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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>February 10, 2012</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Date of Earliest Event Reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GREENPOWER INTERNATIONAL GROUP LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; text-autospace: none; text-decoration: underline; text-align: center">Delaware</TD>
    <TD STYLE="width: 34%; text-autospace: none; text-align: center">000&#45;54424</TD>
    <TD STYLE="width: 33%; text-autospace: none; text-align: center">45&#45;1877342</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-decoration: none; text-align: center; font-style: normal; font-weight: normal"></TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-autospace: none; text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-autospace: none; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">of incorporation)</TD>
    <TD STYLE="text-autospace: none; text-align: center"></TD>
    <TD STYLE="text-autospace: none; text-align: center">Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">8728 Valley Boulevard, Suite 209</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rosemead, California 91770</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>(626) 280-8787</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s Telephone Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is simultaneously
filing a registration statement on Form S-1 pursuant to the Securities Act of 1933 for the sale of up to 11,000,000 shares of its
common stock by the holders thereof. Certain items indicated below are incorporated by reference to that registration statement
and additional detailed information is discussed therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 2.01</B></TD><TD STYLE="text-align: justify"><B>Completion of Acquisition or Disposition of Assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 10, 2012, the
Greenpower International Group Limited (the &quot;Company &quot; or &quot;Greenpower Delaware&quot;) effected the acquisition of
Greenpower International Group Limited, a company incorporated in the British Virgin Islands (&ldquo;Greenpower BVI&rdquo;) through
the exchange of 10,000,000 shares of voting common stock of Greenpower Delaware for all the 50,000 outstanding shares of Greenpower
BVI at an exchange ratio of 200 shares of Greenpower Delaware for each share of Greenpower BVI (the &quot;Acquisition&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Greenpower BVI has become
a wholly owned subsidiary of Greenpower Delaware and Greenpower Delaware has taken over the management and control Greenpower BVI..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is an electrical-use
manager that provides light emitting diode (LED) lights, products and energy management services to customers in the People&rsquo;s
Republic of China (&ldquo;China&rdquo; or the &ldquo;PRC&rdquo;). The Company was incorporated in the State of Delaware in April
2011 and was formerly known as Boxwood Acquisition Corporation (&ldquo;Boxwood&rdquo;). On October 28, 2011, Boxwood changed its
name to Greenpower International Group Limited (&ldquo;Greenpower Delaware&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Prior to the Acquisition,
Greenpower Delaware had no ongoing business or operations and was established for the purpose of completing a business combination
with a target company, such as Greenpower BVI and Guoning (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Greenpower BVI has management
and voting control of Shenzhen Guoning New Energy Investment Co., Ltd, a company formed under the laws of Guangdong, China (&ldquo;Guoning&rdquo;),
through a variable investment entity structure. Greenpower BVI was incorporated in the British Virgin Islands in September 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Guoning was formed in January
2011 and was formerly known as Shenzhen Muren Technology Industry Co., Ltd. (&ldquo;Muren&rdquo;). Muren was incorporated in March
2004 in the Guangdong Province, Shenzhen City of the PRC as a limited liability company. Prior to January 2011, Muren was in the
business of purchasing, assembling, and furnishing customized, made to customer order laboratory equipment, furniture and lighting
instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In January 2011, in connection
with the execution of an equity transfer agreement, one of Muren&rsquo;s two shareholders, transferred his ownership to the other
shareholder, with the latter shareholder becoming the Chairman of a newly registered entity, Guoning. Pursuant to that agreement,
Muren&rsquo;s prior business in laboratory equipment and furniture was divested to the transferring shareholder, leaving a focus
on the LED lighting business going forward in Guoning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is in the business
of energy management, with the primary objective of commercializing energy-saving lighting products and services. The Chinese government
is sponsoring tax and other government incentives for companies to enter into energy management contracts (&ldquo;EMC&rdquo;) (alternatively
known as energy performance contracts (&ldquo;EPC&rdquo;)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A typical EMC is an agreement
whereby an industrial business or large user of electricity hires a company to manage their electrical use. The Company presently
focuses on entering into EMCs with outdoor advertising (billboard) companies, essentially replacing the traditional lights on the
outdoor advertising with LED lights. The Company receives a share of the reduction in the electrical bill received by the customer.
The Company also sells LED lights to consumers and businesses via direct sales or wholesale to other retailers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Guoning began a new LED-centric
business model after divesting in its separation with Muren its prior laboratory equipment and furniture business component in
2011. After seven years of concentrating in LED product research and development and related sales, Guoning undertook a new strategic
development positioning in 2010, developed &lsquo;Guoning Mode&rsquo; based on energy management contracts (EMC) and is transitioning
its business model to a professional energy saving service provider. By pursuing this niche market opportunity in the EMC arena,
Guoning, which initially focused in 2011 on the field of outdoor advertisement lighting energy saving products, now has developed
the capability to become a diversified national energy saving service provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has limited
operating history and has experienced losses since it started its new LED lighting business. The Company's independent auditors
have issued a report raising a substantial doubt about the Company's ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has found its
product specialty in the pillar billboard lighting marketplace, and plans to steadily penetrate into interior lighting (e.g. factories,
large shopping malls, offices, hotels, banks and families etc.), and functional lighting (e.g. direction lighting, decorating lighting,
traffic lighting, special lighting such as fish-gathering lamp, etc.) markets based on its anticipated strength of product research
capabilities. The Company aims to be a professional, comprehensive lighting energy saving service operator and smart energy saving
lighting product seller around the world. The Company eventually intends to expand into all areas of lighting products via strategic
partnerships with lighting manufacturers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s new
LED business model focuses essentially on energy performance sharing via replacing customers&rsquo; current illumination equipment
with energy efficient LED lights and charges based on an agreed percentage of monthly utility bills saved. Currently, the Company&rsquo;s
main services business is through the EMC agreements to market these products and services in China. The Company provides customers
with LED lights free-of-charge in exchange for entering into five-year EMC contracts whereby the Company with be entitled to a
percentage of the energy savings achieved by the customer on a decreasing scale year &ndash;over-year. In the first year, the company
with receive 85% of the calculated energy savings, with its share thereafter decrease by five absolute percentage points (5%) each
year over the next four years through the end of the five-year term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Chinese Government
has been promoting the use of LED lighting and the EMC system. The Chinese government has indicated that it would provide a grant
and/or reward equal to 15% of the total capital investment made by an organization such as the Company. The Chinese government
has also expressed that tax benefits, which include no taxes for the first three years to companies in the energy-savings sector
are appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has 17 affiliate
locations (each staffed with two independent contractors) and expects to maintain 6 showroom locations to provide fixed office
locations in most provinces in China and in major cities. The Company plans to market directly to the customer without the use
of media or public disclosures. Sales are expected to be spread evenly through cities in most Chinese provinces. The Company plans
to have customers that are government, private individuals and entities. The Company is currently in the process of developing
new products, such as LED lights for tunnels, street lights and fishing boat lights (underwater).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Guoning has established
an affiliate branch structure staffed with non-employees rather than directly owned subsidiaries in order to develop franchisees
and encourage contractor partners to provide timely and comprehensive services to localized customers in order to promote Guoning.
The Company undertakes comprehensive training in all of its affiliate branches and contractors must ensure professional operation
work flow. The Company ranks service quality as its top priority to ensure operational quality by providing the best product mix
of lighting equipment materials and quality service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The primary products of
the Company are LED lights, specifically for outdoor billboards. The primary service of the Company is the EMC or Energy Management
Contract. The Company provides customers with energy efficient and high quality LED lighting at no cost in exchange for a contract
that gives the Company a share of the Company&rsquo;s energy savings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The product development
strategy of the Company is multi-pronged. The Company plans to strengthen cooperation with manufacturers and try to lead the trends
of development of products in related fields. In addition, the Company plans to tailor specific approaches to various segments
of the LED lighting market. As part of the product development strategy is wider application of LED lighting for household lighting,
ceiling lamp, office lighting, district lighting, shopping mall, store, hotel and restaurant, bar, coffee shop, western food store,
entertainment area, family night lamp, holiday lamp, solar lighting, city decoration lighting, outdoor high beam lighting, advertisement
lighting, airport and bus stop lighting and special lighting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company customizes
high-power LED floodlights for the outdoor advertisement lighting market, and committed research power into the project for customizing
the LED floodlight. Compared to products of the same category, the advantages of the Company&rsquo;s LED projector are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">*Better heat elimination. Al-Mg alloy
heat elimination technology is used to keep working temperatures low, which could reduce heat impact on related electronics, less
lumen and longer product life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">*Better sealing: New sealing technologies
are applied and fulfill the requirement of precision equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">*Better lighting: latest lens technology
is used to control projection range, which reduces lighting inefficiency and improves illumination and uniformity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">*Better coloring: the color rendering
index reaches above 80 for the Company&rsquo;s advertising projector, providing better coloring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">*Better stability: core equipment
white LED lamp are supplied by Cree America, therefore the product performance is stable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">*Better power saving: Guoning LED
floodlight uses 66W to replace 400W (real power consumption 460W) lamp. Most of the LED floodlights in the market use 110W lamp,
hence the Company&rsquo;s LED floodlight is the best power saving projector in the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In September 2011, an outdoor
LED lighting projector-internationally competing, high beam, and super bright was invented by Guoning. In the same month, after
&lsquo;Guoning LED floodlight&rsquo; passed professional test and authorized institutional recognition, it had accomplished &lsquo;field
lighting effect&rsquo; test on pillar billboard located beside Guanghui expressway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s Guoning
&lsquo;Ouruishi&rdquo; series LED lighting product offers unique product features and technology advantage. There are 9 categories
and 30 more types of LED lighting products from &lsquo;Ouruishi&rsquo; series product line, such as LED sensor lamp, human sensor
swift, LED scenery lamp, LED daylight lap, sensory halogen lamp, sensory scenery lamp, LED sensory night lamp, LED sensory lamp,
LED high power projector. For Guoning &lsquo;Ouruishi&rsquo; series LED human infrared sensor lamp, it has smart sensor. Guoning
&lsquo;Ouruishi&rsquo; series of lighting product use imported LED lighting source, it has qualities such as no UV, no infrared,
no radiation, soft lighting effect, no strobe, frequent starting, and it is real green environmental friendly lighting source.
