On November 20, 2007, the Company’s Board of Directors elected Patrick J. Kealy as a director of the Company and a member of the Board’s Finance Committee.
 

Mr. Kealy, joined the Company as its Chief Executive Officer and President on November 16, 2006. Mr. Kealy possesses over 30 years of experience in financial services, including investment management in Russia. Immediately prior to joining the Company, Mr. Kealy served as Chairman of SwissFone International, Ltd, an international long distance service provider, from December 2002 to February 2006. He was also the Chairman of the Board of Telemetrix Inc., a publicly traded company specializing in reselling cellular services, from April 15, 2004 through September 3, 2004. Mr. Kealy held various management positions in investment firms from 1965 to 2002. Mr. Kealy graduated from Notre Dame University in 1965 with a BBA Degree in Finance.

There have been no, and there are no currently proposed, transactions in which the Company was or is to be a participant and in which Mr. Kealy or any related person to Mr. Kealy had or will have a direct or indirect material interest. The terms “transactions,” “related person,” and “direct or indirect material interest” have the meanings afforded those terms under Item 404 of Regulation S-B promulgated by the Securities and Exchange Commission.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.