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

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

| FLORIDA                                                        | 88-0404114                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |

| 10 Huangcheng Road (N), Longkou, Shandong Province, PRC |       |
|---------------------------------------------------------|------------|
| (Address of Principal Executive Offices)                | (Zip Code) |

| Large Accelerated Filer  o                     | Accelerated Filer  o         |
|----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|
| Non-Accelerated Filer (Do not check if a smaller reporting company)  o                                | Smaller Reporting Company  x                          |

----

|       |   |                                                                                                                                                                      |   | Page   |
|------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| PART I:    |   | FINANCIAL INFORMATION                                                                                                                                                     |   |   |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 1.    |   | Financial Statements                                                                                                                                                      |   |   |
|       |   |                                                                                                                                                                      |   |   |
|       |   | Consolidated Balance Sheets as of March 25, 2011 (unaudited) and December 25, 2010                                                                                        |   | 3      |
|       |   |                                                                                                                                                                      |   |   |
|       |   | Consolidated Statements of Operations (unaudited) for the three months ended March 25, 2011 and 2010                                                                      |   | 4      |
|       |   |                                                                                                                                                                      |   |   |
|       |   | Consolidated Statements of Stockholders’ Equity and Comprehensive Income (unaudited) for the three months ended March 25, 2011 and the year ended December 25, 2010 |   | 5      |
|       |   |                                                                                                                                                                      |   |   |
|       |   | Consolidated Statements of Cash Flows (unaudited) for the three months ended March 25, 2011 and 2010                                                                      |   | 6      |
|       |   |                                                                                                                                                                      |   |   |
|       |   | Notes to Consolidated Financial Statements (unaudited)                                                                                                                    |   | 7      |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 2.    |   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                               |   | 18     |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 3.    |   | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                |   | 25     |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 4.    |   | Controls and Procedures                                                                                                                                                   |   | 25     |
|       |   |                                                                                                                                                                      |   |   |
| PART II:   |   | OTHER INFORMATION                                                                                                                                                         |   |   |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 1.    |   | Legal Proceedings                                                                                                                                                         |   | 26     |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 1A.   |   | Risk Factors                                                                                                                                                              |   | 26     |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 2.    |   | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                               |   | 26     |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 3.    |   | Defaults Upon Senior Securities                                                                                                                                           |   | 26     |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 4.    |   | (Removed and Reserved)                                                                                                                                                    |   | 26     |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 5.    |   | Other Information                                                                                                                                                         |   | 26     |
|       |   |                                                                                                                                                                      |   |   |
| ITEM 6.    |   | Exhibits                                                                                                                                                                  |   | 26     |
|       |   |                                                                                                                                                                      |   |   |
| SIGNATURES |   | 29                                                                                                                                                                        |
|       |   |                                                                                                                                                                      |   |   |
| EXHIBITS   |   |                                                                                                                                                                      |

----

|                                                                                                                                                                                                                    |   | March 25, 2011 |   |   | December 25, 2010 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                                                                                                                                                                                                    |   | (Unaudited)    |   |   |              |   |
| ASSETS                                                                                                                                                                                                                  |   |           |   |   |              |   |
|                                                                                                                                                                                                                    |   |           |   |   |              |   |
| Current assets:                                                                                                                                                                                                         |   |           |   |   |              |   |
| Cash and cash equivalents                                                                                                                                                                                               |   | $              | 5,575  |   |              | $      | 2,756 |   |
| Accounts receivable, net                                                                                                                                                                                                |   |           | 12,830 |   |              |   | 13,519 |   |
| Deposits and prepayments, net                                                                                                                                                                                           |   |           | 9,453  |   |              |   | 11,523 |   |
| Inventories, net                                                                                                                                                                                                        |   |           | 8,705  |   |              |   | 10,847 |   |
| Total current assets                                                                                                                                                                                                    |   |           | 36,563 |   |              |   | 38,645 |   |
|                                                                                                                                                                                                                    |   |           |   |   |              |   |   |   |
| Property, machinery and equipment, net                                                                                                                                                                                  |   |           | 26,612 |   |              |   | 26,619 |   |
| Land use rights, net                                                                                                                                                                                                    |   |           | 2,619  |   |              |   | 2,595 |   |
| Due from related companies                                                                                                                                                                                              |   |           | 55     |   |              |   | 54 |   |
| Total assets                                                                                                                                                                                                            |   | $              | 65,849 |   |              | $      | 67,913 |   |
|                                                                                                                                                                                                                    |   |           |   |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                                                              |   |           |   |   |              |   |   |   |
|                                                                                                                                                                                                                    |   |           |   |   |              |   |   |   |
| Current liabilities:                                                                                                                                                                                                    |   |           |   |   |              |   |   |   |
| Accounts payable                                                                                                                                                                                                        |   | $              | 3,335  |   |              | $      | 5,773 |   |
| Other payables and accruals                                                                                                                                                                                             |   |           | 2,363  |   |              |   | 2,473 |   |
| Taxes payable                                                                                                                                                                                                           |   |           | 160    |   |              |   | 169 |   |
| Embedded derivatives, at fair value                                                                                                                                                                                     |   |           | 597    |   |              |   | 678 |   |
| Total current liabilities                                                                                                                                                                                               |   |           | 6,455  |   |              |   | 9,093 |   |
|                                                                                                                                                                                                                    |   |           |   |   |              |   |   |   |
| Due to shareholder                                                                                                                                                                                                      |   |           | 4,290  |   |              |   | 4,031 |   |
| Due to joint venture partners                                                                                                                                                                                           |   |           | 462    |   |              |   | 438 |   |
| Total liabilities                                                                                                                                                                                                       |   |           | 11,207 |   |              |   | 13,562 |   |
| Series A and B Redeemable Convertible Preferred Stock, $0.0001 par value:Authorized shares - 5,000,000Issued and outstanding –1,742 shares and 1,742 shares at March 25, 2011 and December 25, 2010, respectively |   |           | 1,742  |   |              |   |     1,742 |   |
|                                                                                                                                                                                                                    |   |           |   |   |              |   |   |   |
| Commitments                                                                                                                                                                                                             |   |           |   |   |              |   |   |   |
|                                                                                                                                                                                                                    |   |           |   |   |              |   |   |   |
| Stockholders’ equity:                                                                                                                                                                                             |   |           |   |   |              |   |   |   |
| Class A Common Stock, $0.0001 par value:Authorized shares - 100,000,000Issued and outstanding – 100,000,000 at March 25, 2011 and 100,000,000 at December 25, 2010                                                |   |           | 9      |   |              |   |   9 |   |
| Class B Common Stock, $0.0001 par value:Authorized shares - 2,000,000Issued and outstanding – none                                                                                                                |   |           | --     |   |              |   | -- |   |
| Additional paid-in capital                                                                                                                                                                                              |   |           | 37,275 |   |              |   | 37,275 |   |
| Retained earnings                                                                                                                                                                                                       |   |           | (775   | )      |              |   | (221 | ) |
| Accumulated other comprehensive income                                                                                                                                                                                  |   |           | 16,262 |   |              |   | 15,418 |   |
| Total NWD stockholders’ equity                                                                                                                                                                                    |   |           | 52,771 |   |              |   | 52,481 |   |
|                                                                                                                                                                                                                    |   |           |   |   |              |   |   |   |
| Non-controlling interest                                                                                                                                                                                                |   |           | 129    |   |              |   | 128 |   |
| Total equity                                                                                                                                                                                                            |   |           | 52,900 |   |              |   | 52,609 |   |
| Total liabilities and stockholders’ equity                                                                                                                                                                        |   | $              | 65,849 |   |              | $      | 67,913 |   |