Professional heat elimination design and materials ensure best working temperature of the lighting equipment. It has no mercury
nor xenon elements inside, convenient for recycling and re-using. Guoning &lsquo;Ouruishi&rsquo; series of lighting products have
qualities such as strong anti-shock, anti-dust, low power consumption, low voltage, low heat, low lighting temperature, and safe
to use. The LED lighting belongs to a solid lighting source, epoxy resin sealed, fixed lighting component, without problems of
filament burning, heat deposit, and declined lumen. Its lighting time could reach 30,000 to 50,000 hours, which is 30 times of
normal lamp, equals to non-stoppable lighting time above 3 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The compared performance
between the Company&rsquo;s LED floodlight and products from same category and 400 watt metal are as follows (with same lighting
effect): The time to start the LED light is only a few seconds, whereas the 400W large facility usually requires several minutes.
The LED product has lower power driven, low power consumption (single tube 0.05W), higher lighting efficiency (98%). LED lamp conserves
60%-80% of energy than traditional lamp, and it is easier to install and durable. It could work under any situation and environment.
Also, the lighting stays within range whereas with bigger lamps it is dispersed, wasting light.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Customer Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Through Guoning, the Company
entered into two significant customer relationships during 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the EMC/EPC business,
the Company received its first customer in September 2011 and entered into its first EMC/EPC customer contract at such time with
Qingyuan Shangmei Creative Plan Media Ltd. Co. The contract will expire in October 2016. The contract contemplates that the Company
would install LED lights at customer locations to establish baseline energy usage for a period of approximately 30 days. Such baseline
testing has already been completed (in June/July of 2011) and the testing indicating that the customer would experience savings
of approximately 86.9% per month using the LED lights from the test. The Company used the baseline usage number to create a plan
showing the monetary amount that the customer would be expected to save each month based on the costs noted during the testing
period. Once such baseline usage number was calculated, the parties agreed to a fixed monetary amount due to the Company during
each time period in the contract, such monetary amount to be derived based on the cost savings experienced by the customer during
the testing period. The contract states, among other things, that the fees to be paid to the Company will begin when 85% savings
are achieved and then go down an absolute 5 percentage points per year over the term of the contract. In addition, the contract
requires the customer to pay for installation of the LED lights and also to compensate the Company an amount of approximately 2,200
RMB per light if the lights are stolen or damaged by the customer. The customer is also affirmatively required by the contract
to maintain the LED lights in a manner so that they do not become damaged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the LED lighting segment,
the Company entered into an agreement with Komeri Co., Ltd. based in Japan (&ldquo;Komeri&rdquo;). Pursuant to the Komeri agreement,
Komeri may order various LED lighting products from Guoning, subject to specific terms regarding prices, minimum order quantities
and other customary product sale and purchase terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Strategic Partners and Suppliers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company believes that
strategic partnerships will be a major component of the Company&rsquo;s operating strategy and path to success. The Company hopes
to work with several strategic partners in important areas of its business and operations. The Company is attempting to build relationships
with key manufacturers and suppliers from whom the Company will obtain materials, equipment and systems that are necessary for
the Company to build its products. The most important components acquired by the Company will be screens, printed circuit boards,
casing equipment and power boards. The Company anticipates that most of its key suppliers will be located in the People&rsquo;s
Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As a
lean organization that strongly believes in outsourcing and collaboration with strategic partners, the Company also plans
to heavily rely upon third parties to help distribute products on behalf of the Company. These relationships would offer the
Company targeted expertise in particular market segments and geographies and allow the Company the ability to work with
a dedicated business partner without the need for establishing a large operating overhead. Similarly, the Company plans
to build strategic relationships with customer service and technical support organizations that will assist the Company
in providing quality service and support to end customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is
entering into a strategic partnership with China Pacific Insurance to purchase quality insurance, theft insurance, natural
disaster insurance such as thunder insurance. The Company also has a long-term cooperative relationship with the cyber source
provider Alibaba.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A key supplier of the Company
is Cree, which has a strategic supply relationship with the Company to provide LED light bulbs. Cree was established in July 1987,
a world leading LED manufacturer. Cree is market leading innovator in lighting level LED, LED lighting and the field of wireless
and power adaptor solution. Other component such as integrated adjustable constant current drive power system is imported from
Germany. All of the above quality core component suppliers provide a solid foundation for production of quality products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As a developer and distributor
of electrical technology, the Company plans to enter into various licensing, co-development and technology collaboration agreements
with developers and owners of the underlying technology. Under these contemplated arrangements, the Company would typically gain
the right to commercialize various products and/or technologies jointly developed and/or owned by the other party. Each such arrangement
will vary and will have its own economic and commercial terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company also has an
18-year manufacturing agreement with Guangdong Dongguan Juyang Electronics Limited Company to manufacture LED lights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Joint Development Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In September 2011, the
Company entered into a Joint Development, Customization and Equity Allocation Contract on LED Advertising Lamp (&ldquo;LED Development
Agreement&rdquo;) with Dongguan Living Style Enterprises Limited (&ldquo;Dongguan&rdquo;). Under the LED Development Agreement,
Guoning can order product units from Dongguan and pre-agreed prices on a defined timeline of anticipated product acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The LED Development Agreements
provides that research and development expenses are spent by Dongguan. Further, Dongguan invested to, and granted to, Guoning,
with the product patent right, trademark right, software copyright and the domestic marketing exclusivity right. In consideration,
Dongguan will be granted 10 million shares in Guoning when such patent rights are received by Dongguan and then duly available
to Guoning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Dongguan is obligated to
provide product maintenance for free for five years and product changes service because of the quality issues. In the warranty
period, if the equipment is faulty, because of product quality issues, it should be changed by Dongguan without charge. If it is
caused by artificial reason, Dongguan will provide services and charge for material expense. Guoning shall prepay RMB 10 million
to Dongguan in respect of production lamps to be produced. For the lamp in this design, when Guoning&rsquo;s delivery quantity
exceeds 200,000 lamps, Guoning should deduct in the follow-up orders of 500,000 lamps at average (deduct RMB 20 per lamp) until
the deductions from the deposit are complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Marketing Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has conducted
limited advertising and marketing to date as the primary focus of the Company since inception has been to concentrate on its sales
and marketing research and development efforts. The Company has, however, given substantial attention to constructing the marketing
strategy and plans that it will use once its products enter the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company eventually
anticipates a significant budget and need for marketing activities. The primary focus of marketing campaigns will be designed to
help the Company find new customers and to increase awareness of the Company&rsquo;s ability to offer its products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company plans to employ
a multi-pronged marketing strategy. First, the Company will establish an LED floodlight research and development center. Second,
the Company plans to build upon into strategic partnership with its suppliers. Third, the Company plans to maintain the latest
technology and conduct research based on real market conditions to ensure application of products. Fourth, the Company plans to
build its brand by finding opportunities to present the brand in a favorable light, such as during non-profit events. And, fifth,
the Company plans to implement a comprehensive marketing system as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The marketing system is
built upon precise marketing by utilizing each branch&rsquo;s connection and precise marketing strategy to reach advertising agencies
and their key decision makers. In addition, the Company will establish advertising lighting remote monitoring systems. These systems
will provide not just lighting monitoring, theft monitoring, climate advertising monitoring and traffic flow monitoring functions.
New projects will be generated from information resources to generate extra income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Marketing Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The general marketing plan
of the LED lighting products of the Company is based on the following factors: network marketing, e-commerce, telephone sales,
setting up distribution channels, developing of regional agents and other means to promote sales. At the same time, the Company
plans to establish a global sales network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also plans to utilize a promotions
and public relations strategy consisting of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. Series of products are
mainly promoted by &quot;one on one&quot; terminal professional publicity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2. Specialized series of
lighting for the flagship products, highlighting the display of terminal illumination application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3. Let dealers of the enterprise
competitors know the point of interest of brand growth by a comprehensive specialized products combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4. Participating in model
national projects with large-scale influence to expand the publicity of professional lighting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company plans to employ
an outsourced manufacturing model. Accordingly, manufacturing and assembly of electronics products (such as televisions) will be
conducted by contract manufacturers, which the Company projects will be primarily located in China and other parts of Asia. In
addition, the Company plans to work with service partners who can provide outsourced customer service and technical support on
behalf of the Company to customers who purchase the Company&rsquo;s products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Revenues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since its inception, Guoning
has focused its efforts on conducting market research and development, and has devoted little attention or resources to actual
sales and marketing or generating near-term revenues and profits. The Company has limited revenues to date and has not realized
any profits as of yet. In order to succeed, the Company needs to develop a viable strategy to market and distribute its products
to end customers. To date, the Company has developed a market strategy that it believes will lead to near-term revenues for sale
of lighting sets and lamps to targeted regions in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During 2011, Guoning entered
into an EMC sales contract and an LED product sales contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Variable Investment Entity Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 26, 2011, the
shareholders of Guoning entered into a set of variable investment entity agreements (&ldquo;VIE Agreements&rdquo;) with Greenpower
BVI. The VIE Agreements specify, among other things, that: (1) Greenpower BVI will provide Guoning with guidance and instructions
on daily operations, financial management and employment issues; (2) Greenpower BVI shall have the right to appoint or remove Guoning&rsquo;s
directors and officers; (3) Guoning will pledge its accounts receivable and of its assets to Greenpower BVI; (4) Guoning will not
sell, assign, transfer or encumber any assets or interests value at 100 RMB or more, without the written consent of Greenpower
BVI; and (5) Guoning will pay 100% of its net revenue to Greenpower BVI for each fiscal year during the term. The term of the foregoing
provisions is for 100 years and may be extended at the option of Greenpower BVI for an additional 100 years. In connection with
the VIE Agreements, Guoning also granted an irrevocable power of attorney to Greenpower BVI specifying that the latter shall have
full authority to act as the former&rsquo;s attorney in fact for any and all lawful purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The VIE Agreements also
grant an exclusive option to Greenpower BVI to purchase any or all of the equity interest in Guoning at any time in next 100 years
(subject to extension for an additional 100-year term by Greenpower BVI). In addition, pursuant to the VIE Agreements, all of the
shareholders of Guoning have pledged all of their equity interests in Guoning to Greenpower BVI for a term of 100 years (subject
to extension for an additional 100-year term by Greenpower BVI). Further, all of the shareholders of Guoning also executed an irrevocable
proxy granting Greenpower BVI the right to exercise all of the voting rights in Guoning in the place and stead of the Guoning shareholders.
