|UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
    FORM 10-KSB
|--------------------------------------------------------------------------------------
|                                                                                      

| | Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934
    For the fiscal year ended November 30, 2004   
| | ---------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                  
| | Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______to ______

|                                                      
|------------------------------------------------------
|Commission file number:  000-25591                    
|                                                      
|CHINA ELITE INFORMATION CO., LTD.                     
|                                                      
|(Exact name of Registrant as Specified in its Charter)

| |                                 |  |                     | 
| | ------------------------------- |  | ------------------- | 
| | BRITISH VIRGIN ISLANDS          |  | 11-3462369          | 
| |                                 |  |                     | 
| | (State or other jurisdiction of |  | (IRS Employer       | 
| | incorporation or organization)  |  | Identification No.) | 

|                                                            |           
|----------------------------------------------------------- | ----------
|c/o DeHeng Chen Chan, LLC, 225 Broadway, Suite 1910, NY, NY | 10007     
|                                                            |           
|(Address of Principal Executive Offices)                    | (Zip Code)
|                                                            |           

|(212) 608-6500                                      
|----------------------------------------------------
|                                                    
|(Registrants telephone number, including area code)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Securities registered under Section 12(b) of the Act: None
Securities registered under Section 12(g) of the Act: Common Stock, $0.01 par value
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.   
Yes   No
Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not
contained in this form, and no disclosure will be contained, to the best of registrants knowledge,
in definitive proxy or information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.
Revenues for the year ended November 30, 2004: $0
As of March 10, 2005, the aggregate market value of the voting stock held by non-affiliates of the
registrant was $0.
As of March 10, 2005, there were 11,200,000 shares of common stock outstanding.

|
|



|CHINA ELITE INFORMATION CO., LTD.FORM 10- KSBFOR THE YEAR ENDED NOVEMBER 30, 2004
INDEX
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|                                                                                       

|           |                                                                                                               | Page
      Number | 
|---------- | ------------------------------------------------------------------------------------------------------------- | ----------------- | 
|           |                                                                                                               |                   | 
|PART I     |                                                                                                               |                   | 
|Item 1.    | Description of Business                                                                                       | 1                 | 
|Item 2.    | Description of Properties                                                                                     | 5                 | 
|Item 3.    | Legal Proceedings                                                                                             | 5                 | 
|Item 4.    | Submission of Matters to a Vote of Security Holders                                                           | 5                 | 
|PART II    |                                                                                                               |                   | 
|Item 5.    | Market for Registrants Common Equity and RelatedStockholder Matters                                          | 5                 | 
|Item 6.    | Managements Discussion and Analysis or Plan of Operation                                                     | 7                 | 
|Item 7.    | Financial Statements                                                                                          | 10                | 
|Item 8.    | Changes in and Disagreements with Accountants onAccounting andFinancial Disclosure                            | 25                | 
|Item 8A.   | Controls and Procedures                                                                                       | 26                | 
|Item 8B.   | Other Information                                                                                             | 26                | 
|PART III   |                                                                                                               |                   | 
|Item 9.    | Directors, Executive Officers, Promoters and ControlPersons; Compliance withSection 16(a) of the Exchange Act | 27                | 
|Item 10.   | Executive Compensation                                                                                        | 29                | 
|Item 11.   | Security Ownership of Certain Beneficial Owners and Management                                                | 30                | 
|Item 12.   | Certain Relationships and Related Transactions                                                                | 31                | 
|Item 13.   | Exhibits                                                                                                      | 32                | 
|Item 14.   | Principal Accountant Fees and Services                                                                        | 33                | 
|SIGNATURES | 34                                                                                                            |                  

|
|



|PRELIMINARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The statements contained in this Form 10-KSB that are not purely historical are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These include statements about the Companys expectations,
beliefs, intentions or strategies for the future, which are indicated by words or phrases such as
anticipate, expect, intend, plan, will,
the Company believes, management believes and similar words or phrases. The
forward-looking statements are based on the Companys current expectations and are subject to
certain risks, uncertainties and assumptions. The Companys actual results could differ materially
from results anticipated in these forward-looking statements. All forward-looking statements included
in this document are based on information available to the Company on the date hereof, and the Company
assumes no obligation to update any such forward-looking statements. Readers are also urged to carefully
review and consider the various disclosures made by the Company that are to advise interested parties
of the factors which affect the Companys business, in this report, as well as the Companys
periodic reports on Forms 10-KSB, 10-QSB and 8-K filed with the Securities and Exchange Commission.
These risks and uncertainties, many of which are beyond our control, include (i) the sufficiency of
existing capital resources and the Companys ability to raise additional capital to fund cash
requirements for future operations; (ii) uncertainties involved in the acquisition of an operating
business; (iii) the Companys ability to achieve sufficient revenues through an operating business
to fund and maintain operations; (iv) volatility of the stock market; and (v) general economic conditions.
Although we believe the expectations reflected in these forward-looking statements are reasonable,
such expectations may prove to be incorrect. Investors should be aware that they could lose all or
substantially all of their investment.
PART I
ITEM 1.          DESCRIPTION OF BUSINESS
China Elite Information Co., Ltd., formerly known as Relocate411.com, Inc., was initially organized
under the laws of the State of Delaware on December 19, 1997 under the name of Stateside Fundings,
Inc.
A Summary Of What We Do
During the past year, our operations have been devoted primarily to developing a business plan, developing
and designing our website, preparing to bring the website online and raising capital for future operations
and administrative functions. The Companys plan of operation for the next twelve months is
to identify and acquire a favorable business opportunity. The Company does not plan to limit its
options to any particular industry, but will evaluate each opportunity on its merits.
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|1
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|At present we have no real property and we maintain an office at the offices at c/o DeHeng Chen Chan,
LLC, 225 Broadway, Suite 1910, New York, New York 10007. Our telephone number is (212) 608-6500.
Our History
On December 19, 1997, we were organized in the State of Delaware under the name of Stateside Fundings,
Inc. We initially adopted a fiscal year ending November 30. On January 26, 2000, the stockholders
of Relocate411.com, Inc, a New York corporation, completed a merger and stock exchange with us. At
the same time as the merger, we issued 5,175,000 shares of our common stock pursuant to a private
placement offering and received net proceeds of $1,354,250. The net proceeds received were after
a payment of $150,000 to redeem 4,100,000 shares of our common stock from our founder. As part of
the merger and stock exchange, we issued 6,600,000 shares of our common stock to the shareholders
of Relocate411.com, Inc, (New York corporation) in exchange for receiving all of the shares (66 shares)
of Relocate411.com, Inc. Relocate411.com, Inc. became our wholly owned subsidiary. On January 27,
2000, we filed a certificate of amendment changing our name to Relocate411.com, Inc.
Relocate411.com, Inc., the New York corporation was a predecessor of our company as that term is defined
by Item 405 of Regulation C. Relocate411.com, Inc, the New York corporation, which was incorporated
in August 1999, had the same business plan as us in that it was a development stage Internet based
company whose goal is to develop a web site to be utilized in various real estate services such as
relocation, listings of real estate sales or rentals, mortgage information and other real estate
related information or content. The merger and stock exchange between us and Relocate411.com, Inc.,
New York corporation, was completed on January 26, 2000. Prior to such time the business plan of
Stateside Fundings, Inc. was to function as a blank check company as that term is defined
in Rule 419 of Regulation C. None of the promoters of the blank check company, Stateside Fundings,
Inc., were related in any way to the officers, directors, affiliates or associates of our present company.
On May 21, 2004, Jandah Management Limited (Jandah), Glory Way Holdings, Limited (GWH)
and Good Business Technology Limited (GBT), each a corporation organized under the laws
of the British Virgin Islands, enter into privately negotiated transactions with the stockholders
of Relocate411.com, Inc. (the Company) to purchase an aggregate of 10,976,000 shares
of common stock of the Company, representing 98% of the issued and outstanding shares, for an aggregate
purchase price of $350,000.
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|2
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|Jandah acquired 9,276,000 shares of common stock from the three largest shareholders of the Company,

Darrel Lerner, Byron Lerner and James Tubbs, for an aggregate purchase price of $307,500. Darrell

