<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</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>SECURITIES
      AND EXCHANGE COMMISSION</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>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><strong>____________________________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><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>
    <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>SECURITIES
      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"><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>Date
      of Report: </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Date
      of earliest event reported)</strong></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: 10pt; FONT-FAMILY: Times New Roman"><strong>September
      7, 2006</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>____________________________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><strong>APPLIED
      SPECTRUM TECHNOLOGIES, 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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><strong>Delaware</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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="30%">
              <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>000-16397</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">(Commission
                File Number)</font></div>
            </td>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="30%">
              <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>41-2185030</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">(IRS
                Employer Identification No.)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="30%">
              <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>936A
                Beachland Boulevard, Suite 13 </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>Vero
                Beach, FL 32963 </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">(Address
                of Principal Executive Offices and zip code)</font></div>
            </td>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </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: 10pt; 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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><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">&#160;</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">&#160;</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">[
      ]
      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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]
      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="left">&#160;</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">
        </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="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="left"><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 Applied Spectrum Technologies
      Inc. (&#8220;APSP&#8221;) and Ever Leader Holdings Limited and its subsidiaries
      (collectively, &#8220;Ever Leader Group&#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
      APSP&#8217;s and Ever Leader Group&#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. APSP&#8217;s and Ever Leader Group&#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, APSP 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="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"><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="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"><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="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">Effective
      September 7, 2006, Applied Spectrum Technologies, Inc., a Delaware corporation
      ("APSP"), entered into an Exchange Agreement (&#8220;Exchange Agreement&#8221;) with KI
      Equity Partners III, LLC, a Delaware limited liability company (&#8220;KI Equity&#8221;),
      Ever Leader Holdings Limited, a company incorporated under the laws of Hong
      Kong
      SAR ("Ever Leader"), and each of the equity owners of Ever Leader (the &#8220;Ever
      Leader Shareholders&#8221;). Under the terms of the Exchange Agreement, APSP will, at
      closing of the exchange transaction (&#8220;Closing&#8221;), acquire all of the outstanding
      capital stock and ownership interests of Ever Leader (the &#8220;Interests&#8221;) from the
      Ever Leader Shareholders, and the Ever Leader Shareholders will transfer and
      contribute all of their Interests to APSP. In exchange, APSP will issue to
      the
      Ever Leader Shareholders 64,942,360 shares of APSP common stock. A copy of
      the
      Exchange Agreement is included as Exhibit 2.1 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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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">Ever
      Leader owns 95% of the issued and outstanding capital stock of Hubei Tongji
      Benda Ebei Pharmaceutical Co., Ltd., a China-Foreign Equity Joint Venture
      company incorporated under the laws of the People&#8217;s Republic of China
      (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Benda</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
      Mr.
      Yiqing Wan owns 5% of the issued and outstanding capital stock of Benda. Benda
      owns: (i) 95% of the issued and outstanding capital stock of Jingling Benda
      Pharmaceutical Co., Ltd., a company formed under the laws of the People&#8217;s
      Republic of China (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Jingling</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;);
      (ii)
      95% of the issued and outstanding capital stock of Yidu Benda Chemical Co.,
      Ltd., a company incorporated under the laws of the People&#8217;s Republic of China
      (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Yidu</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;);
      and
      (iii) 75% of the issued and outstanding capital stock of Beijing Shusai
      Pharyngitis Research Co., Ltd., a company incorporated under the laws of the
      People&#8217;s Republic of China (&#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Shusai</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
      Mr.
      Yiqing Wan owns: (i) 5% of the issued and outstanding capital stock of Jingling;
      and (ii) 5% of the issued and outstanding capital stock of Yidu. Mr. Feng Wang
      owns 25% of the issued and outstanding capital stock of Shusai.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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">Ever
      Leader, Benda, Jingling, Yidu and Shusai shall be referred to herein
      collectively as "Ever Leader Group." The Ever Leader Group is principally
      engaged in the development, manufacturing and distribution of medicines, active
      pharmaceutical ingredients and pharmaceutical intermediaries. </font></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">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></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="left">&#160;</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">Following
      completion of the exchange transaction (the &#8220;Exchange&#8221;), Ever Leader will become
      a wholly-owned subsidiary of APSP. </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">The
      consummation of the Exchange is contingent on a minimum of $10,000,000 (or
      such
      lesser amount as mutually agreed to by Ever Leader and the placement agent)
      being subscribed for, and funded into escrow, by certain accredited and
      institutional investors (&#8220;Investors&#8221;) for the purchase of shares of APSP Common
      Stock promptly after the closing of the Exchange under terms and conditions
      approved by APSP&#8217;s board of directors immediately following the Exchange
      (&#8220;Financing&#8221;). The closing of the Financing will be contingent on the closing of
      the Exchange, and the Exchange will be contingent on the closing of the
      Financing. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      assurances can be given that the Financing or the Exchange will be completed.
