----

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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|---|------------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|---|-------------------------------------------------------------------------------------------|

| Delaware                        | 73-1564807          |
|---------------------------------|---------------------|
| (State or other jurisdiction of | (IRS Employer       |
| incorporation or organization)  | Identification No.) |

| Large accelerated filer  o                                                  | Accelerated filer      o |
|---------------------------------------------------------------------------------------|--------------------------------------------------------|
|                                                                                  |                                                   |
| Non-accelerated filer   o(Do not check if a smaller reporting company) | Smaller reporting company  x                 |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     | Page   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|----------|--------|
| PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |     FINANCIAL INFORMATION                                                    |     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
| Item 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Financial Statements.                                                                       |  1  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Condensed Consolidated Balance Sheets                                                       |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | As of March 31, 2010 and December 31, 2009 (Unaudited)                                      |  2  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Condensed Consolidated Statements of Operations and Comprehensive Income                    |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | For the Three Months Ended March 31, 2010 and 2009 (Unaudited)                              |  3  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Condensed Consolidated Statements of Cash Flows                                             |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | For the Three Months Ended March 31, 2010 and 2009 (Unaudited)                              |  4  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Notes to Consolidated Financial Statements                                                  |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | March 31, 2010 and 2009 (Unaudited)                                                         |  5  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
| Item 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Management’s Discussion and Analysis of Financial Condition and Results of Operations |  10 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
| Item 4T.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Controls and Procedures.                                                                    |  18 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
| PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | OTHER INFORMATION                                                                           |  18 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
| Item 6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Exhibits                                                                                    | 18       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |     |
| Signatures                                                                                                                                           |  19                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                        |
| Exhibits/Certifications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  20                                                                                    |

----

----

| CHINA PHARMA HOLDINGS, INC.                                                                  |   |
|----------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED BALANCE SHEETS                                                        |   |
| (Unaudited)                                                                                  |   |
|                                                                                         |   |   |   |   |   |   |
|                                                                                         |   | March 31, |   |   | December 31, |   |
|                                                                                         |   | 2010 |   |   | 2009 |   |
| ASSETS                                                                                       |   |   |   |   |   |   |
| Current Assets:                                                                              |   |   |   |   |   |   |
| Cash and cash equivalents                                                                    |   | $ | 4,784,582 |   |   | $ | 3,634,753 |   |
| Trade accounts receivable, less allowance for doubtful                                       |   |   |   |   |   |
| accounts of $2,783,291 and $2,718,358, respectively                                          |   |   | 52,470,644 |   |   |   | 51,238,339 |   |
| Other receivables, less allowance for doubtful                                               |   |   |   |   |   |   |   |   |
| accounts of $9,965 and $3,556, respectively                                                  |   |   | 84,747 |   |   |   | 78,525 |   |
| Advances to suppliers                                                                        |   |   | 2,836,250 |   |   |   | 1,798,446 |   |
| Inventory                                                                                    |   |   | 15,839,393 |   |   |   | 14,233,073 |   |
| Deferred tax assets                                                                          |   |   | 392,210 |   |   |   | 319,820 |   |
| Total Current Assets                                                                         |   |   | 76,407,826 |   |   |   | 71,302,956 |   |
| Advances for purchases of property and equipment and                                         |   |   |   |   |   |
| intangible assets                                                                            |   |   | 4,259,792 |   |   |   | 3,599,949 |   |
| Property and equipment, net of accumulated depreciation of                                   |   |   |   |   |   |
| $2,213,723 and $2,020,462, respectively                                                      |   |   | 6,537,960 |   |   |   | 6,705,873 |   |
| Intangible assets, net of accumulated amortization of                                        |   |   |   |   |   |
| $1,586,229 and $1,359,048, respectively                                                      |   |   | 20,947,900 |   |   |   | 19,332,284 |   |
| TOTAL ASSETS                                                                                 |   | $ | 108,153,478 |   |   | $ | 100,941,062 |   |
|                                                                                         |   |   |   |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                                         |   |   |   |   |   |
| Current Liabilities:                                                                         |   |   |   |   |   |   |   |   |
| Trade accounts payable                                                                       |   | $ | 4,243,181 |   |   | $ | 3,957,923 |   |
| Accrued expenses                                                                             |   |   | 47,749 |   |   |   | 47,435 |   |
| Accrued taxes payable                                                                        |   |   | 1,684,337 |   |   |   | 1,528,691 |   |
| Other payables                                                                               |   |   | 60,242 |   |   |   | 58,191 |   |
| Advances from customers                                                                      |   |   | 903,070 |   |   |   | 1,037,693 |   |
| Other payables - related parties                                                             |   |   | 75,741 |   |   |   | 75,741 |   |
| Short-term notes payable                                                                     |   |   | 3,803,338 |   |   |   | 3,802,726 |   |
| Total Current Liabilities                                                                    |   |   | 10,817,658 |   |   |   | 10,508,400 |   |
| Long-term research and development commitments                                               |   |   | - |   |   |   | 36,565 |   |
| Total Liabilities                                                                            |   |   | 10,817,658 |   |   |   | 10,544,965 |   |
| Stockholders' Equity:                                                                        |   |   |   |   |   |   |   |   |
| Preferred stock, $0.001 par value; 5,000,000 shares authorized;                              |   |   |   |   |   |
|          no shares issued or outstanding   | -      |   |   |   |  - |   |
| Common stock, $0.001 par value; 95,000,000 shares                                            |   |   |   |   |   |
| authorized; 43,393,644 shares and 42,308,350 shares                                          |   |   |   |   |   |
| outstanding, respectively                                                                    |   |   | 43,393 |   |   |   | 42,308 |   |
| Additional paid-in capital                                                                   |   |   | 23,807,653 |   |   |   | 21,178,114 |   |
| Retained earnings                                                                            |   |   | 67,567,522 |   |   |   | 63,272,868 |   |
| Accumulated foreign currency translation adjustment                                          |   |   | 5,917,252 |   |   |   | 5,902,807 |   |
| Total Stockholders' Equity                                                                   |   |   | 97,335,820 |   |   |   | 90,396,097 |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                   |   | $ | 108,153,478 |   |   | $ | 100,941,062 |   |