Lerner retained 224,000 shares of common stock. As a condition to closing, the Company and Mr.
Darrell
Lerner entered into a six-month consulting agreement pursuant to which Mr. Darrell Lerner
will assist
the Company with various transition issues and provide other business consulting services.
Under
this consulting agreement, Mr. Darrell Lerner will be paid an aggregate consulting fee of
$150,000,
payable in equal monthly installments.
GWH acquired 396,000 shares of common stock for an aggregate purchase price of $9,900 from each the
following selling security holders in separate agreements listed in the amendment number 8 to the
Companys registration statement on Form SB-2/A (SEC File Number 333-100803) (the SB-2):
Anslow & Jaclin, LLP, Frank Massaro, Michael and Thelma Hartman, Nicholas A. Waslyn, Eric Tjaden,
Margaret Indelicato, Juan C. Morales, Sheldon Shalom, Patricia Faro and Philip Mazzella.
GWH also acquired an aggregate of 450,000 shares of common stock for an aggregate purchase price of
$11,250 from each of Barry Manko (250,000 shares) and Grushko & Mittman (200,000 shares).
GBT acquired an aggregate of 854,000 shares of common stock for an aggregate purchase price of $21,350
from each the following selling security holders in separate agreements listed in the SB-2: Richard
Zapolski, William Grimm, Richard Volpe, Mark J. Parendo, Mitch Hershkowitz, Kristine Gentile, Robert
M. J.Hartman, Danielle L. Hartman, Martin Miller, Dolores E. Miller, Dolores E. Miller a/c/f Dillon
Engel, Drew Goldberg, Carol Sitte, Karen Pasteressa a/c/f, Samantha Pasteressa, Desert Green, Inc.,
Robert Giambrone, Anthony Giambrone, Melvin D. Bernstein, Linda Bernstein, Beth Sussman, Jeffrey
Wenzel, Tracey Wenzel, Harold Sussman, Amy Sussman and Meg L. Sussman. In connection with, and as
a condition to the closing of these stock purchase transactions, Darrell Lerner resigned as the sole
officer of the Company effective as of May 21, 2004. Pursuant to the Companys Bylaws and applicable
SEC regulations, Mr. Lerner appointed Li Kin Shing, the sole shareholder of Jandah, as the President of theCompany and, effective as of June 4, 2004, as member of the board.
On July 21, 2004, our Board of Directors approved the change of the jurisdiction under which the Company
is incorporated from the State of Delaware to the British Virgin Islands (BVI) and to
reincorporate as a British Virgin Islands International Business Company, pursuant to Section 390
of the Delaware General Corporations Law and the applicable laws of the BVI. In connection with this
reincorporation, we changed our name from Relocate411.com, Inc. to China Elite
Information Co., Ltd. As a result of the reincorporation, we adopted new corporate governance
documents consisting of a Memorandum of Association, Articles of Incorporation and Articles of Continuation.
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|3
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|Our Business
During the past year, our operations have been devoted primarily to developing a business plan, developing
and designing our website, preparing to bring the website online and raising capital for future operations
and administrative functions. Our plan of operation for the next twelve months is to identify and
acquire a favorable business opportunity. We do not plan to limit our options to any particular industry,
but will evaluate each opportunity on its merits. We have not yet entered into any agreement, nor
do we have any commitment to enter into or become engaged in any transaction as of the date of this
filing.
We have not been involved in any bankruptcy, receivership or similar proceeding. We have not been involved
in any material reclassification, merger, consolidation, or purchase or sale of a significant amount
of assets not in the ordinary course of business.
As reported in our Current Report on Form 8-K filed with the SEC on May 25, 2004, the control of the
Company has been changed and Mr. Li Kin Shing (Mr. Li) was appointed as our President
effective from May 21, 2004 and as sole director effective as of June 4, 2004. Our new management
endeavors to identify and pursue profitable business opportunities through mergers and acquisitions,
so as to diversify the business risks and maximize the returns to stockholders. Although we do not
plan to limit its options to any particular industry, we will initially target the telecom industry
in the Peoples Republic of China (PRC), including the Hong Kong market, about which
Mr. Li possesses extensive experience. Currently, we are exploring a possible transaction with various
telecom operators in the PRC. These telecom providers are principally engaged in selling and distribution
of telecom services and provision of value-added services, including operating call centers, providing
telemarketing services, customer relationship management services, mobile applications, calling cards, etc.
Our management believes that, through the prospective mergers and acquisitions in the PRC, we could
accelerate our developing pace and benefit from the vast opportunities brought by the continual growth
in the PRC economy and the PRCs accession to the World Trade Organization.
We have no current plans (i) for the purchase or sale of any plant or equipment, (ii) to make any changes
in the number of employees, or (iii) incur any significant research and development expenses. Our
plans may change if we are able to identify and acquire a suitable business acquisition.
We believe that we are not a blank check company as that term is defined in Rule 419 of Regulation
C under the Rules of the Securities Act of 1933. Except as part of our strategy to expand and grow
our business as described above, we do not have any intention of merging with another company or
allowing ourselves to be acquired by another company, or to act as a blank check company as defined
in Regulation C.
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|Employees
      We will employ additional people as we continue to implement our plan of operation. None of our employees are covered by a collective bargaining agreement, and we believe that our relationship with our employees is satisfactory.
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|                                                                                                                                                                                                |                                                                      
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|ITEM 2.                                                                                                                                                                                         | DESCRIPTION OF PROPERTIES                                            
|                                                                                                                                                                                               
|We currently use office space in a building located at c/o DeHeng Chen Chan, LLC, 225 Broadway, Suite 1910, New York, New York 10007. We do not have a formal lease with DeHeng Chen Chan, LLC.
|                                                                                                                                                                                               
|ITEM 3.                                                                                                                                                                                         | LEGAL PROCEEDINGS                                                    
|                                                                                                                                                                                                |                                                                      
|To the best of our knowledge, there are no known or pending litigation proceedings against us.                                                                                                 
|                                                                                                                                                                                                |                                                                      
|ITEM 4.                                                                                                                                                                                         | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                  
|                                                                                                                                                                                                |                                                                      
|There were no matters submitted to a vote of stockholders during the fourth quarter of 2004.
    PART II                                                                                       
|                                                                                                                                                                                                |                                                                      
|ITEM 5.                                                                                                                                                                                         | MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

|                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|There is no established public trading market for our securities. We intend to seek a market maker
to apply for a listing on the OTC Bulletin Board in the United States. Our shares are not and have
not been listed or quoted on any exchange or quotation system.
Number of Shareholders as of November 30, 2004  9
Currently, we do not have any outstanding options or warrants to purchase, or securities convertible
into, our shares of common stock.

|5
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|Rule 144 Shares
As of March 10, 2005, we had a total of 11,200,000 common shares outstanding and as of March 10, 2005,
only 1,250,000 common shares are available for resale to the public without compliance of Rule 144
(as explained below). Such shares are comprised of 396,000 shares of our common stock acquired by
GWH from the Prior Selling security holders and 854,000 shares of our common stock acquired by GBT
from the Prior Selling security holders. All such shares may be sold without complying with the volume
and trading limitations of Rule 144 of the Act. The 224,000 shares held by Darrell Lerner may be
sold under Rule 144(k) of the Act, as more fully described below.
Jandah acquired 9,276,000 shares of common stock from the three largest shareholders of the Company,
Darrel Lerner, Byron Lerner and James Tubbs. These shares were acquired by Jandah from affiliates
of the Company in a private transaction and, therefore, will become eligible for resale under Rule
144 until May 21, 2005.
In general, under Rule 144 as currently in effect, a person who has beneficially owned shares of a
companys common stock for at least one year is entitled to sell within any three month period
a number of shares that does not exceed the greater of:
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

|1. | 1% of the number of shares of the companys common stock then outstanding which, in our case,
  would equal approximately 1120,000 shares as of the date of this prospectus; or
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                
|2. | The average weekly trading volume of the companys common stock during the four calendar weeks
  preceding the filing of a notice on form 144 with respect to the sale.        

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|Sales under Rule 144 are also subject to manner of sale provisions and notice requirements and to the
availability of current public information about the company.
Under Rule 144(k), a person who is not one of the companys affiliates at any time during the
three months preceding a sale, and who has beneficially owned the shares proposed to be sold for
at least two years, is entitled to sell shares without complying with the manner of sale, public
information, volume limitation or notice provisions of Rule 144. Rule 144(k) is not available for
shares held by our affiliates, which are subject to the volume limitations and trading limitations
of Rule 144 regardless of how long they have held such shares.
Dividends
To date, we have not declared or paid any dividends on our common shares. We currently do not anticipate
paying any cash dividends in the foreseeable future on our common shares. Although we intend to retain
our earnings, if any, to finance the development and growth of our business, our Board of Directors
will have the discretion to declare and pay dividends in the future. Payment of dividends in the
future will depend upon our earnings, capital requirements, and other factors, which our Board of
Directors may deem relevant.

|6
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|ITEM 6.          MANAGEMENTS DISCUSSION AND ANALYSIS
OR PLAN OF OPERATION
The following discussion and analysis provides information which management believes is relevant to
an assessment and understanding of our results of operations and financial condition. The discussion
should be read in conjunction with our financial statements and notes thereto appearing in this Form
10-KSB.
Overview
During the past year, our operations have been devoted primarily to developing a business plan, developing
and designing our website, preparing to bring the website online and raising capital for future operations
and administrative functions. The Companys plan of operation for the next twelve months is
to identify and acquire a favorable business opportunity. The Company does not plan to limit its
options to any particular industry, but will evaluate each opportunity on its merits, all as further
discussed in our Plan of Operation section below.
We have not spent any money for research and development. Development stage expenses during the twelve
months ended November 30, 2003 and 2004 were $18,427 and $234,650 respectively. The expenses incurred
were primarily due to salaries and benefits as well as various consulting, managerial and professional
services in connection with our development of a business plan, the corporate formation, and the
change in control described below.
On-going increases to development stage expenses are anticipated. As of November 30, 2004, we had no
cash available to us.
On May 21, 2004, Jandah Management Limited (Jandah), Glory Way Holdings Limited (GWH)
and Good Business Technology Limited (GBT), each a corporation organized under the laws
of the British Virgin Islands, enter into privately negotiated transactions with the stockholders
of the Company to purchase an aggregate of 10,976,000 shares of common stock of the Company, representing
98% of the issued and outstanding shares, for an aggregate purchase price of $350,000.
Jandah acquired 9,276,000 shares of common stock from the three largest shareholders of the Company,

Darrel Lerner, Byron Lerner and James Tubbs, for an aggregate purchase price of $307,500. Darrell