      Further, in the event the Financing is completed, there can be no assurance
      that
      the gross proceeds will be at least $10,000,000. For purposes of this Report,
      it
      is assumed that the Financing will be completed with gross proceeds of
      $12,000,000, the maximum amount under the Financing. The issuance of the shares
      of the APSP Common Stock to the Ever Leader Shareholders is intended to be
      exempt from registration under the Securities Act of 1933, as amended (the
      &#8220;Securities Act&#8221;), pursuant to either Regulation S or regulation D promulgated
      thereunder. As such, the APSP Common Stock may not be offered or sold in the
      United States unless they are registered under the Securities Act, or an
      exemption from the registration requirements of the Securities Act is available.
      No registration statement covering these securities has been or is expected
      to
      be filed with the United States Securities and Exchange Commission (&#8220;SEC&#8221; or
&#8220;Commission&#8221;) or with any state securities commission in respect of the Exchange
      or the Financing. However, as a condition to the Financing, it is expected
      that
      APSP will agree to register for public re-sale certain APSP&#8217;s common stock
      issued to the Investors in the Financing as after the Exchange as follows:
      (i)
      2,400,000 shares of APSP&#8217;s common stock which are currently outstanding and have
      been granted piggyback registration rights, (ii) 2,281,302 shares of APSP&#8217;s
      common stock currently held by KI Equity which do not have piggyback
      registration rights, (iii) the Finder&#8217;s Shares (as defined below), and (v)
      423,294 shares of APSP&#8217;s common stock issued to the principals of Anslow &amp;
Jaclin, LLP after Closing for legal services rendered to Ever Leader in
      connection with the Exchange and Financing. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#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">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></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="center"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">APSP
      is
      presently authorized under its Articles of Incorporation to issue 150,000,000
      shares of common stock, $.001 par value per share, and 5,000,000 shares of
      preferred stock, $.001 par value per share. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of the
      date of this Report, APSP has 5,354,091 shares of its common stock issued and
      outstanding, and no shares of preferred stock issued and outstanding. However,
      subject to the completion of the Exchange, APSP will issue 706,195 shares of
      APSP&#8217;s common stock to various parties for services as finders in connection
      with the Exchange (&#8220;Finders Shares&#8221;). Accordingly, for purposes of this Report,
      all references to APSP&#8217;s outstanding common stock and APSP&#8217;s shareholders will
      include the Finders Shares. </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">Under
      the
      terms of the Exchange Agreement, all of the outstanding Interests of Ever Leader
      will be exchanged for 64,942,360 shares of APSP Common Stock. </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">Immediately
      following the exchange transaction, the Ever Leader Shareholders will own 91.46%
      of the total of APSP&#8217;s outstanding stock entitled to vote prior to the
      Financing.</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="center"><br>&#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">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></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="left">&#160;</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">Effective
      as of the closing of the exchange transaction, and subject to applicable
      regulatory requirements, including the preparation, filing and distribution
      to
      the APSP 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 APSP
      will
      resign, and the newly-appointed directors of APSP will consist of one member
      of
      Ever Leader&#8217;s current management, Yiqing Wan (the &#8220;Management Director&#8221;); Ruilu
      Song, Jingbo Wu, Huilian Song, and one independent director to be designated
      by
      KI Equity to serve as a director for the one year period following Closing
      (&#8220;KI
      Equity Director&#8221;).&#160;A Voting Agreement&#160;between KI Equity and the Ever
      Leader Shareholders (Voting Agreement) will require KI Equity and the Ever
      Leader Shareholders to vote their APSP Shares for the above director
      designees</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ever
      Leader has also agreed that, within 90 days following the Closing, APSP&#8217;s board
      of directors will satisfy the independence, audit and compensation committee
      and
      other corporate governance requirements under the Sarbanes-Oxley Act of 2002
      (the "SOX Act"), the rules and regulations promulgated by the SEC, and the
      requirements of either NASDAQ or American Stock Exchange (&#8220;AMEX&#8221;) as selected by
      APSP, whether or not APSP&#8217;s common stock is listed or quoted, or qualifies for
      listing or quotation, on such national exchanges. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">Additional
      information concerning the Management Director and KI Equity Director who will
      serve as APSP&#8217;s 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="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">At
      or
      prior to the Closing, pursuant to the terms of the Exchange Agreement, APSP
      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 APSP for its advisory services rendered to