----

| CHINA PHARMA HOLDINGS, INC.                     |   |
|-------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |   |
| AND COMPREHENSIVE INCOME                        |   |
| (Unaudited)                                     |   |
|                                            |   | For the Three Months Ended |   |
|                                            |   | March 31, |   |   | March 31, |   |
|                                            |   | 2010 |   |   | 2009 |   |
| Revenue                                         |   | $ | 15,102,510 |   |   | $ | 12,991,982 |   |
| Cost of revenue                                 |   |   | 8,968,302 |   |   |   | 7,063,227 |   |
|                                            |   |   |   |   |   |   |   |   |
| Gross profit                                    |   |   | 6,134,208 |   |   |   | 5,928,755 |   |
|                                            |   |   |   |   |   |   |   |   |
| Operating expenses:                             |   |   |   |   |   |   |   |   |
| Selling expenses                                |   |   | 582,888 |   |   |   | 602,760 |   |
| General and administrative expenses             |   |   | 652,748 |   |   |   | 488,047 |   |
| Bad debt expense                                |   |   | 70,906 |   |   |   | 774,932 |   |
| Total operating expenses                        |   |   | 1,306,542 |   |   |   | 1,865,739 |   |
|                                            |   |   |   |   |   |   |   |   |
| Income from operations                          |   |   | 4,827,666 |   |   |   | 4,063,016 |   |
|                                            |   |   |   |   |   |   |   |   |
| Other income (expense):                         |   |   |   |   |   |   |   |   |
| Interest income                                 |   |   | 6,757 |   |   |   | 10,589 |   |
| Interest expense                                |   |   | (50,490 | ) |   |   | (38,236 | ) |
| Net other expense                               |   |   | (43,733 | ) |   |   | (27,647 | ) |
|                                            |   |   |   |   |   |   |   |   |
| Income before income taxes                      |   |   | 4,783,933 |   |   |   | 4,035,369 |   |
| Income tax expense                              |   |   | (489,279 | ) |   |   | (357,722 | ) |
| Net income                                      |   |   | 4,294,654 |   |   |   | 3,677,647 |   |
|                                            |   |   |   |   |   |   |   |   |
| Other comprehensive income - foreign currency   |   |   |   |   |   |   |   |   |
| translation adjustment                          |   |   | 14,445 |   |   |   | 87,491 |   |
| Comprehensive income                            |   | $ | 4,309,099 |   |   | $ | 3,765,138 |   |
|                                            |   |   |   |   |   |   |   |   |
| Earnings per Share:                             |   |   |   |   |   |   |   |   |
| Basic                                           |   | $ | 0.10 |   |   | $ | 0.09 |   |
| Diluted                                         |   | $ | 0.10 |   |   | $ | 0.09 |   |

