[Renee]

CESV SEC Litigation:

https://www.sec.gov/litigation/admin/2017/34-81307.pdf

[arguendo]

I doubt we will ever see a penny.

The defendants have no assets in the U.S. and I believe that the company has ceased all operations, which I did not see coming. Please, anyone, correct me if I am wrong. This information is per a lawyer of one of the class action lawsuits that has since withdrawn from the case.

I'm a bagholder to the tune of 23 thou USD. I should have gotten out when the informal SEC inquiry was first opened. I think there was at least a week after that before the trading halt.

At least there is a silver lining to this cloud which is that through the CESV message board I found out about JST, where I have made up my losses and more, so I won't have to commit suicide.

[bWADDv]

You can read the 14 page SEC complaint recently filed..Please keep posted if anyone hears more about how we are going to received money! Thanks BVdog
http://www.sec.gov/litigation/complaints/2006/comp19933.pdf

[bell345]

CESV charged by SEC with fraud and delisted from PINK SHEETS. You just cannot get more worse then this.

[HomerRomer]

Thanks, I wish I would have read that and followed up with additional DD before investing. There's nothing like learning the hard way.

HomerRomer

[abh3vt]

HomerRomer, please see my previous posts on this thread regarding substantial fraud issues that had been circulating for some time about CESV's accounting and original reverse-merger acquisition that enabled it to be listed in the US.

[HomerRomer]

It looks to me that the only charge against the company is that there was illegal insider trading activity. I have not seen anything regarding misleading sales or earnings which I would consider a much more serious issue.

I did not buy this stock because of their management. I bought because of what still seems to be a "no-brainer" consumer energy savings product that to my knowlege is still very much in demand and profitable.

Now that those "insiders" are gone, is CESV opperating as usual other than extra legal fees? I know that this has scarred CESV, but IMO it should be something that time, sales, profitablity, relisting, and possibaly a dividend can fix down the road. Until I hear something that would make me think otherwise, I don't see the point in selling at $.50.

HomerRomer

[Starshine]

Well, this cow got thru the gate. Not a pretty sight either. Left all my skin behind. Lost every trading profit made since January and then some. Not much left to say after that.

Starshine

[hettygreen]

Yeah casino gamble today. could 300x to $1.20 easy.

[fructose]

Hmmmmm wonder if this can pull a bounce tomorrow.

[mthead]

My sell order was never filled. At .50 it's hardly worth dumping so I'll just see what happens next. Sometimes it's good to have a sense of humor about these things.

[skinnymini]

I got out at $1.00.

[beigledog]

It's trading...

at .50...haha.

[Starshine]

LOL - You made my day! Very cute.

Starshine

[mthead]

[Starshine]

I'm not seeing anything in either my accounts or Yahoo Finance about a name change. Will the ticker remain the same - CESV.PK?

The temporary trading suspension is to be lifted at 11:59 PM on June 02, 2006. So it should start trading again Monday, June 05?

That should be fun trying to get your orders filled. It'll be like 50 cows trying to get thru a one cow gate.

Starshine

[mthead]

Ditto what skinnymini said!

[skinnymini]

I just hope it starts trading again so I can get rid of it!!!

[beigledog]

Could it be that it will now be trading on the pink sheets, could that be it?

[skinnymini]

Looks like we're getting a name change. Scottrade is indicating a change on my account.

[beigledog]

