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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 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,
      DC 20549</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">___________</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>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">___________</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"><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>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 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"><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">Date
      of
      Report (Date of earliest event reported): August 11, 2006</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: 18pt; FONT-FAMILY: Times New Roman"><strong>EDULINK,
      INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(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="center"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="26%">
              <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>Nevada</strong></font></div>
            </td>
            <td valign="top" width="26%">
              <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>000-29953</strong></font></div>
            </td>
            <td valign="top" width="26%">
              <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>95-4562316</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="26%">
              <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)</font></div>
            </td>
            <td valign="top" width="26%">
              <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 valign="top" width="26%">
              <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>

      </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 valign="top" width="54%">
              <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>1122
                Coney Island Avenue, Suite 210, Brooklyn, New
                York</strong></font></div>
            </td>
            <td valign="top" width="24%">
              <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>11230</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="54%">
              <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)</font></div>
            </td>
            <td valign="top" width="24%">
              <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">(Zip
                Code)</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="54%">
              <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">Registrant&#8217;s
                telephone number, including area code:</font></div>
            </td>
            <td valign="top" width="24%">
              <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>(718)
                947-1100</strong></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 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">201
      Wilshire Blvd., Second Floor, Santa Monica, California 90401</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
      Name or former address, if changed since last report.)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):</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">&#9633;
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">&#9633;
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14-12)</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">&#9633;
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17&#160;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">&#9633;
      Pre-commencement communications pursuant to Rule 13-e-4(c) under the Exchange
      Act (17&#160;CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>FORWARD
      LOOKING STATEMENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>This
      Form 8-K and other reports filed by Registrant from time to time with the
      Securities and Exchange Commission (collectively the &#8220;Filings&#8221;) contain or may
      contain forward looking statements and information that are based upon beliefs
      of, and information currently available to, Registrant&#8217;s management as well as
      estimates and assumptions made by Registrant&#8217;s management. When used in the
      filings the words &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;future&#8221;,
&#8220;intend&#8221;, &#8220;plan&#8221; or the negative of these terms and similar expressions as they
      relate to Registrant or Registrant&#8217;s management identify forward looking
      statements. Such statements reflect the current view of Registrant with respect
      to future events and are subject to risks, uncertainties, assumptions and other
      factors relating to Registrant&#8217;s industry, Registrant&#8217;s operations and results
      of operations and any businesses that may be acquired by Registrant. Should
      one
      or more of these risks or uncertainties materialize, or should the underlying
      assumptions prove incorrect, actual results may differ significantly from those
      anticipated, believed, estimated, expected, intended or planned.
</em></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; COLOR: #000000; FONT-FAMILY: Times New Roman"><em>Although
      Registrant believes that the expectations reflected in the forward looking
      statements are reasonable, Registrant cannot guarantee future results, levels
      of
      activity, performance or achievements. Except as required by applicable law,
      including the securities laws of the United States, Registrant does not intend
      to update any of the forward-looking statements to conform these statements
      to
      actual results.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="10%">
              <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</strong></font></div>
            </td>
            <td align="left" valign="top" width="5%">
              <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>-</strong></font></div>
            </td>
            <td align="left" valign="top" width="85%">
              <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>Registrant&#8217;s
                Business and Operations</strong></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 align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="10%">
              <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 </strong></font></div>
            </td>
            <td align="left" valign="top" width="90%">
              <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>Entry
                into a Material Definitive
                Agreement.</strong></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 style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      10, 2006, EduLink, Inc., a Nevada corporation (&#8220;EduLink&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;,
      or &#8220;us&#8221;), certain EduLink Shareholders; Mega Media Group, Inc., a New York
      Corporation (&#8220;MMG&#8221;), and MMG Shareholders, entered into a Stock Purchase
      Agreement and Share Exchange (the &#8220;Merger Agreement&#8221;) pursuant to which MMG will
      become a wholly-owned subsidiary of the Company (the &#8220;Merger&#8221;). </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      11, 2006 (the &#8220;Closing Date&#8221;), we acquired all of the outstanding capital stock
      of MMG in exchange for the issuance to the MMG Shareholders, upon the increase
      in the authorized capital stock, of a total number of shares of Edulink common
      stock, which will represent, and equate to, 90% of Edulink&#8217;s issued and
      outstanding common stock after the transaction is closed. Such shares will
      be
      restricted in accordance with Rule 144 of the 1933 Securities Act. As further
      consideration for the acquisition, on the Closing Date, Edulink obtained from
      a
      majority of its shareholders duly executed irrevocable proxies to vote their
      shares for a period of 120 days or until such time as 90% of EduLink&#8217;s shares
      are issued to the MMG Shareholders, and delivered them to MMG and its
      shareholders, along with the aforementioned EduLink shareholders&#8217; share
      certificates to be held in escrow. Upon the closing of the Merger, MMG became
      a
      wholly-owned subsidiary of us. Upon the increase in the authorized capital
      stock, and issuance to the MMG Shareholders of 90% of the outstanding common
      stock, the former stockholders of the Company will own 10% of the issued and
      outstanding Common Stock of EduLink.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="10%">
              <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
                2 </strong></font></div>
            </td>
            <td align="left" valign="top" width="5%">
              <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>-</strong></font></div>
            </td>
            <td align="left" valign="top" width="85%">
              <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>Financial
                Information</strong></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 align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                2.01</strong></font></div>
            </td>
            <td align="justify" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Completion
                of Acquisition or Disposition of
                Assets.</strong></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">&#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"><em>Overview</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          August
          11, 2006, the Merger described in Item 1.01 was completed (the &#8220;Closing&#8221;). After
          the Closing, the Company had outstanding 1,500,000,000 shares of Common
          Stock,
          of which 745,310,596 shares of Common Stock constitutes the Company&#8217;s current
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;public
          float&#8221;.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          As a
          result of the Merger, MMG&#8217;s Shareholders became the majority shareholders of us.
</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
        of
        our Common Stock were approved for public trading on the Over the Counter
        (OTC)
        Bulletin Board Market in November 1999 and traded under the symbol (MYIQ.OB)
        until May 3, 2000. The Company&#8217;s shares resumed trading on the OTC Bulletin
        Board on July 24, 2000 after filing a registration statement on Form
        10.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Changes
        Resulting from the Merger</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          intend
          to discontinue our business of web-based integrated learning content management
          and delivery systems. Instead, we will operate our business through our
          wholly-owned subsidiary MMG, which is a multi-media holding company operating
          its business through its wholly-owned subsidiaries, Mega Media Studios,
          Inc.,
          Mega Media Records, Inc. d/b/a Skeleton Key Entertainment, Mega Media Film,
          Inc., Mega Media Sports Entertainment, Inc. and Echo Broadcasting Group,
          Inc.
          MMG also has a non-operating subsidiary, VSE Magazine, Inc. MMG focuses
          its
          business in mainstream entertainment and media and Russian ethnic media.
          We have
          also relocated our principal executive offices to those of Mega Media Group
          at
          1122 Coney Island Avenue, Suite 210, Brooklyn, New York 11230, and our
          new
          telephone number is (718) 947-1100.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        Nevada law, the Board of Directors of Edulink approved the completion of
        the
        Merger and its related transactions without stockholder approval, as Nevada
        Revised Statutes does not require stockholder approval from the acquiring
        entity
        in an acquisition. The Merger and its related transactions were approved
        by the
        MMG Board of Directors and the requisite number of MMG stockholders by written
        consent in lieu of a meeting on August 10, 2006.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description
      of the Company</strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      were
      originally incorporated in Nevada in January 1994 as URREA Enterprises, Inc.,
      a
      development stage company that attempted to engage in the business of extracting
      minerals. On October 27, 1999, EduLink merged with and into URREA in exchange
      for 388,800,000 shares of URREA common stock, with URREA surviving the merger.
      At the time, URREA had no assets or liabilities and a net asset value of $0.
      EduLink entered into the merger in order to achieve the value of trading its
      common equity on the OTC Bulletin Board, including obtaining liquidity for
      its
      shareholders. Immediately after the merger, URREA changed its name to EduLink,
      Inc. EduLink discontinued URREA&#8217;s mineral extraction business and engaged in the
      design, development and production of web-based integrated learning content
      management and delivery systems. Upon the effectiveness of the Merger, the
      Company succeeded to the business of MMG, which will be continued as its sole
      line of business. </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"><strong>Description
      of Business</strong></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">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless
          otherwise indicated or the context otherwise requires, all references below
          to
&#8220;EduLink&#8221; or the &#8220;Company&#8221; means EduLink, Inc., Mega Media Group, Inc. and its
          wholly-owned subsidiaries on a combined basis after the
          Merger.</font></div>

    </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Overview</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MMG
          is a
          multi-media holding company based in Brooklyn, New York, which </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">commenced
          operations in 2004.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          MMG
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">operates
          its business through its wholly-owned subsidiaries, Mega Media Studios,
          Inc.,
          Mega Media Records, Inc. d/b/a Skeleton Key Media, Mega Media Film, Inc.,
          Mega
          Media Sports Entertainment, Inc. and Echo Broadcasting Group, Inc. MMG
          also has
          a non-operating subsidiary, VSE Magazine, Inc. MMG focuses its business
          in
          mainstream entertainment and media and Russian ethnic media.</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">These
          subsidiaries offer a broad range of services, including talent management,
          music
          publishing, recording, music production and distribution, video production
          and
          distribution, radio broadcasting and Russian ethnic programming. In addition
          to
          the aforementioned services, we also invest in and develop various entertainment
          properties, balancing acquisitions of existing media properties, such as
          purchasing existing recordings and publishing catalogs with an earnings
          history,
          with the development and acquisition of newer media ventures, such as mobile
          and
          new technology media projects, and signing and developing emerging musical
          artists. Our executive offices are in &#8220;Soho&#8221; in New York City and our recording
          studios, editing facilities and radio broadcast studios are in Brooklyn,
          New
          York. We currently employ over fifty professionals in our two offices,
          including
          recording and music publishing executives, professional talent managers
          and
          radio personalities. </font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>MMG&#8217;s
      Products and Services and their Markets</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          provide our multi-media and entertainment products and services through
          our
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">wholly-owned
          subsidiaries. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MMG&#8217;s
          focus is in two primary areas: (1) Mainstream Entertainment and Media,
          and (2)
          Russian Ethnic Media. </font><br></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Mainstream
      Entertainment and Media</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MMG's
      mission is to invest in and develop a broad range of entertainment properties,
      balancing acquisitions of existing media properties, such as purchasing existing
      recordings and publishing catalogs with an earnings history, with the
      development and acquisition of newer media ventures, such as mobile and new
      technology media projects, and signing and developing emerging musical artists.
      In addition to acquiring and developing both established and emerging media
      properties, MMG will also develop a management division to serve the needs
      of
      artists.</font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Russian
      Ethnic Media</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MMG's
      subsidiaries, Echo Broadcasting Group and VSE Magazine, are Russian-American
      media companies that deliver media products that are contemporary, entertaining,
      fun and relevant to the ethnic Russian community in North America. Working
      with
      cutting-edge news networks and contributing staff in the entertainment and
      fashion industries both in the United States and the Former Soviet Union, MMG
      is
      able to deliver a unique blend of content that resonates with the "second
      generation" Russian mentality: distinctly American with a European
      flair.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>MMG&#8217;S
      SUBSIDIARIES</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Mega
      Media Records, Inc. d/b/a Skeleton Key Entertainment </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">is
      comprised of the following divisions, including recorded music, publishing,
      talent management and new media ventures: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Wingdings">&#167;&#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; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><u>Recorded
                Music:</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>
                Skeleton Key Recordings</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
                provides a full-service forum for pop/rock, alternative and urban
                music
                artists. All the services of a major record label are provided, including
                funding, artist development, recording services (with access to Mega
                Media's recording studios), promotions, marketing, artwork creation
                and
                retail distribution.&#160; DVD projects are also produced in-house in Mega
                Media's video facilities. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      record label division provides a "one-stop shopping" forum for artists, because
      all services of a major record label are provided in-house at MMG, including
      promotions, marketing, artist development and access to music recording and
      video facilities. MMG will also be able to provide co-publishing and management
      services to artists signed to MMG's record label division, enabling MMG to
      act
      as a true partner to a recording artist by actively participating in all facets
      of the artist's career. Mega Media Records already has an impressive roster
      of
      talent that includes rap legends Junior Mafia, platinum hip-hop producer
      Minnesota, R&amp;B sensation Kenny Wray. MMG's state-of-the-art recording and
      editing studios in Brooklyn, and its satellite studios in mid-town Manhattan,
      provide a comfortable and functional setting for all MMG artists to create
      and
      record their art. MMG's goal is to acquire both established and new recording
      artists, balancing risk by tapping into the existing fan base of established
      artists while investing in unknown artists who management believes have the
      potential to be the superstars of tomorrow. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Wingdings">&#167;&#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; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><u>Publishing
                Division</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>:
                Skeleton Key Music Publishing</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
                focuses on acquiring various music properties and offers quality
                world-wide music administration services, which include royalty
                collections, accounting services, copyright registrations, song-plugging
                services, songwriter workshops and talent
                development.</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 90pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>o&#160;&#160;</strong></font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>Skeleton
                Key Special Projects</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">,
                through its </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>&#8220;I.D.
                Compilations&#8221;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
                series, offers custom branded compilation albums to a select group
                of
                clients from the fashion, nightlife and entertainment
                arenas.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      publishing division will focus on acquiring various music publishing properties.
      Initially, we will attempt to acquire small music publishing catalogs with
      a
      demonstrated earnings history. MMG will also purchase publishing interests
      in
      recently-released and soon-to-be released individual musical compositions that
      show earnings potential. Finally, MMG will attempt to sign promising
      producer-writers and artist-writers to exclusive co-publishing agreements
      pursuant to which MMG will co-own all compositions written during the respective
      terms of such agreements and act as the exclusive administrator of the
      compositions subject to such agreements. The publishing division has not yet
      acquired any properties and there can be no assurance that it will be able
      to do
      so on terms acceptable to it or at all.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Wingdings"><strong>&#167;&#160;&#160;</strong></font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><u>Talent
                Management Division</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>:
                Skeleton Key Urban Management and Skeleton Key Pop/Rock
                Management</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
                are separate divisions of Skeleton Key that provide management and
                career
                development services to artists, producers, music executives, songwriters
                and entertainment companies. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      management division will provide entertainment management services to writers,
      producers and recording artists, in addition to acting as consultants to
      industry executives. MMG will manage the artists signed to the record label
      division of MMG, as well as manage artists signed to third-party record
      companies. MMG will allocate most of its resources to established writers,
      producers and artists, but will also manage promising talent on a speculative
      basis. This division is still in its early stage of development.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    </div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Wingdings">&#167;&#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; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><u>New
                Media</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>:
                </strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The
      new media division will invest in small new media companies, such as independent
      ring tone and real tone aggregators. This division, engaging in perhaps the
      most
      speculative area of the music business, will focus is on identifying and
      investing in newly-formed music companies that are introducing important
      services and technologies to an industry that is rapidly changing. The
      traditional record industry model of delivering physical product via retail
      outlets such as record shops is quickly becoming a thing of the past, while
      digital delivery via the Internet and mobile devices will likely grow
      exponentially over the next few years. Neither MMG nor Mega Media Records has
      invested in or developed any new media technologies and there can be no
      assurance that it will do so.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>Mega
      Media Film</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
      is a full-service film studio with a virtual 3D chromatic room and a 4A virtual
      studio. This studio is utilized to produce music videos for recording artists
      and multimedia projects. In addition to being used for music-based projects,
      Mega Media Film produces TV commercials, infomercials, and other video-related
      products. Mega Media Film has a talented staff of animators, visual effect
      designers, and editors. Mega Media Film also produces independent films and
      various DVD projects. The virtual 3D studio allows the production of video
      products at a fraction of the cost of traditional films. Most of the video
      products filmed today require the use of large, physical sets. This is costly
      and time-consuming, since actual physical labor is required along with permits,
      adequate on-location space and extensive personnel. Mega Media Film's graphic
      designers can create life-like virtual sets by using this new technology without
      the hassles of traditional filming.</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">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong>Mega
      Media Studios</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
      is a multi-room, state-of-the-art, 7000 square&#160;foot facility located in
      Brooklyn, just minutes outside of Manhattan.&#160; Studio A features a 96
      channel Euphonix console, custom Dynaudio Munro monitors, and two large
      isolation booths for the ultimate accommodations in live recording.&#160; Studio
      B is the perfect MIDI-based writing room with vocal booth. Mega Media Studio's
      personnel are experienced, professional and helpful. The studios are
      fully-equipped to handle projects from commencement to conclusion, and provide
      the perfect environment for artists to create their magic.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Mega
      Media Sports Entertainment</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      specializes in the creation of instructional sports videos, taking today&#8217;s
      popular athletes and sports figures and producing modern, exciting and
      informative instructional/ fitness videos.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Echo
            Broadcasting, Inc.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
            is a
            Russian-American entertainment and media company </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">acquired
            by MMG in October 2005</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
            Driven
            from within by its consumer brand - Evolution of Entertainment - Echo&#8217;s
            Interactive and Publishing&#160;division is contemporary, entertaining, fun and
            relevant to the Ethnic Russian consumers in North America.&#160; Working with
            cutting-edge news networks and contributing staff in the entertainment
            and
            fashion industries both in the United States and the Former Soviet Union,
            Echo
            is able to deliver a unique blend of content that resonates with the
            Second
            Generation mentality - distinctly American with a European flair.&#160; Echo is
            a media partner in many major Russian events and concerts in the New
            York
            Metropolitan Area.&#160; Echo operates the following
            divisions:</font></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></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: Wingdings">&#167;&#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"><strong>Interactive
                  Division</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">is
                  an internet portal, which was launched in the summer of 2005 and
                  is a
                  single in-language source of information on leisure, nightlife
                  and
                  entertainment for the ethnic Russians in New York. VSERU makes
                  mainstream
                  entertainment accessible to the Russian-speaking audience, with
                  a wide
                  variety of features, comprehensive and searchable listings and
                  events
                  calendars. </font></div>
              </td>
            </tr>

        </table>
        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></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: Wingdings">&#167;&#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"><strong>Radio
                  Division</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Radio
                  VSE</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  -
                  87.7FM. Debuting in 2003, Radio VSE broadcasts 24/7 has become
                  the largest
                  independent, commercial Russian language radio station in the New
                  York Tri
                  State Area. Radio VSE rapidly developed loyal listeners and has
                  become a
                  primary source of information for Russian-speaking New Yorkers.
                  The
                  current format of Radio VSE is divided into three categories -
                  talk radio,
                  music programming and the news, including national and international
                  headlines, lifestyle and entertainment. Another staple of the programming
                  is live broadcasting from Russia, Ukraine, Germany and Israel.
                  The guest
                  list of the talk shows ranges from politicians and governmental
                  officials
                  to Russian celebrities on tour in the United States. All broadcasting
                  on
                  Radio VSE is live, with listener participation and call-in segments.
                  Radio
                  VSE's portable studio and road crew are on the road daily on the
                  streets
                  of Little Odessa, interacting with the audience and producing entertaining
                  live segments from NYC's
                  hotspots.</font></div>
              </td>
            </tr>