----

| CHINA PHARMA HOLDINGS, INC.                      |   |
|--------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  |   |
| (Unaudited)                                      |   |
|                                             |   |   |   |   |   |   |
|                                             |   | For the Three Months Ended |   |
|                                             |   | March 31, |   |   | March 31, |   |
|                                             |   | 2010 |   |   | 2009 |   |
| Cash Flows from Operating Activities:            |   |   |   |   |   |   |
| Net income                                       |   | $ | 4,294,654 |   |   | $ | 3,677,648 |   |
| Depreciation and amortization                    |   |   | 419,903 |   |   |   | 258,021 |   |
| Stock based compensation                         |   |   | 47,624 |   |   |   | - |   |
| Changes in assets and liabilities:               |   |   |   |   |   |   |   |   |
| Trade accounts receivable                        |   |   | (1,224,072 | ) |   |   | (4,992,389 | ) |
| Other receivables                                |   |   | (6,209 | ) |   |   | (46,549 | ) |
| Advances to suppliers                            |   |   | (1,037,525 | ) |   |   | 1,211,004 |   |
| Inventory                                        |   |   | (1,604,046 | ) |   |   | (49,800 | ) |
| Deferred tax assets                              |   |   | (72,339 | ) |   |   | (122,965 | ) |
| Trade accounts payable                           |   |   | 318,952 |   |   |   | 1,174,251 |   |
| Accrued expenses                                 |   |   | (36,265 | ) |   |   | (7,723 | ) |
| Accrued taxes payable                            |   |   | 155,402 |   |   |   | (15,659 | ) |
| Other payables                                   |   |   | 2,043 |   |   |   | 2,004 |   |
| Advances from customers                          |   |   | (134,791 | ) |   |   | 29,292 |   |
| Net Cash Provided by Operating Activities        |   |   | 1,123,331 |   |   |   | 1,117,135 |   |
|                                             |   |   |   |   |   |   |   |   |
| Cash Flows from Investing Activities:            |   |   |   |   |   |   |   |   |
| Advances for purchases of property and equipment |   |   |   |   |   |   |   |   |
| and intangible assets                            |   |   | (1,291,216 | ) |   |   | (2,376,453 | ) |
| Purchase of property and equipment               |   |   | (58,272 | ) |   |   | (523,476 | ) |
| Purchase of intangible assets                    |   |   | (1,207,541 | ) |   |   | - |   |
| Net Cash Used in Investing Activities            |   |   | (2,557,029 | ) |   |   | (2,899,929 | ) |
|                                             |   |   |   |   |   |   |   |   |
| Cash Flows from Financing Activity:              |   |   |   |   |   |   |   |   |
| Proceeds from exercise of warrants               |   |   | 2,583,000 |   |   |   | - |   |
| Net Cash Provided by Financing Activity          |   |   | 2,583,000 |   |   |   | - |   |
|                                             |   |   |   |   |   |   |   |   |
| Effect of Exchange Rate Changes on Cash          |   |   | 527 |   |   |   | 7,527 |   |
| Net Increase (Decrease) in Cash                  |   |   | 1,149,829 |   |   |   | (1,775,267 | ) |
| Cash and Cash Equivalents at Beginning of Period |   |   | 3,634,753 |   |   |   | 6,927,149 |   |
| Cash and Cash Equivalents at End of Period       |   | $ | 4,784,582 |   |   | $ | 5,151,882 |   |
|                                             |   |   |   |   |   |   |   |   |
| Supplemental Cash Flow Information:              |   |   |   |   |   |   |   |   |
| Cash paid for interest                           |   | $ | 50,490 |   |   | $ | 38,236 |   |
| Cash paid for income taxes                       |   |   | 376,727 |   |   |   | 560,935 |   |

