Outcome of Board Meeting on July 28, 2008

KTL acquires two U.S. based companies with revenues of 10 Million USD and potential revenues more than 25 Million USD

A meeting of the Board of Directors of the Company was held on July 28, 2008 at 4 p.m. at the Registered Office of the Company, considered and decided the following:

• Acquisition of NexAge Technologies USA, Inc:
  The Board was apprised that the Management had identified an U.S. based company, NexAge which has effectively implemented a hybrid business strategy consisting of Strategic IT Staffing services in high growth industry verticals; and project based Consulting Services. The Board being impressed of the fact that over the past 5 years, they have successfully designed and deployed a strategy to create distinct strategic advantages in our IT staffing operations and have earned a stellar reputation in the IT staffing industry in USA as a highly reliable organization, approved the acquisition of NexAge for a consideration not exceeding 3 Million USD, subject to due diligence.
• The Board also discussed the possibilities of NexAge increasing the revenues to 10 Million USD and 16 Million USD in 2008 and 2009 respectively.
• KTL looks forward to strengthen its IT Consulting Services in U.S. through acquisition of NexAge.
• Acquisition of Enterprise Consulting Services Inc., USA:
  The Board being informed that the Management of KTL has identified Enterprise Consulting, a U.S. based company engaged in the project based Consulting Services, which has achieved revenues of 1.48 Million USD for the calendar year 2007.
• The Board after analysing the opportunities to spread base in U.S. expects revenues to increase to 2.2 Million USD and 4 Million USD in 2008 and 2009 respectively due to acquisition of this company.