Lerner retained 224,000 shares of common stock. As a condition to closing, the Company and Mr.
Darrell
Lerner entered into a six-month consulting agreement pursuant to which Mr. Darrell Lerner
will assist
the Company with various transition issues and provide other business consulting services.
Under
this consulting agreement, Mr. Darrell Lerner will be paid an aggregate consulting fee of
$150,000,
payable in equal monthly installments.
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|Plan of Operation
The Companys plan of operation for the next twelve months is to identify and acquire a favorable
business opportunity. The Company does not plan to limit its options to any particular industry,
but will evaluate each opportunity on its merits.
The Company has not yet entered into any agreement, nor does it have any commitment to enter into or
become engaged in any transaction as of the date of this filing.
As reported in the Companys Current Report on Form 8-K filed with the SEC on May 25, 2004, the
control of the Company has been changed and Mr. Li Kin Shing (Mr. Li) was appointed as
the President of the Company effective from May 21, 2004 and as sole director effective as of June
4, 2004. The new management of the Company endeavors to identify and pursue profitable business opportunities
through mergers and acquisitions, so as to diversify the business risks and maximize the returns
to stockholders. Although the Company does not plan to limit its options to any particular industry,
the Company will initially target the telecom industry in the Peoples Republic of China (PRC),
including the Hong Kong market, about which Mr. Li possesses extensive experience. Currently, the
Company is exploring a possible transaction with various telecom operators in the PRC. These telecom
providers are principally engaged in selling and distribution of telecom services and provision of
value-added services, including operating call centers, providing telemarketing services, customer
relationship management services, mobile applications, calling cards, etc.
The management believes that, through the prospective mergers and acquisitions in the PRC, the Company
could accelerate its developing pace and benefit from the vast opportunities brought by the continual
growth in the PRC economy and the PRCs accession to the World Trade Organization.
The Company has no current plans (i) for the purchase or sale of any plant or equipment, (ii) to make
any changes in the number of employees, or (iii) incur any significant research and development expenses.
The Companys plans may change if it is able to identify and acquire a suitable business acquisition.
Capital Resources and Liquidity
Management believes it has sufficient resources to meet the anticipated needs of the Companys
operations, such as maintaining its required continuous disclosure and reporting requirements with
the Securities and Exchange Commission, for the next twelve months, though there can be no assurances
to that effect. We have no revenues and our need for capital may change dramatically if we acquire
a suitable business opportunity during that period. Therefore, we plan to rely on shareholder loans
and the raising of debt or equity capital to continue our operations. There is no assurance we will
be successful in raising the needed capital. Notwithstanding same, Mr. Li, our President has orally
agreed to fund our operations for the next twelve months.
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|8
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|PERIOD FROM DECEMBER 19, 1997 (DATE OF INCEPTION) THROUGH NOVEMBER 30, 2004
Our cumulative net losses since the inception are attributable to the fact that we have not derived
any revenue from operations to offset our business development expenses.
Net loss since inception has amounted to $495,523, primarily consisting of salaries, accounting and
legal fees, website development fees, rent and general administrative expenses. The accounting and
legal expenses were in connection with our annual and quarterly regulatory filings.
TWELVE MONTHS ENDED NOVEMBER 30, 2004 AND NOVEMBER 30, 2003
Development stage income during the twelve months ended November 30, 2004 was $0 as compared to $0
for the twelve months ended November 30, 2003. Expenses for the twelve months ended November 30,
2004 were $234,650, primarily consisting of accounting and legal fees incurred in connection with
our SEC regulatory filings, consulting fees paid to Mr. Darrell Lerner under his consulting agreement
and other expenses related to the change of jurisdiction of incorporation from the State of Delaware
to the British Virgin Islands. Expenses for the twelve months ended November 30, 2003 were $18,427,
primarily consisting of accounting and legal fees which were related to our quarterly regulatory
filings and reincorporation in the BVI.
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|9
|-



|ITEM 7.                       | FINANCIAL STATEMENTS
|----------------------------- | --------------------
|                             
|INDEX TO FINANCIAL STATEMENTS
|                             

|                                                                                  
|----------------------------------------------------------------------------------
|                                                                                  
|Report of Independent Registered Public Accounting Firm (Clancy and Co., P.L.L.C.)
|Report of Independent Registered Public Accounting Firm (Gately & Associates, LLC)
|Balance Sheet                                                                     
|Statements of Operations                                                          
|Statements of Stockholders Deficiency                                            
|Statements of Cash Flows                                                          
|Notes to Financial Statements                                                     

|10
|--



|REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders ofChina Elite Information Co., Ltd.
We have audited the accompanying balance sheet of China Elite Information Co., Ltd., a development
stage company, (the Company) as of November 30, 2004, and the related statements of operations,
changes in stockholders deficiency and cash flows for the fiscal year then ended, and for the
period from inception (December 19, 1997) to November 30, 2004. These financial statements are the
responsibility of the Companys management. Our responsibility is to express an opinion on these
financial statements based on our audit. We did not audit the cumulative data from inception to November
30, 2003 in the statements of stockholders deficiency, operations and cash flows, which were
audited by other auditors whose report, dated December 22, 2003, expressed an unqualified opinion,
has been furnished to us. Our opinion, insofar as it relates to the amounts included for cumulative
data from inception to November 30, 2004, is based solely on the report of the other auditors.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight

Board (United States). Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement. An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

An audit also includes assessing the accounting principles used and significant estimates made
by
management, as well as evaluating the overall financial statement presentation. We believe that
our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the Company as of November 30, 2004, and the results of its operations
and its cash flows for the periods indicated, in conformity with generally accepted accounting principles
in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as
a going concern. As discussed in Note 1 to the financial statements, the Company is a development
stage company with no revenues to date and significant recurring net losses resulting in a substantial
accumulated deficit, which raises substantial doubt about its ability to continue as a going concern.
The Company is devoting substantially all of its present efforts in establishing its business. Managements
plans regarding these matters are also described in Note 1. The ability to meet its future financing
requirements and the success of future operations cannot be determined at this time. These financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ Clancy and Co., P.L.L.C.Phoenix, Arizona
February 24, 2005
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|F-1
|---



|REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors ofRelocate411.com, Inc.
Gentlemen:
We have audited the accompanying statements of operations, stockholders equity and cash flows
for the year ended November 30, 2003, and from inception (December 19, 1997) through November 30,
2003, of Relocate411.com, Inc. (a development stage company) formerly known as Stateside Funding,
Inc. These financial statements are the responsibility of the Companys management. Our responsibility
is to express an opinion on these financial statements based on the audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight

Board (United States). Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement. An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

An audit also includes assessing the accounting principles used and significant estimates made
by
management, as well as evaluating the overall financial statement presentation. We believe that
our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the statement of operations and cash flows for the year ended November 30, 2003, and from inception
(December 19, 1997) through November 30, 2003, in conformity with generally accepted accounting principles
in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as
a going concern. As discussed in Note 10 to the financial statements, the Company has suffered recurring
losses from operations and has a net capital deficiency that raise substantial doubt about its ability
to continue as a going concern. Managements plan in regard to these matters are also described
in Note 10. The financial statements do not include any adjustments that might result from the outcome
of this uncertainty.
/s/ Gately & Associates, LLCAltamonte Springs, FL
December 22, 2003
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-2
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)BALANCE SHEETNOVEMBER 30, 2004
|--------------------------------------------------------------------------------------------
|                                                                                            

|(Expressed in U.S. Dollars)                                                                                 |  |   |          |  
|----------------------------------------------------------------------------------------------------------- |  | - | -------- | -
|                                                                                                            |  |   |          |  
|ASSETS                                                                                                      |  | $ |         |  
|                                                                                                            |  |  
|                                                                                                            |  |   |          |  
|LIABILITIES AND STOCKHOLDERS DEFICIENCY                                                                    |  |   |          |  
|Current Liabilities                                                                                         |  |   |          |  
|Accounts payable and accrued expenses                                                                       |  | $ | 24,390   |  
|                                                                                                            |  |   |          |  
|Loans from shareholder                                                                                      |  |   | 204,668  |  
|                                                                                                            |  |  
|Total current liabilities                                                                                   |  |   | 229,058  |  
|                                                                                                            |  |  
|                                                                                                            |  |  
|Commitments and contingencies                                                                               |  |   |         |  
|                                                                                                            |  |   |          |  
|Stockholders Deficiency                                                                                    |  |   |          |  
|Preferred stock: $0.01 par value; 10,000,000 shares authorized;
            Issued and outstanding: none    |  |   |         |  
|Common stock: $0.01 par value; 50,000,000 shares authorized;
            Issued and outstanding: 11,200,000 |  |   | 112,000  |  
|Additional paid in capital                                                                                  |  |   | 154,465  |  
|Deficit accumulated during the development stage                                                            |  |   | (495,523 | )
|                                                                                                            |  |  
|Total stockholders deficiency                                                                              |  |   | (229,058 | )
|                                                                                                            |  |  
|                                                                                                            |  |   |          |  
|Total liabilities and stockholders deficiency                                                              |  | $ |         |  
|                                                                                                            |  |  

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-3
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)STATEMENTS OF OPERATIONSFOR THE YEARS ENDED NOVEMBER 30, 2004 AND 2003, ANDFOR THE PERIOD FROM INCEPTION (DECEMBER 19, 1997) TO NOVEMBER 30, 2004
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                               

|(Expressed in U.S. Dollars)                |  |  | Cumulative 
      from
      inception |          | 2004 |   | 2003       |  
|------------------------------------------ |  |  | -------------------------------------- | -------- | ---- | - | ---------- | -
|                                           | 
|                                           | 
|Revenues                                   |  |  | $                                      |         |      | $ |           |  
|                                           |  |  |                                        |          |      |   |            |  
|General and administrative expenses        |  |  |                                        |          |      |   |            |  
|Salaries and benefits                      |  |  |                                        | 181,888  |      |   |           |  
|General and administrative                 |  |  |                                        | 392,767  |      |   | 234,650    |  
|                                           |  | 
|Total general and administrative expenses  |  |  |                                        | 574,655  |      |   | 234,650    |  
|                                           |  | 
|                                           |  |  |                                        |          |      |   |            |  
|Operating loss                             |  |  |                                        | (574,655 | )    |   | (234,650   | )
|                                           |  |  |                                        |          |      |   |            |  
|Other income (expense)                     |  |  |                                        |          |      |   |            |  
|Loss on disposal of property and equipment |  |  |                                        | (1,473   | )    |   | (1,473     | )
|Interest expense                           |  |  |                                        | (53,956  | )    |   |           |  
|Interest income                            |  |  |                                        | 134,561  |      |   |           |  
|                                           |  | 
|Total other income (expense)               |  |  |                                        | 79,132   |      |   | (1,473     | )
|                                           |  | 
|                                           |  | 
|                                           |  | 
|                                           |  |  |                                        |          |      |   |            |  
|Net loss                                   |  |  | $                                      | (495,058 | )    | $ | (229,598   | )
|                                           |  | 
|                                           |  | 
|Basic and diluted net loss per share       |  |  |                                        |          |      | $ | (0.02      | )
|                                           |  |  |                                        |          |     
|                                           |  |  |                                        |          |     
|Weighted average shares outstanding        |  |  |                                        |          |      |   | 11,200,000 |  
|                                           |  |  |                                       

