-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EBs1Y4RE5yGnwTVWZeUMAtu0CTxzfrAiWHfeNuMO9/wpMJLRZNw/pQjuqNY8AC81 CPWLo1rWhxJ9kHNkr2YDrw== 0000943440-07-000386.txt : 20070820 0000943440-07-000386.hdr.sgml : 20070820 20070820155957 ACCESSION NUMBER: 0000943440-07-000386 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070630 FILED AS OF DATE: 20070820 DATE AS OF CHANGE: 20070820 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Dragon Acquisition CORP CENTRAL INDEX KEY: 0001368192 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52132 FILM NUMBER: 071067977 BUSINESS ADDRESS: STREET 1: C/O STUARTS CORPORATE SERVICES LTD STREET 2: P.O BOX 2510 GT CITY: GRAND CAYMAN STATE: E9 ZIP: 00000 BUSINESS PHONE: 242-502-8879 MAIL ADDRESS: STREET 1: C/O OCEAN BANK, TK HOUSE STREET 2: WEST BAY STREET & BLAKE ROAD CITY: NASSAU STATE: C5 ZIP: 00000 10-Q 1 june07q-dragon.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2007 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 000-52132 Dragon Acquisition Corporation ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Cayman Islands N/A - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) c/o Nautilus Global Partners 700 Gemini, Suite 100, Houston, TX 77056 --------------------------------------------------- (Address of principal executive offices) (Zip Code) (281) 488-3883 ---------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X] Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). YES [X] NO [ ] At August 14, 2007, there were 1,281,500 shares of Registrant's ordinary shares outstanding. GENERAL INDEX Page Number - ----------------------------------------------------------------------- PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS................................. 3 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS................ 9 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK........................................ 10 ITEM 4. CONTROLS AND PROCEDURES.............................. 11 PART II. OTHER INFORMATION ITEM 1A. RISK FACTORS......................................... 11 ITEM 6. EXHIBITS............................................. 11 SIGNATURES.................................................... 12 EXHIBITS: EXHIBIT 31: SARBANES-OXLEY SECTION 302 CERTIFICATION....... 13 EXHIBIT 32: SARBANES-OXLEY SECTION 906 CERTIFICATION....... 14 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Dragon Acquisition Corporation (A Development Stage Company) Condensed Balance Sheets
June 30 December 31, 2007 2006 ------------ ------------ (Unaudited) (Audited) ASSETS CURRENT ASSETS Cash $ 28,444 $ 35,972 ------------ ------------ Total assets $ 28,444 $ 35,972 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Payable to Affiliate $ 7,108 $ 6,754 Accounts payable 3,990 7,730 ------------ ------------ Total current liabilities 11,098 14,484 ------------ ------------ Commitments and Contingencies (Note 7) -- -- ------------ ------------ SHAREHOLDERS' EQUITY Preference shares, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding -- -- Ordinary shares, $.0001 par value; 50,000,000 shares authorized; 1,281,500 shares issued and outstanding at June 30 and December 31, respectively 1,282 1,282 Additional paid in capital 46,068 46,068 Deficit accumulated during development stage (30,004) (25,862) ------------ ------------ Total shareholders' equity 17,346 21,488 ------------ ------------ Total liabilities and shareholders' equity $ 28,444 $ 35,972 ============ ============
See accompanying notes to condensed financial statements. 3 Dragon Acquisition Corporation (A Development Stage Company) Condensed Statements of Operations (Unaudited)
Cumulative During Period of inception Development Stage Six Months Ended (March 10, 2006) March 10, 2006 to June 30, 2007 through June 30, 2006 June 30, 2007) --------------------- --------------------- -------------------- Revenues $ -- $ -- $ -- ---------------- ---------------- --------------- Expenses General and Administrative Expenses 4,232 13,665 30,606 ---------------- ---------------- --------------- Total operating expenses 4,232 13,665 30,606 ---------------- ---------------- --------------- Operating loss (4,232) (13,665) (30,606) ---------------- ---------------- --------------- Other Income Interest Income 90 -- 602 ---------------- ---------------- --------------- Total Other Income 90 -- 602 ---------------- ---------------- --------------- Net loss $ (4,142) $ (13,665) $ (30,004) ================ ================ =============== Basic and diluted loss per share $ (0.00) $ (0.02) ================ ================ Weighted average ordinary shares outstanding - basic and dilute 1,281,500 810,642 ================ ================
See accompanying notes to condensed financial statements. 4 Dragon Acquisition Corporation (A Development Stage Company) Condensed Statements of Operations (Unaudited)
Three Months Ended Three Months Ended June 30, 2007 June 30, 2006 ------------------ ------------------ Revenues $ -- $ -- ------------------ ------------------ Expenses General and Administrative Expenses 1,182 13,665 ------------------ ------------------ Total operating expenses 1,182 13,665 ------------------ ------------------ Operating loss (1,182) (13,665) ------------------ ------------------ Other Income Interest Income 90 -- ------------------ ------------------ Total Other Income 90 -- ------------------ ------------------ Net loss $ (1,092) $ (13,665) ================== ================== Basic and diluted loss per share $ (0.00) $ (0.01) ================== ================== Weighted average ordinary shares outstanding - basic and diluted 1,281,500 1,006,621 ================== ==================
