Dear Shareholders,

I trust you are well and having a pleasant summer.

On this end, our undertakings haven’t slowed down one bit, and I d like to take this opportunity to bring you up to speed on the latest.

Advertising Reps: In our last update we informed you that we were now ready to hire personnel to sell advertising space on our behalf.

Earlier this week, David Ackerman and Jason Nedelman finished their training with us and are now our first 2 qualified sales representatives. They have begun contacting prospects and we’re eagerly awaiting their results.

We’re looking to bring on another 2 sales members to our team and are pouring through the hundreds of applications we have received now to find the right candidates.

Joint Ventures: Our management has systematically approached the largest digital book providers in order to setup joint ventures which would allow us to begin selling digital books through Free-eBooks.net.

While our members would still be able to access our library for free, they would also be able to buy popular novels (such as William Young's "The Shack" or Dan Brown's "Da Vinci Code" for example) from us in electronic formats.

We anticipate such joint ventures to add another positive revenue source to Paradise Publishers.

Public Listing: We continue to make progress towards our public listing. Two large hurdles have been overcome recently. First we have registered with a transfer agent: Global Sentry Equity Transfer. Secondly we have established a relationship with the market maker: mwb Wertpapierhandelsbank AG. We are currently undertaking the lasts steps which involve establishing an account with clearing bank and finalizing our listing with the exchange.

Fall Preparations: While August has just begun, we're looking forward to undertaking a new phase of development in the 3rd quarter. In order to productively move forward we're wrapping up the following projects:

• brand new modern design for Site-Reference.com
• the implementation of how-to videos on the site
• the addition of a membership program for Free-eBooks
• the implementation of a new newsletter sending platform (anti-spam regulations are making it very hard for legit businesses like us to email large subscriber bases such as ours)
• the "hiring" of new content providers to keep us in the forefront of the web professional news industry

Personal Notes:
Our head webmaster, Prateek suffered a second bout of malaria earlier last month. He first contracted the disease as a child over 20 years ago in his homeland of India and had not experienced an attack since. After several weeks in the hospital I'm happy to report that Prateek is doing well and has rejoined us this week.

On a cheerful note, Ana Maria and I have announced our wedding engagement. We have been together for over 3 years and are excited to tie the knot this November.

And with that I leave you for now. As always please do not hesitate to contact me at anytime.

I wish you a wonderful summer.

All the best,

Nicolas Gremion