      APSP in connection with the exchange transaction. The transaction advisory
      fee
      will be $395,000. 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="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">APSP&#8217;s
      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 Ever Leader Group (on a consolidated basis)
      acceptable to APSP, compliance with regulatory requirements and the completion
      of the Financing. Consummation of the exchange transaction is also conditioned
      upon, among other things: (i) execution by KI Equity and the Ever Leader
      Stockholders of the Voting Agreement; (ii) continued quotation of APSP&#8217;s 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
      government authorities; (iv) delivery of legal opinions from Ever Leader&#8217;s
      People&#8217;s republic of China, Hong Kong and United States legal counsels
      satisfactory to APSP, and (v) execution of an aftermarket support agreement
      between APSP and Keating Aftermarket Support, LLC (&#8220;KAMS&#8221;), with such terms and
      conditions as mutually acceptable to Ever Leader, APSP and KAMS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#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">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5</font></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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      directors of APSP have approved the Exchange Agreement and the transactions
      contemplated under the Exchange Agreement. The directors of Ever Leader have
      approved the Exchange Agreement and the transactions contemplated thereunder.
      </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">The
      parties expect the closing of the transactions under the Exchange Agreement
      and
      the Financing to occur on or about October 20, 2006. However, there can be
      no
      assurances that the exchange transaction or the Financing will be completed.
      </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">The
      Exchange Agreement may be terminated as follows: (i) by mutual written consent,
      (ii) by either party if the exchange transaction is not consummated by November
      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="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">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 KI Equity,
      which is the majority stockholder of APSP, Keating Securities, LLC, the
      registered broker-dealer affiliate of Keating Investments, LLC, and KAMS. Kevin
      R. Keating is not affiliated with and has no equity interest in Keating
      Investments, LLC, KI Equity, KAMS or Keating Securities, LLC and disclaims
      any
      beneficial interest in the shares of APSP&#8217;s common stock owned by KI Equity.
      Similarly, Keating Investments, LLC, KI Equity, KAMS and Keating Securities,
      LLC
      disclaim any beneficial interest in the shares of APSP&#8217;s 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="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"><u>Business
      of APSP</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">APSP
      is
      currently a 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 APSP 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="left"><br>&#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">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">6</font></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="left"><br></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"><u>Business
      of Ever Leader Group</u></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">Ever
      leader is principally engaged in the development, manufacturing and distribution
      of medicines, active pharmaceutical ingredients and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pharmaceutical
      intermediates</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="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">It
      has
      three core operating companies: </font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></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">Hubei
                Tongji Benda Ebei Pharmaceutical Co., Ltd (&#8220;Benda Ebei&#8221;) develops,
                manufactures and sells small volume injection solutions and other
                medicines.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></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">Jiangling
                Benda Pharmaceutical Co., Ltd. (&#8220;Jiangling Benda&#8221;) develops, manufactures
                and sells active pharmaceutical ingredients (&#8220;APIs</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>1</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
                About 3.7% of the APIs that we produce is used to produce some of
                our
                finished medicines. The remainder is sold in the market to unrelated
                parties.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></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">Yidu
                Benda Chemical Industry, Co., Ltd (&#8220;Yidu Benda&#8221;) develops manufactures and
                sells pharmaceutical intermediates</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>2</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                About 11.8% of the pharmaceutical intermediates that we produce is
                used
                for our medicines. The remainder is sold in the market to unrelated
                parties.</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 style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      produces both Western medicines, for which typically the original foreign
      patents have expired, and traditional Chinese medicines (&#8220;TCMs&#8221;). Some of the