        </table><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: 10pt; FONT-FAMILY: ">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="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>VSE
          Magazine, Inc.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          is
          presently a non-operating subsidiary. VSE Magazine was operating and published
          in 2004 and mid-2005 but was discontinued thereafter due to market conditions
          and the inability to finance further publications. At this time, management
          intends to re-launch the magazine in late 2006 or early 2007.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Market
      for MMG&#8217;s Products and Services</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      are
      two primary markets for MMG's products and services. First, MMG, through
      Skeleton Key Entertainment, focuses on recorded urban and pop/rock music that
      appeals to mainstream America. We also have plans to distribute this content
      abroad, depending on demand. Skeleton Key also provides music publishing and
      talent management services to mainstream artists, producers and songwriters.
      Second, MMG focuses on providing Russian-ethnic entertainment content to the
      Russian-American community through its popular radio station, live promotions
      and recorded ethnic music projects.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Mainstream
      Entertainment and Media</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Music
      and
      entertainment is an international form of communication in every culture of
      the
      world. According to the Recording Industry Association of America&#8217;s (&#8220;RIAA&#8221;)
      website (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>http://www.riaa.com/news/marketingdata/</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
      it is
      estimated that worldwide annual music sales are $40(1)</font><font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">billion,
      and US sales account for one third of that total. In addition, the market is
      much greater when you include management, concerts, DVD sales and
      publishing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      recording industry which went through several down years of sales due to piracy
      has seen other revenue streams increase. In fact, this year alone sales of
      singles and online digital sales have resulted in an overall increase of 21
      percent(2)</font><font style="DISPLAY: inline">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">over
      last
      year. Other new revenue streams have been opened to the industry. Ringtones
      have
      become very popular and have become and important and promising revenue stream
      for the industry with project annual sales of $500 million for 2005, sales
      for
      2003 were $68 million and $245 million for 2004. Publishing income, which has
      seen steady growth with $493 million in 2004-an increase of 4.5% on 2003 and
      19%(3)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      over the
      past five years, is expected to more the double over the next five years. DVD
      sales which have become an enormous profit center for the industry have had
      a
      steady increase in sales. For 2004, the sales of DVDs grew to $15.5 billion,
      that&#8217;s an increase of 33 percent from 2003 and consumers spent an additional
      $5.7 billion renting DVDs. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; 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">
      <hr style="COLOR: black" align="left" noshade size="1" width="10%">
    </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">(1)
      Figures are based on research by RIAA (Recording Industry Association of
      America)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)
      Data
      from Nielsen SoundScan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&#160;Publishing
      figures obtained from IFPI Market Research</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <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: 10pt; FONT-FAMILY: ">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="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following charts were compiled by RIAA from its website (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>http://www.riaa.com/news/marketingdata/</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
      which
      shows the 2005 Year end Statistics and consumer profiles for the recording
      industry</font><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="justify">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="100%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="profile.jpg" alt=""></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <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: 10pt; FONT-FAMILY: ">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="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="100%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="yearend.jpg" alt=""></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Russian
      Ethnic Media</strong></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      current estimated Russian speaking population in the United States is over
      6
      million, with over 1.4 million(4) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">residing
      in the New York Metropolitan Area. The present annual advertising market aimed
      to the Russian community in the US is at approximately $50 million according
      to
      Press Release Group. Through the last several years many national brands and
      major advertising agencies have acknowledged that ethnic advertising is
      necessary for the continued growth of product sales. In fact, many of the major
      advertising agencies have set up ethnic advertising divisions for this purpose.
      The Spanish speaking market has reached $4.5 billion in annual advertising
      budgets. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The
      size
      of Russian-American population in the New York Metropolitan Area is 1,420,000
      people. This market has high purchasing power, its average household income
      reaches $47,100 and accedes that of other ethnic groups. Average age of the
      Russian-speaking population is 46 years old. Average household size in the
      Russian-American market is 2.2 people, with high number of one-person household
      and high number of extended family households. 61% of Russian-speakers have
      at
      least one credit card and 69% frequently use the Internet. All mass media,
      including Radio, Print and Television, are quite popular among Russian-speakers.
      Radio and Television have highest media reach, approximately 50%-55%.&#8221;
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Press
      Release Group</em></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      expect
      the Russian advertising market to reach $450 million in the next five years.
      Our
      Russian Ethnic Media division is positioned in Radio, Print and Internet to
      benefit from the anticipated increase in the future advertising budgets.
      Presently, our Radio division has 27.7 percent market share of the Russian
      audience in the New York Metropolitan Area and our interactive division has
      up
      to 60,000 unique visitors per month and is only in its third month of operation.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Market</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since
      the
      metamorphosis of the Soviet Union into a more open society, North America has
      become home to over 6.5 million Ethnic Russians, with 1.6 million residing
      in
      the New York Tri-State area. &#160;Today, the New York Metropolitan area is the
      seventh largest Russian-speaking city in the world. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      indicators show that this is one of the most affluent and rapidly growing ethnic
      markets in the country. Highly educated and trained, Ethnic Russian immigrants
      are relentless about rebuilding their lives to a higher standard than they
      led
      in the country of origin. As a result many of these immigrants have attained
      a
      high degree of success in their respective fields: medical, legal, business,
      research, computer programming, real estate and manufacturing. As a market
      it is
      a great, virtually unexplored consumer base, which is craving for new trends
      and
      products.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="10%">
      </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)
      Figures obtained from Press Release Group 2005 research report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><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: 10pt; FONT-FAMILY: ">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">&#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"><em>Demographics</em></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Millions
      of dollars are invested annually into the advertising on the Ethnic Russian
      Market and here are some of the reasons why:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; 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">
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="100%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="gemographics1.jpg" alt=""></div>
              </td>
            </tr>

        </table><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: 10pt; FONT-FAMILY: ">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>
    <div style="DISPLAY: block; MARGIN-LEFT: 39pt; 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>DEMOGRAPHICS</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      (Continued)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 144pt; 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">
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="white">
                <td width="100%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="gemographics2.jpg" alt=""></div>
                </td>
              </tr>

