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Asianpay’s Investors Corner is going through some huge changes with some news updates below on what’s happening:

Dear TIC members,

This mail serves to report and update you on the development and circumstances of our profit-sharing program with you in The Investors Corner.

Since October 2006 our average cash flow was incredible: Around THB 10,000,000 in cash in Thailand and around US$ 230,000 in different Egold accounts.

We was running high amount of Egold exchange daily, and we was keeping the cash flow in Egold at high levels.

We then acceded to our members’ requests to increase withdrawal options to Egold and also to deposit from balances. This step, coupled with external factors that are beyond our control, has resulted in the following:

1) No more deposit from Egold and E-bullion. Almost 80% of members withdrawn to Egold but no one sold back Egold back to us. This has drastically reduced the cash flow in Egold and forced us also to start to spend cash from bank to buy Egold to keep up with the withdrawals.

2) There are too many plans that were subscribed from account balances instead of subscription from Egold.

3) From October 2006 till now, the gold exchange business generally has dived sharply in transactions to the lowest levels seen in recent years.

4) We called many time for the need of a strong promotion of our Gold exchange business and we did not give up on profit and percentages and payments until the end of the year 2006, as we were hoping that the gold exchange would revert to its past high level of transactions.

5) Regretfully this did not happen as the overall egold exchanger businesses slumped.

6) In the meanwhile Thailand started to suffer from political turmoil with a September 2006 military coup and economical issue that has also lowered at the minimum the confidence from people to send money, or participate economically in an activity so strictly connected to a Thailand Company, which our TIC is.

Bank of Thailand imposed Capital Control have resulted in hundreds of concerned members emailing us to ask for the safety of their money ( as TIC works through deposits coming from overseas and that are subjected to the Bank of Thailand’s review). These political and fiscal events have resulted in a general drop in businesses due the drop in confidence.

7) The old Board of Directors met to discuss the possible correctives to apply to rectify the situation of our profit-sharing program in TIC. We made files in our back office that displayed to us full stats of our entire TIC customer. Our key focus is that the company has to survive the situations while ensuring that all TIC investors do not lose principals that were always guaranteed from us and possibly continue to earn profits even if lower percentages due to the lowering of our own main businesses. At the end we come out with the decision that ran on January 3rd 2007. Unfortunately we met many resistances from many members, including some shareholders.

We were pressured to step back from the Jan 3rd decision to protect the financial situation of the company. But from people, even if we cancelled the changes and everything was reverted to normal with minor changes, the negative comments in the forums did not stop and has caused AsianPay negative publicity and caused damages to the confidence that people have in AsianPay generally.

9. All the changes done after January 3rd were done in favor of the members. They have basically increased and accrued profits that before were just possibilities, but the attitude versus TIC have not changed. Nearly three months have gone and we have paid out hundreds of thousands of dollars more in these 3 months., yet the Thailand Gold Exchange (TGE)business which is linked to TIC’s profits is still not out of the woods. Transactions are still at record lows. Thus, the TIC financial situation is at the final critical stage.

10. Hence, we are at the critical stage where the present profit-sharing system is not sustainable anymore, as the TGE is not generating enough profits to payout and share with all the investors. Key decisions by the Board have to be taken to ensure the survival of the businesses and its TIC. We endeavor to fulfill our guarantees to all members that your principals are still protected. Not a single member will lose a single cent with TIC. However we can not protect all our members’ virtual profits as they are indeed “virtual” as they are not generated by our TGE’s profit-sharing business, which is the basis of TIC, from the beginning.

We have suspended for 24 hours the possibility to deposit to Standard Plan and withdraw from The Investor Corner. Profits will not be credited for the next 24 hours.

Special plans will run as usual and are available to be subscribed.

After these 24 hours, every member of The Investors Corner is required to login and you would be directed to our latest updates. You are requested to submit your opinion and vote your choice regarding the changes that will be proposed.

Your opinion would have the maximum consideration in the decision that the Board of Directors’ will take to protect the interests of the majority of our members.

We would follow up with another mail to subsequently inform you of our Board of Directors’ decisions for the TIC after we collate the votes of majority of our members.

Thank you.

Regards,

Administrator
The Investors Corner

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