NNRF Inc. announced that J. Holt Smith resigned as president and director and Lawrence McQuade resigned as a director and Kevin Kading was appointed director and chairman of the board and Lawrence Adams has been appointed to the position of corporate secretary effective immediately.

On February 20, 2009, Lawrence McQuade resigned as a director of NNRF Inc. Mr. McQuade stated that his decision to resign was based upon his inability to devote sufficient time and energy to NNRF's affairs in view of substantially increased demands on his time. On February 20, 2009, J. Holt Smith resigned as President & Director of NNRF. Mr. Smith stated that his decision to resign was based upon his inability to devote sufficient time and energy to NNRF's affairs in view of substantially increased demands on his time. On February 20, 2009, NNRF appointed Mr. Kevin H. Kading, as director and Chairman of the Board. On February 20, 2009, NNRF appointed Mr. Lawrence Adams as Corporate Secretary.

NNRF Inc. announced that Steven E. Halliwell, a former Corporate Finance Director for Citibank/Citicorp's Central and Eastern Europe operations, will join NNRF's Board of Advisors effective Sept. 4, 2008. Mr. Halliwell, who has extensive experience interfacing with the Russian finance and banking sectors, will seek to help NNRF further its business prospects in the Russian Federation and expand export markets for the company's Russian and European operations. Mr. Halliwell has more than 30 years of Russia-related business experience. Since 1994 he has held senior posts at four international financial service organizations including the $440 million. Russia Investment Fund, where he served as Chief Financial Officer, and River Capital International Group, where he was Managing Director of a U.S.-registered limited partnership investing in Russian securities.