COMMISSION ANNOUNCEMENTS - SEC SUSPENDS TRADING IN THE SECURITIES OF CHINA


May 19, 2006 (SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via
COMTEX) -- The Commission announced the temporary suspension, pursuant to
Section 12(k) of the Securities Exchange Act of 1934 (the Exchange Act), of
trading in the securities of China Energy Savings Technology, Inc. (China
Energy), a Nevada corporation headquartered in Hong Kong, at 12:01 a.m. EDT on
May 19, 2006, and terminating at 11:59 p.m. EDT on June 2, 2006. The Commission
temporarily suspended trading due to concerns that certain China Energy
affiliates and shareholders may have unjustifiably relied upon Rule 144 of the
Securities Act of 1933 (Securities Act) in conducting an unlawful distribution
of securities that failed to comply with the resale restrictions of Rule 144 of
the Securities Act. The Commission is also concerned that China Energy may have
unlawfully relied upon Form S-8 of the Securities Act to issue unrestricted
securities. Questions also have arisen regarding the accuracy and completeness
of information contained in China Energy's public filings with the Commission
concerning, among other things, statements regarding the company's shareholder
base. The Commission cautions brokers, dealers, shareholders, and prospective
purchasers that they should carefully consider the foregoing information along
with all other currently available information and any information subsequently
issued by the company. Further, brokers and dealers should be alert to the fact
that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the
trading suspension, no quotation may be entered unless and until they have
strictly complied with all of the provisions of the rule. If any broker or
dealer has any questions as to whether or not he has complied with the rule, he
should not enter any quotation but immediately contact the staff in the Division
of Market Regulation, Office of Interpretation and Guidance, at [phone].
If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he
should refrain from entering quotations relating to China Energy's securities
until such time as he has familiarized himself with the rule and is certain that
all of its provisions have been met. If any broker or dealer enters any
quotation which is in violation of the rule, the Commission will consider the
need for prompt enforcement action. (Rel. 34-53839)

[mthead]

I guess all is not lost yet. That 100% loss sure does look bad in my portfolio though.

[beigledog]

#16...

Abraham Fruchter & Twersky LLP Announces Class Action Suit Against China Energy Savings Technology, Inc.)


NEW YORK, NY, May 19, 2006 (MARKET WIRE via COMTEX) -- Abraham Fruchter &
Twersky LLP today announced that a class action lawsuit has been commenced in
the United States District Court for the Southern District of New York on behalf
of purchasers of China Energy Savings Technology, Inc. ("China Energy") (NASDAQ:
CESV) common stock during the period between April 21, 2005 and February 15,
2006 (the "Class Period").

The complaint charges China Energy and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. China Energy engages in
the development, manufacture, sale, and distribution of energy-saving products
for use in commercial and industrial settings in the People's Republic of China.
The complaint alleges that during the Class Period, defendants issued materially
false and misleading statements regarding the Company's business and financial
results. As a result of defendants' false statements, China Energy stock traded
at artificially inflated prices during the Class Period. On February 15, 2006,
after the market closed, the NASDAQ announced that trading was halted in China
Energy stock for "additional information requested" from the Company at a last
price of $6.82. As of May 18, 2006, trading in China Energy's stock remained
halted.

According to the complaint, the true facts, which were known by the defendants
but concealed from the investing public during the Class Period, were as
follows: (a) the Company's accounting department suffered from material
weaknesses and deficiencies and lacked the necessary staff and resources to
perform its required functions; (b) contrary to representations contained in the
Company's SEC filings, the Company's internal controls were inadequate and
easily manipulated; (c) the Company lacked effective internal controls in its
financial reporting process required to enable it to properly analyze and/or
estimate China Energy's future financial and operational performance; (d) China
Energy was improperly recognizing revenue associated with its long-term
energy-sharing service agreements by recognizing revenue before it was earned
and realizable; (e) China Energy's January 2006 private placement was fraught
with self-dealing; and (f) China Energy was experiencing inside and/or self
dealing transactions in the Company's stock by insiders, its executives and/or
members of its Board of Directors which could lead to trading of its stock being
halted by the NASDAQ.

Plaintiff is represented by Abraham Fruchter & Twersky LLP and seeks to recover
damages on behalf of all purchasers of China Energy common stock during the
Class Period (the "Class"). If you wish to serve as lead plaintiff, you must
meet certain legal requirements set forth in the applicable law and file
appropriate papers with the Court no later than 60 days from May 1, 2006. You do
not need to seek appointment as a lead plaintiff in order to share in any
recovery. Under certain circumstances, one or more Class members may together
serve as lead plaintiff. You may retain Abraham Fruchter & Twersky, LLP, or
other counsel of your choice, to serve as your counsel in this action or you may
choose to do nothing and remain an absent class member.