----

|                                                   |   | Three months endedMarch 25, |    |
|--------------------------------------------------------|--------|-----------------------------|---------|
|                                                   |   | 2011                        |    |   | 2010 |   |
|                                                   |   |                        |    |   |   |   |
| Net revenue                                            |   | $                           | 6,883   |   |   | $ | 6,046 |   |
| Cost of goods sold                                     |   |                        | (6,388  | ) |   |   | (6,023 | ) |
| Gross profit (loss)                                    |   |                        | 495     |   |   |   | 23 |   |
| Selling and distribution expenses                      |   |                        | (247    | ) |   |   | (177 | ) |
| General and administrative expenses                    |   |                        | (836    | ) |   |   | (2,092 | ) |
| Loss from operations                                   |   |                        | (588    | ) |   |   | (2,246 | ) |
| Other income (expense):                                |   |                        |    |   |   |   |   |   |
| Other expenses                                         |   |                        | (17     | ) |   |   | (334 | ) |
| Interest income                                        |   |                        | 1       |   |   |   | -- |   |
| Gain on fair value adjustments to embedded derivatives |   |                        | 81      |   |   |   | 10 |   |
| Loss before income taxes and non-controlling interests |   |                        | (523    | ) |   |   | (2,570 | ) |
| Provision for income taxes                             |   |                        | (1      | ) |   |   | (1 | ) |
| Net loss                                               |   |                        | (524    | ) |   |   | (2,571 | ) |
| Net loss attributable to non-controlling interest      |   |                        | 1       |   |   |   | -- |   |
| Net loss attributable to controlling interest          |   | $                           | (523    | ) |   | $ | (2,571 | ) |
| Accretion of Redeemable Preferred Stock                |   |                        | --      |   |   |   | (117 | ) |
| Preferred Stock Dividends                              |   |                        | (30     | ) |   |   | (48 | ) |
| Loss attributable to common stockholders               |   | $                           | (553    | ) |   | $ | (2,736 | ) |
|                                                   |   |                        |    |   |   |   |   |   |
| Earnings per common share                              |   |                        |    |   |   |   |   |   |
| Basic                                                  |   | $                           | (0.006  | ) |   | $ | (0.03 | ) |
| Diluted                                                |   | $                           | (0.006  | ) |   | $ | (0.03 | ) |
| Weighted average number of common shares outstanding   |   |                        |    |   |   |   |   |   |
| Basic                                                  |   |                        | 100,000 |   |   |   | 89,248 |   |
| Diluted                                                |   |                        | 100,000 |   |   |   | 89,248 |   |

