SerenoOct 31, 2009 MD&A
Transactions with Related Parties
For the fiscal quarter ending October 31, 2009, the Corporation had not entered in to any
transactions with related parties other than the reimbursement of expenses.
Proposed Transactions
Although the Corporation has commenced the process of identifying potential acquisitions with a
view to completing the Qualifying Transaction, the Corporation has not yet entered in to an
agreement for any particular transaction. Upon entering such an agreement, the Corporation
believes that such transaction shall have an effect on the financial condition, results of operations
and cash flows of the Corporation.
Risk Factors
The Corporation has not yet commenced operations other than the process of identifying
potential acquisitions with a view of completing the Qualifying Transaction which involves a
high degree of risks.