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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>UNITED
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      AND EXCHANGE COMMISSION</strong></font></div>
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      D.C. 20549</strong></font></div>
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      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</strong></font></div>
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      EXCHANGE ACT OF 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Date
      of
      earliest event reported)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>February
      23, 2006</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman"><strong>QORUS.COM,
      INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in charter)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Florida</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      or
      other Jurisdiction of Incorporation or Organization)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File Number)</font></div>
            </td>
            <td valign="top" width="34%">&#160;</td>
            <td valign="top" width="33%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer Identification No.)</font></div>
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    <div align="left">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>936A
        Beachland Boulevard, Suite 13 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Vero
        Beach, FL 32963 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of Principal Executive Offices and zip code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>(772)
      231-7544</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
      telephone</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">number,
      including area code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>N/A</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
      Name or Former Address, if Changed Since Last Report)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of registrant under any of the following
      provisions:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>&#160;Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>&#160;Soliciting
      material pursuant to
      Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>&#160;Pre-commencement
      communications
      pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>&#160;Pre-commencement
      communications
      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Safe
      Harbor Statement under the Private Securities Litigation Reform Act of
      1995</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Information
      included in this Form 8-K may contain forward-looking statements within the
      meaning of Section 27A of the Securities Act and Section 21E of the Securities
      Exchange Act of 1934, as amended (the "Exchange Act"). This information may
      involve known and unknown risks, uncertainties and other factors which may
      cause
      the actual results, performance or achievements of Qorus.com, Inc. (&#8220;Qorus&#8221;) and
      Shiming (Cayman) Co., Ltd. and its affiliates (&#8220;Shiming&#8221;) to be materially
      different from future results, performance or achievements expressed or implied
      by any forward-looking statements. Forward-looking statements, which involve
      assumptions and describe the Qorus&#8217; and Shiming&#8217;s future plans, strategies and
      expectations, are generally identifiable by use of the words "may," "should,"
      "expect," "anticipate," "estimate," "believe," "intend" or "project" or the
      negative of these words or other variations on these words or comparable
      terminology. Forward-looking statements are based on assumptions that may be
      incorrect, and there can be no assurance that any projections or other
      expectations included in any forward-looking statements will come to pass.
      Qorus&#8217; and Shiming&#8217;s actual results could differ materially from those expressed
      or implied by the forward-looking statements as a result of various factors.
      Except as required by applicable laws, Qorus undertakes no obligation to update
      publicly any forward-looking statements for any reason, even if new information
      becomes available or other events occur in the future.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section
      1 - Registrants&#8217; Business and Operations</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01 Entry into a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      February 23, 2006, Qorus.com, Inc., a Florida corporation ("Qorus"), entered
      into an Exchange Agreement (&#8220;Exchange Agreement&#8221;) with Shiming (Cayman) Co.,
      Ltd., an Exempted Company incorporated in the Cayman Islands with limited
      liability (&#8220;Shiming&#8221;), each of the equity owners of Shiming (the &#8220;Shiming
      Shareholders&#8221;), and Keating Reverse Merger Fund, LLC, a Delaware limited
      liability company (&#8220;KRM Fund&#8221;). Under the terms of the Exchange Agreement, Qorus
      will, at closing, acquire all of the outstanding capital stock and ownership
      interests of Shiming (the &#8220;Interests&#8221;) from the Shiming Shareholders, and the
      Shiming Shareholders will transfer and contribute all of their Interests in
      Shiming to Qorus. In exchange, Qorus will issue to the Shiming Shareholders
      4,250,214 shares of Series A Convertible Preferred Stock, par value $0.01 per
      share, of Qorus ("Preferred Shares"), which shall be convertible into
      531,276,750 shares of Qorus&#8217; common stock (&#8220;Conversion Shares&#8221;). The issuance of
      the Preferred Shares and, upon conversion, the shares of Qorus common stock
      underlying the Preferred Shares, to the Shiming Shareholders is intended to
      be
      exempt from registration under the Securities Act of 1933, as amended (the
      &#8220;Securities Act&#8221;), pursuant to Regulation S promulgated thereunder. A copy of
      the Exchange Agreement is included as an Exhibit to this Current Report and
      is
      hereby incorporated by this reference. All references to the Exchange Agreement
      and other exhibits to this Current Report are qualified, in their entirety,
      by
      the text of such exhibits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shiming
      currently owns 100% of Shiming (Xi&#8217;an) Enterprise Management &amp; Consulting
      Co., Ltd. (&#8220;Xi&#8217;an&#8221;), a wholly foreign owned enterprise under the laws of the
      Peoples&#8217; Republic of China (&#8220;PRC&#8221;). Prior to the closing of the exchange
      transaction, Xi&#8217;an, Shaanxi Shiming Science &amp; Technology Joint Stock Co.,
      Ltd. (&#8220;Shaanxi Shiming&#8221;), a joint stock limited liability company formed under
      the laws of the PRC, and the Shaanxi Shiming shareholders will enter into a
      series of agreements whereby Xi&#8217;an shall agree to advise, consult, manage and
      operate Shaanxi Shiming&#8217;s business in consideration for Shaanxi Shiming&#8217;s
      payment of all of its net profits to Xi&#8217;an including, without limitation, a
      Consulting Services Agreement (&#8220;Consulting Agreement&#8221;) and an Operating
      Agreement (&#8220;Operating Agreement&#8221;). In addition, Xi&#8217;an, Shaanxi Shiming and the
      Shaanxi Shiming shareholders will enter into a series of agreements under which
      voting control over the outstanding shares of Shaanxi Shiming will be vested
      in
      Xi&#8217;an and its board of directors including, a Power of Attorney, Shareholders&#8217;
Voting Rights Proxy Agreement and Covenant Not to Sue (&#8220;Power of Attorney&#8221;) and
      a Shareholders&#8217; Voting Rights Proxy Agreement (&#8220;Proxy Agreement&#8221;). Prior to
      closing of the exchange transaction, Shaanxi Shiming and the Shaanxi Shiming
      shareholders will grant Xi&#8217;an the exclusive right and option to acquire all of
      their shares of Shaanxi Shiming or all of the assets of Shaanxi Shiming (&#8220;Option
      Agreement&#8221;). Collectively, the Consulting Agreement, Operating Agreement, Option
      Agreement, Power of Attorney and Proxy Agreement are referred to herein as
      the
&#8220;Restructuring Agreements.&#8221; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the execution of the Exchange Agreement, Qorus, Xi&#8217;an and
      Shaanxi Shiming entered into a Guarantee and Assumption Agreement (&#8220;Guarantee
      Agreement&#8221;), under which Xi&#8217;an and Shaanxi Shiming have agreed to be jointly and
      severally liable with Shiming and the Shiming Shareholders for each and every
      obligation and liability of Shiming and the Shiming Shareholders under the
      Exchange Agreement as if it were a party to the Exchange Agreement. A copy
      of
      the Guarantee Agreement is included as an Exhibit to this Current Report and
      is
      hereby incorporated by this reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      the
      closing of the exchange transaction, Qorus intends to file a Current Report
      on
      Form 8-K announcing the closing of the exchange transaction and will include
      proper disclosures required under Item 1.01 with respect to the Restructuring
      Agreements, with each of the foregoing agreements being included as Exhibits
      in
      such Current Report. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
      completion of the exchange transaction, Shiming will become a wholly-owned
      subsidiary of Qorus. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Qorus
      is
      presently authorized under its Articles of Incorporation to issue 50,000,000
      shares of common stock, par value $0.001 per share, and 5,000,000 shares of
      preferred stock, par value $0.01 per share. Of the 5,000,000 shares of preferred
      stock authorized, 5,000,000 shares will be designated as Series A Convertible
      Preferred Stock pursuant to Articles of Amendment to the Articles of
      Incorporation of Qorus.com, Inc. (&#8220;Articles of Amendment&#8221;), which is to be
      approved by Qorus&#8217; board of directors, and filed with and accepted by, the
      Secretary of State of the State of Florida prior to the closing of the exchange
      transaction (the &#8220;Closing&#8221;). </font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of the
      date of this Report, Qorus has 49,184,800 shares of its common stock issued
      and
      outstanding (which includes 3,010,000 shares of common stock issued and held
      in
      treasury, which is to be cancelled prior to the Closing) and no shares of
      preferred stock issued and outstanding. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      the
