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<SEC-DOCUMENT>0000950123-10-098418.txt : 20101101
<SEC-HEADER>0000950123-10-098418.hdr.sgml : 20101101
<ACCEPTANCE-DATETIME>20101101060810
ACCESSION NUMBER:		0000950123-10-098418
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20101101
DATE AS OF CHANGE:		20101101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Searchmedia Holdings Ltd
		CENTRAL INDEX KEY:			0001460329
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-158336
		FILM NUMBER:		101153375

	BUSINESS ADDRESS:	
		STREET 1:		1990 S. BUNDY BLVD.
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-694-8150

	MAIL ADDRESS:	
		STREET 1:		1990 S. BUNDY BLVD.
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ID ARIZONA CORP.
		DATE OF NAME CHANGE:	20090330
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<FILENAME>x25003a1e10vkza.htm
<DESCRIPTION>10-K/A
<TEXT>
<HTML>
<HEAD>
<TITLE>e10vkza</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 4pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 4pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 14pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 4pt"><B>FORM
10-K/A</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 4pt">(Mark One)
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 4pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#254;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<!-- xbrl,dc -->
<DIV align="left" style="font-size: 10pt; margin-top: 4pt; margin-left: 12%"><B>For the fiscal year ended: December&nbsp;31, 2009</B></DIV>
<!-- /xbrl,dc -->