The term of the proxy is for 100 years, subject to extension for an additional 100 years at the option of Greenpower BVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 6, 2012, in
conjunction with the VIE Agreements, each shareholder of Guoning entered into an exclusive option agreement that allows Greenpower
BVI to purchase additional shares of Guoning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 6, 2012, in
conjunction with the VIE Agreements, Greenpower BVI and Guoning entered into an exclusive business cooperation agreement that provides
that Greenpower BVI shall be the exclusive service provide to Guoning and will provide complete technical support, business support
and related consulting services. In consideration for such services, Greenpower BVI is entitled to receive fees equal to 100% of
the net income of Guoning, such fees being due and payable on a monthly basis. Greenpower BVI also has exclusive and proprietary
rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance
of the agreement, including, but not limited to, copyrights, patents, patent applications, software, technical secrets, trade secrets
and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 6, 2012, in
conjunction the exclusive business cooperation agreement and the VIE Agreements, each shareholder entered into a pledge agreement
to ensure that Guoning fully performs its obligations under the exclusive business cooperation agreement. Each shareholder pledged
to Greenpower BVI all of the shareholders&rsquo; equity interest in Guoning as security for the performance of that agreement by
Guoning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company may consider
an alternate structure or amendments to the VIE Agreements based on the formation of a wholly foreign owned entity in China. Such
amendments would affect Guoning and Greenpower BVI as subject entities that are involved in the VIE Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Employees and Organization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Greenpower Delaware presently
has two employees, both of whom are executive officers of Greenpower Delaware.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Guoning presently has approximately
51 employees across its organization, in sales and marketing, service, finance and strategic development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each of the employees is
full-time and receives a monthly salary and other benefits (as are required pursuant to applicable Chinese law). All employees
are provided access to Company health plans, 401(k)-type endowment plans, unemployment insurance provisions and housing allowances,
as is required in each instance by applicable Chinese law. In addition, certain employees receive group life insurance benefits
through the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Guoning also has 34 independent
contractors who have been engaged to provide services at remote branch locations. Each of these branches has two contractors who
operate from such branch location. The contractors are typically charged with sales and marketing activities and may earn commissions
for their efforts. In addition, certain contractors may perform LED light installation or other field work for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is internally
organized along four principal departments, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Sales and Marketing: With
respect to Sales, this department consists of direct customer sales representatives and showroom sales personnel. In regard to
Marketing, this department consists of market development professionals tasked with developing new markets and customers and with
advertising employees responsible for the overall advertising and promotions of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Service: This department
consists of customer service representatives who work with existing customers and quality control professionals who monitor the
quality of the Company&rsquo;s products and services as well the overall quality of the operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Finance: The finance organization
resembles a traditional finance department, including accounting, risk management and contract management. The department also
audits customer energy usage and manages accounts payable and receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Strategic Development:
This department consists of human resources, information technology, research and development related to new products and services,
and investor relations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The corporate headquarters
of the Company are located in Rosemead, California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The operating headquarters
of the Company through Guoning are located in Shenzhen, Guangdong Province, China. The Company leases there an office building
with approximately 5,000 square feet of space. Currently, approximately 50 employees work from such location. The Company would
like to obtain larger office space, but is currently in a three year lease with a cost of approximately 20,000 RMB per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Guoning also leases an
office/warehouse consisting of approximately 3,000 square feet. This facility normally has three employees and is used to store
promotional material and temporary storage of products for local delivery. The lease cost of this facility is approximately 1,500
RMB per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Guoning also has 17 affiliate
offices that are typically leased office spaces that are about 100 square meters and each staffed with two independent contractors.
These offices are located in the following provinces: Guangdong, Guizhou, Hainan, Hunan, Jiangsu, Neimenggu, Shandong, Shanxi,
Shanghai, and Sichuan. Each of the offices is located in a small physical facility and is staffed with independent contractors.
The affiliates are registered with local authorities and licensed to do business under the name of Mr. Zhang, who is the Chairman
of the Board. Guoning maintains control of the business licenses allowing such affiliates to operate, but typically they are staffed
with contractors instead of employees of Guoning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Greenpower BVI is a wholly
owned subsidiary of the Company. The Company has no other subsidiaries, except that Guoning will be consolidated for purposes of
the Company&rsquo;s accounting. Greenpower BVI has management and voting control over Guoning, which comprises the core operations
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Summary Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The statements of operations
data for the annual periods ending December 31, 2010 and December 31, 2009, respectively, and the balance sheet data at September
30, 2011, are derived from Guoning&rsquo;s audited financial statements and related notes thereto. As the Company had no operations
or specific business plan until the Acquisition, the information presented below is with respect to Guoning, which is controlled
by Greenpower BVI (which was acquired by the Company in February 2012 through the Acquisition). Additional information is incorporated
by reference to the Registration Statement on Form S-1 concurrently filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Period&nbsp;ending&nbsp;on</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Period&nbsp;ending&nbsp;on</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Period&nbsp;ending&nbsp;on</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left">September&nbsp;30,&nbsp;2011</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left">December&nbsp;31,&nbsp;2010</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left">December&nbsp;31,&nbsp;2009</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Statement of operations data</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%">Net sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">47,685</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">43,417</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">38,881</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Operating loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(205,847</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,338</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(527</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Net loss from continuing operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(206,438</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,301</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(418</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(208,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(65,921</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,224</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Foreign current translation adjustment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">46,038</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(273</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Net comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(162,317</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(54,078</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,517</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">At&nbsp;September&nbsp;30,<BR>
&nbsp;2011</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">At&nbsp;December&nbsp;31,<BR>
&nbsp;2010</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">At&nbsp;December&nbsp;31,<BR>
&nbsp;2009</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Balance sheet data</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">1,787,243</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">297,205</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">3,053</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">983,204</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">536,973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">517,581</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,770,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">834,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">520,634</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">89,913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">491,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">123,495</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total stockholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,680,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">343,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">397,139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Management's Discussion and Analysis of
Financial Condition and Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This section is incorporated
by reference to the Registration Statement on Form S-1 concurrently filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information regarding the members of the Company&rsquo;s board of directors and its executive officers. Also, listed below
are certain key members of the Guoning management team:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; text-autospace: none">Name</TD>
    <TD STYLE="width: 10%; text-autospace: none">Age</TD>
    <TD STYLE="width: 45%; text-autospace: none">Position</TD>
    <TD STYLE="width: 20%; text-autospace: none; text-align: right">Year&nbsp;Commenced</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Jiong Zhang</TD>
    <TD STYLE="text-autospace: none">43</TD>
    <TD STYLE="text-autospace: none">Chairman of the Board</TD>
    <TD STYLE="text-autospace: none; text-align: right">2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Yong Luo</TD>
    <TD STYLE="text-autospace: none">48</TD>
    <TD STYLE="text-autospace: none">Director</TD>
    <TD STYLE="text-autospace: none; text-align: right">2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Xiaoping Liu</TD>
    <TD STYLE="text-autospace: none">48</TD>
    <TD STYLE="text-autospace: none">Chief Executive Officer and Director</TD>
    <TD STYLE="text-autospace: none; text-align: right">2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Hui Li</TD>
    <TD STYLE="text-autospace: none">44</TD>
    <TD STYLE="text-autospace: none">Chief Financial Officer</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Mu Qing Wang</TD>
    <TD STYLE="text-autospace: none">49</TD>
    <TD STYLE="text-autospace: none">Chief Supervisor of Guoning</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Ling Yu Zhou</TD>
    <TD STYLE="text-autospace: none">34</TD>
    <TD STYLE="text-autospace: none">Supervisor, Guoning Research</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Jiang Li Wu</TD>
    <TD STYLE="text-autospace: none">33</TD>
    <TD STYLE="text-autospace: none">Financial Manager of Guoning</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Wen Feng Zhao</TD>
    <TD STYLE="text-autospace: none">35</TD>
    <TD STYLE="text-autospace: none">General Manager of Business Development Department</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Jiong Zhang</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jiong Zhang serves as the
Chairman of the Board of Directors of the Company. He is also currently the Chairman of the Board of Guoning. Mr. Zhang was the
founder of Muren, a predecessor to Guoning. Mr. Zhang has been involved in the development and production of LED smart energy saving
lighting and is very familiar with the industry and its market. Mr. Zhang graduated from Hunan (China) Institute of Finance and
Economics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Yong Luo</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Yong Luo serves as a member
of the Board of Directors of the Company, and was formerly Chief Financial Officer for the Company. Mr. Luo has more than 15 years
of experience in marketing, management and business operations. He was instrumental in the development and use of a caller ID telephone
for Shenzhen Kang Meisi Communication Co., Ltd. which the company attributes to significantly impacting a large increase in its
production value. He is also currently the Chairman of the Board of Global Lock Safety (International) Group Co., Ltd. Under his
direction and control, Global Lock Safety (International) Group Co., Ltd. was successfully listed on the London Stock Exchange
in 2011. He is also currently a member of the Board of Directors of Guoning. Mr. Luo graduated from Hunan (China) Hengyang Normal
University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Xiaoping Liu</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Xiaoping Liu serves as
the Chief Executive Officer and a Director of the Company. Mr. Liu is also the Managing Director of Guoning. After retiring from
serving as a general manager of a government owned company, Mr. Liu founded a culture communication company. As a corporate planner,
Mr. Liu has consulted with many companies and successfully planned and marketed several famous brand names such as &quot;Haier
Products Marketing plans&quot;&quot;Chain of Cooperative Planning and Program of Qingdao Beef Company&quot; and &quot;China Rural
Credit Cooperative Association&quot;. Mr. Liu is currently the Chief Executive Officer of Guoning. Mr. Liu graduated from Hunan
(China) Communication Polytechnic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Hui Li</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Hui Li serves as the Chief
Financial Officer of the Company. Prior to that, she was the Manager of Finance at Shenzhen Huali Pharmaceutical Co., Ltd. during
2006 to 2011. Previously, from 1996 to 2006, she was with Shenzhen Tongren, a public accounting firm, as the audit project manager,
who is charged with audit planning, on-site audit process control and audit report issuance. Formerly, Ms. Li was with Hainan Sanya
Hexi Urban Credit Cooperatives as a Manager of the Financial Department during 1993 to 1996. Prior to that, from 1989 to 1993,
she worked as an accountant at Hunan Xiangtan Bureau of Grain. Ms. Li graduated from Hunan Institute of Finance and Economics in
1989, has a Bachelor degree of Economics, and obtained CPA in China in 1994.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Mu Qing Wang</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mu Qing Wang serves as
Chief Supervisor of Guoning, in charge of strategic planning and management of the Company. He is also currently the Director of
Chinese Region of Asian industry fund center (Hong Kong) and chief research analyst and editor of Industry Intelligence. He has
thirty years of work experience among various fields in software development, high-tech product trading, management consultancy
(strategic management, membership service), capital operation and industry education. He was graduated from Beijing University,
majoring in technology information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Ling Yu Zhou</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Ling Yu Zhou serves as
Supervisor of the Guoning Research team. His key responsibility is to maintain the leadership in technology and ensure the establishment
of product quality management system. He previously worked in core technology development for LED Lamp for General Electrics. He
performed substantial experiences in LED technology and research, mastered advanced LED product information, and managed to tackle
several technology research topics. He obtained his doctorate degree in electronics commerce research from Business School of Chinese
University of Hong Kong, and master degree in engineering from Taiwan University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Jiang Li Wu</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Jiang Li Wu serves as Financial
Manager of Guoning, and is in charge of corporate financial management. She has comprehensive knowledge in financial management
and is experienced in accounting practices, financial and taxation regulations, financial analysis and financial planning, and
budget planning and cost control model building.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Wen Feng Zhao</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Wen Feng Zhao serves as the General Manager
of Business Development Department of Guoning. He has fifteen years of experience in corporate management and project management,