      terms of the Exchange Agreement, all of the outstanding Interests of Shiming
      will be exchanged for 4,250,214 Preferred Shares of Qorus. Each Preferred Share
      will be convertible into 125 shares of Qorus common stock (the &#8220;Conversion
      Rate&#8221;). The Preferred Shares will immediately and automatically be converted
      into shares of Qorus common stock (the &#8220;Mandatory Conversion&#8221;) upon the approval
      by a majority of Qorus&#8217; stockholders (voting together on an
      as-converted-to-common-stock basis), following the exchange transaction, of
      an
      increase in the number of authorized shares of Qorus&#8217; common stock from
      50,000,000 to 300,000,000, a 1 for 3 reverse stock split of Qorus&#8217; outstanding
      common stock (&#8220;Reverse Split&#8221;), and a change of Qorus&#8217; corporate name
      (collectively, the &#8220;Corporate Actions&#8221;). KRM Fund and the Shiming Shareholders
      will enter into a voting agreement (&#8220;Voting Agreement&#8221;) to vote their Qorus
      shares in favor of the Corporate Actions. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      holders of shares of Series A Preferred Stock will be entitled to vote together
      with the holders of the common stock, as a single class, upon all matters
      submitted to holders of common stock for a vote. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      share of Series A Preferred Stock will carry a number of votes equal to the
      number of shares of common stock issuable in a Mandatory Conversion based on
      the
      then applicable Conversion Rate. As such, i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">mmediately
      following the exchange transaction, the Shiming Shareholders will own 92% of
      the
      total combined voting power of all classes of Qorus&#8217; outstanding stock entitled
      to vote.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      Mandatory Conversion of the Preferred Shares, and subject to an adjustment
      of
      the Conversion Rate as a result of the Reverse Split, the Shiming Shareholders
      will, in the aggregate, receive approximately 177,092,253 shares of Qorus&#8217;
common stock, representing 92% of the outstanding shares of Qorus&#8217; common stock
      immediately following the Mandatory Conversion. The existing stockholders of
      Qorus will, following the Mandatory Conversion and Reverse Split, own
      approximately 15,391,601 shares of Qorus&#8217; common stock, representing 8% of the
      outstanding shares of common stock. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accordingly,
      if the exchange transaction closed, and the Mandatory Conversion and the Reverse
      Split occurred, as of the date of this Report, Qorus&#8217; currently outstanding
      common stock (currently 46,174,800 shares) would be converted into 15,391,601
      shares of common stock and would represent 8% of Qorus&#8217; total common stock
      outstanding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the Reverse Split, Qorus&#8217; board of directors may, in its
      discretion, provide special treatment to certain Qorus stockholders to preserve
      round lot holders (i.e., holders owning at least 100 shares) after the Reverse
      Split. In the event Qorus&#8217; board determines to provide such special treatment,
      Qorus stockholders holding 300 or fewer shares of common stock but at least
      100
      shares of common stock will receive 100 shares of common stock after the Reverse
      Split, and persons holding less than 100 shares of common stock would not be
      affected. The terms and conditions of special treatment afforded to Qorus
      stockholders to preserve round lot stockholders, if any, including the record
      dates for determining which stockholders may be eligible for such special
      treatment, will be established in the discretion of Qorus&#8217; board of directors.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      as of the closing of the exchange transaction, and subject to applicable
      regulatory requirements, including the preparation, filing and distribution
      to
      the Qorus stockholders of a Schedule 14(f)-1 Notice to Stockholders at least
      ten
      (10) days prior to the Closing, the existing officers and directors of Qorus
      will resign, and the newly-appointed directors of Qorus will consist of one
      member of Shiming&#8217;s current management, Shiming Wang (Shiming&#8217;s Chairman and
      President), one person who shall have been selected by Shiming Wang and shall
      be
      an independent director, two persons who shall have been selected by Shiming
      Wang and may be either independent or non-independent directors, and one
      independent director to be designated by KRM Fund during the one year period
      following Closing who is acceptable to Shiming Wang (&#8220;KRM Designate&#8221;). The
      Voting Agreement will require KRM Fund and the Shiming Shareholders to vote
      their Qorus&#8217; shares for the above director designees. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shiming
      and Shiming Wang have also agreed that, within ninety (90) days following the
      Closing, Qorus&#8217; board composition shall be in compliance with the rules of the
      American Stock Exchange or NASDAQ as selected by Qorus, whether or not Qorus&#8217;
common stock is listed or quoted, or qualifies for listing or quotation, on
      such
      national exchange. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
      information concerning Shiming Wang and other persons who will serve as Qorus&#8217;
directors following the Closing will be included in the Schedule 14(f)-1 Notice
      to Stockholders which will be filed with the SEC and mailed to stockholders
      at
      least ten (10) days prior to the closing of the exchange
      transaction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      or
      prior to the Closing, pursuant to the terms of the Exchange Agreement, Qorus
      will also enter into a certain financial advisory agreement with Keating
      Securities, LLC (&#8220;Keating Securities&#8221;), a registered broker-dealer, under which
      Keating Securities will be compensated by Qorus for its advisory services
      rendered to Qorus in connection with the exchange transaction. The transaction
      advisory fee will be $250,000. This fee shall be paid in full at the closing
      of
      the exchange transaction. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      condition of the Exchange Agreement, the Shiming Shareholders (other than
      certain persons who received their shares for services provided to Shiming)
      will
      escrow their Preferred Shares received in the exchange transaction (and their
      Conversion Shares upon conversion of the Preferred Shares). In the event, Qorus
      issues shares of common stock or common stock equivalents to investors as part
      of any financing during the one year period following Closing (&#8220;Financing&#8221;), the
      Shiming Shareholders will agree to cancel one share of their Qorus common stock
      or common stock equivalent for each share of common stock or common stock
      equivalents issued in the Financing. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Qorus&#8217;
      completion of the transactions contemplated under the Exchange Agreement are
      subject to the satisfaction of certain contingencies including, without
      limitation, the delivery of U.S. GAAP audited annual, interim reviewed and
      pro
      forma financial information of Shiming (on a consolidated basis with Xi&#8217;an and
      Shaanxi Shiming) acceptable to Qorus, compliance with regulatory requirements,
      the execution of the Restructuring Agreements, execution of a certain
      manufacturing agreement between Shaanxi Shiming and its contract manufacturer
      (&#8220;Manufacturer&#8221;), execution of a technology license agreement between Xi&#8217;an and
      the Manufacturer, compliance with PRC regulatory requirements including SAFE
      requirements, and the filing with and acceptance by the Secretary of State
      of
      the State of Florida of the Articles of Amendment. Consummation of the exchange
      transaction is also conditioned upon, among other things: (i) execution by
      KRM
      Fund and each Shiming Shareholder of the Voting Agreement; (ii) continued
      quotation of Qorus&#8217; common stock on the NASD Over-the-Counter Electronic
      Bulletin Board (&#8220;OTC BB&#8221;); (iii) receipt of all required licenses, permits,
      certificates and approvals by the PRC government authorities; and (iv) delivery
      of legal opinions from Shiming&#8217;s Cayman Island and PRC legal counsels
      satisfactory to Qorus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      directors of Qorus and the managing member of KRM Fund have approved the
      Exchange Agreement, the Guarantee Agreement, and the transactions contemplated
      under the Exchange Agreement. The directors of Shiming have approved the
      Exchange Agreement and the transactions contemplated thereunder. The directors
      of Shiming Shaanxi and Xi&#8217;an have approved the Guarantee Agreement.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      parties expect the closing of the transactions under the Exchange Agreement
      to
      occur on or about April 15, 2006. However, there can be no assurances that
      the
      exchange transaction will be completed. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Exchange Agreement may be terminated as follows: (i) by mutual consent, (ii)
      by
      either party if the exchange transaction is not consummated by April 30, 2006
      ,
      (iii) by either party if the exchange transaction is prohibited by issuance
      of
      an order, decree or ruling, and (iv) by either party if the other is in material
      breach of any representation, warranty, covenant or agreement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kevin
      R.
      Keating is the father of Timothy J. Keating, the principal member of Keating
      Investments, LLC. Keating Investments, LLC is the managing member of KRM Fund,
      which is the majority stockholder of Qorus, and Keating Securities, LLC, the
      registered broker-dealer affiliate of Keating Investments, LLC. Kevin R. Keating
      is not affiliated with and has no equity interest in Keating Investments, LLC,
      KRM Fund or Keating Securities, LLC and disclaims any beneficial interest in
      the
      shares of Qorus&#8217; common stock owned by KRM Fund. Similarly, Keating Investments,
      LLC, KRM Fund and Keating Securities, LLC disclaim any beneficial interest
      in
      the shares of Qorus&#8217; common stock currently owned by Kevin R.