<DIV align="center" style="font-size: 10pt; margin-top: 4pt"><B>OR</B></DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 4pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 4pt; margin-left: 12%"><B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Commission file number: 0001-33800</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 4pt"><B>SEARCHMEDIA HOLDINGS LIMITED</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact Name of Registrant as Specified in Its Charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Cayman Islands</B><BR>
(State or Other Jurisdiction of <BR>
Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77-0688094</B><BR>
(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>15A Zhao Feng, Universe Building, <BR>
1800<BR>
Zhong Shan Xi Lu, Shanghai, China</B><BR>
(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>200235</B><BR>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 4pt">Registrant&#146;s Telephone Number, Including Area Code <B>86-2164403190</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 4pt">Securities registered pursuant to Section 12(b) of the Act:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title of Each Class</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name of Each Exchange On Which Registered</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">ORDINARY SHARES<BR>
$0.0001 PAR VALUE
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">NYSE Amex</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">WARRANTS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">NYSE Amex</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 4pt">Securities registered pursuant to Section&nbsp;12(g) of the Act: <B>None</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule
405 of the Securities Act. Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or Section 15(d) of the Act. Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed
by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or
for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. Yes <FONT style="font-family: Wingdings">&#254;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to submit and post such files). Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405 of Regulation
S-K (&#167;229.405 of this chapter) is not contained herein, and will not be contained, to the best of
registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in
Part&nbsp;III of this Form 10-K or any amendment to this Form 10-K. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act. Check one:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Smaller reporting company <FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="center">(Do not check if a smaller reporting company)<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of
the Act). Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate market value of the voting common stock held by non-affiliates of the registrant
on June&nbsp;30, 2009 was approximately $63,589,119.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 4pt">Number of shares outstanding of each of the registrant&#146;s classes of Ordinary Shares at October
5, 2010: 20,858,661 shares of Ordinary Shares, $0.0001 par value per share.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 8pt">DOCUMENTS INCORPORATED BY REFERENCE</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This
Amendment on Form 10-K/A amends the Registrant&#146;s Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2009
(&#147;Annual Report&#148;). On October&nbsp;29, 2010, shortly after
the Registrant submitted the Annual Report through the U.S.
Securities and Exchange Commission&#146;s EDGAR filing system, Dr.&nbsp;Xiaoming
(Larry) Lu resigned as a member of the Registrant&#146;s board of
directors. The Registrant is filing this amendment to revise
disclosures relating to Dr.&nbsp;Lu. In addition, the Registrant is
filing this amendment to refile the signature page of the Annual
Report in its entirety to reflect the signatures of a majority of the
Registrant&#146;s board of directors and to refile the
Section&nbsp;302 and 906 certifications of our Chief Executive Officer and Chief
Financial Officer.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SEARCHMEDIA HOLDINGS LIMITED<BR>
ANNUAL REPORT ON FORM 10-K<BR>
FOR THE YEAR ENDED DECEMBER 31, 2009</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>PAGE</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">PART I</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#104">ITEM 1A. RISK FACTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">PART II</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">ITEM
9B. OTHER INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">PART III</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">ITEM 11. EXECUTIVE COMPENSATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#121">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#124">PART IV</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#125">ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x25003a1exv31w1.htm">EX-31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x25003a1exv31w2.htm">EX-31.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x25003a1exv32w1.htm">EX-32.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x25003a1exv32w2.htm">EX-32.2</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<A name="104"></A>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 1A. RISK FACTORS</B></div>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Risk Related to Our Business and Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We have a history of significant operating losses and our future revenue and operating
profitability are uncertain.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recorded an operating loss of $22.6&nbsp;million for the year ended December&nbsp;31, 2009 and we ended
the year with an accumulated deficit of $75.6&nbsp;million. In addition, we recorded operating losses
of approximately $35.1&nbsp;million for the year ended December&nbsp;31, 2008. We may continue to incur
operating losses for the foreseeable future, and such losses may be substantial. We will need to
increase revenue in order to generate sustainable operating profit. Given our history of operating
losses, we cannot be certain that we will be able to achieve operating profitability on an annual
basis. Our failure to achieve profitability could adversely affect the trading price of our common
stock and our ability to raise additional capital.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We have identified material weaknesses in our internal control over financial reporting and we have
had to restate our historical financial statements.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August&nbsp;2010, we announced that we would restate the financial statements of SearchMedia
International as of and for the year ended December&nbsp;31, 2008, to, among other things, correct an
overstatement of revenue $47.0&nbsp;million in 2008. After the Business Combination and in connection
with our preparation of this Annual Report on Form 10-K, we identified accounting irregularities
and potential financial and operational improprieties, relating to transactions and financial
reporting matters that occurred under the management of SearchMedia International before the
Business Combination, which were not previously identified as a result of material weaknesses in
our internal control over financial reporting. These material weaknesses relate to, among other
things: (i)&nbsp;recording of various erroneous transactions by certain employees; (ii)&nbsp;recording of
certain assets and other accounting irregularities related to acquisitions; (iii)&nbsp;diligence and
approval of questionable transactions; and (iv)&nbsp;confirmation of payments related to acquisitions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have implemented and we plan to further implement steps to address these material weaknesses and
improve our internal control over financial reporting. However, the implementation of these
measures may not fully address these control weaknesses, and to date these control weaknesses have
not been remediated in full. If we fail to implement and maintain the adequate internal control
procedures in a timely manner, we may not be able to conclude that we have effective internal
control over financial reporting. Furthermore, we cannot be certain we will effectively remediate
our control weaknesses or that restatements will not occur in the future. The preparation and
filing of restatements could create a significant strain on our internal resources and cause delays
in our filing of quarterly or annual financial results, increase our financial accounting and
related costs, and divert management&#146;s attention from the operation of our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We are subject to ongoing securities litigation and a government inquiry in the United States.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We and certain of our current and former directors and executive officers are defendants in a
federal securities class action in the United States. The complaint alleges that defendants
violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule&nbsp;10b-5 thereunder
by allegedly reporting false or misleading revenue and other financial information regarding
SearchMedia International during the period April&nbsp;1, 2009 through August&nbsp;19, 2010. This action is
in the preliminary stages. We cannot predict the claims, allegations, class period, or defendants
that ultimately may be included in this litigation. Moreover, we cannot predict whether other
similar litigation or regulatory actions or inquiries may be filed or initiated against us or other
parties related to these same or other allegations.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, we have been notified that the U.S. Securities and Exchange Commission, Los Angeles
Regional Office, is conducting an informal inquiry regarding the issues that are the subject of our
restatement of financial results announced on August&nbsp;20, 2010. We intend to cooperate fully with
the SEC during this informal inquiry process. We cannot predict the cost or potential liabilities
associated with responding to the SEC inquiry or any related investigations or litigation that may
arise from the matters under inquiry.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have notified our insurance carriers of these matters, but there can be no assurance that our
insurance carriers will cover all or part of the defense costs, or any liabilities that may arise
from these matters. Litigation and regulatory actions or proceedings can be time consuming and
expensive, and could divert management time and attention from our business, which could have a
material adverse effect on our revenues and results of operations. We also may be subject to
claims for indemnification related to these matters, and we cannot predict the impact that
indemnification claims may have on our business or financial results. Finally, we cannot provide
any assurance that the final outcome of this litigation will not have a material adverse effect on
our business, results of operations, or financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We have been unable, to date, to integrate our acquisitions, and such inability could materially
and adversely impact our operations and our ability to detect and prevent financial irregularities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Before we completed the Business Combination, SearchMedia International had rapidly acquired a
large number of advertising companies. These companies have various degrees of, and frequently
lack, systems and controls, including those involving management information, purchasing,
accounting and finance, sales, billings, employee benefits, payroll and regulatory compliance.
While we have attempted to implement a series of measures to integrate the acquired businesses,
such as conducting training programs and integrating media resources and finance staff, such
efforts have not, to date, been successful. Failure to successfully integrate the acquired
businesses will present a substantial risk that we may not be able to fully realize the anticipated
benefits of these acquisitions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moreover, without the integration and successful implementation of those measures and controls at
the acquired businesses, we have limited ability to detect and prevent material inaccuracies,
misstatements or even fraud at the acquired businesses. The importance of implementing and
integrating such controls and procedures, including disclosure controls and internal control over
financial reporting, is heightened given our rapid and significant growth and our engagement of
business practices which are more frequently utilized in the PRC than would be the case with
similarly situated companies in the United States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>There may be additional risks inherent in the past acquisitions made by SearchMedia International
before the Business Combination, which could materially and adversely affect our business and
growth prospects and cause us to not realize the anticipated benefits of these acquisitions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although SearchMedia International conducted due diligence with respect to the acquisitions it made
before the Business Combination, SearchMedia International may not have implemented sufficient due
diligence procedures and we may not be aware of all of the risks and liabilities associated with
such acquisitions. Our current management has identified instances of
a lack of business substance, proper documentation and accounting
irregularities and other improprieties relating to acquisitions made
by SearchMedia International. Any additional discovery of adverse information concerning the companies acquired
by SearchMedia International could
have a material adverse effect on our business, financial condition, and results of operations. We
have provided for a two-year earn-out payment provision in most of the contracts for these
acquisitions, which is generally contingent upon the level of achievement of the acquired company&#146;s
financial performance. In some cases, we have renegotiated these earn out agreements to allow for
extended payout periods. In addition, some of the sellers, who agreed to become our employees and
manage these acquired companies for us during the earn-out period, may leave the Company or be less
motivated in performing their service after the two-year earn-out period has expired, which may
lead to failure in revenue growth and even loss of clients and/or site contracts.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Deterioration of economic conditions and a resulting decrease in demand for advertising services
would materially and adversely affect our financial condition and results of operations and limit
our growth prospects.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Demand for our advertising services, and the resulting advertising spending by our clients on our
network, is affected significantly by prevailing economic conditions. The current financial crisis
and economic downturns in global markets have impacted, and are expected to further impact,
materially and adversely, the advertising spending of our existing and potential multinational
clients and, as the crisis spreads to China, the advertising spending of our existing and potential
domestic clients. With a severe decline in economic conditions, clients who would normally spend
on a broad range of traditional and new media may curtail their overall spending or concentrate
their advertising spending on one medium. As we derive most of our revenues from our billboard and
in-elevator advertising networks, a decrease in demand for advertising media in general and for our
advertising media or advertising networks in particular would materially and adversely affect our
financial condition and results of operations and limit our growth prospects. In addition, our
clients who are adversely affected by the worsened economic conditions may delay paying the
advertising fees to us, which would adversely affect our liquidity and results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A business strategy of making acquisitions subjects us to all of the risks inherent in identifying,
acquiring and operating newly acquired businesses.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our growth strategy includes acquiring new business to complement and expand our existing
operations. In the future, we may continue to make acquisitions of, or investments in, businesses
that we believe could complement or expand our current business or offer growth opportunities. To
that end, we may spend significant management time and resources in analyzing and negotiating
acquisitions or investments that are not consummated. The ongoing process of integrating these
businesses is distracting, time consuming, expensive, and requires continuous optimization and
allocation of resources. Additionally, if we use stock as consideration, this would have a
dilutive effect on existing stockholders. If we use cash, this would reduce our liquidity and
impact our financial flexibility. We may seek debt financing for particular acquisitions, which may
not be available on commercially reasonable terms, or at all. We face all the risks associated with
a business acquisition strategy, including, but not limited to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential disruption of our existing businesses, including the diversion of
management attention and the redeployment of resources;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entering new markets or industries in which we have limited prior experience;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to identify in due diligence key issues specific to the businesses we seek
to acquire or the industries or other environments in which they operate, or, failure
to protect against contingent liabilities arising from those issues;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unforeseen or hidden liabilities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in integrating, aligning and coordinating organizations which will
likely be geographically separated and may involve diverse business operations and
corporate cultures;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in integrating and retaining key management, sales, research and
development, production and other personnel;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential loss of key employees, clients or distribution partners of the acquired
businesses;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in incorporating the acquired business into our organization;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential loss of customers, distributors or suppliers;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adverse effects on our existing business relationships with our advertisers;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in integrating or expanding information technology systems and other
business processes to accommodate the acquired businesses;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks associated with integrating financial reporting and internal control systems;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential for future impairments of goodwill if the acquired business does not
perform as expected;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the inability to obtain necessary government approvals for the acquisition, if any;
and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>successfully operating the acquired business.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we cannot overcome these challenges, we may not realize actual benefits from past and future
acquisitions, which will impair our overall business results. If we complete an investment or
acquisition, we may not realize the anticipated benefits from the transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Failure to manage our growth could strain our management, operational and other resources, which
could materially and adversely affect our business and growth potential.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We experienced rapid expansion in recent years, which resulted, and will continue to result, in
substantial demand on our management resources. To manage our growth, we must develop and improve
our existing administrative and operational systems and our financial and management controls, and
further expand, train and manage our work force. We also need to incur substantial costs and spend
substantial resources in connection with these efforts. We may not have the resources to revamp
our systems and controls, recruit or train our personnel, or afford to incur the costs and expenses
in order to successfully manage our growth. Failure to manage our growth may materially and
adversely affect our business and growth potential.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Future charges due to possible impairments of acquired assets may have a material adverse effect on
our financial condition and results of operations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A portion of our assets is comprised of goodwill and other intangible assets, which may be subject
to future impairment that would result in financial statement write-offs. Goodwill and other
intangible assets represent approximately 47.3% of our total assets at December&nbsp;31, 2009. If there
is a material change in our business operations or prospects, the value of the intangible assets we
have acquired or may acquire in the future could decrease significantly. On an ongoing basis and at
least annually, we will evaluate, partially based on discounted expected future cash flows, whether
the carrying value of such intangible assets may no longer be recoverable, in which case a charge
to earnings may be necessary. Any future determination requiring the write-off of a significant
portion of unamortized intangible assets, although not requiring any additional cash outlay, could
have a material adverse effect on our financial condition, results of operations and stock price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We face significant competition for advertising spending from operators of new and traditional
advertising networks. If we cannot successfully compete, our results of operations would be
materially and adversely affected.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We face competition for general advertising spending from operators of many other forms of
advertising networks, such as television, print media, Internet and other types of out-of-home
advertising.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our success depends on the continuing and increased interest of advertising clients and agencies in
in-elevator, outdoor billboard, subway and bus advertising as components of their advertising
strategies. Advertisers may elect not to use our services if they believe that the viewing public
is not receptive to advertising platforms we offer or that these platforms do not provide
sufficient value as effective advertising mediums. If we cannot successfully compete for
advertising spending against traditional, Internet and other types of out-of-home advertising, we
will be unable to generate sufficient revenues and cash flows to operate our business, and our
results of operations could be materially and adversely affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For in-elevator and billboard advertising spending, we face competition from different players
across different platforms and in different cities where we operate. For our in-elevator
advertising platform, we compete primarily against large regional operators and other nationwide
operators some of which have substantially more financial resources than we have. For our
billboard advertising platform, we compete against mostly local or regional outdoor billboard
owners and operators, as the outdoor billboard market in China is largely fragmented. For our
transit advertising platform, we compete against other seasoned operators. We compete for
advertising spending on these platforms generally on the basis of network coverage, service quality
and brand name. If we cannot compete successfully for advertising spending on these platforms, our
market share and our results of operations would suffer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We have a limited operating history which may make it difficult for you to evaluate our business
and prospects.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SearchMedia International entered the out-of-home advertising market in 2005. Accordingly, we have
a limited operating history for our current operations upon which you can evaluate the viability
and sustainability of our business and our acceptance by advertisers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If we fail to develop and maintain relationships with site owners, managers and sublessors that
provide us access to desirable locations and network platforms, our growth potential and our
business could be harmed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our ability to generate revenues from advertising sales depends largely on our ability to provide a
large network of our media products across media platforms at desirable locations. The
effectiveness of our network also depends on the cooperation of site owners and managers to allow
us to install the desired types of frames at the desired spots on their properties and, for
in-elevator advertising, to keep the elevators in operation and accessible to the viewing public.
To address these needs, we must develop and maintain business relationships with site managers and
owners and, for a portion of our network, sublessors that consist primarily of advertising
companies. Since the ownership of residential and office buildings is fragmented, maintaining
these relationships requires considerable operational resources in terms of contract management and
site development and maintenance personnel. If we fail to devote the necessary resources to
maintaining these relationships or if we fail to perform our obligations under the existing leases,
these lessors and sublessors may terminate their leases with us or not renew them upon expiration.
In some cases, we have not maintained good relations and some of our leases have been terminated or
may be terminated in the future. In 2009, we did not pay when due lease payment obligations for
many of the elevator leases in our Jingli Shanghai elevator operations, which resulted in
termination of many of these elevator leases. If a significant number of our elevator leases are
terminated and we fail to develop relationships with potential lessors and sublessors of new sites,
our business could suffer as a result. As there is a limited supply of billboards at desirable
locations and a limited number of subway stations, the termination of a significant number of the
leases for billboards and light boxes at subway stations could harm our multi-platform growth and
operation strategies and our business and prospects could suffer as a result.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Failures to obtain site owners&#146; consents or objections from site owners to the installations of our
media products could lead to termination of our contracts or installations, which would harm our
results of operations.</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PRC real estate laws and regulations require that we obtain prior consent of site owners and
managers for any commercial use of public areas or facilities of residential properties. We
generally enter into display placement agreements with site managers. To comply with PRC real
estate laws and regulations, we also need to obtain or urge site managers to obtain prior consent
of site owners committees or site owners. In some circumstances, it is difficult to locate site
owners. If we enter into an agreement for display placement with a site manager without the
consent from the relevant site owners, we could be subject to fines of up to RMB0.2&nbsp;million
(approximately $29,000) for each site and be required to remove our advertising posters from the
affected building. In addition, site owners who object to the installation of poster frames in
their buildings may cause site managers to terminate or fail to renew site contracts with us, which
would harm our results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If we are unable to obtain or retain desirable placement locations for our advertising poster
frames and outdoor billboards on commercially advantageous terms, our operating margins and
earnings could decrease and our results of operations could be materially and adversely affected.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our cost of revenues consists primarily of operating lease cost of advertising space for displaying
advertisements, depreciation of advertisement display equipment, amortization of intangible assets
relating to lease agreements and direct staff and material costs associated with production and
installation of advertisement content. Our operating lease cost represents a significant portion
of our cost of revenues. In 2008 and 2009, our operating lease cost accounted for 84.4% and 82.2%,
respectively, of our cost of revenues and 62.0% and 61.0%, respectively, of our total revenues. In
the future, we may need to pay higher amounts in order to renew existing leases, obtain new and
desirable locations, or secure exclusivity and other favorable terms. If we are unable to secure
commercially advantageous terms or pass increased location costs onto our advertising clients
through rate increases, our operating margins and earnings could decrease and our results of
operations could be materially and adversely affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We may not have sufficient liquidity to pay earn-out payments when they come due, which could
materially and adversely affect our operations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are obligated to pay earn-out payments over the next two to three years in connection with our
acquisitions of a number of advertising businesses. We estimate that $5.9&nbsp;million is payable
within the next twelve months from the date of this Annual Report on Form 10-K and $17.9&nbsp;million is
payable after the next twelve months and within the next two to three years. We also estimate that
more than 50% of the earn-out payable is payable in stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the performance of the acquisitions to date and forecast for the rest of the payment
period we believe that we currently have sufficient capital to pay the required earn-out payments
over the next twelve months. However, due to a variety of factors which cannot presently be
ascertained, including without limitation, the amount of working capital that we have available,
and the financial performance of both the company and the acquired companies entitled to receive an
earn-out payment, we may not have sufficient liquidity to meet our earn-out obligations. If such
failure cannot be remedied through renegotiation of the terms of such earn-outs with the acquiring
companies or the raising of the required proceeds on reasonable terms, our operations are likely to
be adversely and materially impacted.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The shareholders of Jingli Shanghai may have potential conflicts of interest with us.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The shareholders of Jingli Shanghai are also the founders and shareholders of the Company.
Conflicts of interests between their dual roles as shareholders of both Jingli Shanghai and the
Company may arise. We cannot assure you that when conflicts of interest arise, any or all of these
individuals will act in the best interests of the Company or that any conflict of interest will be
resolved in our favor. In addition, these individuals may breach or cause Jingli Shanghai to
breach or refuse to renew the existing contractual arrangements that allow us to effectively
control Jingli Shanghai and receive economic benefits from it. If we cannot resolve any conflicts
of interest or disputes between us and the shareholders of Jingli Shanghai, we would have to rely
on legal proceedings, the outcome of which is uncertain and could be disruptive to our business.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our business depends substantially on the continuing efforts of our senior executives, and our
business may be severely disrupted if we lose their services.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our future success depends heavily on the continued services of our senior executives and other key
employees, their industry expertise, their experience in business operations and sales and
marketing, and their working relationships with our advertising clients as well as the site owners,
property developers, property management companies, homeowner associations and relevant government
authorities that affect the site contracts with us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We do not have a long history of working with some of these senior executives and key employees.
If one or more of our senior executives were unable or unwilling to continue in their present
positions, we might not be able to replace them easily or at all. If any of our senior executives
join a competitor or forms a competing company, we may lose clients, site contracts, key
professionals and staff members. We have entered into an employment agreement with each of our
executive officers, which agreement contains non-competition provisions. However, if a dispute
arises between us and our executive officers, there is no assurance that any of these agreements
could be enforced, or to what extent they could be enforced, in China, in light of the
uncertainties with China&#146;s legal system.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If we are unable to adapt to changing advertising trends of advertisers and consumers, we will not
be able to compete effectively and we will be unable to increase or maintain our revenues, which
may materially and adversely affect our business prospects and revenues.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The competitive market for out-of-home advertising requires us to continuously identify new
advertising trends of advertisers and consumers. In response to these new advertising trends, we
may need to quickly develop and adopt new formats, features and enhancements for our advertising
network and/or cost-effectively expand into additional advertising media and platforms beyond
in-elevator, billboards, and transit platform advertising. We may be required to incur, but may
not have the financial resources necessary to fund, development and acquisition costs in order to
keep pace with new advertising trends. If we fail to identify or respond adequately to these
changing advertising trends, demand for our advertising network and services may decrease and we
may not be able to compete effectively or attract advertising clients, which would have a material
and adverse effect on our business prospects and revenues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our growth could suffer if we fail to expand our media networks to include new media offerings,
media platforms or enter into new markets.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Currently, our network primarily consists of in-elevator, outdoor billboard and transit
advertising. Our growth strategy includes broadening our service offerings and possibly entering
into new advertising markets. It is difficult to predict whether consumers and advertising clients
will accept our entry into new media markets or accept the new media products or platforms we may
offer. It is also difficult to predict whether we will be able to generate sufficient revenues to
offset the costs of entering into these new markets or introducing these new products or new media
platforms. We may also have limited or no prior experience working with these new products,
platforms or markets. If we fail to expand our media network to include new media products,
platforms or markets, our growth could suffer as a result.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If site managers or owners shut down our displays for site maintenance or other reasons, our
business could be adversely affected.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under certain site leasing contracts we entered into with site managers or owners, site managers or
owners have the right to shut down our displays with prior written notice if they need to inspect
or maintain the sites where we have installed advertising displays, or for other reasons such as
facility reconstruction. However, under our contracts with our advertising clients, if these
displays are shut down for an extended period of time, we are required to substitute these
suspended displays with alternative displays. If we cannot reach an agreement with our clients on
the alternative displays, we could be required to refund the advertising fees paid by these
clients. If a substantial
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">number of our displays are shut down by site managers within a short time period, we may not be
able to locate alternative display locations and may incur substantial remedial costs. Our
relationships with our advertising clients could also suffer and our financial results could be
adversely affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Unauthorized use of our intellectual property by third parties, and the expenses incurred in
protecting our intellectual property rights, may adversely affect our business.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We regard our copyrights, trademarks, trade secrets and other intellectual property as critical to
our success. Unauthorized use of the intellectual property used in our business may adversely
affect our business and reputation. We have historically relied on a combination of trademark and
copyright law, trade secret protection and restrictions on disclosure to protect our intellectual
property rights. We have entered into confidentiality agreements with all our employees. We
cannot assure you that these confidentiality agreements will not be breached, or that we will have
adequate remedies for any breach.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are in the process of registering in China the &#147;SearchMedia&#148; trademark and logo used in our
business. We cannot assure you that our trademark application will ultimately proceed to
registration or will result in registration with scope adequate for our business. Some of our
pending applications or registration may be successfully challenged or invalidated by others. If
our trademark application is not successful, we may have to use different marks for affected
services or technologies, or enter into arrangements with any third parties who may have prior
registrations, applications or rights, which might not be available on commercially reasonable
terms, if at all.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, monitoring and preventing unauthorized use of our trademarks and other intellectual
property is difficult and expensive, and litigation may be necessary in the future to enforce our
intellectual property rights. Future litigation could result in substantial costs and diversion of
our resources, and could disrupt our business, as well as have a material adverse effect on our
financial condition and results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We rely on computer software and hardware systems in managing our operations; any failure in these
systems could adversely affect our business, financial condition and results of operations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are dependent upon our computer software and hardware systems in supporting the sales,
scheduling and maintenance of our network. In addition, we rely on our computer hardware for the
storage and delivery of the data on our network. Any system failure which causes interruptions to
the input and retrieval of data or increases our service time could disrupt our normal network
operations. In addition, computer hackers infecting our network with viruses could cause our
network to become unavailable. Although we believe that our disaster recovery plan is adequate to
handle the failure of our computer software and hardware systems, we cannot assure you that we will
be able to effectively carry out this disaster recovery plan or that we would be able to restore
our network operations fast enough to avoid a significant disruption to our business. Any failure
in our computer software and/or hardware systems could decrease our revenues and harm our
relationships with advertisers and target audiences, which in turn could have a material adverse
effect on our business, financial condition and results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We have no business liability, disruption or litigation insurance, and we could incur substantial
costs if our business is disrupted due to natural disasters, litigation or other business
interruptions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The insurance industry in China is still at an early stage of development. Insurance companies in
China offer limited business insurance products and do not, to our knowledge, offer business
liability insurance. While business disruption insurance is available to a limited extent in
China, we have determined that the risks of disruption, cost of such insurance and the difficulties
associated with acquiring such insurance on commercially reasonable terms make it impractical for
us to have such insurance. As a result, we do not have any business liability or disruption
coverage for our operations in China. All industries are subject to legal claims. As a public
company, we are particularly susceptible to securities and derivative lawsuits. These claims may be
costly to defend
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and divert the attention of our management and our resources in general. Defense and settlement
costs can be substantial, even with respect to claims that have no merit. Due to the inherent
uncertainty of the litigation process, the resolution of any particular legal claim or proceeding
could have a material effect on our business, financial condition, results of operations or cash
flows. Any business disruption or litigation may result in our incurring substantial costs and the
diversion of resources.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our operating results are difficult to predict and may fluctuate from period to period.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our operating results are difficult to predict and may fluctuate from period to period. Factors
that are likely to cause our operating results to fluctuate include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to maintain and increase sales to existing advertising clients, attract
new advertising clients and satisfy our clients&#146; demands;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the frequency of our clients&#146; advertisements on our network;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remaining competitive with the pricing strategies of our competitors;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effects of strategic alliances, potential acquisitions and other business
combinations, and our ability to successfully and timely integrate alliances or
acquired businesses into our business;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in government regulations in relation to the advertising industry;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lower advertising spending immediately following a major holiday season in China;
and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>economic and geopolitical conditions in China and elsewhere.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Many of the factors discussed above are beyond our control, making our results difficult to predict
from period to period. Although we did not experience significant seasonality in our business,
except for generally lower sales in periods immediately following major holiday seasons
historically, you should not rely on our operating results for prior periods as an indication of
our future results. If our revenues for a particular period are lower than expected, we may be
unable to reduce our operating expenses for that period by a corresponding amount, which would harm
our operating results for that period relative to our operating results from other periods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Jieli Network has not started its operation, which could cause Jieli Network to lose its business
license.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">According to PRC laws and regulations, the relevant PRC registration authorities may revoke a
company&#146;s business license if such company, absent reasonable cause, has failed to commence
operation of its business within six months after its establishment. From the date of Jieli
Network&#146;s incorporation on January&nbsp;16, 2008 through the date of this annual report on Form 10-K,
Jieli Network has not commenced operations of its business. Jieli Network has not received any
notice from the SAIC or relevant PRC registration authorities of any plan to revoke Jieli Network&#146;s
business license. However, if Jieli Network&#146;s business license is revoked, Jieli Network will need
to be dissolved, and we must repatriate the capital contributions to an entity outside China. If
we are unsuccessful in subsequently contributing the repatriated amount to an entity inside China,
the business operation of the Company may be adversely and materially affected.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Doing Business in the People&#146;s Republic of China</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If the PRC government determines that the contractual arrangements that establish the structure for
operating our China business do not comply with applicable PRC laws and regulations, we could be
subject to severe penalties.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applicable PRC laws and regulations currently require any foreign entities that invest in the
advertising services industry in China to have at least two years of direct operations in the
advertising industry outside of China. We are a Cayman Islands corporation and a foreign legal
person under Chinese laws. Before we acquired 100% of the equity interests of Ad-Icon in 2008, we
had not directly operated an advertising business outside of China and thus could not qualify for
the requirement of minimum two years experience outside China under PRC regulations. Accordingly,
our subsidiary, Jieli Consulting, is currently ineligible to apply for the required business
license for providing advertising services in China. Therefore, we entered into contractual
arrangements with our consolidated variable interest entity in China, Jingli Shanghai, and prior to
formation of Jingli Shanghai, we operated our advertising business through Shanghai Sige
Advertising and Media Co., Ltd., or Sige, Shenzhen Dale Advertising Co., Ltd., or Dale and Beijing
Conghui Advertising Co., Ltd., or Conghui. Jingli Shanghai is currently owned by two PRC citizens,
Ms.&nbsp;Qinying Liu and Ms.&nbsp;Le Yang, and holds the requisite business license to provide advertising