      Chinese medicines it produces are of its own origination and protected by its
      own SFDA</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>3</sup></font><font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      certificates. Its medicines can be broadly classified into two categories:
      branded medicines, most of which are sold by prescription, and generics. 59
      Benda drugs are listed in China&#8217;s </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Catalog
      of Basic Medicines Covered by Social Medical Security.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      In
      China, almost all medicines listed in the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Catalog
      of Basic Medicines</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      are
      covered by insurance programs, therefore medicines listed in the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Catalog</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      have the
      greatest market potential. </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">Its
      research and development, directed both at drug discovery and optimization
      of
      manufacturing process and costs, greatly benefits from having established close
      relationships with some of China&#8217;s leading medical research institutions,. For
      example, it has recently developed innovative processes that achieve Ribavirin
      yield rates 4.5% higher than the competition, while at the same time reducing
      Ribavirin manufacturing costs by 9%. Based on SFDA records, it is the only
      Chinese company that can currently synthesize Asarin chemically, setting its
      production costs 16% below those of its competitors. It expects to produce
      Asarin in early 2007 when Jiangling Benda plant finishes GMP</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>4</sup></font><font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      renovation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">_____________</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <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"><sup>1</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          APIs
          (Active Pharmaceutical Ingredients) are active chemicals used in the
          manufacturing of drugs. Another term for Active Pharmaceutical Ingredient
          is
          Bulk Drug Substance, although API is more internationally
          recognized.</font></div>
      </div>
      <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"><sup>2</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          Pharmaceutical Intermediate is the chemical raw material used to make
          API.</font></div>
      </div>
      <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"><sup>3</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          The
          Chinese government agency, SFDA, is analogous to the Food and Drug
          Administration (&#8220;FDA&#8221;) in the United States. Unlike the FDA, however, SFDA
          provides intellectual property and competitive protection to certain classes
          of
          approved drugs.</font></div>
      </div>
      <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"><sup>4</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          GMP
          (Good Manufacturing Practices) is an internationally-recognized standard
          for
          pharmaceutical plant design and construction. GMP has been defined as &#8220;that part
          of quality assurance which ensures that products are consistently produced
          and
          controlled to the quality standards appropriate for their intended use
          and as
          required by the marketing authorization.&#8221; (World Health Organization). GMP
          covers all aspects of the manufacturing process: defined manufacturing
          process;
          validated critical manufacturing steps; suitable premises, storage, transport;
          qualified and trained production and quality control personnel; adequate
          laboratory facilities; approved written procedures and instructions; records
          to
          show all steps of defined procedures taken; full traceability of a product
          through batch processing records and distribution records; and systems
          for
          recall and investigation of complaints.</font></div>
      </div><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"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">7</font></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="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      business of the Ever Leader Group involves a number of risks and uncertainties
      that could cause the actual results of either company to differ materially
      from
      those estimated by management from time to time. Potential risks and
      uncertainties, include, but are not limited to, such factors as fluctuations
      in
      demand for Ever Leader&#8217;s products, Ever Leader Group&#8217;s cost of manufacturing and
      raw materials, conditions and trends in the retail market, additions or
      departures of key personnel, its ability to attract and maintain customers
      and
      strategic business relationships, Ever Leader Group&#8217;s ability to develop and/or
      license existing and new technologies for the manufacture of its products,
      the
      impact of competitive products and pricing, growth in target markets, the
      adequacy of Ever Leader Group&#8217;s liquidity and financial strength to support its
      growth, and other information that may be detailed from time to time in APSP&#8217;s
      filings with the United States Securities and Exchange Commission should the
      exchange transaction contemplated by the Exchange Agreement be completed.
