The authorized share capital of Purchaser consists of 90,000,000 shares of common stock with a par value of USD $0.001 per share and 10,000,000 shares of preferred stock with a par value of USD $0.001. As of the close of business on April 8, 2016, there are 2,520,000 shares of common stock issued and outstanding and nil shares of preferred stock issued and outstanding. Other than the contemplated Concurrent Financing, there are no options, warrants, conversion privileges or other rights, shareholder rights plans, agreements, arrangements or commitments (pre-emptive, contingent or otherwise) of any character whatsoever requiring or which may require the issuance, sale or transfer by the Purchaser of any securities of the Purchaser (including Purchaser Shares), or any securities or obligations convertible into, or exchangeable or exercisable for, or otherwise evidencing a right or obligation to acquire, any securities of the Purchaser (including Purchaser Shares) or of the Purchaser Subsidiaries. All outstanding Purchaser Shares have been duly authorized and validly issued, are fully paid and non-assessable. All securities of the Purchaser have been issued in compliance with all applicable Laws and Securities Laws. There are no securities of the Purchaser or any of the Purchaser Subsidiaries outstanding which have the right to vote generally (or, are convertible into, or exchangeable or exercisable for securities having the right to vote generally) with the Purchaser Shareholders on any matter.