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-4
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)STATEMENT OF CHANGES IN STOCKHOLDERS DEFICIENCYFOR THE PERIOD FROM INCEPTION (DECEMBER 19, 1997) TO NOVEMBER 30, 2004
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                    

|(Expressed in U.S. Dollars)                                                                                                                                                                                                                    | Common
      Shares |   | Common
      Stock
      At Par
      Value |         | Additional
      Paid In
      Capital |   | Deficit
      Accumulated
      During the
      Development
      Stage |   | Total |         
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------- | - | ------------------------------------------- | ------- | -------------------------------------- | - | ------------------------------------------------------------------------ | - | ----- | --------
|                                                                                                                                                                                                                                               |                    
|Issuance of common shares on August 24, 1999                                                                                                                                                                                                   | 66                  |   | $                                           |        |                                        | $ | 250                                                                      |   | $     |        
|                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                               |                     |  
|Balance  November 30, 1999                                                                                                                                                                                                                    | 66                  |   |                                             |        |                                        |   | 250                                                                      |   |       |        
|                                                                                                                                                                                                                                               |                     |  
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Issuance of shares in private placement and merger on 
    January 26, 2000:                                                                                                                                                                   |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Private placement in cash ($0.29 per share)                                                                                                                                                                                                    | 5,175,000           |   |                                             | 51,750  |                                        |   | 1,452,500                                                                |   |       |        
|Deferred offering costs                                                                                                                                                                                                                        |                    |   |                                             |        |                                        |   | (25,927                                                                  | ) |       |        
|Conversion of shares in merger                                                                                                                                                                                                                 | 11,599,934          |   |                                             | 116,000 |                                        |   | (114,233                                                                 | ) |       |        
|Redemption of original shares                                                                                                                                                                                                                  | (4,100,000          | ) |                                             | (41,000 | )                                      |   | (109,000                                                                 | ) |       |        
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Net loss                                                                                                                                                                                                                                       |                    |   |                                             |        |                                        |   |                                                                         |   |       | (204,348
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|                                                                                                                                                                                                                                               |                     |  
|Balance  November 30, 2000                                                                                                                                                                                                                    | 12,675,000          |   |                                             | 126,750 |                                        |   | 1,203,590                                                                |   |       | (204,348
|                                                                                                                                                                                                                                               |                     |  
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Purchase of treasury stock, (7,065,000 shares) during 
    January 2001, from initial investors  with cash ($0.16 per 
    share)                                                                                                              |                    |   |                                             |        |                                        |   | (1,151,672                                                               | ) |       |        
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Issuance of shares as stock compensation for the shares of NCTN Preferred Stock and all common shares and warrants held in the Company by original investors and in consideration of accrued services fees, February 7, 2001 ($0.01 per share) | 4,200,000           |   |                                             | 42,000  |                                        |   |                                                                         |   |       |        
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Issuance of shares as stock compensation for legal fees, February 7,  2001 ($0.01 per share)                                                                                                                                                   | 140,000             |   |                                             | 1,400   |                                        |   |                                                                         |   |       |        
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Net loss                                                                                                                                                                                                                                       |                    |   |                                             |        |                                        |   |                                                                         |   |       | (27,370 
|                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                               |                     |  
|Balance  November 30, 2001                                                                                                                                                                                                                    | 17,015,000          |   |                                             | 170,150 |                                        |   | 51,918                                                                   |   |       | (231,718
|                                                                                                                                                                                                                                               |                     |  
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Issuance of shares in private placement for cash Reg D, 
    Rule 506, September 7, 2002 ($0.25 per share)                                                                                                                                     | 1,000,000           |   |                                             | 10,000  |                                        |   | 15,000                                                                   |   |       |        
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Issuance of shares as stock compensation for legal fees,
    September  7, 2002 ($0.02 per share)                                                                                                                                              | 250,000             |   |                                             | 2,500   |                                        |   | 2,500                                                                    |   |       |        
|                                                                                                                                                                                                                                               |                     |   |                                             |         |                                        |   |                                                                          |   |       |         
|Net loss                                                                                                                                                                                                                                       |                    |   |                                             |        |                                        |   |                                                                         |   |       | (15,780 
|                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                               |                     |  
|Balance  November 30, 2002                                                                                                                                                                                                                    | 18,265,000          |   |                                             | 182,650 |                                        |   | 69,418                                                                   |   |       | (247,498
|                                                                                                                                                                                                                                               |                     |  

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-5
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)STATEMENT OF CHANGES IN STOCKHOLDERS DEFICIENCYFOR THE PERIOD FROM INCEPTION (DECEMBER 19, 1997) TO NOVEMBER 30, 2004
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                    

|(Expressed in U.S. Dollars)                                                          | Common
      Shares |   | Common
      Stock
      At Par
      Value |         | Additional
      Paid In
      Capital |   | Deficit
      Accumulated
      During the
      Development
      Stage |  | Total |         
|------------------------------------------------------------------------------------ | ------------------- | - | ------------------------------------------- | ------- | -------------------------------------- | - | ------------------------------------------------------------------------ |  | ----- | --------
|                                                                                     |                    
|                                                                                    
|Net loss                                                                             |                    |   |                                             |        |                                        |   |                                                                         |  |       | (18,427 
|                                                                                     |                     |  
|                                                                                     |                     |  
|Balance  November 30, 2003                                                          | 18,265,000          |   |                                             | 182,650 |                                        |   | 69,418                                                                   |  |       | (265,925
|                                                                                     |                     |  
|                                                                                     |                     |   |                                             |         |                                        |   |                                                                          |  |       |         
|Cancellation of treasury shares in connection
    with May 21, 2004 Merger Agreement | (7,065,000          | ) |                                             | (70,650 | )                                      |   | 70,650                                                                   |  |       |        
|                                                                                     |                     |   |                                             |         |                                        |   |                                                                          |  |       |         
|Loans payable converted to additional paid in capital                                |                    |   |                                             |        |                                        |   | 14,397                                                                   |  |       |        
|                                                                                     |                     |   |                                             |         |                                        |   |                                                                          |  |       |         
|Net loss                                                                             |                     |   |                                             |         |                                        |   |                                                                          |  |       | (229,598
|                                                                                     |                     |  
|                                                                                     |                     |  
|Balance  November 30, 2004                                                          | 11,200,000          |   | $                                           | 112,000 |                                        | $ | 154,465                                                                  |  | $     | (495,523
|                                                                                     |                     |  

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-6
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED NOVEMBER 30, 2004 AND 2003, ANDFOR THE PERIOD FROM INCEPTION (DECEMBER 19, 1997) TO NOVEMBER 30, 2004
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                               

|                                                                                 | Cumulative
      from
      inception |            | 2004 |   | 2003     |  
|-------------------------------------------------------------------------------- | ------------------------------------- | ---------- | ---- | - | -------- | -
|
|Cash flows from operating activities                                             |                                       |            |      |   |          |  
|Net loss                                                                         | $                                     | (495,523   | )    | $ | (229,598 | )
|                                                                                 |                                       |           
|Adjustments to reconcile net loss to net cash flows used in operating activities |                                       |            |      |   |          |  
|Depreciation and organization costs                                              |                                       | 11,492     |      |   | 1,500    |  
|Loss on disposal of property and equipment                                       |                                       | 1,473      |      |   | 1,473    |  
|Common stock issued for services                                                 |                                       | 48,400     |      |   |         |  
|(Increase) decrease in interest receivable                                       |                                       | (1,483     | )    |   |         |  
|Increase (decrease) in accounts payable and accrued expenses                     |                                       | 24,390     |      |   | 12,865   |  
|                                                                                 |                                       |           
|Net cash flows used in operating activities                                      |                                       | (411,251   | )    |   | (213,760 | )
|                                                                                 |                                       |           
|                                                                                 |                                       |            |      |   |          |  
|Cash flows from investing activities                                             |                                       |            |      |   |          |  
|Cash paid for note receivable                                                    |                                       | (1,117,602 | )    |   |         |  
|Cash received from note receivable                                               |                                       | 1,117,602  |      |   |         |  
|Cash paid for equipment                                                          |                                       | (11,465    | )    |   |         |  
|Net cash flows used in investing activities                                      |                                       | (11,465    | )    |   |         |  
|                                                                                 |                                       |           
|                                                                                 |                                       |            |      |   |          |  
|Cash flows from financing activities                                             |                                       |            |      |   |          |  
|Proceeds from loans payable                                                      |                                       | 219,065    |      |   | 204,668  |  
|Proceeds from issuance of stock                                                  |                                       | 1,531,250  |      |   |         |  
|Cash paid for stock redemption                                                   |                                       | (150,000   | )    |   |         |  
|Deferred offering costs against capital                                          |                                       | (25,927    | )    |   |         |  
|Acquisition of treasury stock                                                    |                                       | (1,151,672 | )    |   |         |  
|                                                                                 |                                       |           
|Net cash flows provided by financing activities                                  |                                       | 422,716    |      |   | 204,668  |  
|                                                                                 |                                       |           
|                                                                                 |                                       |            |      |   |          |  
|Increase (decrease) in cash and cash equivalents                                 |                                       |           |      |   | (9,092   | )
|                                                                                 |                                       |            |      |   |          |  
|Cash and cash equivalents, beginning of period                                   |                                       |           |      |   | 9,092    |  
|                                                                                 |                                       |           
|                                                                                 |                                       |            |      |   |          |  
|Cash and cash equivalents, end of period                                         | $                                     |           |      | $ |         |  
|                                                                                 |                                       |           
|                                                                                 |                                       |            |      |   |          |  
|Cash paid for interest and income taxes                                          |                                       |            |      | $ |         |  
|                                                                                 |                                       |            |      |   |          |  
|Supplemental noncash investing and financing activities:                         |                                       |            |      |   |          |  
|Common stock issued for services                                                 | $                                     | 48,400     |      | $ |         |  
|Loans payable converted to additional paid in capital                            | $                                     | 14,397     |      | $ | 14,397   |  
|                                                                                 |                                       |           