</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"><strong>Item
      3.02 &#160;Unregistered Sales of Equity Securities.</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
      Item
      1.01, which is incorporated herein by reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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"><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="left">&#160;</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">(d)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="12%">
              <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">2.1
                </font></div>
            </td>
            <td align="left" valign="top" width="56%">
              <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">Exchange
                Agreement by and among APSP, KI Equity, Ever Leader and the Ever
                Leader
                Shareholders dated July 7, 2006 . </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><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"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">8</font></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="left"><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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, APSP Merchants
      Exchange, 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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="39%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="39%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" colspan="2" valign="top" width="42%">
              <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>Applied
                Spectrum Technologies, Inc.</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="39%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="39%">
              <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">Date:&#160;September
                7, 2006</font></div>
            </td>
            <td align="left" valign="top" width="4%">
              <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">By:&#160;&#160;</font></div>
            </td>
            <td align="left" valign="top" width="38%">
              <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">/s/&#160;Kevin
                R. Keating</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="top" width="42%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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">Kevin
                R. Keating, President </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="top" width="42%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </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 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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      INDEX</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="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">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="15%" 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">Exhibit
                Number</font></div>
            </td>
            <td align="left" valign="top" width="53%" 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">Description
                of Exhibit</font></div>
            </td>
          </tr>

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

          <tr>
            <td align="left" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="15%">
              <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">2.1
                </font></div>
            </td>
            <td align="left" valign="top" width="53%">
              <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">Exchange
                Agreement by and among APSP, KI Equity, Ever Leader and the Ever
                Leader
                Shareholders dated July 7, 2006. </font></div>
            </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 style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#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">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">9</font></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="left">&#160;</div>
  </body>
</html>
{"company-data": {"conformed-name": "APPLIED SPECTRUM TECHNOLOGIES INC", "cik": "0000705868", "assigned-sic": "3661", "irs-number": "411419457", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-16397", "film-number": "061079908"}, "business-address": {"street1": "65 NORWOOD AVENUE", "city": "UPPER MONTCLAIR", "state": "NJ", "zip": "07043", "phone": "9737831117"}, "mail-address": {"street1": "65 NORWOOD AVENUE", "city": "UPPER MONTCLAIR", "state": "NJ", "zip": "07043"}}
Unassociated Document
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)
September
      7, 2006
____________________________
APPLIED
      SPECTRUM TECHNOLOGIES, INC.
(Exact
      name of registrant as specified in charter)
Delaware
(State
      or
      other Jurisdiction of Incorporation or Organization)
000-16397
(Commission
                File Number)
41-2185030
(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:
[
      ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[
      ]
      Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR
      240.14a-12(b))
[
      ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))
[
      ]
      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 Applied Spectrum Technologies
      Inc. ("APSP") and Ever Leader Holdings Limited and its subsidiaries
      (collectively, "Ever Leader Group") 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
      APSP's and Ever Leader Group'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. APSP's and Ever Leader Group'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, APSP 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
      September 7, 2006, Applied Spectrum Technologies, Inc., a Delaware corporation
      ("APSP"), entered into an Exchange Agreement ("Exchange Agreement") with KI
      Equity Partners III, LLC, a Delaware limited liability company ("KI Equity"),
      Ever Leader Holdings Limited, a company incorporated under the laws of Hong
      Kong
      SAR ("Ever Leader"), and each of the equity owners of Ever Leader (the "Ever
      Leader Shareholders"). Under the terms of the Exchange Agreement, APSP will, at
      closing of the exchange transaction ("Closing"), acquire all of the outstanding
      capital stock and ownership interests of Ever Leader (the "Interests") from the
      Ever Leader Shareholders, and the Ever Leader Shareholders will transfer and
      contribute all of their Interests to APSP. In exchange, APSP will issue to
      the
      Ever Leader Shareholders 64,942,360 shares of APSP common stock. A copy of
      the
      Exchange Agreement is included as Exhibit 2.1 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.
Ever
      Leader owns 95% of the issued and outstanding capital stock of Hubei Tongji
      Benda Ebei Pharmaceutical Co., Ltd., a China-Foreign Equity Joint Venture
      company incorporated under the laws of the People's Republic of China
      ("
Benda
").
      Mr.
      Yiqing Wan owns 5% of the issued and outstanding capital stock of Benda. Benda
      owns: (i) 95% of the issued and outstanding capital stock of Jingling Benda
      Pharmaceutical Co., Ltd., a company formed under the laws of the People's
      Republic of China ("
Jingling
");
      (ii)
      95% of the issued and outstanding capital stock of Yidu Benda Chemical Co.,
      Ltd., a company incorporated under the laws of the People's Republic of China
      ("
Yidu
");
      and
      (iii) 75% of the issued and outstanding capital stock of Beijing Shusai
      Pharyngitis Research Co., Ltd., a company incorporated under the laws of the
      People's Republic of China ("
Shusai
").