----

|                                                                                     |   |           |    |   |       |   |   |         |   |   |     |   |   |     |   |   | Accumulated   |   |   | Total               |   |   |        |   |   |   |   |   |          |   |
|------------------------------------------------------------------------------------------|--------|----------------|---------|--------|------------|--------|--------|--------------|--------|--------|----------|--------|--------|----------|--------|--------|---------------|--------|--------|---------------------|--------|--------|-------------|--------|--------|--------|--------|--------|---------------|--------|
|                                                                                     |   | Class A Common |    |   | Additional |   |   | Deferred     |   |   |     |   |   | Other    |   |   | NWD           |   |   | Non                 |   |   |        |   |   |   |   |
|                                                                                     |   | Stock          |    |   | Shares     |   |   | Paid-in      |   |   | Stock    |   |   | Retained |   |   | Comprehensive |   |   | Stockholders’ |   |   | Controlling |   |   | Total  |   |   | Comprehensive |   |
|                                                                                     |   | Amount         |    |   | Capital    |   |   | Compensation |   |   | Earnings |   |   | Income   |   |   | Equity        |   |   | Interests           |   |   | Equity      |   |   | Income |   |
|                                                                                     |   |           |    |   |       |   |   |         |   |   |     |   |   |     |   |   |          |   |   |                |   |   |        |   |   |   |   |   |          |   |
| Balance at December 25, 2009                                                             |   |           | 83,364  |   |       | $      | 8      |         |   | $      | 35,569   |   |   | $        | (75    | )      |          | $      | 9,187  |                |   | $      | 13,405      |   |   | $      | 58,094 |   |          | $      | 125 |   |   | $ | 58,219 |   |   | $ | (11,011 | ) |
| Net loss                                                                                 |   |           | -       |   |       |   | -      |         |   |   | -        |   |   |     | -      |   |          |   | (9,011 | )                   |   |   | -           |   |   |   | (9,011 | )      |          |   | 3 |   |   |   | (9,008 | ) |   |   | (9,011 | ) |
| Accretion of Redeemable Preferred Stock                                                  |   |           | -       |   |       |   | -      |         |   |   | -        |   |   |     | -      |   |          |   | (282   | )                   |   |   | -           |   |   |   | (282   | )      |          |   | - |   |   |   | (282 | ) |   |   | - |   |
| Preferred Stock Dividends                                                                |   |           | -       |   |       |   | -      |         |   |   | -        |   |   |     | -      |   |          |   | (115   | )                   |   |   | -           |   |   |   | (115   | )      |          |   | - |   |   |   | (115 | ) |   |   | - |   |
| Foreign currency translation adjustment                                                  |   |           | -       |   |       |   | -      |         |   |   | -        |   |   |     | -      |   |          |   | -      |                |   |   | 2,013       |   |   |   | 2,013  |   |          |   | - |   |   |   | 2,013 |   |   |   | 2,013 |   |
| Conversion of preferred stock and related dividend payments made in Class A Common Stock |   |           | 16,636  |   |       |   | 1      |         |   |   | 1,706    |   |   |     | -      |   |          |   | -      |                |   |   | -           |   |   |   | 1,707  |   |          |   | - |   |   |   | 1,707 |   |   |   | - |   |
| Share-based compensation to CFO                                                          |   |           | -       |   |       |   | -      |         |   |   | -        |   |   |     | 75     |   |          |   | -      |                |   |   | -           |   |   |   | 75     |   |          |   | - |   |   |   | 75 |   |   |   | - |   |
| Balance at December 25, 2010                                                             |   |           | 100,000 |   |       | $      | 9      |         |   | $      | 37,275   |   |   | $        | -      |   |          | $      | (221   | )                   |   | $      | 15,418      |   |   | $      | 52,481 |   |          | $      | 128 |   |   | $ | 52,609 |   |   | $ | (6,998 | ) |
| Net loss                                                                                 |   |           | -       |   |       |   | -      |         |   |   | -        |   |   |     | -      |   |          |   | (524   | )                   |   |   | -           |   |   |   | (524   | )      |          |   | 1 |   |   |   | (523 | ) |   |   | (524 | ) |
| Preferred Stock Dividends                                                                |   |           | -       |   |       |   | -      |         |   |   | -        |   |   |     | -      |   |          |   | (30    | )                   |   |   | -           |   |   |   | (30    | )      |          |   | - |   |   |   | (30 | ) |   |   | - |   |
| Foreign currency translation adjustment                                                  |   |           | -       |   |       |   | -      |         |   |   | -        |   |   |     | -      |   |          |   | -      |                |   |   | 844         |   |   |   | 844    |   |          |   | - |   |   |   | 844 |   |   |   | 844 |   |
| Balance at March 25, 2011(Unaudited)                                       |   |           | 100,000 |   |       | $      | 9      |         |   | $      | 37,275   |   |   | $        | -      |   |          | $      | (775   | )                   |   | $      | 16,262      |   |   | $      | 52,771 |   |          | $      | 129 |   |   | $ | 52,900 |   |   | $ | 320 |   |

----

|                                                                        |   | Three months endedMarch 25, |   |
|-----------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                        |   | 2011                        |   |   | 2010 |   |
| Cash flows from operating activities:                                       |   |                        |   |   |   |   |
| Net loss                                                                    |   | $                           | (523   | ) |   | $ | (2,571 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                        |   |   |   |   |   |   |
| Allowance for doubtful accounts                                             |   |                        | 562    |   |   |   | 1,460 |   |
| Provision for inventory reserve                                             |   |                        | 13     |   |   |   | 25 |   |
| Depreciation and amortization of land use rights                            |   |                        | 522    |   |   |   | 412 |   |
| Loss on sale of machinery and equipment                                     |   |                        | --     |   |   |   | 120 |   |
| Gain on fair value adjustments to embedded derivatives                      |   |                        | (81    | ) |   |   | (10 | ) |
| Stock-based compensation expense                                            |   |                        | --     |   |   |   | 75 |   |
| Non-controlling interests                                                   |   |                        | (1     | ) |   |   | -- |   |
| Changes in operating assets and liabilities:                                |   |                        |   |   |   |   |   |   |
| Accounts receivable                                                         |   |                        | 280    |   |   |   | (1,939 | ) |
| Deposits and prepayments                                                    |   |                        | 2,183  |   |   |   | 77 |   |
| Inventories                                                                 |   |                        | 2,233  |   |   |   | 1,562 |   |
| Accounts payable                                                            |   |                        | (2,478 | ) |   |   | 210 |   |
| Other payables and accruals                                                 |   |                        | (168   | ) |   |   | 69 |   |
| Taxes payable                                                               |   |                        | (11    | ) |   |   | 190 |   |
| Net cash provided by (used in) operating activities                         |   |                        | 2,531  |   |   |   | (320 | ) |
|                                                                        |   |                        |   |   |   |   |   |   |
| Cash flows from investing activities:                                       |   |                        |   |   |   |   |   |   |
| Proceeds from sale of property, machinery and equipment                     |   |                        | --     |   |   |   | 15 |   |
| Purchases of property, machinery and equipment                              |   |                        | (22    | ) |   |   | (5 | ) |
| Net cash provided by (used in) investing activities                         |   |                        | (22    | ) |   |   | 10 |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Cash flows from financing activities:                                       |   |                        |   |   |   |   |   |   |
| Proceeds from shareholder loan                                              |   |                        | 208    |   |   |   | 32 |   |
| Proceeds from joint venture partners                                        |   |                        | 18     |   |   |   | 13 |   |
| Net cash provided by financing activities                                   |   |                        | 226    |   |   |   | 45 |   |
| Impact of foreign currency translation on cash                              |   |                        | 84     |   |   |   | 217 |   |
| Net increase (decrease) in cash and cash equivalents                        |   |                        | 2,819  |   |   |   | (48 | ) |
| Cash and cash equivalents at the beginning of period                        |   |                        | 2,756  |   |   |   | 3,440 |   |
| Cash and cash equivalents at the end of period                              |   | $                           | 5,575  |   |   | $ | 3,392 |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Non-Cash Investing and Financing Activities                                 |   |                        |   |   |   |   |   |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Conversion of preferred stock into common stock                             |   | $                           | --     |   |   | $ | 752 |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Dividend payments on preferred stock in the form of common stock            |   | $                           | --     |   |   | $ | 64 |   |
|                                                                        |   |                        |   |   |   |   |   |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Supplemental disclosure of cash flows information:                          |   |                        |   |   |   |   |   |   |
|                                                                        |   |                        |   |   |   |   |   |   |
| Income taxes paid                                                           |   |                        | 1      |   |   |   | -- |   |