----

----

|                                               |   | For the Three Months |       |
|----------------------------------------------------|--------|----------------------|------------|
|                                               |   | Ended March 31,      |       |
|                                               |   | 2010                 |       |   | 2009 |   |
| Net income                                         |   | $                    | 4,294,654  |   |   | $ | 3,677,647 |   |
| Basic weighted-average common shares outstanding   |   |                 | 43,128,023 |   |   |   | 42,278,938 |   |
| Effect of dilutive securities:                     |   |                 |       |   |   |   |   |   |
| Warrants                                           |   |                 | 464,817    |   |   |   | - |   |
| Options                                            |   |                 | 9,421      |   |   |   | - |   |
| Diluted weighted-average common shares outstanding |   |                 | 43,602,261 |   |   |   | 42,278,938 |   |
| Basic earnings per share                           |   | $                    | 0.10       |   |   | $ | 0.09 |   |
| Diluted earnings per share                         |   | $                    | 0.10       |   |   | $ | 0.09 |   |

|            |   | March 31, |       |   | December 31, |   |
|-----------------|--------|-----------|------------|--------|--------------|--------|
|            |   | 2010      |       |   | 2009         |   |
| Raw materials   |   | $         | 10,151,293 |   |         | $      | 9,353,076 |   |
| Finished goods  |   |      | 5,688,100  |   |         |   | 4,879,997 |   |
| Total Inventory |   | $         | 15,839,393 |   |         | $      | 14,233,073 |   |

|                           |   | March 31, |       |   | December 31, |   |
|--------------------------------|--------|-----------|------------|--------|--------------|--------|
|                           |   | 2010      |       |   | 2009         |   |
| Permit of land use             |   | $         | 412,030    |   |         | $      | 411,963 |   |
| Building                       |   |      | 2,229,801  |   |         |   | 2,229,442 |   |
| Plant, machinery and equipment |   |      | 5,310,044  |   |         |   | 5,223,872 |   |
| Motor vehicle                  |   |      | 135,148    |   |         |   | 135,127 |   |
| Office equipment               |   |      | 112,376    |   |         |   | 109,440 |   |
| Construction in progress       |   |      | 552,284    |   |         |   | 616,491 |   |
| Total                          |   |      | 8,751,683  |   |         |   | 8,726,335 |   |
| Less: accumulated depreciation |   |      | (2,213,723 | )      |         |   | (2,020,462 | ) |
| Property and Equipment, net    |   | $         | 6,537,960  |   |         | $      | 6,705,873 |   |

----

| Asset                          |   |  Life - years |   |
|--------------------------------|--------|--------------------|--------|
| Permit of land use             |   | 40 - 70            |   |
| Building                       |   | 20 - 35            |   |
| Plant, machinery and equipment |   | 10                 |   |
| Motor vehicles                 |   | 5 - 10             |   |
| Office equipment               |   | 5                  |   |

----

|           |   | Enterprise Income |
|----------------|--------|-------------------|
| Year           |   |   Tax Rate   |
| 2010           |   | 11%               |
| 2011           |   | 24%               |
| 2012 and after |   | 25%               |

|                   |   | For the Three Months |    |
|------------------------|--------|----------------------|---------|
|                   |   | Ended March 31,      |    |
|                   |   | 2010                 |    |   | 2009 |   |
| Current                |   | $                    | 561,618 |   |   | $ | 480,688 |   |
| Deferred               |   |                 | (72,339 | ) |   |   | (122,966 | ) |
| Net Income Tax Expense |   | $                    | 489,279 |   |   | $ | 357,722 |   |

