On January 8, 2014, Xinduo Yu announced that he intends to nominate a new slate of independent directors at the Company's annual general meeting and special meeting of shareholders on February 28, 2014. Xinduo Yu also announced that, despite his purported termination as president and Chief Executive Officer of the Company, he and his current management team will continue to lead the Company effort until the inevitable replacement of the current board members led by the Chairman of the Board, Loudon Owen, at the annual general and special meeting in 7 weeks.