Dear Shareholders,

I am writing this letter to all of you, at this time, to allay concerns expressed by shareholders questioning why there has not been a Chairman’s Newsletter before now, and to quell resulting rumors that have arisen in the absence thereof. And, in addition, I am writing this letter to further clarify any misunderstandings regarding our previously announced plan to reorganize the Company’s capital structure, including a reverse split of our common shares (the “Plan”). Despite the fact that our Board of Directors authorized management to take all steps necessary to effect the Plan including determining the effective date, the Plan has yet to be finalized principally as a result of a capital liquidity opportunity (the “Opportunity”) that presented itself shortly thereafter. It is for this reason that the Plan has not been implemented as of the date hereof.

From the moment the Opportunity was presented to management, we have been working non-stop in an effort to realize the Opportunity for the benefit of you, our shareholders; our Company; our employees and our global group of vendors and partners. In order to realize the Opportunity, modifications to the Plan may be required, and thus implementation of the Plan or a modified version thereof must await the pending outcome of the Opportunity.

Although there can be no assurance as to success, Management is doing all in its power to realize this Opportunity. More information will be made available when appropriate. In the meantime, again, I wish to thank all of you for your continued patience and support as we attempt to grow our Company into a world leader.