----

----

| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

----

----

----

----

|                                |   |                                 |
|-------------------------------------|--------|--------------------------------------|
|                                |   | For the Three Months Ended March 31, |
|                                |   | 2010                                 |   |   | 2009 |   |  % Chg |
| Revenue                             |   | $                                    | 15,102,510 |   |   | $ | 12,991,982 |   | 16% |
| Cost of revenue                     |   |                                 | 8,968,302 |   |   |   | 7,063,227 |   | 27% |
| Gross profit                        |   |                                 | 6,134,208 |   |   |   | 5,928,755 |   | 3% |
| Selling expenses                    |   |                                 | 582,888 |   |   |   | 602,760 |   | -3% |
| General and administrative expenses |   |                                 | 652,748 |   |   |   | 488,047 |   | 34% |
| Bad debt expense                    |   |                                 | 70,906 |   |   |   | 774,932 |   | -91% |
| Income from operations              |   |                                 | 4,827,666 |   |   |   | 4,063,016 |   | 1 % |
| Interest income                     |   |                                 | 6,757 |   |   |   | 10,589 |   | -3 % |
| Interest expense                    |   |                                 | (50,490 | ) |   |   | (38,236 | ) | 3 % |
| Income tax expense                  |   |                                 | (489,279 | )  |   |   | (357,722 | )  | 36% |
| Net income                          |   | $                               | 4,294,654 |   |   | $  | 3,677,647 |   | 17% |

| Basic earnings per share                    |   | $      | 0.100      |   |   | $      | 0.087      |   | 15% |
|---------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|-----|
| Basic weighted average shares outstanding   |   |   | 43,128,023 |   |   |   | 42,278,938 |   | 2%  |
| Diluted earnings per share                  |   | $      | 0.098      |   |   | $      | 0.087      |   | 13% |
| Diluted weighted average shares outstanding |   |   | 43,602,261 |   |   |   | 42,278,938 |   | 3%  |

----

----

|                                             |   |   | Three Month Ended March 31 |   |
|--------------------------------------------------|--------|--------|----------------------------|--------|
|                                             |   |   | 2010                       |   |   |   | 2009 |   |
| Net Cash Provided (Used by) Operating Activities |   |   | 1,123,331                  |   |   |   | 1,117,135 |   |
| Net Cash Used in Investing Activities            |   |   | (2,557,029                 | )      |   |   | (2,899,929 | ) |
| Net Cash Provided by Financing Activity          |   |   | 2,583,000                  |   |   |   | - |   |
| Effect of Exchange Rate Changes on Cash          |   |   | 527                        |   |   |   | 7,527 |   |
| Cash and Cash Equivalents at Beginning of Period |   |   | 3,634,753                  |   |   |   | 6,927,149 |   |
| Cash and Cash Equivalents at End of Period       |   | $      | 4,784,582                  |   |   | $ | 5,151,882 |   |

----

----

----

|                     | CHINA PHARMA HOLDINGS, INC. |                                                                                                                                                                                                                                                                            |
|--------------------------|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                        |                                                                                                                                                                                                                                                                            |   |
| Date: May 10, 2010  | By:                         |  /s/ Zhilin Li                                           |   |
|                     |                        | Name: Zhilin Li                                                                                                                                                                                                                                                                 |   |
|                     |                        | Title: President and Chief Executive Officer                                                                                                                                                                                                                               |   |
|                     |                        | (principal executive officer)                                                                                                                                                                                                                                              |   |

| Date: May 10,  2010 | By:    |  /s/ Frank Waung                                    |   |
|-------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                          |   | Name: Frank Waung                                                                                                                                                                                                                       |   |
|                          |   | Title: Chief Financial Officer                                                                                                                                                                                                     |   |
|                          |   | (principal financial officer and principal                                                                                                                                                                                         |   |
|                          |   | accounting officer)                                                                                                                                                                                                                |   |

----

----