On January 31, 2018, Western Lucrative Enterprises, Inc. entered into a debt assumption and conversion agreement (the “Conversion Agreement”). The company's former Chief Executive Officer, Dempsey Mork, is the president of Magellan. In connection with the Transaction, Dempsey Mork, the sole officer and director of the Company, resigned from all of his officer positions with the Company, including Chief Executive Officer, Chief Financial Officer and Secretary, effective immediately upon the consummation of the Transaction but will remain a director of the Company until 10 days following the date on which the Company files a Schedule 14F-1 (the “Schedule 14F-1”) with the SEC and the mailing of same to the holders of record of the Company, in connection with the Transaction.

Wenjian Liu was appointed as the Chief Executive Officer, Chief Financial Officer and Secretary of the Company, effective immediately upon the consummation of the Transaction. Mr. Liu, 40, has been serving as a director of Yueaotong Finance and Tax Management Limited since 2013. In addition, since 2013, Mr. Liu has served as the general manager of the Guangdong Baofeng Law Firm.