      Keating.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Business
      of Qorus</u></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Qorus
      is
      currently a public &#8220;shell&#8221; company with nominal assets whose sole business has
      been to identify, evaluate and investigate various companies with the intent
      that, if such investigation warrants, a reverse merger transaction could be
      negotiated and completed pursuant to which Qorus would acquire a target company
      with an operating business with the intent of continuing the acquired company&#8217;s
      business as a publicly held entity. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Business
      of Shaanxi Shiming</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the Exchange Agreement, Qorus intends to acquire 100% of the capital stock
      of
      Shiming (Cayman) Co., Ltd. (&#8220;Shiming&#8221;), an Exempted Company with limited
      liability formed under the laws of the Cayman Islands on November 18, 2004.
      Shiming formed Shiming (Xi&#8217;an) Enterprise Management &amp; Consulting Co., Ltd.
      (&#8220;Xi&#8217;an&#8221;) as a limited liability company in the PRC on January 20, 2006. Xi&#8217;an
      received its wholly foreign owned enterprise (&#8220;WFOE&#8221;) business license from the
      appropriate PRC government agency on January 20, 2006 and its certificate from
      Shaanxi Branch of the State Administration of Foreign Exchange (&#8220;SAFE&#8221;) on
      February 6, 2006. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming Science &amp; Technology Joint Stock Co., Ltd. (&#8220;Shaanxi Shiming&#8221;) is a
      joint stock limited liability company incorporated in Xi&#8217;an, Shaanxi Province in
      the PRC on October 13, 1999. Shaanxi Shiming was founded by Shiming Nonferrous
      Metal Smelting Co., Ltd. together with Mr. Wang Shiming, CEO and Chairman;
      Baoji
      Shopping Center (Group) Co., Ltd.; Baoguang Group Co., Ltd.; and Xi&#8217;an Geruisi
      Paper Industry Co., Ltd.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
      to
      the closing of the exchange transaction, Xi&#8217;an, Shaanxi Shiming and the Shaanxi
      Shiming shareholders will enter into a series of agreements whereby Xi&#8217;an shall
      agree to advise, consult, manage and operate Shaanxi Shiming&#8217;s business in
      consideration for Shaanxi Shiming&#8217;s payment of all of its net profits to Xi&#8217;an
      including, without limitation, a Consulting Agreement and an Operating
      Agreement. In addition, Xi&#8217;an, Shaanxi Shiming and the Shaanxi Shiming
      shareholders will enter into a series of agreements under which voting control
      over the outstanding shares of Shaanxi Shiming will be vested in Xi&#8217;an and its
      board of directors including, a Power of Attorney and a Proxy Agreement. Prior
      to closing of the exchange transaction, Shaanxi Shiming and the Shaanxi Shiming
      shareholders will grant Xi&#8217;an the exclusive right and option to acquire all of
      their shares of Shaanxi Shiming or all of the assets of Shaanxi
      Shiming.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, Shaanxi Shiming and Yaxun Science &amp; Technology Joint Stock Co.,
      Ltd. (&#8220;Yaxun&#8221;), a company manufactures all of Shaanxi Shiming&#8217;s products, will
      enter into a manufacturing agreement with Shaanxi Shiming to fix the pricing
      and
      payment term, and Shaanxi Shiming and, ultimately Qorus, through the contractual
      arrangements, will have an option to purchase all of the assets of Yaxun at
      book
      value at the time when it deems appropriate. Xi&#8217;an and Yaxun will have
      Technology License Agreement where Yaxun will be granted limited use right
      of
      the technology that Xi&#8217;an obtained from Shaanxi Shiming under the Consulting
      Agreement solely for the purpose of manufacturing the products for Shaanxi
      Shiming. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming is located in Xi&#8217;an City, Shaanxi Province, one of the largest cities in
      western China. Land and labor costs of doing business in Xi&#8217;an are much lower
      than in eastern cities such as Shanghai. Xi&#8217;an also has a Hi-tech Industrial
      Development Zone (XDZ), which was founded in May 1988 and approved as the
      national development zone by the State Council in March 1991. XDZ offers
      preferential policies including exemption and reduction of corporate income
      tax
      and rebates on value-added taxes to attract foreign investment in high-tech
      industries. Shaanxi Shiming is located within the XDZ. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming&#8217;s business consists of research and development, product design,
      marketing and product support, mainly of high speed broadband server hardware
      and multimedia software. End users of its servers include China Mobile, China
      Unicom and Zhuhai TV Broadcasting. Shaanxi Shiming&#8217;s servers are marketed under
      its registered trademark &#8220;SIPS/9000.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming is focused on high internal bandwidth hardware manufacturing. Many
      high-performance servers competing with Shaanxi Shiming&#8217;s products have a
      nominally large system bandwidth but their utilizable bandwidth is far lower
      because actual server efficiency and data transmission speed depends on the
      internal data transmission mechanism. Bottlenecks may occur if data processing
      requests exceed the server&#8217;s internal bandwidth. This often happens, for
      example, when many internet users seek to download video images simultaneously.
      Shaanxi Shiming&#8217;s servers attempt to avoid this bottleneck by using internet
      protocol (IP) processing systems which integrate level 4 cache memory and RAM
      array technology. This ensures that data files that are of the right size (that
      is, not too large), can be directly processed by IP-RAM without passing through
      the central processing unit (CPU). This system also handles strategic routing,
      content exchange, loading balance and flexible bandwidth searching, so that
      request processing efficiency is enhanced.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming&#8217;s technology results in high usability of the internal system bandwidth
      capacity. Its system architecture uses a parallel, modular design, which means
      a
      faulty part can easily be swapped out without requiring the whole server to
      be
      replaced. This also ensures that the system can continue functioning, albeit
      at
      a lower performance level, without crashing; this makes them the right choice
      for delivering 24/7 availability. Shaanxi Shiming offers server configurations
      with available internal bandwidth capacities ranging from 1 gigabyte per second
      (Gbps) to 450 Gbps. If need be, capacity can be doubled by coupling two
      identical SIPS units together.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming&#8217;s systems are compatible with standard IP and other communication
      protocols. Its network interfaces ensure that its servers work easily with
      popular network devices. Its system software layer uses the Linux operating
      system. Shaanxi Shiming&#8217;s systems are easily maintainable - daily maintenance
      can be done through the system terminal or remotely through the network. A
      prospective end user with a legacy Unix based system can switch over to Shaanxi
      Shiming&#8217;s Linux based system at minimal interruption to their
      business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      server product and use markets that Shaanxi Shiming addresses are the
      following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div align="left">
      <table border="1" bordercolor="black" cellpadding="3" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="20%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Type
                of Products</strong></font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Special
                Features</strong></font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Applications</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="justify" valign="top" width="20%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Security-control
                server</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High
                transmission speed</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fast
                response of end-point data collection</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short
                data processing time</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Government&#8217;s
                security departments</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Regional
                security network</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Data
                storage and processing</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="20%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Multi-media
                server</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Huge
                data storage</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Excellent
                for processing video and music data files</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capacity
                for handling 20,000 simultaneous requests for video
                transmission</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capacity
                for 9.8 million users visiting at the same time</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TV
                and radio stations which provide digital video-on-demand or
                music-on-demand </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Internet
                service providers which provide video or radio
                broadcasting</font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="justify" valign="top" width="20%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High-speed
                server</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capacity
                to be used in a system to serve 200,000 users, it can identify a
                particular user with 0.1 seconds and build up a telecommunication
                between
                the host and user.</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provider
                of telecommunication services, internet service providers</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Business
                enterprises requiring high-speed data exchange with its
                users</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="20%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E-commerce
                servers</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High
                speed of handling electronic orders</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Large
                storage for product information</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Business-to-consumer
                on-line shopping</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Business-to-business
                online ordering and logistics</font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="justify" valign="top" width="20%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Enterprise
                servers</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High
                switch and transmission speed among networks</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Strong
                data processing capability</font></div>
            </td>
            <td align="justify" valign="top" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Enterprises
                using internet and intranet to handling issues related to production
                and
                business data processing</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming&#8217;s prices are generally less than comparable products offered by its
      major competitors. This is designed to maximize the performance/price ratio.
      Shaanxi Shiming focuses on lowering production costs, and maximizing the
      performance-to-price ratio of its systems in two ways. First, its systems are
      lean, &#8220;stripped down&#8221; machines designed for high bandwidth, low data processing
      network applications. They exclude components that would deliver high processing
      power and other redundant processes that are not needed in the niche markets
      it
      targets. Secondly, although the motherboard is manufactured to Shaanxi Shiming&#8217;s
      own design, the parts it uses to make its servers and many of the other system
      components it uses, such as hard discs arrays and central processing units,
      are
      available in the general marketplace on a competitive basis. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming&#8217;s customers are two system integrators who resell Shaanxi Shiming&#8217;s
      servers as part of a complete broadband solution to end users. The target
      end-users include government, internet value-added service providers,
      telecommunication companies, cable TV stations and large enterprise groups.