          </table>
        </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>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 24pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                data based on studies conducted by the Research Institute for New
                Americans and the Press Release
                Group.</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 style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><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: 10pt; FONT-FAMILY: ">10</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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Distribution
      Methods for MMG&#8217;s Products and Services</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      audio
      and audio-visual content, both physical and digital, is currently distributed
      in
      North America through Sony/RED distribution. Our original content is broadcast
      via MMG's radio station, VSE Radio. Our branded compilation album projects
      will
      be distributed through our various clients' retail outlets. For non-North
      American distribution, we intend to enter into territory-by-territory deals
      for
      each project concerned.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Development
      Strategy</em></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      development strategy consists of aggressively negotiating with and signing
      known
      recording artists, successful producers and songwriters, acquiring
      income-generating publishing catalogs, signing popular talent to management
      contracts, increasing the radio station's profile to generate more advertising
      dollars, actively marketing the recording studio and video facility to other
      record labels and entertainment companies to generate a profit center from
      third
      party commercial projects, and doing branded compilation projects for
      recognizable national corporate clients to increase our profile. Our research
      and development is handled in-house and is treated as a general overhead cost
      that is not passed on to our customers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Sales
      and Marketing Strategy</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      sales
      and marketing for all products and services is handled in a variety of ways:
      (1)
      through our Public Relations company, 5W PR, (2) through in-house marketing
      and
      promotion personnel, (3) through in-house advertising coordinators and
      salespeople, (4) through the marketing and promotional staff at Sony/RED, and
      (5) by engaging thirds party independent contractors to supplement the efforts
      of our in-house staff on a project by project basis.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Competition</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Despite
      our size, we believe we are uniquely positioned to compete with major record
      labels and publishing companies, such as Jive Records and Bad Boy Entertainment,
      because of our strong executive staff and creative deal making. Our closest
      competitors on the recorded music side are Asylum/Warner Music Group,
      Fontata/Universal Music Group, Imperial/EMI and Koch Records. We believe our
      Radio VSE is the most popular of its kind and competes with some minor local
      competitors in New York.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Intellectual
      Property</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Most
      of
      our print and radio content and original programming are proprietary and
      protected. We have copyrights in songs secured through our music publishing
      division and copyrights in master recordings secured through our recorded music
      divisions. We also expect that the Mega Media and Skeleton Key brands will
      have
      value beyond corporate identities so we can engage in merchandising
      activities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; 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>RISK
      FACTORS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>An
      investment in our common stock is highly speculative and involves a high degree
      of risk. Therefore, you should consider all of the risk factors discussed below,
      as well as the other information contained in this document. You should not
      invest in our common stock unless you can afford to lose your entire investment
      and you are not dependent on the funds you are investing.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      note that throughout this report, the words &#8220;we&#8221;, &#8220;our&#8221;, &#8220;us&#8221; or the &#8220;Company&#8221;
refer to EduLink, Inc., Mega Media, Inc. and its wholly-owned
      subsidiaries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Risks
      Associated with our Operations</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>We
      have a limited operating history in which to evaluate our business.
</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      were
      incorporated in Nevada in January 1994. The company has limited revenues to
      date
      and has a limited operating history upon which an evaluation of our future
      success or failure can be made. Current company assets may not be suitable
      for
      development to the projected forecast for 2007-2008. No assurances of any nature
      can be made to investors that the company will be profitable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">11</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="justify"><a name="id_0_5"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>We
      have incurred significant and continuing losses and may not be able to generate
      revenues to sustain our operations.</em></strong></font></a></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: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      experienced significant operating losses since we were formed in January 1994.
      The Company incurred net losses of approximately $2,550,305 and $1,451,841
      for
      the years ended January 31, 2006 and 2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company will continue to have a high level of operating expenses and will be
      required to make significant up-front expenditures in connection with the
      commencement of income-generating activities (including, but not limited to,
      salaries of executive, marketing, engineering and other personnel). The Company
      expects to incur additional losses until such time as it is able to generate
      sufficient revenues to finance its operations and the costs of expansion. There
      can be no assurance that the Company will be able to generate such revenues
      and
      operate profitably.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>We
      will require additional funds to achieve our current business strategy and
      our
      inability to obtain additional financing could cause us to cease our business
      operations. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Even
      with
      the proceeds from this offering, we will need to raise additional funds through
      public or private debt or sale of equity to achieve our current business
      strategy. Such financing may not be available when needed. Even if such
      financing is available, it may be on terms that are materially adverse to your
      interests with respect to dilution of book value, dividend preferences,
      liquidation preferences, or other terms. Our capital requirements to implement
      our business strategy will be significant. However, at this time, we can not
      determine the amount of additional funding necessary to implement such plan.
      We
      intend to assess such amount at the time we will implement our business plan.
      Furthermore, we intend to effect future acquisitions with cash and the issuance
      of debt and equity securities. The cost of anticipated acquisitions may require
      us to seek additional financing. We anticipate requiring additional funds in
      order to fully implement our business plan to significantly expand our
      operations. We may not be able to obtain financing if and when it is needed
      on
      terms we deem acceptable. Our inability to obtain financing would have a
      material negative effect on our ability to implement our acquisition strategy,
      and as a result, could require us to diminish or suspend our acquisition
      strategy. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      we are
      unable to obtain financing on reasonable terms, we could be forced to delay,
      scale back or eliminate certain product and service development programs. In
      addition, such inability to obtain financing on reasonable terms could have
      a
      material negative effect on our business, operating results, or financial
      condition to such extent that we are forced to restructure, file for bankruptcy,
      sell assets or cease operations, any of which could put your investment dollars
      at significant risk.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>If
      we are unable to retain the services of our executive officers, Aleksandr
      Shvarts, David Kokakis, Esq., Gennady Pomeranets, CPA, and Eric Schwartz, or
      if
      we are unable to successfully recruit qualified managerial personnel and
      employees with experience in business and the entertainment industry, we may
      not
      be able to continue our operations.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      success depends to a significant extent upon the continued service of our
      executive officers, Aleksandr Shvarts, Chief Executive Officer, David Kokakis,
      Esq., Chief Operating Officer, Gennady Pomeranets, CPA, Chief Fianancial
      Officer, and Eric Schwartz, Executive Vice President. Loss of the services
      of
      any of our executive officers could have a material adverse effect on our
      growth, revenues, and prospective business. We do not maintain key-man insurance
      on the lives of our executive officers. In addition, in order to successfully
      implement and manage our business plan, we will be dependent upon, among other
      things, successfully recruiting qualified managerial personnel and employees
      with experience in business and the entertainment industry. Competition for
      qualified individuals is intense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      can
      be no assurance that we will be able to find, attract and retain existing
      employees or that we will be able to find, attract and retain qualified
      personnel on acceptable terms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>There
      may be potential liabilities associated with the Company that we were not aware
      of at the time of the Merger. </em></strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company may have liabilities that we did not discover or may have been unable
      to
      discover during our pre-acquisition investigation. Any indemnities or warranties
      may not fully cover such liabilities due to their limited scope, amount or
      duration, the financial limitations of the indemnitor or warrantor, or for
      other
      reasons. Therefore, in the event we are held responsible for the foregoing
      liabilities, the Company's operations may be materially and adversely
      affected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">12</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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Our
      principal stockholders, officers and directors own a controlling interest in
      our
      voting stock and investors will not have any voice in our
      management.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the acquisition of MMG and its wholly-owned operating
      subsidiaries, MMG Shareholders, including several of which are now officers
      and
      directors, will hold an aggregate of 90% of EduLink&#8217;s outstanding shares of
      common stock, and in the aggregate, has the right to cast 90% of the votes
      in
      any vote by our stockholders. Thus, these stockholders, acting together, will
      have the ability to control substantially all matters submitted to our
      stockholders for approval, including:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="4%">
              <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: Wingdings">&#167;</font></div>
            </td>
            <td align="justify" valign="top" width="63%">
              <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">election
                of our board of directors;</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="4%">
              <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: Wingdings">&#167;</font></div>
            </td>
            <td align="justify" valign="top" width="63%">
              <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">removal
                of any of our directors;</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="4%">
              <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: Wingdings">&#167;</font></div>
            </td>
            <td align="justify" valign="top" width="63%">
              <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">amendment
                of our certificate of incorporation or bylaws; and</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="4%">
              <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: Wingdings">&#167;</font></div>
            </td>
            <td align="justify" valign="top" width="63%">
              <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">adoption
                of measures that could delay or prevent a change in control or impede
                a
                merger, takeover or other business combination involving
                us.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of their ownership and positions, our directors and executive officers
      collectively are able to influence all matters requiring stockholder approval,
      including the election of directors and approval of significant corporate
      transactions. In addition, sales of significant amounts of shares held by our
      directors and executive officers, or the prospect of these sales, could
      adversely affect the market price of our common stock. Management's stock
      ownership may discourage a potential acquirer from making a tender offer or
      otherwise attempting to obtain control of us, which in turn could reduce our
      stock price or prevent our stockholders from realizing a premium over our stock
      price.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>It
      is likely that additional shares of our stock will be issued in the normal
      course of our business development, which will result in a dilutive affect
      on
      our existing shareholders. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      will
      issue additional stock as required to raise additional working capital in order
      to secure intellectual properties, undertake company acquisitions, recruit
      and
      retain an effective management team, compensate our officers and directors,
      engage industry consultants and for other business development
      activities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>If
      we fail to adequately manage our growth, we may not be successful in growing
      our
      business and becoming profitable.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      expect
      our business and number of employees to grow over the next year. We expect
      that
      our growth will place significant stress on our operation, management, employee
      base and ability to meet capital requirements sufficient to support our growth
      over the next 12 months. Any failure to address the needs of our growing
      business successfully could have a negative impact on our chance of
      success.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>If
      we acquire or invest in other businesses, we will face certain risks inherent
      in
      such transactions. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">We
      may acquire, make investments in, or enter into strategic alliances or joint
      ventures with, companies engaged in businesses that are similar or complementary
      to ours. If we make such acquisitions or investments or enter into strategic
      alliances, we will face certain risks inherent in such transactions. For
      example, we could face difficulties in managing and integrating newly acquired
      operations. Additionally, such transactions would divert management resources
      and may result in the loss of artists or songwriters from our rosters. We cannot
      assure you that if we make any future acquisitions, investments, strategic
      alliances or joint ventures that they will be completed in a timely manner,
      that
      they will be structured or financed in a way that will enhance our
      creditworthiness or that they will meet our strategic objectives or otherwise
      be
      successful. Failure to effectively manage any of these transactions could result
      in material increases in costs or reductions in expected revenues, or both.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>&#8220;Penny
      Stock&#8221; rules may make buying or selling our common stock
      difficult.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trading
      in our securities is subject to the &#8220;penny stock&#8221; rules. The SEC has adopted
      regulations that generally define a penny stock to be any equity security that
      has a market price of less than $5.00 per share, subject to certain exceptions.
      These rules require that any broker-dealer who recommends our securities to
      persons other than prior customers and accredited investors, must, prior to
      the
      sale, make a special written suitability determination for the purchaser and
      receive the purchaser&#8217;s written agreement to execute the transaction. Unless an
      exception is available, the regulations require the delivery, prior to any
      transaction involving a penny stock, of a disclosure schedule explaining the
      penny stock market and the risks associated with trading in the penny stock
      market. In addition, broker-dealers must disclose commissions payable to both
      the broker-dealer and the registered representative and current quotations
      for
      the securities they offer. The additional burdens imposed upon broker- dealers
      by such requirements may discourage broker-dealers from effecting transactions
      in our securities, which could severely limit the market price and liquidity
      of
      our securities. Broker- dealers who sell penny stocks to certain types of
      investors are required to comply with the Commission&#8217;s regulations concerning
      the transfer of penny stocks. These regulations require broker-dealers
      to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="3%">
              <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: Wingdings">&#167;</font></div>
            </td>
            <td align="justify" valign="top" width="54%">
              <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">Make
                a suitability determination prior to selling a penny stock to the
                purchaser;</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="3%">
              <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: Wingdings">&#167;</font></div>
            </td>
            <td align="justify" valign="top" width="54%">
              <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">Receive
                the purchaser&#8217;s written consent to the transaction; and</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="3%">
              <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: Wingdings">&#167;</font></div>
            </td>
            <td align="justify" valign="top" width="54%">
              <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">Provide
                certain written disclosures to the
                purchaser.</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Risks
      Associated with the Entertainment, Media and Communications
      Industries</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Competition
      from providers of similar products and services could materially adversely
      affect MMG&#8217;s revenues and financial condition. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      music
      industry</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      in which
      we compete is a rapidly evolving, highly competitive and fragmented market,
      which</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      is based
      on consumer preferences and requires substantial human and capital resources.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      expect
      competition to intensify in the future.</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">There
      can
      be no assurance that MMG will be able to compete effectively. We believe that
      the main competitive factors in the&#160;entertainment, media and communications
      industries&#160;include effective marketing and sales, brand recognition,
      product quality, product placement and availability, niche marketing and
      segmentation and value propositions. They also include benefits of one's
      company, product and services,&#160;features and functionality, and cost. Many
      of our competitors are established, profitable and have&#160;strong attributes
      in many, most or all of these areas. They may be able to leverage their existing
      relationships to&#160;offer alternative products or services at more attractive
      pricing or with better customer support. Other companies may also enter&#160;our
      markets with better products or services, greater financial and human resources
      and/or greater brand recognition. Competitors may continue to improve or expand
      current products and introduce new products. We may be perceived as relatively
      too small or untested to be awarded business relative to the competition. To
      be
      competitive,&#160;we&#160;will have&#160;to invest significant resources in
      business development, advertising and marketing.&#160;&#160;We may also have to
      rely on strategic partnerships for critical branding and relationship leverage,
      which partnerships may or may not be available or sufficient. We cannot assure
      that it will have sufficient resources to make these investments or that we
      will
      be able to make the advances necessary to be competitive. Increased competition
      may&#160;result in price reductions, reduced gross margin and loss of market
      share. Failure to compete successfully against current or future competitors
      could have a material adverse effect on the Company&#8217;s business, operating
      results and financial condition.&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      compete with other recorded music companies and music publishers to identify
      and
      sign new recording artists and songwriters who subsequently achieve long-term
      success and to renew agreements with established artists and songwriters. In
      addition, our competitors may from time to time reduce their prices in an effort
      to expand market share and introduce new services, or improve the quality of
      their products or services. We may lose business if we are unable to sign
      successful artists or songwriters or to match the prices or the quality of
      products and services, offered by our competitors. Our Publishing Division
      will
      compete not only with other music publishing companies, but also with
      songwriters who publish their own works. Our Recorded Music Division is to
      a
      large extent dependent on technological developments, including access to and
      selection and viability of new technologies, and is subject to potential
      pressure from competitors as a result of their technological developments.
      For
      example, our Recorded Music Division may be adversely affected by technological
      developments that facilitate the piracy of music, such as Internet peer-to-peer
      file-sharing and CD-R activity; by its inability to enforce our intellectual
      property rights in digital environments; and by its failure to develop a
      successful business model applicable to a digital online environment. It also
      faces competition from other forms of entertainment and leisure activities,
      such
      as cable and satellite television, pre-recorded films on videocassettes and
      DVD,
      the Internet and computer and videogames.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>The
      speculative nature of the entertainment, media and communications industry
      may
      result in our inability to produce products or services that receive sufficient
      market acceptance for us to be successful.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
      segments of the entertainment, media and communications industry are highly
      speculative and historically have involved a substantial degree of risk. For
      example, the success of a particular film, video game, program or recreational
      attraction depends upon unpredictable and changing factors, including the
      success of promotional efforts, the availability of alternative forms of
      entertainment and leisure time activities, general economic conditions, public
      acceptance and other tangible and intangible factors, many of which are beyond
      our control. If we complete a business combination with a target business in
      such a segment, we may be unable to produce products or services that receive
      sufficient market acceptance for us to be successful.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>Due
      to the nature of our business, our results of operations and cash flows may
      fluctuate significantly from period to period. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Our
      net sales, operating income and profitability, like those of other companies
      in
      the music business, are largely affected by the number and quality of albums
      that we release, our release schedule, and, more importantly, the consumer
      demand for these releases. We also make advance payments to recording artists
      and songwriters, which impact our operating cash flows. The timing of album
      releases and advance payments is largely based on business and other
      considerations and is made without regard to the timing of the release of our
      financial results. We report results of operations quarterly and our results
      of
      operations and cash flows in any reporting period may be materially affected
      by
      the timing of releases and advance payments, which may result in significant
      fluctuations from period to period. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Changes
      in technology may reduce the demand for the products or services we may offer
      following a business combination.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      entertainment, media and communications industries are substantially affected
      by
      rapid and significant changes in technology. These changes may reduce the demand
      for certain existing services and technologies used in these industries or
      render them obsolete. We cannot assure you that the technologies used by or
      relied upon or produced by a target business with which we effect a business
      combination will not be subject to such occurrence. While we may attempt to
      adapt and apply the services provided by the target business to newer
      technologies, we cannot assure you that we will have sufficient resources to
      fund these changes or that these changes will ultimately prove
      successful.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>If
      our products or services that we market and sell are not accepted by the public,
      our profits may decline.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
      segments of the entertainment, media and communications industries are dependent
      on developing and marketing new products and services that respond to
      technological and competitive developments and changing customer needs and
      tastes. We cannot assure you that the products and services of a target business
      with which we effect a business combination will gain market acceptance. Any
      significant delay or failure in developing new or enhanced technology, including
      new product and service offerings, could result in a loss of actual or potential
      market share and a decrease in revenues.</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; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>The
      recorded music industry has been declining and may continue to decline, which
      may adversely affect our prospects and our results of operations.
</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Illegal
      downloading of music from the Internet, CD-R piracy, industrial piracy, economic
      recession, bankruptcies of record wholesalers and retailers and growing
      competition for consumer discretionary spending and retail shelf space may
      all
      be contributing to a declining recorded music industry. Additionally, the period
      of growth in recorded music sales driven by the introduction and penetration
      of
      the CD format has ended. While DVD-Audio, Dual Disc and downloadable digital
      files are thought to represent potential new avenues for growth, no significant
      new legitimate audio format has yet emerged to take the place of the CD. The
      value of worldwide sales fell as the music industry witnessed a decline of
      4.9%
      from 1999 to 2000, 5.7% from 2000 to 2001, 6.7% from 2001 to 2002 and 7.6%
      from
      2002 to 2003. Although we believe that the recorded music industry should
      continue to improve as evidenced by the year-over-year growth in U.S. music
      physical unit sales year-to-date through year-end 2004, the industry may relapse
      into a period of decline as witnessed from 1999 to 2003 and we cannot assure
      you
      as to the timing or the extent of any improvement in the industry. A declining
      recorded music industry is likely to lead to reduced levels of revenue and
      operating income generated by our Recorded Music business. Additionally, a
      declining recorded music industry is also likely to have a negative impact
      on
      our Music Publishing business, which generates a significant portion of its
      revenues from mechanical royalties, primarily from the sale of music in CD
      and
      other recorded music formats. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>There
      may be downward pressure on our pricing and our profit margins.
</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">There
      are a variety of factors which could cause us to reduce our prices and erode
      our
      profit margins. They are, among others, increased price competition among record
      companies resulting from the Universal and Sony BMG recorded music duopoly,
      price competition from the sale of motion pictures in DVD-Video format and
      videogames, the ever greater price negotiating leverage of mass merchandisers
      and big box retailers, the increased costs of doing business with mass
      merchandisers and big box retailers as a result of complying with operating
      procedures that are unique to their needs and the adoption by record companies
      of initially lower-margin formats such as Dual Disc and DVD-Audio. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>Our
      prospects and financial results may be adversely affected if we fail to
      identify, sign and retain artists and songwriters and by the existence or
      absence of superstar releases and by local economic conditions in the countries
      in which we operate. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">We
      are dependent on identifying, signing and retaining artists with long-term
      potential, whose debut albums are well received on release, whose subsequent
      albums are anticipated by consumers and whose music will continue to generate
      sales as part of our catalog for years to come. The competition among record
      companies for such talent is intense. Competition among record companies to
      sell
      records is also intense and the marketing expenditures necessary to compete
      have
      increased as well. We are also dependent on signing and retaining songwriters
      who will write the hit songs of today and the classics of tomorrow under terms
      that are economically attractive to us. Our competitive position is dependent
      on
      our continuing ability to attract and develop talent whose work can achieve
      a
      high degree of public acceptance. Our financial results may be adversely
      affected if we are unable to identify, sign and retain such artists and
      songwriters under terms that are economically attractive to us. Our financial
      results may also be affected by the existence or absence of superstar artist
      releases during a particular period. Some music industry observers believe
      that
      the number of superstar acts with long-term appeal, both in terms of catalog
      sales and future releases, has declined in recent years. Additionally, our
      financial results are generally affected by the general economic and retail
      environment of the countries in which we operate, as well as the appeal of
      our
      recorded music catalog and our music publishing library. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>We
      may have difficulty addressing the threats to our business associated with
      home
      copying and Internet downloading. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The
      combined effect of the decreasing cost of electronic and computer equipment
      and
      related technology such as CD burners and the conversion of music into digital
      formats have made it easier for consumers to create unauthorized copies of
      our
      recordings in the form of, for example, CDs and MP3 files. A substantial portion
      of our revenue comes from the sale of audio products that are potentially
      subject to unauthorized consumer copying and widespread dissemination on the
      Internet without an economic return to us. If we fail to develop effective
      means
      of protecting our intellectual property (whether copyrights or other rights
      such
      as patents, trademarks and trade secrets) or entertainment-related products
      or
      services, our results of operations, financial position and prospects may suffer
      </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; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>Organized
      industrial piracy may lead to decreased sales. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The
      global organized commercial pirate trade is a significant threat to the music
      industry. Worldwide, industrial pirated music (which encompasses unauthorized
      physical copies manufactured for sale but does not include Internet downloads
      or
      home CD burning) is estimated to have generated over $4.5&#160;billion in
      revenues in 2003, according to IFPI. IFPI estimates that 1.7&#160;billion
      pirated units were manufactured in 2003. According to IFPI estimates,
      approximately 35% of all music CDs sold worldwide in 2003 were pirated.
      Unauthorized copies and piracy contributed to the decrease in the volume of
      legitimate sales and put pressure on the price of legitimate sales. They may
      have an adverse effect on our business. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>The
      recorded music industry is under investigation by Eliot Spitzer, the Attorney
      General for the State of New York, regarding its practices in promoting its
      records to radio stations. </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">On
      September&#160;7, 2004 and November&#160;22, 2004, Eliot Spitzer, the Attorney
      General of the State of New York, served Warner Music Group with requests for
      information in the form of subpoenas duces tecum in connection with an
      industry-wide investigation of the relationship between music companies and
      radio stations, including the use of independent promoters. The investigation
      is
      pursuant to New York Executive Law &#167;63(12) and New York General Business Law
&#167;349, both of which are consumer fraud statutes. It is too soon to predict the
      outcome of this investigation but it has the potential to result in changes
      in
      the manner in which the recorded music industry promotes its records, which
      could adversely affect our business. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>If
      we are unable to protect our intellectual property rights competitors may be
      able to use our technology or intellectual property rights, which could weaken
      our competitive position.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      own
      several intellectual property assets. Our success depends in part on our ability
      to obtain and enforce intellectual property rights for those assets, both in
      the
      United States and in other countries. In those circumstances, we may file
      applications for patents, copyrights and trademarks as our management deems
      appropriate. We cannot assure you that these applications, if filed, will be
      approved, or that we will have the financial and other resources necessary
      to
      enforce our proprietary rights against infringement by others. Additionally,
      we
      cannot assure you that any patent, trademark or copyright obtained by us will
      not be challenged, invalidated or circumvented.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>If
      we are alleged to have infringed on the intellectual property or other rights
      of
      third parties it could subject us to significant liability for damages and
      invalidation of our proprietary rights.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Our
      business is highly dependent upon intellectual property, a field that has
      encountered increasing litigation in recent years. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">If
      third parties allege that we have infringed on their intellectual property
      rights, privacy rights or publicity rights or have defamed them, we could become
      a party to litigation. These claims and any resulting lawsuits could subject
      us
      to significant liability for damages and invalidation of our proprietary rights
      and/or restrict our ability to publish and distribute the infringing or defaming
      content. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">There
      can be no assurance that we would prevail in any such litigation. If we were
      to
      lose a litigation relating to intellectual property, we could be forced to
      pay
      monetary damages and to cease the sale of certain products or the use of certain
      technology. Any of the foregoing may adversely affect our business.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Radio
      VSE leases airtime from a third party, WNYW 87.7 FM in New York, which must
      comply with comprehensive, complex and sometimes unpredictable federal
      regulations, which could have an adverse effect on our businesses if WNYW&#8217;s FCC
      license is revoked or not renewed and we can no longer lease airtime from
      WNYW.</em></strong></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="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      broadcasting operations are dependent on leasing airtime from a third party,
      WNYW 87.7 FM in New York, which owns licenses from the FCC, which regulates
      the
      radio and television broadcasting industries in the United States. The radio
      and
      television broadcasting industries in the United States are subject to extensive
      and changing regulation by the FCC. Among other things, the FCC is responsible
      for the following: </font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="2%">
              <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">-</font></div>
            </td>
            <td align="justify" valign="top" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="73%">
              <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">assigning
                frequency bands for broadcasting;</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="middle" width="2%">&#160;</td>
            <td align="justify" valign="middle" width="1%">&#160;</td>
            <td align="justify" valign="middle" width="73%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="2%">
              <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">-</font></div>
            </td>
            <td align="justify" valign="top" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="73%">
              <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">determining
                the particular frequencies, locations and operating power of
                stations;</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="middle" width="2%">&#160;</td>
            <td align="justify" valign="middle" width="1%">&#160;</td>
            <td align="justify" valign="middle" width="73%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="2%">
              <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">-</font></div>
            </td>
            <td align="justify" valign="top" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="73%">
              <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">issuing,
                renewing, revoking and modifying station licenses;</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="middle" width="2%">&#160;</td>
            <td align="justify" valign="middle" width="1%">&#160;</td>
            <td align="justify" valign="middle" width="73%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="2%">
              <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">-</font></div>
            </td>
            <td align="justify" valign="top" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="73%">
              <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">determining
                whether to approve changes in ownership or control of station
                licenses;</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="middle" width="2%">&#160;</td>
            <td align="justify" valign="middle" width="1%">&#160;</td>
            <td align="justify" valign="middle" width="73%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="2%">
              <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">-</font></div>
            </td>
            <td align="justify" valign="top" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="73%">
              <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">regulating
                equipment used by stations; and</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="middle" width="2%">&#160;</td>
            <td align="justify" valign="middle" width="1%">&#160;</td>
            <td align="justify" valign="middle" width="73%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="2%">
              <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">-</font></div>
            </td>
            <td align="justify" valign="top" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="73%">
              <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">adopting
                and implementing regulations and policies that directly affect the
                ownership, operation, programming and employment practices of
                stations.</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      FCC
      has the power to impose penalties for violation of its rules or the applicable
      statutes. While in the vast majority of cases licenses are renewed by the FCC,
      we cannot be sure that WNYW&#8217;s license will be renewed at the expiration date.
      Even if WNYW&#8217;s license is renewed, we cannot be sure that the FCC will not
      impose conditions or qualifications that could cause problems in our businesses
      or that WNYW will renew our lease for airtime. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      number
      of federal rules governing broadcasting have changed significantly in recent
      years and additional changes may occur, particularly with respect to the rules
      governing digital audio broadcasting, satellite radio services, multiple
      ownership and attribution. We cannot predict the effect that these regulatory
      changes may ultimately have on our operations. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><strong><em>The
      FCC has recently begun more vigorous enforcement of its indecency rules against
      the broadcast industry, which could have a material adverse effect on our
      business and our leasing airtime form WNYW.</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The
      FCC&#8217;s rules prohibit the broadcast of obscene material at any time and indecent
      material between the hours of 6&#160;A.M. and 10&#160;P.M. Broadcasters risk
      violating the FCC&#8217;s indecency rules because of the FCC&#8217;s broad definition of
      such material, coupled with the spontaneity of live programming.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Recently,
      the FCC has begun more vigorous enforcement of its indecency rules against
      the
      broadcasting industry as a whole. Two Congressional committees have recently
      conducted hearings relating to indecency. Legislation has also been introduced
      in Congress that would increase the penalties for broadcasting indecent
      programming, and depending on the number of violations engaged in, would
      automatically subject broadcasters to license revocation, renewal or
      qualifications proceedings in the event that they broadcast indecent material.
      The FCC has indicated that it is stepping up its enforcement activities as
      they
      apply to indecency, and has threatened to initiate license revocation
      proceedings against broadcast licensees for future &#8216;&#8216;serious indecency
      violations.&#8217;&#8217; The FCC has found on a number of occasions recently, chiefly with
      regard to radio stations, that the content of broadcasts has contained indecent
      material. The FCC issued fines to the offending licensees. Moreover, the FCC
      has
      recently begun imposing separate fines for each allegedly indecent
&#8216;&#8216;utterance,&#8217;&#8217; in contrast with its previous policy, which generally considered
      all indecent words or phrases within a given program as constituting a single
      violation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">17</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The
      Communications Act provides that the FCC must renew a broadcast license if
      (i)
      the station involved has served the &#8216;&#8216;public interest, convenience and
      necessity&#8217;&#8217; and (ii) there have been no &#8216;&#8216;serious violations&#8217;&#8217; of the Act or FCC
      rules, and no &#8216;&#8216;other violations&#8217;&#8217; of the Act or rules which &#8216;&#8216;taken together,
      would constitute a pattern of abuse.&#8217;&#8217; If the Commission were to determine that
      indecency or other violations by WNYW falls within either or both of those
      definitions, the agency could (x) grant the license renewal applications of
      WNYW
      with burdensome conditions, such as requirements for periodic reports, (y)
      grant
      the applications for less than the full eight-year term in order to allow an
      early reassessment of WNYW, or (z) order an evidentiary hearing before an
      administrative law judge to determine whether renewal of WNYW&#8217;s license should
      be denied. If WNYW&#8217;s license renewal was ultimately denied, the station would be
      required to cease operation permanently. As a result Radio VSE would have to
      lease airtime from another station.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Legislation
      is pending in Congress which would, among other things, (i) increase very
      substantially the fines for indecent broadcasts, (ii) specify that all indecency
      violations are &#8220;serious&#8221; violations for license renewal purposes and (iii)
      mandate an evidentiary hearing on the license renewal application of any station
      that has had three indecency violations during its license term.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management
      is fully aware of these risks, and believes that these are manageable risks
      and
      does not post real threats to the Company&#8217;s healthy development.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MANAGEMENT&#8217;S
      DISCUSSION AND ANALYSIS OR PLAN OF OPERATION</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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following discussion and analysis provides information which management believes
      is relevant to an assessment and understanding of our results of operations
      and
      financial condition. The discussion should be read in conjunction with our
      financial statements and notes thereto appearing in this prospectus.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Background
      on Company</strong></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"><strong>Overview</strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mega
      Media Group, Inc. commenced operations in 2004. We operate our business through
      several wholly-owned subsidiaries: Mega Media Film, Inc., Mega Media Studios,
      Inc., Mega Media Sports Entertainment, Inc., Echo Broadcasting Group, Inc.,
      VSE
      Magazine, Inc. and Mega Media Records, Inc. d/b/a Skeleton Key Entertainment.
      These subsidiaries offer a broad range of services, including talent management,
      music publishing, recording, music production and distribution, video production
      and distribution, radio broadcasting and Russian ethnic programming. In addition
      to the aforementioned services, we also invest in and develop various
      entertainment properties, balancing acquisitions of existing media properties,
      such as purchasing existing recordings and publishing catalogs with an earnings
      history, with the development and acquisition of newer media ventures, such
      as
      mobile and new technology media projects, and signing and developing emerging
      musical artists. Our executive offices are in &#8220;Soho&#8221; in New York City and our
      recording studios, editing facilities and radio broadcast studios are in
      Brooklyn, New York. We currently employ over fifty professionals in our two
      offices, including recording and music publishing executives, professional
      talent managers and radio personalities. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Results
      of operations for the Three Months Ended April 30, 2006 Compared with the Three
      Months Ended April 30, 2005</strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Revenue</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      derive
      revenue from sales of advertisements and program sponsorships to local
      advertisers, independent promotion agreements, ticket and other revenue related
      to special events we sponsor throughout the year and management fees from our
      subsidiaries. Advertising revenue is affected primarily by the advertising
      rates
      our radio stations and magazine are able to charge as well as the overall demand
      for radio advertising time in a market. For the three months ended April 30,
      2006 our advertising revenue increased by $83,992 to $695,369 as compared to
      $611,377 for the three months ended April 30, 2005. Other revenue, consisting
      of
      studio services, for the three months ended April 30, 2006 have declined by
      $83,080 due to the restructuring and modernization of our video and recording
      studios. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <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: 10pt; FONT-FAMILY: ">18</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Operating
      Expenses</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      significant broadcast expenses are (i) employee salaries and commissions, (ii)
      programming expenses, (iii) advertising and promotion expenses, (iv) rental
      of
      premises for studios, (v) rental of transmission tower space and (vi) music
      license royalty fees. We strive to control these expenses by centralizing
      certain functions such as finance, accounting, legal, human resources and
      management information systems and the overall programming management
      function.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Airlease
      Expenses</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      the
      three months ended April 30, 2006 airlease expense decreased by $60,929 to
      $446,250 as compared to $507,179 for the three months ended April 30, 2005.
      The
      decrease is principally attributable to changing from AM to FM frequencies.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>General
      and Administrative Expenses</em></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling,
      General and Administrative expenses increased by $249,536 to $774,994 for the
      months ended April 30, 2006 from $525,458 in 2005. Selling expenses are a
      significant part of our expenditures and relate directly to the marketing and
      development of products. We anticipate similar expenditures for the foreseeable
      future. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Net
      Loss </em></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have a
      net loss of $560,079 for three months ended April 30, 2006 as compared to a
      net
      loss of $384,782 for the three months ended April 30, 2005. The increase in
      net
      loss is primarily attributable to the increase of our general and administrative
      expenses.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Liquidity
      and Capital Resources</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Current Years Working Capital deficiency is $1,419,717. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      used
      in operating activities was $375,647 for the three months ended April 30, 2006
      as compared to $274.266 during the three months ended April 30, 2005. The
      increase in cash used in operating activities reflects the outlays necessary
      to
      achieve the growth in revenues, which should ultimately result in positive
      operating cash flow. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      used
      in investing activities was $0 for the three months period ended April 30,
      2006
      as compared to $251,092 for the three months period ended April 30, 2005. The
      decrease in cash used by investing activities is primarily due to the purchase
      of property and equipment and the creation of master recordings that occurred
      during 2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      provided by financing activities was $374,612 for the three months period ended
      April 30, 2006 as compared to $538,577 for the three months ended April 30,
      2005. The decrease in cash provided by financing activities is primarily due
      to
      the capital contributions and loans from shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Results
      of operations for the years ended January 31, 2006 and 2005</strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Revenue</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      derive
      revenue from sales of advertisements and program sponsorships to local
      advertisers, independent promotion agreements, ticket and other revenue related
      to special events we sponsor throughout the year and management fees from our
      subsidiaries. Advertising revenue is affected primarily by the advertising
      rates
      our radio stations and magazine are able to charge as well as the overall demand
      for radio advertising time in a market. For the year ended January 31, 2006
      our
      revenue increased by $2,516,718 to $2,598,148 as compared to $81,430 in the
      year
      ended January 31, 2005. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Operating
      Expenses</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      significant broadcast expenses are (i) employee salaries and commissions, (ii)
      programming expenses, (iii) advertising and promotion expenses, (iv) rental
      of
      premises for studios, (v) rental of transmission tower space and (vi) music
      license royalty fees. We strive to control these expenses by centralizing
      certain functions such as finance, accounting, legal, human resources and
      management information systems and the overall programming management
      function.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">19</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Selling,
      General and Administrative Expenses</em></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Selling, General and Administrative expenses increased to $2,274,604 during
      the
      Current Year from $734,464 in 2005. Selling expenses are a significant part
      of
      our expenditures and relate directly to the marketing of products. We anticipate
      similar expenditures for the foreseeable future. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Operating
      Loss </em></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      operating Loss for the year ended January 31, 2006 or the &#8220;Current Year,&#8221;
increased by $1,671,449 to $2,270,974 as compared to $599,525 in the year ended
      January 31, 2005 or the &#8220;Previous Year.&#8221; The increase is primarily related to
      the increase of our operating expenses.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Liquidity
      and Capital Resources</em></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Current Year&#8217;s Working Capital deficiency is $963,754. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      flows used in operating activities were $1,442,438 in the Current Year as
      compared to $574,350 in the Previous Year. The increase in the cash used by
      operating activities was primarily the result of company expansion.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      flows used in investing activities were $1,066,596 for the year ended January
      31, 2006 as compared to $523,974 for the year ended January 31, 2005. The
      increase in cash used by investing activities is primarily due to the purchase
      of property and equipment and creation of master record.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      flows from financing activities were $2,521,232 for the year ended January
      31,
      2006 as compared to $1,098,544 in previous year. The increase in cash provided
      by financing activities is primarily due to the capital contributions and loan
      from shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Off-Balance
      Sheet Arrangements </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      do not
      have any off balance sheet arrangements that are reasonably likely to have
      a
      current or future effect on our financial condition, revenues, results of
      operations, liquidity or capital expenditures.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Corporate
      Information Regarding the Company and its Subsidiaries</strong></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="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company was incorporated in New York on February 3, 2004. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mega
      Media Sports, Inc., Mega Media Film, Inc., VSE Magazine, Inc. and Mega Media
      Records, Inc., currently doing business as Skeleton Key Entertainment, were
      incorporated in New York on February 5, 2004.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mega
      Media Sports Entertainment, Inc. was incorporated in New York on August 24,
      2004.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Echo
      Broadcasting Group, Inc. was incorporated in New York on February 17, 2005.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company&#8217;s principal executive office is located at 598 Broadway, 3</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>rd</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Floor,
      New York, New York 10012 and its office for radio, studio and technical
      personnel is located at 1122 Coney Island Avenue, Suite 210, Brooklyn, New
      York
      11230. Its main telephone number is (718) 947-1100 and its web address is
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>www.megamediagroup.com</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="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Employees</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has over fifty (50) employees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Properties</strong></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">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Company&#8217;s offices in New York City total 5,500 square feet. Its offices and
          studio facilities in Brooklyn, New York total 7,000 square feet. Both offices
          are leased for $14,000 and $11,993.00 respectively. The Company owns much
          of its
          studio and radio broadcasting equipment and leases the
          remainder.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Legal
        Proceedings</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Previously
          we were subject to a debt collection lawsuit in the Supreme Court of New
          York,
          Kings County, filed by Progress Printing Co. alleging breach of contract
          for
          printing services for the sum of $26,034.52. The matter was recently settled
          for
          $15,000 to be paid in installments over the next four months.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: 10pt; FONT-FAMILY: ">20</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">
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      <div>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Previously,
            we were subject to an unmeritorious lawsuit, which was ultimately dismissed,
            filed by Loof, Inc. ("Loof") in the United States District Court for
            the Eastern
            District of New York. On September 14, 2005, Loof filed an Amended Complaint
            in
            the United States District Court for the Eastern District of New York
            against
            BTY Development Associates, LLC ("BTY"), Lev Paukman, Anna Paukman, New
            Life
            Broadcasting Company, VSE Magazine, Inc. ("VSE"), Echo Broadcasting Group,
            Inc.
            ("Echo"), New Life Broadcasting-NYC, Inc., Russian Language Media, Inc.,
            and
            Russian Language Broadcasting Corp., alleging copyright infringement,
            unfair
            competition, breach of contract, misappropriation of software, conversion,
            violations of New York's Business Law, trade secret infringement, and
            piercing
            of the corporate veil. The suit was dismissed in February
            2006.</font></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
            the Company nor any of its subsidiaries is a party to any other pending
            legal
            proceedings.</font><br></div>

