On March 21, 2008 the Chief Executive Officer and Interim Chief Financial Officer, Herve Caen, received a letter providing written notice of there having been a change in control of the registrant. According to such letter, Financial Planning and Development S.A., a Luxembourg company (“FPD”), acquired the holding of approximately 58 million shares of common stock of the registrant, representing approximately 56% of the outstanding shares of capital stock of the registrant, previously held by Titus Interactive S.A. (in bankruptcy) (“Titus”) on April 30, 2007 in a private sale by the bankruptcy trustee of Titus.
The amount of the consideration paid for such holding by FPD is not known to the registrant. The source of the funds used for the acquisition is not known to the registrant. There were and are no arrangements or understandings with respect to election of directors or other matters of the registrant, known to the registrant. There are no arrangements, known to the registrant, including any pledge by any person of securities of the registrant or any parent, the operation of which may at a subsequent date result in a change in control of the registrant.