If you have any questions concerning this case or your rights or interests with
respect to this matter, please contact plaintiff's counsel: Jack G. Fruchter,
Esq. or Ximena Skovron, Esq. of Abraham Fruchter & Twersky, LLP, One Penn Plaza,
Suite 2805, New York, New York 10119, by telephone at [phone] or toll
free at [phone], by facsimile at [phone], or by e-mail at
[e-mail] or [e-mail].



CONTACT:

Abraham Fruchter & Twersky, LLP

Jack G. Fruchter, Esq.

Ximena Skovron, Esq.

One Penn Plaza

New York, NY 10119

1-800-440-986 (toll free) or 1-212-279-5050

Or by e-mail at Contact via http://www.marketwire.com/mw/emailprcntct?id=082A8A8C6A34DAC5

SOURCE: Abraham Fruchter & Twersky LLP

[coffee221]

It has moved to the pinks but trading is still suspended.
http://www.pinksheets.com/quote/quote.jsp?symbol=cesv

[beigledog]

Yahoo Finance is saying that the ticker has changed to CESV.pk.

[mthead]

Etrade shows my shares at $0.00 now. I've never had a stock delisted before and don't know what to expect. The company is still in business. Will the stock resume trading on the pink sheets now or is that investment completely wiped out?

[beigledog]

China Energy Savings Technology, Inc. Received Notice of Delisting
Friday May 19, 1:45 am ET


HONG KONG, May 19 /Xinhua-PRNewswire/ -- China Energy Savings Technology, Inc. (Nasdaq: CESV - News) today announced that on May 10, 2006 it received a staff determination letter from the Nasdaq Stock Market. It stated the staff believes that due to public interest concerns under Marketplace Rule 4300 and that the Registrant may have violated Marketplace Rules 4330 and 4420, the staff determined to delist the Registrant's securities from the Nasdaq Stock Market at the opening of business on Friday, May 19, 2006 unless the Company requests a hearing in accordance with Nasdaq Marketplace Rules. While the Company does not agree with the staff's determination, it is the Company's intention not to request such a hearing.

About China Energy Savings Technology

China Energy Savings Technology, Inc., through its ownership interest in Starway Management Limited engages in the development, manufacture, sale, and distribution of energy-saving products for use in commercial and industrial settings in the People's Republic of China. According to test reports by various PRC authorities including the National Center of Supervision & Inspection on Electric Light Source Quality (Shanghai) issued in September 2002, Shenzhen Academy of Metrology & Quality Inspection issued in December 2002 and approved by the State Quality Supervision Inspection Department, the energy saving products of Starway's subsidiaries may provide energy saving rates ranging from approximately 25% to 45%. The energy saving projects conducted by Starway's subsidiaries mostly relate to public or street lighting systems, government administration units, shopping malls, supermarkets, restaurants, factories and oil fields, etc. There are small and large-scaled projects: the small-scaled projects relate to restaurants, shops, small arcades, offices and households through the sale of equipment, and the large- scaled projects relate to large shopping malls, supermarkets, factories and public bodies through the provision and installation of equipment over a term usually extended for years.

Safe Harbor Statement

As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings.


For more information, please contact:

China Energy Savings Technology, Inc.
Email: [e-mail]

[beigledog]

#15...

Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against China Energy Savings Technology, Inc.
Thursday May 18, 6:15 pm ET


SAN DIEGO--(BUSINESS WIRE)--May 18, 2006--Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach Coughlin") (http://www.lerachlaw.com/cases/chinaenergy/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of China Energy Savings Technology, Inc. ("China Energy") (NASDAQ:CESV - News) common stock during the period between April 21, 2005 and February 15, 2006 (the "Class Period").
ADVERTISEMENT


If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from May 1, 2006. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Lerach Coughlin at 800/449-4900 or 619/231-1058, or via e-mail at [e-mail]. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/chinaenergy/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges China Energy and certain of its officers and directors with violations of the Securities Exchange Act of 1934. China Energy engages in the development, manufacture, sale, and distribution of energy-saving products for use in commercial and industrial settings in the People's Republic of China.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. As a result of defendants' false statements, China Energy stock traded at artificially inflated prices during the Class Period.