and worked in operations management for several public companies. He was graduated from Sustaining Educational School of Beijing
Normal University, majoring in marketing and management decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to Rule 4200 of
The NASDAQ Stock Market one of the definitions of an independent director is a person other than an executive officer or employee
of a company. The Company's Board of Directors has reviewed the materiality of any relationship that each of the directors has
with the Company, either directly or indirectly. Based on this review, the Board has determined that there are no independent directors
at the present time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Committees and Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors
has not established any committees of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">There are currently no
pending, threatened or actual legal proceedings in which the Company is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Employment Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Greenpower Delaware does
not have any outstanding employment agreements with its officers or employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Guoning has entered into
employment agreements with certain of its employees and officers, including three to six year employment contracts that include
monthly compensation and deferred compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Anticipated Officer and Director Remuneration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Greenpower Delaware intends
to pay annual salaries to all of its employees and an annual stipend to its directors when, and if, it completes a primary public
offering for the sale of securities (i.e. a public offering raising capital for the Company). At such time, the Greenpower Delaware
anticipates offering cash and non-cash compensation to other employees and directors. In addition, the Company may also offer additional
benefits to employees in its sole and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Security Ownership of Certain Beneficial
Owners and Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information as of the date of this regarding the beneficial ownership of the Company&rsquo;s common stock by each of Greenpower
Delaware&rsquo;s executive officers and directors, individually and as a group and by each person who beneficially owns in excess
of five percent of the common stock after giving effect to any exercise of warrants or options held by that person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Number&nbsp;of&nbsp;Shares&nbsp;of</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Percent&nbsp;of</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Name/Position</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Common&nbsp;Stock</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Class&nbsp;(1)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Jiong Zhang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 63%">Chairman of the Board</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">5,973,600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">28</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Yong Luo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,840,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Xiaoping Liu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Chief Executive Officer; Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,840,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Hui Li</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Lili Bell</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>5955 N. Walnut Grove Ave</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>San Gabriel, CA 91775</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,300,000&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Moxiang Li</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>6Third Alley, Daliang Village</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Buji St., Longgang District</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Shenzhen, Guangdong Province</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>China</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,000&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Difan Zhong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>2, 15 1-4 Shimatou Yuhu District</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Xiangtan, Hunan Province</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>China</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,000&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Total owned by officers and directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>(4 persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,653,600&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;(1) Based upon 21,000,000 shares outstanding
as of the date of this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Risk Factors </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company has limited revenues to date
from its new LED business.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has generated
minimal revenues to date from its new LED business. To date, most of management&rsquo;s time, and the Company&rsquo;s limited resources
have been spent in developing strategy, researching potential opportunities, contacting partners, exploring marketing contacts,
establishing operations and management personnel and resources, preparing its business plan and model, selecting professional advisors
and consultants and seeking capital for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company&rsquo;s independent auditors
have issued a report raising a substantial doubt about the Company&rsquo;s ability to continue as a going concern. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In their audited financial
report, the company&rsquo;s independent auditors have issued a comment that unless the Company is able to develop and market its
products or obtain financing from other sources, there is a substantial doubt about its ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company has not sold any meaningful
quantity of products in its new LED business to date.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since the inception of
its new LED business, the Company has heretofore not sold any meaningful quantity of products, other than sales made in late 2011
to one customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>No assurance of commercial feasibility or
success.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Even if the Company can
successfully develop a strategy to market and sell its products or services, there can be no assurance that such products or services
will have any commercial advantages. Also, there is no assurance that the products will perform as intended in the marketplace
or that the Company&rsquo;s sales and marketing strategy will be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company has limited operating history
since commencing its new LED business and EMC business, and as such, it is difficult to assess the Company&rsquo;s profitability
or performance. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Because the Company has
limited operating history in its new LED or EMC business, it is impossible to assess the performance of the Company or to determine
whether the Company will meet its projected business plan. The Company has limited financial results upon which to judge its potential.
As a company emerging from the development-stage, the Company may in the future experience under-capitalization, shortages, setbacks
and many of the problems, delays and expenses encountered by any early stage business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company has a small financial and accounting
organization. Being a public company strains the Company's resources, diverts management&rsquo;s attention and affects its ability
to attract and retain qualified officers and directors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As a reporting company, the Company is already subject to the reporting requirements of the Securities Exchange
Act of 1934. However, the requirements of these laws and the rules and regulations promulgated thereunder entail significant accounting,
legal and financial compliance costs which are potentially prohibitive to the Company as it develops its business plan, products
and scope. These costs have made, and will continue to make, some activities more difficult, time consuming or costly and may place
significant strain on its personnel, systems and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Securities Exchange
Act requires, among other things, that companies maintain effective disclosure controls and procedures and internal control over
financial reporting. In order to maintain the requisite disclosure controls and procedures and internal control over financial
reporting, significant resources and management oversight are required. As a result, management&rsquo;s attention may be diverted
from other business concerns, which could have a material adverse effect on the development of the Company's business, financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These rules and regulations
may also make it difficult and expensive for the Company to obtain director and officer liability insurance. If the Company is
unable to obtain adequate director and officer insurance, its ability to recruit and retain qualified officers and directors, especially
those directors who may be deemed independent, will be significantly curtailed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company has little experience in commercializing
products</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has little
experience in commercializing products and managing a public company. Such lack of experience may result in the Company experiencing
difficulty in adequately operating and growing its business. Further, the Company may be hampered by lack of experience in addressing
the issues and considerations which are common to growing product companies. If the Company&rsquo;s operating or management abilities
consistently perform below expectations, the Company&rsquo;s business is unlikely to thrive. In addition, although the Company
is already a reporting company, the Company&rsquo;s lack of experience may result, in spite of the successful product development
and commercialization, in difficulty in managing the operations and finances of a public company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company entered its first EMC contract
only in late September 2011.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company only recently entered into its
first EMC contract and has not yet fully performed the entire agreement. Although the Company delivered LED equipment and set up
the EMC relationship with this customer, there is no certainty that the Company can perform satisfactorily during the duration
of the entire contract term. If the Company is unable to complete its performance, it will not receive the revenues expected and
such incomplete performance may hinder its ability to enter into any similar contracts or arrangements in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>EMC/EPC is still a new model and remains
broadly untested.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While the EMC/EPC business and service model
holds promise, the model is still not firmly established in the marketplace. It is possible that customers may not adopt this model
and/or the Company&rsquo;s service offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company may not be able to adequately
track energy usage metrics under its EMC contracts.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The long-term success and viability of the
EMC programs depends to a great degree on the ability of the Company to track and monitor usage, and perform audits where necessary.
If the Company is unable to perform such tracking or has systems and processes in effect that make such tracking auditing difficult,
the EMC business may be difficult for the Company to effectively manage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Company may not accurately assess baseline
energy amounts or unforeseen circumstances may render baseline forecast outdated or obsolete.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In its EMC/EPC customer agreements, the Company
is expected to derive revenues based on energy savings achieved over baseline amounts calculated by the Company. If the Company
improperly estimates baseline amounts or if energy costs, usage or other external factors result in a customer not achieving energy
savings, the Company may not receive revenues from such customer even though the Company has attempted in good faith to perform
the contract with the customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The EMC/EPC model is a contingent compensation
model that links the Company&rsquo;s fees and compensation to achievement of energy savings in the future.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The EMC/EPC model is a
contingent compensation model in that the Company typically earns fees based on performance in future periods. If energy savings
are not achieved, whether due to reasons in the Company&rsquo;s control or external factors, the Company may not receive compensation
(or may receive compensation less than expected) and ultimately may not be profitable even though it has entered into customer
contracts in the EMC line of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEM 3.02 Unregistered Sales of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Recent Sales of Unregistered Securities
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has issued
the following securities in the last three (3) years. Such securities were issued pursuant to exemptions from registration under
Section 4(2) of the Securities Act of 1933, as amended, as transactions by an issuer not involving any public offering, as noted
below. Each of these transactions was issued as part of a private placement of securities by the Company in which (i) no general
advertising or solicitation was used, and (ii) the investors purchasing securities were acquiring the same for investment purposes
only, without a view to resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 34%">Date</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: left">Name</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: left">Number&nbsp;of&nbsp;Shares</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>April 20, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">Tiber Creek Corporation</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">10,000,000 (9,750,000 Redeemed)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>April 20, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">MB Americus, LLC</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000,000 (9,750,000 Redeemed)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 31, 2011, the
Company, as part of its change in control, issued 10,500,000 shares of its common stock to 50 all of whom except one are residents
of the People's Republic of China. Such securities were issued pursuant to exemptions from registration under Section 4(2) of the
Securities Act of 1933, as amended, as transactions by an issuer not involving any public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 10, 2012, the
Company issued an aggregate of 10,000,000 shares to 50 shareholders of Greenpower International Group Limited, a company incorporated
in the British Virgin Islands through the exchange of such 10,000,000 shares of voting common stock of Greenpower Delaware for
all the outstanding shares of Greenpower BVI at an exchange ratio of 200 shares of Greenpower Delaware for each share of Greenpower
BVI. All the shareholders, except one, of Greenpower BVI are residents of the People's Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEM 5.02 Departure of Directors or Certain
Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The former Chief Financial
Officer Yong Luo has been replaced with Hui Li. Mr. Yong remains as a director of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEM 5.06 Change in Shell Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has acquired
Greenpower BVI which has a defined business plan and has commenced operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ITEM 9.01 Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The
financial statements for the years ended December 31, 2009 and 2010 and for the period ended September 30, 2011 for the
Company and Greenpower BVI as well as well as those for Shenzhen Guoning New Energy Investment Co. are incorporated by
reference to the Company&rsquo;s registration statement filed on Form S-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Stock exchange agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunder duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 50%; text-autospace: none; font-weight: bold">GREENPOWER INTERNATIONAL GROUP LIMITED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Date: February 13, 2012</TD>
    <TD STYLE="text-autospace: none">/s/ Xiaoping Liu</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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</HTML>
[{"type": "8-K", "sequence": "1", "filename": "v302187_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 128623}]
{"company-data": {"conformed-name": "Greenpower International Group Ltd", "cik": "0001522211", "assigned-sic": "6770", "irs-number": "451877342", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-54424", "film-number": "12599698"}, "business-address": {"street1": "8728 VALLEY BOULEVARD", "street2": "SUITE 209", "city": "ROSEMEAD", "state": "CA", "zip": "91770", "phone": "(626)280-8787"}, "mail-address": {"street1": "8728 VALLEY BOULEVARD", "street2": "SUITE 209", "city": "ROSEMEAD", "state": "CA", "zip": "91770"}, "former-company": {"former-conformed-name": "Boxwood Acquisition Corp", "date-changed": "20110601"}}
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
February 10, 2012
Date of Report
(Date of Earliest Event Reported)
GREENPOWER INTERNATIONAL GROUP LIMITED
(Exact Name of Registrant as Specified in its
Charter)
Delaware
000-54424
45-1877342
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
Identification No.)