      </div>
    </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"><strong>Government
      Regulation</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      are
      no direct governmental approvals required for our products and services. See
      &#8220;Risk Factors&#8221; regarding government regulations. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Directors
      and Executive Officers </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table sets forth information regarding the members of the Company&#8217;s
      Board of Directors and its executive officers following the Closing Date. The
      directors listed below will serve until the next annual meeting of the Company&#8217;s
      stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>

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

              <tr bgcolor="white">
                <td align="left" valign="top" width="22%" 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"><strong>Name</strong></font></div>
                </td>
                <td align="left" valign="top" width="8%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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>Age</strong></font></div>
                </td>
                <td align="left" valign="top" width="48%" 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"><strong>Position</strong></font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="22%">
                  <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">Aleksandr
                    Shvarts</font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Chief
                    Executive Officer, Director</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="22%">
                  <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">David
                    Kokakis, Esq.</font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Chief
                    Operating Officer, Acting President, Director</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="22%">
                  <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">Gennady
                    Pomeranets, CPA</font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">45</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Chief
                    Financial Officer </font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="22%">
                  <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">Eric
                    Schwartz</font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Executive
                    Vice President</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="22%">
                  <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">Dr.
                    Lev Paukman</font></div>
                </td>
                <td align="left" valign="top" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">64</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Director</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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      principal occupation for the past five years (and, in some instances, for prior
      years) of each of our directors and officers are as follows:</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: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Aleksandr
      Shvarts</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Shvarts has more than fifteen years of experience in the financial community.
      He
      has implemented and supervised numerous marketing plans for public and private
      companies. His specialty is in forecasting and creating business strategies
      for
      start-up companies based on careful analysis of economic, political and general
      market conditions. Outside of the financial world, he has been involved in
      numerous entertainment activities, including live concerts promotions, radio
      programming, and video production and recording artist development. Mr. Shvarts
      created and implemented the overall business strategy for the Company. Mr.
      Shvarts is the brother of Eric Schwartz. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 8, 2000, Mr. Shvarts pled guilty one count of securities fraud and
        he
        also pled guilty to superseding information, charging three counts of conspiracy
        to commit securities fraud. The charges related to Mr. Shvarts activities
        at
        Global Equities Group, Inc. in connection with an initial public offering
        in
        1996. Mr. Shvarts was sentenced to 41 months of imprisonment. Mr. Shvarts
        was
        released from prison on December 3, 2002. He was also required to make
        restitution in the amount of $837,436.80. Mr. Shvarts was also disciplined
        by
        the NASD for his role in the foregoing. Mr. Shvarts is continuing to make
        payments in compliance with his restitution obligations</font></div>
    <br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>David
      Kokakis, Esq.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Kokakis is an entertainment attorney who has represented major talents in the
      music business, including multi-platinum-selling rock acts, such as Godsmack,
      successful urban artists, such as Lil Bow Wow, 3LW, Blu Cantrell and Three
      6
      Mafia, and Grammy-winning producers and songwriters, such as Raphael Saadiq.
      He
      has developed a specialty in representing independent record companies, such
      as
      Jellybean Recordings and Pookie Entertainment, and consulting for major record
      labels that seek to implement new business models, including Island Def Jam
      and
      Warner Music Group. He practiced law for the past six years in the New York
      entertainment department of Greenberg Traurig, LLP, currently the world's
      largest entertainment law firm, and prior to that at a boutique entertainment
      law firm in New York that specialized in artist representation. He has a
      background in artist management, production and studio engineering, and is
      also
      an entrepreneur who owns restaurants and bars in New York City and northern
      New
      Jersey. Mr. Kokakis is responsible for overseeing business development,
      acquisitions and the general operations of MMG. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#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: 10pt; FONT-FAMILY: ">21</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Gennady
      Pomeranets</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>,
      CPA</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Pomeranets is a certified public accountant with years of experience in fashion,
      entertainment, audio recording and video production industries. He is a graduate
      of Brooklyn College and practiced at Frederick Kantor &amp; Co, CPAs, PC,
      LCS&amp;Z Glickman Lutz LLP, and H.J. Berhman &amp; Co LLP. He has been a
      managing director of a local New York public accounting firm with diversified
      clientele serving varieties of industries and communities. Mr. Pomeranets has
      extensive experience in entertainment industry and is currently serving as
      a
      director of September 11 Family Group Marina Gertsberg Memorial Fund
      Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Eric
      Schwartz</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beginning
      his career as a musician, performer, and recording artist in the late '70s
      and
      early '80s, Mr. Schwartz has an in-depth knowledge of the music business. As
      Executive Director of Interlude Recording Studios in New York City, he
      successfully booked many internationally known recording artists, including
      Roberta Flack, Gil Goldstein, Alex Sipiagin, KRS-ONE, and Mad Lion. He also
      served for eleven years as Executive Producer of the renowned fifty-two person
      floor show at Rasputin Supper Club in Brooklyn, where his work received rave
      reviews from local, national and international publications. He was solely
      responsible for arranging and recording the scores for the shows, creating
      multimedia video concepts, creating conceptual designs, and the general
      management and production of the show. Mr. Schwartz is responsible for managing
      MMG's recording and media facilities, as well as programming and content for
      the
      MMG operated radio station. Mr. Schwartz is the brother of Mr. Alex
      Shvarts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Dr.
      Lev Paukman</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dr.
      Paukman is one of the most distinguished members of the Russian-speaking
      Community of New York. Since the late 70s Dr. Paukman has practiced medicine
      in
      prestigious NY City hospitals like NY Methodist, Mt Sinai, Victory Memorial
      Medical Center, just to name a few. His medical research has been published
      in
      major medical journals. Despite the demanding schedule imposed by his private
      practice, Dr. Paukman is a committed public servant, who works tirelessly on
      behalf of the Ethnic Russian Community. He is an active Board Member of the
      United Jewish Appeal, Council of Jewish Immigrant Community Organization, Bnei
      Zion, and other Charitable and Civic organizations. Renown for his personal
      generosity and compassion to those less fortunate has received numerous awards
      for his relentless philanthropic activities and communal involvement. He has
      been an active political liaison to the Russian Community. Recently he has
      begun
      an active campaign to educate Russian community against the addictions of drugs
      in teenagers. In 2003 Dr. Paukman implemented his vision of creating a vehicle
      that would unite the Ethnic Russians of New York, be one source of information
      and entertainment and be a bridge between the mainstream and ethnic New Yorkers.
      The vision was Radio VSE.</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"><strong>Board
      of Directors Composition and Committees</strong></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">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Immediately
          following the Merger, the Company&#8217;s Board of Directors is comprised of three
          directors: Aleksandr Shvarts, David Kokakis, and Dr. Lev Paukman.
</font></div>

    </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"><strong>Director
      Compensation </strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
      the Merger, the Company may compensate non-management directors through the
      issuance of stock awards including, without limitation, stock options,
      restricted stock awards, stock grants and/or stock appreciation rights. The
      Company intends to make such awards pursuant to a stock option plan or employee
      incentive plan to be approved by the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <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: 10pt; FONT-FAMILY: ">22</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Audit
      Committee Financial Expert</strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Within
      90
      days of the closing of Merger, the Company will appoint an independent director
      to serve on the Company&#8217;s Audit Committee as an audit committee financial
      expert. This person shall be independent (as such term is used in Item
      7(d)(3)(iv) of Schedule 14A under the Exchange Act).</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"><strong>Executive
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has executed employment contracts with all executive officers. The
      term
      of each contract is two years and the compensation information is included
      below
      in the section entitled &#8220;Executive Compensation&#8221;.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      permitted by the provisions of the&#160;Nevada Revised Statutes (&#8220;NRS&#8221;), the
      Company has the power to indemnify any person made a party to an action, suit
      or
      proceeding by reason of the fact that they are or were a director, officer,
      employee or agent of the Company, against expenses, judgments, fines and amounts
      paid in settlement actually and reasonably incurred by them in connection with
      any such action, suit or proceeding if they acted in good faith and in a manner
      which they reasonably believed to be in, or not opposed to, our best interest
      and, in any criminal action or proceeding, they had no reasonable cause to
      believe their conduct was unlawful. Termination of any action, suit or
      proceeding by judgment, order, settlement, conviction, or upon a plea of
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>nolo
      contendere</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      or its
      equivalent, does not, of itself, create a presumption that the person did not
      act in good faith and in a manner which they reasonably believed to be in or
      not
      opposed to our best interests, and, in any criminal action or proceeding, they
      had no reasonable cause to believe their conduct was unlawful.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company must indemnify a director, officer, employee or agent who is successful,
      on the merits or otherwise, in the defense of any action, suit or proceeding,
      or
      in defense of any claim, issue, or matter in the proceeding, to which they
      are a
      party because they are or were a director, officer, employee or agent, against
      expenses actually and reasonably incurred by them in connection with the
      defense.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company may provide to pay the expenses of officers and directors incurred
      in
      defending a civil or criminal action, suit or proceeding as the expenses are
      incurred and in advance of the final disposition of the action, suit or
      proceeding, upon receipt of an undertaking by or on behalf of the director
      or
      officer to repay the amount if it is ultimately determined by a court of
      competent jurisdiction that they are not entitled to be indemnified by the
      Company.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      NRS
      also permits a corporation to purchase and maintain liability insurance or
      make
      other financial arrangements on behalf of any person who is or was</font></div>
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          <tr>
            <td align="justify" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="3%">
              <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: Symbol, serif">&#183;</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                director, officer, employee or agent of the
                corporation,</font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="justify" valign="top" width="3%">
              <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: Symbol, serif">&#183;</font></div>
            </td>
            <td align="justify" valign="top" width="66%">
              <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">or
                is or was serving at the request of the corporation as a director,
                officer, employee or agent of another corporation, partnership, joint
                venture, trust or other
                enterprises.</font></div>
            </td>
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    <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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Such
      coverage may be for any liability asserted against them and liability and
      expenses incurred by them in their capacity as a director, officer, employee
      or
      agent, or arising out of their status as such, whether or not the corporation
      has the authority to indemnify them against such liability and
      expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
      as indemnification for liabilities arising under the Securities Act, as amended,
      may be permitted to officers, directors or persons controlling our company
      pursuant to the foregoing provisions, the Company has been informed that in
      the
      opinion of the SEC such indemnification is against public policy as expressed
      in
      such Act and is therefore unenforceable.</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"><strong>Executive
      Compensation</strong></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">

        <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
          following executives of the Company received compensation in the amounts
          set
          forth in the chart below for the years ended January 31, 2006, 2005 and
          2004.
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
          compensation listed is in US dollars. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
          other
          item of compensation was paid to any officer or director of the Company
          other
          than reimbursement of expenses</font></div>

    </div>
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    <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: 10pt; FONT-FAMILY: ">23</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
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      COMPENSATION TABLE</strong></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">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="LINE-HEIGHT: 0">
        <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

            <tr bgcolor="#ffffff">
              <td align="left" valign="bottom" width="27%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="13%" style="border-bottom: black thin solid;">
                <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>Annual
                  Compensation</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="13%" style="border-bottom: black thin solid;">
                <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>Long-Term
                  Compensation</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="bottom" width="27%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <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>Awards</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <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>Payouts</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: #ffffff solid;">
                <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="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="bottom" width="27%" 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"><strong>Name
                  And Principal Position</strong></font></div>
              </td>
              <td width="1%" style="border-bottom: #ffffff solid;"><strong>&#160;</strong></td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <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>Year</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
                <div>&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <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>Salary</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>($)</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
                <div>&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Bonus</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>($)</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
                <div>&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <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>Other
                  Annual Compensation</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>($)</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
                <div>&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Restricted
                  Stock Award(s)</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>($)</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
                <div>&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <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
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              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
                <div>&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <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>LTIP
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Payouts</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>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
                <div>&#160;</div>
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                <td width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
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                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
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                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
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                <td align="left" valign="bottom" width="1%">&#160;</td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2006</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
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              <tr bgcolor="white">
                <td align="left" valign="bottom" width="27%" style="border-bottom: white;">&#160;</td>
                <td width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2005</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <tr bgcolor="#ccffcc">
                <td align="left" valign="bottom" width="27%" style="border-bottom: #ccffcc;">&#160;</td>
                <td width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2004</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
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                <td align="left" valign="bottom" width="27%" style="border-bottom: white;">
                  <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">Eric
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                <td width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2006</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="bottom" width="27%" style="border-bottom: #ccffcc;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
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                <td align="left" valign="bottom" width="27%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="bottom" width="27%" style="border-bottom: #ccffcc;">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
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                <td align="left" valign="bottom" width="27%" style="border-bottom: white;">
                  <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">Gennady
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2006</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <tr bgcolor="#ccffcc">
                <td align="left" valign="bottom" width="27%" style="border-bottom: #ccffcc;">&#160;</td>
                <td width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2005</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="27%" style="border-bottom: white;">&#160;</td>
                <td width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2004</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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      <div>&#160;</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>Certain
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    <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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aleksandr
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><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: 10pt; FONT-FAMILY: ">24</font></div>
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      </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>Security
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    <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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table sets forth information regarding the number of shares of Common
      Stock beneficially owned on August 11, 2006, the Closing Date, by each person
      who is known by the Company to beneficially own 5% or more of the Company&#8217;s
      Common Stock, each of the Company&#8217;s directors and executive officers, and all of
      the Company&#8217;s directors and executive officers, as a group:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

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            <tr>
              <td align="left" valign="bottom" width="71%" 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"><strong>Name
                  and Address</strong></font></div>
              </td>
              <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <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>Number
                  of Common Shares Beneficially Owned</strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup><strong>(2)</strong></sup></font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <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>Percent
                  of Class</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="71%" style="border-bottom: #ccffcc;">
                <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">Aleksandr
                  Shvarts</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(1)
                  (5)</sup></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">100
                  Oceana Drive</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">Brooklyn,
                  NY 11235</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">754,689,404</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">50.31</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="71%" style="border-bottom: white;">
                <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">David
                  Kokakis</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(1)</sup></font></div>
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                  Horratio St., 2</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>nd</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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                  NY 10014</font></div>
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              <td valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
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              <td valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
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              <td align="left" valign="top" width="71%" style="border-bottom: white;">
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                  Schwartz</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(1)
                  (5)</sup></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">100
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                  NY 11235</font></div>
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              <td valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="top" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
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              <td align="left" valign="top" width="71%" style="border-bottom: #ccffcc;">
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                  Pomeranets</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(1)</sup></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">c/o
                  Universal Accounting</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">328
                  Neptune Avenue</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">Brooklyn,
                  NY 11235</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="71%" style="border-bottom: white;">
                <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">Ian
                  Rescigno </font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(3)</sup></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">605
                  Warwick Avenue #4</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">Thousand
                  Oaks, CA 91360</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">328,530,941</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">21.90</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="71%" style="border-bottom: #ccffcc;">
                <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">Michael
                  Rosenfeld </font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">104,698,659</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5.19</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="71%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="RANGE_A12:B21"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Boris
                  Berenfeld</font></a></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">35
                  Summer Street</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">Manchester,
                  MA 01944</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">9,000,000</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.45</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="71%" style="border-bottom: #ccffcc;">
                <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">Ronald
                  Rescigno</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">4063
                  Bridgewood Lane</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">Westlake
                  Village, CA 91360</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">89,118,902</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4.42</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="71%" style="border-bottom: white;">
                <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">Robert
                  Rescigno</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">3562
                  Centerview Avenue Wantagh, NY 11793</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">7,500,000</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.37</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="71%" style="border-bottom: #ccffcc;">
                <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">Joe
                  Pikulski</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">32009
                  Foxmoor Court</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">Westlake
                  Village, CA 91362 </font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">141,000,000</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">6.99</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="71%" style="border-bottom: white;">
                <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">Stanley
                  Merdinger</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(6)</sup></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">30
                  West 63rd Street, Apt. 24P</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">New
                  York, NY 10023</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">10,000,000</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.50</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="71%" style="border-bottom: #ccffcc;">
                <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">Natalie
                  Merdinger</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(6)</sup></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">30
                  West 63rd Street, Apt. 24P</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">New
                  York, NY 10023</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">25,000,000</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.24</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="71%" style="border-bottom: white;">
                <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">Jerry
                  Hanley</font></div>
                <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="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">17,152,951</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.85</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="71%" style="border-bottom: #ccffcc;">
                <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">Rip
                  Gerber</font></div>
                <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="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">17,152,951</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.85</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="71%" style="border-bottom: white;">
                <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">Paula
                  Cruz Takash</font></div>
                <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="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,000,000</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.15</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="71%" style="border-bottom: #ccffcc;">
                <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">Louis
                  Capannelli</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">1759
                  Lanier Place, NW Washington, DC 20009</font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,535,000</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.13</font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="71%" style="border-bottom: white;">
                <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>All
                  directors and executive officers as a group (5 in
                  number)</strong></font></div>
              </td>
              <td valign="top" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>754,689,404</strong></font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman, serif"><sup><strong>(4)</strong></sup></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="top" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>50.31</strong></font></div>
              </td>
              <td align="left" valign="top" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman"><strong>%</strong></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: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(1)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      person listed is an officer and/or director of the Company. </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: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(2)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Based on
      1,500,000,000 shares of common stock issued and outstanding as of August 11,
      2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(3)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Ian
      Rescigno is the beneficial owner of 844,592,577 shares of our common stock,
      of
      which 735,000,000 shares were awarded to him pursuant to a judgment against
      the
      company, of which 516,061,636 of those shares are unissued as they would exceed
      our authorized capital stock of 1,500,000,000 shares.</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: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(4)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      In the
      Merger, MMG and its shareholders, received irrevocable proxies from a majority
      of the EduLink shareholders </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      vote
      754,689,404 shares of common stock</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      representing 50.31% of the issued and outstanding shares of us, for a period
      of
      120 days or until such time as the Company issues to the MMG Shareholders 90%
      of
      its outstanding shares. MMG and its shareholders designated Aleksandr Shvarts,
      our new Chief Executive Officer, as the authorized agent to receive such
      proxies. As a result of the proxies, Aleksandr Shvarts is the beneficial owner
      of all 754,689,404 shares of common stock for voting purposes.</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: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(5)
      </sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aleksandr
      Shvarts and Eric Schwartz are brothers.</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: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>(6)
      </sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stanley
      Merdinger and Natalie Merdinger are husband and wife.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">25</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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description
      of Securities</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
        the
        closing of the acquisition of MMG, we are&#160;authorized to issue 1,500,000,000
        shares of common stock, par value $0.001 per share, and no shares of preferred
        stock. We have the full 1,500,000,000 shares of common stock issued and
        outstanding. Since we have issued all of our authorized shares, we intend
        to
        take whatever steps are necessary to effectuate a reverse split and/or to
        increase our authorized shares of common stock to a number sufficient to
        issue
        to MMG Sharetockholders 90% of our issued and outstanding shares pursuant
        to the
        Agreement.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      shares of common stock have equal rights and privileges with respect to voting,
      liquidation and dividend rights. Each share of common stock entitled the hold
      thereof (a) to one non-cumulative vote for each share held of record on all
      matters submitted to a vote of the stockholders; (b) to participate equally
      and
      to receive any and all such dividends as may be declared by the board of
      directors; and (c) to participate pro rata in any distribution of assets
      available for distribution upon liquidation. Holders of our common stock have
      no
      preemptive rights to acquire additional shares of common stock or any other
      securities. Our common stock is not subject to redemption and carries no
      subscription or conversion rights.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, such authorized but unissued common shares could be used by the board
      of directors for defensive purposes against a hostile takeover attempt,
      including (by way of example) the private placement of shares or the granting
      of
      options to purchase shares to persons or entities sympathetic to, or
      contractually bound to support, management. We have no such present arrangement
      or understanding with any person. Further, the common shares may be reserved
      for
      issuance upon exercise of stock purchase rights designed to deter hostile
      takeovers, commonly known as a &#8220;poison pill.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Market
      Price of and Dividends on Our Common Equity and Related Stockholder
      Matters</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Company&#8217;s common stock is quoted on the Pink Sheets Electronic Quotation Service
          under the symbol MYIQ.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          information set forth in Item 1.01 is incorporated herein by
          reference.</font><br></div>

