Deli Solar (USA), Inc. (Deli Solar (USA)), formerly Meditech Pharmaceuticals, Inc. (Meditech), incorporated on March 21, 1983, designs, manufactures and sells solar hot water heaters, and coal-fired boilers and space heating products. The Company also provides components, parts and after-sale services associated with these products. Approximately 68% of its revenues are derived from the solar hot water business, with the balance of approximately 32% of revenues from sales of coal-fired boilers and space heating products. Deli Solar Holding Ltd. (Deli Solar (BVI)) is a wholly owned subsidiary of Deli Solar (USA). Bazhou Deli Solar Heating Energy Co., Ltd. (Deli Solar (PRC)) is wholly owned subsidiary of Deli Solar (BVI). Meditech was a drug development company focusing on research, development and marketing of anti-infective drugs in the biomedical industry. During the year ended December 31, 2004, Meditech spun off its drug development business, whose primary assets consisted of various intellectual property rights, by assigning such intellectual property rights to East West Distributors, Inc. (East West), a wholly owned subsidiary of the Company. The spin off was completed on August 29, 2005. The business of Deli Solar (BVI) and Deli Solar (USA), respectively, is to serve as the direct and indirect holding company of Deli Solar (PRC), Solar Hot Water Heater Products The Company's primary products are solar hot water heaters. Solar hot water heaters use sunlight to heat either water or a heat-transfer fluid in collectors. The solar collector is mounted on or near a house facing south. As sunlight passes through the collector's glazing, it strikes an absorbing material. This material converts sunlight into heat and the glazing prevents the heat from escaping. Solar-heated water is stored in an insulated tank until use. Hot water is drawn off the tank when tap water is used, and cold make-up water enters at the bottom of the tank. Solar water heaters tend to have a slightly larger hot water storage capacity. Evacuated Tubular Solar Water Heaters Evacuated tubular solar water heaters can generate hot water for homes, whether or not they are located in a cold climate. There are two types of vacuum tube water heaters, the all-glass vacuum tube and the heat pipe vacuum tube. The Company's regular evacuated tubular solar water heaters use the all-glass vacuum tubes and its evacuated heat pipe solar water heaters use the heat pipe vacuum tubes. The primary use of its evacuated tubular solar water heaters is to generate hot water for household uses. However, solar thermal energy can also be employed in industrial processes, timber treatment, agricultural processes, cooling and space heating. The Company's products are also being used in complete building integrated solar heating packages, which integrate its solar hot water and space heating systems directly into the construction of new multi-family dwellings, commercial office buildings and industrial developments. In August 2005, the Company entered into a construction agreement with Beijing Municipal Mengtougou District Yingtaogou Village Committee to install its solar hot water and space heating systems in 83 detached houses by March 30, 2007. As of December 31, 2005, it has completed the installation of its solar hot water and space heating systems in six of such houses' integrated solar heating packages. The Company's regular evacuated products use all-glass evacuated tubular collectors. These collectors consist of rows of parallel transparent glass tubes, which are double layered and made of borosilicate glass. Each tube contains an absorber and is covered with a selective coating. Sunlight enters the tube, strikes the absorber and heats the water flowing through the absorber. The space between the glass tubes and the absorber is evacuated, or is a vacuum. This vacuum helps the collectors achieve extremely high temperatures (170 to 350 degrees Fahrenheit). Deli Solar (USA)'s evacuated heat pipe solar water heaters use the heat pipe vacuum tubes to

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