----

----

| Level 1 - |   | quoted prices (unadjusted) in active markets for identical asset or liabilities that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active exchange-traded securities and exchange-based derivatives.                                                                        |
|-----------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |   |                                                                                                                                                                                                                                                                                                                                                                   |
| Level 2 - |   | inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, mutual funds, and fair-value hedges.            |
|      |   |                                                                                                                                                                                                                                                                                                                                                                   |
| Level 3 - |   | unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded, non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models. |

| (In thousands)                                       | Fair Value |   |
|------------------------------------------------------|------------|--------|
|                                                 | Level 1    |   | Level 2 |   | Level 3 |   | Total |   |
|                                                 |       |   |   |   |   |   |   |   |   |   |   |   |
| Embedded derivative liabilities as of March 25, 2011 |       | $      | -- |   |   | $ | -- |   |   | $ | 597 |   |   | $ | 597 |   |
| Embedded derivative liabilities as of March 25, 2010 |       | $      | -- |   |   | $ | -- |   |   | $ | 62 |   |   | $ | 62 |   |

----

----

|                                                                         |   | Inside China |   |   | Outside China |   |   | Total  |   |
|------------------------------------------------------------------------------|--------|--------------|--------|--------|---------------|--------|--------|--------|--------|
| Assets                                                                       |   |         |   |   |          |   |   |   |   |
| - Cash and cash equivalents                                                  |   | $            | 5,562  |   |          | $      | 13     |   |   | $ | 5,575 |   |
| - Others                                                                     |   |         | 60,254 |   |          |   | 20     |   |   |   | 60,274 |   |
| Total assets                                                                 |   |         | 65,816 |   |          |   | 33     |   |   |   | 65,849 |   |
| Liabilities, excluding Series A and B Redeemable Convertible Preferred Stock |   |         | 6,174  |   |          |   | 5,033  |   |   |   | 11,207 |   |
| Equity                                                                       |   |         | 40,286 |   |          |   | 12,614 |   |   |   | 52,900 |   |

|                                          |   | Inside China |   |   | Outside China |   |   | Total  |   |
|-----------------------------------------------|--------|--------------|--------|--------|---------------|--------|--------|--------|--------|
|                                          |   |         |   |   |          |   |   |   |   |
| Net revenue                                   |   | $            | 6,883  |   |          | $      | --     |   |   | $ | 6,883 |   |
| Cost of goods sold                            |   |         | (6,388 | )      |          |   | --     |   |   |   | (6,388 | ) |
| General and administrative expenses           |   |         | (582   | )      |          |   | (254   | )      |   |   | (836 | ) |
| Loss from operations                          |   |         | (334   | )      |          |   | (254   | )      |   |   | (588 | ) |
| Provision for income taxes                    |   |         | (1     | )      |          |   | --     |   |   |   | (1 | ) |
| Other income (expense)                        |   |         | (16    | )      |          |   | 81     |   |   |   | 65 |   |
| Net loss attributable to controlling interest |   |         | (350   | )      |          |   | (173   | )      |   |   | (523 | ) |

----

|                                   | Three Months Ended March 25, |   |
|----------------------------------------|---------------------------------------------|--------|
|                                   | 2011                                        |   | 2010 |   |
|                                   |                                        |   | Weighted |   |   |   |   |   | Weighted |   |   |   |
|                                   |                                        |   | Average |   |   |   |   |   | Average |   |   |   |
|                                   | Loss                                        |   | Shares |   | Per-Share |   | Loss |   | Shares |   | Per-Share |   |
| Earnings per share – basic       |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Loss available to common stockholders  |                                        | $      | (553 | ) |   |   | 100,000 |   |   | $ | (0.006 | ) |   | $ | (2,736 | ) |   |   | 89,248 |   |   | $ | (0.03 | ) |
| Effect of dilutive securities          |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Redeemable convertible preferred stock |                                        |   | -- |   |   |   | -- |   |   |   |   |   |   |   | -- |   |   |   | -- |   |   |   |   |   |
| Options and warrants                   |                                        |   | -- |   |   |   | -- |   |   |   |   |   |   |   | -- |   |   |   | -- |   |   |   |   |   |
|                                   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share – diluted     |                                        | $      | (553 | ) |   |   | 100,000 |   |   | $ | (0.006 | ) |   | $ | (2,736 | ) |   |   | 89,248 |   |   | $ | (0.03 | ) |

|                                  |   | March 25, 2011 |   |   | December 25, 2010 |   |
|---------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                  |   | (Unaudited)    |   |   |              |   |
|                                  |   |           |   |   |              |   |
| Accounts receivable                   |   | $              | 20,245 |   |              | $      | 20,689 |   |
| Less: Allowance for doubtful accounts |   |           | (7,415 | )      |              |   | (7,170 | ) |
|                                  |   | $              | 12,830 |   |              | $      | 13,519 |   |

|                                   |   | March 25, 2011 |   |   | December 25, 2010 |   |
|----------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                   |   | (Unaudited)    |   |   |              |   |
|                                   |   |           |   |   |              |   |
| Balance at the beginning of the period |   | $              | 7,170  |   |              | $      | 2,725 |   |
| Add: provision during the period       |   |           | 650    |   |              |   | 4,609 |   |
| Less: write-offs during the period     |   |           | (405   | )      |              |   | (164 | ) |
| Balance at the end of the period       |   | $              | 7,415  |   |              | $      | 7,170 |   |

|                       |   | March 25, 2011 |   |   | December 25, 2010 |   |
|----------------------------|--------|----------------|--------|--------|-------------------|--------|
|                       |   | (Unaudited)    |   |   |              |   |
|                       |   |           |   |   |              |   |
| Deposits for raw materials |   | $              | 7,413  |   |              | $      | 8,417 |   |
| Prepayments and advances   |   |           | 1,818  |   |              |   | 2,849 |   |
| Land lease prepayment      |   |           | 222    |   |              |   | 257 |   |
|                       |   | $              | 9,453  |   |              | $      | 11,523 |   |

|                                        |   | March 25, 2011 |   |   | December 25, 2010 |   |
|---------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                        |   | (Unaudited)    |   |   |              |   |
|                                        |   |           |   |   |              |   |
| Raw materials (including packing materials) |   | $              | 7,748  |   |              | $      | 9,360 |   |
| Finished goods                              |   |           | 977    |   |              |   | 1,494 |   |
|                                        |   |           | 8,725  |   |              |   | 10,854 |   |
| Less: Inventory reserve                     |   |           | (20    | )      |              |   | (7 | ) |
|                                        |   | $              | 8,705  |   |              | $      | 10,847 |   |