      In
      the past, government departments accounted for about 26% of end users, whereas
      commercial end-users accounted for about 74%. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming&#8217;s systems integrators are responsible for securing sales from end users
      and for customer relationship management. Shaanxi Shiming&#8217;s staff provides
      technical support to the systems integrators to help them in their client
      support and hardware maintenance function for end users. Shaanxi Shiming&#8217;s
      support staff also contacts potential end users and introduces them to its
      system integrators. Shaanxi Shiming&#8217;s two systems integrators are specialist
      integrators who resell Shaanxi Shiming&#8217;s servers to end users such as China
      Mobile, China Unicom, Zhuhai TV Broadcasting. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Below
      is
      a summary of Shaanxi Shiming&#8217;s two system integrators:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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        </div>
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    </div>
    <div align="left">
      <table border="1" bordercolor="#000000" cellpadding="5" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Systems
                Integrators</strong></font></div>
            </td>
            <td align="justify" valign="top" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Regions
                Covered</strong></font></div>
            </td>
            <td align="justify" valign="top" width="50%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Business
                Information</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="justify" valign="top" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beijing
                Haixiang Hongfu Technology Development Co., Ltd.</font></div>
            </td>
            <td align="justify" valign="top" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                China except Tibet; focus on Northern China, including Beijing, Hebei,
                and
                Shanxi.</font></div>
            </td>
            <td align="justify" valign="top" width="50%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Performs
                systems integration, network engineering, software sales, technical
                service</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                of employees: 2004 - 128; 2005 - 136 </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                of customers: 2004- 75 clients; 2005 - 100 clients</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchases
                100% of its high end broadband servers from Shaanxi
                Shiming</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chengdu
                Wanglutong Engineering Technology Co., Ltd.</font></div>
            </td>
            <td align="justify" valign="top" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                China except Tibet</font></div>
            </td>
            <td align="justify" valign="top" width="50%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Performs
                computer network engineering, computer systems integration</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                of employees: 2004 - 310; 2005 - 340. </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Buys
                100% of its high end broadband servers from Shaanxi
                Shiming</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shaanxi
      Shiming subcontracts manufacturing to Shenzhen Yaxun Science &amp; Technology
      Co., Ltd. (&#8220;Yaxun&#8221;). Yaxun sources all raw materials and components necessary
      for the manufacturing of Shaanxi Shiming&#8217;s servers. Yaxun and Shaanxi Shiming
      are under common control. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Currently,
      Shiming Wang has 70 full-time employees, among which 30 are devoted to research
      and development efforts. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Risk
      Factors Relating to Shaanxi Shiming Business</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      are
      four major risks in Shaanxi Shiming&#8217;s business. First, it depends on only two
      large contracts and has only two customers. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      loss
      of either of these contracts or customers would have a material </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">adverse
      effect on its business, operating results and financial condition. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Second,
      collections of accounts receivable from Shaanxi Shiming&#8217;s customers can take up
      to one year under the existing contracts between Shaanxi Shiming and each of
      its
      customers. This poses a significant risk as there can be no assurance as to
      the
      solvency of these customers over such a long period of time. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Third,
      Shaanxi Shiming outsources its manufacturing of server products to Yaxun, a
      related company controlled by Shiming Wang, Shaanxi Shiming&#8217;s Chairman and
      President. While a manufacturing agreement between Shaanxi Shiming and Yaxun
      is
      a condition to the Closing of the acquisition of Shiming, there is no guarantee
      that such manufacturing agreement can be executed on an acceptable terms and
      if
      so, there can be no assurance that Shaanxi Shiming can implement adequate
      internal controls to address the conflicts of interest in the relationship.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fourth,
      Shaanxi Shiming does not have patent protection on its core technology.
      It</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      relies
      on trade secrets, proprietary know-how and other non-patentable technology,
      which it seeks to protect through non-disclosure agreements with employees.
      Shaanxi Shiming cannot any assurances that these non-disclosure agreements
      will
      not be breached, that it will have adequate remedies for any breach, or that
      its
      trade secrets, proprietary know-how and other non-patented technology will
      not
      otherwise become known to, or be independently developed by, its
      competitors</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Executive
      Officers</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Mr.
      Wang Shiming,</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      49,
      Chairman and President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Wang
      has been entrepreneur for 26 years. He is the founder of Shaanxi Shiming and
      is
      currently its Chairman and President. He is responsible for the strategic
      planning and corporate development of Shaanxi Shiming. Mr. Wang received his
      Master degree in Engineering from Xi&#8217;an Jiaotong University. He has extensive
      experience in investment and management of diversified streams of business,
      including metallurgy, machinery, food processing, trading, software development
      and computer hardware, etc. Mr. Wang owns several private companies in China
      such as Shaanxi Meixian Non-ferrous Manufacturing Co., Ltd., which is Shaanxi
      Shiming&#8217;s largest shareholder, Shenzhen Yaxun Science &amp; Technology Joint
      Stock Co., Ltd., Baoji Lufeng Food Co., Ltd. and Xi&#8217;an Non-ferrous Metal
      Processing Factory. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Ms
      Lu Ziyuan,</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      43,
      Chief Financial Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms.
      Ziyuan Lu is the Chief Financial Officer of Shaanxi Shiming. She worked for
      the
      financial department of Shaanxi Shiming from 1999 up to now. Prior to that,
      she
      has worked as a financial controller for financial department of a joint venture
      Xi&#8217;an Jiahui Medicine Industrial Co., Ltd. from 1997 to 1998 and Xi&#8217;an Minsheng
      Joint Stock Co., Ltd. from 1994 to 1996. She served for a state owned factory
      for fourteen years on accounting and financial matters. Ms. Lu received her
      bachelor&#8217;s degree in finance from Central University of Broad Casting &amp; TV
      in China.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Mr.
      Yang Cunhu</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      43,
      Vice-President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Yang
      is an MBA graduate and has extensive experience in corporate finance and
      administration. He joined Shaanxi Shiming in 2003. Prior to that, he had worked
      for Xi Bu Securities Joint Stock Co., Ltd. serving as senior manager and
      department manager from 1994 to 2001. He served as company secretary for Shaanxi
      Chaoqun Technology Joint Stock Co., Ltd. from 2001 to 2003.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>&#160;</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Dr.
      Jie Jiancang,</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      42,
      Vice-President, Technical Director </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dr.
      Jie
      leads Shaanxi Shiming&#8217;s technical team in product development and applications.
      Dr. Jie received his Bachelor Degree in Industrial Automation, Master Degree
      in
      Engineering and PhD Degree in DSS (Design Support System) from Xi&#8217;an Polytechnic
      University. He has been a Professor of Xi&#8217;an Polytechnic University from 1998 to
      2003 and joined Shaanxi Shiming in 2003. Dr. Jie&#8217;s research interests and
      technical expertise are in server modules and applications, web-based education
      and electronic multi-media storage systems, etc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Mr.
      Yi Huojin,</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      37,
      Vice-President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Yi
      graduated from Chengdu University of Electronics Technology in 1995 with a
      Bachelor Degree of Electronic Information Technology. From 1995 to 1998, Mr.
      Yi
      worked for Nanjing Dongfang Laser Technology Co., Ltd. as an Assistant Engineer.
      He then joined Shenzhen Dingming Electronics Co., Ltd. as a regional sales
      manager. In 2001, Mr. Yi worked for Shenzhen Argesi Information Technology
      Co.,
      Ltd. as Sales Director. He joined Shaanxi Shiming in 2002.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01 Financial Statements and Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Financial
      statements of business acquired</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Financial statements of Shiming and its affiliated companies will be provided
      on
      a Current Report on Form 8-K following the closing of the exchange transaction
      in the time required for the filing of such financial statements on Form
      8-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Pro
      forma financial information</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Pro
      forma financial information will be provided on a Current Report on Form 8-K
      following the closing of the exchange transaction in the time required for
      the
      filing of such financial information on Form 8-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibits</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 63pt;">
            </td>
            <td align="left" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.3</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exchange
                Agreement by and among Qorus.com, Inc. ("Qorus"), </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Keating
                Reverse Merger Fund, LLC (&#8220;KRM Fund&#8221;), Shiming </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Cayman)
                Co., Ltd. (&#8220;Shiming&#8221;) and each of the shareholders of </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shiming
                dated February 23, 2006. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 63pt;">
            </td>
            <td align="left" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guarantee
                and Assumption Agreement by and among Qorus,&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shiming
                (Xi&#8217;an) Enterprise Management &amp; Consulting Co.,
                Ltd.,&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                Shaanxi Shiming Science &amp; Technology Joint Stock Co., Ltd.
                </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                dated February 23, 2006.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, Qorus.com, Inc.