    </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">26</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section
                5</strong></font></div>
            </td>
            <td align="justify" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>-</strong></font></div>
            </td>
            <td align="justify" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Corporate
                Governance and Management</strong></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 align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                5.01</strong></font></div>
            </td>
            <td align="justify" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Changes
                in Control of Registrant.</strong></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      11, 2006, in exchange for all of the MMG common shares tendered, upon the
      increase in the authorized capital stock, we will issue to MMG Shareholders
      a
      total number of shares of Edulink common stock, which will represent, and equate
      to, 90% of EduLink&#8217;s issued and outstanding common stock after the transaction
      is closed. Such shares will be restricted in accordance with Rule 144 of the
      1933 Securities Act. As further consideration for the acquisition, on the
      Closing Date, a majority of our shareholders duly executed irrevocable proxies
      to vote their shares for a period of 120 days or until such time as 90% of
      EduLink&#8217;s shares are issued to the MMG Shareholders, and delivered them to MMG
      and its shareholders, along with the aforementioned EduLink shareholders&#8217; share
      certificates to be held in escrow.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Accounting
      Treatment; Change of Control</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Merger is being accounted for as a &#8220;reverse merger,&#8221; since the former
      stockholders of Mega Media will own a majority of the outstanding shares of
      the
      Company&#8217;s Common Stock upon the increase in the authorized stock following the
      Merger, and since a majority of EduLink shareholders executed and delivered
      to
      MMG and its shareholders, along with the aforementioned EduLink shareholders&#8217;
share certificates to be held in escrow, irrevocable proxies to vote their
      shares for a period of 120 days or until such time as 90% of EduLink&#8217;s shares
      are issued to the MMG Shareholders. No arrangements or understandings exist
      among present or former controlling stockholders with respect to the election
      of
      members of the Company&#8217;s board of directors and, to the Company&#8217;s knowledge, no
      other arrangements exist that might result in a change of control in the
      future</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>.
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of the issuance of shares representing, and equating to, 90% of EduLink&#8217;s
      issued and outstanding common stock after the Merger upon the increase in the
      authorized capital stock, the execution and delivery by a majority of EduLink
      shareholders to MMG and its shareholders, along with the aforementioned EduLink
      shareholders&#8217; share certificates to be held in escrow, duly executed irrevocable
      proxies to vote their shares for a period of 120 days or until such time as
      90%
      of EduLink&#8217;s shares are issued to the MMG Shareholders, and the change in the
      majority of the Company&#8217;s officers and directors, a change in control occurred
      on the date of the consummation of the Merger</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>.
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of the
      time immediately following the closing, the Company continued to be a &#8220;small
      business issuer,&#8221; as defined under the Securities Exchange Act of 1934, as
      amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <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: 10pt; FONT-FAMILY: ">27</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information set forth in Item 1.01 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="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                5.02</strong></font></div>
            </td>
            <td align="justify" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Departure
                of Directors or Principal Officers; Election of Directors; Appointment
                of
                Principal Officers.</strong></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: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      closing of the Merger on August 11, 2006, the Company&#8217;s sole director and
      officer, Michael Rosenfeld resigned.</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: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      closing of the Merger on August 11, 2006, the Company appointed the following
      people as directors and executive officers of Edulink: </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">

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

              <tr bgcolor="white">
                <td align="left" valign="top" width="22%" 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"><strong>Name</strong></font></div>
                </td>
                <td align="left" valign="top" width="48%" 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"><strong>Position</strong></font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="22%">
                  <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">Aleksandr
                    Shvarts</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Chief
                    Executive Officer, Director</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="22%">
                  <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">David
                    Kokakis, Esq.</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Chief
                    Operating Officer, Acting President, Director</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="22%">
                  <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">Gennady
                    Pomeranets, CPA</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Chief
                    Financial Officer </font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="22%">
                  <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">Eric
                    Schwartz</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Executive
                    Vice President</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="22%">
                  <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">Dr.
                    Lev Paukman</font></div>
                </td>
                <td align="left" valign="top" width="48%">
                  <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">Director</font></div>
                </td>
              </tr>

          </table>
        </div>
      <br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                5.03</strong></font></div>
            </td>
            <td align="justify" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year.</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of the Merger, we are changing our fiscal year end to January
      31.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                5.06</strong></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Change
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;</div>
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      to the terms of the Merger, we are no longer designated as a shell company.
      Item
      1.01 is incorporated by reference.</font></div>
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      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="10%">
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                9</strong></font></div>
            </td>
            <td align="justify" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>-</strong></font></div>
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            <td align="justify" valign="top" width="85%">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr>
            <td align="justify" valign="top" width="6%">
              <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">(a)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      Statements of Mega Media, Inc. and its wholly-owned operating
      subsidiaries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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          <tr>
            <td align="justify" valign="top" width="6%">
              <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">(b)</font></div>
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      Forma
      Financial Statements of Mega Media, Inc. and its wholly-owned operating
      subsidiaries.</font></div>
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          <tr>
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    <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"><br></div>