----

|                                   |   | March 25, 2011 |   |   | December 25, 2010 |   |
|----------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                   |   | (Unaudited)    |   |   |              |   |
|                                   |   |           |   |   |              |   |
| Balance at the beginning of the period |   | $              | 7      |   |              | $      | 512 |   |
| Add: provision during the period       |   |           | 13     |   |              |   | 17 |   |
| Less: write-offs during the period     |   |           | --     |   |              |   | (522 | ) |
| Balance at the end of the period       |   | $              | 20     |   |              | $      | 7 |   |

|                                   |   | March 25, 2011 |   |   | December 25, 2010 |   |
|----------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                   |   | (Unaudited)    |   |   |              |   |
|                                   |   |           |   |   |              |   |
| Xinlong Asia Food (Luoyang) Co., Ltd.* |   | $              | 55     |   |              | $      | 54 |   |
| Due from related companies for sales   |   | $              | 55     |   |              | $      | 54 |   |

|                                            |   | Useful Life |   |   | March 25, 2011 |   |    | December 25, 2010 |   |
|-------------------------------------------------|--------|-------------|--------|--------|----------------|--------|---------|-------------------|--------|
|                                            |   | (In years)  |   |   | (Unaudited)    |   |    |              |   |
|                                            |   |        |   |   |           |   |    |              |   |
| Buildings                                       |   |        | 40     |   |           | $      | 13,867  |              |   | $ | 13,701 |   |
| Machinery and equipment                         |   |        | 5 - 12 |   |           |   | 22,948  |              |   |   | 22,687 |   |
| Construction in process                         |   |        |   |   |           |   | 474     |              |   |   | 400 |   |
|                                            |   |        |   |   |           |   | 37,289  |              |   |   | 36,788 |   |
| Less: Accumulated depreciation and amortization |   |        |   |   |           |   | (10,677 | )                 |   |   | (10,169 | ) |
|                                            |   |        |   |   |           | $      | 26,612  |              |   | $ | 26,619 |   |

|                           |   | March 25, 2011 |   |   | December 25, 2010 |   |
|--------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                           |   | (Unaudited)    |   |   |              |   |
|                           |   |           |   |   |              |   |
| Land use rights                |   | $              | 3,250  |   |              | $      | 3,206 |   |
| Less: Accumulated amortization |   |           | (631   | )      |              |   | (611 | ) |
|                           |   | $              | 2,619  |   |              | $      | 2,595 |   |

|                                     |   | March 25, 2011 |   |   | December 25, 2010 |   |
|------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                     |   | (Unaudited)    |   |   |              |   |
|                                     |   |           |   |   |              |   |
| Deposits from customers                  |   | $              | 770    |   |              | $      | 613 |   |
| Accruals for payroll, bonus and benefits |   |           | 293    |   |              |   | 519 |   |
| Utilities and accrued expenses           |   |           | 1,300  |   |              |   | 1,341 |   |
|                                     |   | $              | 2,363  |   |              | $      | 2,473 |   |

----

|                 |   | Series A Preferred Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Series B Preferred Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Preferred Dividend   |   | 7% per annum, payable quarterly in arrears in cash or, at the Company’s option subject to satisfaction of certain conditions, shares of Class A Common Stock valued at 95% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                                               |   | 7% per annum, payable quarterly in arrears in cash or, at the Company’s option subject to satisfaction of certain conditions, shares of Class A Common Stock valued at 95% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                                             |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Redemption           |   | July 11, 2010 Beginning on the 24th month following closing and each month thereafter, the Company shall redeem 1/37th of the face value of the Preferred Stock in either cash or Class A Common Stock valued at 90% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                 |   | December 22, 2010 Beginning at the end of the 24th month following closing and on each third monthly anniversary of that date (quarterly) thereafter, the Company shall redeem 1/13th of the face value of the Preferred Stock in either cash or Class A Common Stock valued at 90% of the volume-weighted current market price.                                                                                                                                                                                                                     |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Mandatory Conversion |   | The Company may at any time force the conversion of the Preferred Stock if the volume-weighted current market price of the Class A Common Stock exceeds 300% of the then applicable conversion price.                                                                                                                                                                                                                                                                                                                                                       |   | The Company may at any time force the conversion of the Preferred Stock if the volume-weighted current market price of the Class A Common Stock exceeds 200% of its price at issuance of the Preferred Stock.                                                                                                                                                                                                                                                                                                                                             |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Registration         |   | The Company shall file to register the underlying Class A common shares within 30 days of the closing date and make its best efforts to have the Registration declared effective at the earliest date.  In the event such Registration is not continuously effective during the period such shares are subject to transfer restrictions under the U.S. federal securities laws, then (subject to certain exceptions) the holders are entitled to receive liquidated damages equal to 2.0% of the purchase price of the Preferred Stock per month. |   | The Company shall file to register the underlying Class A common shares with 30 days of the closing date and make its best efforts to have the Registration declared effective at the earliest date.  In the event such Registration is not continuously effective during the period such shares are subject to transfer restrictions under the U.S. federal securities laws, then (subject to certain exceptions) the holders are entitled to receive liquidated damages equal to 2.0% of the purchase price of the Preferred Stock per month. |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Anti-dilution        |   | In the event the Company issues, at any time while Preferred Stock are still outstanding, Common Stock or any type of securities giving rights to Common Stock at a price below the Issue Price, the Company agrees to extend full-ratchet anti-dilution protection to the investors.                                                                                                                                                                                                                                                                       |   | In the event the Company issues, at any time while Preferred Stock are still outstanding, Common Stock or any type of securities giving rights to Common Stock at a price below the Issue Price, the Company agrees to extend full-ratchet anti-dilution protection to the investors.                                                                                                                                                                                                                                                                     |

