We were formed in Delaware in February 2000. Between April 2001
and July 2007, a substantial portion of our revenues were generated from providing energy derivative brokerage services provider
to brokerage firms, financial institutions, energy traders, and hedge funds worldwide. A substantially portion of all energy
derivatives we have brokered in the past were natural gas derivatives.
We launched our electronic trading system, OPEX, in 2006 and we have continued to enhance its features and functionalities
during 2007 and 2008. Users of OPEX can execute on the platform mostly energy-related derivative trades. A significant portion of
the contracts executable on OPEX are those offered by NYMEX, a US exchange. However, we believe that OPEX features and
functionalities can be ported to other derivatives as well, such as credit default swaps, interest-related derivatives, metals
and other commodities. Additionally, we believe that OPEX, with appropriate enhancements, may be able to execute transactions
offered by other exchanges as well. Effective November 4, 2008, the Company has suspended the development of OPEX. However, we
intend to maintain OPEX and explore possible sales or license.
Our management continues to seek out possible business transactions and new business relationships. Accordingly, we have
refined our business strategy as follows:
(1) to seek advice from investment bankers as to whether we could or should sell our technology;
(2) license our technology to joint ventures with other brokerage or software development firms
(3) to merge with another company, with a preference to combine with an operating brokerage firm;
We are also considering whether we should satisfy our existing obligations with current creditors and distribute our remaining
assets to our stockholders.
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