I would now like to turn the call over to Noah's Chairman and CEO, Mr. Dong Xu. Sir, please go ahead.

Dong Xu

Good morning and to some good evening. Thank you for joining us today for our first quarter fiscal 2011 results conference call. We also reached a significant milestone within our educations services business. At the end of July, as we finalized our acquisition of a 70% stake in Wentai Education and further extended our footprint into this very attractive industry in China.

Our newly acquired interest in Wentai, not only demonstrates our ability to execute on our objective for accretive growth, but is an important strategic move as Wentai unique business model and reputation for academic excellence of a robust growth prospect. As we see a growing demand in China for top quality private education, this niche market is largely untapped, thus providing Wentai with an ideal setting for rapid expansion.

At the Little New Star, we will continue to add franchises in each quarter and this business remains untracked to meet our growth targets for 2011. With Little New Star and Wentai, we already have two very reputable and rapidly expanding education services brands under a Noah umbrella. So we are dedicated to pursuing additional targets for strategic acquisitions that will complement our existing entities and create additional [endurance] to the very attractive education services space in China.

We are complacent of the challenges we face in our ELP business and we believe we have implemented the appropriate remedial measures to recover our business. We are building strong relationships with our distributors, particularly those with the most timely payment record, releasing our inventory levels and executing on our cost savings initiatives to more effectively compete in an increasingly material and penetrated industry. We continue to employ a customer-focused approach to maximizing returns from our ELP product portfolio.

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