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2"><strong><font size="2">Qorus.com, Inc.</font></strong></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:
              March 1, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
              Kevin R. Keating&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Kevin
              R. Keating, President and Sole Director</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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      INDEX</strong></font></div>
    <div align="center">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u><font size="2">Exhibit
                Number</font></u></div>
            </td>
            <td valign="bottom" width="75%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u><font size="2">Description
                of Exhibit</font></u></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="25%">&#160;</td>
            <td width="75%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">2.3</font></div>
            </td>
            <td valign="top" width="75%"><font size="2">Exchange Agreement by and
              among
              Qorus.com, Inc. ("Qorus"), </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Keating
              Reverse Merger Fund, LLC (&#8220;KRM Fund&#8221;), Shiming&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Cayman)
              Co., Ltd. (&#8220;Shiming&#8221;) and each of the shareholders of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shiming
              dated February 23, 2006.</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="25%">&#160;</td>
            <td valign="top" width="75%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">2.4</font></div>
            </td>
            <td valign="top" width="75%"><font size="2">Guarantee and Assumption
              Agreement
              by and among Qorus,&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shiming
              (Xi&#8217;an) Enterprise Management &amp; Consulting Co., Ltd., </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
              Shaanxi Shiming Science &amp; Technology Joint Stock Co., Ltd.
              </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">dated
              February 23, 2006.</font></td>
          </tr>

      </table>
    </div>
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{"company-data": {"conformed-name": "QORUS COM INC", "cik": "0001095691", "assigned-sic": "7389", "irs-number": "650358792", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27551", "film-number": "06657733"}, "business-address": {"street1": "190 S. LASALLE STREET", "street2": "SUITE 1710", "city": "CHICAGO", "state": "IL", "zip": "60603", "phone": "3124190077"}, "mail-address": {"street1": "190 S. LASALLE STREET", "street2": "SUITE 1710", "city": "CHICAGO", "state": "IL", "zip": "60603"}}
UNITED
      STATES
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
Date
      of
      Report:
(Date
      of
      earliest event reported)
February
      23, 2006
QORUS.COM,
      INC.
(Exact
      name of registrant as specified in charter)
Florida
(State
      or
      other Jurisdiction of Incorporation or Organization)
0-27551
(Commission
                File Number)
65-0358792
(IRS
                Employer Identification No.)
936A
        Beachland Boulevard, Suite 13
Vero
        Beach, FL 32963
(Address
        of Principal Executive Offices and zip code)
(772)
      231-7544
(Registrant's
      telephone
number,
      including area code)
N/A
(Former
      Name or Former Address, if Changed Since Last Report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of registrant under any of the following
      provisions:
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting
      material pursuant to
      Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
o
Pre-commencement
      communications
      pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
o
Pre-commencement
      communications
      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Safe
      Harbor Statement under the Private Securities Litigation Reform Act of
      1995
Information
      included in this Form 8-K may contain forward-looking statements within the
      meaning of Section 27A of the Securities Act and Section 21E of the Securities
      Exchange Act of 1934, as amended (the "Exchange Act"). This information may
      involve known and unknown risks, uncertainties and other factors which may
      cause
      the actual results, performance or achievements of Qorus.com, Inc. ("Qorus") and
      Shiming (Cayman) Co., Ltd. and its affiliates ("Shiming") to be materially
      different from future results, performance or achievements expressed or implied
      by any forward-looking statements. Forward-looking statements, which involve
      assumptions and describe the Qorus' and Shiming's future plans, strategies and
      expectations, are generally identifiable by use of the words "may," "should,"
      "expect," "anticipate," "estimate," "believe," "intend" or "project" or the
      negative of these words or other variations on these words or comparable
      terminology. Forward-looking statements are based on assumptions that may be
      incorrect, and there can be no assurance that any projections or other
      expectations included in any forward-looking statements will come to pass.
      Qorus' and Shiming's actual results could differ materially from those expressed
      or implied by the forward-looking statements as a result of various factors.
      Except as required by applicable laws, Qorus undertakes no obligation to update
      publicly any forward-looking statements for any reason, even if new information
      becomes available or other events occur in the future.
Section
      1 - Registrants' Business and Operations
Item
      1.01 Entry into a Material Definitive Agreement.
Effective
      February 23, 2006, Qorus.com, Inc., a Florida corporation ("Qorus"), entered
      into an Exchange Agreement ("Exchange Agreement") with Shiming (Cayman) Co.,
      Ltd., an Exempted Company incorporated in the Cayman Islands with limited
      liability ("Shiming"), each of the equity owners of Shiming (the "Shiming
      Shareholders"), and Keating Reverse Merger Fund, LLC, a Delaware limited
      liability company ("KRM Fund"). Under the terms of the Exchange Agreement, Qorus
      will, at closing, acquire all of the outstanding capital stock and ownership
      interests of Shiming (the "Interests") from the Shiming Shareholders, and the
      Shiming Shareholders will transfer and contribute all of their Interests in
      Shiming to Qorus. In exchange, Qorus will issue to the Shiming Shareholders
      4,250,214 shares of Series A Convertible Preferred Stock, par value $0.01 per
      share, of Qorus ("Preferred Shares"), which shall be convertible into
      531,276,750 shares of Qorus' common stock ("Conversion Shares"). The issuance of
      the Preferred Shares and, upon conversion, the shares of Qorus common stock
      underlying the Preferred Shares, to the Shiming Shareholders is intended to
      be
      exempt from registration under the Securities Act of 1933, as amended (the
      "Securities Act"), pursuant to Regulation S promulgated thereunder. A copy of
      the Exchange Agreement is included as an Exhibit to this Current Report and
      is
      hereby incorporated by this reference. All references to the Exchange Agreement
      and other exhibits to this Current Report are qualified, in their entirety,
      by
      the text of such exhibits.
Shiming
      currently owns 100% of Shiming (Xi'an) Enterprise Management & Consulting
      Co., Ltd. ("Xi'an"), a wholly foreign owned enterprise under the laws of the
      Peoples' Republic of China ("PRC"). Prior to the closing of the exchange
      transaction, Xi'an, Shaanxi Shiming Science & Technology Joint Stock Co.,
      Ltd. ("Shaanxi Shiming"), a joint stock limited liability company formed under
      the laws of the PRC, and the Shaanxi Shiming shareholders will enter into a
      series of agreements whereby Xi'an shall agree to advise, consult, manage and
      operate Shaanxi Shiming's business in consideration for Shaanxi Shiming's
      payment of all of its net profits to Xi'an including, without limitation, a
      Consulting Services Agreement ("Consulting Agreement") and an Operating
      Agreement ("Operating Agreement"). In addition, Xi'an, Shaanxi Shiming and the
      Shaanxi Shiming shareholders will enter into a series of agreements under which
      voting control over the outstanding shares of Shaanxi Shiming will be vested
      in
      Xi'an and its board of directors including, a Power of Attorney, Shareholders'
Voting Rights Proxy Agreement and Covenant Not to Sue ("Power of Attorney") and
      a Shareholders' Voting Rights Proxy Agreement ("Proxy Agreement"). Prior to
      closing of the exchange transaction, Shaanxi Shiming and the Shaanxi Shiming
      shareholders will grant Xi'an the exclusive right and option to acquire all of
      their shares of Shaanxi Shiming or all of the assets of Shaanxi Shiming ("Option
      Agreement"). Collectively, the Consulting Agreement, Operating Agreement, Option
      Agreement, Power of Attorney and Proxy Agreement are referred to herein as
      the
"Restructuring Agreements."
In
      connection with the execution of the Exchange Agreement, Qorus, Xi'an and
      Shaanxi Shiming entered into a Guarantee and Assumption Agreement ("Guarantee
      Agreement"), under which Xi'an and Shaanxi Shiming have agreed to be jointly and
      severally liable with Shiming and the Shiming Shareholders for each and every
      obligation and liability of Shiming and the Shiming Shareholders under the
      Exchange Agreement as if it were a party to the Exchange Agreement. A copy
      of
      the Guarantee Agreement is included as an Exhibit to this Current Report and
      is
      hereby incorporated by this reference.
Upon
      the
      closing of the exchange transaction, Qorus intends to file a Current Report
      on
      Form 8-K announcing the closing of the exchange transaction and will include
      proper disclosures required under Item 1.01 with respect to the Restructuring
      Agreements, with each of the foregoing agreements being included as Exhibits
      in
      such Current Report.
Following
      completion of the exchange transaction, Shiming will become a wholly-owned
      subsidiary of Qorus.