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-7
|---



|CHINA ELITE INFORMATION CO., LTD.(A development stage company)Notes to Financial StatementsNovember 30, 2004(Expressed in U.S. Dollars)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|1. Business Formation and Continuance of Operations
Business Formation
China Elite Information Co., Ltd. (formerly known as Relocate411.com, Inc. and Stateside
Fundings, Inc.) was originally organized under the laws of the State of Delaware on December
19, 1997.
On January 26, 2000, the stockholders of Relocate411.com, Inc, a New York corporation incorporated
on August 24, 1999 (Relocate), completed a merger and stock exchange with Stateside Fundings,
Inc., a Delaware Corporation (Stateside), resulting in a recapitalization of Stateside,
the acquirer. Relocate merged into Stateside and Stateside acquired all of the assets and liabilities
of Relocate. Under the terms of the Merger Agreement, each share of Relocate common stock converted
into one hundred thousand shares of Stateside common stock. Contemporaneously with the merger, Stateside
issued 5,175,000 shares of its common stock pursuant to a private placement offering and received
net proceeds of $1,354,250. The net proceeds received were after a payment of $150,000 to redeem
4,100,000 shares of common stock from the founder of Stateside. As part of the merger and stock exchange,
Stateside issued 6,600,000 shares of common stock to the shareholders of Relocate in exchange for
receiving all of the shares (66 shares) held by the shareholders of Relocate and Relocate became
the Companys wholly-owned subsidiary. For accounting purposes, the financial statements became
that of Stateside, the entity that survived the merger. On January 27, 2000, Stateside filed a certificate
of amendment changing the Companys name to Relocate411.com, Inc.
On May 21, 2004, Jandah Management Limited (Jandah), Glory Way Holdings, Limited (GWH)
and Good Business Technology Limited (GBT), each a corporation organized under the laws
of the British Virgin Islands, enter into privately negotiated transactions with the stockholders
of Relocate to purchase an aggregate of 10,976,000 shares of common stock of the Company, representing
98% of the issued and outstanding shares, for an aggregate purchase price of $350,000. In connection
with, and as a condition to the closing of these stock purchase transactions, Darrell Lerner resigned
as the sole officer of the Company effective as of May 21, 2004, and pursuant to the Companys
Bylaws and applicable SEC regulations, Mr. Lerner appointed Li Kin Shing (Mr. Li), the
sole shareholder of Jandah, as the President of the Company and, effective as of June 4, 2004, as
sole director of the board.
Jandah acquired 9,276,000 shares of common stock from the three largest shareholders of the Company,
Darrel Lerner, Byron Lerner and James Tubbs, for an aggregate purchase price of $307,500. Darrell
Lerner retained 224,000 shares of common stock. As a condition to closing, the Company and Mr. Darrell
Lerner entered into a six-month consulting agreement pursuant to which Mr. Darrell Lerner assisted
the Company with various transition issues and provided other business consulting services. Under
the consulting agreement, Mr. Darrell Lerner was paid an aggregate consulting fee of $150,000, payable
in equal monthly installments. Mr. Li is considered to be the indirect beneficial owner of the shares
held by Jandah Management Limited, since he is the sole shareholder of Jandah Management Limited
and as such, possesses sole investment and voting power over the Companys shares held by it.
GWH acquired 396,000 shares of common stock for an aggregate purchase price of $9,900 from each the
following selling security holders in separate agreements listed in the amendment number 8 to the
Companys registration statement on Form SB-2/A (SEC File Number 333-100803) (the SB-2):

|F-8
|---



|Anslow & Jaclin, LLP, Frank Massaro, Michael and Thelma Hartman, Nicholas A. Waslyn, Eric Tjaden,
Margaret Indelicato, Juan C. Morales, Sheldon Shalom, Patricia Faro and Philip Mazzella. GWH also
acquired an aggregate of 450,000 shares of common stock for an aggregate purchase price of $11,250
from each of Barry Manko (250,000 shares) and Grushko & Mittman (200,000 shares).
GBT acquired an aggregate of 854,000 shares of common stock for an aggregate purchase price of $21,350
from each the following selling security holders in separate agreements listed in the SB-2: Richard
Zapolski, William Grimm, Richard Volpe, Mark J. Parendo, Mitch Hershkowitz, Kristine Gentile, Robert
M. J.Hartman, Danielle L. Hartman, Martin Miller, Dolores E. Miller, Dolores E. Miller a/c/f Dillon
Engel, Drew Goldberg, Carol Sitte, Karen Pasteressa a/c/f, Samantha Pasteressa, Desert Green, Inc.,
Robert Giambrone, Anthony Giambrone, Melvin D. Bernstein, Linda Bernstein, Beth Sussman, Jeffrey
Wenzel, Tracey Wenzel, Harold Sussman, Amy Sussman and Meg L. Sussman.
On July 21, 2004, the Companys Board of Directors approved the change of the jurisdiction under
which the Company is incorporated from the State of Delaware to the British Virgin Islands (BVI)
and to reincorporate as a British Virgin Islands International Business Company, pursuant to Section
390 of the Delaware General Corporations Law and the applicable laws of the BVI. In connection with
this reincorporation, the Company changed its name from Relocate411.com, Inc. to China
Elite Information Co., Ltd. As a result of the reincorporation, the Company adopted new corporate
governance documents consisting of a Memorandum of Association, Articles of Incorporation and Articles
of Continuation. Accordingly, the par value of the Companys preferred stock and common stock
increased from $0.0001 to $0.01. All shares and per share information have been adjusted retroactively
to reflect the change in par value. All shares (i) have one vote each, (ii) are subject to redemption,
purchase or acquisition by the Company for fair value, and (iii) carry the right to participate equally
in the assets of the Company, including any dividends, and distributions of the Company on a winding
up. The rights attached to any class or series of shares may not be varied without the consent in
writing of the holders of not less than three-fourths of the issued shares of that class or series
and of the holders of not less than three-fourths of the issued shares of any other class or series
of shares which may be affected by such variation.
Going Concern
These financial statements have been prepared in accordance with generally accepted accounting principles
in the United States applicable to a going concern, which contemplates the realization of assets
and the satisfaction of liabilities and commitments in the normal course of business. The Company
has not generated any revenue and requires additional funds to maintain its operations. The Companys
cash requirements for working capital have been satisfied through loans from its majority shareholder
and the Company expects to obtain additional equity through shareholder loans and / or a debt or
equity financing to continue its operations. There is no assurance the Company will be successful
in raising the needed capital or that such additional funds will be available for the Company on
acceptable terms, if at all. The continued existence of the Company is dependent upon its ability
to meet its financing requirements on a continuing basis and to succeed in its future operations.
The Companys President has verbally agreed to fund its operations for the next twelve months,
as necessary. However, the Companys need for capital may change dramatically if it acquires
a suitable business opportunity during that period.
Management plans to identify and pursue profitable business opportunities through mergers and acquisitions,
so as to diversify the business risks and maximize the returns to stockholders. Although it does
not plan to limit its options to any particular industry, management will initially target the telecom
industry in the Peoples Republic of China (PRC), including the Hong Kong market,
about which Mr. Li possesses extensive experience. Currently, management is exploring a possible
transaction with
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-9
|---



|various telecom operators in the PRC. These telecom providers are principally engaged in selling and
distribution of telecom services and provision of value-added services, including operating call
centers, providing telemarketing services, customer relationship management services, mobile applications,
calling cards, etc. The Company has not yet entered into any agreement, nor does it have any commitment
to enter into or become engaged in any transaction as of the date of issuance of these financial
statements.Management believes that actions presently taken to revise the Companys operating and financial
requirements provide the opportunity for the Company to continue as a going concern. The Companys
ability to achieve these objectives cannot be determined at this time. If the Company is unsuccessful
in its endeavors, it may be forced to cease operations. These financial statements do not include
any adjustments that might result from this uncertainty.
2.  Significant Accounting Policies
Development Stage Company
The Company is considered a development stage company which is defined as such if it is devoting substantially
all of its efforts to establishing a new business and its planned principal operations either (i)
have not commenced or (ii) have commenced, but have not produced any significant revenues.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
in the United States of America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting periods. Actual results could differ from those
estimates and assumptions.
Cash and Cash Equivalents
The Company considers all highly liquid instruments purchased with an original maturity of three monthsor less to be cash equivalents.
Property and Equipment
Property and equipment is recorded at cost and is depreciated by the straight-line method over the
estimated useful lives of the assets. Expenditures for repairs and maintenance are charged to expense
as incurred. When property and equipment is sold or otherwise disposed of, the asset account and
related accumulated depreciation account are relieved, and any gain or loss is included in operations.
Long-lived Assets Impairment
Long-lived assets, such as property and equipment, are reviewed at each balance sheet date for impairment
based upon the estimated undiscounted future cash flows expected to result from the use of the assets
and their eventual disposition. When events or circumstances indicate that the carrying amount of
an asset may not be recoverable, the asset is written down to its net realizable value, which is
included in operations.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-10
|----