8728 Valley Boulevard, Suite 209
Rosemead, California 91770
(Address of Principal Executive Offices)
(626) 280-8787
(Registrant's Telephone Number)
The Company is simultaneously
filing a registration statement on Form S-1 pursuant to the Securities Act of 1933 for the sale of up to 11,000,000 shares of its
common stock by the holders thereof. Certain items indicated below are incorporated by reference to that registration statement
and additional detailed information is discussed therein.
ITEM 2.01
Completion of Acquisition or Disposition of Assets
On February 10, 2012, the
Greenpower International Group Limited (the "Company " or "Greenpower Delaware") effected the acquisition of
Greenpower International Group Limited, a company incorporated in the British Virgin Islands ("Greenpower BVI") through
the exchange of 10,000,000 shares of voting common stock of Greenpower Delaware for all the 50,000 outstanding shares of Greenpower
BVI at an exchange ratio of 200 shares of Greenpower Delaware for each share of Greenpower BVI (the "Acquisition").
Greenpower BVI has become
a wholly owned subsidiary of Greenpower Delaware and Greenpower Delaware has taken over the management and control Greenpower BVI..
Business
The Company is an electrical-use
manager that provides light emitting diode (LED) lights, products and energy management services to customers in the People's
Republic of China ("China" or the "PRC"). The Company was incorporated in the State of Delaware in April
2011 and was formerly known as Boxwood Acquisition Corporation ("Boxwood"). On October 28, 2011, Boxwood changed its
name to Greenpower International Group Limited ("Greenpower Delaware").
Prior to the Acquisition,
Greenpower Delaware had no ongoing business or operations and was established for the purpose of completing a business combination
with a target company, such as Greenpower BVI and Guoning (as defined below).
Greenpower BVI has management
and voting control of Shenzhen Guoning New Energy Investment Co., Ltd, a company formed under the laws of Guangdong, China ("Guoning"),
through a variable investment entity structure. Greenpower BVI was incorporated in the British Virgin Islands in September 2011.
Guoning was formed in January
2011 and was formerly known as Shenzhen Muren Technology Industry Co., Ltd. ("Muren"). Muren was incorporated in March
2004 in the Guangdong Province, Shenzhen City of the PRC as a limited liability company. Prior to January 2011, Muren was in the
business of purchasing, assembling, and furnishing customized, made to customer order laboratory equipment, furniture and lighting
instruments.
In January 2011, in connection
with the execution of an equity transfer agreement, one of Muren's two shareholders, transferred his ownership to the other
shareholder, with the latter shareholder becoming the Chairman of a newly registered entity, Guoning. Pursuant to that agreement,
Muren's prior business in laboratory equipment and furniture was divested to the transferring shareholder, leaving a focus
on the LED lighting business going forward in Guoning.
The Company is in the business
of energy management, with the primary objective of commercializing energy-saving lighting products and services. The Chinese government
is sponsoring tax and other government incentives for companies to enter into energy management contracts ("EMC") (alternatively
known as energy performance contracts ("EPC")).
A typical EMC is an agreement
whereby an industrial business or large user of electricity hires a company to manage their electrical use. The Company presently
focuses on entering into EMCs with outdoor advertising (billboard) companies, essentially replacing the traditional lights on the
outdoor advertising with LED lights. The Company receives a share of the reduction in the electrical bill received by the customer.
The Company also sells LED lights to consumers and businesses via direct sales or wholesale to other retailers.
Guoning began a new LED-centric
business model after divesting in its separation with Muren its prior laboratory equipment and furniture business component in
2011. After seven years of concentrating in LED product research and development and related sales, Guoning undertook a new strategic
development positioning in 2010, developed 'Guoning Mode' based on energy management contracts (EMC) and is transitioning
its business model to a professional energy saving service provider. By pursuing this niche market opportunity in the EMC arena,
Guoning, which initially focused in 2011 on the field of outdoor advertisement lighting energy saving products, now has developed
the capability to become a diversified national energy saving service provider.
The Company has limited
operating history and has experienced losses since it started its new LED lighting business. The Company's independent auditors
have issued a report raising a substantial doubt about the Company's ability to continue as a going concern.
The Company has found its
product specialty in the pillar billboard lighting marketplace, and plans to steadily penetrate into interior lighting (e.g. factories,
large shopping malls, offices, hotels, banks and families etc.), and functional lighting (e.g. direction lighting, decorating lighting,
traffic lighting, special lighting such as fish-gathering lamp, etc.) markets based on its anticipated strength of product research
capabilities. The Company aims to be a professional, comprehensive lighting energy saving service operator and smart energy saving
lighting product seller around the world. The Company eventually intends to expand into all areas of lighting products via strategic
partnerships with lighting manufacturers.
The Company's new
LED business model focuses essentially on energy performance sharing via replacing customers' current illumination equipment
with energy efficient LED lights and charges based on an agreed percentage of monthly utility bills saved. Currently, the Company's
main services business is through the EMC agreements to market these products and services in China. The Company provides customers
with LED lights free-of-charge in exchange for entering into five-year EMC contracts whereby the Company with be entitled to a
percentage of the energy savings achieved by the customer on a decreasing scale year –over-year. In the first year, the company
with receive 85% of the calculated energy savings, with its share thereafter decrease by five absolute percentage points (5%) each
year over the next four years through the end of the five-year term.
The Chinese Government
has been promoting the use of LED lighting and the EMC system. The Chinese government has indicated that it would provide a grant
and/or reward equal to 15% of the total capital investment made by an organization such as the Company. The Chinese government
has also expressed that tax benefits, which include no taxes for the first three years to companies in the energy-savings sector
are appropriate.
The Company has 17 affiliate
locations (each staffed with two independent contractors) and expects to maintain 6 showroom locations to provide fixed office
locations in most provinces in China and in major cities. The Company plans to market directly to the customer without the use
of media or public disclosures. Sales are expected to be spread evenly through cities in most Chinese provinces. The Company plans
to have customers that are government, private individuals and entities. The Company is currently in the process of developing
new products, such as LED lights for tunnels, street lights and fishing boat lights (underwater).
Guoning has established
an affiliate branch structure staffed with non-employees rather than directly owned subsidiaries in order to develop franchisees
and encourage contractor partners to provide timely and comprehensive services to localized customers in order to promote Guoning.
The Company undertakes comprehensive training in all of its affiliate branches and contractors must ensure professional operation
work flow. The Company ranks service quality as its top priority to ensure operational quality by providing the best product mix
of lighting equipment materials and quality service.
Products
The primary products of
the Company are LED lights, specifically for outdoor billboards. The primary service of the Company is the EMC or Energy Management
Contract. The Company provides customers with energy efficient and high quality LED lighting at no cost in exchange for a contract
that gives the Company a share of the Company's energy savings.
The product development
strategy of the Company is multi-pronged. The Company plans to strengthen cooperation with manufacturers and try to lead the trends
of development of products in related fields. In addition, the Company plans to tailor specific approaches to various segments
of the LED lighting market. As part of the product development strategy is wider application of LED lighting for household lighting,
ceiling lamp, office lighting, district lighting, shopping mall, store, hotel and restaurant, bar, coffee shop, western food store,
entertainment area, family night lamp, holiday lamp, solar lighting, city decoration lighting, outdoor high beam lighting, advertisement
lighting, airport and bus stop lighting and special lighting.
The Company customizes
high-power LED floodlights for the outdoor advertisement lighting market, and committed research power into the project for customizing
the LED floodlight. Compared to products of the same category, the advantages of the Company's LED projector are the following:
*Better heat elimination. Al-Mg alloy
heat elimination technology is used to keep working temperatures low, which could reduce heat impact on related electronics, less
lumen and longer product life.
*Better sealing: New sealing technologies
are applied and fulfill the requirement of precision equipment.
*Better lighting: latest lens technology
is used to control projection range, which reduces lighting inefficiency and improves illumination and uniformity.
*Better coloring: the color rendering
index reaches above 80 for the Company's advertising projector, providing better coloring.
*Better stability: core equipment
white LED lamp are supplied by Cree America, therefore the product performance is stable.
*Better power saving: Guoning LED
floodlight uses 66W to replace 400W (real power consumption 460W) lamp. Most of the LED floodlights in the market use 110W lamp,
hence the Company's LED floodlight is the best power saving projector in the market.
In September 2011, an outdoor
LED lighting projector-internationally competing, high beam, and super bright was invented by Guoning. In the same month, after
'Guoning LED floodlight' passed professional test and authorized institutional recognition, it had accomplished 'field
lighting effect' test on pillar billboard located beside Guanghui expressway.
