In its Board Meeting of July 8th 2008, the Board of Directors approved the creation of a Compensation Committee. The Board of Directors has determined that all of the members of the Compensation Committee shall be independent as such term is defined under the applicable stock market regulations. The Board of Directors will adopt a written charter setting forth the authority and responsibilities of the Compensation Committee.
The Compensation Committee has responsibility for assisting the Board of Directors in, among other things, evaluating and making recommendations regarding the compensation of the executive officers and directors of the company; assuring that the executive officers are compensated effectively in a manner consistent with the stated compensation strategy of the company; producing an annual report on executive compensation in accordance with the applicable stock market regulations; and periodically evaluating the terms and administration of our incentive plans and benefit programs.