      <div>
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            <tr>
              <td align="justify" valign="top" width="9%" style="border-bottom: black thin solid;"><font size="2">Exhibit
                No<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></td>
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              <td align="justify" valign="top" width="9%">&#160;</td>
              <td width="1%">&#160;</td>
              <td align="justify" valign="top" width="90%">&#160;</td>
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              <td align="justify" valign="top" width="90%">
                <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">Stock
                  Purchase Agreement and Share Exchange dated August 10, 2006 by
                  and among
                  EduLink, Inc., Mega Media Group, Inc. and Mega Media
                  Shareholders</font></div>
              </td>
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              <td width="1%">&#160;</td>
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              <td align="justify" valign="top" width="9%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                  <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">Audited
                    Financial Statements for the years ended January 31, 2006 and
                    2005 for
                    Mega Media Group, Inc. and its wholly-owned subsidiaries; unaudited
                    interim financial statements as of and for the period ended April
                    30, 2006
                    for Mega Media Group, Inc. and its wholly-owned
                    subsidiaries.</font></div>
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    <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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
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      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 style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
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          <tr>
            <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>
            <td align="left" valign="top" width="3%">
              <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="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                MEDIA GROUP, INC.</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="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="3%">
              <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>
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{"company-data": {"conformed-name": "EDULINK INC", "cik": "0001023008", "assigned-sic": "8200", "irs-number": "954562316", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-29953", "film-number": "061026614"}, "business-address": {"street1": "450 N. ROXBURY DRIVE, SUITE 602", "city": "BEVERLY HILLS", "state": "CA", "zip": "90210", "phone": "3102427800"}}
Unassociated Document
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      DC 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): August 11, 2006
EDULINK,
      INC.
(Exact
      Name of Registrant as Specified in Charter)
Nevada
000-29953
95-4562316
(State
                or other jurisdiction of incorporation)
(Commission
                File Number)
(IRS
                Employer Identification No.)
1122
                Coney Island Avenue, Suite 210, Brooklyn, New
                York
11230
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
                telephone number, including area code:
(718)
                947-1100
201
      Wilshire Blvd., Second Floor, Santa Monica, California 90401
(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 the registrant under any of the following
      provisions (see General Instruction A.2. below):
□
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
□
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14-12)
□
      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 13-e-4(c) under the Exchange
      Act (17 CFR 240.13e-4(c))
FORWARD
      LOOKING STATEMENTS
This
      Form 8-K and other reports filed by Registrant from time to time with the
      Securities and Exchange Commission (collectively the "Filings") contain or may
      contain forward looking statements and information that are based upon beliefs
      of, and information currently available to, Registrant's management as well as
      estimates and assumptions made by Registrant's management. When used in the
      filings the words "anticipate", "believe", "estimate", "expect", "future",
"intend", "plan" or the negative of these terms and similar expressions as they
      relate to Registrant or Registrant's management identify forward looking
      statements. Such statements reflect the current view of Registrant with respect
      to future events and are subject to risks, uncertainties, assumptions and other
      factors relating to Registrant's industry, Registrant's operations and results
      of operations and any businesses that may be acquired by Registrant. Should
      one
      or more of these risks or uncertainties materialize, or should the underlying
      assumptions prove incorrect, actual results may differ significantly from those
      anticipated, believed, estimated, expected, intended or planned.
Although
      Registrant believes that the expectations reflected in the forward looking
      statements are reasonable, Registrant cannot guarantee future results, levels
      of
      activity, performance or achievements. Except as required by applicable law,
      including the securities laws of the United States, Registrant does not intend
      to update any of the forward-looking statements to conform these statements
      to
      actual results.
Section
                1
-
Registrant's
                Business and Operations
Item
                1.01
Entry
                into a Material Definitive
                Agreement.
On
      August
      10, 2006, EduLink, Inc., a Nevada corporation ("EduLink", the "Company", "we",
      or "us"), certain EduLink Shareholders; Mega Media Group, Inc., a New York
      Corporation ("MMG"), and MMG Shareholders, entered into a Stock Purchase
      Agreement and Share Exchange (the "Merger Agreement") pursuant to which MMG will
      become a wholly-owned subsidiary of the Company (the "Merger").
On
      August
      11, 2006 (the "Closing Date"), we acquired all of the outstanding capital stock
      of MMG in exchange for the issuance to the MMG Shareholders, upon the increase
      in the authorized capital stock, of a total number of shares of Edulink common
      stock, which will represent, and equate to, 90% of Edulink's issued and
      outstanding common stock after the transaction is closed. Such shares will
      be
      restricted in accordance with Rule 144 of the 1933 Securities Act. As further
      consideration for the acquisition, on the Closing Date, Edulink obtained from
      a
      majority of its shareholders duly executed irrevocable proxies to vote their
      shares for a period of 120 days or until such time as 90% of EduLink's shares
      are issued to the MMG Shareholders, and delivered them to MMG and its
      shareholders, along with the aforementioned EduLink shareholders' share
      certificates to be held in escrow. Upon the closing of the Merger, MMG became
      a
      wholly-owned subsidiary of us. Upon the increase in the authorized capital
      stock, and issuance to the MMG Shareholders of 90% of the outstanding common
      stock, the former stockholders of the Company will own 10% of the issued and
      outstanding Common Stock of EduLink.
Section
                2
-
Financial
                Information
Item
                2.01
Completion
                of Acquisition or Disposition of
                Assets.
Overview
On
          August
          11, 2006, the Merger described in Item 1.01 was completed (the "Closing"). After
          the Closing, the Company had outstanding 1,500,000,000 shares of Common
          Stock,
          of which 745,310,596 shares of Common Stock constitutes the Company's current
"public
          float".
As a
          result of the Merger, MMG's Shareholders became the majority shareholders of us.
Shares
        of
        our Common Stock were approved for public trading on the Over the Counter
        (OTC)
        Bulletin Board Market in November 1999 and traded under the symbol (MYIQ.OB)
        until May 3, 2000. The Company's shares resumed trading on the OTC Bulletin
        Board on July 24, 2000 after filing a registration statement on Form
        10.
Changes
        Resulting from the Merger
We
          intend
          to discontinue our business of web-based integrated learning content management
          and delivery systems. Instead, we will operate our business through our
          wholly-owned subsidiary MMG, which is a multi-media holding company operating
          its business through its wholly-owned subsidiaries, Mega Media Studios,
          Inc.,
          Mega Media Records, Inc. d/b/a Skeleton Key Entertainment, Mega Media Film,
          Inc., Mega Media Sports Entertainment, Inc. and Echo Broadcasting Group,
          Inc.
          MMG also has a non-operating subsidiary, VSE Magazine, Inc. MMG focuses
          its
          business in mainstream entertainment and media and Russian ethnic media.
          We have
          also relocated our principal executive offices to those of Mega Media Group
          at
          1122 Coney Island Avenue, Suite 210, Brooklyn, New York 11230, and our
          new
          telephone number is (718) 947-1100.
Under
        Nevada law, the Board of Directors of Edulink approved the completion of
        the
        Merger and its related transactions without stockholder approval, as Nevada
        Revised Statutes does not require stockholder approval from the acquiring
        entity
        in an acquisition. The Merger and its related transactions were approved
        by the
        MMG Board of Directors and the requisite number of MMG stockholders by written
        consent in lieu of a meeting on August 10, 2006.
1
Description
      of the Company
We
      were
      originally incorporated in Nevada in January 1994 as URREA Enterprises, Inc.,
      a
      development stage company that attempted to engage in the business of extracting
      minerals. On October 27, 1999, EduLink merged with and into URREA in exchange
      for 388,800,000 shares of URREA common stock, with URREA surviving the merger.
      At the time, URREA had no assets or liabilities and a net asset value of $0.
      EduLink entered into the merger in order to achieve the value of trading its
      common equity on the OTC Bulletin Board, including obtaining liquidity for
      its
      shareholders. Immediately after the merger, URREA changed its name to EduLink,
      Inc. EduLink discontinued URREA's mineral extraction business and engaged in the
      design, development and production of web-based integrated learning content
      management and delivery systems. Upon the effectiveness of the Merger, the
      Company succeeded to the business of MMG, which will be continued as its sole
      line of business.
Description
      of Business
Unless
          otherwise indicated or the context otherwise requires, all references below
          to
"EduLink" or the "Company" means EduLink, Inc., Mega Media Group, Inc. and its
          wholly-owned subsidiaries on a combined basis after the
          Merger.
Overview
MMG
          is a
          multi-media holding company based in Brooklyn, New York, which
commenced
          operations in 2004.
MMG
operates
          its business through its wholly-owned subsidiaries, Mega Media Studios,
          Inc.,
          Mega Media Records, Inc. d/b/a Skeleton Key Media, Mega Media Film, Inc.,
          Mega
          Media Sports Entertainment, Inc. and Echo Broadcasting Group, Inc. MMG
          also has
          a non-operating subsidiary, VSE Magazine, Inc. MMG focuses its business
          in
          mainstream entertainment and media and Russian ethnic media.
These
          subsidiaries offer a broad range of services, including talent management,
          music
          publishing, recording, music production and distribution, video production
          and
          distribution, radio broadcasting and Russian ethnic programming. In addition
          to
          the aforementioned services, we also invest in and develop various entertainment
          properties, balancing acquisitions of existing media properties, such as
          purchasing existing recordings and publishing catalogs with an earnings
          history,
          with the development and acquisition of newer media ventures, such as mobile
          and
          new technology media projects, and signing and developing emerging musical
          artists. Our executive offices are in "Soho" in New York City and our recording
          studios, editing facilities and radio broadcast studios are in Brooklyn,
          New
          York. We currently employ over fifty professionals in our two offices,
          including
          recording and music publishing executives, professional talent managers
          and
          radio personalities.
MMG's
      Products and Services and their Markets
We
          provide our multi-media and entertainment products and services through
          our
wholly-owned
          subsidiaries.
MMG's
          focus is in two primary areas: (1) Mainstream Entertainment and Media,
          and (2)
          Russian Ethnic Media.
Mainstream
      Entertainment and Media
MMG's
      mission is to invest in and develop a broad range of entertainment properties,
      balancing acquisitions of existing media properties, such as purchasing existing
      recordings and publishing catalogs with an earnings history, with the
      development and acquisition of newer media ventures, such as mobile and new
      technology media projects, and signing and developing emerging musical artists.
      In addition to acquiring and developing both established and emerging media
      properties, MMG will also develop a management division to serve the needs
      of
      artists.
2
Russian
      Ethnic Media
MMG's
      subsidiaries, Echo Broadcasting Group and VSE Magazine, are Russian-American
      media companies that deliver media products that are contemporary, entertaining,
      fun and relevant to the ethnic Russian community in North America. Working
      with
      cutting-edge news networks and contributing staff in the entertainment and
      fashion industries both in the United States and the Former Soviet Union, MMG
      is
      able to deliver a unique blend of content that resonates with the "second
      generation" Russian mentality: distinctly American with a European
      flair.
MMG'S
      SUBSIDIARIES
Mega
      Media Records, Inc. d/b/a Skeleton Key Entertainment
is
      comprised of the following divisions, including recorded music, publishing,
      talent management and new media ventures:
§
Recorded
                Music:
Skeleton Key Recordings
provides a full-service forum for pop/rock, alternative and urban
                music
                artists. All the services of a major record label are provided, including
                funding, artist development, recording services (with access to Mega
                Media's recording studios), promotions, marketing, artwork creation
                and
                retail distribution.  DVD projects are also produced in-house in Mega
                Media's video facilities.
The
      record label division provides a "one-stop shopping" forum for artists, because
      all services of a major record label are provided in-house at MMG, including
      promotions, marketing, artist development and access to music recording and
      video facilities. MMG will also be able to provide co-publishing and management
      services to artists signed to MMG's record label division, enabling MMG to
      act
      as a true partner to a recording artist by actively participating in all facets
      of the artist's career. Mega Media Records already has an impressive roster
      of
      talent that includes rap legends Junior Mafia, platinum hip-hop producer
      Minnesota, R&B sensation Kenny Wray. MMG's state-of-the-art recording and
      editing studios in Brooklyn, and its satellite studios in mid-town Manhattan,
      provide a comfortable and functional setting for all MMG artists to create
      and
      record their art. MMG's goal is to acquire both established and new recording
      artists, balancing risk by tapping into the existing fan base of established
      artists while investing in unknown artists who management believes have the
      potential to be the superstars of tomorrow.
§
Publishing
                Division
:
                Skeleton Key Music Publishing
focuses on acquiring various music properties and offers quality
                world-wide music administration services, which include royalty
                collections, accounting services, copyright registrations, song-plugging
                services, songwriter workshops and talent
                development.
o
Skeleton
                Key Special Projects
,
                through its
"I.D.
                Compilations"
series, offers custom branded compilation albums to a select group
                of
                clients from the fashion, nightlife and entertainment
                arenas.
The
      publishing division will focus on acquiring various music publishing properties.
      Initially, we will attempt to acquire small music publishing catalogs with
      a
      demonstrated earnings history. MMG will also purchase publishing interests
      in
      recently-released and soon-to-be released individual musical compositions that
      show earnings potential. Finally, MMG will attempt to sign promising
      producer-writers and artist-writers to exclusive co-publishing agreements
      pursuant to which MMG will co-own all compositions written during the respective
      terms of such agreements and act as the exclusive administrator of the
      compositions subject to such agreements. The publishing division has not yet
      acquired any properties and there can be no assurance that it will be able
      to do
      so on terms acceptable to it or at all.
§
Talent
                Management Division
:
                Skeleton Key Urban Management and Skeleton Key Pop/Rock
                Management
are separate divisions of Skeleton Key that provide management and
                career
                development services to artists, producers, music executives, songwriters
                and entertainment companies.
The
      management division will provide entertainment management services to writers,
      producers and recording artists, in addition to acting as consultants to
      industry executives. MMG will manage the artists signed to the record label
      division of MMG, as well as manage artists signed to third-party record
      companies. MMG will allocate most of its resources to established writers,
      producers and artists, but will also manage promising talent on a speculative
      basis. This division is still in its early stage of development.
3
§
New
                Media
:
The
      new media division will invest in small new media companies, such as independent
      ring tone and real tone aggregators. This division, engaging in perhaps the
      most
      speculative area of the music business, will focus is on identifying and
      investing in newly-formed music companies that are introducing important
      services and technologies to an industry that is rapidly changing. The
      traditional record industry model of delivering physical product via retail
      outlets such as record shops is quickly becoming a thing of the past, while
      digital delivery via the Internet and mobile devices will likely grow
      exponentially over the next few years. Neither MMG nor Mega Media Records has
      invested in or developed any new media technologies and there can be no
      assurance that it will do so.
Mega
      Media Film
is a full-service film studio with a virtual 3D chromatic room and a 4A virtual
      studio. This studio is utilized to produce music videos for recording artists
      and multimedia projects. In addition to being used for music-based projects,
      Mega Media Film produces TV commercials, infomercials, and other video-related
      products. Mega Media Film has a talented staff of animators, visual effect
      designers, and editors. Mega Media Film also produces independent films and
      various DVD projects. The virtual 3D studio allows the production of video
      products at a fraction of the cost of traditional films. Most of the video
      products filmed today require the use of large, physical sets. This is costly
      and time-consuming, since actual physical labor is required along with permits,
      adequate on-location space and extensive personnel. Mega Media Film's graphic
      designers can create life-like virtual sets by using this new technology without
      the hassles of traditional filming.
Mega
      Media Studios
is a multi-room, state-of-the-art, 7000 square foot facility located in
      Brooklyn, just minutes outside of Manhattan.  Studio A features a 96
      channel Euphonix console, custom Dynaudio Munro monitors, and two large
      isolation booths for the ultimate accommodations in live recording.  Studio
      B is the perfect MIDI-based writing room with vocal booth. Mega Media Studio's
      personnel are experienced, professional and helpful. The studios are
      fully-equipped to handle projects from commencement to conclusion, and provide
      the perfect environment for artists to create their magic.
Mega
      Media Sports Entertainment
specializes in the creation of instructional sports videos, taking today's
      popular athletes and sports figures and producing modern, exciting and
      informative instructional/ fitness videos.
Echo
            Broadcasting, Inc.
is a
            Russian-American entertainment and media company
acquired
            by MMG in October 2005
.
            Driven
            from within by its consumer brand - Evolution of Entertainment - Echo's
            Interactive and Publishing division is contemporary, entertaining, fun and
            relevant to the Ethnic Russian consumers in North America.  Working with
            cutting-edge news networks and contributing staff in the entertainment
            and
            fashion industries both in the United States and the Former Soviet Union,
            Echo
            is able to deliver a unique blend of content that resonates with the
            Second
            Generation mentality - distinctly American with a European flair.  Echo is
            a media partner in many major Russian events and concerts in the New
            York
            Metropolitan Area.  Echo operates the following
            divisions:
§
Interactive
                  Division
:
is
                  an internet portal, which was launched in the summer of 2005 and
                  is a
                  single in-language source of information on leisure, nightlife
                  and
                  entertainment for the ethnic Russians in New York. VSERU makes
                  mainstream
                  entertainment accessible to the Russian-speaking audience, with
                  a wide
                  variety of features, comprehensive and searchable listings and
                  events
                  calendars.
§
Radio
                  Division
:
Radio
                  VSE
-
                  87.7FM. Debuting in 2003, Radio VSE broadcasts 24/7 has become
                  the largest
                  independent, commercial Russian language radio station in the New
                  York Tri
                  State Area. Radio VSE rapidly developed loyal listeners and has
                  become a
                  primary source of information for Russian-speaking New Yorkers.
                  The
                  current format of Radio VSE is divided into three categories -
                  talk radio,
                  music programming and the news, including national and international
                  headlines, lifestyle and entertainment. Another staple of the programming
                  is live broadcasting from Russia, Ukraine, Germany and Israel.
                  The guest
                  list of the talk shows ranges from politicians and governmental
                  officials
                  to Russian celebrities on tour in the United States. All broadcasting
                  on
                  Radio VSE is live, with listener participation and call-in segments.
                  Radio
                  VSE's portable studio and road crew are on the road daily on the
                  streets
                  of Little Odessa, interacting with the audience and producing entertaining
                  live segments from NYC's
                  hotspots.
4
VSE
          Magazine, Inc.
is
          presently a non-operating subsidiary. VSE Magazine was operating and published
          in 2004 and mid-2005 but was discontinued thereafter due to market conditions
          and the inability to finance further publications. At this time, management
          intends to re-launch the magazine in late 2006 or early 2007.
Market
      for MMG's Products and Services
There
      are
      two primary markets for MMG's products and services. First, MMG, through
      Skeleton Key Entertainment, focuses on recorded urban and pop/rock music that
      appeals to mainstream America. We also have plans to distribute this content
      abroad, depending on demand. Skeleton Key also provides music publishing and
      talent management services to mainstream artists, producers and songwriters.
      Second, MMG focuses on providing Russian-ethnic entertainment content to the
      Russian-American community through its popular radio station, live promotions
      and recorded ethnic music projects.
Mainstream
      Entertainment and Media
Music
      and
      entertainment is an international form of communication in every culture of
      the
      world. According to the Recording Industry Association of America's ("RIAA")
      website (
http://www.riaa.com/news/marketingdata/
),
      it is
      estimated that worldwide annual music sales are $40(1)
billion,
      and US sales account for one third of that total. In addition, the market is
      much greater when you include management, concerts, DVD sales and
      publishing.
The
      recording industry which went through several down years of sales due to piracy
      has seen other revenue streams increase. In fact, this year alone sales of
      singles and online digital sales have resulted in an overall increase of 21
      percent(2)
over
      last
      year. Other new revenue streams have been opened to the industry. Ringtones
      have
      become very popular and have become and important and promising revenue stream
      for the industry with project annual sales of $500 million for 2005, sales
      for
      2003 were $68 million and $245 million for 2004. Publishing income, which has
      seen steady growth with $493 million in 2004-an increase of 4.5% on 2003 and
      19%(3)
over the
      past five years, is expected to more the double over the next five years. DVD
      sales which have become an enormous profit center for the industry have had
      a
      steady increase in sales. For 2004, the sales of DVDs grew to $15.5 billion,
      that's an increase of 33 percent from 2003 and consumers spent an additional
      $5.7 billion renting DVDs.
(1)
      Figures are based on research by RIAA (Recording Industry Association of
      America)
(2)
      Data
      from Nielsen SoundScan
(3) Publishing
      figures obtained from IFPI Market Research
5
The
      following charts were compiled by RIAA from its website (
http://www.riaa.com/news/marketingdata/
)
      which
      shows the 2005 Year end Statistics and consumer profiles for the recording
      industry
.
6
7
Russian
      Ethnic Media
The
      current estimated Russian speaking population in the United States is over
      6
      million, with over 1.4 million(4)
residing
      in the New York Metropolitan Area. The present annual advertising market aimed
      to the Russian community in the US is at approximately $50 million according
      to
      Press Release Group. Through the last several years many national brands and
      major advertising agencies have acknowledged that ethnic advertising is
      necessary for the continued growth of product sales. In fact, many of the major
      advertising agencies have set up ethnic advertising divisions for this purpose.
      The Spanish speaking market has reached $4.5 billion in annual advertising
      budgets.
"The
      size
      of Russian-American population in the New York Metropolitan Area is 1,420,000
      people. This market has high purchasing power, its average household income
      reaches $47,100 and accedes that of other ethnic groups. Average age of the
      Russian-speaking population is 46 years old. Average household size in the
      Russian-American market is 2.2 people, with high number of one-person household
      and high number of extended family households. 61% of Russian-speakers have
      at
      least one credit card and 69% frequently use the Internet. All mass media,
      including Radio, Print and Television, are quite popular among Russian-speakers.
      Radio and Television have highest media reach, approximately 50%-55%."
Press
      Release Group
,
We
      expect
      the Russian advertising market to reach $450 million in the next five years.
      Our
      Russian Ethnic Media division is positioned in Radio, Print and Internet to
      benefit from the anticipated increase in the future advertising budgets.
      Presently, our Radio division has 27.7 percent market share of the Russian
      audience in the New York Metropolitan Area and our interactive division has
      up
      to 60,000 unique visitors per month and is only in its third month of operation.
Market
Since
      the
      metamorphosis of the Soviet Union into a more open society, North America has
      become home to over 6.5 million Ethnic Russians, with 1.6 million residing
      in
      the New York Tri-State area.  Today, the New York Metropolitan area is the
      seventh largest Russian-speaking city in the world.
All
      indicators show that this is one of the most affluent and rapidly growing ethnic
      markets in the country. Highly educated and trained, Ethnic Russian immigrants
      are relentless about rebuilding their lives to a higher standard than they
      led
      in the country of origin. As a result many of these immigrants have attained
      a
      high degree of success in their respective fields: medical, legal, business,
      research, computer programming, real estate and manufacturing. As a market
      it is
      a great, virtually unexplored consumer base, which is craving for new trends
      and
      products.
(4)
      Figures obtained from Press Release Group 2005 research report.
8
Demographics
Millions
      of dollars are invested annually into the advertising on the Ethnic Russian
      Market and here are some of the reasons why:
9
DEMOGRAPHICS
(Continued)
·
All
                data based on studies conducted by the Research Institute for New
                Americans and the Press Release
                Group.
10
Distribution
      Methods for MMG's Products and Services
Our
      audio
      and audio-visual content, both physical and digital, is currently distributed
      in
      North America through Sony/RED distribution. Our original content is broadcast
      via MMG's radio station, VSE Radio. Our branded compilation album projects
      will
      be distributed through our various clients' retail outlets. For non-North
      American distribution, we intend to enter into territory-by-territory deals
      for
      each project concerned.
Development
      Strategy
Our
      development strategy consists of aggressively negotiating with and signing
      known
      recording artists, successful producers and songwriters, acquiring
      income-generating publishing catalogs, signing popular talent to management
      contracts, increasing the radio station's profile to generate more advertising
      dollars, actively marketing the recording studio and video facility to other
      record labels and entertainment companies to generate a profit center from
      third
      party commercial projects, and doing branded compilation projects for
      recognizable national corporate clients to increase our profile. Our research
      and development is handled in-house and is treated as a general overhead cost
      that is not passed on to our customers.
Sales
      and Marketing Strategy
Our
      sales
      and marketing for all products and services is handled in a variety of ways:
      (1)
      through our Public Relations company, 5W PR, (2) through in-house marketing
      and
      promotion personnel, (3) through in-house advertising coordinators and
      salespeople, (4) through the marketing and promotional staff at Sony/RED, and
      (5) by engaging thirds party independent contractors to supplement the efforts
      of our in-house staff on a project by project basis.
Competition
Despite
      our size, we believe we are uniquely positioned to compete with major record
      labels and publishing companies, such as Jive Records and Bad Boy Entertainment,
      because of our strong executive staff and creative deal making. Our closest
      competitors on the recorded music side are Asylum/Warner Music Group,
      Fontata/Universal Music Group, Imperial/EMI and Koch Records. We believe our
      Radio VSE is the most popular of its kind and competes with some minor local
      competitors in New York.
Intellectual
      Property
Most
      of
      our print and radio content and original programming are proprietary and
      protected. We have copyrights in songs secured through our music publishing
      division and copyrights in master recordings secured through our recorded music
      divisions. We also expect that the Mega Media and Skeleton Key brands will
      have
      value beyond corporate identities so we can engage in merchandising
      activities.
RISK
      FACTORS
An
      investment in our common stock is highly speculative and involves a high degree
      of risk. Therefore, you should consider all of the risk factors discussed below,
      as well as the other information contained in this document. You should not
      invest in our common stock unless you can afford to lose your entire investment
      and you are not dependent on the funds you are investing.
Please
      note that throughout this report, the words "we", "our", "us" or the "Company"
refer to EduLink, Inc., Mega Media, Inc. and its wholly-owned
      subsidiaries.
Risks
      Associated with our Operations
We
      have a limited operating history in which to evaluate our business.
We
      were
      incorporated in Nevada in January 1994. The company has limited revenues to
      date
      and has a limited operating history upon which an evaluation of our future
      success or failure can be made. Current company assets may not be suitable
      for
      development to the projected forecast for 2007-2008. No assurances of any nature
      can be made to investors that the company will be profitable.
11
We