On February 15, 2006, after the market closed, the NASDAQ announced that trading was halted in China Energy stock for "additional information requested" from the Company at a last price of $6.82. As of May 12, 2006, trading in China Energy's stock remained halted.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company's accounting department suffered from material weaknesses and deficiencies and lacked the necessary staff and resources to perform its required functions; (b) contrary to representations contained in the Company's SEC filings, the Company's internal controls were inadequate and easily manipulated; (c) the Company lacked effective internal controls in its financial reporting process required to enable it to properly analyze and/or estimate China Energy's future financial and operational performance; (d) China Energy was improperly recognizing revenue associated with its long-term energy-sharing service agreements by recognizing revenue before it was earned and realizable; (e) China Energy's January 2006 private placement was fraught with self-dealing; and (f) China Energy was experiencing inside and/or self dealing transactions in the Company's stock by insiders, its executives and/or members of its Board of Directors which could lead to trading of its stock being halted by the NASDAQ.

Plaintiff seeks to recover damages on behalf of all purchasers of China Energy common stock during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Lerach Coughlin, a 180-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.



Contact:
Lerach Coughlin Stoia Geller Rudman & Robbins LLP
William Lerach or Darren Robbins
800-449-4900 or 619-231-1058
[e-mail]

[FogCity]

Sounded like the company is done scaming the US market and don't care if this thing goes to pink sheet or out of US market completely. Maybe it will come back as another name/form and do this all over again. Got suckered into a couple scam/pos before and this is the biggest of them all. The other 2 are penny stocks and I can't believe I stumbble on a non-penny this bad. Oh well. Its in my IRA so I don't get any tax write off. :( I will just hold the toilet paper and see if it will turn gold. Miracle do happen right? LOL

[beigledog]

China Energy Savings To Be Delisted From Nasdaq Friday)

WASHINGTON (Dow Jones)--China Energy Savings Technology Inc. (CESV) said Thursday that it will be delisted from the Nasdaq Friday morning, and that its auditor, its top executives and all its directors have resigned.

In the exchange's notice of delisting issued to the Hong Kong company on May 10 and filed Thursday with the Securities and Exchange Commission, Nasdaq staff said the company would be delisted for potential violations of the exchange's rules.

The two rules the Nasdaq letter cited were Rule 4330 and 4420. According to the exchange's Web site, Rule 4330 requires listed companies to disclose material information within a "reasonable period of time," and Rule 4420 governs quantitative thresholds for listing, such as minimum income, minimum number of shares outstanding, and minimum price per share.

The company, which develops energy-saving products, said it doesn't agree with the exchange's determination, but that it wouldn't request a hearing.

The company also said all its directors, its chief executive, chief financial officer and corporate secretary had resigned by April 28. The company's auditor, Moore Stephens Wurth Frazer & Torbet LLP, resigned last Friday.

Former director Paul Risberg was the first director to resign, on March 28. Upon his resignation, Risberg said he disagreed with the company's "approach in communicating with its shareholders during the current stock trading halt" and its "compliance with generally accepted accounting principles," according to the filing.

The other six directors and top executives resigned without giving a reason in the filing.

Trading in China Energy Savings stock was halted by Nasdaq Feb. 15, and the exchange requested information from the company. The SEC also began an informal, nonpublic investigation into the company.

No further details about the company's potential violations of exchange rules were available in the filing.

-By Ed Welsch, Dow Jones Newswires; 202-862-1356; [e-mail]


(END) Dow Jones Newswires

May 18, 2006 16:50 ET (20:50 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.- - 04 50 PM EDT 05-18-06

[FogCity]

oh dear. Maybe its a good idea to join those class action then? We may be able to get some dollars and cents back and hundreds or thousands of dollars we had put into the stock purchanse. Hopeflly enough to buy a beer or 2 to drown my sorrow. lol

So all the top officials have left. Does that mean they are not liable if this is a big scam/fraud? I wonder.

[coffee221]

Well that is it then, sad. De-listing and everyone resigned. And the Chinese wonder why foreign investors don't trust them.

[Starshine]

CESV is going to be de-listed from Nasdaq - what a surprise!

Starshine

[beigledog]

And the grandaddy of them all!!

