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New Zealand Wayne's New Resources Development Co., Ltd. Completes Reverse Merger to Go Public in the U.S.
Date:12/30/2008

Series A Voting Convertible Preferred Stock will convert into shares of common stock on a 2000-to-1 basis and, thereafter, are subject to the 1-to- 114.59 reverse split. Following the effectiveness of the reverse split and the conversion of Series A Preferred Stock into common stock, there will be approximately 12,800,297 shares of the Company's common stock issued and outstanding.

"We are delighted to have successfully closed the going public transaction," said Lianyun Han, the new Chief Executive Officer of YzApp. "Even though the current financial environment is quite challenging, we haven't seen any material adverse impact on our business by the economic downturn at the moment, and we are very confident of the Company's continuing solid growth. We believe that OTCBB provides us with a good trading platform that will eventually lead the Company to upgrade to a national exchange."

Through its Chinese subsidiaries, YzApp now is a leading Chinese Caterpillar Fungus grower and producer in China. The Company specializes in developing, processing, marketing and distributing a variety of high-tech agricultural and nutraceutical products consist of dry Chinese Caterpillar Fungus, Green and Specialty food products and Silage Fodder. The Company's current primary product, dry Chinese Caterpillar Fungus, is developed from Cordyceps Militaris, which is a fungus species that is widely believed in China to offer high medical and health benefits. In addition, the Company plans to introduce more products developed from Chinese Caterpillar Fungus to the market within the coming months and years, including Cordycepin and Corn Series Beverage. The Company's audited net income for 2006 and 2007 are approximately $1.66 million and $5.17 million, respectively, and the unaudited net income and total shareholder's equity for the first nine month in 2008 are approximately $4.87 million and $21.47 million, respectively.


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SOURCE YzApp International Inc.
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