services in China. Jingli Shanghai and its subsidiaries directly operate a portion of our
advertising network, enter into display placement agreements and sell advertising spaces to our
clients with respect to certain of our operating subsidiaries. In 2010, Ad-Icon Shanghai, a
wholly-owned subsidiary of Ad-Icon, acquired some of Jingli Shanghai&#146;s subsidiaries and operates
advertising business through such subsidiaries. Before the remaining subsidiaries of Jingli
Shanghai are acquired by Ad-Icon Shanghai, we are expected to continue to be dependent on Jingli
Shanghai and its subsidiaries to operate a portion of our advertising business. We do not have any
equity interest in Jingli Shanghai but receive the economic benefits and assume the economic risks
of it through various contractual arrangements and certain corporate governance and shareholder
rights arrangements. In addition, we have entered into agreements with Jingli Shanghai and each of
the shareholders of Jingli Shanghai which allow us to exert control over Jingli Shanghai.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we, Jieli Consulting, Jieli Network, Jingli Shanghai or any of our future PRC subsidiaries are
found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or
maintain any of the required permits or approvals, the relevant PRC regulatory authorities,
including the State Administration for Industry and Commerce, or SAIC, which regulates advertising
companies, would have broad discretion in dealing with such violations, including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>revoking the business and operating licenses of Jingli Shanghai or our PRC
subsidiary and other affiliated entities, if any;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discontinuing or restricting the operations of any transactions among our PRC
subsidiary, Jingli Shanghai and its shareholders;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>imposing fines, confiscating the income of Jingli Shanghai or our income, or
imposing other requirements with which we or our PRC subsidiary and affiliated entities
may not be able to comply;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requiring us or our PRC subsidiary and affiliated entities to restructure our
ownership structure or operations; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restricting or prohibiting our use of the proceeds of the Business Combination to
finance our business and operations in China.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The imposition of any of these penalties could result in a material and adverse effect on our
ability to conduct our business, and our financial condition and results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We rely on contractual arrangements with Jingli Shanghai and its shareholders for our China
operations, which may not be as effective in providing operational control as would be the case
through ownership of a controlling equity interest in such operating entities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;2008, we acquired 100% of the equity interest in Ad-Icon, a Hong Kong company, which
operates an outdoor billboard advertising business. In December&nbsp;2009, Ad-Icon established Ad-Icon
Shanghai in China. In 2010, Ad-Icon Shanghai acquired most of the subsidiaries of Jingli Shanghai,
but as of the date of filing of this Annual Report on Form 10-K, Ad-Icon Shanghai has not acquired
all remaining subsidiaries of Jingli Shanghai. We have relied and expect to continue to rely on
contractual arrangements with Jingli Shanghai and its shareholders to operate a portion of our
business in China before we complete the acquisition of all subsidiaries of Jingli Shanghai. For a
description of these contractual arrangements, see &#147;Business &#151; Corporate Ownership Structure -
Contractual Arrangements with Jingli Shanghai and its Shareholders&#148; in this Annual Report on Form
10-K. These contractual arrangements include an equity pledge agreement, under which the
shareholders of Jingli Shanghai pledged their equity interests in Jingli Shanghai to Jieli
Consulting. Such pledge was duly created by recording the pledge on Jingli Shanghai&#146;s register of
shareholders in accordance with the PRC Collateral Law. According to the PRC Property Rights Law,
effective as of October&nbsp;1, 2007, the pledge needs to be registered with the relevant local branch
of the Shanghai Administration of Industry and Commerce. Jingli Shanghai successfully registered
the pledge with the Shanghai Administration of Industry and Commerce Chongming Sub-bureau on
February&nbsp;2, 2009. These contractual arrangements may not be as effective as ownership of a
controlling equity interest would be in providing us with control over Jingli Shanghai. Under the
current contractual arrangements, as a legal matter, if Jingli Shanghai or any of its shareholders
fails to perform their respective obligations under these contractual arrangements, we may have to
incur substantial costs and resources to enforce such arrangements, and rely on legal remedies
under PRC law, including seeking specific performance or injunctive relief, and claiming damages,
which may not be effective. For example, if the shareholders of Jingli Shanghai were to refuse to
transfer their equity interests in Jingli Shanghai to us or our designee when we exercise the call
option pursuant to these contractual arrangements, or if they were otherwise to act in bad faith
towards us, we may have to take legal action to compel them to perform their contractual
obligations. In addition, we may not be able to renew these contracts with Jingli Shanghai and/or
its shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, if Jingli Shanghai or all or part of its assets become subject to liens or rights of
third-party creditors, we may be unable to continue some or all of our business activities, which
could materially and adversely affect our business, financial condition and results of operations.
If Jingli Shanghai undergoes a voluntary or involuntary liquidation proceeding, its shareholders or
unrelated third-party creditors may claim rights to some or all of these assets, thereby hindering
our ability to operate our business, which could materially and adversely affect our business and
our ability to generate revenue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of these contractual arrangements are governed by PRC law and provide for the resolution of
disputes through arbitration in the PRC. The legal environment in the PRC is not as developed as
in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal
system could limit our ability to enforce these contractual arrangements. In the event we are
unable to enforce these contractual arrangements, we may not be able to exert effective control
over our affiliated entity, and our ability to conduct our business may be materially and
negatively affected.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our affiliated entity may have engaged in business activities without necessary registration with
local authorities. This could subject us to fines and other penalties, which could have a material
adverse effect on our ability to operate our business.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">According to relevant PRC laws, a company that sets up a branch to conduct an advertising business
in a location where it is not registered must register with the local branch of the State
Administration for Industry and Commerce, or SAIC. Jingli Shanghai (update)&nbsp;currently has
registered with the local branches of SAIC in Shanghai, Beijing, Guangzhou, Nanjing, Changchun,
Chongqing, Chengdu, Dalian, Xi&#146;an, Jinan, Hangzhou, Qingdao, Wuhan, Changzhou, Fuzhou and Shenzhen,
where it has set up its headquarters and branch offices. These penalties may include disgorgement
of profits or revocation of Jingli Shanghai&#146;s business license. Because of the discretionary
nature of regulatory enforcements in the PRC, there can be no assurances that Jingli Shanghai will
not be subject to these penalties as a result of violations of the requirement to register with
SAIC or its local branches, or that these penalties would not have a material adverse effect on our
ability to operate our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Adverse changes in economic and political policies of the PRC government could have a material
adverse effect on the overall economic growth of China, which could adversely affect our business.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Substantially all of our business operations are conducted in China. Accordingly, our business,
results of operations, financial condition and prospects are subject to a significant degree to
economic, political and legal developments in China. China&#146;s economy differs from the economies of
developed countries in many respects, including with respect to the amount of government
involvement, level of development, growth rate, control of foreign exchange and allocation of
resources. While the PRC economy has experienced significant growth in the past 20&nbsp;years, growth
has been uneven across different regions and among various economic sectors of China. The PRC
government has implemented various measures to encourage economic development and guide the
allocation of resources. While some of these measures may benefit the overall PRC economy, they
may also have a negative effect on us. For example, our business, financial condition and results
of operations may be adversely affected by changes in tax regulations or government&#146;s control over
capital investments and foreign currencies. As the PRC economy is increasingly linked to the
global economy, it is affected in various respects by downturns and recessions of major economies
around the world, such as the recent financial and economic crises. Although the PRC government
has in recent years implemented measures emphasizing the utilization of market forces for economic
reform, the PRC government continues to exercise significant control over economic growth in China
through the allocation of resources, controlling payment of foreign currency-denominated
obligations, setting monetary policy and imposing policies that impact particular industries or
companies in different ways. Any adverse change in the economic conditions or government policies
in China could have a material adverse effect on the overall economic growth and the level of
investments and expenditures in China, which in turn could lead to a reduction in demand for our
services and products and consequently have a material adverse effect on our business and
prospects. The various economic and policy measures enacted by the PRC government to forestall
economic downturns or shore up the PRC economy may not succeed and our business could be negatively
affected as a result.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If advertising registration certificates are not obtained for advertisements on our outdoor
billboard or rapid transit networks, we may be subject to fines.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;22, 2006, the SAIC amended the Provisions on the Registration Administration of Outdoor
Advertisements, or the new outdoor advertisement provisions. Pursuant to the new outdoor
advertisement provisions, advertisements placed on posters, digital displays, light boxes, neon
lights via outdoor premises, space, facilities, as well as those placed in rapid transit stations
are treated as outdoor advertisements and must be registered in accordance with the local SAIC by
&#147;advertising distributors&#148; and advertising registration certificates must be obtained. After
review and examination, if an application complies with the requirements, the local SAIC will issue
an Outdoor Advertising Registration Certificate for such advertisement. The content, format,
specifications, periods and locations of dissemination of the outdoor advertisement must be
submitted for filing with the local SAIC.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We require advertisers to apply for and obtain the registration certificates for their
advertisements. If an advertiser displays an advertisement without the requisite registration, the
relevant local SAICs may require us to disgorge advertising revenues or may impose fines on us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our outdoor billboards, light boxes and neon signs are subject to municipal zoning requirements,
governmental approvals and administrative controls. If we are required to tear down our
billboards, light boxes or neon signs as a result of these requirements, approvals or controls, our
operations could be materially and adversely affected.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our billboards, light boxes and neon signs are subject to local regulations which may impose
detailed requirements regarding municipal zoning requirements and governmental approvals. Each
outdoor placement and installation may require a license with specific terms of use. If we, or our
lessors or sublessors, violate the terms of the license for the relevant placement and installation
for a billboard, light box or neon sign, we could be required to tear it down. We may also be
required to tear it down as result of change of municipal zoning requirements or actions taken by
local authorities for city beautification, clean-up or other purposes. If we lose a significant
number of billboards, light boxes and/or neon signs as a result, our business operations would be
materially and adversely impacted. Moreover, if we are unable to perform our advertising contracts
as a result of these losses, we may incur remedial costs and our relationships with our advertising
clients and financial results could be harmed as a result.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If we were deemed a &#147;resident enterprise&#148; by PRC tax authorities, we could be subject to tax on our
global income and our non-PRC shareholders could be subject to certain PRC taxes.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the New PRC Enterprise Tax law effective January&nbsp;1, 2008, or the EIT law, an enterprise
established outside of the PRC with &#147;de facto management bodies&#148; within the PRC is considered a
&#147;resident enterprise&#148; and will be subject to the EIT at the rate of 25% on its global income. The
implementing rules of the EIT law define &#147;de facto management&#148; as &#147;substantial and overall
management and control over the production and operations, personnel, accounting, and properties&#148;
of the enterprise. The State Tax Administration issued the Notice Regarding the Determination of
Chinese-Controlled Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis
of De Facto Management Bodies, or Circular 82, on April&nbsp;22, 2009. Circular 82 provides certain
specific criteria for determining whether the &#147;de facto management body&#148; of a Chinese-controlled
offshore-incorporated enterprise is located in China. Although Circular 82 only applies to offshore
enterprises controlled by PRC enterprises, not those controlled by PRC individuals, like our
company, the determining criteria set forth in Circular 82 may reflect the State Administration of
Taxation&#146;s general position on how the &#147;de facto management body&#148; test should be applied in
determining the tax resident status of offshore enterprises, regardless of whether they are
controlled by PRC enterprises or individuals. If we were to be considered a &#147;resident enterprise&#148;
by the PRC tax authorities, our global income would be subject to tax under the EIT law at the rate
of 25% and, to the extent we were to generate substantial amount of income outside of PRC in the
future, we would be subject to additional taxes. In addition, if we were to be considered a
&#147;resident enterprise,&#148; the dividends we pay to our non-PRC enterprise shareholders would be subject
to withholding tax and our non-PRC enterprise shareholders would be subject to a 10% income tax on
any gains they would realize from the transfer of their shares, if such income were sourced from
within the PRC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of the date of this Annual Report on Form 10-K, no final interpretations on the implementation
of the &#147;resident enterprise&#148; designation are available for companies such as ours. Moreover, any
such designation, when made by PRC tax authorities, will be determined based on the facts and
circumstances of individual cases. As a result, we cannot currently determine the likelihood of
the Company being designated a &#147;resident enterprise&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We principally rely on dividends and other distributions on equity paid by our subsidiaries to fund
any cash and financing requirements we may have, and any limitation on the ability of our
subsidiaries and affiliated entities to make payments to us could have a material adverse effect on
our ability to conduct our business.</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are a holding company and rely principally on payments of service, license and other fees from
Jingli Shanghai to Jieli Consulting, one of our subsidiaries in China, and distributions in turn
from Jieli Consulting to us to fund our cash and debt service requirements. We also rely on
distributions from Ad-Icon Shanghai to us to fund our cash and debt service requirements. Current
PRC regulations permit our subsidiaries to pay dividends to us only out of their accumulated
profits, if any, determined in accordance with Chinese accounting standards and regulations. In
addition, each of our subsidiaries and consolidated affiliated entities in China are required to
set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve
until such reserve reaches 50% of its registered capital. These reserves are not distributable as
cash dividends. Furthermore, if our subsidiaries and consolidated affiliated entities in China
incur debt on their own behalf in the future, the instruments governing the debt may restrict their
ability to pay dividends or make other payments to us. In addition, the PRC tax authorities may
require us to adjust our taxable income under the contractual arrangements we currently have in
place in a manner that would materially and adversely affect our subsidiaries&#146; ability to pay
dividends and other distributions to us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Furthermore, under the previously applicable PRC tax laws and regulations, dividend payments to
foreign investors made by foreign-invested enterprises in China, such as Jieli Consulting and Jieli
Network, are exempt from PRC withholding tax. Pursuant to the EIT law and the implementing rules
that became effective on January&nbsp;1, 2008, however, dividends payable by a foreign-invested
enterprise in China to its foreign investors will be subject to a 10% withholding tax, unless any
such foreign investor&#146;s jurisdiction of incorporation has a tax treaty with China that provides for
a different withholding arrangement. The Cayman Islands, where we are incorporated, does not have
such a tax treaty with China. Ad-Icon Company Limited, or Ad-Icon, the direct holder of the 100%
equity interest in Ad-Icon Shanghai, is incorporated in Hong Kong. According to the Mainland and
Hong Kong Special Administrative Region Arrangement on Avoiding Double Taxation or Evasion of
Taxation on Income agreed between China and Hong Kong in August&nbsp;2006, dividends paid by a
foreign-invested enterprise in China to its direct holding company in Hong Kong will be subject to
withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of
the shares of the foreign-invested enterprise). The new tax law provides, however, that qualified
dividends distributed between resident enterprises will be exempt from such requirement. If the
PRC tax authorities subsequently determine that we should be classified as a resident enterprise,
the dividends received from Jieli Consulting and Jieli Network would be regarded as dividends
distributed between resident enterprises, and thus be exempt from the new EIT withholding tax. If
we and Ad-Icon were regarded as PRC resident enterprises, the dividends payable to us from Ad-Icon
Shanghai would be exempt from the PRC income tax. If we were regarded as a non-PRC resident
enterprise and Ad-Icon were regarded as a PRC resident enterprise, then Ad-Icon would be required
to withhold a 10% withholding tax on any dividends payable to us, while if Ad-Icon is regarded as a
non-PRC resident enterprise, then Ad-Icon Shanghai would be required to withhold a 5% withholding
tax on any dividends payable to Ad-Icon. As the interpretations of the &#147;resident enterprise&#148;
designation are unavailable for companies such as us, and as the designation is determined based on
the facts and circumstances of individual cases, we cannot currently provide assurance regarding
the likelihood of the Company being designated a &#147;resident enterprise&#148; and, accordingly, whether
the dividends payable to us by our PRC subsidiaries would be subject to the withholding tax under
the EIT law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Uncertainties with respect to the PRC legal system could adversely affect us.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conduct our business primarily through our subsidiaries and affiliated entities in China. Our
operations in China are governed by PRC laws and regulations. Our subsidiaries are generally
subject to laws and regulations applicable to foreign investments in China and, in particular, laws
and regulations applicable to wholly foreign-owned enterprises. The PRC legal system is based on
statutes. Prior court decisions may be cited for reference but have limited precedential value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since 1979, PRC legislation and regulations have significantly enhanced the protections afforded
various forms of foreign investments in China. However, China has not developed a fully integrated
legal system and recently enacted laws and regulations may not sufficiently cover all aspects of
economic activities in China. In particular, because these laws and regulations are relatively
new, and because of the limited volume of published decisions
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and their nonbinding nature, the interpretation and enforcement of these laws and regulations
involve uncertainties. In addition, the PRC legal system is based in part on government policies
and internal rules (some of which are not published on a timely basis or at all) that may have a
retroactive effect. As a result, we may not be aware of our violation of these policies and rules
until some time after a violation. In addition, any litigation in China may be protracted and
result in substantial costs and diversion of resources and management attention.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We may be subject to, and may expend significant resources in defending against, government actions
and civil suits based on the content and services we provide through our network.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PRC advertising laws and regulations require advertisers, advertising operators and advertising
distributors, including businesses such as ours, to ensure that the content of the advertisements
they prepare or distribute are fair and accurate and are in full compliance with applicable law.
Violations of these laws or regulations may result in penalties, including fines, confiscation of
advertising fees, orders to cease dissemination of the advertisements and orders to publish an
advertisement correcting the misleading information. In cases involving serious violations, the
PRC government may revoke an offender&#146;s license for advertising business operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an operator of an advertising medium, we are obligated under PRC law to monitor the advertising
content displayed on our network for compliance with applicable law. Although the advertisements
displayed on our network may have been previously displayed over public media, we may be required
to separately and independently vet these advertisements for content compliance before displaying
them on our networks. In addition, for advertising content related to certain types of products
and services, such as alcohol, cosmetics, pharmaceuticals and medical procedures, we are required
to confirm that the advertisers have obtained requisite government approvals including the
advertiser&#146;s operating qualifications, proof of quality inspection of the advertised products,
government pre-approval of the contents of the advertisement and filings with the local
authorities. Previously, we did not strictly abide by these requirements. We have remedied this
noncompliance and have, among other things, employed qualified advertising inspectors who are
trained to review advertising content for compliance with relevant PRC laws and regulations.
However, there can be no assurances that we will not be penalized for our past noncompliance or
that each advertisement provided by an advertising client is in compliance with relevant PRC
advertising laws and regulations or that the supporting documentation and government approvals
provided by our advertising clients are accurate and complete.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moreover, civil claims may be filed against us for fraud, defamation, subversion, negligence,
copyright or trademark infringement or other violations due to the nature and content of the
information displayed on our network. If consumers find the content displayed on our network to be
offensive, site managers and owners may seek to hold us responsible for any consumer claims against
them or may terminate their relationships with us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, if the security of our content management system is breached and unauthorized images
or text are displayed on our network, viewers or the PRC government may find these images or text
to be offensive, which may subject us to civil liability or government censure, and harm our
reputation. If our viewers do not believe our content is reliable and accurate, our business model
may become less appealing to them and our advertising clients may be less willing to place
advertisements on our network. Government censure, investigation or any other government action,
or any civil suits against us could divert management time and resources and could have a material
and adverse effect on our business, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Governmental control of currency conversion may materially and adversely affect the value of your
investment. Substantial limitations may be imposed on the removal of funds from the PRC to the
Company, or the infusion of funds by us to our subsidiaries and affiliates located in the PRC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The PRC government imposes controls on the convertibility of the RMB into foreign currencies and,
in certain cases, the remittance of currency out of China. We receive substantially all of our
revenues in RMB. Under our current corporate structure, our income is primarily derived from
dividend payments from our PRC subsidiaries.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shortages in the availability of foreign currency may restrict the ability of our PRC subsidiaries
to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy
their foreign currency denominated obligations. Under existing PRC foreign exchange regulations,
payments of current account items, including profit distributions, interest payments and
expenditures from trade-related transactions, can be made in foreign currencies without prior
approval from the PRC State Administration of Foreign Exchange, or SAFE, by complying with certain
procedural requirements. However, approval from appropriate government authorities is required
where RMB is to be converted into foreign currency and remitted out of China to pay capital
expenses such as the repayment of loans denominated in foreign currencies. The PRC government may
also at its discretion restrict access in the future to foreign currencies for current account
transactions. If the foreign exchange control system prevents us from obtaining sufficient foreign
currency to satisfy our currency demands, we may not be able to pay dividends in foreign currencies
to our parent, the Company. As dividends from Chinese operations will be the primary source of
revenue production for us, failure to be able to receive such dividends could materially and
adversely impact the value of your Company shares and could make it impossible for us to meet our
cash flow requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;29, 2008, SAFE issued the Circular on the Relevant Operating Issues Concerning the
Improvement of the Administration of the Payment and Settlement of Foreign Currency Capital of
Foreign-Invested Enterprises, or Circular No.&nbsp;142. Pursuant to Circular No.&nbsp;142, the RMB fund from
the settlement of foreign currency capital of a foreign-invested enterprise must be used within the
business scope as approved by the examination and approval department of the government, and cannot
be used for domestic equity investment unless it is otherwise provided for Documents certifying the
purposes of the RMB fund from the settlement of foreign currency capital including a business
contract must also be submitted for the settlement of the foreign currency. We used to provide
loans to Jingli Shanghai in RMB settled from foreign currency capital of Jieli Consulting and Jieli
Network. With the strengthened administration on settlement of foreign currency, these previous
loan arrangements may no longer be feasible. If the foreign exchange control system prevents
Jingli Shanghai from obtaining sufficient RMB to satisfy its currency demands, the operation of the
Company may be materially and adversely affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our subsidiary in Hong Kong, Ad-Icon Company Limited, on December&nbsp;11, 2009, established Ad-Icon
Advertising (Shanghai) Co., Ltd., a wholly-owned subsidiary in China, which is permitted to operate
advertising business in China. Through Ad-Icon Shanghai, we can enter into advertising contracts
directly with clients and submit those contracts for the purpose of settling foreign currencies.
In the meantime, we can submit the business contracts between Jieli Consulting/Jieli Network and
Jingli Shanghai for the purpose of settling foreign currencies. According to our PRC counsel to
the Company, both alternatives are permissible under PRC laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>PRC regulations relating to the establishment of offshore special purpose vehicles by PRC residents
may subject our PRC resident shareholders or us to penalties and limit our ability to inject
capital into our PRC subsidiaries, limit our PRC subsidiaries&#146; ability to distribute profits to us,
or otherwise adversely affect us.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SAFE issued a public notice in October&nbsp;2005 requiring PRC residents to register with the local SAFE
branch before establishing or controlling any company outside of China for the purpose of capital
financing with assets or equities of PRC companies, referred to in the notice as an &#147;offshore
special purpose vehicle.&#148; PRC residents that are shareholders and/or beneficial owners of offshore
special purpose companies established before November&nbsp;1, 2005 were required to register with the
local SAFE branch before March&nbsp;31, 2006. In addition, any PRC resident that is a shareholder of an
offshore special purpose vehicle is required to amend its SAFE registration with respect to that
offshore special purpose company in connection with any increase or decrease of capital, transfer
of shares, merger, division, equity investment or creation of any security interest over any assets
located in China or other material changes in share capital. In May&nbsp;2007, SAFE issued relevant
guidance to its local branches with respect to the operational process for SAFE registration, which
standardized more specific and stringent supervision on the registration relating to the SAFE
notice. We have requested the previous shareholders and/or beneficial owners of SearchMedia
International to disclose whether they or their shareholders or beneficial owners fall within the
ambit of the SAFE notice and have urged those who are PRC residents to register with the local SAFE
branch as required
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">under the SAFE notice. The failure of these shareholders and/or beneficial owners to timely amend
their SAFE registrations pursuant to the SAFE notice or the failure of future shareholders and/or
beneficial owners of the Company who are PRC residents to comply with the registration procedures
set forth in the SAFE notice may subject such shareholders, beneficial owners and/or our PRC
subsidiaries to fines and legal sanctions and may also limit our ability to contribute additional
capital into our PRC subsidiaries, limit our PRC subsidiaries&#146; ability to distribute dividends to
us or otherwise adversely affect our business. Additional registrations may be required in
connection with the acquisition of our shares by existing shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>PRC regulation of loans and direct investment by offshore holding companies to PRC entities may
delay or prevent us from using the proceeds of the business combination to make loans or additional
capital contributions to our PRC operating subsidiaries and affiliated entities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In using the proceeds of the Business Combination as an offshore holding company of our PRC
operating subsidiaries and affiliates, we may make loans to our PRC subsidiaries and consolidated
affiliates, or we may make additional capital contributions to our PRC subsidiaries. As an
offshore holding company of our PRC operating subsidiaries and affiliates, any loans by us to our
PRC subsidiaries or consolidated PRC affiliates are subject to PRC regulations and approvals. For
example:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loans by us to our wholly-owned subsidiaries in China, each of which is a
foreign-invested enterprise, to finance the activities cannot exceed statutory limits
and must be registered with SAFE, or its local counterpart; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loans by us to Jingli Shanghai, which is a domestic PRC entity, may require the
approval from the relevant government authorities or registration with SAFE or its
local counterpart.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We may also decide to finance our wholly-owned subsidiaries by means of capital contributions.
These capital contributions must be approved by the PRC Ministry of Commerce or its local
counterpart. Because Jingli Shanghai is a domestic PRC entity, we are not likely to finance our
activities by means of capital contributions due to regulatory issues relating to foreign
investment in domestic PRC entities, as well as the licensing and other regulatory issues discussed
in the &#147;Business &#151; Regulatory Matters&#148; section of this Annual Report on Form 10-K. There can be no
assurances that we will be able to obtain these government registrations or approvals on a timely
basis, if at all, with respect to future loans or capital contributions by us to our subsidiaries
or Jingli Shanghai. If we fail to receive such registrations or approvals, our ability to use the
proceeds of the Business Combination and to capitalize our PRC operations may be negatively
affected, which could adversely and materially affect our liquidity and our ability to fund and
expand our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fluctuation in the value of the Renminbi may have a material adverse effect on your investment.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The value of the Renminbi against the U.S. dollar, Euro and other currencies is affected by, among
other things, changes in China&#146;s political and economic conditions and China&#146;s foreign exchange
policies. On July&nbsp;21, 2005, the PRC government changed its decade-old policy of pegging the value
of the Renminbi to the U.S. dollar. Under the new policy, the Renminbi was permitted to fluctuate
within a narrow and managed band against a basket of foreign currencies. This change in policy
caused the Renminbi to appreciate approximately 21.5% against the U.S. dollar over the following
three years. Since reaching a high against the U.S. dollar in July&nbsp;2008, the Renminbi has traded
within a narrow band against the U.S. dollar, remaining within 1% of its July&nbsp;2008 high but never
exceeding it. As a consequence, the Renminbi has fluctuated sharply since July&nbsp;2008 against other
freely traded currencies, in tandem with the U.S. dollar. It is difficult to predict how long the
current situation may last and when and how it may change again.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Substantially all of our revenues and costs are denominated in Renminbi, and a significant portion
of our financial assets are also denominated in Renminbi. Thus, a resumption of the appreciation
of the Renminbi against the U.S.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">dollar would, for instance, further increase our costs in U.S. dollar terms. In addition, as we
principally rely on dividends and other distributions paid to us by our subsidiaries and affiliated
entities in China, any significant depreciation of the Renminbi against the U.S. dollar may have a
material adverse effect on our revenues and financial condition. In addition, to the extent that
we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi
against the U.S. dollar would have an adverse effect on the Renminbi amount we receive from the
conversion. Conversely, if we decide to convert our Renminbi into U.S. dollars for the purpose of
making payments for dividends on our preferred or ordinary shares or for other business purposes,
appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S.
dollar amount available to us. Any fluctuation of the exchange rate between the Renminbi and the
U.S. dollar could also result in foreign current translation losses for financial reporting
purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Any health epidemics and other outbreaks, or war, acts of terrorism and other man -made or natural
disasters could severely disrupt our business operations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our business could be materially and adversely affected by the outbreak of avian influenza, H1N1
Flu, severe acute respiratory syndrome, or SARS, or another epidemic. In recent years, there have
been reports on the occurrences of avian influenza and H1N1 Flu in various parts of China,
including a few confirmed human cases and deaths. Any prolonged recurrence of avian influenza,
H1N1 Flu, SARS or other adverse public health developments in China could require the temporary
closure of our offices or prevent our staff from traveling to our clients&#146; offices to sell our
services or provide on site services. Such closures could severely disrupt our business operations
and adversely affect our results of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our operations are vulnerable to interruption and damage from natural and other types of disasters,
including snowstorms, earthquakes, fire, floods, environmental accidents, power loss,
communications failures and similar events. If any disaster were to occur in the future, our
ability to operate our business could be materially impaired.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We are a Cayman Islands company and, because the rights of shareholders under Cayman Islands law
differ from those under U.S. law, you may have fewer protections as a shareholder.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company&#146;s conduct of its corporate affairs will be governed by its Memorandum and Articles of
Association, and the Company is subject at all times to the Companies Law (2010 Revision) of the
Cayman Islands. The rights of shareholders to take action against the directors, the rights of
minority shareholders and the fiduciary duties of the directors under Cayman Islands law are
governed by the Companies Law (2010 Revision) and/or common law principles derived from cases in
the Cayman Islands and in the courts of England (English case law is not binding but is considered
persuasive in the courts of the Cayman Islands). The rights of shareholders and the fiduciary
duties of directors under Cayman Islands law differ from those established under statutes or
judicial precedent in some jurisdictions in the United States. Additionally, the removal
of a director from our Board, even for cause, may in certain circumstances require the approval of
our shareholders. Also, the Cayman Islands has a less developed body of securities law compared to
the United States and less developed or judicially interpreted bodies of corporate law compared to
many U.S. states, including Delaware.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our Board of Directors is subject to potential deadlock.</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the share exchange agreement and Business Combination, we entered into a voting
agreement with China Seed Ventures, L.P., Qinyng Liu, Le Yang, Vervain Equity Investment Limited,
Sun Hing Associates Limited, and Linden Ventures, each a previous SearchMedia International
shareholder or warrantholder, and Frost Gamma Investments Trust, Robert Fried, Rao Uppaluri, Steven
Rubin and Jane Hsiao, each a previous Ideation shareholder, which provides, among other things,
that, for a period which commenced on October&nbsp;30, 2009 and ends on October&nbsp;30, 2012, each party to
the voting agreement will agree to vote in favor of the director nominees nominated by the Ideation
representative and the SearchMedia International representatives as provided in the share exchange
agreement. Following the resignation of Dr.&nbsp;Lu, our board of
directors consists of seven members. Under the terms of the voting
agreement, the SearchMedia International representatives have the
right to fill the vacancy resulting from Dr.&nbsp;Lu&#146;s
resignation, at which time our board of directors will consist of
eight members. Under our Articles of Association, approval by a
majority of the directors is required for many significant corporate actions. There
are no mechanisms in the voting agreement or our Articles of Association which provide a mechanism
to resolve a board deadlock. It is possible that our Board of Directors may be unable to obtain
majority approval in certain circumstances, which would prevent us from taking actions that may be
important to our business and operations.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>As a foreign private issuer, we will be exempt from certain SEC requirements that provide
stockholders with protections and information that must be made available to stockholders of U.S.
public companies.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;30, 2010, we became a foreign private issuer, which reduces the reporting requirements
under the Exchange Act, resulting in fewer costs associated with financial and reporting
compliance. For example, as a foreign private issuer we will be exempt from certain provisions
applicable to U.S. public companies, including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rules requiring the filing with the SEC of quarterly reports on Form 10-Q or
current reports on Form 8-K;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sections of the Exchange Act regulating the solicitation of proxies, consents or
authorizations with respect to a security registered under the Exchange Act;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provisions of Regulation&nbsp;FD aimed at preventing issuers from making selective
disclosures of material non-public information; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sections of the Exchange Act requiring insiders to file public reports of their
stock ownership and trading activities and establishing insider liability for profits
realized from any &#147;short swing&#148; trading transactions, or a purchase and sale, or a sale
and purchase, of the issuer&#146;s equity securities within less than six months.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a foreign private issuer, we will file an annual report on Form 20-F within six months of the
close of fiscal year 2010, and within four months of each fiscal year beginning with fiscal year
2011, and reports on Form 6-K relating to certain material events promptly after we publicly
announces these events. However, because of the foregoing filing exemptions, our shareholders will
not be afforded the same protections or information generally available to investors holding shares
in public companies organized in the United States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Because we do not intend to pay dividends on our ordinary shares for the foreseeable future,
stockholders will benefit from an investment in our ordinary shares only if those shares appreciate
in value.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We currently intend to retain all future earnings, if any, for use in the operations and expansion
of the business. As a result, we do not anticipate paying cash dividends in the foreseeable
future. Any future determination as to the declaration and payment of cash dividends will be at
the discretion of our board of directors and will depend on factors our board of directors deem
relevant, including, among others, our results of operations, financial condition and cash
requirements, business prospects, the terms of our credit facilities, if any, and any other
financing arrangements. Accordingly, realization of a gain on stockholders&#146; investments will
depend on the appreciation of the price of our ordinary shares, and there is no guarantee that our
ordinary shares will appreciate in value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Voting control by executive officers, directors and other affiliates of the company may limit your
ability to influence the outcome of director elections and other matters requiring shareholder
approval.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The executive officers, directors and other affiliates
 of the Company own over 38% of our voting
shares. These shareholders can control substantially all matters requiring approval by our
shareholders, including the election of directors and the approval of other business transactions.
This concentration of ownership could have the effect of delaying or preventing a change in control
of the Company or discouraging a potential acquirer from attempting to
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">obtain control of the Company, which in turn could have a material adverse effect on the market
price of ordinary shares or prevent our shareholders from realizing a premium over the market price
for their ordinary shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The NYSE Amex may delist our securities from quotation on its exchange, which could limit
investors&#146; ability to make transactions in our securities and subject us to additional trading
restrictions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the NYSE Amex delists our securities from trading on its exchange, we could face significant
material adverse consequences, including:
</DIV>