----

| Redeemable Convertible Preferred Stock             |   | Preferred shares |   |   | Balance        |   |
|----------------------------------------------------|--------|------------------|--------|--------|----------------|--------|
|                                               |   |             |   |   | (in thousands) |   |
| 2010                                               |   |             |   |   |           |   |
| Series A                                           |   |             | --     |   |           | $      | -- |   |
| Series B                                           |   |             | 1,742  |   |           |   | 1,742 |   |
| Less: unamortized discount                         |   |             | --     |   |           |   | (1,065 | ) |
| Add: adjustment for quarterly redemption reversion |   |             | --     |   |           |   | 1,065 |   |
| Balance December 25, 2010                          |   |             | 1,742  |   |           | $      | 1,742 |   |
| Balance March 25, 2011(Unaudited)                  |   |             | 1,742  |   |           | $      | 1,742 |   |

----

|                     | Embedded Conversion Feature                                            |
|--------------------------|------------------------------------------------------------------------|
| Expected life (in years) | Remaining Term to conversion or redemption date at each valuation date |
| Expected volatility      | 196.61%                                                                |
| Risk-free interest rate  | 0.09%                                                                  |
| Dividend yield           | 0                                                                      |

| Fair Value at December 25, 2009                                                            |   | $      | 76  |   |
|--------------------------------------------------------------------------------------------|--------|--------|-----|--------|
| Loss on change in value of derivatives during the period                                   |   |   | 619 |   |
| Conversion of 1,752 shares of Series A & B Preferred Stock to common stock during 2010 |   |   | (17 | )      |
| Fair Value at December 25, 2010                                                            |   | $      | 678 |   |
| Gain on change in value of derivatives during the period                                   |   |   | (81 | )      |
| Fair Value at March 25, 2011(Unaudited)                                                    |   | $      | 597 |   |

|                                     |   | Shares |      |   | Weighted Average Exercise Price |   |
|------------------------------------------|--------|--------|-----------|--------|---------------------------------|--------|
| Outstanding at December 25, 2010         |   |   | 6,126,645 |   |                            |   | 1.3889 |   |
| Issued                                   |   |   | --        |   |                            |   | -- |   |
| Exercised                                |   |   | --        |   |                            |   | -- |   |
| Expired                                  |   |   | --        |   |                            |   | -- |   |
| Outstanding at March 25, 2011(Unaudited) |   |   | 6,126,645 |   |                            |   | 1.3889 |   |

----

|                                              |   | Shares of Class A Common StockIssuable Under Warrants |      |   | ExercisePrice |   |
|---------------------------------------------------|--------|-------------------------------------------------------|-----------|--------|---------------|--------|
| July 2005 private placement                       |   |                                                  |      |   |          |   |
| 6-year warrants                                   |   |                                                  | 3,157,895 |   |          | $      | 1.04 |   |
|                                              |   |                                                  |      |   |          |   |   |   |
| December 2005 private placement                   |   |                                                  |      |   |          |   |   |   |
| 6-year warrants                                   |   |                                                  | 2,968,750 |   |          |   | 1.76 |   |
| Warrants exercisable at March 25, 2011(Unaudited) |   |                                                  | 6,126,645 |   |          |   |   |   |

|                                                         |   | Three months endedMarch 25, |   |
|--------------------------------------------------------------|--------|-----------------------------|--------|
|                                                         |   | 2011                        |   |   | 2010 |   |
|                                                         |   | (Unaudited)                 |   |   | (Unaudited) |   |
|                                                         |   |                        |   |   |   |   |
| Pre-determined annual fee charged by joint venture partners: |   |                        |   |   |   |   |
| Shandong Longfeng Group Company (a)                          |   | $                           | 7      |   |   | $ | 7 |   |
| Shandong Longfeng Flour Company Limited (b)                  |   |                        | 12     |   |   |   | 11 |   |
|                                                         |   | $                           | 19     |   |   | $ | 18 |   |

----

|                                    |   | March 25, 2011 |   |   | March 25, 2010 |   |
|-----------------------------------------|--------|----------------|--------|--------|----------------|--------|
| Net loss                                |   | $              | (524   | )      |           | $      | (2,571 | ) |
| Foreign currency translation adjustment |   |           | 844    |   |           |   | 19 |   |
| Comprehensive loss                      |   | $              | 320    |   |           | $      | (2,552 | ) |

|                          |   | For the three months endedMarch 25, (unaudited) |   |
|-------------------------------|--------|-------------------------------------------------|--------|
|                          |   | 2011                                            |   |   | 2010 |   |
|                          |   | (US$'000)                                       |   |   | (US$'000) |   |
| Net revenue                   |   |                                            |   |   |   |   |
| Instant noodles               |   |                                            | 2,197  |   |   |   | 1,012 |   |
| Flour                         |   |                                            | 3,137  |   |   |   | 3,329 |   |
| Soybean                       |   |                                            | 1,549  |   |   |   | 1,705 |   |
|                          |   |                                            | 6,883  |   |   |   | 6,046 |   |
| Income (loss) from operations |   |                                            |   |   |   |   |   |   |
| Instant noodles               |   |                                            | (140   | ) |   |   | (577 | ) |
| Flour                         |   |                                            | (587   | ) |   |   | (1,610 | ) |
| Soybean                       |   |                                            | 139    |   |   |   | (59 | ) |
|                          |   |                                            | (588   | ) |   |   | (2,246 | ) |
| Depreciation and amortization |   |                                            |   |   |   |   |   |   |
| Instant noodles               |   |                                            | 230    |   |   |   | 188 |   |
| Flour                         |   |                                            | 118    |   |   |   | 90 |   |
| Soybean                       |   |                                            | 204    |   |   |   | 134 |   |
|                          |   |                                            | 552    |   |   |   | 412 |   |

|                          |   | March 25,         |   |   | December 25, |   |
|-------------------------------|--------|-------------------|--------|--------|--------------|--------|
|                          |   | 2011, (unaudited) |   |   | 2010         |   |
|                          |   | (US$'000)         |   |   | (US$'000)    |   |
| Identifiable long-term assets |   |              |   |   |         |   |
| Instant noodles               |   |              | 12,059 |   |         | $      | 12,096 |   |
| Flour                         |   |              | 7,215  |   |         |   | 7,225 |   |
| Soybean                       |   |              | 10,012 |   |         |   | 9,947 |   |
|                          |   |              | 29,286 |   |         | $      | 29,268 |   |

----

----

----

----

| - | Acquire additional locations to increase our production capacity                                                                   |
|---|------------------------------------------------------------------------------------------------------------------------------------|
| - | Build strategic alliances with multinational food groups to enhance product range and capitalize on our China distribution network |