Form 8-K for CHINA ENERGY SAVINGS TECHNOLOGY, INC.


--------------------------------------------------------------------------------

18-May-2006

Notice of Delisting or Failure to Satisfy a Continued Listi



ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.
The Registrant received on May 10, 2006 a staff determination letter from the Nasdaq Stock Market stating that the staff believes that due to public interest concerns under Marketplace Rule 4300 and that the Registrant may have violated Marketplace Rules 4330 and 4420, the staff determined to delist the Registrant's securities from the Nasdaq Stock Market at the opening of business on Friday, May 19, 2006 unless the Registrant requests a hearing in accordance with Nasdaq Marketplace Rules. While the Registrant does not agree with the staff's determination, it is the Registrant's intention not to request such a hearing. A press release regarding the notice of delisting is attached as an exhibit to this Current Report.





ITEM 4.01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
In letters dated May 12, 2006, Moore Stephens Wurth Frazer & Torbet LLP ("Moore Stephens"), which served as the independent registered public accounting firm for the Registrant since November 5, 2004, informed the Registrant and the SEC of their decision to resign as the Registrant's auditor. There is $5,200 of outstanding fees payable to Moore Stephens.

The report of Moore Stephens on the financial statements of the Registrant for the fiscal year ended September 30, 2005 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to audit scope or accounting principle, except that Moore Stephens disclaimed an opinion on the Company's internal control over financial reporting for the year ended September 30, 2005 as management had not completed its assessment of internal control over financial reporting.

The Registrant's management accepted the decision of Moore Stephens to withdraw as the Registrant's independent registered public accounting firm. The Registrant does not expect to engage a new independent registered public accounting firm.

In connection with its audit for the fiscal year ended September 30, 2005 and review of the Registrant's interim financial statements through December 31, 2005, there have been no unresolved disagreements with Moore Stephens on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction Moore Stephens would have caused them to make reference thereto in their report on the financial statements for such year. During the Registrant's former fiscal year ended September 30, 2005, until Moore Stephens's resignation, there were no "reportable events" (as such term is defined in item 304(a)(1)(v) of regulation S-K).

The Registrant has requested Moore Stephens to review the disclosure contained herein and has asked Moore Stephens to furnish the Registrant with a letter addressed to the Commission containing any new information, clarification of the Registrant's expression of Moore Stephens's views, or the respects in which Moore Stephens does not agree with the statements contained herein. A copy of Moore Stephens's letter is filed as an Exhibit to this Current Report on Form 8-K.





ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
(a) RESIGNATION OF DIRECTORS

Effective March 28, 2006, Mr. Paul Risberg ("Mr. Risberg") resigned as a member of the board of directors of the Registrant. Mr. Risberg has disagreed with the Registrant's approach in communicating with its shareholders during the current stock trading halt. He disagreed with the Registrant about compliance with generally accepted accounting principles (GAAP). The Registrant has provided a copy of the disclosures it is making in response to this Item 5.02 to Mr. Risberg and has informed him that he may furnish the Registrant as promptly as possible with a letter stating whether he agrees or disagrees with the disclosures made in response to this Item 5.02, and that if he disagrees, then the Registrant requests that he provide the respects in which he does not agree with the disclosures. The Registrant will file any letter received by the Registrant from Mr. Risberg as an exhibit to an amendment to this current report on Form 8-K within two business days after receipt by the Registrant.



--------------------------------------------------------------------------------

Effective April 24, 2006, Ms. Jing Wen Pang ("Ms. Pang") resigned as a member of the board of directors of the Registrant. Ms. Pang did not give any reasons for resigning. Ms. Pang was appointed as a director and audit committee member of the Registrant on July 1, 2005. There were no disagreements between Ms. Pang with any officer or director of the Registrant. The Registrant has provided a copy of the disclosures it is making in response to this Item 5.02 and requested Ms. Pang to furnish the Registrant as promptly as possible with a letter stating whether Ms. Pang agrees or disagrees with the disclosures made in response to this Item 5.02. The Registrant will file any letter received by the Registrant from Ms. Pang as an exhibit to an amendment to this current report on Form 8-K within two business days after receipt by the Registrant.

