(a) Business Development

Broadband Wireless International Corporation, originally incorporated in the State of Nevada on July 23, 1973 under the name Black Giant Oil Company, was initially organized for the purpose of engaging in exploration for oil and gas. From 1986 to 1997, the Company functioned essentially as a "public shel" because it had no operations and continued to be publicly traded.

As a result of the decline of oil prices in 1998 and 1999, our Board of Directors began searching for other business opportunities and entered into an agreement with a wireless Internet and telecommunication company. As part of the effort to implement the shift in...