|Income Taxes
The Company accounts for income taxes under the liability method which requires recognition of deferred
tax liabilities and assets for the expected future tax consequences of events that have been included
in the financial statements or tax returns. Under this method, deferred tax liabilities and assets
are determined based on the difference between the financial statements and tax basis of assets and
liabilities using enacted tax rates in effect for the year in which the differences are expected
to reverse. The Companys management determines if a valuation allowance is necessary to reduce
any tax benefits when the available benefits are more likely than not to expire before they can be used.
Loss Per Share
Basic loss per share is computed as net loss divided by the weighted average number of shares outstanding
during the period in accordance with Statement of Financial Accounting Standards (SFAS)
No. 128, Earnings Per Share. Diluted EPS includes the effect from potential dilutive
securities and is equal to basic loss per share for all periods presented because there are no potential
dilutive securities. All per share and per share information is adjusted retroactively to reflect
stock splits and changes in par value.
Fair Value of Financial Instruments
For certain of the Companys financial instruments, including cash and cash equivalents, amounts
due to shareholders, accounts payable and accrued expenses, the carrying amounts approximate fair
value due to their short maturities. Fair value of financial instruments is made at a specific point
in time, based on relevant information about financial markets and specific financial instruments.
As these estimates are subjective in nature, involving uncertainties and matters of significant judgment,
they cannot be determined with precision. Changes in assumptions can significantly affect estimated
fair values.
Stock-based Compensation
The Company adopted the fair value method of accounting for stock-based compensation recommended by
SFAS No. 123, Accounting for Stock-based Compensation and SFAS No. 148, Accounting
for Stock-Based Compensation - Transition and Disclosure (an amendment of FASB Statement No. 123).
SFAS No. 123 requires that companies either recognize compensation expense for grants of stock, stock
options, and other equity instruments based on fair value or provide pro forma disclosure of the
effect on net income and earnings per share in the Notes to the Financial Statements.
Accounting for Derivative Instruments and Hedging Activities
The Company adopted SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, which requires companies to recognize all derivatives contracts as either assets or liabilities in
the balance sheet and to measure them at fair value. If certain conditions are met, a derivative
may be specifically designated as a hedge, the objective of which is to match the timing of gain
or loss recognition on the hedging derivative with the recognition of (i) the changes in the fair
value of the hedged asset or liability that are attributable to the hedged risk or (ii) the earnings
effect of the hedged forecasted transaction. For a derivative not designated as a hedging instrument,
the gain or loss is recognized in income in the period of change.
The Company has not entered into derivative contracts either to hedge existing risks or for speculative
purposes.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-11
|----



|Related Party Transactions
A related party is generally defined as (i) any person that holds 10% or more of the Companys
securities and their immediate families, (ii) the Companys management, (iii) someone that directly
or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone
who can significantly influence the financial and operating decisions of the Company. Related parties
may be individuals or corporate entities. A transaction is considered to be a related party transaction
when there is a transfer of resources or obligations between related parties.
Reclassification
Certain amounts from prior periods have been reclassified to conform to the current period presentation.
There was no effect on previously reported results of operations or total stockholders deficiency.
New Accounting Pronouncements
In December 2003, the FASB issued FASB Interpretation (FIN) No. 46-R, Consolidation
of Variable Interest Entities. FIN No. 46-R, which modifies certain provisions and effective
dates of FIN No. 46, sets forth criteria to be used in determining whether an investment in a variable
interest entity should be consolidated, and is based on the general premise that companies that control
another entity through interests other than voting interests should consolidate the controlled entity.
This statement does not affect the Company.
In December, 2003, the FASB issued a revision to SFAS No. 132, Employers Disclosures about
Pensions and Other Post retirement Benefits. This revised statement requires additional annual
disclosures regarding types of pension plan assets, investment strategy, future plan contributions,
expected benefit payments and other items. The statement also requires quarterly disclosure of the
components of net periodic benefit cost and plan contributions. This statement does not affect the
Company.
In December 2003, the Securities and Exchange Commission released Staff Accounting Bulletin (SAB)
No. 104, Revenue Recognition, which supersedes SAB 101, Revenue Recognition in
Financial Statements. SAB 104 clarifies existing guidance regarding revenues for contracts
that contain multiple deliverables to make it consistent with Emerging Issues Task Force (EITF)
No. 00-21,Accounting for Revenue Arrangements with Multiple Deliverables. This statement
does not affect the Company.
In March 2004, the FASB reached a consensus on Emerging Issues Task Force (EITF) Issue No. 03-1, The
Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments, which
provides guidance to determine the meaning of other-than-temporary impairment and its application
to investments classified as either available-for-sale or held-to-maturity (including individual
securities and investments in mutual funds), and investments accounted for under the cost method
or the equity method. The guidance for evaluating whether an investment is other-than-temporarily
impaired should be applied in other-than-temporary impairment evaluations made in reporting periods
beginning after June 15, 2004. This statement does not affect the Company.
In April 2004, the EITF reached consensus on EITF Issue No. 03-6, Participating Securities and
the Two Class Method under FASB Statement No. 128 (EITF 03-6). EITF 03-6 addresses
a number of questions regarding the computation of earnings per share by companies that have issued
securities other than common stock that contractually entitle the holder to participate in the dividends
and earnings of the company when, and if, it declares dividends on its common stock. EITF 03-6 also
provides further guidance in applying the two-class method of calculating earnings per share, clarifying
what constitutes a participating security and how to apply the two-class method of computing earnings
per share once it is determined that a security is participating, including how to allocate undistributed
earnings to such a security. EITF 03-6 is effective for fiscal periods beginning after March 31,
2004 and requires retroactive restatement of prior earning per share amounts. This statement does
not affect the Company.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-12
|----



|In November 2004, the FASB issued SFAS No. 151, Inventory Costs, which clarifies the accounting
for abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage).
This Statement requires that those items be recognized as current-period charges regardless of whether
they meet the criterion of so abnormal. In addition, this Statement requires that allocation
of fixed production overheads to the costs of conversion be based on the normal capacity of the production
facilities. This Statement is the result of a broader effort by the FASB to improve the comparability
of cross-border financial reporting by working with the International Accounting Standards Board
(IASB) toward development of a single set of high-quality accounting standards. As part
of that effort, the FASB and the IASB identified opportunities to improve financial reporting by
eliminating certain narrow differences between their existing accounting standards. As currently
worded in Accounting Research Bulletin 43, the term so abnormal was not defined and its
application could lead to unnecessary noncomparability of financial reporting. This Statement eliminates
that term. This statement does not affect the Company.
In December 2004, the FASB issued SFAS No. 123R, Share-Based Payment (SFAS 123R),
a revision to SFAS No. 123 Accounting for Stock-Based Compensation (SFAS 123),
and superseding APB Opinion No. 25 Accounting for Stock Issued to Employees and its related
implementation guidance. SFAS 123R establishes standards for the accounting for transactions in which
an entity exchanges its equity instruments for goods or services, including obtaining employee services
in share-based payment transactions. SFAS 123R applies to all awards granted after the required effective
date and to awards modified, repurchased, or cancelled after that date. Adoption of the provisions
of SFAS 123R is effective as of the beginning of the first interim or annual reporting period that
begins after June 15, 2005. This statement does not affect the Company.
In December 2004, the FASB issued SFAS No. 152, Accounting for Real Estate Time-Sharing Transactions
 an amendment of FASB Statements No. 66 and 67, which discusses the accounting and reporting
of real estate time-sharing transactions. This Statement is effective for financial statements for
fiscal years beginning after June 15, 2005, and restatement of previously issued financial statements
is not permitted. This statement does not affect the Company.
In December 2004, the FASB issued SFAS No. 153, Exchanges of Nonmonetary Assets  an amendment
of APB Opinion No. 29. The guidance in APB Opinion No. 29, Accounting for Nonmonetary
Transactions, is based on the principle that exchanges of nonmonetary assets should be measured
based on the fair value of the assets exchanged and provided an exception to the basic measurement
principle (fair value) for exchanges of similar productive assets. That exception required that some
nonmonetary exchanges, although commercially substantive, be recorded on a carryover basis. This
Statement eliminates the exception to fair value for exchanges of similar productive assets and replaces
it with a general exception for exchange transactions that do not have commercial substancethat
is, transactions that are not expected to result in significant changes in the cash flows of the
reporting entity. The provisions of this Statement are effective for nonmonetary asset exchanges
occurring in fiscal periods beginning after June 15, 2005, applied prospectively. This statement
does not affect the Company.
3.  Note receivable
On May 25, 2000, the Company loaned $1,117,602 to Teltran International Group, Ltd. (Teltran),
a publicly held company presently trading on the NASD OTC Pink Sheets. At that time, Some of Teltrans
stockholders and officers owned approximately 42% of the Company. The loan bore interest at 9 1/2%
annually and was secured by a promissory note. Teltran pledged its one share of Teltran Web Factory,
Ltd. a wholly-owned foreign subsidiary of Teltran as well as issuing 250,000 warrants exercisable
from May 25, 2000 to May 24, 2005 to purchase Teltran common stock at a price of $1.10 per share.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-13
|----



|On March 2, 2001, the Company received preferred shares in NCTN Networks, Inc. in full settlement of
the note receivable and the outstanding interest. The Company retained the warrants it received and
returned all Teltran share certificates, which were held as security for the note receivable. Simultaneously,
these preferred shares were exchanged as consideration for all outstanding shares and warrants in
the Company held by the Companys investors.
4.  Related Party Transactions
Consulting agreement  The Company and Mr. Darrell Lerner, former director and President, entered into a six-month
consulting agreement pursuant to which Mr. Darrell Lerner assisted the Company with various transition
issues and provided other business consulting services. Under the consulting agreement, Mr. Darrell
Lerner was paid an aggregate consulting fee of $150,000, payable in equal monthly installments. The
Consulting Agreement expired on November 21, 2004, and, by its terms, is not renewable.
Loans form shareholders   Loans from shareholders are unsecured, non-interest bearing and due on demand.
Control of Company   The Companys President, Chief Executive Officer and majority shareholder owns approximately
83% of the Companys shares of common stock outstanding as of November 30, 2004, and as of the
date of issuance of these financial statements.
5.  Conflicts of Interest, Litigation and Contingencies
Certain conflicts of interest have existed and will continue to exist between management, their affiliates
and the Company. Management has other interests including business interests to which he devotes
his primary attention. Management may continue to do so notwithstanding the fact that management
time should be devoted to the business of the Company and in addition, management may negotiate an
acquisition resulting in a conflict of interest.
From time to time, in the normal course of business the Company may be involved in litigation. The
Companys management is not aware of any asserted or unasserted claims and therefore, feels
any such proceedings to have an immaterial effect on the financial statements.
The Companys management has not bound the Company with any contingencies other than those through
the normal course of business.
6.  Income Taxes
The Company is not obligated for U.S. federal income taxes because it is a British Virgin Islands company,
which is not subject to any tax.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-14
|----



|ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|------- | ------------------------------------------------------------------------------------

|Effective June 23, 2004, our Board of Directors dismissed Gately & Associates, LLC (Gately) as our independent accountant. The Board of Directors approved Clancy and Co., P.L.L.C. (Clancy) as our new independent accountants effective that same date. The change was recommended and approved by our Audit Committee on June 23, 2004 in response to our change in control.
      The audit report of Gately on the Companys financial statements for the most recent fiscal year ended November 30, 2003, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles, except such reports were modified to include an explanatory paragraph for a going concern uncertainty. During the fiscal year ended November 30, 2003, and the subsequent interim period through June 21, 2004 (i) there were no disagreements with Gately on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Gately, would have caused such firm to make reference to the subject matter of the disagreements in connection with its report on our financial statements and (ii) there were no such events as described under Item 304(a)(1)(iv) of Regulati
on S-B.
      On June 21, 2004, Clancy was elected to succeed Gately & Associates, LLC as our certifying accountant and retained to audit our financial statements for the year ended November 30, 2004. During the two fiscal years ended November 30, 2003, and the subsequent interim period ended June 21, 2004, our company has not consulted Clancy with respect to any of the accounting or auditing concerns stated in Item 304 (a)(2) of Regulation S-B. Since there were no disagreements or reportable events (as defined in Item 304 (a)(2) of Regulation S-B), we did not consult Clancy in respect to these matters during the time period detailed herein.
      On July 7, 2003, the Company replaced Marvin Kirschenbaum, CPA as the independent auditor for the Company and appointed Gately & Associates as the new independent auditor for the Company.
      Marvin Kirschenbaum, CPAs report on the financial statements for the year ended November 30, 2002 contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to audit scope or accounting principles but included an explanatory paragraph reflecting an uncertainty because the realization of a major portion of the Companys assets is dependent upon its ability to meet its future financing requirements and the success of future operations.
    During the fiscal year ended November 30, 2002 and interim period from November 30, 2002 to July 7, 2003, there have been no disagreements with Marvin Kirschenbaum, CPA on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which disagreements if not resolved to the satisfaction of
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|25
|--



|Marvin Kirschenbaum, CPA would have caused them to make reference in their reports on the financial
statements for such periods.
On February 14, 2002, Don Fuch, CPA resigned as the independent auditor for the Company and Marvin
Kirschenbaum, CPA was appointed as the new independent auditor for the Company.
Don Fuchs, CPAs reports on our financial statements for the fiscal years ended November 30, 2001
and November 20, 2000 and the interim period ended August 31, 2002 contains no adverse opinion or
disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting
principles.
For the fiscal year ended November 30, 2001 and any subsequent interim period through the resignation
of Don Fuch, CPA on February 14, 2002, there have been no disagreements with Don Fuchs, CPA on any
matter of accounting principles or practices, financial statement disclosure, or auditing scope or
procedure which disagreements if not resolved to the satisfaction of Don Fuchs, CPA would have caused
them to make reference in their reports on the financial statements for such periods.
ITEM 8A.       CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our Chief Executive Officer and Chief Financial Officer, Mr. Li (the Certifying Officer)
maintains a system of disclosure controls and procedures that is designed to provide reasonable assurance
that information, which is required to be disclosed, is accumulated and communicated to management
timely. Under the supervision and with the participation of management, the Certifying Officer evaluated
the effectiveness of the design and operation of our disclosure controls and procedures (as defined
in Rule 13a-15(e) or 15d-15(e) under the Exchange Act) within 90 days prior to the filing date of
this report. Based upon that evaluation, the Certifying Officer concluded that our disclosure controls
and procedures are effective in timely alerting them to material information relative to our company
required to be disclosed in our periodic filings with the SEC.
Changes in Internal Controls
Our Certifying Officer has indicated that there were no significant changes in our internal controls
or other factors that could significantly affect such controls subsequent to the date of his evaluation,
and there were no such control actions with regard to significant deficiencies and material weaknesses.
ITEM 8B.       OTHER INFORMATION
None
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|26
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|PART III
|--------
|        

|ITEM 9. | DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE
EXCHANGE ACT
|------- | ---------------------------------------------------------------------------------------------------------------

|Set forth below is information regarding directors (excluding those directors that have resigned as identified above), director appointments and the executive officers of the Company:
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Name         | Age | Position                
|------------ | --- | ------------------------
|             |     |                         
|Li Kin Shing | 46  | CEO; President; Director

|Mr. Li is CEO, President and a director of the Company. Mr. Li acts as the Chairman of Directel Limited,
a mobile virtual network operator with operations primarily in the Peoples Republic of China,
including the Hong Kong market. Mr. Li is also a director of International Elite Limited, one of
the largest centralized single-call location outsourcing customer service call centers in Guangzhou
province of the PRC. Mr. Li is the Chairman of the Board, Chief Executive Officer and Secretary of
Great Wall Acquisition Corp., a blank check company organized for the purpose of effecting a merger,
capital stock exchange, asset acquisition or other similar business combination with a company having
its primary operations in the Peoples Republic of China. Since March 2003, he has been a director
and shareholder of PacificNet Communications Limited - Macao Commercial Offshore, a joint venture
between International Elite and PacificNet Management Limited, a wholly-owned subsidiary of PacificNet
Inc., a public Nasdaq listed provider of information technology consulting, system integration and
information technology solutions in Asia. From October 1997 to September 1999, Mr. Li served as a
member of the board of directors of UTStarcom, Inc., a publicly traded company listed on the Nasdaq
National Market (Symbol: UTSI) which designs, manufactures and markets broadband, narrowband and
wireless access technology. During that same period, Mr. Li also served as the chief executive officer
of on of UTStarcoms subsidiary, UTStarcom Hong Kong Limited.
Corporate Governance
The Board
During our fiscal year ended November 30, 2003 and the interim period ended June 4, 2004, the Companys
Board consisted of a sole director, Darrell Lerner. As of May 21, 2004, Mr. Li become our sole director
and Mr. Lerner resigned. In accordance with the Delaware General Corporation Law and the Companys
Certificate of Incorporation and Bylaws, the Companys business and affairs are managed under
the direction of the Board.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|27
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|Meetings of the Board
The Companys Board consisted of a sole director during the fiscal year ended November 30, 2003
and the calendar year ended December 31, 2003 and the fiscal year ended November 30, 2004 and the
calendar year ended December 31, 2004, and therefore, no Board meetings were held and all resolutions
were adopted by unanimous written consent.
Committees of the Board
Since the Companys Board consists of a sole director, the Board did not establish any committees,
including, but not limited to a separately-designated standing audit committee.
Policy Regarding Director Attendance At Annual Meetings
The Company does not have a formal policy regarding the Board attendance at annual meetings but the
sole director attended last years annual meeting in his capacity as stockholder and director.
Stockholder Communications With the Board
The Board currently does not have a formal process for stockholders to send communications to the Board.
Nevertheless, the Board desires that the views of stockholders are heard by the Board and that appropriate
responses are provided to stockholders on a timely basis. The Board does not recommend that formal
communication procedures be adopted at this time because it believes that informal communications
are sufficient to communicate questions, comments and observations that could be useful to the Board.
However, stockholders wishing to normally communicate with the Board may send communications directly
to our sole director, Mr. Li, at c/o DeHeng Chen Chan, LLC 225 Broadway, New York, NY, 10007; Attention:
Xiaomin Chen, Esq.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Securities Exchange Act of 1934 requires our directors and executive officers,
and persons who own more than 10 percent of our common stock, to file with the SEC initial reports
of ownership and reports of changes in ownership, furnishing us with copies of all Section 16(a)
forms they file. To the best of our knowledge, based solely on review of the copies of such reports
furnished to us, all Section 16(a) filing requirements applicable to our officers and directors were
complied with during the year ended November 30, 2004.
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|28
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|Code of Ethics
We have not adopted a code of ethics that applies to our principal executive officer, principal financial
officer, and principal accounting officer or controller, and/or persons performing similar functions.
We have adopted a code of ethics that applies to all employees, officers and directors, which is
filed as an exhibit to this Annual Report.
ITEM 10.       EXECUTIVE COMPENSATION
Compensation of Directors and Executive Officers
Darrell Lerner has been our President, Chief Executive Officer and Treasurer since inception until
his resignation, effective May 21, 2004. Upon Mr. Lerners resignation, Mr. Li Kin Shing was
appointed as our President, CEO and CFO, and is currently our sole officer. No compensation was paid
to any directors or officers in the fiscal years ended November 30, 2002, 2003 and 2004.
We entered into a Consulting Agreement with Darrell Lerner, our former director, officer and 10% holder,
effective May 21, 2004. Under the terms of his agreement, Mr. Lerner will provide us assistance with
certain post-transaction and transaction activities and transition matters in connection with the
consummation of transactions whereby Jandah, GWH and GBT purchased an aggregate of 98% of our issued
and outstanding capital stock as well as other matters. The Consulting Agreement was a condition
to closing of the acquisition by Jandah, GWH and GBT. Pursuant to the Consulting Agreement, Mr. Lerners
services shall be retained for a period of six months (the agreement is not renewable). Mr. Lerner
will be paid an aggregate of $150,000 for services rendered under the Consulting Agreement, payable
in equal monthly installments. The Consulting Agreement expired on November 21, 2004 and, by its
terms, is not renewable.
Our stockholders may in the future determine to pay our directors fees and reimburse our directors
for expenses related to their activities.
Stock Options
We did not grant stock options in the fiscal years ended November 30, 2002, 2003 or 2004 to any director
or executive officer. No Executive Officer held options during the fiscal years ended November 30,
2003 and 2004.
Executive Employment Contracts
We do not currently have any employment agreements with any of our officers, nor are we planning to
execute such agreements in the future.
Equity Compensation Plan Information
The Companys has not adopted any equity compensation plans.
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|29
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|ITEM 11. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|-------- | --------------------------------------------------------------
|         |                                                               