See accompanying notes to condensed financial statements. 5 Dragon Acquisition Corporation (A Development Stage Company) Condensed Statements of Cash Flows (Unaudited)
Cumulative During Period of inception Development Stage Six Months Ended (March 10, 2006) March 10, 2006 to June 30, 2007 through June 30, 2006 June 30, 2007) --------------------- --------------------- -------------------- Cash flows from operating activities Net loss $ (4,142) $ (13,665) $ (30,004) Adjustments to reconcile net loss to cash used in operating activities: Shares issued to Founder for payment of formation costs -- 1,050 1,050 Changes in operating assets and liabilities Payable to Affiliate 354 8,548 7,108 Accrued Expenses -- 2,000 -- Accounts Payable (3,740) 2,067 3,990 ---------------- ---------------- --------------- Net cash used in operating activities (7,528) -- (17,856) ---------------- ---------------- --------------- Cash flows from investing activities Net cash provided by investing activities -- -- -- ---------------- ---------------- --------------- Cash flows from financing activities Proceeds from issuance of ordinary shares -- 35,500 46,300 ---------------- ---------------- --------------- Net cash provided by financing activities -- 35,500 46,300 ---------------- ---------------- --------------- Net increase(decrease) in cash (7,528) 35,500 28,444 ---------------- ---------------- --------------- Cash at beginning of the period 35,972 -- -- ---------------- ---------------- --------------- Cash at end of the period $ 28,444 $ 35,500 $ 28,444 ================ ================ =============== Supplemental disclosures of cash flow information: Interest paid $ - $ - $ - ================ ================ =============== Income taxes paid $ - $ - $ - ================ ================ ===============
See accompanying notes to condensed financial statements. 6 Dragon Acquisition Corporation (A Development Stage Company) NOTES TO CONDENSED FINANCIAL STATEMENTS June 30, 2007 (Unaudited) NOTE 1 - Organization, Business and Operations On March 10, 2006, Dragon Acquisition Corporation (the "Company") was formed in the Cayman Islands with the objective to acquire, or merge with, an operating business. The Company was capitalized on April 10, 2006 through the issuance of 1,050,000 shares to its Founders at par value along with a payable to the Company's founders of $2,450. No activity was recorded until the capitalization of the Company on April 10. At June 30, 2007, the Company had not yet commenced any operations. All activity from March 10, 2006 ("Date of Inception") through June 30, 2007 relates to the Company's formation. The Company selected December 31 as its fiscal year-end. The Company, based on its proposed business activities, is a "blank check" company. The Securities and Exchange Commission defines such a company as "a development stage company" as it either has no specific business plan or purpose, or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person; and has issued 'penny stock,' as defined in Rule 3a51-1 under the Securities Exchange Act of 1934. Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. Management does not intend to undertake any efforts to cause a market to develop in its securities, either debt or equity, until the Company concludes a business combination with an operating entity. The Company was organized to acquire a target company or business seeking the perceived advantages of being a publicly-held company and, to a lesser extent, that desires to employ the Company's funds in its business. The Company's principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location. The analysis of new business opportunities will be undertaken by or under the supervision of the officers and directors of the Company. NOTE 2 - Summary of Significant Accounting Policies Basis of Presentation These financial statements are presented on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America, whereby revenues are recognized in the period earned and expenses when incurred. The Company also follows Statement of Financial Accounting Standards ("SFAS") No. 7, "Accounting and Reporting for Development Stage Enterprises" in preparing its financial statements. Statement of Cash Flows For purposes of the statement of cash flows, we consider all highly liquid investments (i.e., investments which, when purchased, have original maturities of three months or less) to be cash equivalents. 7 NOTE 2 - Summary of Significant Accounting Policies (Continued) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Loss Per Ordinary Share Basic loss per ordinary share is based on the weighted effect of ordinary shares issued and outstanding, and is calculated by dividing net loss by the weighted average shares outstanding during the period. Diluted loss per ordinary share is calculated by dividing net loss by the weighted average number of ordinary shares used in the basic loss per share calculation plus the number of ordinary shares that would be issued assuming exercise or conversion of all potentially dilutive ordinary shares outstanding. The Company does not present diluted earnings per share for years in which it incurred net losses as the effect is antidilutive. At June 30, 2007, there were no potentially dilutive ordinary shares outstanding. Income