The Company's Guoning
'Ouruishi" series LED lighting product offers unique product features and technology advantage. There are 9 categories
and 30 more types of LED lighting products from 'Ouruishi' series product line, such as LED sensor lamp, human sensor
swift, LED scenery lamp, LED daylight lap, sensory halogen lamp, sensory scenery lamp, LED sensory night lamp, LED sensory lamp,
LED high power projector. For Guoning 'Ouruishi' series LED human infrared sensor lamp, it has smart sensor. Guoning
'Ouruishi' series of lighting product use imported LED lighting source, it has qualities such as no UV, no infrared,
no radiation, soft lighting effect, no strobe, frequent starting, and it is real green environmental friendly lighting source.
Professional heat elimination design and materials ensure best working temperature of the lighting equipment. It has no mercury
nor xenon elements inside, convenient for recycling and re-using. Guoning 'Ouruishi' series of lighting products have
qualities such as strong anti-shock, anti-dust, low power consumption, low voltage, low heat, low lighting temperature, and safe
to use. The LED lighting belongs to a solid lighting source, epoxy resin sealed, fixed lighting component, without problems of
filament burning, heat deposit, and declined lumen. Its lighting time could reach 30,000 to 50,000 hours, which is 30 times of
normal lamp, equals to non-stoppable lighting time above 3 years.
The compared performance
between the Company's LED floodlight and products from same category and 400 watt metal are as follows (with same lighting
effect): The time to start the LED light is only a few seconds, whereas the 400W large facility usually requires several minutes.
The LED product has lower power driven, low power consumption (single tube 0.05W), higher lighting efficiency (98%). LED lamp conserves
60%-80% of energy than traditional lamp, and it is easier to install and durable. It could work under any situation and environment.
Also, the lighting stays within range whereas with bigger lamps it is dispersed, wasting light.
Customer Agreements
Through Guoning, the Company
entered into two significant customer relationships during 2011.
In the EMC/EPC business,
the Company received its first customer in September 2011 and entered into its first EMC/EPC customer contract at such time with
Qingyuan Shangmei Creative Plan Media Ltd. Co. The contract will expire in October 2016. The contract contemplates that the Company
would install LED lights at customer locations to establish baseline energy usage for a period of approximately 30 days. Such baseline
testing has already been completed (in June/July of 2011) and the testing indicating that the customer would experience savings
of approximately 86.9% per month using the LED lights from the test. The Company used the baseline usage number to create a plan
showing the monetary amount that the customer would be expected to save each month based on the costs noted during the testing
period. Once such baseline usage number was calculated, the parties agreed to a fixed monetary amount due to the Company during
each time period in the contract, such monetary amount to be derived based on the cost savings experienced by the customer during
the testing period. The contract states, among other things, that the fees to be paid to the Company will begin when 85% savings
are achieved and then go down an absolute 5 percentage points per year over the term of the contract. In addition, the contract
requires the customer to pay for installation of the LED lights and also to compensate the Company an amount of approximately 2,200
RMB per light if the lights are stolen or damaged by the customer. The customer is also affirmatively required by the contract
to maintain the LED lights in a manner so that they do not become damaged.
In the LED lighting segment,
the Company entered into an agreement with Komeri Co., Ltd. based in Japan ("Komeri"). Pursuant to the Komeri agreement,
Komeri may order various LED lighting products from Guoning, subject to specific terms regarding prices, minimum order quantities
and other customary product sale and purchase terms and conditions.
Strategic Partners and Suppliers
The Company believes that
strategic partnerships will be a major component of the Company's operating strategy and path to success. The Company hopes
to work with several strategic partners in important areas of its business and operations. The Company is attempting to build relationships
with key manufacturers and suppliers from whom the Company will obtain materials, equipment and systems that are necessary for
the Company to build its products. The most important components acquired by the Company will be screens, printed circuit boards,
casing equipment and power boards. The Company anticipates that most of its key suppliers will be located in the People's
Republic of China.
As a
lean organization that strongly believes in outsourcing and collaboration with strategic partners, the Company also plans
to heavily rely upon third parties to help distribute products on behalf of the Company. These relationships would offer the
Company targeted expertise in particular market segments and geographies and allow the Company the ability to work with
a dedicated business partner without the need for establishing a large operating overhead. Similarly, the Company plans
to build strategic relationships with customer service and technical support organizations that will assist the Company
in providing quality service and support to end customers.
The Company is
entering into a strategic partnership with China Pacific Insurance to purchase quality insurance, theft insurance, natural
disaster insurance such as thunder insurance. The Company also has a long-term cooperative relationship with the cyber source
provider Alibaba.
A key supplier of the Company
is Cree, which has a strategic supply relationship with the Company to provide LED light bulbs. Cree was established in July 1987,
a world leading LED manufacturer. Cree is market leading innovator in lighting level LED, LED lighting and the field of wireless
and power adaptor solution. Other component such as integrated adjustable constant current drive power system is imported from
Germany. All of the above quality core component suppliers provide a solid foundation for production of quality products.
As a developer and distributor
of electrical technology, the Company plans to enter into various licensing, co-development and technology collaboration agreements
with developers and owners of the underlying technology. Under these contemplated arrangements, the Company would typically gain
the right to commercialize various products and/or technologies jointly developed and/or owned by the other party. Each such arrangement
will vary and will have its own economic and commercial terms.
The Company also has an
18-year manufacturing agreement with Guangdong Dongguan Juyang Electronics Limited Company to manufacture LED lights.
Joint Development Agreement
In September 2011, the
Company entered into a Joint Development, Customization and Equity Allocation Contract on LED Advertising Lamp ("LED Development
Agreement") with Dongguan Living Style Enterprises Limited ("Dongguan"). Under the LED Development Agreement,
Guoning can order product units from Dongguan and pre-agreed prices on a defined timeline of anticipated product acquisitions.
The LED Development Agreements
provides that research and development expenses are spent by Dongguan. Further, Dongguan invested to, and granted to, Guoning,
with the product patent right, trademark right, software copyright and the domestic marketing exclusivity right. In consideration,
Dongguan will be granted 10 million shares in Guoning when such patent rights are received by Dongguan and then duly available
to Guoning.
Dongguan is obligated to
provide product maintenance for free for five years and product changes service because of the quality issues. In the warranty
period, if the equipment is faulty, because of product quality issues, it should be changed by Dongguan without charge. If it is
caused by artificial reason, Dongguan will provide services and charge for material expense. Guoning shall prepay RMB 10 million
to Dongguan in respect of production lamps to be produced. For the lamp in this design, when Guoning's delivery quantity
exceeds 200,000 lamps, Guoning should deduct in the follow-up orders of 500,000 lamps at average (deduct RMB 20 per lamp) until
the deductions from the deposit are complete.
Marketing Strategy
The Company has conducted
limited advertising and marketing to date as the primary focus of the Company since inception has been to concentrate on its sales
and marketing research and development efforts. The Company has, however, given substantial attention to constructing the marketing
strategy and plans that it will use once its products enter the market.
The Company eventually
anticipates a significant budget and need for marketing activities. The primary focus of marketing campaigns will be designed to
help the Company find new customers and to increase awareness of the Company's ability to offer its products.
The Company plans to employ
a multi-pronged marketing strategy. First, the Company will establish an LED floodlight research and development center. Second,
the Company plans to build upon into strategic partnership with its suppliers. Third, the Company plans to maintain the latest
technology and conduct research based on real market conditions to ensure application of products. Fourth, the Company plans to
build its brand by finding opportunities to present the brand in a favorable light, such as during non-profit events. And, fifth,
the Company plans to implement a comprehensive marketing system as set forth below.
The marketing system is
built upon precise marketing by utilizing each branch's connection and precise marketing strategy to reach advertising agencies
and their key decision makers. In addition, the Company will establish advertising lighting remote monitoring systems. These systems
will provide not just lighting monitoring, theft monitoring, climate advertising monitoring and traffic flow monitoring functions.
New projects will be generated from information resources to generate extra income.
Marketing Plan
The general marketing plan
of the LED lighting products of the Company is based on the following factors: network marketing, e-commerce, telephone sales,
setting up distribution channels, developing of regional agents and other means to promote sales. At the same time, the Company
plans to establish a global sales network.
The Company also plans to utilize a promotions
and public relations strategy consisting of the following:
1. Series of products are
mainly promoted by "one on one" terminal professional publicity.
2. Specialized series of
lighting for the flagship products, highlighting the display of terminal illumination application.
3. Let dealers of the enterprise
competitors know the point of interest of brand growth by a comprehensive specialized products combination.
4. Participating in model
national projects with large-scale influence to expand the publicity of professional lighting.
Operations
The Company plans to employ
an outsourced manufacturing model. Accordingly, manufacturing and assembly of electronics products (such as televisions) will be
conducted by contract manufacturers, which the Company projects will be primarily located in China and other parts of Asia. In
addition, the Company plans to work with service partners who can provide outsourced customer service and technical support on
behalf of the Company to customers who purchase the Company's products.
Revenues
Since its inception, Guoning
has focused its efforts on conducting market research and development, and has devoted little attention or resources to actual
sales and marketing or generating near-term revenues and profits. The Company has limited revenues to date and has not realized
any profits as of yet. In order to succeed, the Company needs to develop a viable strategy to market and distribute its products
to end customers. To date, the Company has developed a market strategy that it believes will lead to near-term revenues for sale
of lighting sets and lamps to targeted regions in China.
During 2011, Guoning entered
into an EMC sales contract and an LED product sales contract.
THE COMPANY
Variable Investment Entity Structure
On October 26, 2011, the
shareholders of Guoning entered into a set of variable investment entity agreements ("VIE Agreements") with Greenpower
BVI. The VIE Agreements specify, among other things, that: (1) Greenpower BVI will provide Guoning with guidance and instructions
on daily operations, financial management and employment issues; (2) Greenpower BVI shall have the right to appoint or remove Guoning's
directors and officers; (3) Guoning will pledge its accounts receivable and of its assets to Greenpower BVI; (4) Guoning will not
sell, assign, transfer or encumber any assets or interests value at 100 RMB or more, without the written consent of Greenpower
BVI; and (5) Guoning will pay 100% of its net revenue to Greenpower BVI for each fiscal year during the term. The term of the foregoing
provisions is for 100 years and may be extended at the option of Greenpower BVI for an additional 100 years. In connection with
the VIE Agreements, Guoning also granted an irrevocable power of attorney to Greenpower BVI specifying that the latter shall have
full authority to act as the former's attorney in fact for any and all lawful purposes.