|Principal Stockholders
    The following table sets forth certain information, as of the Report Date, with respect to persons known to the Company to be the beneficial owners, directly and indirectly, of more than 5% of the Companys Common shares and beneficial ownership of such Common shares by directors and executive officers of the Company.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Name of Beneficial Owner         |  | Number of Shares
      of Common shares
      Beneficially Owned |           | Percent of
      Common shares
      Beneficially Owned | 
|-------------------------------- |  | ---------------------------------------------------------------- | --------- | ------------------------------------------------------- | 
|                                 |  |                                                                  |           |                                                         | 
|                                 |  |                                                                  |           |                                                         | 
|Jandah Management Limited        |  |                                                                  | 9,276,000 |                                                         | 
|Glory Ways Holdings Limited      |  |                                                                  | 846,000   |                                                         | 
|Good Business Technology Limited |  |                                                                  | 854,000   |                                                         | 
|Li Kin Shing (3)                 |  |                                                                  | 9,276,000 |                                                         | 
|All directors and executive      |  |                                                                  | 9,276,000 |                                                         | 
|officers as a group (1 person)   |  |                                                                  |           |                                                         | 

|(1) | As required by regulations of the SEC, the number of shares in the table includes shares which can
  be purchased within 60 days, or, shares with respect to which a person may obtain voting power or
  investment power within 60 days. Also required by such regulations, each percentage reported in the
  table for these individuals is calculated as though shares that can be purchased within 60 days have
  been purchased by the respective person or group and are outstanding.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(2) | Pursuant to an arrangement that will result in a change of control of the Company, as described in Change of Control above.                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(3) | On May 21, 2004, Mr. Li was appointed as the president of the Company upon Mr. Lerners resignation
  as President, Chief Executive Officer, Treasurer and director. Under SEC rules, Mr. Li is considered
  to be the indirect beneficial owner of the shares held by Jandah Management Limited, since he is
  the sole shareholder of Jandah Management Limited and as such, possesses sole investment and voting
  power over the Companys shares held by it.                          

|30
|--



|ITEM 12.       CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Consulting Agreement with Darrell Lerner
We entered into a Consulting Agreement with Darrell Lerner, our former director, officer and 10% holder,
effective May 21, 2004. Under the terms of his agreement, Mr. Lerner will provide us assistance with
certain post-transaction and transaction activities and transition matters in connection with the
consummation of transactions whereby certain third party purchasers are contemplated to purchase
an aggregate of 98% of our issued and outstanding capital stock as well as other matters. Pursuant
to the Consulting Agreement, Mr. Lerners services shall be retained for a period of six months
(the agreement is not renewable). Mr. Lerner will be paid an aggregate of $150,000 for services rendered
under the Consulting Agreement, payable in equal monthly installments. The Consulting Agreement expired
on November 21, 2004 and, by its terms, is not renewable.
Although we have no present intention to do so, we may, in the future, enter into other transactions
and agreements relating to our business with our directors, officers, principal stockholders and
other affiliates. We intend for all such transactions and agreements to be on terms no less favorable
to us than those obtainable from unaffiliated third parties on an arms-length basis. In addition,
the approval of a majority of our disinterested directors will be required for any such transactions
or agreements. As set forth above, we do not anticipate any related party transactions in the next
12 months. Nevertheless, should any related party transactions occur while there are no disinterested
board members, Li Kin Shing our sole director and officer, shall continue to have the sole vote and
we shall rely on his integrity, good judgment, and fiduciary duties to make a fair and equitable
decision on our behalf and one behalf of our stockholders.
Until May 21, 2004, we used office space in a building located at 142 Mineola Avenue, Roslyn, New York.
The primary tenant was Darrell Lerner, our President. The lease for such premises is in the name
of International Global Communications, Inc., a company owned by Byron Lerner, one of our shareholders
and the father of Darrell Lerner, our sole officer and director. The lease provides for monthly rental
payments of $475 and expired February 28, 2003. There was an extension period that commenced March
1, 2003 until February 28, 2004 at the rate of $500 per month.
We have no plans to issue any additional securities to management, promoters, affiliates or associates
at the present time. If our Board of Directors adopts an employee stock option or pension plan, we
may issue additional shares according to the terms of this plan. Although we have a very large amount
of authorized but un-issued common stock, we intend to reserve this stock to implement our plan of
operations to pursue telecom opportunities in the PRC, including Hong Kong. We may attempt to use
shares as consideration, instead of cash. We may issue shares if we engage in a merger or acquisition
or we may issued shares as consideration for services rendered to us or in other transactions in
the normal course of business. In such a case, an indeterminate amount of unissued stock may be issued
by us. We currently have no plans to acquire or
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|merge with another company.
We have no present intention of acquiring any assets by any promoter, management or their affiliates
or associates.
There are no arrangements or agreements between non-management shareholders and management under which
non-management shareholders may directly or indirectly participate in or influence our affairs. In
the future, we will present all possible transactions between the Company and its officers, directors
or 5% stockholders, and their affiliates to the Board of Directors for its consideration and approval.
Any such transaction will require approval by a majority of the directors and such transactions will
be on terms no less favorable than those available to disinterested third parties.
ITEM 13.       EXHIBITS
The following documents are filed as part of this report:
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

|EXHIBIT | DESCRIPTION                                                                                                                                                                               
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                           
|3.1     | Articles of Continuation of China Elite Information Co., Ltd.*                                                                                                                            
|        |                                                                                                                                                                                           
|3.2     | Memorandum of Association of China Elite Information Co., Ltd.*                                                                                                                           
|        |                                                                                                                                                                                           
|3.3     | Articles of Association of China Elite Information Co., Ltd.*                                                                                                                             
|        |                                                                                                                                                                                           
|3.4     | Certificate of Transfer of Relocate 411.com, Inc.*                                                                                                                                        
|        |                                                                                                                                                                                           
|10.1    | Stock Purchase Agreement, dated as of May 21, 2004, by and among Jandah Management Limited, Darrel Lerner, Byron Lerner and James Tubbs.**                                                
|        |                                                                                                                                                                                           
|10.2    | Form of Common Stock Purchase Agreement with Glory Way Holdings Limited.**                                                                                                                
|        |                                                                                                                                                                                           
|10.3    | Form of Common Stock Purchase Agreement with Good Business Technology Limited.**                                                                                                          
|        |                                                                                                                                                                                           
|10.4    | Form of Common Stock Purchase Agreement between Glory Way Holdings Limited and each of Barry Manko and Grushko & Mittman.**                                                               
|        |                                                                                                                                                                                           
|10.5    | Consulting Agreement, dated as of May 21, 2004, by and between the Company and Darrell Lerner.**                                                                                          
|        |                                                                                                                                                                                           
|14      | The Code of Ethics of China Elite Information Co., Ltd.#                                                                                                                                  
|        |                                                                                                                                                                                           
|16      | Letter from Gately & Associates, LLC Re: Change in Certifying Accountant.***                                                                                                              
|        |                                                                                                                                                                                           
|23.1    | Consent of Gately & Associates, LLC.#                                                                                                                                                     
|        |                                                                                                                                                                                           
|23.2    | Consent of Clancy and Co., P.L.L.C.#                                                                                                                                                      
|        |                                                                                                                                                                                           
|31      | Certification of President, Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.#
|        |                                                                                                                                                                                           
|32      | Certification of President, Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.#

|                 
|-----------------
|# Filed herewith.

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|* Filed as an exhibit to the Current Report on Form 8-K, dated August 12, 2004, filed on August 17,
2004 and incorporated herein by reference.
** Filed as an exhibit to the Current Report on Form 8-K, dated May 21, 2004, filed on May 25, 2004
and incorporated herein by reference.
*** Filed as an exhibit to the Current Report on Form 8-K, dated June 23, 2004, filed on June 25, 2004
and incorporated herein by reference.
ITEM 14.      PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit Fees - The aggregate fees billed for professional services rendered for the audit of our annual
financial statements and review of our quarterly financial statements included in our periodic and
other reports filed with the SEC were $11,241 and $1,600 for the years ended November 30, 2004 and
2003, respectively.
Audit-Related Fees - None
Tax Fees - None.
All Other Fees - None
Audit Committee Pre-Approval Policies and Procedures
Our Board, which consists of one director, does not have an Audit Committee. The Companys current
policy is that the sole director is to pre-approve all audit and non-audit services that are to be
performed and fees to be charged by our independent auditor to assure that the provision of these
services does not impair the independence of such auditor. The sole director pre-approved of all
audit services and fees of our independent auditor for the year ended November 30, 2004. Our independent
auditors did not provide us with any non-audit services during the year ended November 30, 2004.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|SIGNATURES
    Pursuant to the requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                      |    | CHINA ELITE INFORMATION CO., LTD.    
|--------------------- | -- | -------------------------------------
|                      |    |                                      
|                      |    |                                      
|Date:  March 15, 2005 | By | /s/ Li Kin Shing                     
|                      |    |                     
|                      |    | Li Kin Shing                         
|                      |    | President and Chief Executive Officer

|Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Signature        | Title                                       | Date          
|---------------- | ------------------------------------------- | --------------
|                 |                                             |               
|                 |                                             |               
|/s/ Li Kin Shing | President, CEO and Director                 | March 15, 2005
|       | (Principal Executive Officer and            |               
|Li Kin Shing     | Principal Financial and Accounting Officer) |               

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