Taxes Dragon Acquisition Corporation was registered as an Exempted Company in the Cayman Islands, and therefore, is not subject to Cayman Island income taxes for 20 years from the Date of Inception. While the Company has no intention of conducting any business activities in the United States, the Company would be subject to United States income taxes based on such activities that would occur in the United States. The Company accounts for income taxes in accordance with SFAS No. 109, Accounting for Income Taxes. This statement prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In assessing the realization of deferred tax assets, management considers whether it is likely that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the Company attaining future taxable income during periods in which those temporary differences become deductible. Fair Value of Financial Instruments Our financial instruments consist of a payable to an affiliate. We believe the fair values of our payable reflect its respective carrying amounts. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. 8 NOTE 3 - Liquidity and Capital Resources The Company has no revenues for the period from inception through June 30, 2007, and does not expect to realize revenues until the consummation of a merger with an operating entity. The Company's principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. There can be no assurance that the Company will ever consummate the business combination; achieve or sustain profitability or positive cash flows from its operations, reduce expenses or sell ordinary shares. To date, the Company has funded its formation activities primarily through the issuance of its ordinary shares and a payable to affiliate. NOTE 4 - Payable to Affiliate and Accounts Payable As of June 30, 2007, the Company has a payable of $7,108 to a founder of the Company. The payable is non-interest bearing and payable on demand. The Company also has accounts payable for $3,990 as of June 30, 2007. NOTE 5 - Ordinary shares On April 10, 2006, the Company was capitalized with 1,050,000 shares of its restricted ordinary shares issued at par value of $0.001 per share, for consideration of $1,050 to its founding shareholders. On May 31, 2006, the Company sold 177,500 shares of its restricted ordinary shares for $35,500. The restricted ordinary shares were sold to 355 offshore private investors pursuant to a Private Placement Offering in lots of 500 shares each at $0.20 per share. On July 18, 2006, the Company sold an additional 54,000 shares of its restricted ordinary shares for $10,800. The restricted ordinary shares were sold to 108 offshore private investors pursuant to a Private Placement Offering in lots of 500 shares each at $0.20 per share. No underwriting discounts or commissions were paid with respect to such sales. NOTE 6 - Preference shares The Company is authorized to issue 1,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time. At June 30, 2007, there were no preference shares issued or outstanding. NOTE 7 - Commitments and Contingencies The Company may become subject to various claims and litigation. The Company vigorously defends its legal position when these matters arise. The Company is not a party to, nor the subject of, any material pending legal proceeding nor to the knowledge of the Company, are any such legal proceedings threatened against the Company. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Disclosure Regarding Forward Looking Statements Statements, other than historical facts, contained in this Quarterly Report on Form 10-Q, including statements of potential acquisitions and our strategies, plans and objectives, are "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Although we believe that our forward looking statements are based on reasonable assumptions, we caution that such statements are subject to a wide range of risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are important factors that could cause actual results to differ materially from the forward looking statements, including, but not limited to; the effect of existing and future laws, governmental regulations and the political and economic climate of the United States; the effect of derivative activities; and conditions in the capital markets. We undertake no duty to update or revise these forward-looking statements. 9 When used in this Form 10-Q, the words, "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because these forward-looking statements involve risks and uncertainties, actual results could differ materially from those expressed or implied by these forward-looking statements for a number of important reasons. General We are a development stage company formed solely for the purpose of identifying and entering into a business combination with a privately held business or company, domiciled and operating in an emerging market, that is seeking the advantages of being a publicly held corporation whose stock is eventually traded on a major United States stock exchange. We intend to focus on targets located primarily in Asia, South America and Eastern Europe, as we believe that businesses with operating history and growth potential in these locations would benefit significantly from access to the United States capital markets and may offer the potential of capital appreciation stemming from the economic growth in such emerging markets. Plan of Operation We have not engaged in any business activities that generate revenue. Our activities