The VIE Agreements also
grant an exclusive option to Greenpower BVI to purchase any or all of the equity interest in Guoning at any time in next 100 years
(subject to extension for an additional 100-year term by Greenpower BVI). In addition, pursuant to the VIE Agreements, all of the
shareholders of Guoning have pledged all of their equity interests in Guoning to Greenpower BVI for a term of 100 years (subject
to extension for an additional 100-year term by Greenpower BVI). Further, all of the shareholders of Guoning also executed an irrevocable
proxy granting Greenpower BVI the right to exercise all of the voting rights in Guoning in the place and stead of the Guoning shareholders.
The term of the proxy is for 100 years, subject to extension for an additional 100 years at the option of Greenpower BVI.
On February 6, 2012, in
conjunction with the VIE Agreements, each shareholder of Guoning entered into an exclusive option agreement that allows Greenpower
BVI to purchase additional shares of Guoning.
On February 6, 2012, in
conjunction with the VIE Agreements, Greenpower BVI and Guoning entered into an exclusive business cooperation agreement that provides
that Greenpower BVI shall be the exclusive service provide to Guoning and will provide complete technical support, business support
and related consulting services. In consideration for such services, Greenpower BVI is entitled to receive fees equal to 100% of
the net income of Guoning, such fees being due and payable on a monthly basis. Greenpower BVI also has exclusive and proprietary
rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance
of the agreement, including, but not limited to, copyrights, patents, patent applications, software, technical secrets, trade secrets
and others.
On February 6, 2012, in
conjunction the exclusive business cooperation agreement and the VIE Agreements, each shareholder entered into a pledge agreement
to ensure that Guoning fully performs its obligations under the exclusive business cooperation agreement. Each shareholder pledged
to Greenpower BVI all of the shareholders' equity interest in Guoning as security for the performance of that agreement by
Guoning.
The Company may consider
an alternate structure or amendments to the VIE Agreements based on the formation of a wholly foreign owned entity in China. Such
amendments would affect Guoning and Greenpower BVI as subject entities that are involved in the VIE Agreements.
Employees and Organization
Greenpower Delaware presently
has two employees, both of whom are executive officers of Greenpower Delaware.
Guoning presently has approximately
51 employees across its organization, in sales and marketing, service, finance and strategic development.
Each of the employees is
full-time and receives a monthly salary and other benefits (as are required pursuant to applicable Chinese law). All employees
are provided access to Company health plans, 401(k)-type endowment plans, unemployment insurance provisions and housing allowances,
as is required in each instance by applicable Chinese law. In addition, certain employees receive group life insurance benefits
through the Company.
Guoning also has 34 independent
contractors who have been engaged to provide services at remote branch locations. Each of these branches has two contractors who
operate from such branch location. The contractors are typically charged with sales and marketing activities and may earn commissions
for their efforts. In addition, certain contractors may perform LED light installation or other field work for the Company.
The Company is internally
organized along four principal departments, as described below.
Sales and Marketing: With
respect to Sales, this department consists of direct customer sales representatives and showroom sales personnel. In regard to
Marketing, this department consists of market development professionals tasked with developing new markets and customers and with
advertising employees responsible for the overall advertising and promotions of the Company.
Service: This department
consists of customer service representatives who work with existing customers and quality control professionals who monitor the
quality of the Company's products and services as well the overall quality of the operations of the Company.
Finance: The finance organization
resembles a traditional finance department, including accounting, risk management and contract management. The department also
audits customer energy usage and manages accounts payable and receivable.
Strategic Development:
This department consists of human resources, information technology, research and development related to new products and services,
and investor relations.
Property
The corporate headquarters
of the Company are located in Rosemead, California.
The operating headquarters
of the Company through Guoning are located in Shenzhen, Guangdong Province, China. The Company leases there an office building
with approximately 5,000 square feet of space. Currently, approximately 50 employees work from such location. The Company would
like to obtain larger office space, but is currently in a three year lease with a cost of approximately 20,000 RMB per month.
Guoning also leases an
office/warehouse consisting of approximately 3,000 square feet. This facility normally has three employees and is used to store
promotional material and temporary storage of products for local delivery. The lease cost of this facility is approximately 1,500
RMB per month.
Guoning also has 17 affiliate
offices that are typically leased office spaces that are about 100 square meters and each staffed with two independent contractors.
These offices are located in the following provinces: Guangdong, Guizhou, Hainan, Hunan, Jiangsu, Neimenggu, Shandong, Shanxi,
Shanghai, and Sichuan. Each of the offices is located in a small physical facility and is staffed with independent contractors.
The affiliates are registered with local authorities and licensed to do business under the name of Mr. Zhang, who is the Chairman
of the Board. Guoning maintains control of the business licenses allowing such affiliates to operate, but typically they are staffed
with contractors instead of employees of Guoning.
Subsidiaries
Greenpower BVI is a wholly
owned subsidiary of the Company. The Company has no other subsidiaries, except that Guoning will be consolidated for purposes of
the Company's accounting. Greenpower BVI has management and voting control over Guoning, which comprises the core operations
of the Company.
Summary Financial Information
The statements of operations
data for the annual periods ending December 31, 2010 and December 31, 2009, respectively, and the balance sheet data at September
30, 2011, are derived from Guoning's audited financial statements and related notes thereto. As the Company had no operations
or specific business plan until the Acquisition, the information presented below is with respect to Guoning, which is controlled
by Greenpower BVI (which was acquired by the Company in February 2012 through the Acquisition). Additional information is incorporated
by reference to the Registration Statement on Form S-1 concurrently filed.
Period ending on
Period ending on
Period ending on
September 30, 2011
December 31, 2010
December 31, 2009
(unaudited)
Statement of operations data
Net sales
$
47,685
$
43,417
$
38,881
Operating loss
$
(205,847
)
$
(1,338
)
$
(527
)
Net loss from continuing operations
$
(206,438
)
$
(1,301
)
$
(418
)
Net loss
$
(208,355
)
$
(65,921
)
$
(8,224
)
Foreign current translation adjustment
$
46,038
$
11,843
$
(273
)
Net comprehensive loss
$
(162,317
)
$
(54,078
)
$
(8,517
)
At September 30,
2011
At December 31,
2010
At December 31,
2009
(unaudited)
Balance sheet data
Cash and cash equivalents
$
1,787,243
$
297,205
$
3,053
Other assets
$
983,204
$
536,973
$
517,581
Total assets
$
2,770,447
$
834,178
$
520,634
Total liabilities
$
89,913
$
491,117
$
123,495
Total stockholders' equity
$
2,680,534
$
343,061
$
397,139
Management's Discussion and Analysis of
Financial Condition and Results of Operations
This section is incorporated
by reference to the Registration Statement on Form S-1 concurrently filed.
Management
The following table sets
forth information regarding the members of the Company's board of directors and its executive officers. Also, listed below
are certain key members of the Guoning management team:
Name
Age
Position
Year Commenced
Jiong Zhang
43
Chairman of the Board
2011
Yong Luo
48
Director
2011
Xiaoping Liu
48
Chief Executive Officer and Director
2011
Hui Li
44
Chief Financial Officer
Mu Qing Wang
49
Chief Supervisor of Guoning
Ling Yu Zhou
34
Supervisor, Guoning Research
Jiang Li Wu
33
Financial Manager of Guoning
Wen Feng Zhao
35
General Manager of Business Development Department
Jiong Zhang
Jiong Zhang serves as the
Chairman of the Board of Directors of the Company. He is also currently the Chairman of the Board of Guoning. Mr. Zhang was the
founder of Muren, a predecessor to Guoning. Mr. Zhang has been involved in the development and production of LED smart energy saving
lighting and is very familiar with the industry and its market. Mr. Zhang graduated from Hunan (China) Institute of Finance and
Economics.
Yong Luo
Yong Luo serves as a member
of the Board of Directors of the Company, and was formerly Chief Financial Officer for the Company. Mr. Luo has more than 15 years
of experience in marketing, management and business operations. He was instrumental in the development and use of a caller ID telephone
for Shenzhen Kang Meisi Communication Co., Ltd. which the company attributes to significantly impacting a large increase in its
production value. He is also currently the Chairman of the Board of Global Lock Safety (International) Group Co., Ltd. Under his
direction and control, Global Lock Safety (International) Group Co., Ltd. was successfully listed on the London Stock Exchange
in 2011. He is also currently a member of the Board of Directors of Guoning. Mr. Luo graduated from Hunan (China) Hengyang Normal
University.
Xiaoping Liu
Xiaoping Liu serves as
the Chief Executive Officer and a Director of the Company. Mr. Liu is also the Managing Director of Guoning. After retiring from
serving as a general manager of a government owned company, Mr. Liu founded a culture communication company. As a corporate planner,
Mr. Liu has consulted with many companies and successfully planned and marketed several famous brand names such as "Haier
Products Marketing plans""Chain of Cooperative Planning and Program of Qingdao Beef Company" and "China Rural
Credit Cooperative Association". Mr. Liu is currently the Chief Executive Officer of Guoning. Mr. Liu graduated from Hunan
(China) Communication Polytechnic.
Hui Li
Hui Li serves as the Chief
Financial Officer of the Company. Prior to that, she was the Manager of Finance at Shenzhen Huali Pharmaceutical Co., Ltd. during
2006 to 2011. Previously, from 1996 to 2006, she was with Shenzhen Tongren, a public accounting firm, as the audit project manager,
who is charged with audit planning, on-site audit process control and audit report issuance. Formerly, Ms. Li was with Hainan Sanya
Hexi Urban Credit Cooperatives as a Manager of the Financial Department during 1993 to 1996. Prior to that, from 1989 to 1993,
she worked as an accountant at Hunan Xiangtan Bureau of Grain. Ms. Li graduated from Hunan Institute of Finance and Economics in
1989, has a Bachelor degree of Economics, and obtained CPA in China in 1994.
Mu Qing Wang
Mu Qing Wang serves as
Chief Supervisor of Guoning, in charge of strategic planning and management of the Company. He is also currently the Director of
Chinese Region of Asian industry fund center (Hong Kong) and chief research analyst and editor of Industry Intelligence. He has
thirty years of work experience among various fields in software development, high-tech product trading, management consultancy
(strategic management, membership service), capital operation and industry education. He was graduated from Beijing University,
majoring in technology information.
Ling Yu Zhou
Ling Yu Zhou serves as
Supervisor of the Guoning Research team. His key responsibility is to maintain the leadership in technology and ensure the establishment
of product quality management system. He previously worked in core technology development for LED Lamp for General Electrics. He
performed substantial experiences in LED technology and research, mastered advanced LED product information, and managed to tackle
several technology research topics. He obtained his doctorate degree in electronics commerce research from Business School of Chinese
University of Hong Kong, and master degree in engineering from Taiwan University.
