ITEM 5.02: DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS

On June 24, 2008, Vladimir Fedyunin resigned his position as President, Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer. Upon his resignation, Mr. Fedyunin appointed Ross E. Silvey as President, Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer. Mr. Silvey was also appointed to the Company's board of directors. Mr. Fedyunin tendered his resignation to the board of directors, which will be effective 10 days after written notice is provided to the Company's shareholders.

Dr. Silvey has owned and operated franchised automobile businesses, finance companies and insurance companies for over thirty years. Dr. Silvey has taught as an adjunct or full-time professor most of the courses in the upper division and MBA programs at the University of Tulsa, Oral Roberts University, Langston University and Southern Nazarene University. His formal education is an MBA from the Harvard Business School. He has also been awarded the Ph.D. degree from the Walden Institute of Advance Studies. Dr. Silvey is also a director of Global Beverage Solutions, Inc. and Double Eagle Holdings, Ltd.

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