to date have been primarily focused upon our formation and raising capital. We have conducted private offerings of our ordinary shares, the proceeds of which we intend to use for payment of costs associated with formation, accounting and auditing fees, legal fees, and costs associated with identifying acquisition targets and completing necessary due diligence. In addition, we expect to incur costs related to filing periodic reports with the Securities and Exchange Commission. We believe we will be able to meet these costs for at least the next 12 months by obtaining loans from our shareholders, management or other investors. We may consider a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital, but which desires to establish a public trading market for its shares, while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering. Comparison of the six months ending June 30, 2007 and 2006 Because we currently do not have any business operations, we have not had any revenues during the six months ended June 30, 2007 or June 30, 2006. Total expenses for the six months ended June 30, 2007 were $4,232, compared with $13,665 for the six months ended June 30, 2006. The decrease is primarily related to non-recurring expenses related to the formation of the Company during 2006. The expenses incurred for 2007 primarily constituted professional and filing fees. Comparison of the three months ending June 30, 2007 and 2006 Because we currently do not have any business operations, we have not had any revenues during the three months ended June 30, 2007 or June 30, 2006. Total expenses for the three months ended June 30, 2007 were $1,182, compared with $13,665 for the six months ended June 30, 2006. The decrease is primarily related to non-recurring expenses related to the formation of the Company during 2006. The expenses incurred for 2007 primarily constituted professional and filing fees. Liquidity and Capital Resources As of June 30, 2007, we had current liabilities of $7,108 to a related party and $3,990 to unrelated parties. The Company is actively pursuing merger opportunities as described in the "General" Section of Management's Discussion and Analysis, and believes that its 10 current available cash will be sufficient for its operations until a merger candidate is selected, but may seek additional financing in connection with a potential business combination or if it otherwise requires additional funds. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK None ITEM 4. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures. Our Chief Executive and Financial Officer has reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 240.13a-15(e) or 15d-15(e)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer has concluded that our current disclosure controls and procedures provide him with reasonable assurance that they are effective to provide him with timely material information relating to us required to be disclosed in the reports we file or submit under the Exchange Act. Changes in Internal Control over Financial Reporting. Our management has evaluated whether any change in our internal control over financial reporting occurred during the last fiscal quarter. Based on that evaluation, management concluded that there has been no change in our internal control over financial reporting during the relevant period that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. None. ITEM 1A. RISK FACTORS. There have been no material changes to the risk factors previously disclosed under Item 1A of the Company's Report on Form 10- K for the fiscal year ended December 31, 2006. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None. ITEM 5. OTHER INFORMATION. None. 11 ITEM 6. EXHIBITS. Exhibit Number Description 31 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32 Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dragon Acquisition Corporation (Registrant) By: /s/ JOSEPH R. ROZELLE --------------------------------- JOSEPH R. ROZELLE Chief Executive Officer Date: August 20, 2007 12 EX-31.1 2 june07qex311-dragon.txt EXHIBIT 31 CERTIFICATION OF JOSEPH R. ROZELLE, CHIEF EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER, PURSUANT TO RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934 I, Joseph R. Rozelle, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Dragon Acquisition Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. August 20, 2007 /s/ JOSEPH R. ROZELLE ------------------------------------- Joseph R. Rozelle Principal Executive Officer and Principal Financial Officer EX-32.1 3 june07qex32-dragon.txt EXHIBIT 32 CERTIFICATIONS OF JOSEPH R. ROZELLE, PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER, PURSUANT TO 18 U.S.C. SECTION 1350 In connection with the Quarterly Report on Form 10-Q of Dragon Acquisition Corporation. (the "Company") for the period ended June 30, 2007, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, the undersigned officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: 1. The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. August 20, 2007 /s/ JOSEPH R. ROZELLE ------------------------------------- Joseph R. Rozelle Principal Executive Officer and Principal Financial Officer The foregoing certification is being furnished as an exhibit to the Form 10-Q pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Form 10-Q for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filings of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. -----END PRIVACY-ENHANCED MESSAGE-----