----

|                                                   |   | Three months endedMarch 25, |   |
|--------------------------------------------------------|--------|-----------------------------|--------|
|                                                   |   | 2011                        |   |   | 2010 |   |
|                                                   |   |                        |   |   |   |   |
| Net revenue                                            |   | $                           | 6,883  |   |   | $ | 6,046 |   |
| Cost of goods sold                                     |   |                        | (6,388 | ) |   |   | (6,023 | ) |
| Gross profit                                           |   |                        | 495    |   |   |   | 23 |   |
| Selling and distribution expenses                      |   |                        | (247   | ) |   |   | (177 | ) |
| General and administrative expenses                    |   |                        | (836   | ) |   |   | (2,092 | ) |
| Gain on fair value adjustments to embedded derivatives |   |                        | 81     |   |   |   | 10 |   |
| Loss before income taxes                               |   |                        | (523   | ) |   |   | (2,570 | ) |
| Income taxes expense                                   |   |                        | (1     | ) |   |   | (1 | ) |
| Net loss attributable to controlling interest          |   |                        | (523   | ) |   |   | (2,571 | ) |

----

----

|                 |   | Series A Preferred Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Series B Preferred Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Preferred Dividend   |   | 7% per annum, payable quarterly in arrears in cash or, at the Company’s option subject to satisfaction of certain conditions, shares of Class A Common Stock valued at 95% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                                               |   | 7% per annum, payable quarterly in arrears in cash or, at the Company’s option subject to satisfaction of certain conditions, shares of Class A Common Stock valued at 95% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                                                   |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Redemption           |   | July 11, 2010 Beginning on the 24th month following closing and each month thereafter, the Company shall redeem 1/37th of the face value of the Preferred Stock in either cash or Class A Common Stock valued at 90% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                      |   | December 22, 2010 Beginning at the end of the 24th month following closing and on each third monthly anniversary of that date (quarterly) thereafter, the Company shall redeem 1/13th of the face value of the Preferred Stock in either cash or Class A Common Stock valued at 90% of the volume-weighted current market price.                                                                                                                                                                                                                           |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Mandatory Conversion |   | The Company may at any time force the conversion of the Preferred Stock if the volume-weighted current market price of the Class A Common Stock exceeds 300% of the then applicable conversion price.                                                                                                                                                                                                                                                                                                                                                       |   | The Company may at any time force the conversion of the Preferred Stock if the volume-weighted current market price of the Class A Common Stock exceeds 200% of its price at issuance of the Preferred Stock.                                                                                                                                                                                                                                                                                                                                              |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Registration         |   | The Company shall file to register the underlying Class A common shares within 30 days of the closing date and make its best efforts to have the Registration declared effective at the earliest date.  In the event such Registration is not continuously effective during the period such shares are subject to transfer restrictions under the U.S. federal securities laws, then (subject to certain exceptions) the holders are entitled to receive liquidated damages equal to 2.0% of the purchase price of the Preferred Stock per month. |   | The Company shall file to register the underlying Class A common shares with 30 days of the closing date and make its best efforts to have the Registration declared effective at the earliest date.  In the event such Registration is not continuously effective during the period such shares are subject to transfer restrictions under the U.S. federal securities laws, then (subject to certain exceptions) the holders are entitled to receive liquidated damages equal to 2.0% of the purchase price of the Preferred Stock per month.  |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Anti-dilution        |   | In the event the Company issues, at any time while Preferred Stock are still outstanding, Common Stock or any type of securities giving rights to Common Stock at a price below the Issue Price, the Company agrees to extend full-ratchet anti-dilution protection to the investors.                                                                                                                                                                                                                                                                       |   | In the event the Company issues, at any time while Preferred Stock are still outstanding, Common Stock or any type of securities giving rights to Common Stock at a price below the Issue Price, the Company agrees to extend full-ratchet anti-dilution protection to the investors.                                                                                                                                                                                                                                                                           |

|                                                        |   | Payment Obligations By Period |
|-------------------------------------------------------------|--------|-------------------------------|
|                                                        |   | 2011                          |   | 2012 |   | 2013 |   | 2014 |   | 2015 |   | Thereafter |   | Total |
|                                                        |   | (In thousands)                |
| Pre-determined annual fee charged by joint venture partners |   | 97                            |   | 129 |   | 129 |   | 129 |   | 129 |   | 4,270 |   | 4,883 |

----

----

| Exhibit Number |  Description                                                                                                                                                                                                       |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1            | Share Exchange Agreement dated as of December 18, 2001 (incorporated herein by reference from our filing on the Definitive Proxy 14/A filed on October 11, 2001).                                                  |
| 3.1            | Amended  Articles  of  Incorporation (incorporated herewith by reference to Exhibit 3.1 to our Definitive Proxy 14/A filed on October 11, 2001).                                     |
| 3.2            | By-laws (incorporated herewith by reference to Exhibit 3.2 to our Definitive Proxy 14/A filed on October 11, 2001).                                                                                                |
| 3.3       | Certificate of Designations of Preferences, Rights and Limitations of the Series A 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 3.1 of our Form 8-K filed on July 12, 2005).      |
| 3.4            | Certificate of Designations of Preferences, Rights and Limitations of the Series B 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 3.1 of our Form 8-K filed on December 23, 2005).  |
| 4.1            | Subscription Agreement, dated September 4, 2003  (incorporated herewith by reference to Exhibit 4.1 to our Registration Statement on Form S-3 filed on October 3, 2003).                                 |
| 4.2            | Subscription Agreement, dated October 3, 2003 (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on October 3, 2003).                                              |
| 4.3            | Common Stock Purchase Warrants for the September 4, 2003 Private Placement (incorporated herewith by reference to Exhibit 4.3 to our Registration Statement on Form S-3 filed on October 3, 2003).                 |
| 4.4            | Common Stock Purchase Warrants for the October 3, 2003 Private Placement (incorporated herewith by reference to Exhibit 4.4 to our Registration Statement on Form S-3 filed on October 3, 2003).                   |

