11. SUBSEQUENT EVENTS

Subsequent to this period end and as announced in our Current Report on Form 8-K filed on July 28, 2011, on July 21, 2011, Messrs. Te Hwai Ho (“Mr. Ho”) and Mr. Donald S.Y. Ruan (“Mr. Ruan”) resigned as directors of the Company. As announced in our Current Report on Form 8-K filed on August 3, 2011, on July 23, 2011, Mr. Ben van Wijhe (“Mr. Van Wijhe”) resigned as director, President, Chief Executive Officer and Chairman of the Company. There were no disagreements by and between Mr. Ho, Mr. Ruan and Mr. Van Wijhe and the Company on any matter relating to the operations, policies or practices of the Company. Consequently, the Director Agreements with Mr. Ho, Mr. Ruan and Mr. Van Wijhe terminated on July 21, 2011, July 21, 2011 and July 23, 2011 respectively.

On July 23, 2011, Dr. Joannes C. M. Hovers (“Dr. Hovers”) was appointed as the sole director of the Company to fill the vacancy created by the resignation of Mr. Van Wijhe. In addition, Dr. Hovers was elected to the offices of Chairman, President and Chief Executive Officer of the Company. Dr. Hovers shall serve the Company as the Chairman, President and Chief Executive Officer of the Company for a term of one year, subject to his earlier termination or removal.

Dr. Hovers, age 68, was the former President and Chief Executive Officer of Stork N.V. as well as of OCE N.V., both Dutch stock listed corporations, during the years from 1989 to 1998 and in 1999 respectively. Since 1999, he has been engaged as an independent board consultant. Dr. Hovers served as a member of the Supervisory Board of De Nederlandsche Bank, the Dutch Central Bank, and Randstad Holding N.V. He is currently Chairman of the Supervisory Boards of respectively C1000 N.V., Royal Ten Cate N.V., SMEVA B.V., Plieger B.V. and Teleconnect, Inc. he is also a member of the Supervisory Board of Randstad Holding Netherlands B.V. Dr. Hovers holds a Ph.D. Econometrics from Tilburg University in The Netherlands.

On July 30, 2011, Mr. Eugene van Os (“Mr. Van Os”), age 45, was elected to the offices of Treasurer, Chief Financial Officer and Secretary of the Company. Mr. Van Os shall serve as Treasurer, Chief Financial Officer and Secretary of the Company for a term of one year, subject to his earlier resignation or removal. Mr. Van Os was elected the Treasurer, Chief Financial Officer and Secretary of the Company to fill the vacancies created by the resignation of Mr. Ho on July 21, 2011. Prior to his election, since October 1, 2008, Mr. Van Os was the managing director of Commodore Licensing. He was managing director of SupportPlus Europe B.V. during the course of business from 1999 to 2008. Mr. Van Os is also a director of J. van Os Holding B.V., Oshold Nederland B.V. and Hayden Group Limited. Mr. Van Os a Bachelor Degree in Business Economics from Hogeschool Windesheim in The Netherlands.

ii)

Subsequent to this period end and as announced in our Current Report on Form 8-K filed on August 3, 2011, on July, 22, 2011, the Company entered into a Restated Terms Sheet with Euro American S.A. regarding the intended acquisition of the exclusive and worldwide rights to a unique patented video compression technology, as previously announced by the Company in its Current Report on Form 8-K filed on May 26, 2011.

Pursuant to the Restated Terms Sheet the Company will acquire a subsidiary that posseses the exclusive worldwide rights to use a unique patented video compression technology, This video compression technology based on wavelet algorithms is able to dramatically reduce any type of video content of live stream including those already pre-compressed with CODEC without loss of video quality. In addition, the Restated Terms Sheet contemplates that the Company will amend its Articles of Incorporation and Bylaws in order to increase its authorized share capital and to change its corporate name and registered office to better reflect the Company’s future corporate structure. The aforementioned amendments of the Company’s Articles of Incorporation have been approved by a majority vote of approximately 76.76% of all shareholders as earlier announced on Schedule 14C filed on August 18, 2011.

The Restated Terms Sheet provides that the proposed transactions may be terminated by providing notice to the other party. In addition, the Restated Terms Sheet provides that if the intended transactions have not been completed by August 5, 2011, the obligations of each party with respect to the intended transactions will terminate. However, the parties are still preparing for the closing of all intended transactions until further notice.

iii)	The Group has evaluated all other subsequent events through August 22, 2011, the date these consolidated financial statements were issued, and determined that there were no other additional subsequent events or transactions that require recognition or disclosures in the financial statements.