2003 on May

Joint Development and Strategic Partners

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Kyung Hee University Advanced Research Center for Displays. In January 2002, we entered into a joint development arrangement with Professor Jin Jang of Kyung Hee University, which provides collaborative research and development support for our carbon nano tube technology. We have acquired from Dr. Jang certain rights in certain patented carbon nano tube technology.

Japan Company (exact name to be kept confidential). In March 2002, cDream Corp. entered a joint development arrangement with Japan Company, where cDream Corp. and Japan Company have agreed to jointly develop the cDream Corp.’s front-end process and product for cDream Corp.’s carbon nano tube field emission displays. In exchange for a right of first refusal for exclusive manufacturing rights in Japan, joint ownership rights in any new resultant technology and a favorable royalty arrangement, Japan Company has agreed to provide demonstration samples of cDream Corp.’s cathode faceplate and to bear all material and equipment costs for the joint development project. cDream Corp. and Japan Company have also executed an expanded joint development Agreement for cDream Corp.’s front-end and back-end process and product in October 2002.

Korea Company (exact name to be kept confidential). In May 2002, cDream Corp. entered an arrangement with Korea Company, whereby cDream Corp. would provide certain engineering services, know-how and intellectual property regarding spacer development in exchange for manufacturing resources and a certain number of faceplates for its demonstration samples.

Equipment Company (exact name to be kept confidential). In May 2002, cDream Corp. entered an arrangement with Equipment Company, whereby cDream Corp. would provide certain intellectual property regarding CNT growth and engineering services and equipment designs in exchange for a certain number of sample PCEVD equipment among other things.

Milestones

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-Aug 16, 2001: cDream Corporation was founded

-Dec 10, 2001: Series A Investment

-Jan 27, 2002: Joint development Agreement with KHU

-Mar 27, 2002: Phase II Joint Development, Collaboration and.Manufacturing Agreement with S-Company

-May 20, 2002: Series A-1 Investment

-Sep 25, 2002: First Closing of Series A-2 Investment

-Dec 02, 2002: Second Closing of Series A-2 Investment by S-Company, A-Capital & B-Ribbon

-Dec 04, 2002: Phase III Expanded Joint Development, Collaboration and Manufacturing Agreement with S-Company

-Feb 01, 2003: Produced 5.4 inch monochrome video motion display

-May 21, 2003: Presentation of paper and demo sample at SID 2003, International Symposium, Seminar & Exhibition