Qorus
      is
      presently authorized under its Articles of Incorporation to issue 50,000,000
      shares of common stock, par value $0.001 per share, and 5,000,000 shares of
      preferred stock, par value $0.01 per share. Of the 5,000,000 shares of preferred
      stock authorized, 5,000,000 shares will be designated as Series A Convertible
      Preferred Stock pursuant to Articles of Amendment to the Articles of
      Incorporation of Qorus.com, Inc. ("Articles of Amendment"), which is to be
      approved by Qorus' board of directors, and filed with and accepted by, the
      Secretary of State of the State of Florida prior to the closing of the exchange
      transaction (the "Closing").
As
      of the
      date of this Report, Qorus has 49,184,800 shares of its common stock issued
      and
      outstanding (which includes 3,010,000 shares of common stock issued and held
      in
      treasury, which is to be cancelled prior to the Closing) and no shares of
      preferred stock issued and outstanding.
Under
      the
      terms of the Exchange Agreement, all of the outstanding Interests of Shiming
      will be exchanged for 4,250,214 Preferred Shares of Qorus. Each Preferred Share
      will be convertible into 125 shares of Qorus common stock (the "Conversion
      Rate"). The Preferred Shares will immediately and automatically be converted
      into shares of Qorus common stock (the "Mandatory Conversion") upon the approval
      by a majority of Qorus' stockholders (voting together on an
      as-converted-to-common-stock basis), following the exchange transaction, of
      an
      increase in the number of authorized shares of Qorus' common stock from
      50,000,000 to 300,000,000, a 1 for 3 reverse stock split of Qorus' outstanding
      common stock ("Reverse Split"), and a change of Qorus' corporate name
      (collectively, the "Corporate Actions"). KRM Fund and the Shiming Shareholders
      will enter into a voting agreement ("Voting Agreement") to vote their Qorus
      shares in favor of the Corporate Actions.
The
      holders of shares of Series A Preferred Stock will be entitled to vote together
      with the holders of the common stock, as a single class, upon all matters
      submitted to holders of common stock for a vote.
Each
      share of Series A Preferred Stock will carry a number of votes equal to the
      number of shares of common stock issuable in a Mandatory Conversion based on
      the
      then applicable Conversion Rate. As such, i
mmediately
      following the exchange transaction, the Shiming Shareholders will own 92% of
      the
      total combined voting power of all classes of Qorus' outstanding stock entitled
      to vote.
Upon
      Mandatory Conversion of the Preferred Shares, and subject to an adjustment
      of
      the Conversion Rate as a result of the Reverse Split, the Shiming Shareholders
      will, in the aggregate, receive approximately 177,092,253 shares of Qorus'
common stock, representing 92% of the outstanding shares of Qorus' common stock
      immediately following the Mandatory Conversion. The existing stockholders of
      Qorus will, following the Mandatory Conversion and Reverse Split, own
      approximately 15,391,601 shares of Qorus' common stock, representing 8% of the
      outstanding shares of common stock.
Accordingly,
      if the exchange transaction closed, and the Mandatory Conversion and the Reverse
      Split occurred, as of the date of this Report, Qorus' currently outstanding
      common stock (currently 46,174,800 shares) would be converted into 15,391,601
      shares of common stock and would represent 8% of Qorus' total common stock
      outstanding.
In
      connection with the Reverse Split, Qorus' board of directors may, in its
      discretion, provide special treatment to certain Qorus stockholders to preserve
      round lot holders (i.e., holders owning at least 100 shares) after the Reverse
      Split. In the event Qorus' board determines to provide such special treatment,
      Qorus stockholders holding 300 or fewer shares of common stock but at least
      100
      shares of common stock will receive 100 shares of common stock after the Reverse
      Split, and persons holding less than 100 shares of common stock would not be
      affected. The terms and conditions of special treatment afforded to Qorus
      stockholders to preserve round lot stockholders, if any, including the record
      dates for determining which stockholders may be eligible for such special
      treatment, will be established in the discretion of Qorus' board of directors.
Effective
      as of the closing of the exchange transaction, and subject to applicable
      regulatory requirements, including the preparation, filing and distribution
      to
      the Qorus stockholders of a Schedule 14(f)-1 Notice to Stockholders at least
      ten
      (10) days prior to the Closing, the existing officers and directors of Qorus
      will resign, and the newly-appointed directors of Qorus will consist of one
      member of Shiming's current management, Shiming Wang (Shiming's Chairman and
      President), one person who shall have been selected by Shiming Wang and shall
      be
      an independent director, two persons who shall have been selected by Shiming
      Wang and may be either independent or non-independent directors, and one
      independent director to be designated by KRM Fund during the one year period
      following Closing who is acceptable to Shiming Wang ("KRM Designate"). The
      Voting Agreement will require KRM Fund and the Shiming Shareholders to vote
      their Qorus' shares for the above director designees.
Shiming
      and Shiming Wang have also agreed that, within ninety (90) days following the
      Closing, Qorus' board composition shall be in compliance with the rules of the
      American Stock Exchange or NASDAQ as selected by Qorus, whether or not Qorus'
common stock is listed or quoted, or qualifies for listing or quotation, on
      such
      national exchange.
Additional
      information concerning Shiming Wang and other persons who will serve as Qorus'
directors following the Closing will be included in the Schedule 14(f)-1 Notice
      to Stockholders which will be filed with the SEC and mailed to stockholders
      at
      least ten (10) days prior to the closing of the exchange
      transaction.
At
      or
      prior to the Closing, pursuant to the terms of the Exchange Agreement, Qorus
      will also enter into a certain financial advisory agreement with Keating
      Securities, LLC ("Keating Securities"), a registered broker-dealer, under which
      Keating Securities will be compensated by Qorus for its advisory services
      rendered to Qorus in connection with the exchange transaction. The transaction
      advisory fee will be $250,000. This fee shall be paid in full at the closing
      of
      the exchange transaction.
As
      a
      condition of the Exchange Agreement, the Shiming Shareholders (other than
      certain persons who received their shares for services provided to Shiming)
      will
      escrow their Preferred Shares received in the exchange transaction (and their
      Conversion Shares upon conversion of the Preferred Shares). In the event, Qorus
      issues shares of common stock or common stock equivalents to investors as part
      of any financing during the one year period following Closing ("Financing"), the
      Shiming Shareholders will agree to cancel one share of their Qorus common stock
      or common stock equivalent for each share of common stock or common stock
      equivalents issued in the Financing.
Qorus'
      completion of the transactions contemplated under the Exchange Agreement are
      subject to the satisfaction of certain contingencies including, without
      limitation, the delivery of U.S. GAAP audited annual, interim reviewed and
      pro
      forma financial information of Shiming (on a consolidated basis with Xi'an and
      Shaanxi Shiming) acceptable to Qorus, compliance with regulatory requirements,
      the execution of the Restructuring Agreements, execution of a certain
      manufacturing agreement between Shaanxi Shiming and its contract manufacturer
      ("Manufacturer"), execution of a technology license agreement between Xi'an and
      the Manufacturer, compliance with PRC regulatory requirements including SAFE
      requirements, and the filing with and acceptance by the Secretary of State
      of
      the State of Florida of the Articles of Amendment. Consummation of the exchange
      transaction is also conditioned upon, among other things: (i) execution by
      KRM
      Fund and each Shiming Shareholder of the Voting Agreement; (ii) continued
      quotation of Qorus' common stock on the NASD Over-the-Counter Electronic
      Bulletin Board ("OTC BB"); (iii) receipt of all required licenses, permits,
      certificates and approvals by the PRC government authorities; and (iv) delivery
      of legal opinions from Shiming's Cayman Island and PRC legal counsels
      satisfactory to Qorus.
The
      directors of Qorus and the managing member of KRM Fund have approved the
      Exchange Agreement, the Guarantee Agreement, and the transactions contemplated
      under the Exchange Agreement. The directors of Shiming have approved the
      Exchange Agreement and the transactions contemplated thereunder. The directors
      of Shiming Shaanxi and Xi'an have approved the Guarantee Agreement.
The
      parties expect the closing of the transactions under the Exchange Agreement
      to
      occur on or about April 15, 2006. However, there can be no assurances that
      the
      exchange transaction will be completed.
The
      Exchange Agreement may be terminated as follows: (i) by mutual consent, (ii)
      by
      either party if the exchange transaction is not consummated by April 30, 2006
      ,
      (iii) by either party if the exchange transaction is prohibited by issuance
      of
      an order, decree or ruling, and (iv) by either party if the other is in material
      breach of any representation, warranty, covenant or agreement.
Kevin
      R.
      Keating is the father of Timothy J. Keating, the principal member of Keating
      Investments, LLC. Keating Investments, LLC is the managing member of KRM Fund,
      which is the majority stockholder of Qorus, and Keating Securities, LLC, the
      registered broker-dealer affiliate of Keating Investments, LLC. Kevin R. Keating
      is not affiliated with and has no equity interest in Keating Investments, LLC,
      KRM Fund or Keating Securities, LLC and disclaims any beneficial interest in
      the
      shares of Qorus' common stock owned by KRM Fund. Similarly, Keating Investments,
      LLC, KRM Fund and Keating Securities, LLC disclaim any beneficial interest
      in
      the shares of Qorus' common stock currently owned by Kevin R.