      Mr.
      Yiqing Wan owns: (i) 5% of the issued and outstanding capital stock of Jingling;
      and (ii) 5% of the issued and outstanding capital stock of Yidu. Mr. Feng Wang
      owns 25% of the issued and outstanding capital stock of Shusai.
Ever
      Leader, Benda, Jingling, Yidu and Shusai shall be referred to herein
      collectively as "Ever Leader Group." The Ever Leader Group is principally
      engaged in the development, manufacturing and distribution of medicines, active
      pharmaceutical ingredients and pharmaceutical intermediaries.
2
Following
      completion of the exchange transaction (the "Exchange"), Ever Leader will become
      a wholly-owned subsidiary of APSP.
The
      consummation of the Exchange is contingent on a minimum of $10,000,000 (or
      such
      lesser amount as mutually agreed to by Ever Leader and the placement agent)
      being subscribed for, and funded into escrow, by certain accredited and
      institutional investors ("Investors") for the purchase of shares of APSP Common
      Stock promptly after the closing of the Exchange under terms and conditions
      approved by APSP's board of directors immediately following the Exchange
      ("Financing"). The closing of the Financing will be contingent on the closing of
      the Exchange, and the Exchange will be contingent on the closing of the
      Financing.
No
      assurances can be given that the Financing or the Exchange will be completed.
      Further, in the event the Financing is completed, there can be no assurance
      that
      the gross proceeds will be at least $10,000,000. For purposes of this Report,
      it
      is assumed that the Financing will be completed with gross proceeds of
      $12,000,000, the maximum amount under the Financing. The issuance of the shares
      of the APSP Common Stock to the Ever Leader Shareholders is intended to be
      exempt from registration under the Securities Act of 1933, as amended (the
      "Securities Act"), pursuant to either Regulation S or regulation D promulgated
      thereunder. As such, the APSP Common Stock may not be offered or sold in the
      United States unless they are registered under the Securities Act, or an
      exemption from the registration requirements of the Securities Act is available.
      No registration statement covering these securities has been or is expected
      to
      be filed with the United States Securities and Exchange Commission ("SEC" or
"Commission") or with any state securities commission in respect of the Exchange
      or the Financing. However, as a condition to the Financing, it is expected
      that
      APSP will agree to register for public re-sale certain APSP's common stock
      issued to the Investors in the Financing as after the Exchange as follows:
      (i)
      2,400,000 shares of APSP's common stock which are currently outstanding and have
      been granted piggyback registration rights, (ii) 2,281,302 shares of APSP's
      common stock currently held by KI Equity which do not have piggyback
      registration rights, (iii) the Finder's Shares (as defined below), and (v)
      423,294 shares of APSP's common stock issued to the principals of Anslow &
Jaclin, LLP after Closing for legal services rendered to Ever Leader in
      connection with the Exchange and Financing.
3
APSP
      is
      presently authorized under its Articles of Incorporation to issue 150,000,000
      shares of common stock, $.001 par value per share, and 5,000,000 shares of
      preferred stock, $.001 par value per share.
As
      of the
      date of this Report, APSP has 5,354,091 shares of its common stock issued and
      outstanding, and no shares of preferred stock issued and outstanding. However,
      subject to the completion of the Exchange, APSP will issue 706,195 shares of
      APSP's common stock to various parties for services as finders in connection
      with the Exchange ("Finders Shares"). Accordingly, for purposes of this Report,
      all references to APSP's outstanding common stock and APSP's shareholders will
      include the Finders Shares.
Under
      the
      terms of the Exchange Agreement, all of the outstanding Interests of Ever Leader
      will be exchanged for 64,942,360 shares of APSP Common Stock.
Immediately
      following the exchange transaction, the Ever Leader Shareholders will own 91.46%
      of the total of APSP's outstanding stock entitled to vote prior to the
      Financing.
