Satellite Newspapers Corp. (fka SNWP)

[GNOTE]

In addition on March 27, 2007 the Company’s Board of Directors and majority of its Shareholders approved to accept subject to due diligence by all parties the March 21, 2007 Memorandum Agreement executed with International Creative Property Concepts NV and Andreas Yanakopoulos, an operator and provider of elderly care services in Belgium, registered in Kapellen, Belgium. The total purchase price is € 35,535,250 or $47,428,902 at a conversion rate of 1.3349 as of this date to be paid with the Company’s common stock, at an agreed share price of $0.35, for a total of 131,998,071 common stock post Reverse Stock Split which will represent 73.2% of all issued and outstanding shares of the Company. These shares will have a lock up period for a period of two years.