      Keating.
Business
      of Qorus
Qorus
      is
      currently a public "shell" company with nominal assets whose sole business has
      been to identify, evaluate and investigate various companies with the intent
      that, if such investigation warrants, a reverse merger transaction could be
      negotiated and completed pursuant to which Qorus would acquire a target company
      with an operating business with the intent of continuing the acquired company's
      business as a publicly held entity.
Business
      of Shaanxi Shiming
Pursuant
      to the Exchange Agreement, Qorus intends to acquire 100% of the capital stock
      of
      Shiming (Cayman) Co., Ltd. ("Shiming"), an Exempted Company with limited
      liability formed under the laws of the Cayman Islands on November 18, 2004.
      Shiming formed Shiming (Xi'an) Enterprise Management & Consulting Co., Ltd.
      ("Xi'an") as a limited liability company in the PRC on January 20, 2006. Xi'an
      received its wholly foreign owned enterprise ("WFOE") business license from the
      appropriate PRC government agency on January 20, 2006 and its certificate from
      Shaanxi Branch of the State Administration of Foreign Exchange ("SAFE") on
      February 6, 2006.
Shaanxi
      Shiming Science & Technology Joint Stock Co., Ltd. ("Shaanxi Shiming") is a
      joint stock limited liability company incorporated in Xi'an, Shaanxi Province in
      the PRC on October 13, 1999. Shaanxi Shiming was founded by Shiming Nonferrous
      Metal Smelting Co., Ltd. together with Mr. Wang Shiming, CEO and Chairman;
      Baoji
      Shopping Center (Group) Co., Ltd.; Baoguang Group Co., Ltd.; and Xi'an Geruisi
      Paper Industry Co., Ltd.
Prior
      to
      the closing of the exchange transaction, Xi'an, Shaanxi Shiming and the Shaanxi
      Shiming shareholders will enter into a series of agreements whereby Xi'an shall
      agree to advise, consult, manage and operate Shaanxi Shiming's business in
      consideration for Shaanxi Shiming's payment of all of its net profits to Xi'an
      including, without limitation, a Consulting Agreement and an Operating
      Agreement. In addition, Xi'an, Shaanxi Shiming and the Shaanxi Shiming
      shareholders will enter into a series of agreements under which voting control
      over the outstanding shares of Shaanxi Shiming will be vested in Xi'an and its
      board of directors including, a Power of Attorney and a Proxy Agreement. Prior
      to closing of the exchange transaction, Shaanxi Shiming and the Shaanxi Shiming
      shareholders will grant Xi'an the exclusive right and option to acquire all of
      their shares of Shaanxi Shiming or all of the assets of Shaanxi
      Shiming.
In
      addition, Shaanxi Shiming and Yaxun Science & Technology Joint Stock Co.,
      Ltd. ("Yaxun"), a company manufactures all of Shaanxi Shiming's products, will
      enter into a manufacturing agreement with Shaanxi Shiming to fix the pricing
      and
      payment term, and Shaanxi Shiming and, ultimately Qorus, through the contractual
      arrangements, will have an option to purchase all of the assets of Yaxun at
      book
      value at the time when it deems appropriate. Xi'an and Yaxun will have
      Technology License Agreement where Yaxun will be granted limited use right
      of
      the technology that Xi'an obtained from Shaanxi Shiming under the Consulting
      Agreement solely for the purpose of manufacturing the products for Shaanxi
      Shiming.
Shaanxi
      Shiming is located in Xi'an City, Shaanxi Province, one of the largest cities in
      western China. Land and labor costs of doing business in Xi'an are much lower
      than in eastern cities such as Shanghai. Xi'an also has a Hi-tech Industrial
      Development Zone (XDZ), which was founded in May 1988 and approved as the
      national development zone by the State Council in March 1991. XDZ offers
      preferential policies including exemption and reduction of corporate income
      tax
      and rebates on value-added taxes to attract foreign investment in high-tech
      industries. Shaanxi Shiming is located within the XDZ.
Shaanxi
      Shiming's business consists of research and development, product design,
      marketing and product support, mainly of high speed broadband server hardware
      and multimedia software. End users of its servers include China Mobile, China
      Unicom and Zhuhai TV Broadcasting. Shaanxi Shiming's servers are marketed under
      its registered trademark "SIPS/9000."
Shaanxi
      Shiming is focused on high internal bandwidth hardware manufacturing. Many
      high-performance servers competing with Shaanxi Shiming's products have a
      nominally large system bandwidth but their utilizable bandwidth is far lower
      because actual server efficiency and data transmission speed depends on the
      internal data transmission mechanism. Bottlenecks may occur if data processing
      requests exceed the server's internal bandwidth. This often happens, for
      example, when many internet users seek to download video images simultaneously.
      Shaanxi Shiming's servers attempt to avoid this bottleneck by using internet
      protocol (IP) processing systems which integrate level 4 cache memory and RAM
      array technology. This ensures that data files that are of the right size (that
      is, not too large), can be directly processed by IP-RAM without passing through
      the central processing unit (CPU). This system also handles strategic routing,
      content exchange, loading balance and flexible bandwidth searching, so that
      request processing efficiency is enhanced.
Shaanxi
      Shiming's technology results in high usability of the internal system bandwidth
      capacity. Its system architecture uses a parallel, modular design, which means
      a
      faulty part can easily be swapped out without requiring the whole server to
      be
      replaced. This also ensures that the system can continue functioning, albeit
      at
      a lower performance level, without crashing; this makes them the right choice
      for delivering 24/7 availability. Shaanxi Shiming offers server configurations
      with available internal bandwidth capacities ranging from 1 gigabyte per second
      (Gbps) to 450 Gbps. If need be, capacity can be doubled by coupling two
      identical SIPS units together.
Shaanxi
      Shiming's systems are compatible with standard IP and other communication
      protocols. Its network interfaces ensure that its servers work easily with
      popular network devices. Its system software layer uses the Linux operating
      system. Shaanxi Shiming's systems are easily maintainable - daily maintenance
      can be done through the system terminal or remotely through the network. A
      prospective end user with a legacy Unix based system can switch over to Shaanxi
      Shiming's Linux based system at minimal interruption to their
      business.
The
      server product and use markets that Shaanxi Shiming addresses are the
      following:
Type
                of Products
Special
                Features
Applications
Security-control
                server
·
High
                transmission speed
·
Fast
                response of end-point data collection
·
Short
                data processing time
·
Government's
                security departments
·
Regional
                security network
·
Data
                storage and processing
Multi-media
                server
·
Huge
                data storage
·
Excellent
                for processing video and music data files
·
Capacity
                for handling 20,000 simultaneous requests for video
                transmission
·
Capacity
                for 9.8 million users visiting at the same time
·
TV
                and radio stations which provide digital video-on-demand or
                music-on-demand
·
Internet
                service providers which provide video or radio
                broadcasting
High-speed
                server
·
Capacity
                to be used in a system to serve 200,000 users, it can identify a
                particular user with 0.1 seconds and build up a telecommunication
                between
                the host and user.
·
Provider
                of telecommunication services, internet service providers
·
Business
                enterprises requiring high-speed data exchange with its
                users
E-commerce
                servers
·
High
                speed of handling electronic orders
·
Large
                storage for product information
·
Business-to-consumer
                on-line shopping
·
Business-to-business
                online ordering and logistics
Enterprise
                servers
·
High
                switch and transmission speed among networks
·
Strong
                data processing capability
·
Enterprises
                using internet and intranet to handling issues related to production
                and
                business data processing
Shaanxi
      Shiming's prices are generally less than comparable products offered by its
      major competitors. This is designed to maximize the performance/price ratio.
      Shaanxi Shiming focuses on lowering production costs, and maximizing the
      performance-to-price ratio of its systems in two ways. First, its systems are
      lean, "stripped down" machines designed for high bandwidth, low data processing
      network applications. They exclude components that would deliver high processing
      power and other redundant processes that are not needed in the niche markets
      it
      targets. Secondly, although the motherboard is manufactured to Shaanxi Shiming's
      own design, the parts it uses to make its servers and many of the other system
      components it uses, such as hard discs arrays and central processing units,
      are
      available in the general marketplace on a competitive basis.
Shaanxi
      Shiming's customers are two system integrators who resell Shaanxi Shiming's
      servers as part of a complete broadband solution to end users. The target
      end-users include government, internet value-added service providers,
      telecommunication companies, cable TV stations and large enterprise groups.
