Chin Yung Kong, Qiuping Lu and Fumin Feng acquired 93.02% stake in Island Radio, Inc. from Eric R. Boyer and Nina Edstrom for $0.16 million on June 27, 2012. Under the terms of the agreement Chin Yung Kong acquired 2 million shares of Island Radio common stock representing 46.5% while Qiuping Lu and Fumin Feng each acquired 1 million shares of Island Radio representing 23.25% each. Nina Edstrom sold 2 million shares while the remaining 2 million shares were sold by Eric R. Boyer. Fumin Feng and Qiuping Lu, each funded the transaction with $0.04 million and Chin Yung Kong funded the transaction with $0.08 million of personal fund. As a part of the transaction, Taurus Financial Partners, LLC forgave the $0.04 million of total outstanding account payables that Island Radio owed to it. The acquired shares are restricted stock that has not been registered with the Securities and Exchange Commission. In connection with the transaction, Nina Edstrom, Officer and Director of Island Radio resigned from all the positions. Subsequently, Chin Yung Kong was appointed the Board Director, the Chairman and the President of Island Radio, Qiuping Lu was appointed the Board Director, the Vice President and the Treasurer of Island Radio and Fumin Feng was appointed the Board Director and the Secretary of Island Radio. The new Board of Directors also appointed Chin Yung Kong as the new Chief Executive Officer and Qiuping Lu as the new Chief Financial Officer. The transaction is expected to close on or before July 14, 2012. Luc Nguyen acted as escrow agent in the transaction. Bernard & Yam, LLP acted as legal advisor to Island Radio, Inc. Chin Yung Kong, Qiuping Lu and Fumin Feng completed the acquisition of 93.02% stake in Island Radio, Inc. from Eric R. Boyer and Nina Edstrom on June 27, 2012.