On February 14, 2017, Romano Tio notified the Board of Directors of Yangtze River Development Limited of his resignation as an independent director of the Board because of his strong commitment to his own business. Accordingly, the Board accepted Mr. Tio’s resignation and his term as an independent director ended on February 14, 2017. Immediately upon Mr. Tio’s resignation, Mr. Adam S. Goldberg was appointed as director of the Company. Mr. Goldberg was elected to serve on the Board as an “independent director” as defined by Rule 4200(a)(15) of the Marketplace Rules of The Nasdaq Stock Market Inc. Mr. Goldberg is the President and founder of Telco Experts LLC since March 2008. He served as Chief Executive Officer of Gemini Communications from March 1996 to March 2008. At Telco, Mr. Goldberg obtained regulatory approval for the company as a licensed telephone company in 21 states and manages a staff of 30 telecommunication professionals and engineers.