Jiang Li Wu
Jiang Li Wu serves as Financial
Manager of Guoning, and is in charge of corporate financial management. She has comprehensive knowledge in financial management
and is experienced in accounting practices, financial and taxation regulations, financial analysis and financial planning, and
budget planning and cost control model building.
Wen Feng Zhao
Wen Feng Zhao serves as the General Manager
of Business Development Department of Guoning. He has fifteen years of experience in corporate management and project management,
and worked in operations management for several public companies. He was graduated from Sustaining Educational School of Beijing
Normal University, majoring in marketing and management decision.
Director Independence
Pursuant to Rule 4200 of
The NASDAQ Stock Market one of the definitions of an independent director is a person other than an executive officer or employee
of a company. The Company's Board of Directors has reviewed the materiality of any relationship that each of the directors has
with the Company, either directly or indirectly. Based on this review, the Board has determined that there are no independent directors
at the present time.
Committees and Terms
The Board of Directors
has not established any committees of the Board.
Legal Proceedings
There are currently no
pending, threatened or actual legal proceedings in which the Company is a party.
Employment Agreements
Greenpower Delaware does
not have any outstanding employment agreements with its officers or employees.
Guoning has entered into
employment agreements with certain of its employees and officers, including three to six year employment contracts that include
monthly compensation and deferred compensation.
Anticipated Officer and Director Remuneration
Greenpower Delaware intends
to pay annual salaries to all of its employees and an annual stipend to its directors when, and if, it completes a primary public
offering for the sale of securities (i.e. a public offering raising capital for the Company). At such time, the Greenpower Delaware
anticipates offering cash and non-cash compensation to other employees and directors. In addition, the Company may also offer additional
benefits to employees in its sole and absolute discretion.
Security Ownership of Certain Beneficial
Owners and Management
The following table sets
forth information as of the date of this regarding the beneficial ownership of the Company's common stock by each of Greenpower
Delaware's executive officers and directors, individually and as a group and by each person who beneficially owns in excess
of five percent of the common stock after giving effect to any exercise of warrants or options held by that person.
Number of Shares of
Percent of
Name/Position
Common Stock
Class (1)
Jiong Zhang
Chairman of the Board
5,973,600
28
%
Yong Luo
Director
4,840,000
23
%
Xiaoping Liu
Chief Executive Officer; Director
4,840,000
23
%
Hui Li
Chief Financial Officer
0
0
%
Lili Bell
5955 N. Walnut Grove Ave
San Gabriel, CA 91775
1,300,000
6
%
Moxiang Li
6Third Alley, Daliang Village
Buji St., Longgang District
Shenzhen, Guangdong Province
China
1,000,000
5
%
Difan Zhong
2, 15 1-4 Shimatou Yuhu District
Xiangtan, Hunan Province
China
1,000,000
5
%
Total owned by officers and directors
(4 persons)
15,653,600
75
%
(1) Based upon 21,000,000 shares outstanding
as of the date of this report.
Risk Factors
The Company has limited revenues to date
from its new LED business.
The Company has generated
minimal revenues to date from its new LED business. To date, most of management's time, and the Company's limited resources
have been spent in developing strategy, researching potential opportunities, contacting partners, exploring marketing contacts,
establishing operations and management personnel and resources, preparing its business plan and model, selecting professional advisors
and consultants and seeking capital for the Company.
The Company's independent auditors
have issued a report raising a substantial doubt about the Company's ability to continue as a going concern.
In their audited financial
report, the company's independent auditors have issued a comment that unless the Company is able to develop and market its
products or obtain financing from other sources, there is a substantial doubt about its ability to continue as a going concern.
The Company has not sold any meaningful
quantity of products in its new LED business to date.
Since the inception of
its new LED business, the Company has heretofore not sold any meaningful quantity of products, other than sales made in late 2011
to one customer.
No assurance of commercial feasibility or
success.
Even if the Company can
successfully develop a strategy to market and sell its products or services, there can be no assurance that such products or services
will have any commercial advantages. Also, there is no assurance that the products will perform as intended in the marketplace
or that the Company's sales and marketing strategy will be successful.
The Company has limited operating history
since commencing its new LED business and EMC business, and as such, it is difficult to assess the Company's profitability
or performance.
Because the Company has
limited operating history in its new LED or EMC business, it is impossible to assess the performance of the Company or to determine
whether the Company will meet its projected business plan. The Company has limited financial results upon which to judge its potential.
As a company emerging from the development-stage, the Company may in the future experience under-capitalization, shortages, setbacks
and many of the problems, delays and expenses encountered by any early stage business.
The Company has a small financial and accounting
organization. Being a public company strains the Company's resources, diverts management's attention and affects its ability
to attract and retain qualified officers and directors.
As a reporting company, the Company is already subject to the reporting requirements of the Securities Exchange
Act of 1934. However, the requirements of these laws and the rules and regulations promulgated thereunder entail significant accounting,
legal and financial compliance costs which are potentially prohibitive to the Company as it develops its business plan, products
and scope. These costs have made, and will continue to make, some activities more difficult, time consuming or costly and may place
significant strain on its personnel, systems and resources.
The Securities Exchange
Act requires, among other things, that companies maintain effective disclosure controls and procedures and internal control over
financial reporting. In order to maintain the requisite disclosure controls and procedures and internal control over financial
reporting, significant resources and management oversight are required. As a result, management's attention may be diverted
from other business concerns, which could have a material adverse effect on the development of the Company's business, financial
condition and results of operations.
These rules and regulations
may also make it difficult and expensive for the Company to obtain director and officer liability insurance. If the Company is
unable to obtain adequate director and officer insurance, its ability to recruit and retain qualified officers and directors, especially
those directors who may be deemed independent, will be significantly curtailed.
The Company has little experience in commercializing
products
.
The Company has little
experience in commercializing products and managing a public company. Such lack of experience may result in the Company experiencing
difficulty in adequately operating and growing its business. Further, the Company may be hampered by lack of experience in addressing
the issues and considerations which are common to growing product companies. If the Company's operating or management abilities
consistently perform below expectations, the Company's business is unlikely to thrive. In addition, although the Company
is already a reporting company, the Company's lack of experience may result, in spite of the successful product development
and commercialization, in difficulty in managing the operations and finances of a public company.
The Company entered its first EMC contract
only in late September 2011.
The Company only recently entered into its
first EMC contract and has not yet fully performed the entire agreement. Although the Company delivered LED equipment and set up
the EMC relationship with this customer, there is no certainty that the Company can perform satisfactorily during the duration
of the entire contract term. If the Company is unable to complete its performance, it will not receive the revenues expected and
such incomplete performance may hinder its ability to enter into any similar contracts or arrangements in the future.
EMC/EPC is still a new model and remains
broadly untested.
While the EMC/EPC business and service model
holds promise, the model is still not firmly established in the marketplace. It is possible that customers may not adopt this model
and/or the Company's service offering.
The Company may not be able to adequately
track energy usage metrics under its EMC contracts.
The long-term success and viability of the
EMC programs depends to a great degree on the ability of the Company to track and monitor usage, and perform audits where necessary.
If the Company is unable to perform such tracking or has systems and processes in effect that make such tracking auditing difficult,
the EMC business may be difficult for the Company to effectively manage.
The Company may not accurately assess baseline
energy amounts or unforeseen circumstances may render baseline forecast outdated or obsolete.
In its EMC/EPC customer agreements, the Company
is expected to derive revenues based on energy savings achieved over baseline amounts calculated by the Company. If the Company
improperly estimates baseline amounts or if energy costs, usage or other external factors result in a customer not achieving energy
savings, the Company may not receive revenues from such customer even though the Company has attempted in good faith to perform
the contract with the customer.
The EMC/EPC model is a contingent compensation
model that links the Company's fees and compensation to achievement of energy savings in the future.
The EMC/EPC model is a
contingent compensation model in that the Company typically earns fees based on performance in future periods. If energy savings
are not achieved, whether due to reasons in the Company's control or external factors, the Company may not receive compensation
(or may receive compensation less than expected) and ultimately may not be profitable even though it has entered into customer
contracts in the EMC line of business.
ITEM 3.02 Unregistered Sales of Equity Securities
Recent Sales of Unregistered Securities
The Company has issued
the following securities in the last three (3) years. Such securities were issued pursuant to exemptions from registration under
Section 4(2) of the Securities Act of 1933, as amended, as transactions by an issuer not involving any public offering, as noted
below. Each of these transactions was issued as part of a private placement of securities by the Company in which (i) no general
advertising or solicitation was used, and (ii) the investors purchasing securities were acquiring the same for investment purposes
only, without a view to resale.
Date
Name
Number of Shares
April 20, 2011
Tiber Creek Corporation
10,000,000 (9,750,000 Redeemed)
April 20, 2011
MB Americus, LLC
10,000,000 (9,750,000 Redeemed)
On October 31, 2011, the
Company, as part of its change in control, issued 10,500,000 shares of its common stock to 50 all of whom except one are residents
of the People's Republic of China. Such securities were issued pursuant to exemptions from registration under Section 4(2) of the
Securities Act of 1933, as amended, as transactions by an issuer not involving any public offering.
On February 10, 2012, the
Company issued an aggregate of 10,000,000 shares to 50 shareholders of Greenpower International Group Limited, a company incorporated
in the British Virgin Islands through the exchange of such 10,000,000 shares of voting common stock of Greenpower Delaware for
all the outstanding shares of Greenpower BVI at an exchange ratio of 200 shares of Greenpower Delaware for each share of Greenpower
BVI. All the shareholders, except one, of Greenpower BVI are residents of the People's Republic of China.
ITEM 5.02 Departure of Directors or Certain
Officers
The former Chief Financial
Officer Yong Luo has been replaced with Hui Li. Mr. Yong remains as a director of the Company.
ITEM 5.06 Change in Shell Company Status
The Company has acquired
Greenpower BVI which has a defined business plan and has commenced operations.
ITEM 9.01 Financial Statements and Exhibits
The
financial statements for the years ended December 31, 2009 and 2010 and for the period ended September 30, 2011 for the
Company and Greenpower BVI as well as well as those for Shenzhen Guoning New Energy Investment Co. are incorporated by
reference to the Company's registration statement filed on Form S-1.
Exhibits
2.1
Stock exchange agreement
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunder duly authorized.
GREENPOWER INTERNATIONAL GROUP LIMITED
Date: February 13, 2012
/s/ Xiaoping Liu
Chief Executive Officer