      have incurred significant and continuing losses and may not be able to generate
      revenues to sustain our operations.
We
      have
      experienced significant operating losses since we were formed in January 1994.
      The Company incurred net losses of approximately $2,550,305 and $1,451,841
      for
      the years ended January 31, 2006 and 2005.
The
      Company will continue to have a high level of operating expenses and will be
      required to make significant up-front expenditures in connection with the
      commencement of income-generating activities (including, but not limited to,
      salaries of executive, marketing, engineering and other personnel). The Company
      expects to incur additional losses until such time as it is able to generate
      sufficient revenues to finance its operations and the costs of expansion. There
      can be no assurance that the Company will be able to generate such revenues
      and
      operate profitably.
We
      will require additional funds to achieve our current business strategy and
      our
      inability to obtain additional financing could cause us to cease our business
      operations.
Even
      with
      the proceeds from this offering, we will need to raise additional funds through
      public or private debt or sale of equity to achieve our current business
      strategy. Such financing may not be available when needed. Even if such
      financing is available, it may be on terms that are materially adverse to your
      interests with respect to dilution of book value, dividend preferences,
      liquidation preferences, or other terms. Our capital requirements to implement
      our business strategy will be significant. However, at this time, we can not
      determine the amount of additional funding necessary to implement such plan.
      We
      intend to assess such amount at the time we will implement our business plan.
      Furthermore, we intend to effect future acquisitions with cash and the issuance
      of debt and equity securities. The cost of anticipated acquisitions may require
      us to seek additional financing. We anticipate requiring additional funds in
      order to fully implement our business plan to significantly expand our
      operations. We may not be able to obtain financing if and when it is needed
      on
      terms we deem acceptable. Our inability to obtain financing would have a
      material negative effect on our ability to implement our acquisition strategy,
      and as a result, could require us to diminish or suspend our acquisition
      strategy.
If
      we are
      unable to obtain financing on reasonable terms, we could be forced to delay,
      scale back or eliminate certain product and service development programs. In
      addition, such inability to obtain financing on reasonable terms could have
      a
      material negative effect on our business, operating results, or financial
      condition to such extent that we are forced to restructure, file for bankruptcy,
      sell assets or cease operations, any of which could put your investment dollars
      at significant risk.
If
      we are unable to retain the services of our executive officers, Aleksandr
      Shvarts, David Kokakis, Esq., Gennady Pomeranets, CPA, and Eric Schwartz, or
      if
      we are unable to successfully recruit qualified managerial personnel and
      employees with experience in business and the entertainment industry, we may
      not
      be able to continue our operations.
Our
      success depends to a significant extent upon the continued service of our
      executive officers, Aleksandr Shvarts, Chief Executive Officer, David Kokakis,
      Esq., Chief Operating Officer, Gennady Pomeranets, CPA, Chief Fianancial
      Officer, and Eric Schwartz, Executive Vice President. Loss of the services
      of
      any of our executive officers could have a material adverse effect on our
      growth, revenues, and prospective business. We do not maintain key-man insurance
      on the lives of our executive officers. In addition, in order to successfully
      implement and manage our business plan, we will be dependent upon, among other
      things, successfully recruiting qualified managerial personnel and employees
      with experience in business and the entertainment industry. Competition for
      qualified individuals is intense.
There
      can
      be no assurance that we will be able to find, attract and retain existing
      employees or that we will be able to find, attract and retain qualified
      personnel on acceptable terms.
There
      may be potential liabilities associated with the Company that we were not aware
      of at the time of the Merger.
The
      Company may have liabilities that we did not discover or may have been unable
      to
      discover during our pre-acquisition investigation. Any indemnities or warranties
      may not fully cover such liabilities due to their limited scope, amount or
      duration, the financial limitations of the indemnitor or warrantor, or for
      other
      reasons. Therefore, in the event we are held responsible for the foregoing
      liabilities, the Company's operations may be materially and adversely
      affected.
12
Our
      principal stockholders, officers and directors own a controlling interest in
      our
      voting stock and investors will not have any voice in our
      management.
In
      connection with the acquisition of MMG and its wholly-owned operating
      subsidiaries, MMG Shareholders, including several of which are now officers
      and
      directors, will hold an aggregate of 90% of EduLink's outstanding shares of
      common stock, and in the aggregate, has the right to cast 90% of the votes
      in
      any vote by our stockholders. Thus, these stockholders, acting together, will
      have the ability to control substantially all matters submitted to our
      stockholders for approval, including:
§
election
                of our board of directors;
§
removal
                of any of our directors;
§
amendment
                of our certificate of incorporation or bylaws; and
§
adoption
                of measures that could delay or prevent a change in control or impede
                a
                merger, takeover or other business combination involving
                us.
As
      a
      result of their ownership and positions, our directors and executive officers
      collectively are able to influence all matters requiring stockholder approval,
      including the election of directors and approval of significant corporate
      transactions. In addition, sales of significant amounts of shares held by our
      directors and executive officers, or the prospect of these sales, could
      adversely affect the market price of our common stock. Management's stock
      ownership may discourage a potential acquirer from making a tender offer or
      otherwise attempting to obtain control of us, which in turn could reduce our
      stock price or prevent our stockholders from realizing a premium over our stock
      price.
It
      is likely that additional shares of our stock will be issued in the normal
      course of our business development, which will result in a dilutive affect
      on
      our existing shareholders.
We
      will
      issue additional stock as required to raise additional working capital in order
      to secure intellectual properties, undertake company acquisitions, recruit
      and
      retain an effective management team, compensate our officers and directors,
      engage industry consultants and for other business development
      activities.
If
      we fail to adequately manage our growth, we may not be successful in growing
      our
      business and becoming profitable.
We
      expect
      our business and number of employees to grow over the next year. We expect
      that
      our growth will place significant stress on our operation, management, employee
      base and ability to meet capital requirements sufficient to support our growth
      over the next 12 months. Any failure to address the needs of our growing
      business successfully could have a negative impact on our chance of
      success.
If
      we acquire or invest in other businesses, we will face certain risks inherent
      in
      such transactions.
We
      may acquire, make investments in, or enter into strategic alliances or joint
      ventures with, companies engaged in businesses that are similar or complementary
      to ours. If we make such acquisitions or investments or enter into strategic
      alliances, we will face certain risks inherent in such transactions. For
      example, we could face difficulties in managing and integrating newly acquired
      operations. Additionally, such transactions would divert management resources
      and may result in the loss of artists or songwriters from our rosters. We cannot
      assure you that if we make any future acquisitions, investments, strategic
      alliances or joint ventures that they will be completed in a timely manner,
      that
      they will be structured or financed in a way that will enhance our
      creditworthiness or that they will meet our strategic objectives or otherwise
      be
      successful. Failure to effectively manage any of these transactions could result
      in material increases in costs or reductions in expected revenues, or both.
"Penny
      Stock" rules may make buying or selling our common stock
      difficult.
Trading
      in our securities is subject to the "penny stock" rules. The SEC has adopted
      regulations that generally define a penny stock to be any equity security that
      has a market price of less than $5.00 per share, subject to certain exceptions.
      These rules require that any broker-dealer who recommends our securities to
      persons other than prior customers and accredited investors, must, prior to
      the
      sale, make a special written suitability determination for the purchaser and
      receive the purchaser's written agreement to execute the transaction. Unless an
      exception is available, the regulations require the delivery, prior to any
      transaction involving a penny stock, of a disclosure schedule explaining the
      penny stock market and the risks associated with trading in the penny stock
      market. In addition, broker-dealers must disclose commissions payable to both
      the broker-dealer and the registered representative and current quotations
      for
      the securities they offer. The additional burdens imposed upon broker- dealers
      by such requirements may discourage broker-dealers from effecting transactions
      in our securities, which could severely limit the market price and liquidity
      of
      our securities. Broker- dealers who sell penny stocks to certain types of
      investors are required to comply with the Commission's regulations concerning
      the transfer of penny stocks. These regulations require broker-dealers
      to:
13
§
Make
                a suitability determination prior to selling a penny stock to the
                purchaser;
§
Receive
                the purchaser's written consent to the transaction; and
§
Provide
                certain written disclosures to the
                purchaser.
Risks
      Associated with the Entertainment, Media and Communications
      Industries
Competition
      from providers of similar products and services could materially adversely
      affect MMG's revenues and financial condition.
The
      music
      industry
in which
      we compete is a rapidly evolving, highly competitive and fragmented market,
      which
is based
      on consumer preferences and requires substantial human and capital resources.
We
      expect
      competition to intensify in the future.
There
      can
      be no assurance that MMG will be able to compete effectively. We believe that
      the main competitive factors in the entertainment, media and communications
      industries include effective marketing and sales, brand recognition,
      product quality, product placement and availability, niche marketing and
      segmentation and value propositions. They also include benefits of one's
      company, product and services, features and functionality, and cost. Many
      of our competitors are established, profitable and have strong attributes
      in many, most or all of these areas. They may be able to leverage their existing
      relationships to offer alternative products or services at more attractive
      pricing or with better customer support. Other companies may also enter our
      markets with better products or services, greater financial and human resources
      and/or greater brand recognition. Competitors may continue to improve or expand
      current products and introduce new products. We may be perceived as relatively
      too small or untested to be awarded business relative to the competition. To
      be
      competitive, we will have to invest significant resources in
      business development, advertising and marketing.  We may also have to
      rely on strategic partnerships for critical branding and relationship leverage,
      which partnerships may or may not be available or sufficient. We cannot assure
      that it will have sufficient resources to make these investments or that we
      will
      be able to make the advances necessary to be competitive. Increased competition
      may result in price reductions, reduced gross margin and loss of market
      share. Failure to compete successfully against current or future competitors
      could have a material adverse effect on the Company's business, operating
      results and financial condition.
We
      compete with other recorded music companies and music publishers to identify
      and
      sign new recording artists and songwriters who subsequently achieve long-term
      success and to renew agreements with established artists and songwriters. In
      addition, our competitors may from time to time reduce their prices in an effort
      to expand market share and introduce new services, or improve the quality of
      their products or services. We may lose business if we are unable to sign
      successful artists or songwriters or to match the prices or the quality of
      products and services, offered by our competitors. Our Publishing Division
      will
      compete not only with other music publishing companies, but also with
      songwriters who publish their own works. Our Recorded Music Division is to
      a
      large extent dependent on technological developments, including access to and
      selection and viability of new technologies, and is subject to potential
      pressure from competitors as a result of their technological developments.
      For
      example, our Recorded Music Division may be adversely affected by technological
      developments that facilitate the piracy of music, such as Internet peer-to-peer
      file-sharing and CD-R activity; by its inability to enforce our intellectual
      property rights in digital environments; and by its failure to develop a
      successful business model applicable to a digital online environment. It also
      faces competition from other forms of entertainment and leisure activities,
      such
      as cable and satellite television, pre-recorded films on videocassettes and
      DVD,
      the Internet and computer and videogames.
The
      speculative nature of the entertainment, media and communications industry
      may
      result in our inability to produce products or services that receive sufficient
      market acceptance for us to be successful.
Certain
      segments of the entertainment, media and communications industry are highly
      speculative and historically have involved a substantial degree of risk. For
      example, the success of a particular film, video game, program or recreational
      attraction depends upon unpredictable and changing factors, including the
      success of promotional efforts, the availability of alternative forms of
      entertainment and leisure time activities, general economic conditions, public
      acceptance and other tangible and intangible factors, many of which are beyond
      our control. If we complete a business combination with a target business in
      such a segment, we may be unable to produce products or services that receive
      sufficient market acceptance for us to be successful.
14
Due
      to the nature of our business, our results of operations and cash flows may
      fluctuate significantly from period to period.
Our
      net sales, operating income and profitability, like those of other companies
      in
      the music business, are largely affected by the number and quality of albums
      that we release, our release schedule, and, more importantly, the consumer
      demand for these releases. We also make advance payments to recording artists
      and songwriters, which impact our operating cash flows. The timing of album
      releases and advance payments is largely based on business and other
      considerations and is made without regard to the timing of the release of our
      financial results. We report results of operations quarterly and our results
      of
      operations and cash flows in any reporting period may be materially affected
      by
      the timing of releases and advance payments, which may result in significant
      fluctuations from period to period.
Changes
      in technology may reduce the demand for the products or services we may offer
      following a business combination.
The
      entertainment, media and communications industries are substantially affected
      by
      rapid and significant changes in technology. These changes may reduce the demand
      for certain existing services and technologies used in these industries or
      render them obsolete. We cannot assure you that the technologies used by or
      relied upon or produced by a target business with which we effect a business
      combination will not be subject to such occurrence. While we may attempt to
      adapt and apply the services provided by the target business to newer
      technologies, we cannot assure you that we will have sufficient resources to
      fund these changes or that these changes will ultimately prove
      successful.
If
      our products or services that we market and sell are not accepted by the public,
      our profits may decline.
Certain
      segments of the entertainment, media and communications industries are dependent
      on developing and marketing new products and services that respond to
      technological and competitive developments and changing customer needs and
      tastes. We cannot assure you that the products and services of a target business
      with which we effect a business combination will gain market acceptance. Any
      significant delay or failure in developing new or enhanced technology, including
      new product and service offerings, could result in a loss of actual or potential
      market share and a decrease in revenues.
The
      recorded music industry has been declining and may continue to decline, which
      may adversely affect our prospects and our results of operations.
Illegal
      downloading of music from the Internet, CD-R piracy, industrial piracy, economic
      recession, bankruptcies of record wholesalers and retailers and growing
      competition for consumer discretionary spending and retail shelf space may
      all
      be contributing to a declining recorded music industry. Additionally, the period
      of growth in recorded music sales driven by the introduction and penetration
      of
      the CD format has ended. While DVD-Audio, Dual Disc and downloadable digital
      files are thought to represent potential new avenues for growth, no significant
      new legitimate audio format has yet emerged to take the place of the CD. The
      value of worldwide sales fell as the music industry witnessed a decline of
      4.9%
      from 1999 to 2000, 5.7% from 2000 to 2001, 6.7% from 2001 to 2002 and 7.6%
      from
      2002 to 2003. Although we believe that the recorded music industry should
      continue to improve as evidenced by the year-over-year growth in U.S. music
      physical unit sales year-to-date through year-end 2004, the industry may relapse
      into a period of decline as witnessed from 1999 to 2003 and we cannot assure
      you
      as to the timing or the extent of any improvement in the industry. A declining
      recorded music industry is likely to lead to reduced levels of revenue and
      operating income generated by our Recorded Music business. Additionally, a
      declining recorded music industry is also likely to have a negative impact
      on
      our Music Publishing business, which generates a significant portion of its
      revenues from mechanical royalties, primarily from the sale of music in CD
      and
      other recorded music formats.
There
      may be downward pressure on our pricing and our profit margins.
There
      are a variety of factors which could cause us to reduce our prices and erode
      our
      profit margins. They are, among others, increased price competition among record
      companies resulting from the Universal and Sony BMG recorded music duopoly,
      price competition from the sale of motion pictures in DVD-Video format and
      videogames, the ever greater price negotiating leverage of mass merchandisers
      and big box retailers, the increased costs of doing business with mass
      merchandisers and big box retailers as a result of complying with operating
      procedures that are unique to their needs and the adoption by record companies
      of initially lower-margin formats such as Dual Disc and DVD-Audio.
15
Our
      prospects and financial results may be adversely affected if we fail to
      identify, sign and retain artists and songwriters and by the existence or
      absence of superstar releases and by local economic conditions in the countries
      in which we operate.
We
      are dependent on identifying, signing and retaining artists with long-term
      potential, whose debut albums are well received on release, whose subsequent
      albums are anticipated by consumers and whose music will continue to generate
      sales as part of our catalog for years to come. The competition among record
      companies for such talent is intense. Competition among record companies to
      sell
      records is also intense and the marketing expenditures necessary to compete
      have
      increased as well. We are also dependent on signing and retaining songwriters
      who will write the hit songs of today and the classics of tomorrow under terms
      that are economically attractive to us. Our competitive position is dependent
      on
      our continuing ability to attract and develop talent whose work can achieve
      a
      high degree of public acceptance. Our financial results may be adversely
      affected if we are unable to identify, sign and retain such artists and
      songwriters under terms that are economically attractive to us. Our financial
      results may also be affected by the existence or absence of superstar artist
      releases during a particular period. Some music industry observers believe
      that
      the number of superstar acts with long-term appeal, both in terms of catalog
      sales and future releases, has declined in recent years. Additionally, our
      financial results are generally affected by the general economic and retail
      environment of the countries in which we operate, as well as the appeal of
      our
      recorded music catalog and our music publishing library.
We
      may have difficulty addressing the threats to our business associated with
      home
      copying and Internet downloading.
The
      combined effect of the decreasing cost of electronic and computer equipment
      and
      related technology such as CD burners and the conversion of music into digital
      formats have made it easier for consumers to create unauthorized copies of
      our
      recordings in the form of, for example, CDs and MP3 files. A substantial portion
      of our revenue comes from the sale of audio products that are potentially
      subject to unauthorized consumer copying and widespread dissemination on the
      Internet without an economic return to us. If we fail to develop effective
      means
      of protecting our intellectual property (whether copyrights or other rights
      such
      as patents, trademarks and trade secrets) or entertainment-related products
      or
      services, our results of operations, financial position and prospects may suffer
Organized
      industrial piracy may lead to decreased sales.
The
      global organized commercial pirate trade is a significant threat to the music
      industry. Worldwide, industrial pirated music (which encompasses unauthorized
      physical copies manufactured for sale but does not include Internet downloads
      or
      home CD burning) is estimated to have generated over $4.5 billion in
      revenues in 2003, according to IFPI. IFPI estimates that 1.7 billion
      pirated units were manufactured in 2003. According to IFPI estimates,
      approximately 35% of all music CDs sold worldwide in 2003 were pirated.
      Unauthorized copies and piracy contributed to the decrease in the volume of
      legitimate sales and put pressure on the price of legitimate sales. They may
      have an adverse effect on our business.
The
      recorded music industry is under investigation by Eliot Spitzer, the Attorney
      General for the State of New York, regarding its practices in promoting its
      records to radio stations.
On
      September 7, 2004 and November 22, 2004, Eliot Spitzer, the Attorney
      General of the State of New York, served Warner Music Group with requests for
      information in the form of subpoenas duces tecum in connection with an
      industry-wide investigation of the relationship between music companies and
      radio stations, including the use of independent promoters. The investigation
      is
      pursuant to New York Executive Law §63(12) and New York General Business Law
§349, both of which are consumer fraud statutes. It is too soon to predict the
      outcome of this investigation but it has the potential to result in changes
      in
      the manner in which the recorded music industry promotes its records, which
      could adversely affect our business.
If
      we are unable to protect our intellectual property rights competitors may be
      able to use our technology or intellectual property rights, which could weaken
      our competitive position.
We
      own
      several intellectual property assets. Our success depends in part on our ability
      to obtain and enforce intellectual property rights for those assets, both in
      the
      United States and in other countries. In those circumstances, we may file
      applications for patents, copyrights and trademarks as our management deems
      appropriate. We cannot assure you that these applications, if filed, will be
      approved, or that we will have the financial and other resources necessary
      to
      enforce our proprietary rights against infringement by others. Additionally,
      we
      cannot assure you that any patent, trademark or copyright obtained by us will
      not be challenged, invalidated or circumvented.
16
If
      we are alleged to have infringed on the intellectual property or other rights
      of
      third parties it could subject us to significant liability for damages and
      invalidation of our proprietary rights.
Our
      business is highly dependent upon intellectual property, a field that has
      encountered increasing litigation in recent years.
If
      third parties allege that we have infringed on their intellectual property
      rights, privacy rights or publicity rights or have defamed them, we could become
      a party to litigation. These claims and any resulting lawsuits could subject
      us
      to significant liability for damages and invalidation of our proprietary rights
      and/or restrict our ability to publish and distribute the infringing or defaming
      content.
There
      can be no assurance that we would prevail in any such litigation. If we were
      to
      lose a litigation relating to intellectual property, we could be forced to
      pay
      monetary damages and to cease the sale of certain products or the use of certain
      technology. Any of the foregoing may adversely affect our business.
Radio
      VSE leases airtime from a third party, WNYW 87.7 FM in New York, which must
      comply with comprehensive, complex and sometimes unpredictable federal
      regulations, which could have an adverse effect on our businesses if WNYW's FCC
      license is revoked or not renewed and we can no longer lease airtime from
      WNYW.
Our
      broadcasting operations are dependent on leasing airtime from a third party,
      WNYW 87.7 FM in New York, which owns licenses from the FCC, which regulates
      the
      radio and television broadcasting industries in the United States. The radio
      and
      television broadcasting industries in the United States are subject to extensive
      and changing regulation by the FCC. Among other things, the FCC is responsible
      for the following:
-
assigning
                frequency bands for broadcasting;
-
determining
                the particular frequencies, locations and operating power of
                stations;
-
issuing,
                renewing, revoking and modifying station licenses;
-
determining
                whether to approve changes in ownership or control of station
                licenses;
-
regulating
                equipment used by stations; and
-
adopting
                and implementing regulations and policies that directly affect the
                ownership, operation, programming and employment practices of
                stations.
The
      FCC
      has the power to impose penalties for violation of its rules or the applicable
      statutes. While in the vast majority of cases licenses are renewed by the FCC,
      we cannot be sure that WNYW's license will be renewed at the expiration date.
      Even if WNYW's license is renewed, we cannot be sure that the FCC will not
      impose conditions or qualifications that could cause problems in our businesses
      or that WNYW will renew our lease for airtime.
A
      number
      of federal rules governing broadcasting have changed significantly in recent
      years and additional changes may occur, particularly with respect to the rules
      governing digital audio broadcasting, satellite radio services, multiple
      ownership and attribution. We cannot predict the effect that these regulatory
      changes may ultimately have on our operations.
The
      FCC has recently begun more vigorous enforcement of its indecency rules against
      the broadcast industry, which could have a material adverse effect on our
      business and our leasing airtime form WNYW.
The
      FCC's rules prohibit the broadcast of obscene material at any time and indecent
      material between the hours of 6 A.M. and 10 P.M. Broadcasters risk
      violating the FCC's indecency rules because of the FCC's broad definition of
      such material, coupled with the spontaneity of live programming.
Recently,
      the FCC has begun more vigorous enforcement of its indecency rules against
      the
      broadcasting industry as a whole. Two Congressional committees have recently
      conducted hearings relating to indecency. Legislation has also been introduced
      in Congress that would increase the penalties for broadcasting indecent
      programming, and depending on the number of violations engaged in, would
      automatically subject broadcasters to license revocation, renewal or
      qualifications proceedings in the event that they broadcast indecent material.
      The FCC has indicated that it is stepping up its enforcement activities as
      they
      apply to indecency, and has threatened to initiate license revocation
      proceedings against broadcast licensees for future ''serious indecency
      violations.'' The FCC has found on a number of occasions recently, chiefly with
      regard to radio stations, that the content of broadcasts has contained indecent
      material. The FCC issued fines to the offending licensees. Moreover, the FCC
      has
      recently begun imposing separate fines for each allegedly indecent
''utterance,'' in contrast with its previous policy, which generally considered
      all indecent words or phrases within a given program as constituting a single
      violation.
17
The
      Communications Act provides that the FCC must renew a broadcast license if
      (i)
      the station involved has served the ''public interest, convenience and
      necessity'' and (ii) there have been no ''serious violations'' of the Act or FCC
      rules, and no ''other violations'' of the Act or rules which ''taken together,
      would constitute a pattern of abuse.'' If the Commission were to determine that
      indecency or other violations by WNYW falls within either or both of those
      definitions, the agency could (x) grant the license renewal applications of
      WNYW
      with burdensome conditions, such as requirements for periodic reports, (y)
      grant
      the applications for less than the full eight-year term in order to allow an
      early reassessment of WNYW, or (z) order an evidentiary hearing before an
      administrative law judge to determine whether renewal of WNYW's license should
      be denied. If WNYW's license renewal was ultimately denied, the station would be
      required to cease operation permanently. As a result Radio VSE would have to
      lease airtime from another station.
Legislation
      is pending in Congress which would, among other things, (i) increase very
      substantially the fines for indecent broadcasts, (ii) specify that all indecency
      violations are "serious" violations for license renewal purposes and (iii)
      mandate an evidentiary hearing on the license renewal application of any station
      that has had three indecency violations during its license term.
Management
      is fully aware of these risks, and believes that these are manageable risks
      and
      does not post real threats to the Company's healthy development.
MANAGEMENT'S
      DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The
      following discussion and analysis provides information which management believes
      is relevant to an assessment and understanding of our results of operations
      and
      financial condition. The discussion should be read in conjunction with our
      financial statements and notes thereto appearing in this prospectus.
Background
      on Company
Overview
Mega
      Media Group, Inc. commenced operations in 2004. We operate our business through
      several wholly-owned subsidiaries: Mega Media Film, Inc., Mega Media Studios,
      Inc., Mega Media Sports Entertainment, Inc., Echo Broadcasting Group, Inc.,
      VSE
      Magazine, Inc. and Mega Media Records, Inc. d/b/a Skeleton Key Entertainment.
      These subsidiaries offer a broad range of services, including talent management,
      music publishing, recording, music production and distribution, video production
      and distribution, radio broadcasting and Russian ethnic programming. In addition
      to the aforementioned services, we also invest in and develop various
      entertainment properties, balancing acquisitions of existing media properties,
      such as purchasing existing recordings and publishing catalogs with an earnings