Effective April 26, 2006, Ms. Wing-Sze Yau ("Ms. Yau") resigned as a member of the board of directors of the Registrant. Ms. Yau did not give any reasons for resigning. Ms. Yau was appointed as a director and audit committee member of the Registrant on November 29, 2004. There were no disagreements between Ms. Yau with any officer or director of the Registrant. The Registrant has provided a copy of the disclosures it is making in response to this Item 5.02 and requested Ms. Yau to furnish the Registrant as promptly as possible with a letter stating whether Ms. Yau agrees or disagrees with the disclosures made in response to this Item 5.02. The Registrant will file any letter received by the Registrant from Ms. Yau as an exhibit to an amendment to this current report on Form 8-K within two business days after receipt by the Registrant.

Effective April 26, 2006, Mr. Shao Guang Tan ("Mr. Tan") resigned as a member of the board of directors of the Registrant. Mr. Tan did not give any reasons for resigning. Mr. Tan was appointed as a director and audit committee member of the Registrant on December 8, 2004. There were no disagreements between Mr. Tan with any officer or director of the Registrant. The Registrant has provided a copy of the disclosures it is making in response to this Item 5.02 and requested Mr. Tan to furnish the Registrant as promptly as possible with a letter stating whether Mr. Tan agrees or disagrees with the disclosures made in response to this Item
5.02. The Registrant will file any letter received by the Registrant from Mr. Tan as an exhibit to an amendment to this current report on Form 8-K within two business days after receipt by the Registrant.

Effective April 28, 2006, Mr. Kwun Luen Siu ("Mr. Siu") resigned as a member of the board of directors of the Registrant. Mr. Siu did not give any reasons for resigning. Mr. Siu was appointed as a director of the Registrant on January 17, 2006. There were no disagreements between Mr. Siu with any officer or director of the Registrant. The Registrant has provided a copy of the disclosures it is making in response to this Item 5.02 and requested Mr. Siu to furnish the Registrant as promptly as possible with a letter stating whether Mr. Siu agrees or disagrees with the disclosures made in response to this Item 5.02. The Registrant will file any letter received by the Registrant from Mr. Siu as an exhibit to an amendment to this current report on Form 8-K within two business days after receipt by the Registrant.

Effective April 28, 2006, Ms. Lai Fun Sim ("Ms. Sim") resigned as a member of the board of directors of the Registrant. Ms. Sim did not give any reasons for resigning. Ms. Sim was appointed as a director of the Registrant on September 16, 2004. There were no disagreements between Ms. Sim with any officer or director of the Registrant. The Registrant has provided a copy of the disclosures it is making in response to this Item 5.02 and requested Ms. Sim to furnish the Registrant as promptly as possible with a letter stating whether Ms. Sim agrees or disagrees with the disclosures made in response to this Item 5.02. The Registrant will file any letter received by the Registrant from Ms. Sim as an exhibit to an amendment to this current report on Form 8-K within two business days after receipt by the Registrant.

Effective April 28, 2006, Mr. Lawrence Lok ("Mr. Lok") resigned as a member of the board of directors of the Registrant. Mr. Lok did not give any reasons for resigning. Mr. Lok was appointed as a director and audit committee member of the Registrant on July 1, 2005. There were no disagreements between Mr. Lok with any officer or director of the Registrant. The Registrant has provided a copy of the disclosures it is making in response to this Item 5.02 and requested Mr. Lok to furnish the Registrant as promptly as possible with a letter stating whether Mr. Lok agrees or disagrees with the disclosures made in response to this Item 5.02. The Registrant will file any letter received by the Registrant from Mr. Lok as an exhibit to an amendment to this current report on Form 8-K within two business days after receipt by the Registrant.



--------------------------------------------------------------------------------

(b) RESIGNATION OF OFFICERS

Effective April 28, 2006, Mr. Lawrence Lok resigned as the Chief Financial Officer of the Registrant, Mr. Kwun Luen Siu resigned as the Chief Executive Officer of the Registrant and Ms. Lai Fun Sim resigned as the Corporate Secretary of the Registrant.