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Non-Reliance on Previous Financials, Audits or Interim Review


Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

As previously reported, on January 8, 2009, the Company has commenced an investigation of numerous issues, including the amount of the Company's cash on hand and other assets reported. The Company has learned that there is a material difference between previously expressed cash on hand and the actual cash on hand reported in the previously issued 2008 financial statements.

As a result of the above and related significant uncertainties, the Board of Directors, together with current executive officer of the Company and with a discussion with our independent auditors, determined that the Company's previously issued 2008 financial statements for the quarters ended September 30, 2008, June 30, 2008 and March 31, 2008 should not be relied upon and are inaccurate at this time.

The Company is still in the early stages of its internal investigation, but has found material inconsistencies as stated above and in the process of the investigation the Company may discover additional information that will raise other issues or cause the Company to conclude that financial statements for other prior periods may also need to be restated.

No conclusion has been reached regarding the financial statements for the year ended December 31, 2007.

The Company is currently cooperating with the Securities and Exchange Commission in investigating the matters discussed above.

The management of the Company has discussed the matters reported in this Item 4.02 with the Company's independent accountant.

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