      history, with the development and acquisition of newer media ventures, such
      as
      mobile and new technology media projects, and signing and developing emerging
      musical artists. Our executive offices are in "Soho" in New York City and our
      recording studios, editing facilities and radio broadcast studios are in
      Brooklyn, New York. We currently employ over fifty professionals in our two
      offices, including recording and music publishing executives, professional
      talent managers and radio personalities.
Results
      of operations for the Three Months Ended April 30, 2006 Compared with the Three
      Months Ended April 30, 2005
Revenue
We
      derive
      revenue from sales of advertisements and program sponsorships to local
      advertisers, independent promotion agreements, ticket and other revenue related
      to special events we sponsor throughout the year and management fees from our
      subsidiaries. Advertising revenue is affected primarily by the advertising
      rates
      our radio stations and magazine are able to charge as well as the overall demand
      for radio advertising time in a market. For the three months ended April 30,
      2006 our advertising revenue increased by $83,992 to $695,369 as compared to
      $611,377 for the three months ended April 30, 2005. Other revenue, consisting
      of
      studio services, for the three months ended April 30, 2006 have declined by
      $83,080 due to the restructuring and modernization of our video and recording
      studios.
18
Operating
      Expenses
Our
      significant broadcast expenses are (i) employee salaries and commissions, (ii)
      programming expenses, (iii) advertising and promotion expenses, (iv) rental
      of
      premises for studios, (v) rental of transmission tower space and (vi) music
      license royalty fees. We strive to control these expenses by centralizing
      certain functions such as finance, accounting, legal, human resources and
      management information systems and the overall programming management
      function.
Airlease
      Expenses
For
      the
      three months ended April 30, 2006 airlease expense decreased by $60,929 to
      $446,250 as compared to $507,179 for the three months ended April 30, 2005.
      The
      decrease is principally attributable to changing from AM to FM frequencies.
General
      and Administrative Expenses
Selling,
      General and Administrative expenses increased by $249,536 to $774,994 for the
      months ended April 30, 2006 from $525,458 in 2005. Selling expenses are a
      significant part of our expenditures and relate directly to the marketing and
      development of products. We anticipate similar expenditures for the foreseeable
      future.
Net
      Loss
We
      have a
      net loss of $560,079 for three months ended April 30, 2006 as compared to a
      net
      loss of $384,782 for the three months ended April 30, 2005. The increase in
      net
      loss is primarily attributable to the increase of our general and administrative
      expenses.
Liquidity
      and Capital Resources
Our
      Current Years Working Capital deficiency is $1,419,717.
Cash
      used
      in operating activities was $375,647 for the three months ended April 30, 2006
      as compared to $274.266 during the three months ended April 30, 2005. The
      increase in cash used in operating activities reflects the outlays necessary
      to
      achieve the growth in revenues, which should ultimately result in positive
      operating cash flow.
Cash
      used
      in investing activities was $0 for the three months period ended April 30,
      2006
      as compared to $251,092 for the three months period ended April 30, 2005. The
      decrease in cash used by investing activities is primarily due to the purchase
      of property and equipment and the creation of master recordings that occurred
      during 2005.
Cash
      provided by financing activities was $374,612 for the three months period ended
      April 30, 2006 as compared to $538,577 for the three months ended April 30,
      2005. The decrease in cash provided by financing activities is primarily due
      to
      the capital contributions and loans from shareholders.
Results
      of operations for the years ended January 31, 2006 and 2005
Revenue
We
      derive
      revenue from sales of advertisements and program sponsorships to local
      advertisers, independent promotion agreements, ticket and other revenue related
      to special events we sponsor throughout the year and management fees from our
      subsidiaries. Advertising revenue is affected primarily by the advertising
      rates
      our radio stations and magazine are able to charge as well as the overall demand
      for radio advertising time in a market. For the year ended January 31, 2006
      our
      revenue increased by $2,516,718 to $2,598,148 as compared to $81,430 in the
      year
      ended January 31, 2005.
Operating
      Expenses
Our
      significant broadcast expenses are (i) employee salaries and commissions, (ii)
      programming expenses, (iii) advertising and promotion expenses, (iv) rental
      of
      premises for studios, (v) rental of transmission tower space and (vi) music
      license royalty fees. We strive to control these expenses by centralizing
      certain functions such as finance, accounting, legal, human resources and
      management information systems and the overall programming management
      function.
19
Selling,
      General and Administrative Expenses
Our
      Selling, General and Administrative expenses increased to $2,274,604 during
      the
      Current Year from $734,464 in 2005. Selling expenses are a significant part
      of
      our expenditures and relate directly to the marketing of products. We anticipate
      similar expenditures for the foreseeable future.
Operating
      Loss
Our
      operating Loss for the year ended January 31, 2006 or the "Current Year,"
increased by $1,671,449 to $2,270,974 as compared to $599,525 in the year ended
      January 31, 2005 or the "Previous Year." The increase is primarily related to
      the increase of our operating expenses.
Liquidity
      and Capital Resources
Our
      Current Year's Working Capital deficiency is $963,754.
Cash
      flows used in operating activities were $1,442,438 in the Current Year as
      compared to $574,350 in the Previous Year. The increase in the cash used by
      operating activities was primarily the result of company expansion.
Cash
      flows used in investing activities were $1,066,596 for the year ended January
      31, 2006 as compared to $523,974 for the year ended January 31, 2005. The
      increase in cash used by investing activities is primarily due to the purchase
      of property and equipment and creation of master record.
Cash
      flows from financing activities were $2,521,232 for the year ended January
      31,
      2006 as compared to $1,098,544 in previous year. The increase in cash provided
      by financing activities is primarily due to the capital contributions and loan
      from shareholders.
Off-Balance
      Sheet Arrangements
We
      do not
      have any off balance sheet arrangements that are reasonably likely to have
      a
      current or future effect on our financial condition, revenues, results of
      operations, liquidity or capital expenditures.
Corporate
      Information Regarding the Company and its Subsidiaries
The
      Company was incorporated in New York on February 3, 2004.
Mega
      Media Sports, Inc., Mega Media Film, Inc., VSE Magazine, Inc. and Mega Media
      Records, Inc., currently doing business as Skeleton Key Entertainment, were
      incorporated in New York on February 5, 2004.
Mega
      Media Sports Entertainment, Inc. was incorporated in New York on August 24,
      2004.
Echo
      Broadcasting Group, Inc. was incorporated in New York on February 17, 2005.
The
      Company's principal executive office is located at 598 Broadway, 3
rd
Floor,
      New York, New York 10012 and its office for radio, studio and technical
      personnel is located at 1122 Coney Island Avenue, Suite 210, Brooklyn, New
      York
      11230. Its main telephone number is (718) 947-1100 and its web address is
www.megamediagroup.com
.
Employees
The
      Company has over fifty (50) employees.
Properties
The
          Company's offices in New York City total 5,500 square feet. Its offices and
          studio facilities in Brooklyn, New York total 7,000 square feet. Both offices
          are leased for $14,000 and $11,993.00 respectively. The Company owns much
          of its
          studio and radio broadcasting equipment and leases the
          remainder.
Legal
        Proceedings
Previously
          we were subject to a debt collection lawsuit in the Supreme Court of New
          York,
          Kings County, filed by Progress Printing Co. alleging breach of contract
          for
          printing services for the sum of $26,034.52. The matter was recently settled
          for
          $15,000 to be paid in installments over the next four months.
20
Previously,
            we were subject to an unmeritorious lawsuit, which was ultimately dismissed,
            filed by Loof, Inc. ("Loof") in the United States District Court for
            the Eastern
            District of New York. On September 14, 2005, Loof filed an Amended Complaint
            in
            the United States District Court for the Eastern District of New York
            against
            BTY Development Associates, LLC ("BTY"), Lev Paukman, Anna Paukman, New
            Life
            Broadcasting Company, VSE Magazine, Inc. ("VSE"), Echo Broadcasting Group,
            Inc.
            ("Echo"), New Life Broadcasting-NYC, Inc., Russian Language Media, Inc.,
            and
            Russian Language Broadcasting Corp., alleging copyright infringement,
            unfair
            competition, breach of contract, misappropriation of software, conversion,
            violations of New York's Business Law, trade secret infringement, and
            piercing
            of the corporate veil. The suit was dismissed in February
            2006.
Neither
            the Company nor any of its subsidiaries is a party to any other pending
            legal
            proceedings.
Government
      Regulation
There
      are
      no direct governmental approvals required for our products and services. See
      "Risk Factors" regarding government regulations.
Directors
      and Executive Officers
The
      following table sets forth information regarding the members of the Company's
      Board of Directors and its executive officers following the Closing Date. The
      directors listed below will serve until the next annual meeting of the Company's
      stockholders.
Name
Age
Position
Aleksandr
                    Shvarts
37
Chief
                    Executive Officer, Director
David
                    Kokakis, Esq.
33
Chief
                    Operating Officer, Acting President, Director
Gennady
                    Pomeranets, CPA
45
Chief
                    Financial Officer
Eric
                    Schwartz
35
Executive
                    Vice President
Dr.
                    Lev Paukman
64
Director
The
      principal occupation for the past five years (and, in some instances, for prior
      years) of each of our directors and officers are as follows:
Aleksandr
      Shvarts
Mr.
      Shvarts has more than fifteen years of experience in the financial community.
      He
      has implemented and supervised numerous marketing plans for public and private
      companies. His specialty is in forecasting and creating business strategies
      for
      start-up companies based on careful analysis of economic, political and general
      market conditions. Outside of the financial world, he has been involved in
      numerous entertainment activities, including live concerts promotions, radio
      programming, and video production and recording artist development. Mr. Shvarts
      created and implemented the overall business strategy for the Company. Mr.
      Shvarts is the brother of Eric Schwartz.
On
        November 8, 2000, Mr. Shvarts pled guilty one count of securities fraud and
        he
        also pled guilty to superseding information, charging three counts of conspiracy
        to commit securities fraud. The charges related to Mr. Shvarts activities
        at
        Global Equities Group, Inc. in connection with an initial public offering
        in
        1996. Mr. Shvarts was sentenced to 41 months of imprisonment. Mr. Shvarts
        was
        released from prison on December 3, 2002. He was also required to make
        restitution in the amount of $837,436.80. Mr. Shvarts was also disciplined
        by
        the NASD for his role in the foregoing. Mr. Shvarts is continuing to make
        payments in compliance with his restitution obligations
David
      Kokakis, Esq.
Mr.
      Kokakis is an entertainment attorney who has represented major talents in the
      music business, including multi-platinum-selling rock acts, such as Godsmack,
      successful urban artists, such as Lil Bow Wow, 3LW, Blu Cantrell and Three
      6
      Mafia, and Grammy-winning producers and songwriters, such as Raphael Saadiq.
      He
      has developed a specialty in representing independent record companies, such
      as
      Jellybean Recordings and Pookie Entertainment, and consulting for major record
      labels that seek to implement new business models, including Island Def Jam
      and
      Warner Music Group. He practiced law for the past six years in the New York
      entertainment department of Greenberg Traurig, LLP, currently the world's
      largest entertainment law firm, and prior to that at a boutique entertainment
      law firm in New York that specialized in artist representation. He has a
      background in artist management, production and studio engineering, and is
      also
      an entrepreneur who owns restaurants and bars in New York City and northern
      New
      Jersey. Mr. Kokakis is responsible for overseeing business development,
      acquisitions and the general operations of MMG.
21
Gennady
      Pomeranets
,
      CPA
Mr.
      Pomeranets is a certified public accountant with years of experience in fashion,
      entertainment, audio recording and video production industries. He is a graduate
      of Brooklyn College and practiced at Frederick Kantor & Co, CPAs, PC,
      LCS&Z Glickman Lutz LLP, and H.J. Berhman & Co LLP. He has been a
      managing director of a local New York public accounting firm with diversified
      clientele serving varieties of industries and communities. Mr. Pomeranets has
      extensive experience in entertainment industry and is currently serving as
      a
      director of September 11 Family Group Marina Gertsberg Memorial Fund
      Inc.
Eric
      Schwartz
Beginning
      his career as a musician, performer, and recording artist in the late '70s
      and
      early '80s, Mr. Schwartz has an in-depth knowledge of the music business. As
      Executive Director of Interlude Recording Studios in New York City, he
      successfully booked many internationally known recording artists, including
      Roberta Flack, Gil Goldstein, Alex Sipiagin, KRS-ONE, and Mad Lion. He also
      served for eleven years as Executive Producer of the renowned fifty-two person
      floor show at Rasputin Supper Club in Brooklyn, where his work received rave
      reviews from local, national and international publications. He was solely
      responsible for arranging and recording the scores for the shows, creating
      multimedia video concepts, creating conceptual designs, and the general
      management and production of the show. Mr. Schwartz is responsible for managing
      MMG's recording and media facilities, as well as programming and content for
      the
      MMG operated radio station. Mr. Schwartz is the brother of Mr. Alex
      Shvarts.
Dr.
      Lev Paukman
Dr.
      Paukman is one of the most distinguished members of the Russian-speaking
      Community of New York. Since the late 70s Dr. Paukman has practiced medicine
      in
      prestigious NY City hospitals like NY Methodist, Mt Sinai, Victory Memorial
      Medical Center, just to name a few. His medical research has been published
      in
      major medical journals. Despite the demanding schedule imposed by his private
      practice, Dr. Paukman is a committed public servant, who works tirelessly on
      behalf of the Ethnic Russian Community. He is an active Board Member of the
      United Jewish Appeal, Council of Jewish Immigrant Community Organization, Bnei
      Zion, and other Charitable and Civic organizations. Renown for his personal
      generosity and compassion to those less fortunate has received numerous awards
      for his relentless philanthropic activities and communal involvement. He has
      been an active political liaison to the Russian Community. Recently he has
      begun
      an active campaign to educate Russian community against the addictions of drugs
      in teenagers. In 2003 Dr. Paukman implemented his vision of creating a vehicle
      that would unite the Ethnic Russians of New York, be one source of information
      and entertainment and be a bridge between the mainstream and ethnic New Yorkers.
      The vision was Radio VSE.
Board
      of Directors Composition and Committees
Immediately
          following the Merger, the Company's Board of Directors is comprised of three
          directors: Aleksandr Shvarts, David Kokakis, and Dr. Lev Paukman.
Director
      Compensation
Following
      the Merger, the Company may compensate non-management directors through the
      issuance of stock awards including, without limitation, stock options,
      restricted stock awards, stock grants and/or stock appreciation rights. The
      Company intends to make such awards pursuant to a stock option plan or employee
      incentive plan to be approved by the Company.
22
Audit
      Committee Financial Expert
Within
      90
      days of the closing of Merger, the Company will appoint an independent director
      to serve on the Company's Audit Committee as an audit committee financial
      expert. This person shall be independent (as such term is used in Item
      7(d)(3)(iv) of Schedule 14A under the Exchange Act).
Executive
      Officer Employment Agreements
The
      Company has executed employment contracts with all executive officers. The
      term
      of each contract is two years and the compensation information is included
      below
      in the section entitled "Executive Compensation".
Indemnification
      of Directors and Officers
As
      permitted by the provisions of the Nevada Revised Statutes ("NRS"), the
      Company has the power to indemnify any person made a party to an action, suit
      or
      proceeding by reason of the fact that they are or were a director, officer,
      employee or agent of the Company, against expenses, judgments, fines and amounts
      paid in settlement actually and reasonably incurred by them in connection with
      any such action, suit or proceeding if they acted in good faith and in a manner
      which they reasonably believed to be in, or not opposed to, our best interest
      and, in any criminal action or proceeding, they had no reasonable cause to
      believe their conduct was unlawful. Termination of any action, suit or
      proceeding by judgment, order, settlement, conviction, or upon a plea of
nolo
      contendere
or its
      equivalent, does not, of itself, create a presumption that the person did not
      act in good faith and in a manner which they reasonably believed to be in or
      not
      opposed to our best interests, and, in any criminal action or proceeding, they
      had no reasonable cause to believe their conduct was unlawful.
The
      Company must indemnify a director, officer, employee or agent who is successful,
      on the merits or otherwise, in the defense of any action, suit or proceeding,
      or
      in defense of any claim, issue, or matter in the proceeding, to which they
      are a
      party because they are or were a director, officer, employee or agent, against
      expenses actually and reasonably incurred by them in connection with the
      defense.
The
      Company may provide to pay the expenses of officers and directors incurred
      in
      defending a civil or criminal action, suit or proceeding as the expenses are
      incurred and in advance of the final disposition of the action, suit or
      proceeding, upon receipt of an undertaking by or on behalf of the director
      or
      officer to repay the amount if it is ultimately determined by a court of
      competent jurisdiction that they are not entitled to be indemnified by the
      Company.
The
      NRS
      also permits a corporation to purchase and maintain liability insurance or
      make
      other financial arrangements on behalf of any person who is or was
·
a
                director, officer, employee or agent of the
                corporation,
·
or
                is or was serving at the request of the corporation as a director,
                officer, employee or agent of another corporation, partnership, joint
                venture, trust or other
                enterprises.
Such
      coverage may be for any liability asserted against them and liability and
      expenses incurred by them in their capacity as a director, officer, employee
      or
      agent, or arising out of their status as such, whether or not the corporation
      has the authority to indemnify them against such liability and
      expenses.
Insofar
      as indemnification for liabilities arising under the Securities Act, as amended,
      may be permitted to officers, directors or persons controlling our company
      pursuant to the foregoing provisions, the Company has been informed that in
      the
      opinion of the SEC such indemnification is against public policy as expressed
      in
      such Act and is therefore unenforceable.
Executive
      Compensation
The
          following executives of the Company received compensation in the amounts
          set
          forth in the chart below for the years ended January 31, 2006, 2005 and
          2004.
All
          compensation listed is in US dollars.
No
          other
          item of compensation was paid to any officer or director of the Company
          other
          than reimbursement of expenses
23
SUMMARY
      COMPENSATION TABLE
Annual
                  Compensation
Long-Term
                  Compensation
Awards
Payouts
Name
                  And Principal Position
Year
Salary
($)
Bonus
($)
Other
                  Annual Compensation
($)
Restricted
                  Stock Award(s)
($)
Securities
                  Under-lying Options /SARs
($)
LTIP
Payouts
($)
All
                  Other Compensation
($)
Aleksandr
                    Shvarts, Chief Executive Officer
2006
$
42,500
0
0
0
0
0
0
2005
$
7,800
0
0
0
0
0
0
2004
0
0
0
0
0
0
0
Eric
                    Schwartz,
Executive
                    Vice President
2006
$
60,705
0
0
0
0
0
0
2005
$
36,450
0
0
0
0
0
0
2004
0
0
0
0
0
0
0
David
                    Kokakis, Esq.,
Chief
                    Operating Officer, Acting President
2006
0
0
0
0
0
0
0
2005
0
0
0
0
0
0
0
2004
0
0
0
0
0
0
0
Gennady
                    Pomeranets, CPA, Chief Financial Officer
2006
0
0
0
0
0
0
0
2005
0
0
0
0
0
0
0
2004
0
0
0
0
0
0
0
Certain
      Relationships and Related Transactions
Aleksandr
      Shvarts and Eric Schwartz are brothers.
24
Security
      Ownership of Certain Beneficial Owners and Management
The
      following table sets forth information regarding the number of shares of Common
      Stock beneficially owned on August 11, 2006, the Closing Date, by each person
      who is known by the Company to beneficially own 5% or more of the Company's
      Common Stock, each of the Company's directors and executive officers, and all of
      the Company's directors and executive officers, as a group:
Name
                  and Address
Number
                  of Common Shares Beneficially Owned
(2)
Percent
                  of Class
Aleksandr
                  Shvarts
(1)
                  (5)
100
                  Oceana Drive
Brooklyn,
                  NY 11235
754,689,404
(4)
50.31
%
David
                  Kokakis
(1)
53
                  Horratio St., 2
nd
Fl
NY,
                  NY 10014
0
0
%
Dr.
                  Lev Paukman
(1)
1965
                  Broadway, Apt. 2A
NY,
                  NY 10023
0
0
%
Eric
                  Schwartz
(1)
                  (5)
100
                  Oceana Drive, Apt. 6B
Brooklyn,
                  NY 11235
0
0
%
Gennady
                  Pomeranets
(1)
c/o
                  Universal Accounting
328
                  Neptune Avenue
Brooklyn,
                  NY 11235
0
0
%
Ian
                  Rescigno
(3)
605
                  Warwick Avenue #4
Thousand
                  Oaks, CA 91360
328,530,941
(4)
21.90
%
Michael
                  Rosenfeld
104,698,659
(4)
5.19
%
Boris
                  Berenfeld
35
                  Summer Street
Manchester,
                  MA 01944
9,000,000
(4)
0.45
%
Ronald
                  Rescigno
4063
                  Bridgewood Lane
Westlake
                  Village, CA 91360
89,118,902
(4)
4.42
%
Robert
                  Rescigno
3562
                  Centerview Avenue Wantagh, NY 11793
7,500,000
(4)
0.37
%
Joe
                  Pikulski
32009
                  Foxmoor Court
Westlake
                  Village, CA 91362
141,000,000
(4)
6.99
%
Stanley
                  Merdinger
(6)
30
                  West 63rd Street, Apt. 24P
New
                  York, NY 10023
10,000,000
(4)
0.50
%
Natalie
                  Merdinger
(6)
30
                  West 63rd Street, Apt. 24P
New
                  York, NY 10023
25,000,000
(4)
1.24
%
Jerry
                  Hanley
17,152,951
(4)
0.85
%
Rip
                  Gerber
17,152,951
(4)
0.85
%
Paula
                  Cruz Takash
3,000,000
(4)
0.15
%
Louis
                  Capannelli
1759
                  Lanier Place, NW Washington, DC 20009
2,535,000
(4)
0.13
%
All
                  directors and executive officers as a group (5 in
                  number)
754,689,404
(4)
50.31
%
(1)
The
      person listed is an officer and/or director of the Company.
(2)
Based on
      1,500,000,000 shares of common stock issued and outstanding as of August 11,
      2006.
(3)
Ian
      Rescigno is the beneficial owner of 844,592,577 shares of our common stock,
      of
      which 735,000,000 shares were awarded to him pursuant to a judgment against
      the
      company, of which 516,061,636 of those shares are unissued as they would exceed
      our authorized capital stock of 1,500,000,000 shares.
(4)
In the
      Merger, MMG and its shareholders, received irrevocable proxies from a majority
      of the EduLink shareholders
to
      vote
      754,689,404 shares of common stock
,
      representing 50.31% of the issued and outstanding shares of us, for a period
      of
      120 days or until such time as the Company issues to the MMG Shareholders 90%
      of
      its outstanding shares. MMG and its shareholders designated Aleksandr Shvarts,
      our new Chief Executive Officer, as the authorized agent to receive such
      proxies. As a result of the proxies, Aleksandr Shvarts is the beneficial owner
      of all 754,689,404 shares of common stock for voting purposes.
(5)
Aleksandr
      Shvarts and Eric Schwartz are brothers.
(6)
Stanley
      Merdinger and Natalie Merdinger are husband and wife.
25
Description
      of Securities
Upon
        the
        closing of the acquisition of MMG, we are authorized to issue 1,500,000,000
        shares of common stock, par value $0.001 per share, and no shares of preferred
        stock. We have the full 1,500,000,000 shares of common stock issued and
        outstanding. Since we have issued all of our authorized shares, we intend
        to
        take whatever steps are necessary to effectuate a reverse split and/or to
        increase our authorized shares of common stock to a number sufficient to
        issue
        to MMG Sharetockholders 90% of our issued and outstanding shares pursuant
        to the
        Agreement.
All
      shares of common stock have equal rights and privileges with respect to voting,
      liquidation and dividend rights. Each share of common stock entitled the hold
      thereof (a) to one non-cumulative vote for each share held of record on all
      matters submitted to a vote of the stockholders; (b) to participate equally
      and
      to receive any and all such dividends as may be declared by the board of
      directors; and (c) to participate pro rata in any distribution of assets
      available for distribution upon liquidation. Holders of our common stock have
      no
      preemptive rights to acquire additional shares of common stock or any other
      securities. Our common stock is not subject to redemption and carries no
      subscription or conversion rights.
In
      addition, such authorized but unissued common shares could be used by the board
      of directors for defensive purposes against a hostile takeover attempt,
      including (by way of example) the private placement of shares or the granting
      of
      options to purchase shares to persons or entities sympathetic to, or
      contractually bound to support, management. We have no such present arrangement
      or understanding with any person. Further, the common shares may be reserved
      for
      issuance upon exercise of stock purchase rights designed to deter hostile
      takeovers, commonly known as a "poison pill."
Market
      Price of and Dividends on Our Common Equity and Related Stockholder
      Matters
The
          Company's common stock is quoted on the Pink Sheets Electronic Quotation Service
          under the symbol MYIQ.
The
          information set forth in Item 1.01 is incorporated herein by
          reference.
26
Section
                5
-
Corporate
                Governance and Management
Item
                5.01
Changes
                in Control of Registrant.
On
      August
      11, 2006, in exchange for all of the MMG common shares tendered, upon the
      increase in the authorized capital stock, we will issue to MMG Shareholders
      a
      total number of shares of Edulink common stock, which will represent, and equate
      to, 90% of EduLink's issued and outstanding common stock after the transaction
      is closed. Such shares will be restricted in accordance with Rule 144 of the
      1933 Securities Act. As further consideration for the acquisition, on the
      Closing Date, a majority of our shareholders duly executed irrevocable proxies
      to vote their shares for a period of 120 days or until such time as 90% of
      EduLink's shares are issued to the MMG Shareholders, and delivered them to MMG
      and its shareholders, along with the aforementioned EduLink shareholders' share
      certificates to be held in escrow.
Accounting
      Treatment; Change of Control
.
      The
      Merger is being accounted for as a "reverse merger," since the former
      stockholders of Mega Media will own a majority of the outstanding shares of
      the
      Company's Common Stock upon the increase in the authorized stock following the
      Merger, and since a majority of EduLink shareholders executed and delivered
      to
      MMG and its shareholders, along with the aforementioned EduLink shareholders'
share certificates to be held in escrow, irrevocable proxies to vote their
      shares for a period of 120 days or until such time as 90% of EduLink's shares
      are issued to the MMG Shareholders. No arrangements or understandings exist
      among present or former controlling stockholders with respect to the election
      of
      members of the Company's board of directors and, to the Company's knowledge, no
      other arrangements exist that might result in a change of control in the
      future
.
As
      a
      result of the issuance of shares representing, and equating to, 90% of EduLink's
      issued and outstanding common stock after the Merger upon the increase in the
      authorized capital stock, the execution and delivery by a majority of EduLink
      shareholders to MMG and its shareholders, along with the aforementioned EduLink
      shareholders' share certificates to be held in escrow, duly executed irrevocable
      proxies to vote their shares for a period of 120 days or until such time as
      90%
      of EduLink's shares are issued to the MMG Shareholders, and the change in the
      majority of the Company's officers and directors, a change in control occurred
      on the date of the consummation of the Merger
.
As
      of the
      time immediately following the closing, the Company continued to be a "small
      business issuer," as defined under the Securities Exchange Act of 1934, as
      amended.
27
The
      information set forth in Item 1.01 is incorporated herein by
      reference.
Item
                5.02
Departure
                of Directors or Principal Officers; Election of Directors; Appointment
                of
                Principal Officers.
Upon
      closing of the Merger on August 11, 2006, the Company's sole director and
      officer, Michael Rosenfeld resigned.
Upon
      closing of the Merger on August 11, 2006, the Company appointed the following
      people as directors and executive officers of Edulink:
Name
Position
Aleksandr
                    Shvarts
Chief
                    Executive Officer, Director
David
                    Kokakis, Esq.
Chief
                    Operating Officer, Acting President, Director
Gennady
                    Pomeranets, CPA
Chief
                    Financial Officer
Eric
                    Schwartz
Executive
                    Vice President
Dr.
                    Lev Paukman
Director
Item
                5.03
Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year.
As
      a
      result of the Merger, we are changing our fiscal year end to January
      31.
Item
                5.06
Change
                in Shell Company Status.
Pursuant
      to the terms of the Merger, we are no longer designated as a shell company.
      Item
      1.01 is incorporated by reference.
Section
                9
-
Financial
                Statements and Exhibits.
Item
      9.01
Financial
      Statements and Exhibits.
(a)
Financial
                statements of businesses acquired.
Financial
      Statements of Mega Media, Inc. and its wholly-owned operating
      subsidiaries.
(b)
Pro
                forma financial information.
Pro
      Forma
      Financial Statements of Mega Media, Inc. and its wholly-owned operating
      subsidiaries.
(d)
Exhibits
Exhibit
                No
.
Exhibits
10.1
Stock
                  Purchase Agreement and Share Exchange dated August 10, 2006 by
                  and among
                  EduLink, Inc., Mega Media Group, Inc. and Mega Media
                  Shareholders
99.1
Audited
                    Financial Statements for the years ended January 31, 2006 and
                    2005 for
                    Mega Media Group, Inc. and its wholly-owned subsidiaries; unaudited
                    interim financial statements as of and for the period ended April
                    30, 2006
                    for Mega Media Group, Inc. and its wholly-owned
                    subsidiaries.
28
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
MEGA
                MEDIA GROUP, INC.
Dated:
                August 11, 2006
By:
/s/
Aleksandr
                Shvarts
Name: ALEKSANDR
                SHVARTS
Title:
                Chief Executive Officer
29