<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a limited availability of market quotations for our securities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a reduced liquidity with respect to our securities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a determination that our common stock is a &#147;penny stock&#148; which will require brokers
trading in our common stock to adhere to more stringent rules, possibly resulting in a
reduced level of trading activity in the secondary trading market for our common stock;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a limited amount of news and analyst coverage for the company; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a decreased ability to issue additional securities or obtain additional financing in
the future.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;22, 2010, we received a written notice from the NYSE Amex indicating that we were not in
compliance with the NYSE Amex&#146;s continued listing criteria set forth in Sections&nbsp;134 and 1101 of
the NYSE Amex Company Guide because we did not timely file our Annual Report on Form 10-K for the
year ended December&nbsp;31, 2009. On May&nbsp;25, 2010, we received an additional written notice from NYSE
Amex indicating that we were not in compliance with the NYSE Amex&#146;s continued listing criteria set
forth in Sections&nbsp;134 and 1101 of the NYSE Amex Company Guide because we did not timely file our
Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2010. The NYSE Amex has approved our
plan of compliance, as revised, and has granted us an extension until October&nbsp;29, 2010 to file our
Annual Report on Form 10-K for the year ended December&nbsp;31, 2009 and until December&nbsp;15, 2010 to file
our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2010. We cannot provide you
assurance that we file our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2010 by
December&nbsp;15, 2010 and, as a result, we may not maintain our listing on the NYSE Amex.
</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>A significant number of shares will become eligible for future sale by our stockholders and the
sale of those shares could adversely affect the stock price</B><B><I>.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant number of our outstanding shares of common stock will become eligible for resale
beginning October&nbsp;30, 2010, as a result of the expiration of lock up provisions on resale. If our
stockholders whose shares are, or hereafter become eligible for resale, sell or attempt to sell
their stock in the public market, the trading price of our common stock could decline.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>There is a risk that we could be treated as a U.S. domestic corporation for U.S. federal income tax
purposes after the Business Combination, which could result in significantly greater U.S. federal
income tax liability to us.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7874(b) of the Code generally provides that a corporation organized outside the United
States which acquires, directly or indirectly, pursuant to a plan or series of related transactions
substantially all of the assets of a corporation organized in the United States will be treated as
a domestic corporation for U.S. federal income tax purposes if shareholders of the acquired
corporation, by reason of owning shares of the acquired corporation, own at least 80% (of either
the voting power or the value) of the stock of the acquiring corporation after the acquisition. If
Section 7874(b) were to apply to the conversion, then we, as the surviving entity, would be subject
to U.S.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">federal income tax on its worldwide taxable income following the Business Combination as if we were
a domestic corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Section 7874(b) should not apply to treat us as a domestic corporation for U.S. federal
income tax purposes because the Business Combination should be treated as part of the same
transaction and, therefore, this 80% threshold was not reached, due to the absence of full guidance
on how the rules of Section 7874(b) will apply to the transactions contemplated by the Business
Combination, this result is not entirely free from doubt. As a result, stockholders and
warrantholders are urged to consult their own tax advisors on this issue. We intend to take the
position that we are a foreign corporation for U.S. federal income tax purposes. The immediately
following two risk factors assume that we will be treated as a foreign corporation for U.S. federal
income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>There is a risk that we will be classified as a passive foreign investment company, or PFIC, which
could result in adverse U.S. federal income tax consequences to U.S. holders of ordinary shares or
warrants of SearchMedia.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will be treated as a PFIC for any taxable year in which either (1)&nbsp;at least 75% of its gross
income (looking through certain corporate subsidiaries) is passive income or (2)&nbsp;at least 50% of
the average value of its assets (looking through certain corporate subsidiaries) produce, or are
held for the production of, passive income. Passive income generally includes dividends, interest,
rents, royalties, and gains from the disposition of passive assets. If we were a PFIC for any
taxable year during which a U.S. holder held our ordinary shares or warrants, the U.S. holder may
be subject to increased U.S. federal income tax liability and may be subject to additional
reporting requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the expected composition of the assets and income of the Company and our subsidiaries
after the Business Combination, it is not anticipated that we will be treated as a PFIC following
the Business Combination. The actual PFIC status of the Company for any taxable year, however,
will not be determinable until the conclusion of our taxable year, and accordingly there can be no
assurance as to the status of the Company as a PFIC for the current taxable year or any future
taxable year. U.S. holders of our securities are urged to consult their own tax advisors regarding
the possible application of the PFIC rules.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If you acquire (directly, indirectly, or constructively) 10% or more of our shares, you may be
subject to taxation under the &#147;controlled foreign corporation,&#148; or CFC rules.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each &#147;10% U.S. Shareholder&#148; of a foreign corporation that is a CFC for an uninterrupted period of
30&nbsp;days or more during a taxable year, and that owns shares in the CFC directly or indirectly
through foreign entities on the last day of the CFC&#146;s taxable year, must include in its gross
income for U.S. federal income tax purposes its pro rata share of the CFC&#146;s &#147;subpart F income,&#148;
even if the subpart F income is not distributed. In addition, if a person that is or was a &#147;10%
U.S. Shareholder&#148; of a CFC during the 5-year period ending on the date on which such person sells
or exchanges shares of stock of such corporation recognizes gain such a sale or such person as a
dividend to the extent of earnings and profits of the corporation attributable to such stock that
were accumulated while such person held the stock while the corporation was a CFC. After 2010,
dividends may be taxed at higher rates than long-term capital gains. A foreign corporation is
considered a CFC if &#147;10% U.S. Shareholders&#148; own more than 50% of the total combined voting power of
all classes of voting stock of the foreign corporation, or the total value of all stock of the
corporation. A &#147;10% U.S. Shareholder&#148; is a U.S. person, as defined in the Internal Revenue Code,
that owns at least 10% of the total combined voting power of all classes of stock entitled to vote
of the foreign corporation. For purposes of determining whether a corporation is a CFC, and
therefore whether the more-than-5 0% and 10% ownership tests have been satisfied, shares owned
includes shares owned directly or indirectly through foreign entities or shares considered owned
under constructive ownership rules. The attribution rules are complicated and depend on the
particular facts relating to each investor. U.S. holders are urged to consult their own tax
advisors regarding the possible application of the CFC rules.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Our Stockholders and Warrantholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We may choose to redeem our outstanding warrants at a time that is disadvantageous to the
warrantholders, preventing such holders from realizing the potential economic value of their
warrants.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to there being a current prospectus under the Securities Act, we may redeem all of the
currently outstanding warrants at any time after they become exercisable at a price of $0.01 per
warrant, upon a minimum of 30&nbsp;days prior written notice of redemption, if and only if, the last
sale price of our ordinary shares equals or exceeds $11.50 per share for any 20 trading days within
a 30-trading-day period ending three business days before we send the notice of redemption.
Calling all of such warrants for redemption could force the warrantholders to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise the warrants and pay the exercise price for such warrants at a time when it
may be disadvantageous for the holders to do so;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell the warrants at the then-current market price when they might otherwise wish to
hold the warrants; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accept the nominal redemption price which, at the time the warrants are called for
redemption, is likely to be substantially less than the market value of the warrants.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our warrantholders may not be able to exercise their warrants, which may significantly reduce their
economic value and create liability for us.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Holders of our warrants will be able to receive shares upon exercise of the warrants only if:
</DIV>


