobiles	5 years

Intangible Assets

The Company’s intangible assets are stated at cost less accumulated amortization and are comprised of land-use rights and computer software use rights. Land-use rights are related to land the Company occupies in Guangdong Province, PRC and are being amortized on a straight-line basis over a period of 40 years. Computer software use rights are being amortized on a straight-line basis over a period of 10 years.

Impairment of Long-Lived Assets

The Company accounts for impairment of plant and equipment and amortizable intangible assets in accordance with SFAS No. 144, “Accounting for Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of”, which requires the Company to evaluate a long-lived asset for recoverability when there is event or circumstance that indicate the carrying value of the asset may not be recoverable. An impairment loss is recognized when the carrying amount of a long-lived asset or asset group is not recoverable (when carrying amount exceeds the gross, undiscounted cash flows from use and disposition) and is measured as the excess of the carrying amount over the asset’s (or asset group’s) fair value.

Niveous Holding Company Limited and Subsidiaries

Notes to Consolidated Financial Statements

(Amounts and disclosures at and for the three and six months ended June 30, 2008 and 2007 are unaudited)

Comprehensive income

The Company has adopted SFAS No. 130, Reporting Comprehensive Income, which establishes standards for reporting and displaying comprehensive income, its components, and accumulated balances in a full-set of general-purpose financial statements. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments.

Revenue recognition

The Company generates revenues from the sales of audio and video products. Sales are recognized when the following four revenue criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, and collectability is reasonably assured. Sales are presented net of value added tax (VAT). No return allowance is made as products returns are insignificant based on historical experience.

Government grants

Grants from the PRC government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions.

Government grants are recognized as revenues or gains in the period received and as assets, decreases of liabilities, or expenses depending on the form of the grants received.

Research and development costs

Research and development costs are expensed to operations as incurred. The Company spent $407,182, and $142,272 on direct research and development (“R&D”) efforts for the six months ended June 30, 2008 and 2007, respectively.

Income taxes

The Company accounts for income taxes in accordance with SFAS No. 109, "Accounting for Income Taxes". SFAS No. 109 requires an asset and liability approach for financial accounting and reporting for income taxes and allows recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain.

Foreign currency translation

The functional currency of Niveous and NIVS HK is Hong Kong Dollar (“HKD”). The Company maintains its financial statements using the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods.

The functional currency of NIVS PRC and NIVS Shenzhen is the Renminbi (“RMB”), the PRC’s currency. These two companies maintain their financial statements using their own functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods.

Niveous Holding Company Limited and Subsidiaries

Notes to Consolidated Financial Statements

(Amounts and disclosures at and for the three and six months ended June 30, 2008 and 2007 are unaudited)

For financial reporting purposes, the financial statements of Niveous and NIVS HK, which are prepared in HKD, are translated into the Company’s reporting currency, United States Dollars (“USD”); the financial statements of NIVS PRC and NIVS Shenzhen, which are prepared in RMB, are translated into the Company’s reporting currency, USD. Balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using the average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive income (loss) in stockholder’s equity.

The exchange rates used for foreign currency translation were as follows (USD$1 = RMB):

Period Covered	Balance Sheet Date Rates		Average Rates
For three months ended June 30, 2008		6.85166		6.98642
For three months ended June 30, 2007		7.60456		7.62241
For six months ended June 30, 2008		6.85166		7.05019
For six months ended June 30, 2007		7.60456		7.70950

The exchange rates used for foreign currency translation were as follows (USD$1 = HKD):

Period Covered	Balance Sheet Date Rates		Average Rates
For three months ended June 30, 2008		7.80092		7.80012
For three months ended June 30, 2007		7.79605		7.76216
For six months ended June 30, 2008		7.80092		7.81678
For six months ended June 30, 2007		7.79605		7.78210

Related parties

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

Customer deposit

The customer deposits are recorded as liability when the Company receives it and are recognized as revenue after the total amount is paid off upon the delivery of the products.

Recently issued accounting pronouncements

In June 2008, the Financial Accounting Standards Board (“FASB”) issued FSP No. EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities (“FSP EITF 03-6-1”). FSP EITF 03-6-1 concludes that unvested share-based payment awards that contain rights to receive non-forfeitable dividends or dividend equivalents are participating securities, and thus, should be included in the two-class method of computing earnings per share (“EPS”). FSP EITF 03-6-1 is effective for fiscal years beginning after December 15, 2008, and interim periods within those years. Early application of EITF 03-6-1 is prohibited. It also requires that all prior-period EPS data be adjusted retrospectively. We have not yet determined the effect, if any, of the adoption of this statement on our financial condition or results of operations.

In April 2008, the FASB issued Staff Position FAS 142-3, Determination of the Useful Life of Intangible Assets (“FSP FAS 142-3”) which amends the factors an entity should consider in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under FAS No. 142, Goodwill and Other Intangible Assets (“FAS No. 142”). FSP FAS 142-3 applies to intangible assets that are acquired individually or with a group of assets and intangible assets acquired in both business combinations and asset acquisitions. It removes a provision under FAS No. 142, requiring an entity to consider whether a contractual renewal or extension clause can be accomplished without substantial cost or material modifications of the existing terms and conditions associated with the asset. Instead, FSP FAS 142-3 requires that an entity consider its own experience in renewing similar arrangements. An entity would consider market participant assumptions regarding renewal if no such relevant experience exists. FSP FAS 142-3 is effective for year ends beginning after December 15, 2008 with early adoption prohibited. We have not yet determined the effect, if any, of the adoption of this statement on our financial condition or results of operations.

Niveous Holding Company Limited and Subsidiaries

Notes to Consolidated Financial Statements

(Amounts and disclosures at and for the three and six months ended June 30, 2008 and 2007 are unaudited)

In March 2008, the FASB issued SFAS 161, “Disclosures about Derivative Instruments and Hedging Activities”. The new standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position, financial performance, and cash flows. It is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. The Company is currently evaluating the impact of adopting SFAS 161 on its consolidated financial statements.

In February 2006, FASB issued SFAS No. 155, “Accounting for Certain Hybrid Financial Instruments”. SFAS No. 155 amends SFAS No 133, “Accounting for Derivative Instruments and Hedging Activities”, and SFAS No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”. SFAS No. 155, permits fair value re-measurement for any hybrid financial instrument that contains an embedded derivative that otherwise would require bifurcation, clarifies which interest-only strips and principal-only strips are not subject to the requirements of SFAS No. 133, establishes a requirement to evaluate interest in securitized financial assets to identify interests that are freestanding derivatives or that are hybrid financial instruments that contain an embedded derivative requiring bifurcation, clarifies that concentrations of credit risk in the form of subordination are not embedded derivatives, and amends SFAS No. 140 to eliminate the prohibition on the qualifying special-purpose entity from holding a derivative financial instrument that pertains to a beneficial interest other than another derivative financial instrument. This statement is effective for all financial instruments acquired or issued after the beginning of the Company’s first fiscal year that begins after September 15, 2006. The adoption of this statement did not have a material impact on the Company’s financial position or results of operations.

In March 2006 FASB issued SFAS 156 “Accounting for Servicing of Financial Assets” this Statement amends FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, with respect to the accounting for separately recognized servicing assets and servicing liabilities. This Statement:

	·	Requires an entity to recognize a servicing asset or servicing liability each time it undertakes an obligation to service a financial asset by entering into a servicing contract.
	·	Requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair value, if practicable.
	·	Permits an entity to choose 'Amortization method' or ‘Fair value measurement method’ for each class of separately recognized servicing assets and servicing liabilities.
	·