4
Effective
      as of the closing of the exchange transaction, and subject to applicable
      regulatory requirements, including the preparation, filing and distribution
      to
      the APSP 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 APSP
      will
      resign, and the newly-appointed directors of APSP will consist of one member
      of
      Ever Leader's current management, Yiqing Wan (the "Management Director"); Ruilu
      Song, Jingbo Wu, Huilian Song, and one independent director to be designated
      by
      KI Equity to serve as a director for the one year period following Closing
      ("KI
      Equity Director"). A Voting Agreement between KI Equity and the Ever
      Leader Shareholders (Voting Agreement) will require KI Equity and the Ever
      Leader Shareholders to vote their APSP Shares for the above director
      designees
.
Ever
      Leader has also agreed that, within 90 days following the Closing, APSP's board
      of directors will satisfy the independence, audit and compensation committee
      and
      other corporate governance requirements under the Sarbanes-Oxley Act of 2002
      (the "SOX Act"), the rules and regulations promulgated by the SEC, and the
      requirements of either NASDAQ or American Stock Exchange ("AMEX") as selected by
      APSP, whether or not APSP's common stock is listed or quoted, or qualifies for
      listing or quotation, on such national exchanges.
Additional
      information concerning the Management Director and KI Equity Director who will
      serve as APSP's 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, APSP
      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 APSP for its advisory services rendered to
      APSP in connection with the exchange transaction. The transaction advisory
      fee
      will be $395,000. This fee shall be paid in full at the closing of the exchange
      transaction.
APSP's
      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 Ever Leader Group (on a consolidated basis)
      acceptable to APSP, compliance with regulatory requirements and the completion
      of the Financing. Consummation of the exchange transaction is also conditioned
      upon, among other things: (i) execution by KI Equity and the Ever Leader
      Stockholders of the Voting Agreement; (ii) continued quotation of APSP's 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
      government authorities; (iv) delivery of legal opinions from Ever Leader's
      People's republic of China, Hong Kong and United States legal counsels
      satisfactory to APSP, and (v) execution of an aftermarket support agreement
      between APSP and Keating Aftermarket Support, LLC ("KAMS"), with such terms and
      conditions as mutually acceptable to Ever Leader, APSP and KAMS.
5
The
      directors of APSP have approved the Exchange Agreement and the transactions
      contemplated under the Exchange Agreement. The directors of Ever Leader have
      approved the Exchange Agreement and the transactions contemplated thereunder.
The
      parties expect the closing of the transactions under the Exchange Agreement
      and
      the Financing to occur on or about October 20, 2006. However, there can be
      no
      assurances that the exchange transaction or the Financing will be completed.
The
      Exchange Agreement may be terminated as follows: (i) by mutual written consent,
      (ii) by either party if the exchange transaction is not consummated by November
      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 KI Equity,
      which is the majority stockholder of APSP, Keating Securities, LLC, the
      registered broker-dealer affiliate of Keating Investments, LLC, and KAMS. Kevin
      R. Keating is not affiliated with and has no equity interest in Keating
      Investments, LLC, KI Equity, KAMS or Keating Securities, LLC and disclaims
      any
      beneficial interest in the shares of APSP's common stock owned by KI Equity.
      Similarly, Keating Investments, LLC, KI Equity, KAMS and Keating Securities,
      LLC
      disclaim any beneficial interest in the shares of APSP's common stock currently
      owned by Kevin R. Keating.
Business
      of APSP
APSP
      is
      currently a 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 APSP would acquire a target company with an
      operating business with the intent of continuing the acquired company's business
      as a publicly held entity.
6
Business
      of Ever Leader Group
Ever
      leader is principally engaged in the development, manufacturing and distribution
      of medicines, active pharmaceutical ingredients and
pharmaceutical
      intermediates
.
It
      has
      three core operating companies:
·
Hubei
                Tongji Benda Ebei Pharmaceutical Co., Ltd ("Benda Ebei") develops,
                manufactures and sells small volume injection solutions and other
                medicines.
·
Jiangling
                Benda Pharmaceutical Co., Ltd. ("Jiangling Benda") develops, manufactures
                and sells active pharmaceutical ingredients ("APIs
1
").
                About 3.7% of the APIs that we produce is used to produce some of
                our
                finished medicines. The remainder is sold in the market to unrelated
                parties.
·
Yidu
                Benda Chemical Industry, Co., Ltd ("Yidu Benda") develops manufactures and
                sells pharmaceutical intermediates
2
.
                About 11.8% of the pharmaceutical intermediates that we produce is
                used
                for our medicines. The remainder is sold in the market to unrelated
                parties.