<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a current registration statement under the Securities Act relating to the ordinary shares underlying the warrants is then effective; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such shares are qualified for sale or exempt from qualification under the applicable
securities laws of the states in which the various holders of warrants reside.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although we have agreed to use our best efforts to maintain a current registration statement
covering the shares underlying the warrants to the extent required by federal securities laws, we
cannot assure that we will be able to do so. In addition, some states may not permit us to
register the shares issuable upon exercise of our warrants for sale. The value of the warrants
will be greatly reduced if a registration statement covering the shares issuable upon the exercise
of the warrants is not kept current or if the securities are not qualified, or exempt from
qualification, in the states in which the holders of warrants reside. We have agreed to qualify
for sale the common stock underlying our warrants in each state in which the units issued in the
Ideation IPO were initially offered. However we did not agree to qualify such securities in any
other state.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe that the holders of warrants who reside in California, Colorado, Florida, Illinois,
Louisiana, New Jersey, New York, Ohio, Pennsylvania and Texas will be able to exercise their
warrants freely. Additionally, holders of warrants who reside in Connecticut, Georgia, Maryland,
Missouri and North Carolina will be able to exercise their warrants, provided that we do not pay
any commission or other remuneration (other than a standby commission) directly or indirectly for
soliciting any security holder in the respective state. Holders of warrants who reside in
jurisdictions in which the shares underlying the warrants are not qualified and in which there is
no exemption will be unable to exercise their warrants and would either have to sell their warrants
in the open market or allow them to expire unexercised, which could result in the filing of claims
against and other losses for us.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>