      In
      the past, government departments accounted for about 26% of end users, whereas
      commercial end-users accounted for about 74%.
Shaanxi
      Shiming's systems integrators are responsible for securing sales from end users
      and for customer relationship management. Shaanxi Shiming's staff provides
      technical support to the systems integrators to help them in their client
      support and hardware maintenance function for end users. Shaanxi Shiming's
      support staff also contacts potential end users and introduces them to its
      system integrators. Shaanxi Shiming's two systems integrators are specialist
      integrators who resell Shaanxi Shiming's servers to end users such as China
      Mobile, China Unicom, Zhuhai TV Broadcasting.
Below
      is
      a summary of Shaanxi Shiming's two system integrators:
Systems
                Integrators
Regions
                Covered
Business
                Information
Beijing
                Haixiang Hongfu Technology Development Co., Ltd.
All
                China except Tibet; focus on Northern China, including Beijing, Hebei,
                and
                Shanxi.
·
Performs
                systems integration, network engineering, software sales, technical
                service
·
Number
                of employees: 2004 - 128; 2005 - 136
·
Number
                of customers: 2004- 75 clients; 2005 - 100 clients
·
Purchases
                100% of its high end broadband servers from Shaanxi
                Shiming
Chengdu
                Wanglutong Engineering Technology Co., Ltd.
All
                China except Tibet
·
Performs
                computer network engineering, computer systems integration
·
Number
                of employees: 2004 - 310; 2005 - 340.
·
Buys
                100% of its high end broadband servers from Shaanxi
                Shiming
Shaanxi
      Shiming subcontracts manufacturing to Shenzhen Yaxun Science & Technology
      Co., Ltd. ("Yaxun"). Yaxun sources all raw materials and components necessary
      for the manufacturing of Shaanxi Shiming's servers. Yaxun and Shaanxi Shiming
      are under common control.
Currently,
      Shiming Wang has 70 full-time employees, among which 30 are devoted to research
      and development efforts.
Risk
      Factors Relating to Shaanxi Shiming Business
There
      are
      four major risks in Shaanxi Shiming's business. First, it depends on only two
      large contracts and has only two customers.
The
      loss
      of either of these contracts or customers would have a material
adverse
      effect on its business, operating results and financial condition.
Second,
      collections of accounts receivable from Shaanxi Shiming's customers can take up
      to one year under the existing contracts between Shaanxi Shiming and each of
      its
      customers. This poses a significant risk as there can be no assurance as to
      the
      solvency of these customers over such a long period of time.
Third,
      Shaanxi Shiming outsources its manufacturing of server products to Yaxun, a
      related company controlled by Shiming Wang, Shaanxi Shiming's Chairman and
      President. While a manufacturing agreement between Shaanxi Shiming and Yaxun
      is
      a condition to the Closing of the acquisition of Shiming, there is no guarantee
      that such manufacturing agreement can be executed on an acceptable terms and
      if
      so, there can be no assurance that Shaanxi Shiming can implement adequate
      internal controls to address the conflicts of interest in the relationship.
Fourth,
      Shaanxi Shiming does not have patent protection on its core technology.
      It
relies
      on trade secrets, proprietary know-how and other non-patentable technology,
      which it seeks to protect through non-disclosure agreements with employees.
      Shaanxi Shiming cannot any assurances that these non-disclosure agreements
      will
      not be breached, that it will have adequate remedies for any breach, or that
      its
      trade secrets, proprietary know-how and other non-patented technology will
      not
      otherwise become known to, or be independently developed by, its
      competitors
.
Executive
      Officers
Mr.
      Wang Shiming,
49,
      Chairman and President
Mr.
      Wang
      has been entrepreneur for 26 years. He is the founder of Shaanxi Shiming and
      is
      currently its Chairman and President. He is responsible for the strategic
      planning and corporate development of Shaanxi Shiming. Mr. Wang received his
      Master degree in Engineering from Xi'an Jiaotong University. He has extensive
      experience in investment and management of diversified streams of business,
      including metallurgy, machinery, food processing, trading, software development
      and computer hardware, etc. Mr. Wang owns several private companies in China
      such as Shaanxi Meixian Non-ferrous Manufacturing Co., Ltd., which is Shaanxi
      Shiming's largest shareholder, Shenzhen Yaxun Science & Technology Joint
      Stock Co., Ltd., Baoji Lufeng Food Co., Ltd. and Xi'an Non-ferrous Metal
      Processing Factory.
Ms
      Lu Ziyuan,
43,
      Chief Financial Officer
Ms.
      Ziyuan Lu is the Chief Financial Officer of Shaanxi Shiming. She worked for
      the
      financial department of Shaanxi Shiming from 1999 up to now. Prior to that,
      she
      has worked as a financial controller for financial department of a joint venture
      Xi'an Jiahui Medicine Industrial Co., Ltd. from 1997 to 1998 and Xi'an Minsheng
      Joint Stock Co., Ltd. from 1994 to 1996. She served for a state owned factory
      for fourteen years on accounting and financial matters. Ms. Lu received her
      bachelor's degree in finance from Central University of Broad Casting & TV
      in China.
Mr.
      Yang Cunhu
,
      43,
      Vice-President
Mr.
      Yang
      is an MBA graduate and has extensive experience in corporate finance and
      administration. He joined Shaanxi Shiming in 2003. Prior to that, he had worked
      for Xi Bu Securities Joint Stock Co., Ltd. serving as senior manager and
      department manager from 1994 to 2001. He served as company secretary for Shaanxi
      Chaoqun Technology Joint Stock Co., Ltd. from 2001 to 2003.
Dr.
      Jie Jiancang,
42,
      Vice-President, Technical Director
Dr.
      Jie
      leads Shaanxi Shiming's technical team in product development and applications.
      Dr. Jie received his Bachelor Degree in Industrial Automation, Master Degree
      in
      Engineering and PhD Degree in DSS (Design Support System) from Xi'an Polytechnic
      University. He has been a Professor of Xi'an Polytechnic University from 1998 to
      2003 and joined Shaanxi Shiming in 2003. Dr. Jie's research interests and
      technical expertise are in server modules and applications, web-based education
      and electronic multi-media storage systems, etc.
Mr.
      Yi Huojin,
37,
      Vice-President
Mr.
      Yi
      graduated from Chengdu University of Electronics Technology in 1995 with a
      Bachelor Degree of Electronic Information Technology. From 1995 to 1998, Mr.
      Yi
      worked for Nanjing Dongfang Laser Technology Co., Ltd. as an Assistant Engineer.
      He then joined Shenzhen Dingming Electronics Co., Ltd. as a regional sales
      manager. In 2001, Mr. Yi worked for Shenzhen Argesi Information Technology
      Co.,
      Ltd. as Sales Director. He joined Shaanxi Shiming in 2002.
Item
      9.01 Financial Statements and Exhibits.
(a)
Financial
      statements of business acquired
.
      Financial statements of Shiming and its affiliated companies will be provided
      on
      a Current Report on Form 8-K following the closing of the exchange transaction
      in the time required for the filing of such financial statements on Form
      8-K.
(b)
Pro
      forma financial information
.
      Pro
      forma financial information will be provided on a Current Report on Form 8-K
      following the closing of the exchange transaction in the time required for
      the
      filing of such financial information on Form 8-K.
(c)
Exhibits
.
2.3
Exchange
                Agreement by and among Qorus.com, Inc. ("Qorus"),
Keating
                Reverse Merger Fund, LLC ("KRM Fund"), Shiming
(Cayman)
                Co., Ltd. ("Shiming") and each of the shareholders of
Shiming
                dated February 23, 2006.
2.4
Guarantee
                and Assumption Agreement by and among Qorus,
Shiming
                (Xi'an) Enterprise Management & Consulting Co.,
                Ltd.,
and
                Shaanxi Shiming Science & Technology Joint Stock Co., Ltd.
dated February 23, 2006.
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, Qorus.com, Inc.
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
Qorus.com, Inc.
Date:
              March 1, 2006
By:
/s/
              Kevin R. Keating
Kevin
              R. Keating, President and Sole Director
EXHIBIT
      INDEX
Exhibit
                Number
Description
                of Exhibit
2.3
Exchange Agreement by and
              among
              Qorus.com, Inc. ("Qorus"),
Keating
              Reverse Merger Fund, LLC ("KRM Fund"), Shiming
(Cayman)
              Co., Ltd. ("Shiming") and each of the shareholders of
Shiming
              dated February 23, 2006.
2.4
Guarantee and Assumption
              Agreement
              by and among Qorus,
Shiming
              (Xi'an) Enterprise Management & Consulting Co., Ltd.,
and
              Shaanxi Shiming Science & Technology Joint Stock Co., Ltd.
dated
              February 23, 2006.