It
      produces both Western medicines, for which typically the original foreign
      patents have expired, and traditional Chinese medicines ("TCMs"). Some of the
      Chinese medicines it produces are of its own origination and protected by its
      own SFDA
3
certificates. Its medicines can be broadly classified into two categories:
      branded medicines, most of which are sold by prescription, and generics. 59
      Benda drugs are listed in China's
Catalog
      of Basic Medicines Covered by Social Medical Security.
In
      China, almost all medicines listed in the
Catalog
      of Basic Medicines
are
      covered by insurance programs, therefore medicines listed in the
Catalog
have the
      greatest market potential.
Its
      research and development, directed both at drug discovery and optimization
      of
      manufacturing process and costs, greatly benefits from having established close
      relationships with some of China's leading medical research institutions,. For
      example, it has recently developed innovative processes that achieve Ribavirin
      yield rates 4.5% higher than the competition, while at the same time reducing
      Ribavirin manufacturing costs by 9%. Based on SFDA records, it is the only
      Chinese company that can currently synthesize Asarin chemically, setting its
      production costs 16% below those of its competitors. It expects to produce
      Asarin in early 2007 when Jiangling Benda plant finishes GMP
4
renovation.
_____________
1
APIs
          (Active Pharmaceutical Ingredients) are active chemicals used in the
          manufacturing of drugs. Another term for Active Pharmaceutical Ingredient
          is
          Bulk Drug Substance, although API is more internationally
          recognized.
2
Pharmaceutical Intermediate is the chemical raw material used to make
          API.
3
The
          Chinese government agency, SFDA, is analogous to the Food and Drug
          Administration ("FDA") in the United States. Unlike the FDA, however, SFDA
          provides intellectual property and competitive protection to certain classes
          of
          approved drugs.
4
GMP
          (Good Manufacturing Practices) is an internationally-recognized standard
          for
          pharmaceutical plant design and construction. GMP has been defined as "that part
          of quality assurance which ensures that products are consistently produced
          and
          controlled to the quality standards appropriate for their intended use
          and as
          required by the marketing authorization." (World Health Organization). GMP
          covers all aspects of the manufacturing process: defined manufacturing
          process;
          validated critical manufacturing steps; suitable premises, storage, transport;
          qualified and trained production and quality control personnel; adequate
          laboratory facilities; approved written procedures and instructions; records
          to
          show all steps of defined procedures taken; full traceability of a product
          through batch processing records and distribution records; and systems
          for
          recall and investigation of complaints.
7
The
      business of the Ever Leader Group involves a number of risks and uncertainties
      that could cause the actual results of either company to differ materially
      from
      those estimated by management from time to time. Potential risks and
      uncertainties, include, but are not limited to, such factors as fluctuations
      in
      demand for Ever Leader's products, Ever Leader Group's cost of manufacturing and
      raw materials, conditions and trends in the retail market, additions or
      departures of key personnel, its ability to attract and maintain customers
      and
      strategic business relationships, Ever Leader Group's ability to develop and/or
      license existing and new technologies for the manufacture of its products,
      the
      impact of competitive products and pricing, growth in target markets, the
      adequacy of Ever Leader Group's liquidity and financial strength to support its
      growth, and other information that may be detailed from time to time in APSP's
      filings with the United States Securities and Exchange Commission should the
      exchange transaction contemplated by the Exchange Agreement be completed.
Item
      3.02  Unregistered Sales of Equity Securities.
See
      Item
      1.01, which is incorporated herein by reference.
Item
      9.01 Financial Statements and Exhibits.
(d)
Exhibits
.
2.1
Exchange
                Agreement by and among APSP, KI Equity, Ever Leader and the Ever
                Leader
                Shareholders dated July 7, 2006 .
8
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, APSP Merchants
      Exchange, Inc. has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
Applied
                Spectrum Technologies, Inc.
Date: September
                7, 2006
By:
/s/ Kevin
                R. Keating
Kevin
                R. Keating, President
EXHIBIT
      INDEX
Exhibit
                Number
Description
                of Exhibit
2.1
Exchange
                Agreement by and among APSP, KI Equity, Ever Leader and the Ever
                Leader
                Shareholders dated July 7, 2006.
9