<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 9B. OTHER INFORMATION.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;29, 2010, the roles and responsibilities of Jennifer Huang were changed from Chief
Operating Officer to Director of Business Development.</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October
29, 2010, Dr.&nbsp;Lu resigned as a member of our board of directors.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART III</B>
</DIV>

<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the names and ages of our directors, each of whom has served as a
director since the Business Combination.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Fried</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>51</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Qinying Liu</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>48</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven D. Rubin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>50</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earl Yen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>43</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jianzhong Qu</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>35</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Glenn Halpryn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>50</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chi-Chuan Chen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>52</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following additional information is provided for each of the directors listed above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mr.&nbsp;Robert Fried </B>has served as Co-Chairman of the Board of Directors since the Business Combination
in October&nbsp;2009. Mr.&nbsp;Fried served as the President and Chief Executive Officer and a member of the
board of directors of Ideation from November&nbsp;2007 to October&nbsp;2009. Mr.&nbsp;Fried is a digital media
entrepreneur and accomplished film producer. Since 1990, Mr.&nbsp;Fried has served as President of Fried
Films, a motion picture production company he founded in 1990. Mr.&nbsp;Fried has produced or served as
executive producer for 15 films, including &#147;Rudy,&#148; &#147;The Boondock Saints,&#148; &#147;Man of the Year&#148; and
&#147;Collateral.&#148; Mr.&nbsp;Fried won an Academy Award for the Live Action Short Film &#147;Session Man.&#148; Mr.
Fried has founded several digital media companies including Spirit EMX, parent of spiritclips.com,
a popular internet-based inspirational content company for which Mr.&nbsp;Fried presently serves as CEO;
and WhatsHotNow.com, for which Mr.&nbsp;Fried served as Chief Executive Officer from July&nbsp;1999 until
June&nbsp;2001. From December&nbsp;1994 until June&nbsp;1996, Mr.&nbsp;Fried was President and Chief Executive Officer
of Savoy Pictures, a unit of Savoy Pictures Entertainment, Inc. Savoy Pictures Entertainment was
sold to Silver King Communications, which is now a part of InterActive Corp, in 1996. From 1983 to
1990, Mr.&nbsp;Fried held several executive positions including Executive Vice President in charge of
Production for Columbia Pictures,
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Director of Film Finance and Special Projects for Columbia Pictures and Director of Business
Development at Twentieth Century Fox. Mr.&nbsp;Fried holds an M.S. from Cornell University and an M.B.A.
from the Columbia University Graduate School of Business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Fried brings entrepreneurial, leadership and digital media experience to the board of
directors. Mr.&nbsp;Fried&#146;s experience as an executive producer and executive officer in media related
industries provides broad understanding and expertise that strengthens the board of directors&#146;
collective knowledge, capabilities and experience.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ms.&nbsp;Qinying Liu </B>has served as Co-Chairmen of the Board of Directors since the Business Combination
in October&nbsp;2009. Ms.&nbsp;Liu is a co-founder of Jieli Consulting and previously served as the chairman
of SearchMedia International. She has also been the general manager of Shanghai Lifang Trading Co.,
Ltd since 2004, a Chinese trading company. Before the founding of Jieli Consulting, she was
chairman of Sige from 2004 to November&nbsp;2007 and Shanghai Qinjun from 2003 to June&nbsp;2008. She also
served as chief representative of the Shanghai Office of GETA Company, a Germany special power
tools manufactory from 1993 to 2000. Ms.&nbsp;Liu received her master&#146;s degree in media and
communication from Renmin University of China. She obtained her bachelor&#146;s degree in chemistry from
East China University of Science and Technology.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ms.&nbsp;Liu brings multi-platform media industry experience to the board of directors. Ms.&nbsp;Liu is also
a founder of SearchMedia International.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mr.&nbsp;Steven D. Rubin </B>has served as a member of the Board of Directors since the Business Combination
in October&nbsp;2009. Mr.&nbsp;Rubin served as the Secretary of Ideation from June&nbsp;2007 to October&nbsp;2009. Mr.
Rubin has served as Executive Vice President-Administration and as a director of Opko Health, Inc.
since March&nbsp;2007. He is also a member of The Frost Group. Mr.&nbsp;Rubin served as the Senior Vice
President, General Counsel and Secretary of IVAX Corporation from August&nbsp;2001 until September&nbsp;2006.
Before joining IVAX, from January&nbsp;2000 to August&nbsp;2001, Mr.&nbsp;Rubin served as the Senior Vice
President, General Counsel and Secretary of privately-held Telergy, Inc., a provider of business
telecommunications and diverse optical network solutions. He was with the Miami law firm of Stearns
Weaver Miller Weissler Alhadeff &#038; Sitterson from 1986 until 2000, in the Corporate and Securities
Department. Mr.&nbsp;Rubin was a shareholder of that firm from 1991 until 2000 and a director from 1998
until 2000. Mr.&nbsp;Rubin currently serves on the board of directors of Dreams, Inc., a
vertically-integrated sports products company, PROLOR Biotech, Inc., a development stage
biopharmaceutical company, SafeStitch Medical, Inc., a medical device company, Kidville, Inc.,
which operates upscale learning and play facilities children, Non-Invasive Monitoring Systems,
Inc., a medical device company, Cardo Medical, Inc., a producer and distributor of orthopedic and
spinal medical devices, Neovasc, Inc., a company developing and marketing medical specialty
vascular devices, and Castle Brands, Inc., a NYSE Amex-listed developer and marketer of premium
brand spirits. Mr.&nbsp;Rubin holds a B.A. in Economics from Tulane University and a J.D. from the
University of Florida.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Rubin brings leadership, business and legal experience to the board of directors. Mr.&nbsp;Rubin
has advised companies in several aspects of business, transactional, and legal affairs for more
than 23&nbsp;years. His experience as a practicing lawyer, general counsel, and board member to
multiple public companies has given him broad understanding and expertise, particularly relating to
strategic planning and acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mr.&nbsp;Earl Yen </B>has served as a member of the Board of Directors since the Business Combination in
October&nbsp;2009. Mr.&nbsp;Yen previously served as the vice chairman of the board of SearchMedia
International. He is the founder and managing director of CSV Capital Partners, a China-focused
private equity firm he co-founded in 2004. He currently also serves on the boards of CDP Group,
Tidalwave Technology, and Woodcycling. Prior to founding CSV, Mr.&nbsp;Yen was an investment banker with
Citigroup from 2002 to 2004, and with Bear Stearns from 1988 to 1991 and 1994 to 2000. He
previously worked at HarbourVest Partners, an alternative investment management firm, from 1991 to
1994. Mr.&nbsp;Yen received a master&#146;s degree in management science from the MIT Sloan School of
Management and bachelor&#146;s degrees in electrical engineering and management from the Massachusetts
Institute of Technology.
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Yen brings investment banking experience to the board of directors. Mr.&nbsp;Yen&#146;s experience as a
board member to multiple companies and his financial background provide knowledge and experience to
the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mr.&nbsp;Jianzhong Qu </B>has served as a member of the Board of Directors since the Business Combination in
October&nbsp;2009. He is a principal of CSV Capital Partners, where he has worked since 2005 and is
responsible for sourcing and managing private equity investments in the technology, media, retail,
services, and telecommunications sectors of China. He currently also serves as a director of
Imagine Games. From 1997 to 1999, Mr.&nbsp;Qu worked as an engineer at the Department of Engineering of
Shanghai Posts and Telecommunications Administration. Mr.&nbsp;Qu holds a Master in Operations Research
from Georgia Institute of Technology and a Bachelor in Engineer from Shanghai Jiaotong University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Qu brings financial knowledge to the board of directors. Mr.&nbsp;Qu&#146;s experience in media and
other related industries allows him to bring strategic insight to the board of directors.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mr.&nbsp;Glenn Halpryn </B>has served as a member of the Board of Directors since the Business Combination
in October&nbsp;2009 and served as a director of Ideation from December&nbsp;2008 to October&nbsp;2009. Since
August&nbsp;2010, Mr.&nbsp;Halpryn has served as a Director of ChromaDex Corporation, a public company that
along with its subsidiaries supply phytochemical reference standards and reference materials,
related contract services, and products for the dietary supplement, nutraceutical, food and
beverage, functional food, pharmaceutical and cosmetic markets. Mr.&nbsp;Halpryn serves as Chairman of
the Nominating and Corporate Governance Committee and has served on the Audit Committee of
ChromaDex Corporation since May&nbsp;2010. Since April&nbsp;2010, Mr.&nbsp;Halpryn has served as a Director of
CDSI Holdings, Inc., a public shell company seeking new business opportunities. Mr.&nbsp;Halpryn has
been the Chief Executive Officer and a Director of Transworld Investment Corporation, a private
investment company, since June&nbsp;2001. Mr.&nbsp;Halpryn also currently serves as a Director of Sorrento
Therapeutics, a biopharmaceutical company and Castle Brands Inc., a developer and international
marketer of premium branded spirits. From September&nbsp;2008 until May&nbsp;2010, Mr.&nbsp;Halpryn served as a
Director of Winston Pharmaceuticals, Inc., a pharmaceutical company specializing in skin creams and
pain medications. From October&nbsp;2002 to September&nbsp;2008, Mr.&nbsp;Halpryn served as a Director of Ivax
Diagnostics, Inc. Mr.&nbsp;Halpryn served as Chairman of the Board of Directors and Chief Executive
Officer of Orthodontix, Inc. (now Protalix Bio Therapeutics, Inc.) from April&nbsp;2001 to December
2006. From April&nbsp;1988 to June&nbsp;1998, Mr.&nbsp;Halpryn was Vice Chairman of Central Bank, a Florida
state-chartered bank. Since June&nbsp;1987, Mr.&nbsp;Halpryn has been the President of and a beneficial
holder of stock of United Security Corporation, a broker-dealer registered with FINRA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Halpryn brings leadership and business experience to the board of directors. Mr.&nbsp;Halpryn has
advised companies in several aspects of business and transactional affairs. His experience as a
board member to multiple public companies has given him broad understanding and expertise.
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mr.&nbsp;Chi-Chuan (Frank) Chen </B>has served as a member of the Board of Directors since the Business
Combination in October&nbsp;2009. Mr.&nbsp;Chen is a Vice President and Special Assistant to the Chief
Executive Officer at Ruentex Group. He has served in the Investment Management Department at
Ruentex Group since 1987. Mr.&nbsp;Chen holds a B.S. in chemical engineering and an MBA from National
Taiwan University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Chen brings investment management experience to the board of directors. Mr.&nbsp;Chen&#146;s 23&nbsp;years of
experience in the investment management department of Ruentex Group provides broad knowledge,
experience and insights to the board of directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Executive Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following individuals are our current executive officers.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul Conway
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>40</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wilfred Chow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>44</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Garbo Lee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>53</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All officers serve until they resign or are replaced or renamed at the discretion of the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following additional information is provided for our current executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Paul Conway </B>has served as our Chief Executive Officer since February&nbsp;2010. From 1998 through
January&nbsp;2010, Mr.&nbsp;Conway worked at Oppenheimer &#038; Co., Inc., where he served as Managing Director of
Media Investment Banking from January&nbsp;2009 to January&nbsp;2010, as Executive Director of Media
Investment Banking from January&nbsp;2006 to January&nbsp;2009, and as Director of Media Investment Banking
from January&nbsp;2003 to January&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mr.&nbsp;Wilfred Chow </B>has served as our Chief Financial Officer since January&nbsp;2010. From April&nbsp;2006
through December&nbsp;2009, Mr.&nbsp;Chow was Senior Vice President of American Oriental Bioengineering, a
pharmaceutical company, and from January&nbsp;2005 through March&nbsp;2006, Mr.&nbsp;Chow was a financial
consultant with PriceWaterhouseCoopers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ms.&nbsp;Garbo Lee </B>has served as our President since the Business Combination in October&nbsp;2009. Ms.&nbsp;Lee
served as the president of SearchMedia International from March&nbsp;2009 to October&nbsp;2009. Prior to
that, she was the chief operating officer of SearchMedia International. Ms.&nbsp;Lee has over 24&nbsp;years
of experience in the advertising industry. Prior to joining SearchMedia International, Ms.&nbsp;Lee was
a general manager of Sony BMG Music Entertainment (PRC)&nbsp;Inc., a Chinese music marketing and
distribution company under Sony BMG Music Entertainment, a global recorded music joint venture
headquartered in the New York City, from 2005 to 2007. She served as general manager of Coming Age
Communication Co. Ltd., a China-based integrated marketing company, from 2002 to 2004. From 2000 to
2002, she worked as managing director and vice president of Doyle Dane Bernbach (DDB)&nbsp;Shanghai, an
advertising and integrated marketing company under Omnicom Group in China. From 1984 to 2000, Ms.
Lee worked for various companies under WPP Group. Ms.&nbsp;Lee received her bachelor&#146;s degree in arts
from International Christian University in Tokyo, Japan.
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), requires
certain of our officers, directors and persons who beneficially own more than ten percent of our
Common Stock to file with the Securities and Exchange Commission and the NYSE Amex initial reports
of beneficial ownership of the Common Stock on Form&nbsp;3 and reports of changes in beneficial
ownership of the Common Stock on Form&nbsp;4 or Form&nbsp;5. Such persons are also required to furnish us
with copies of all such reports filed. Based solely on our review of Forms 3, 4 and 5 and
amendments thereto furnished to us, as well as any written representations furnished to us that no
other reports were required, we believe that, during Fiscal 2009, all Section 16(a) filing
requirements applicable to such persons were timely filed, except that (i)&nbsp;Deutsche Bank AG, a ten
percent stockholder, filed one report on Form&nbsp;3 late, representing its initial statement of
beneficial ownership occurring in October&nbsp;2009, (ii)&nbsp;Phillip Frost MD ET AL, a ten percent
stockholder, filed two reports on Form&nbsp;4 late, representing four transactions occurring in June
2009 and one transaction occurring in October&nbsp;2009, (iii)&nbsp;Glenn Halpryn, a director, filed one
report on Form&nbsp;4 late and subsequently amended the report on Form&nbsp;4/A representing one transaction
occurring in October&nbsp;2009, and (iv)&nbsp;David Moskowitz, a director, filed one report on Form&nbsp;4 late,
representing five transactions occurring in April&nbsp;2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Code of Ethics</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have adopted a Code of Ethics applicable to our directors, officers and employees including our
Chief Executive Officer, Chief Financial Officer and principal accounting officer. A copy of our
Code of Ethics is available on our website at <U>www.searchmediaholdings.com</U>. We intend to
post amendments to or waivers from our Code of Ethics (to the extent applicable to our Chief
Executive Officer, Chief Financial Officer or principal accounting officer or to our directors) on
our website. Our website is not part of this Annual Report on Form 10-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit Committee Members and Financial Expert</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has established an Audit Committee. The Audit Committee currently consists
of Glenn Halpryn (Chair) and Chi-Chuan Chen. The Board of Directors has determined that Mr.
Halpryn meets the attributes of an &#147;audit committee financial expert&#148; within the meaning of SEC
regulations and is &#147;independent&#148; within the meaning of the listing standards of NYSE Amex and
applicable SEC regulations. Xiaoming Lu served on the Audit Committee from December&nbsp;2009 to August
2010.
</DIV>

<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 11. EXECUTIVE COMPENSATION.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compensation of Named Executive Officers</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Summary Compensation Table</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth certain summary information concerning compensation paid or accrued
by us to or on behalf of the executive officers listed below (the &#147;Named Executive Officers&#148;) for
the fiscal years ended December&nbsp;31, 2009 and 2008. Our current Chief Executive Officer, Paul
Conway, began serving in that capacity in February&nbsp;2010 and was not employed by us during Fiscal
2009. Our current Chief Financial Officer, Wilfred Chow, began serving in that capacity in January
2010 and was not employed by us during Fiscal 2009.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



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    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nonqualified</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
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    <TD nowrap align="center" colspan="3">Non-Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deferred</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD nowrap align="left">Name and Principal</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fiscal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD nowrap align="center" colspan="3">Stock</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Option</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Incentive Plan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Compensation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">All Other</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Position</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Year</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Salary</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Bonus</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Awards (4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Awards (4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Compensation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Earnings</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Compensation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Total</TD>
</TR>