----

| 4.5        | Form of Warrant issued to Midsummer Investment Ltd. and Islandia, L.P. (incorporated herewith by reference to Exhibit 4.1 to our Form 8-K filed on July 12, 2005).                                                                                                                |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.6   | Form of Warrant issued to Alliance Financial, LLC, Renaissance Advisors BVI, John F. Steinmetz, TN Capital Equities, Ltd. and Kathleen McDonnell (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on August 11, 2005).     |
| 4.7        | Securities Purchase Agreement, dated July 11, 2005, relating to the sale of the Series A 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on July 12, 2005).                                                         |
| 4.8        | Registration Rights Agreement, dated July 11, 2005, by and among New Dragon Asia Corp. and the investors named therein (incorporated herewith by reference to Exhibit 10.2 to our Form 8-K filed on July 12, 2005).                                                          |
| 4.9   | Form of Warrant issued to Midsummer Investment Ltd. and Islandia, L.P. (incorporated herewith by reference to Exhibit 4.1 to our Form 8-K filed on December 23, 2005).                                                                                                       |
| 4.10  | Form of Warrant issued to Alliance Financial, LLC, Renaissance Advisors, Inc., John F. Steinmetz, TN Capital Equities, Ltd. and Kathleen McDonnell (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on January 20, 2006).  |
| 4.11  | Securities Purchase Agreement, dated December 22, 2005, relating to the sale of the Series B 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on December 23, 2005).                                                 |
| 4.12  | Registration Rights Agreement, dated December 22, 2005, by and among New Dragon Asia Corp. and the investors named therein (incorporated herewith by reference to Exhibit 10.2 to our Form 8-K filed on December 23, 2005).                                                  |
| 4.13  | Registration Rights Agreement, dated December 22, 2005, by and among New Dragon Asia Corp. and New Dragon Food Ltd. (incorporated herewith by reference to Exhibit 4.5 to our Registration Statement on Form S-3 filed on January 20, 2006).                                 |
| 10.1       | Sino-Foreign Joint Venture Contract for the New Dragon Asia Flour (Yantai) Company Limited, dated June 1, 1999 (incorporated herewith by reference to Exhibit 10.1 to our Registration Statement on Form S-3 filed on October 3, 2003).                                      |
| 10.2       | Subcontracting Agreement, for the New Dragon Asia Flour (Yantai) Company Limited, dated June 26, 1999  (incorporated herewith by reference to Exhibit 10.2 to our Registration Statement on Form S-3 filed on October 3, 2003).                                    |
| 10.3       | Sino-Foreign Joint Venture Contract for the New Dragon Asia Food (Yanti) Company Limited, dated November 28, 1998  (incorporated herewith by reference to Exhibit 10.3 to our Registration Statement on Form S-3 filed on October 3, 2003).                        |
| 10.4       | Subcontracting Agreement, for the New Dragon Asia Food (Yantai) Company Limited, dated December 26, 1998  (incorporated herewith by reference to Exhibit 10.4 to our Registration Statement on Form S-3 filed on October 3, 2003).                                 |
| 10.5       | Sino-Foreign Joint Venture Contract for the New Dragon Asia Food (Dalian) Company Limited, dated November 28, 1998 (incorporated herewith by reference to Exhibit 10.5 to our Registration Statement on Form S-3 filed on October 3, 2003).                                       |
| 10.6       | Subcontracting Agreement, for the New Dragon Asia Food (Dalian) Company Limited, dated December 26, 1998 (incorporated herewith by reference to Exhibit 10.6 to our Registration Statement on Form S-3 filed on October 3, 2003).                                            |

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| 10.7  | Sino-Foreign Joint Venture Contract for the Sanhe New Dragon Asia Food Company Limited, dated November 28, 1998 (incorporated herewith by reference to Exhibit 10.7 to our Registration Statement on Form S-3 filed on October 3, 2003).   |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.8  | Subcontracting Agreement, for the Sanhe New Dragon Asia Food Company Limited, dated December 26, 1998  (incorporated herewith by reference to Exhibit 10.8 to our Registration Statement on Form S-3 filed on October 3, 2003).  |
| 10.9  | Employment Agreement between New Dragon Asia Corp. and Peter Mak, dated November 2, 2004 (incorporated herewith by reference to Exhibit 10.9 to our Form 8-K filed on June 29, 2005).                                                      |
| 10.10 | Employment Supplement between New Dragon Asia Corp. and Peter Mak, dated June 22, 2005 (incorporated herewith by reference to Exhibit 10.9 to our Form 8-K filed on June 29, 2005).                                                        |
| 10.11 | Supplementary Agreement to Employment Agreement between New Dragon Asia Corp. and Peter Mak, dated January 20, 2006 (incorporated herewith by reference to Exhibit 10.10 to our Form 8-K filed on January 24, 2006).                       |
| 10.12 | Amended and Restated Equity Incentive Plan (incorporated herewith by reference to Exhibit C to our Definitive Information Statement on Schedule 14C filed on May 4, 2009).                                                                 |
| 10.13 | Stock Option Agreement between New Dragon Asia Corp. and Peter Mak, dated December 13, 2006 (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on December 15, 2006).                                               |
| 10.14 | Settlement Agreement and General Release between New Dragon Asia Corp and Berry-Shino Securities Inc., dated August 15, 2007 (incorporated by reference to Exhibit 10.1 to our Form 8-K filed on August 15, 2007).                         |
| 10.15 | Employment Agreement dated April 1, 2009 between New Dragon Asia Corp. and Ling Wang (incorporated herewith by reference to Exhibit 10.1 to our Registration Statement on Form S-8 filed on May 8, 2009).                                  |
| 21.1  | Subsidiaries of New Dragon Asia Corp., (incorporated by reference to Exhibit 21.1 to our Form 10-K filed on April 6, 2010).                                                                                                                |
| 31.1  | Certification of Chief Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.                                |
| 31.2  | Certification of the Principal Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.                        |
| 32.1  | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002), filed herewith.                                                                           |

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|               |                                            |            |   |
|--------------------|-------------------------------------------------|-----------------|--------|
|               | NEW DRAGON ASIA CORP.                           |            |
|               |                                            |            |   |
| Dated: May 5, 2011 | By:                                   | /s/ Li Xia Wang |   |
|               | Name: Li Xia Wang (Principal Executive Officer) |            |
|               | Title: Chief Executive Officer             |            |

|               |                           |       |   |
|--------------------|--------------------------------|------------|--------|
|               |                           |       |   |
| Dated: May 5, 2011 | By:                  | /s/ Qi Xue |   |
|               | Name: Qi Xue                   |       |
|               | Title: Chief Financial Officer |       |

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