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<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Garbo Lee, President <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">106,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">129,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">122,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
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    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
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    <TD align="right">$</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
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    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">123,491</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Jennifer Huang,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">120,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">44,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">164,168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Former Chief Operating Officer and Acting Chief Financial Officer <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">93,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">76,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">170,565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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</TR>
<TR valign="top" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Robert N. Fried,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">12,500</TD>
    <TD nowrap> <SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Former Chief Executive Officer of Ideation <SUP style="FONT-size: 85%; vertical-align: text-top">(3) </SUP> <SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>From March&nbsp;2009 to October&nbsp;30, 2009, prior to our merger, Ms.&nbsp;Lee served as
President of SearchMedia International. Immediately after the merger, Ms.&nbsp;Lee served as
President of the post-merger company. While serving as President of SearchMedia International
in 2009, Ms.&nbsp;Lee was paid a salary of RMB 70,000 per month.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>From April&nbsp;2008 to July&nbsp;2009, Ms.&nbsp;Huang served as the Chief Financial Officer of
SearchMedia International. From July&nbsp;2009 to October&nbsp;30, 2009, prior to our merger, Ms.&nbsp;Huang
served as the Chief Operating Officer of SearchMedia International. Immediately after the
merger, Ms.&nbsp;Huang served as Chief Operating Officer. While serving as Chief Operating Officer
of SearchMedia International in 2009, Ms.&nbsp;Huang was paid a salary of RMB 75,000 per month. Ms.&nbsp;Huang served as acting Chief Financial Officer from October 2009
to January 2010, as Chief Operating Officer from October 2009 to October 2010, and currently serves as Director of Business Development.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Fried served as Chief Executive Officer of Ideation from November&nbsp;2007 until the
Business Combination.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Computed in accordance with FASB ASC Topic 718.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents fees paid in connection with a consulting agreement between SearchMedia
Holdings and Mr.&nbsp;Fried effective November&nbsp;1, 2009.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employment Agreements with Executive Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SearchMedia Holdings has agreements with certain executive officers. The employment agreements for
Paul Conway and Wilfred Chow are described below. SearchMedia Holdings entered into labor
contracts with Garbo Lee and Jennifer Huang pursuant to PRC law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Paul Conway</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective February&nbsp;1, 2010, SearchMedia Holdings and Mr.&nbsp;Paul Conway entered into the executive
employment agreement pursuant to which Mr.&nbsp;Conway will serve as the Chief Executive Officer. The
term of the agreement is for three years and the agreement will be automatically extended for
successive one-year terms unless either party gives written notice to the other party to terminate
the agreement. The Company also agreed to appoint Mr.&nbsp;Conway to the board of directors prior to
February&nbsp;1, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the agreement, Mr.&nbsp;Conway will receive an annual salary of US $250,000, subject to
annual review by the board of directors. Mr.&nbsp;Conway is also entitled to expense reimbursement of up
to US $50,000 for certain
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expenses related to, among other things, relocation, housing, education and insurance. On February
1, 2010, Mr.&nbsp;Conway was granted (i)&nbsp;options to purchase 250,000 shares of common stock, the initial
option grant, which vest one-third annually on the anniversary of the date of grant, with an
exercise price equal to the Company&#146;s closing price on the date of grant, and (ii)&nbsp;100,000
restricted shares, the initial restricted share grant, which vest on the three-year anniversary of
the date of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event SearchMedia Holdings terminates Mr.&nbsp;Conway without cause or Mr.&nbsp;Conway terminates his
employment for good reason (as described in the agreement), (i)&nbsp;Mr.&nbsp;Conway will receive salary
continuation equal to six months salary if such termination occurred prior to February&nbsp;1, 2011,
salary continuation equal to nine months salary and the vesting of 33,333 restricted shares from
the initial restricted share grant if such termination occurs between February&nbsp;1, 2011 and February
1, 2012, and salary continuation equal to nine months&#146; salary and the vesting of 66,666 restricted
shares from the initial restricted share grant if such termination occurs after February&nbsp;1, 2012,
and (ii)&nbsp;those options in the initial option grant that would have vested during the applicable
severance period shall vest and be exercisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement also contains other customary provisions, including provisions relating to
non-solicitation, non-compete, confidentiality and compliance with Sections&nbsp;409A and 457A of the
Internal Revenue Code. In addition, pursuant to the terms of the agreement, upon the occurrence of
a change in control (as defined in the agreement), all unvested options from the initial grant and
unvested restricted shares from the initial restricted share grant will become vested and fully
exercisable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Wilfred Chow</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;4, 2010, SearchMedia Holdings and Mr.&nbsp;Wilfred Chow entered into the executive
employment agreement pursuant to which Mr.&nbsp;Chow will serve as the Chief Financial Officer of the
Company. Pursuant to the agreement, Mr.&nbsp;Chow will receive an annual salary of US $200,000, subject
to annual review by the board of directors. Mr.&nbsp;Chow is also entitled to expense reimbursement of
up to US $25,000 for certain expenses related to, among other things, relocation, housing,
education and insurance. On January&nbsp;4, 2010, Mr.&nbsp;Chow was granted options to purchase 225,000
shares of common stock, the initial grant, which vest one-third annually on the anniversary of the
date of grant, with an exercise price at the closing price on the date of grant. The term of the
agreement is for three years and the agreement will be automatically extended for successive
one-year terms unless either party gives written notice to the other party to terminate the
agreement no less than 60&nbsp;days, and no more than 120&nbsp;days prior, to the expiration of the
then-current term. On August&nbsp;20, 2010, Mr.&nbsp;Chow agreed to cancel his January&nbsp;4, 2010 grant and,
upon cancellation, Mr.&nbsp;Chow was issued an option to purchase 225,000 shares of common stock, which
vest one-third annually on January&nbsp;4, 2011, January&nbsp;4, 2012 and January&nbsp;4, 2013, with an exercise
price at the closing price on August&nbsp;20, 2010. The Compensation Committee approved a $50,000 cash
bonus to Mr.&nbsp;Chow upon completion of the Company&#146;s 2009 audit and filing of Form 10-K, which shall
be payable if Mr.&nbsp;Chow remains employed with the Company on December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event the Company terminates Mr.&nbsp;Chow without cause or Mr.&nbsp;Chow terminates his employment
for good reason (as described in the agreement), (i)&nbsp;Mr.&nbsp;Chow would receive severance equal to
three months salary if such termination occurred in his first year of employment and severance
equal to six months&#146; salary if such termination occurred after his first year of employment, and
(ii)&nbsp;those options in the initial grant that would have vested during the applicable severance
period shall vest and be exercisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement also contains other customary provisions, including provisions relating to
non-solicitation, non-compete, confidentiality and compliance with Sections&nbsp;409A and 457A of the
Internal Revenue Code. In addition, pursuant to the terms of the agreement, upon the occurrence of
a change in control (as defined in the agreement), all unvested options from the initial grant will
become vested and fully exercisable.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Garbo Lee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective December 7, 2007, Jieli
Consulting and Ms. Lee entered into the executive employment agreement pursuant to which Ms.
Lee served as the Chief Operating Officer and received a monthly salary of RMB 45,000 and a
monthly housing allowance of up to RMB 25,000. Effective December 12, 2009, upon the
expiration of the Jileli Consulting employment agreement, Ad-Icon Shanghai and Ms. Lee
entered into the executive employment agreement pursuant to which Ms. Lee served as
the President and received a monthly salary of RMB 45,000 and was also entitled to
housing allowance of up to RMB 25,000. On January 11, 2010, the salary for Ms. Lee
was adjusted upwards by the Compensation Committee to RMB 85,000 per month.  Effective
September 1, 2010, Ms. Lee&#146;s compensation was adjusted to a monthly salary of RMB 15,000,
and certain allowances of RMB 30,000 per month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Compensation Committee also
granted 20,000 stock options to Ms. Lee with an exercise price of SearchMedia Holdings&#146;
closing stock price on January 11, 2010.  The stock options vest one-third annually beginning
on January 11, 2011 and expire January 11, 2020.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ms. Lee may dissolve her employment
agreement provided that Ms. Lee informs us in written form 30 days in advance. We may
terminate Ms. Lee&#146;s employment for cause, at any time, without remuneration, for certain
acts, including but not limited to, a conviction or plea of guilty to criminal offences,
negligent or dishonest acts caused to our detriment, or misconduct or a failure to perform
agreed duties. Ms. Lee also entered into a confidentiality agreement and non-compete agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Jennifer Huang</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ms.&nbsp;Jennifer Huang currently serves as Director
of Business Development. Ms.&nbsp;Jennifer Huang served as our Chief Operating Officer from the Business Combination in
October&nbsp;2009 until October&nbsp;2010 and served as our Acting Chief Financial Officer from October&nbsp;2009 to January&nbsp;2010.
Ms.&nbsp;Huang served as the chief operating officer of SearchMedia International from July&nbsp;2009 to
October&nbsp;2009. Prior to that, Ms.&nbsp;Huang had been the chief financial officer of SearchMedia
International since April&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective April&nbsp;14, 2008 , Jieli Consulting and Ms.&nbsp;Huang entered into the executive employment
agreement pursuant to which Ms.&nbsp;Huang served as the Chief Financial Officer and received a monthly
salary of RMB50,000 and also entitled to housing allowance of up to RMB15,000. Ms.&nbsp;Huang may
dissolve her employment agreement provided that Ms.&nbsp;Huang informs Jieli Consulting in written form
30&nbsp;days in advance. Jieli Consulting may terminate Ms.&nbsp;Huang&#146;s employment for cause, at any time,
without remuneration, for certain acts, including but not limited to, a conviction
or plea of guilty to criminal offences, negligent or dishonest acts caused to Jieli Consulting&#146;s
detriment, or misconduct or a failure to perform agreed duties. Ms.&nbsp;Huang also entered into
confidentiality agreement and Non-compete agreement with Jieli Consulting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;11, 2010, the salary for Ms.&nbsp;Huang was adjusted by the Compensation Committee. Ms.
Huang&#146;s salary was increased to RMB108,000 per month. In
October&nbsp;2010, Ms.&nbsp;Huang became our Director of Business Development and no longer
serves as our Chief Operating Officer.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Outstanding Equity Awards at Fiscal Year-End &#150; 2009</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth certain information regarding equity-based awards held by the Named
Executive Officers as of December&nbsp;31, 2009.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="top">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>incentive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equity</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>incentive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>incentive plan</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>plan </B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards:</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>unearned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Market or</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>payout value</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>units or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of unearned</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>units of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>units of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>other rights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares, units</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock that</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock that</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>that have</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>or other rights</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>unearned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>have not</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>have not</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>not vested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>that have not</B></TD>
</TR>
<TR style="font-size: 8pt" valign="top">
    <TD nowrap align="CENTER"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>vested (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>vested ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>vested ($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="37" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Garbo Lee,<BR> President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7.8815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">147,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Jennifer Huang,<BR>
Former Chief Operating
Officer and<BR> Acting
Chief Financial
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39,172</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">285,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Robert N. Fried,<BR>
Former Chief <BR>
Executive Officer of Ideation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Expires on the earlier of (a)&nbsp;one year following termination of Ms.&nbsp;Lee&#146;s
service by reason of death or disability; (b)&nbsp;90&nbsp;days following termination of service of Ms.
Lee&#146;s service by reason other than death or disability or for cause; or (c)&nbsp;January&nbsp;1, 2018.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>As of April&nbsp;30, 2010, all restricted share awards are fully vested but remain
unissued.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Compensation Committee recommends director compensation to the board of directors. No
compensation was paid to any SearchMedia Holdings directors for services rendered prior to the
Business Combination; however, certain individuals were reimbursed for out-of-pocket expenses
incurred in connection with activities on the company&#146;s behalf. From January&nbsp;1, 2009 to October
30, 2009, no fees were paid to the non-employee members of the board of directors. Beginning on
October&nbsp;30, 2009, the non-employee members of the board of directors receive an annual cash fee of
$20,000 that is payable per quarter. The committee chairmen receive an additional $5,000 annual
fee. Except for Mr.&nbsp;Fried and Mr.&nbsp;Rubin, each non-employee member of the board of directors was
granted 25,000 stock options which fully vest on January&nbsp;11, 2011 and which expire January&nbsp;11,
2020. Mr.&nbsp;Fried and Mr.&nbsp;Rubin were granted 50,000 stock options, which fully vest on January&nbsp;11,
2011 and which expire on January&nbsp;11, 2011.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Director Compensation &#150; Fiscal 2009</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth certain information regarding the compensation paid to our
non-employee directors for their service during the fiscal year ended December&nbsp;31, 2009.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nonqualified</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fees Earned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Non-Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>or Paid in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cash(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chi-Chuan Chen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Fried</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Glenn Halpryn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Larry Lu(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jianzhong Qu</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven Rubin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earl Yen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,167</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Beginning on October&nbsp;30, 2009, non-employee members of the board of
directors are paid an annual cash fee of $20,000 payable per quarter. Committee chairmen
receive an additional annual fee of $5,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>No options were granted to non-employee directors during fiscal year 2009.</TD>
</TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Dr. Lu resigned as a member of the board of directors on
October&nbsp;29, 2010.</TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

</TABLE>


<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 58px; text-indent: -58px"><B>ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The
following table sets forth certain information as of October 9, 2010
concerning the beneficial ownership of the ordinary shares by (i)&nbsp;each person known by us to be the
beneficial owner of more than 5% of the outstanding ordinary shares, (ii)&nbsp;each of our current
directors, (iii)&nbsp;each Named Executive Officer (as defined on
page 126), and (iv)&nbsp;all of our current
executive officers and directors as a group. Unless indicated below, all holders listed below have
sole voting power and investment power over the shares beneficially owned by them. Unless noted
otherwise, the address of each person listed below is 15A Zhao Feng Universe Building, 1800 Zhong
Shan Xi Lu, Shanghai, China 200235.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of Class of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ordinary Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ordinary Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Beneficially Owned (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Beneficially Owned (%)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Officers and Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Qinying Liu<SUP style="FONT-size: 85%; vertical-align: text-top"> (2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">964,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert N. Fried<SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,227,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven D. Rubin<SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earl Yen <SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,445,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jianzhong Qu</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Glenn Halpryn <SUP style="FONT-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chi-Chuan Chen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Garbo Lee<SUP style="FONT-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jennifer Huang<SUP style="FONT-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul Conway</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wilfred Chow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All
directors and executive officers as a group (10 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,993,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.17</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>5% Holders</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Phillip Frost, M.D.<SUP style="FONT-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,113,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deutsche Bank AG, HK Branch<SUP style="FONT-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,399,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China Seed Ventures, L.P.<SUP style="FONT-size: 85%; vertical-align: text-top">(11)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,445,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.8</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of Class of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ordinary Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ordinary Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Beneficially Owned (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Beneficially Owned (%)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Linden Ventures II<SUP style="FONT-size: 85%; vertical-align: text-top">(12)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,982,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pine River Capital Management L.P. <SUP style="FONT-size: 85%; vertical-align: text-top">(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,180,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The person beneficially owns less than 1% of SearchMedia Holdings&#146;
outstanding common shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on 20,766,078 shares outstanding as of October&nbsp;5, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Excludes 600,000 ordinary shares issuable to Mrs.&nbsp;Liu&#146;s husband
converted at the exchange ratio (0.0675374) and 40,522 ordinary
shares beneficially owned by Mrs.&nbsp;Liu&#146;s husband.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes exercisable warrants to purchase 593,793 ordinary shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes exercisable warrants to purchase 153,000 ordinary shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of ordinary shares and warrants beneficially owned by
China Seed Ventures, which may be deemed beneficially owned by Mr.
Yen.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes ordinary shares and exercisable warrants to purchase 3,172
ordinary shares beneficially owned by Halpryn Capital Partners LLC.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of options to purchase 30,389 ordinary shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of 81,046 vested restricted shares awards units and
exercisable warrants to purchase 3,825 ordinary shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes exercisable warrants to purchase 2,626,434 ordinary
shares. The business address of Dr.&nbsp;Frost, M.D. is 4400 Biscayne
Blvd., Suite&nbsp;1500, Miami, FL 33137.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes exercisable warrants to purchase 255,427 ordinary shares.
The business address of Deutsche Bank AG, HK Branch is
Theodor-Heuss-Allee 70, 60468 Frankfurt am Main, Federal Republic
of Germany.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes exercisable warrants to purchase 903,318 ordinary shares.
The business address of China See Ventures, L.P. is Room&nbsp;104
Building 18, No.&nbsp;800 Huashan Road, Shanghai, China.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes exercisable warrants to purchase 714,025 ordinary shares.
The business address of Linden Ventures II is C/O Appleby, 56 Admin
Drive, Wickhams Cay 1, PO Box 3190, Road Town, Tortola, British
Virgin Islands.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>The business address of Pine River Capital Management L.P. is 601
Carlson Parkway Suite&nbsp;330, Minnetonka, MN 55305.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Equity Compensation Plan Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table lists all securities authorized for issuance and outstanding under our equity
compensation plans at December&nbsp;31, 2009:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of securities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>remaining available</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for future issuance</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>under equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of securities to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>compensation plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>be issued upon exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>exercise price of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(excluding</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>Plan category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of outstanding options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>outstanding options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>outstanding options)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation
plans approved by
security holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,796,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908,915</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation
plans not approved
by security holders
(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,796,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908,915</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In August&nbsp;2010, the Board of Directors approved an increase in the number of shares reserved
for issuance under the plan to 3,000,000 and such increase will be presented for shareholder
approval.</TD>
</TR>

</TABLE>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART IV</B>
</DIV>

<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(1) Financial Statements
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(2) Financial Statement Schedules
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(3) Exhibits
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger, Conversion and Share Exchange by and
among Ideation Acquisition Corp., the registrant, SearchMedia
International Limited, the subsidiaries of SearchMedia International
Limited, the subsidiaries of SearchMedia International Limited,
Shanghai Jingli Advertising Co., Ltd. and certain shareholders and
warrantholders of SearchMedia International Limited (incorporated by
reference to Exhibit&nbsp;2.1 of the Registrant&#146;s Registration Statement
on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment to Agreement and Plan of Merger, Conversion and
Share Exchange, dated as of May&nbsp;27, 2009, by and among the
registrant, Earl Yen, Tommy Cheung and Stephen Lau and Qinying Liu
(incorporated by reference to Exhibit&nbsp;2.2 of the Registrant&#146;s
Registration Statement on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amendment to Agreement and Plan of Merger, Conversion and
Share Exchange, dated as of September&nbsp;8, 2009, by and among the
registrant, Earl Yen, Tommy Cheung, Stephen Lau, Qinying Liu, Linden
Ventures, Inc., Vervain Equity Investment Limited, Sun Hing
Associates Limited and The Frost Group, LLC (incorporated by
reference to Exhibit&nbsp;2.3 of the Registrant&#146;s Registration Statement
on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amendment to Agreement and Plan of Merger, Conversion and
Share Exchange, dated as of September&nbsp;22, 2009, by and among the
registrant, Ideation Acquisition Corp., Earl Yen, Tommy Cheung,
Terrance Hogan, Qinying Liu, and Linden Ventures II (BVI), Ltd.
(incorporated by reference to Exhibit&nbsp;2.4 of the Registrant&#146;s
Registration Statement on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth Amendment to Agreement and Plan of Merger, Conversion and
Share Exchange, dated as of October&nbsp;30, 2009, by and among the
registrant, Ideation Acquisition Corp., Earl Yen, Tommy Cheung,
Stephen Lau and Qinying Liu. (incorporated by reference to Exhibit
2.5 of the Registrant&#146;s current report on Form&nbsp;8-K dated
November 5, 2009 (File No.
333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation of ID Arizona Corp. (incorporated by
reference to Exhibit&nbsp;3.1 of the Registrant&#146;s Registration Statement
on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of ID Arizona Corp. (incorporated by reference to Exhibit&nbsp;3.2
of the Registrant&#146;s Registration Statement on Form&nbsp;S-4 (File No.
333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum and Articles of Association of SearchMedia Holdings
Limited upon completion of redomestication. (incorporated by
reference to Exhibit&nbsp;3.3 of the Registrant&#146;s current report on Form
8-K dated
November 5, 2009 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Unit Certificate of Ideation Acquisition Corp.
(incorporated by reference to Exhibit&nbsp;4.1 to the Registration
Statement of Ideation Acquisition Corp. on Form&nbsp;S-1 (Reg No.
333-144218))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Common Stock Certificate of Ideation Acquisition Corp.
(incorporated by reference to Exhibit&nbsp;4.2 to the Registration
Statement of Ideation Acquisition Corp. on Form&nbsp;S-1 (Reg No.
333-144218))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant Certificate of Ideation Acquisition Corp.
(incorporated by reference to Exhibit&nbsp;4.3 to the Registration
Statement of Ideation Acquisition Corp. on Form&nbsp;S-1 (Reg No.
333-144218))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant Agreement between the Ideation Acquisition Corp. and
Continental Stock Transfer &#038; Trust Company (incorporated by
reference to Exhibit&nbsp;4.4 to the Registration Statement of Ideation
Acquisition Corp. on Form&nbsp;S-1 (Reg No.&nbsp;333-144218))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant of SearchMedia Holdings Limited (incorporated by
reference to Exhibit&nbsp;4.5 of the Registrant&#146;s Registration Statement
on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Unit Purchase Option to be granted to Lazard Capital Markets
LLC (incorporated by reference to Exhibit&nbsp;4.5 of the Registration
Statement of Ideation Acquisition Corp. on Form&nbsp;S-1 (File No.
333-144218)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Registration Rights Agreement among SearchMedia
International Limited, Deutsche Bank AG, Hong Kong Branch, Gentfull
Investment Limited, Gavast Estates Limited, China Seed Ventures,
L.P. and Linden Ventures II (BVI) (incorporated by reference to
Exhibit&nbsp;10.1 of the Registrant&#146;s Registration Statement on Form&nbsp;S-4
(File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Lock-Up between SearchMedia Holdings Limited and SearchMedia
International Limited shareholders and warrantholders (incorporated
by reference to Exhibit&nbsp;10.2 of the Registrant&#146;s Registration
Statement on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Management Lock-Up between SearchMedia Holdings Limited and
SearchMedia International Limited shareholders and warrantholders
(incorporated by reference to Exhibit&nbsp;10.3 of the Registrant&#146;s
Registration Statement on Form&nbsp;S-4 (File No.&nbsp;333-158336)).*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Voting Agreement between SearchMedia International Limited,
Qinying Liu, Le Yang, China Seed Ventures, L.P., Gentfull Investment
Limited, Gavast Estates Limited, Linden Ventures II (BVI), Limited,
Frost Gamma Investments Trust, Robert N. Fried, Subbarao Uppaluri,
Steven D. Rubin and Jane Hsiao (incorporated by reference to Exhibit
10.4 of the Registrant&#146;s Registration Statement on Form&nbsp;S-4 (File
No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Employment Agreement with the SearchMedia International
Limited executive officers (incorporated by reference to Exhibit
10.5 of the Registrant&#146;s Registration Statement on Form&nbsp;S-4 (File
No.&nbsp;333-158336)).*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English Translation of Exclusive Technology Consulting and Service
Agreement between Jieli Consulting and Jingli Shanghai, dated as of
September&nbsp;10, 2007 (incorporated by reference to Exhibit&nbsp;10.6 of the
Registrant&#146;s Registration Statement on Form&nbsp;S-4 (File No.
333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English Translation of Exclusive Call Option Agreement among Jingli
Shanghai, its shareholders and Jieli Consulting, dated as of
September&nbsp;10, 2007 (incorporated by reference to Exhibit&nbsp;10.7 of the
Registrant&#146;s Registration Statement on Form&nbsp;S-4 (File No.
333-158336)).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English Translation of Equity Pledge Agreement among Jingli
Shanghai, its shareholders and Jieli Consulting, dated as of
September&nbsp;10, 2007 (incorporated by reference to Exhibit&nbsp;10.8 of the
Registrant&#146;s Registration Statement on Form&nbsp;S-4 (File No.
333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English Translation of Power of Attorney by the shareholders of
Jieli Consulting dated as of September&nbsp;10, 2007 (incorporated by
reference to Exhibit&nbsp;10.9 of the Registrant&#146;s Registration Statement
on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English Translation of Loan Agreement between the shareholders of
Jingli Shanghai and Jieli Consulting, dated as of September&nbsp;10, 2007
(incorporated by reference to Exhibit&nbsp;10.10 of the Registrant&#146;s
Registration Statement on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Securities Escrow Agreement among the Registrant,
Continental Stock Transfer &#038; Trust Company and the initial
stockholders (incorporated by reference to Exhibit&nbsp;10.1 of the
Registration Statement of Ideation Acquisition Corp. on Form&nbsp;S-1
(File No.&nbsp;333-144218)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement, dated as of September&nbsp;8, 2009, by and among
Ideation Acquisition Corp. and certain investors of Ideation
Acquisition Corp. and SearchMedia International Limited
(incorporated by reference to Exhibit&nbsp;10.13 of the Registrant&#146;s
Registration Statement on Form&nbsp;S-4 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SearchMedia Holdings Limited Amended and Restated 2008 Share
Incentive Plan* (incorporated by reference to Exhibit&nbsp;10.13 of the
Registrant&#146;s current report on Form&nbsp;8-K dated November 5, 2009 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Employment Agreement between SearchMedia Holdings Limited
and Wilfred Chow dated December&nbsp;30, 2009 (incorporated by reference
to Exhibit&nbsp;10.1 of the Registrant&#146;s current report on Form&nbsp;8-K dated
January&nbsp;6, 2010 (File No.&nbsp;333-158336)).*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries of SearchMedia
Holdings Limited (incorporated by reference to Exhibit&nbsp;21.1 of
the Registrant&#146;s annual report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2009 (File No.&nbsp;333-158336)).</TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section&nbsp;302 Certification of Chief Executive Officer**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section&nbsp;302 Certification of Chief Financial Officer**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification Pursuant to 18 U.S.C. Section&nbsp;1350, as Adopted
Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification Pursuant to 18 U.S.C. Section&nbsp;1350, as Adopted
Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002***</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proxy Statement/Prospectus (incorporated by reference to the Proxy
Statement/Prospectus on Form&nbsp;424(b)(3) filed with the Securities and
Exchange Commission on October&nbsp;5, 2009).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release dated November&nbsp;2, 2009. (incorporated by reference to
Exhibit&nbsp;99.2 of the Registrant&#146;s current report on Form&nbsp;8-K (File
No.&nbsp;333-158336)).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Management contract or compensatory plan or arrangement</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
</TR>


<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Furnished herewith</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="126"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">

SEARCHMEDIA HOLDINGS LIMITED <BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
/s/ Paul Conway
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Paul Conway&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer<BR>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: November&nbsp;1, 2010
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the capacities and on the
dates indicated.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>SIGNATURE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>TITLE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DATE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom">/s/ Robert Fried<BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Robert Fried
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Chairman of the Board, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;1, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Qinying Liu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Chairman of the Board, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom">/s/ Paul Conway<BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Paul Conway
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;1, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom">/s/ Wilfred Chow<BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Wilfred Chow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer<BR>
(Principal Financial and Accounting
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;1, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom">/s/ Chi-Chuan Chen<BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Chi-Chuan Chen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;1, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom">/s/ Glenn Halpryn<BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Glenn Halpryn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;1, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="bottom"><BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Jianzhong Qu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom">/s/ Steven D. Rubin<BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Steven D. Rubin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;1, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><BR><DIV STYLE="BORDER-TOP: 1PX SOLID #000000">Earl Yen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="127"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;302 Certification of Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">31.1</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;302 Certification of Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">31.2</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certification Pursuant to 18 U.S.C. Section&nbsp;1350, as
Adopted Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002 *</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">32.1</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certification Pursuant to 18 U.S.C. Section&nbsp;1350, as
Adopted Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002 *</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">32.2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Furnished herewith</TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>x25003a1exv31w1.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;31.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Paul Conway, certify that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this Amendment on Form 10-K/A to the Annual Report on Form 10-K of SearchMedia Holdings Limited;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in
which this report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluated the effectiveness of the registrant&#146;s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter
(the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the
audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the registrant&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant&#146;s internal control over financial
reporting.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November&nbsp;1, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Paul Conway
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Paul Conway&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>x25003a1exv31w2.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;31.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I,Wilfred Chow, certify that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this Amendment on Form 10-K/A to the Annual Report on Form 10-K of SearchMedia Holdings Limited;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in
which this report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluated the effectiveness of the registrant&#146;s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter
(the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the
audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the registrant&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant&#146;s internal control over financial
reporting.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November&nbsp;1, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Wilfred Chow
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Wilfred Chow&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>x25003a1exv32w1.htm
<DESCRIPTION>EX-32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;32.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY<BR>
ACT OF 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amendment on Form 10-K/A to the Annual Report on Form 10-K of SearchMedia Holdings Limited (the &#147;Company&#148;)
for the fiscal year ended December&nbsp;31, 2009, as filed with the Securities and Exchange Commission
on the date hereof (the &#147;Report&#148;), I, Paul Conway, Chief Executive Officer of the Company, hereby
certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002, that, to my knowledge:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Report fully complies with the requirements of Section 13(a) or 15 (d)&nbsp;of the Securities
Exchange Act of 1934, as amended; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November&nbsp;1, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Paul Conway
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Paul Conway&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>x25003a1exv32w2.htm
<DESCRIPTION>EX-32.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;32.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY<BR>
ACT OF 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amendment on Form 10-K/A to the Annual Report on Form 10-K of SearchMedia Holdings Limited (the &#147;Company&#148;)
for the fiscal year ended December&nbsp;31, 2009, as filed with the Securities and Exchange Commission
on the date hereof (the &#147;Report&#148;), I, Wilfred Chow, Chief Financial Officer of the Company, hereby
certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002, that, to my knowledge:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Report fully complies with the requirements of Section 13(a) or 15 (d)&nbsp;of the Securities
Exchange Act of 1934, as amended; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November&nbsp;1, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Wilfred Chow
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Wilfred Chow&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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